2025年行将过半。虽然全国经济持续稳中向好，但受内部产业结构深度调整以及全球宏观环境不确定性的影 响，一些行业仍在艰难穿越行业周期，从而影响就业大盘。 但与此同时，还有一些行业则在大幅扩张，员工数量持续增长。这些行业大多代表着未来经济的发力方向， 一些甚至取代互联网成为新的就业蓄水池。 为了能够让大家更敏锐地洞悉未来就业方向和行业发展趋势，前瞻经济学人产业观察组根据申万行业分类盘 点了5392家A股上市公司（截至2024年12月底）的员工总数，测算出了正在疯狂增员的十大行业，有不少行 业出人意料。 01 就业新风口 与上一年相比，十大增员行业发生不小变动，但新能源和半导体仍然是增员的主力军。 | 名次 | 行业 | 员工增幅(%) | 代表企业 | 员工增长数量(人) | | --- | --- | --- | --- | --- | | 第一名 | 电动乘用车 | 37.7% | 比亚迪 | 265368 | | | | | 赛力斯 | 2736 | | 第二名 半导体设备 | | 27.9% | 北方华创 | 4344 | | 第三名 | 锂 | 13.0% | 赣管锂业 | 1979 | | | | ...

Group 1 - The public utility ETF (560190.SH) increased by 0.71%, with its associated index, the All Public Utility Index (000995.CSI), rising by 0.80% [1] - Key constituent stocks such as Changjiang Electric Power, China Nuclear Power, and Guotou Power saw significant gains, with increases of 1.35%, 1.47%, and 2.97% respectively [1] - The Ministry of Water Resources anticipates continuous rainfall in the central and northern regions of the Pearl River Basin, potentially leading to flood conditions, which has triggered a level IV flood emergency response [1] Group 2 - The increase in rainfall is expected to boost hydropower generation and performance for water electricity companies like Changjiang Electric Power and Guotou Power, contributing to their stock price increases [1] - Guosen Securities highlighted supportive policies such as the Guangdong Document No. 136 and Zhejiang's encouragement for computing centers to participate in long-term electricity trading, which bolster the public utility sector [1] - The public utility index rose by 0.08% this week, with the water electricity sector performing particularly well, increasing by 0.87% [1]

金融界2025年5月20日消息，国家知识产权局信息显示，深圳中广核工程设计有限公司、中广核工程有 限公司、中国广核集团有限公司、中国广核电力股份有限公司取得一项名为"核电厂工艺管道单管自动 寻径方法、系统和终端"的专利，授权公告号CN115237078B，申请日期为2022年08月。 中国广核电力股份有限公司，成立于2014年，位于深圳市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本5049861.11万人民币。通过天眼查大数据分析，中国广核电力股份有限公司共对 外投资了27家企业，参与招投标项目326次，专利信息5000条，此外企业还拥有行政许可12个。 中广核工程有限公司，成立于1997年，位于深圳市，是一家以从事土木工程建筑业为主的企业。企业注 册资本388600万人民币。通过天眼查大数据分析，中广核工程有限公司共对外投资了5家企业，参与招 投标项目5000次，财产线索方面有商标信息12条，专利信息3647条，此外企业还拥有行政许可39个。 中国广核集团有限公司，成立于1994年，位于深圳市，是一家以从事电力、热力生产和供应业为主的企 业。企业注册资本1487337万人民币。通过天眼查大 ...

Group 1 - The implementation of the Private Economy Promotion Law marks a significant step in supporting private enterprises and enhancing market access reforms in China [1][5] - The successful operation of private-controlled high-speed railways, such as the Hangzhou-Shaoxing-Taizhou Railway and Hangzhou-Wenzhou Railway, demonstrates the effectiveness of private capital in major infrastructure projects [2][4] - The Hangzhou-Shaoxing-Taizhou Railway has transported nearly 60 million passengers since its opening, reflecting strong demand and operational success [1][2] Group 2 - Private enterprises are increasingly participating in the nuclear power sector, with some projects allowing private capital to hold up to 20% stakes, indicating a shift in policy support [3][5] - The introduction of market competition mechanisms in sectors like energy and transportation is fostering innovation and internal motivation among private enterprises [3][4] - The recent reduction of items in the market access negative list to 106 is aimed at facilitating private enterprise entry into various sectors [5][6] Group 3 - The Hangzhou-Shaoxing-Taizhou Railway aims to leverage its rich cultural and tourism resources to enhance its brand and service offerings [4] - The Private Economy Promotion Law is expected to reshape the ecosystem for private enterprises in major infrastructure projects, promoting equal treatment and fair competition [5][6] - The government plans to launch approximately 3 trillion yuan worth of quality projects in key areas such as transportation and energy to further support private enterprise involvement [5]

