越南科技部副部长黎春定表示，越南相关部委支持越南与IAEA开展和平合作，将按照IAEA建议推 动核电基础设施建设，满足首个核电项目要求。 INIR工作组组长埃里克·马特（Eric Mathet）表示，此次评估结果推动越南建立安全、可靠、可持 续核电计划。核电基础设施共19项，主要包括设施、设备、工程建设、法律框架、经济与人力资源等， INIR工作组将进行客观和全面评估。越科技部已完成自评报告，并于2025年10月提交IAEA。INIR工作 组汇总本次评估结果并提交越政府，指出已完成任务及需完善领域，提出重点建议，以协助越政府制定 核电基础设施总体发展规划，确保宁顺核电项目符合国际标准，并按进度高效、安全实施。 （原标题：国际原子能机构对越南进行综合核基础结构评审） 越通社12月2日报道，按照越南总理、核电建设指导委员会主任范明政要求，12月1日至11日，国际 原子能机构（IAEA）在越开展综合核基础结构评审（INIR），这是宁顺核电项目及未来核电项目实施 准备工作重要环节。INIR工作组与越南科技部等相关部委及单位举行系列工作会议。 ...

Core Insights - The Canadian government announced two batches of 11 major national projects aimed at enhancing economic autonomy and security, with a total investment of CAD 116 billion [4]. Group 1: Major Projects Overview - The Kitimat LNG Phase 2 project in British Columbia will double the LNG production capacity, positioning Canada as the second-largest facility globally [1]. - The Darlington new nuclear project in Ontario will make Canada the first G7 country to operate a small modular reactor (SMR), capable of powering 300,000 homes once the first unit is operational [1]. - The Montreal Port Contrecoeur terminal expansion in Quebec will increase the port's throughput capacity by approximately 60% [2]. Group 2: Mining and Energy Initiatives - The McIlvenna Bay copper and zinc project in Saskatchewan, developed in partnership with local Indigenous communities, aims to become Canada's first net-zero emissions copper mine [2]. - The Red Chris mine expansion in British Columbia, also in collaboration with local Indigenous groups, plans to extend the mine's life by over ten years, increasing Canada's annual copper production by more than 15% [2]. - The NCTL project in British Columbia aims to integrate the Yukon grid into the national grid, providing clean electricity to Northwest communities [2]. Group 3: Additional Projects - The Timmons Crawford project in Ontario will produce high-quality low-carbon nickel, expected to attract CAD 5 billion in investment [3]. - The Saint-Michel-des-Saints graphite mine in Quebec will integrate with a planned battery materials plant, projected to attract CAD 1.8 billion in investment [3]. - The Wison mine in New Brunswick plans to extract tungsten and molybdenum [4]. - The Iqaluit-Nukikshautit hydroelectric project in Nunavut will be the first hydro project fully owned by Inuit, helping the region reduce its reliance on imported diesel [4].

Group 1 - Oklo and NuScale Power both saw stock increases of over 10% [1] - Centrus Energy experienced a stock rise of over 5% [1] - Constellation Energy's stock increased by over 3% [1]

（文章来源：证券日报） 证券日报网讯 12月4日，中国广核在互动平台回答投资者提问时表示，公司主要业务是建设、运营及管 理核电站，核电站电力销售，组织开发核电站的设计及科研工作。公司将继续聚焦长期稳健经营，在确 保安全的前提下做好在运机组安全稳定运行，在建机组高质量建设，持续为所在区域供应清洁电力，促 进公司可持续发展，为股东等各利益相关方提供长期稳定的回报。 ...

证券日报网讯12月4日，中国核电（601985）在互动平台回答投资者提问时表示，公司核电项目投资一 般为20%资本金，80%银行贷款，还款周期通常为15至23年。 ...

证券日报网讯12月4日，中国核电（601985）在互动平台回答投资者提问时表示，公司目前处于高速发 展阶段，核电机组在建及核准待建数量为19台，处于公司历史高峰期，有大量资金需求需通过贷款等途 径解决，目前公司在建项目融资成本在2%-3%之间，公司多年持续开展债务置换工作以降低融资成本， 为广大股东创造更大的价值和更好的回报。 ...

（文章来源：证券日报） 证券日报网讯 12月4日，中国核电在互动平台回答投资者提问时表示，公司股权激励相关工作尚未开 展，请关注公司后续公告。 ...

证券日报网讯 12月4日，中国核电在互动平台回答投资者提问时表示，公司将坚持核能主业，大力推动 核能发电、核能多用途利用以及核电技术服务相关产业发展，同时结合市场环境与相关政策，科学确定 新能源发展规划目标，全力推动实现高质量发展。 （编辑 楚丽君） ...

