每经记者｜岳楚鹏 每经编辑｜兰素英 ① 【三大期指齐跌】截至发稿，道指期货跌0.17%、标普500指数期货跌0.09%、纳指期货跌0.11%。 ② 【特朗普被曝将发布行政命令刺激核能行业，核电股集体上涨】当地时间5月22日，据外媒报道，特 朗普将于当地时间周五签署行政命令，旨在刺激核能产业，随后核电类股在盘前交易中飙升。知情人士 透露称，特朗普预计将简化新反应堆审批的监管程序，并加强燃料供应链。截至发稿，铀矿公司 Uranium Energy上涨14.34%，能源公司Constellation Energy上涨5.07%，阿尔特曼支持的核能公司Oklo上 涨19.23%。 ③ 【热门中概股多数上涨】热门中概股多数上涨。截至发稿，携程上涨1.99%，百度上涨1.16%。 ④ 【特斯拉欧洲销量被比亚迪反超】当地时间5月22日，据外媒报道，根据研究公司JATO Dynamics的 数据，特斯拉纯电动汽车4月在欧洲的注册量为7165辆，比亚迪为7231辆，略胜特斯拉。特斯拉4月份在 欧洲的纯电动汽车销量大跌49%，而比亚迪的销量飙升169%。JATO Dynamics分析师费利佩·穆诺兹表 示："尽管两家汽车品牌的月 ...

龙虎榜机构热股 今天机构龙虎榜上榜31只个股，净买入16只，净卖出15只。当日机构买入最多的个股前三位是：一心堂（1.02亿）、新天地（7950万）、阳谷华泰（6672 万） | 上榜热股 | 实时涨跌幅 ◆ 买/卖家数 ◆ | | | --- | --- | --- | | 一心堂 | +10.01% | 3/2 | | 002727.SZ | | | | 新天地 | +20.02% | 2/2 | | 301277.SZ | | | | 阳谷华泰 | +19.97% | 2/1 | | 300121.SZ | | | 一心堂 龙虎榜显示，今日3家机构净买入1.02亿。 公司是国内连锁药店综合实力排名前三的企业 龙虎榜知名游资 一、核聚变 中洲特材 个股龙虎榜 核电公司的上游供应商，生产的阀门、焊材等产品已为中核、中广核、国核等核电设施配套；自由锻造阀杆、阀瓣、热阀瓣应用于威海荣成石岛湾CAP1400 示范核电站 王子新材 个股龙虎榜 公司子公司宁波新容电器科技有限公司参与了核聚变项目，电容器产品能应用到可控核聚变中的磁体电源项目 5月23日，行情数据显示，美核电股盘后集体大涨。Altman持股的Oklo涨 ...

5月23日，港股三大指数涨跌不一。截至收盘，恒生指数涨0.24%，国企指数涨0.31%，恒生科技指数跌 0.09%。 分板块看，影视股再度上扬。阿里影业（01060.HK）涨8.45%，近4个交易日上涨63.83%。花旗指出大 麦2025财年稳健增长，认为其IP商品潜力尚未完全释放，「Chiikawa」和「蜡笔小新」将在2026财年带 来新贡献。其它概念股，猫眼娱乐（01896.HK）涨4.05%，柠萌影视（09857.HK）跟涨。 光伏太阳能概念股走高。福耀玻璃（03606.HK）涨4.64%，彩虹新能源（00438.HK）涨2.5%。此外， 部分核电概念股也涨幅居前，中广核矿业（01164.HK）涨8.5%，中广核电力（01816.HK）涨1.72%。 汽车产业链中，特斯拉概念、锂电池股、汽车经销商、汽车股等纷纷上扬。耐世特（01316.HK）涨 4.4%，永达汽车（03669.HK）涨2.37%，华晨中国（01114.HK）涨3.13%，长城汽车（02333.HK）涨 2.42%。据乘联分会5月22日最新调研，预计本月狭义乘用车零售市场总量将达到约185万辆，同比增长 8.5%，环比增长5.4%。 医药 ...

