Core Viewpoint - The "Hualong One" nuclear power project, marking its 10th anniversary, showcases China's advancements in nuclear energy, demonstrating significant achievements in construction speed, operational efficiency, and international collaboration [1][2][12]. Group 1: Construction Achievements - The "Hualong One" project at the Fuqing Nuclear Power Plant was completed in 68.7 months, making it the only third-generation nuclear power project built on schedule, breaking the industry norm of over 80 months [5]. - The construction utilized a self-developed digital construction platform, achieving millimeter-level precision in project progress control [5]. - The project received the National Quality Engineering Gold Award, setting a new benchmark for global nuclear power construction [5]. Group 2: Operational Performance - The Fuqing Nuclear Power Plant's two "Hualong One" units achieved a WANO comprehensive index score of 100, with zero non-scheduled outages for two consecutive years, generating nearly 65 billion kWh of electricity [7]. - The engineering team established a rigorous production performance indicator system, utilizing AI predictive maintenance technology to enhance equipment reliability, with 25 out of 30 WANO indicators reaching world-class levels [7]. Group 3: Industry Impact - The "Hualong One" project has stimulated the development of a complete nuclear power industry chain, with nearly 6,000 enterprises involved and a domestic equipment localization rate rising from 88% to over 90% [10]. - The project has led to the creation of over 700 domestic patents and 65 international patents, establishing a technology system with complete independent intellectual property rights [10]. Group 4: International Collaboration - The "Hualong One" project in Karachi, Pakistan, provides 12% of the local electricity supply and has created 60,000 jobs while training 2,000 local nuclear power talents [12]. - With 41 "Hualong One" units under construction or operation globally, the project is transitioning from "product output" to "standard output," offering comprehensive services for sustainable energy development [12].

Core Viewpoint - China Nuclear Power (601985.SH) has announced a share repurchase plan, reflecting confidence in its future development and commitment to enhancing investor trust [1][2]. Group 1: Share Repurchase Plan - The company plans to repurchase shares through centralized bidding, with a total amount between 300 million and 500 million yuan, and a maximum repurchase price of 13.98 yuan per share [1]. - Based on the lower limit of 300 million yuan, approximately 21.46 million shares will be repurchased, accounting for about 0.10% of the total share capital; at the upper limit of 500 million yuan, around 35.77 million shares will be repurchased, accounting for about 0.17% of the total share capital [1]. - The funding for the repurchase will come from the company's own funds and self-raised funds, with a loan commitment from China Bank for up to 450 million yuan to support the share buyback [1]. Group 2: Financial Performance - In Q1 of this year, the company achieved revenue of 20.273 billion yuan, a year-on-year increase of 12.70%, and a net profit of 3.137 billion yuan, up 2.55% year-on-year [2]. - The nuclear power business showed strong performance, with revenue growth of 10.46% and net profit growth of 11.52% year-on-year [2]. - The company's renewable energy segment is also expanding rapidly, with revenue growth of 24.64% in Q1, significantly outpacing overall revenue growth [2]. Group 3: Asset Growth - As of the end of Q1, the company's total assets reached 687.7 billion yuan, an increase of 4.24% from the beginning of the year, while equity attributable to shareholders grew by 3.11% to 113.6 billion yuan [3]. - The company has 207.8 billion yuan in construction projects, indicating a concentrated phase of project development in nuclear and renewable energy sectors [3].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) and has outlined the procedures and agenda to ensure the meeting runs smoothly and efficiently, emphasizing the importance of shareholder rights and participation. Meeting Procedures - All participants must adhere to legal obligations to maintain order and efficiency during the AGM [1] - Only authorized individuals, such as shareholders, directors, and invited guests, are allowed to attend the meeting [1] - Shareholders have the right to speak, inquire, and vote during the AGM [1] - A registration form for speaking and questioning will be available, and speaking time is limited to 5 minutes per shareholder [2] Voting Process - The AGM will utilize a combination of on-site and online voting methods [2] - Shareholders must express their voting opinions on proposals, and any improperly filled ballots will be considered as abstentions [2] - The online voting will be conducted through the Shanghai Stock Exchange's system during specified time slots on the day of the AGM [3] Meeting Agenda - The AGM will cover several key items, including the opening of the meeting, reports on various proposals, shareholder inquiries, and the election of monitoring personnel [3] - The first agenda item includes the presentation of the 2024 Board of Directors' work report, which has already been approved by the Board [4] Company Performance Highlights - The company has achieved significant milestones, including a 43% increase in market value and recognition for excellence in corporate governance [4] - The operational performance for 2024 includes a record low outage rate of 0.04 times per reactor per year and a reliability score of 97.68 [5] - The total electricity generated reached 216.35 billion kWh, marking a 3.09% increase year-on-year [5][26] Future Plans and Investments - The company plans to invest approximately 125.59 billion yuan in 2024, focusing on nuclear power and renewable energy projects [14] - The company has successfully raised 14 billion yuan through targeted stock issuance to support its development initiatives [9][16] Governance and Compliance - The company has established a robust governance framework, ensuring compliance with legal and regulatory requirements [30] - The Board of Directors has been actively involved in strategic decision-making and oversight, with regular meetings held to discuss key issues [17][19] Challenges and Strategic Focus - The company faces challenges from increasing competition in the nuclear energy market and evolving regulatory requirements [20] - The strategic focus for 2025 includes enhancing operational efficiency, maintaining safety standards, and pursuing high-quality development [21][22]