Group 1 - The report highlights a significant transformation in the global energy network, driven by dual changes in supply and demand, with a focus on carbon reduction and the AI computing revolution [3][12] - The energy supply side is undergoing a deep restructuring due to carbon neutrality goals, leading to an increased share of renewable energy sources such as wind, solar, and nuclear power [3][12] - The demand side is experiencing a qualitative shift in energy consumption driven by AI applications, including AI training, data centers, and consumer AI devices, which significantly alters electricity demand [3][12] Group 2 - The report outlines a comprehensive investment narrative framework termed "source-network-load-storage," which encapsulates the entire energy production, transmission, consumption, and regulation chain [10] - Key investment themes include clean energy supply, smart grid construction, AI infrastructure investment, and energy storage solutions, indicating a robust future capital expenditure trajectory [10][11] - The report identifies specific catalysts for investment in the first and second halves of 2026, including advancements in photovoltaic technology, nuclear power, and AI chip development [14] Group 3 - The report discusses the structural dynamics of convertible bond supply, emphasizing the importance of industry supply-demand mismatches and the cyclical nature of capital expenditures [18][19] - It notes that the primary driver for issuing convertible bonds is capacity expansion, particularly during industry upturns when companies seek to capitalize on growth opportunities [21] - The cyclical nature of convertible bond issuance is linked to industry performance, with a tendency for increased issuance during periods of high industry profitability and demand [36][39] Group 4 - The report indicates a significant contraction in the convertible bond market in 2025, with a notable number of bonds maturing or being redeemed, leading to a supply shortage [39] - It suggests that the current supply shortage is a result of multiple factors, including a rebound in industry sentiment, a decline in issuance willingness, and regulatory changes affecting refinancing [41] - The report anticipates that once necessary adjustments are made, a new wave of convertible bond issuance may emerge as companies seek to expand capacity in a recovering market [41] Group 5 - The report provides a list of relevant investment targets across various sectors, including high-end power equipment, energy storage, and AI infrastructure, indicating potential opportunities for investors [55][56] - Specific companies and their convertible bonds are highlighted, such as Guoli Convertible Bond in high-voltage direct current and Yihua Convertible Bond in energy storage, showcasing targeted investment strategies [55][56] - The report emphasizes the importance of monitoring developments in key technologies and market conditions to identify promising investment opportunities in the evolving energy landscape [55][56]

Summary of Key Points from the Conference Call Industry Overview - The nuclear power industry is experiencing accelerated project implementation, with significant projects like the CGN Zhejiang San'ao Nuclear Power Project starting, which is expected to significantly boost the industry chain development. By 2033-2035, nuclear power generation is projected to account for nearly 10% of total generation, indicating substantial growth potential in the industry [1][4]. - The global nuclear energy construction is speeding up, with many countries identifying nuclear energy as a key future energy source, as evidenced by the 2050 tripling energy declaration signed by 22 countries [1][5][6]. Company-Specific Developments China Uranium Industry - China Uranium Industry successfully raised 4.11 billion yuan through its IPO, enhancing its autonomous development capabilities in uranium mining and improving the upstream resource security system. The rising natural uranium prices, from $80 per pound in early 2025 to $86 per pound in November, provide strong investment opportunities in the uranium sector [1][5][29]. - The company is positioned as a key supplier of natural uranium resources in China, holding 17 mining rights and 5 operational mines, ensuring stable demand sources [26][27]. Sanxiang New Materials - Sanxiang New Materials is set to fully enter the nuclear power and semiconductor supply chain by 2025, with a 1,300-ton alloy sponge zirconium project nearing production. The company aims to become a top-tier global supplier, with one gigawatt reactors requiring 50-60 tons of alloy sponge zirconium [1][7][9]. - The company has developed a unique extraction agent for efficient separation of zirconium and hafnium, with high separation technology expected to be operational by 2026, enhancing competitiveness in the nuclear power sector and expanding into semiconductors [10][11]. Market Dynamics - The nuclear power sector's demand for nuclear-grade sponge zirconium is expected to surge, with projections indicating domestic demand could exceed 3,000 tons by 2030 and reach 10,000 tons by 2035 [8][9]. - The price of boron trifluoride has risen to 180,000 yuan per ton, with a projected demand increase for boron trioxide in nuclear power stations by 2026 [2][34][35]. Financial Performance and Projections - China Uranium Industry's revenue is expected to reach 19.5 to 20 billion yuan in 2025, with a growth rate of approximately 13% to 16% [28]. - Sanxiang New Materials anticipates that the introduction of high separation technology and strong demand in nuclear power and semiconductors will lead to significant performance growth in 2026 [25]. Strategic Partnerships and Collaborations - Sanxiang New Materials is collaborating with Shandong Jinlan Technology and Nanjing Youtian to ensure stable raw material supply and enhance production capabilities for semiconductor applications [14][20]. Future Outlook - The nuclear power industry is expected to continue its growth trajectory, driven by increasing global investments and technological advancements. Companies like China Uranium Industry and Sanxiang New Materials are well-positioned to capitalize on these trends, making them attractive investment opportunities [29][25].