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]

"依稀还记得刚来核电设计院的第一天。那天没有艳阳高照，也没有乌云密布，有的只是柔和的阳光和 柔和的风。"回忆起多年前面试时的场景，吴宇翔有一种云淡风轻的洒脱。十几年过去，他已经从青涩 的毕业生成长为优秀的核电设计师。 马兰基地是我国核试验基地之一，也是"两弹"研发的军事纪念地，众多清华学长在此奉献终身。吴宇翔 曾去马兰基地参加学校实践活动，感受到这项事业的伟大。"把个人的小追求和国家的大需要相结合， 才能找到可以发光发热的大平台。" 在毕业之前，吴宇翔最终下定决心：做一名核电设计师，追梦"核电强国"。2010年，他博士毕业，加入 中国核电工程有限公司，从事核电总体设计和型号研发工作。 入职3个月，有个与国外客户的技术交流会，一整天安排了十几个交流议题。吴宇翔被安排负责其中一 个议题的PPT和现场主讲、英文交流。他虽然是核专业的博士，可对核电的认识仅限于几门基础课。好 在中间隔了一个周末，吴宇翔把自己关在房间里整整两天，反复演练，假想各种问题，恶补相关知识。 到了周一开会，对方提出调整议题，他负责的议题变成了第一个议题。由于准备充分，他完成了一个精 彩的职场首秀。 可是好景不长，2011年3月国外一场核事故使得 ...

Core Viewpoint - The market is experiencing a strong upward trend with 56 stocks hitting the daily limit up, and a total of 15 stocks on consecutive limit up boards, indicating robust investor sentiment and market activity [1] Stock Performance - Over 3000 stocks in the market have risen, with notable performances from 成飞集成 achieving an 8-day consecutive limit up and 渝三峡A recording a 14-day consecutive rise, accumulating over 170% in gains [1] - Other stocks such as 红宝丽, 利君股份, 红墙股份, and 中毅达 also reached limit up, while 中旗新材 hit a historical high [1] Market Trends - The market is witnessing rapid rotation of hotspots, with sectors like robotics, chemicals, nuclear power, intelligent driving (AEBS), PEEK materials, and anti-influenza concepts showing strong performance [1] - The intelligent driving sector, particularly represented by AEBS, has been highlighted with stocks like 豪恩汽电, 万安科技, 路畅科技, and 亚太股份 all hitting limit up [1] Regulatory Developments - A significant regulatory development is the public consultation phase for mandatory installation of AEBS (Automatic Emergency Braking System) in all M1 class passenger cars and N1 class light trucks, which is expected to boost the sector [1]

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -17% -11% -6% -1% 4% 9% 15% 20% 2024.05 2024.09 2025.01 2025.05 上证指数 深证成指 【宏观策略】 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,380.82 | -0.68 | 深证成指 | 10,186.45 | -1.62 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,907.20 | -0.91 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 3,753.74 | -0.80 | | 中证 | 500 | 5,715. ...

Core Viewpoint - The document outlines the legal opinions regarding the major asset swap and share issuance for the State Power Investment Corporation's subsidiary, emphasizing the legality and compliance of the transaction with existing laws and regulations [1][4]. Group 1: Transaction Overview - The transaction involves a major asset swap and issuance of shares to acquire assets, which constitutes a related party transaction and a significant asset restructuring but does not qualify as a restructuring listing [4][5]. - The transaction plan has not changed since the issuance of the initial legal opinion [4][5]. Group 2: Approvals and Authorizations - New approvals obtained since the initial legal opinion include consent for the asset restructuring and financing plan [5]. - The transaction still requires approval from the shareholders' meeting, Shenzhen Stock Exchange, and the China Securities Regulatory Commission [5]. Group 3: Qualifications of Parties Involved - The company involved, State Power Investment Corporation, has maintained its qualifications to participate in the transaction, with no changes in its basic situation since the last legal opinion [6]. - The counterparties, including State Nuclear Power and China Life, also retain their qualifications to engage in the transaction [6]. Group 4: Substantive Conditions of the Transaction - The transaction complies with the relevant provisions of the restructuring management regulations and has passed the antitrust review without further examination [7]. - The company has not received any adverse audit opinions in the past year, affirming its financial stability [7]. Group 5: Related Agreements - No new agreements have been signed regarding the transaction since the issuance of the initial legal opinion [8]. Group 6: Assets Involved - The assets being divested include 100% equity of Capital Holdings, which has not undergone any changes in its basic situation since the last legal opinion [8][9]. - The assets being acquired include 100% equity of State Nuclear Power, which also remains unchanged in its basic situation [12][13]. Group 7: Financial and Legal Compliance - The company and its subsidiaries have obtained all necessary business qualifications and licenses, which are valid and effective [14][18]. - There are no significant debts or tax issues reported for the company or its subsidiaries during the reporting period [19].