Core Viewpoint - The Japan Atomic Power Company has postponed the closure of the Tsuruga Nuclear Power Plant Unit 1 by seven years [1] Company Summary - The decision to delay the shutdown indicates a strategic move by the Japan Atomic Power Company to extend the operational life of the Tsuruga Nuclear Power Plant Unit 1 [1]

证券代码：002366 证券简称：融发核电 融发核电设备股份有限公司 投资者关系活动记录表 编号：202501 | | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | 国海证券钟琪 | | 及人员姓名 | | | 时间 | 2025 年 5 月 19 日 15:00-16:00 | | 地点 | 烟台市莱山区秀林路2号公司会议室 | | 公司接待人员 | 董事会秘书刘宝江、证券事务代表张炳旭 | | 姓名 | | | 召开形式 | 现场会议 | | | 1、请介绍公司核电、石化板块订单情况如何？ 答：公司目前在手订单相对充足，各订单按照生产计划有序进行中。 | | | 同时公司通过参与招投标、业务洽谈等形式积极开展市场销售，订单详 情请关注公司后续披露的相关信息。 | | 投资者关系活动 | 2、在核电主管道、主泵泵壳、压力容器支承铸件和相关锻件，国内的 | | 主要内容介绍 | 竞争格局？公 ...

截至2025年5月19日 10:46，中证国新央企现代能源指数上涨0.56%，成分股电投能源上涨4.20%，中材科技上涨3.05%，华能水电上涨2.06%，桂冠电力上涨 1.58%，大唐发电上涨1.55%。央企能源ETF(562850)上涨0.66%。 值得注意的是，该基金跟踪的中证国新央企现代能源指数估值处于历史低位，最新市净率PB为1.41倍，低于指数近1年95.4%以上的时间，估值性价比突 出。 数据显示，截至2025年4月30日，中证国新央企现代能源指数前十大权重股分别为长江电力、国电南瑞、中国核电、三峡能源、中国铝业、中国电建、国电 电力、中国石油、国投电力、中国海油，前十大权重股合计占比51.18%。 长期以来，A股市场对风险的重视程度不足，导致低协方差资产并没有获得足够的溢价。近年来，由于整体市场的波动性增加，市场开始逐步意识到"收益- 风险比"的重要性，公用事业等低协方差资产开始获得估值提升。 华源证券认为，建议优选抗风险能力较强的水电，以及受益于煤价下降的低估值优质火电。此外，尽管136号文主导下的新能源入市仍旧面临不确定性，但 考虑到双碳战略为我国能源发展坚定不移的主线，建议优选低估值的优 ...