Group 1: Hong Kong Stock Market - Nuclear power stocks strengthened, with China General Nuclear Power Corporation Mining rising over 8% and China General Nuclear Power Corporation increasing over 2% due to Trump's upcoming executive order aimed at simplifying reactor approval processes and strengthening fuel supply chains to promote the nuclear energy industry [1] - CRO concept stocks led the gains, as Trump's drug pricing policy is expected to benefit the domestic CXO industry, with institutions indicating a fundamental turning point has emerged; Zhaoyan New Drug surged over 11%, Tigermed rose over 10%, Kanglong Chemical increased over 6%, and WuXi AppTec gained 2% [1] - Gold stocks generally declined, with Chifeng Jilong Gold Mining and Shandong Gold falling over 3% as gold prices dropped below $3,300 [1] - Automotive stocks mostly rose, with Great Wall Motors increasing over 3%, BYD rising over 4%, Li Auto up over 4%, and Leap Motor gaining nearly 2%; the China Passenger Car Association expects retail sales of new energy vehicles to reach 980,000 units in May [1] - Country Garden saw a nearly 4% increase as over 70% of noteholders joined the restructuring support agreement [1] Group 2: US Stock Market - Vigil Neuroscience experienced a surge of over 241% following a premium acquisition by Sanofi, which announced it would acquire Vigil for $470 million in cash, potentially rising to $600 million based on future development milestones; the acquisition price represents a 236% premium over Vigil's closing price [2] - Sunrun, the largest rooftop solar company in the US, plummeted 37.05% due to the House of Representatives passing the "Beautiful Act," which significantly cuts green energy subsidies, leading to a sharp decline in the solar panel sector [2] - Fannie Mae and Freddie Mac stocks surged over 50% and 41%, respectively, following Trump's mention of privatization plans [2] - Nike's stock rose over 2% as the company plans to implement widespread price increases on products in the US market, expected to take effect as early as this week [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The futures index shows an oscillating pattern, suggesting an interval trading approach [3] 3. Summary by Relevant Catalogs a. Futures Index Data Tracking - On May 22, 2025, the closing prices of the four major futures index contracts showed mixed trends: IF fell 0.05%, IH rose 0.1%, IC fell 0.7%, and IM fell 0.81% [1] - In terms of trading volume, the total trading volume of futures indices rebounded, with IF's total trading volume decreasing by 5,644 lots, IH's increasing by 964 lots, IC's increasing by 18,347 lots, and IM's increasing by 52,241 lots [2] - Regarding positions, IF's total positions decreased by 1,805 lots, IH's increased by 817 lots, IC's increased by 7,568 lots, and IM's increased by 23,866 lots [2] b. Basis - Basis data for IF, IH, IC, and IM are presented in graphical form, showing the basis trends of the current month, next month, current quarter, and next quarter contracts over a period [4] c. Positions of the Top 20 Futures Members - For IF contracts, the long - positions of IF2506 decreased by 2,557 lots, IF2509 increased by 335 lots, and IF2512 decreased by 22 lots; the short - positions of IF2506 decreased by 2,713 lots, IF2509 increased by 78 lots, and IF2512 increased by 37 lots [5] - For IH contracts, the long - positions of IH2506 increased by 875 lots, IH2509 increased by 143 lots; the short - positions of IH2506 decreased by 68 lots, IH2509 increased by 205 lots [5] - For IC contracts, the long - positions of IC2506 increased by 3,227 lots, IC2509 increased by 788 lots, and IC2512 increased by 1,028 lots; the short - positions of IC2506 increased by 2,927 lots, IC2509 increased by 780 lots, and IC2512 increased by 1,500 lots [5] - For IM contracts, the long - positions of IM2506 increased by 11,520 lots, IM2509 increased by 3,538 lots; the short - positions of IM2506 increased by 11,222 lots, IM2509 increased by 3,445 lots [5] d. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1, with the trend intensity ranging from - 2 to 2, where - 2 is the most bearish and 2 is the most bullish [6] e. Important Drivers - The selling of US Treasuries has temporarily paused, the Nasdaq has rebounded with difficulty, the tax - cut bill has hit photovoltaic stocks, Bitcoin has reached a new high again during the session, and crude oil has fallen by more than 2% [6] - Fed Governor Waller said that the tax - cut bill triggered the selling of US Treasuries, and if the tariff policy stabilizes around 10%, the Fed may cut interest rates in the second half of 2025 [6] f. A - share Market Summary - On the day, the Shanghai Composite Index closed down 0.22% at 3,380.19 points, the Shenzhen Component Index fell 0.72%, the ChiNext Index fell 0.96%, the North - bound 50 Index fell 6.15%, the Science and Technology Innovation 50 Index fell 0.48%, the Wind All - A Index fell 0.63%, the Wind A500 Index fell 0.28%, and the CSI A500 Index fell 0.3% [7] - A - share trading volume was 1.14 trillion yuan, down from 1.21 trillion yuan the previous day [7] - Military stocks led the gains, with Guoke Tiancheng and Sichuang Electronics hitting the daily limit; innovative drug concept stocks were active, with Sansheng Guojian having four consecutive daily limits; bank stocks bucked the trend and strengthened, with many stocks such as Everbright Bank and China CITIC Bank reaching new highs; pet economy concept stocks led the decline, with Yuanfei Pet hitting the daily limit down; beauty care concept stocks tumbled, with Marubi and Jieya Co., Ltd. falling more than 8%; solid - state battery concept stocks retreated, with many stocks falling more than 5% [7]