Core Viewpoint - The company is undergoing a significant asset swap and share issuance to acquire assets from State Nuclear Power Technology Company and China Life Insurance, aiming to enhance its operational capacity in the nuclear energy sector [1][12][21]. Group 1: Transaction Overview - The transaction consists of a major asset swap, issuance of shares for asset purchase, and fundraising through the issuance of shares to no more than 35 specific investors [1][12]. - The assets being swapped include 100% equity of Electric Power Nuclear Co. from State Nuclear and 100% equity of Capital Holdings from the company [12][13]. - The transaction values the assets at approximately 57.12 billion yuan for the incoming assets and 15.11 billion yuan for the outgoing assets [13][19]. Group 2: Financial Impact - Post-transaction, the company's total assets are projected to increase from approximately 478.32 billion yuan to 1,273.24 billion yuan, while total liabilities will rise from about 180.43 billion yuan to 778.50 billion yuan [21]. - The net profit attributable to shareholders is expected to grow from approximately 10.44 billion yuan to 34.37 billion yuan, indicating a significant enhancement in profitability [21]. - The asset-liability ratio will increase from 37.72% to 61.14%, reflecting a higher leverage post-transaction [21]. Group 3: Shareholding Structure - The transaction will alter the shareholding structure, with State Nuclear becoming the controlling shareholder, holding approximately 43.80% of shares post-transaction [21]. - The company’s original major shareholder, State Power Investment Group, will see its stake reduced to about 15.50% [21]. - China Life Insurance will hold approximately 25.05% of shares after the transaction [21]. Group 4: Regulatory and Compliance - The transaction is subject to approval from relevant regulatory bodies, including the China Securities Regulatory Commission and the Shenzhen Stock Exchange [3][21]. - The company has committed to strict compliance with information disclosure obligations to protect the interests of minority investors during the transaction process [22][23]. - Independent assessments have been conducted to ensure the fairness of asset valuations and compliance with regulatory standards [23].

编号：2025-003 投资者关系活动类 别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 平安基金：刘文平、杨蓓斯；中信证券：华鹏伟；国海 证券：钟琪；国联民生证券：张天浩 时间 2025 年 5 月 15 日 10:00-11:30 地点 公司会议室 上市公司接待人员 姓名 董事会秘书张郭一 投资者关系活动主 要内容介绍 一、公司主营业务简单介绍 公司目前主营业务为工业余热锅炉、大型及特种材 质压力容器及核安全设备的制造销售；固废、废水等污 染物处理及回收利用的环境综合治理服务；光伏电站运 营。 二、核电业务 公司从 1998 年起开始核电设备的制造，经过 20 多 年在核电领域的深耕与发展，创新智造先后完成多个项 目的国际、国内首件（台）制造任务。 公司核安全设备包括：安注箱、堆内构件吊篮筒体、 堆内构件吊具、乏燃料冷却器、硼酸冷却器、冷凝液冷 却器、再生式热交换器、非能动余热排出系统、稳压器 卸压箱、硼酸贮存箱、容积控制箱、应急补水箱、柴油 机主贮油罐、安全壳内换料水箱返回槽等，全面参与国 内 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 05 月 15 日 资料来源：聚源，中原证券研究所 -17% -12% -7% -2% 3% 9% 14% 19% 2024.05 2024.09 2025.01 2025.05 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,403.95 | 0.86 | | 深证成指 | | 10,354.22 | 0.64 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,943.21 | 1.21 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,783.87 | 1.15 | | 中证 | 500 ...

Core Viewpoint - The recent merger and acquisition activities in the Shenzhen Stock Exchange (SZSE) are being driven by policy support, capital empowerment, and industrial upgrades, leading to a significant increase in the number of disclosed projects and total transaction value since the introduction of the "Six Guidelines" by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Merger and Acquisition Trends - The SZSE has seen a total of 767 disclosed merger and acquisition projects since the "Six Guidelines" were released, with a combined value of 2,940 billion yuan, including 89 major asset restructurings valued at 1,149 billion yuan [1]. - Companies are increasingly focusing on synergistic effects through mergers and acquisitions, enhancing industrial integration and improving supply chain layouts [2]. - Notable examples include State Power Investment Corporation's acquisition of 100% of China National Nuclear Power Co., which aims to consolidate nuclear power assets, and Beijing Huada Jiutian's acquisition of a leading EDA company to strengthen its position in the integrated circuit industry [2]. Group 2: Transformation and Upgrading - Many companies are pursuing cross-industry acquisitions to accelerate structural adjustments and technological innovations, such as Shandong Yanggu Huatai's acquisition of a company specializing in polyimide materials for semiconductor applications [3]. - Companies are also focusing on strengthening weak links in their supply chains by acquiring quality but unprofitable assets, as seen in Jingrui Electronic Materials' acquisition of a majority stake in a microelectronics materials company [3]. - Mergers and acquisitions are becoming a vital channel for companies planning to go public to achieve asset securitization, exemplified by China Nuclear Suval's acquisition of a nuclear instrument company that previously withdrew its IPO application [3]. Group 3: Regulatory Support and Efficiency - The CSRC is actively reforming the merger and acquisition environment to enhance efficiency, including simplifying review processes and allowing flexible payment methods for transactions [6][7]. - Since the implementation of the "Six Guidelines," two companies in the SZSE have utilized targeted convertible bonds to improve the flexibility and efficiency of their mergers and acquisitions [6]. - Future regulatory measures are expected to further support mergers and acquisitions for technology-driven companies, enhancing review efficiency and payment flexibility [7].