Market Overview - The three major A-share indices opened lower, with the Shanghai Composite Index down by 0.05% and the ChiNext Index down by 0.07% [1] Institutional Insights - Zhongtai Securities suggests that market indices may maintain strong resilience due to the unexpected suspension of "reciprocal tariffs," which enhances short-term risk appetite. Structural divergences remain, and the space for long-term tariff reductions is limited. The current market environment shows a strengthening of total policy determination, improvement in core city real estate, and high historical levels of margin trading, which, combined with policies emphasizing indices, may support continued resilience in market indices [2] - Investment funds are expected to rotate around sectors with high first-quarter report performance and mid-term industry trends, including public utilities, AI upstream and leading technology firms, gold, nuclear power equipment, military industry, and consumer sectors related to younger demographics such as pets and beauty products. Investors are advised to accumulate positions in these sectors on dips and to focus on high-quality leaders in the CSI 300 with significantly lower institutional allocation compared to index component ratios [2] New Market Dynamics - Minsheng Securities notes that a new order and narrative are emerging as investors begin to price in the marginal easing of trade shocks. However, structural shocks will persist, and the return to fundamental pricing characteristics will gradually become evident. Future declines in total demand and the fluctuating path of trade easing may disrupt market tranquility. The first quarter of 2025 is anticipated to be a pivotal moment for technology breakthroughs influencing market risk appetite, while the current phase is characterized by a rotation in investor styles towards technology themes, which may lack sustainability [3] - The gradual establishment of a long-term mechanism for domestic consumption is expected to yield three sources of returns: net profit growth, dividend payments, and valuation increases, with recommendations for sectors such as home appliances, food and beverages, cosmetics, trendy toys, tourism, gaming, and online retail [3] - The restructuring of China's foreign trade system is likely to gradually reveal the value of capacities in advantageous industries, such as machinery and automotive manufacturing, while resource products with significant supply constraints (copper, aluminum, gold) may also see new opportunities [3] - As the economic transition progresses and real estate stabilizes, the de-financialization process in China is nearing its end. The current investment and financing environment for Chinese enterprises is improving, which may drive new expansions in the financial sector, particularly as the new domestic growth paradigm and the acceleration of the RMB internationalization process unfold [3]

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The public utility sector is expected to benefit significantly from new trends, particularly due to the recent changes in fund management regulations that emphasize the importance of the "return-risk ratio" [10][12] - The demand for flexible resources in the new power system is driving the growth of energy storage installations, supported by continuous improvements in revenue mechanisms for energy storage stations [6][25] - The report highlights the strong performance of hydropower companies in terms of return-risk ratios, with major players like Yangtze Power and Huaneng Hydropower ranking in the top percentiles of the A-share market [11][12] Summary by Sections Public Utilities - The report suggests increasing allocation to public utilities and power equipment due to the new fund regulations [4][9] - The public utility sector is identified as a major beneficiary of the recent policy changes, which are expected to enhance valuation trends [10][12] Energy Storage - Domestic energy storage utilization is improving, with a total installed capacity of 2.55 GW/5.72 GWh added in Q1 2025 [18] - The report notes that energy storage export orders have surged, with a year-on-year increase of 756.72% in Q1 2025, approaching a total of 100 GWh [25] - Key measures in Shandong province aim to enhance energy storage profitability, including widening the price difference for charging and discharging, and reducing operational costs [5][22] Investment Recommendations - The report recommends focusing on resilient hydropower companies and undervalued thermal power operators benefiting from declining coal prices [13] - Specific companies highlighted for investment include: - Hydropower: Guotou Power, Yangtze Power, ChuanTou Energy - Wind Power: Longyuan Power, Goldwind Technology, Datang Renewable - Thermal Power: Anhui Energy, Shanghai Electric, Huaneng International [13]

Core Viewpoint - The "Hualong One" nuclear power technology, developed by China, has achieved significant milestones, including the operation of the world's first demonstration unit, contributing to clean energy and reducing carbon emissions [2] Group 1: Technology and Development - The "Hualong One" nuclear power unit generates over 10 billion kilowatt-hours of electricity annually, sufficient to meet the needs of 1 million people in a moderately developed country [2] - The technology has led to a reduction of 3.12 million tons of standard coal consumption and 8.16 million tons of carbon dioxide emissions each year, equivalent to planting over 70 million trees [2] - The "Hualong One" technology has a total of 41 units in operation or under construction globally, making it the most widely deployed third-generation nuclear technology [2] Group 2: Design and Innovation - The core design of the "Hualong One" features a "177 core layout," which optimizes safety and economic efficiency by increasing the number of fuel assemblies compared to the conventional "157 core" design [2] - The design extends the fuel replacement cycle from the usual 12 months to 18 months, increasing the plant's utilization rate to over 90% [2] - The safety design combines active and passive systems, allowing for natural circulation cooling in case of a power outage, which was developed independently by the China Nuclear Power Research and Design Institute [2] Group 3: Economic Impact - The first commercial operation of the "Hualong One" batch project began on January 1, 2023, enhancing the product's consistency and competitiveness in the market [2] - The batch project has improved reactor power by 4.4%, leading to increased revenue, with each unit generating nearly 10 million yuan daily, translating to an additional 400,000 yuan per day per unit [3]