Group 1 - The new tax bill proposed by Trump has significantly impacted the clean energy sector, leading to a sharp decline in solar stocks due to more aggressive subsidy cuts than expected [1] - The bill aims to end clean energy tax credits earlier, which were a key component of the Biden administration's Inflation Reduction Act (IRA), particularly affecting the residential solar industry [1][4] - The Invesco Solar ETF saw a net asset value drop of up to 10%, with Sunrun's stock plummeting nearly 40%, and NextEra Energy closing down 6.4% [1] Group 2 - Analysts warn that green energy stocks may continue to decline, with concerns about the government's focus on eliminating green subsidies [3] - The nuclear energy sector remains unaffected by the tax credit cuts, with certain tax incentives exempted, leading to a rise in stocks for companies like Oklo [4] - Investors are now looking towards the Republican-controlled Senate, which has the power to weaken some of the most aggressive clean energy incentive cuts, although there is skepticism about support from previously expected Republican allies [6]

"近期核电产业发展态势良好，新建项目不断涌现，《暂行办法》的出台有望加速产业发展。"厦门大学 中国能源政策研究院院长林伯强在接受《证券日报》记者采访时表示，此次国家出台的相关政策，明确 核电行业将基本实行核定电价机制，并对成本定额作出了详细规定。这一举措不仅有助于合理确定核电 项目的造价与成本，更对核电产业的规范化发展具有深远意义。 近日，国家能源局印发《核电工程定额管理暂行办法》（以下简称《暂行办法》），旨在加强核电工程 定额管理，规范核电建设市场秩序，合理确定核电工程造价，保障核电工程质量，促进核电产业协调健 康发展，确保核电安全万无一失。 企业积极行动 核电项目的核准将大幅增加对核岛关键设备、常规岛设备、辅助系统设备等的需求，为相关设备制造商 带来可观的订单量，产业链上市公司也将迎来发展机遇。 筑牢行业发展基石 《暂行办法》的出台基于核电行业发展的现实需求。 核电工程定额是指在正常施工条件下完成规定计量单位的合格建筑安装工程所消耗的人工、材料、施工 机具台班、工期天数及相关费率等的数量基准，是核电工程编制投资估算、设计概算和最高投标限价的 依据，对合理确定核电工程造价、规范核电建设市场秩序、保障核电工程 ...

