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 ...

核电工程定额管理暂行办法 第一条 为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，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，制定本办法。 国家能源局关于印发《核电工程定额管理暂行办法》的通知 中国核工业集团有限公司、中国华能集团有限公司、国家电力投资集团有限公司、中国广核集团有 限公司、中国建筑集团有限公司、中国能源建设集团有限公司、中国电力建设集团有限公司、中国 国际工程咨询有限公司，电力规划设计总院、中国核电发展中心： 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，我局制定了《核电工 程定额管理暂行办法》，现印发给你们，请遵照执行。 国家能源局 2025年4月28日 第二条 本办法适用于核电工程定额管理工作，本办法中所称的核电工程主要包括核岛工程、常规岛 工程及其相关附属（BOP）工程。 第三条 核电工程定额管理工作必须贯彻国家有关法律、法规、政策，符合国家基本建设管理要求， 遵循科学公正的原则，维护国家利益和核电建设各有关方的合法权益。 第四条 国家能源局履行核电工程定额行 ...

必读要闻三：AI需求为行业复苏提供新支撑，国际机构已连续第四年上调该领域全球增长预期 马斯克周二表示，xAI已在田纳西州孟菲斯的Colossus计算设施部署了20万块GPU，并计划在孟菲斯郊 区新建配备100万块GPU的超算中心。马斯克预测，当前制约AI发展的芯片瓶颈将很快转变为"电力设 备"短缺，最早到2026年年中前后，AI企业或将面临"根本性的发电量不足"。 AI数据中心将成为全球电力需求加速增长的关键驱动力之一。国金证券指出，AI数据中心驱动用能需 求，激活核电"第二春"。政策方面，美英法等多国联合出台《三倍核能宣言》，将使2050年核能装机容 必读要闻一：苹果向开发者开放人工智能模型，以刺激新应用程序开发 苹果正准备允许第三方开发者使用其人工智能模型编写软件，旨在刺激新应用程序的创建，并使其设备 更具吸引力。据知情人士透露，苹果正在开发一套软件开发工具包及相关框架，让外部开发者能够基于 驱动苹果智能（Apple Intelligence）的大型语言模型构建人工智能功能。苹果预计将于6月9日在全球开 发者大会上公布这一计划，此举是其成为生成式人工智能领域领导者这一更广泛尝试的一部分。 人工智能技术，特 ...

Meeting Overview - The company held its 2024 Annual General Meeting, the first A-share class shareholders' meeting of 2025, and the first H-share class shareholders' meeting of 2025 on May 21, 2025 [1][2][3] - The meetings were conducted both in-person and via online voting [2] - The meetings were convened in accordance with relevant laws and regulations, including the Company Law of the People's Republic of China [3] Attendance - The H-share class shareholders' meeting had one H-share shareholder and proxy present, representing 3,432,086,373 shares, which is 30.74% of the total voting shares [5] - Several directors and supervisors attended the meetings, along with senior management and legal representatives [5] Voting Results - Special resolutions were passed with more than two-thirds of the voting rights at the annual general meeting [7] - The A-share class shareholders' meeting also saw special resolutions approved by over two-thirds of the voting rights [8] - Similarly, the H-share class shareholders' meeting had special resolutions passed with more than two-thirds of the voting rights [9] Independent Directors' Report - Independent directors presented their annual reports during the meetings, which were published on the company's designated information disclosure website [11] Legal Compliance - The meetings were witnessed by legal representatives from a law firm, confirming that the procedures and results complied with relevant laws and regulations [12]

市场消息：瑞典议会支持新核电融资法案。 ...

Core Viewpoint - The legal opinion letter confirms that the convening and holding of the shareholder meetings for China General Nuclear Power Corporation (CGN) comply with relevant laws and regulations, ensuring the legitimacy of the proceedings and the qualifications of participants [1][16]. Group 1: Meeting Procedures - The shareholder meetings for the 2024 Annual General Meeting, the first A-share meeting of 2025, and the first H-share meeting of 2025 are scheduled for May 21, 2025 [4][5]. - The meetings will be held at the CGN headquarters, with specific time slots allocated for different sessions [5][6]. - The legal opinion confirms that the procedures for convening and holding the meetings adhere to the requirements set forth in the Company Law, Securities Law, and the company's articles of association [6][16]. Group 2: Participant Qualifications - A total of 2,075 shareholders attended the 2024 Annual General Meeting, representing 38,136,694,609 voting shares, which is 75.52% of the total voting shares [7][8]. - For the first A-share meeting of 2025, 2,073 shareholders participated, representing 34,704,919,236 voting shares [8]. - The qualifications of the shareholders participating in the meetings were verified by relevant institutions, ensuring compliance with legal and regulatory standards [9][16]. Group 3: Voting Procedures and Results - The voting for the meetings was conducted through a combination of on-site and internet voting, with results verified by the Shenzhen Securities Information Company [10][11]. - The voting results showed overwhelming support for the proposed resolutions, with significant majorities in favor across both A and H shares [11][12]. - The legal opinion confirms that the voting procedures and results are in accordance with the Company Law and the rules governing shareholder meetings [16].