随着2024年报及2025一季报全面披露，已释放出明显的前瞻信号，能源领域基础稳、优势多、韧性强、 潜能大。 Wind数据显示，2024年电力板块整体表现稳健，总营收为1.8256万亿元，各细分行业均有不同程度的增 长。这也意味着在用电需求增长、新能源快速发展、火电成本改善和一系列政策支持下，电力板块的收 入规模达到了一个较高的水平。同时，板块归母净利润合计1662.32亿元，行业盈利能力显著提升。 "4月中下旬，在美国关税政策冲击下，叠加市场风格从偏好科技成长逐步过渡到业绩落地验证，电力板 块增长韧性十足。往后演绎，电力具备需求刚性增长特性，二三季度将迎来用电旺季，板块基本面有望 继续稳健向上。"民生证券相关负责人表示。 业绩的改善，主要源于利润占比近7成的火电水电表现亮眼。火电业绩同比增速较快，2024年板块归母 净利润同比提升38.7%；水电发电量同比大增带动业绩大增，2024年归母净利润同比增加14.6%；绿电 板块盈利下滑，核电板块盈利平稳。 具体来看，火电企业的业绩改善主要受益于煤价中枢下行、容量电价落地、辅助服务细则出台，推动火 电提升盈利稳定性。 2024年，华能国际以两千亿级体量登顶电力板块 ...

Macro Strategy - The central bank's balance sheet is expected to continue shrinking due to the recent reserve requirement ratio cut, which may lead to further "balance sheet reduction" [1][8] - The US-China trade negotiations have boosted market confidence, resulting in a significant rise in US Treasury yields and a drop in gold prices [1][10] - The April US CPI showed an unexpected decline, but concerns about tariff risks remain, leading to cautious inflation outlooks [1][10] Fixed Income - The report analyzes the common characteristics of city investment platforms eligible to issue technology innovation bonds, emphasizing the importance of external ratings and financial independence from local governments [2][12] - City investment platforms with high credit ratings and low dependence on local government support are more likely to successfully issue technology innovation bonds [2][13] Industry - The issuance of the "Ecological Environment Protection Supervision Work Regulations" aims to enhance environmental governance and support high-quality development [3][14] - The solid waste sector is expected to see improved cash flow and dividend payouts due to reduced capital expenditures and enhanced operational efficiency [3][15] - The public utility sector is witnessing regulatory changes in Guangdong, which may impact the pricing mechanisms for renewable energy projects [4][17] Company Recommendations - The report recommends focusing on investment opportunities in hydropower and thermal power as summer approaches, highlighting specific companies such as China Yangtze Power and Huadian International [4][17] - The growth potential of nuclear power is emphasized, with several new approvals expected to enhance profitability and dividends [4][17] - The report suggests that green energy companies may benefit from improved asset quality and government support for historical subsidy issues [4][17] Specific Company Insights - Ruoyu Chen is positioned as a leading digital brand management company, with significant growth expected in its health product segment and an upward revision of profit forecasts for 2025-2027 [5][6] - Chunqiu Electronics is experiencing steady revenue growth driven by the recovery in the PC market and the ramp-up of its magnesium alloy business for automotive applications [6][7]

近日，国家能源局印发了《核电工程管理暂行办法》（国能发核电规〔 2025 〕 42号 ）（以下简 称《暂行办法》）。现就《暂行办法》的出台背景和主要内容等解读如下。 一、 出台背景 定额是指在正常施工条件下完成规定计量单位的合格建筑安装工程所消耗的人工、材料、施工机具 台班、工期天数及相关费率等的数量基准。核电工程定额是核电工程编制投资估算、设计概算和最 高投标限价的依据，对合理确定核电工程造价，规范核电建设市场秩序，更好保障核电工程质量等 具有重要意义，是核电行业管理的基础性工作。为 加强核电工程定额管理 ，根据《中华人民共和 国能源法》及国家有关规定，结合核电行业实际，形成了《暂行办法》。 《暂行办法》共 14条。 第 1-3条明确了目的依据、适用范围和原则，强调加强核电工程定额管理，规范核电建设市场秩 序，合理确定核电工程造价，维护国家利益和核电建设各方的合法权益，保障工程质量，确保核电 万无一失。 第 4-7条规定了"国家能源局—定额总站—定额分站"三级管理体系的职责定位及分工，国家能源局 履行管理与监督职责，成立专家委员会负责相关技术审查工作，委托相关单位承担定额总站及分站 的相关技术支撑工作。 第 ...