"华龙一号"全球首堆——福清核电5号机组位于福建福清核电基地，从2022年8月18日开始运行至今，已累计发电370亿度，连续安全运行 1000天，这意味着我国核电技术不仅实现了从"跟跑"到"领跑"的跨越，还拥有了可持续的运营能力，为全球清洁能源发展贡献了"中国方案"。 "华龙一号"单台机组年发电量达100亿千瓦时，可满足中等发达国家百万人口的年度生产和生活用电需求，相当于每年等效减排二氧化碳 约816万吨。目前，世界上核准在建、在运的"华龙一号"机组共41台，成为全球核准在运、在建机组总数最多的三代核电技术，是当前全球核 电建设的主力堆型。 央视网消息：记者5月14日从中核集团获悉，"华龙一号"全球首堆——福清核电5号机组已连续安全运行1000天，这也再次验证了我国自主 三代核电技术的安全性和先进性。 这条铁路全长9.91公里，由中蒙两国共同建设，其中跨境段由6.08公里的桥梁连接，计划2027年建成通车。未来将负责蒙古国矿区的焦煤 进口。 秦岭九天山隧道贯通 西康高铁全线20座隧道全部贯通 西康高铁秦岭九天山隧道5月13日顺利贯通，标志着西康高铁全线20座隧道全部贯通。该高铁新建正线全长171公里，预计明年 ...

此外，部分企业基于转型升级等目标开展跨行业并购，多聚集于半导体、高端装备等新质生产力领域。 2024年9月24日"并购六条"发布以来，深市新增披露767单并购重组，金额合计2940亿元。其中重大资产 重组89单（创业板39单，主板50单），金额合计1149亿元。 在"并购六条"政策引领下，深市并购重组活跃度持续提升，深市公司加快新质生产力发展步伐，通过并 购重组加强产业整合、优化产业布局、实现产业转型升级等案例不断涌现。 改善经营质量提质增效 完善产业链布局实现协同增效，收购优质未盈利资产推动强链补链，跨界收购新质生产力标的促进转型 升级……在深化供给侧结构性改革与产业升级的背景下，深市上市公司积极响应，重组市场活跃度有所 回升，上市公司正通过并购重组这一主渠道积极改善经营质量，实现提质增效。 央国企加强集团内资产整合。电投产融拟收购电投核能100%股权，向电投集团置出公司金融业务资 产，置入资产交易对价571亿元，置出资产估值151亿元。电投集团是我国第三大核电投资运营商，标的 主营核能发电及核能综合利用。本次交易有利于实现央企电投集团旗下核电资产整合，助力打造核电上 市平台。电投能源主营煤炭开采、火电、电 ...

"华龙一号"全球首堆——福清核电5号机组位于福建福清核电基地，从2022年8月18日开始运行至今，已累计发电370亿度，连续 安全运行1000天，这意味着中国核电技术不仅实现了从"跟跑"到"领跑"的跨越，还拥有了可持续的运营能力，为全球清洁能源发展贡 献了"中国方案"。中核集团福清核电三厂副厂长朱金刚表示，自"华龙一号"全球首堆福清核电5号机组投入商运以来，始终保持安全 稳定高效运行，在世界核电运营者协会的评价中综合指数达到满分，以优秀的运行业绩充分验证了我国自主三代核电技术的安全性和 先进性。 央视网消息：今年是中国自主三代核电"华龙一号"全球首堆开工建设十周年。十年来，"华龙一号"实现从无到有、从首堆攻坚到 批量超越。5月14日，"华龙一号"全球首堆——中核集团福清核电5号机组实现连续安全稳定运行1000天，持续向社会稳定输送清洁电 力超370亿度，再次验证了"华龙一号"的安全性和先进性。 "华龙一号"全球首堆连续安全运行1000天 "华龙一号"是中国在三十余年核电科研、设计、制造、建设和运行经验的基础上，研发的具有完全自主知识产权的三代压水堆核 电创新成果，技术指标达到国际先进水平。凭借高效可靠的建设周 ...

证券研究报告：机械设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.17 | | --- | --- | | 总股本/流通股本（亿股）5.08 | / 4.69 | | 总市值/流通市值（亿元）57 | / 52 | | 52 周内最高/最低价 | 14.50 / 9.36 | | 资产负债率(%) | 42.2% | | 市盈率 | 19.23 | | 第一大股东 | 宁波聚源瑞利创业投资 | | | 合伙企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 江苏神通(002438) 业绩符合预期，核电订单同比高增 l 投资要点 事件：公司披露 2024 年年报和 2025 年一季报。 业绩符合预期，稳健增长。2024 年，公司实现营收 21.43 亿元， 同比+0.48%；实现归母净利润 2.95 亿元，同比+9.68%；实现扣非归 母净利 ...

Group 1: Automotive Sector - Li Auto (09863) saw a rise of over 4%, with record order volume during the May Day holiday and recent share purchases by the chairman [1] - XPeng Motors (09868) increased by over 3%, becoming the first Chinese new energy vehicle company to participate in the Milan Design Week and officially entering the Italian market [1] - The rare earth sector surged, with Jinli Permanent Magnet (06680) rising over 5% due to export controls leading to increased overseas rare earth prices [1] Group 2: E-commerce and Health - JD Group (09618) rose over 4%, reporting Q1 revenue of 301.1 billion yuan, a 15.8% year-on-year increase, and a net profit of 10.89 billion yuan, up 52.73% [2] - JD Health (06618) increased over 4%, with revenue of 16.645 billion yuan, a 25.5% year-on-year growth, and operating profit of 1.071 billion yuan, up 119.8% [2] Group 3: Music and Entertainment - Tencent Music (01698) rose over 12%, reporting total revenue of 7.36 billion yuan and adjusted net profit of 2.23 billion yuan, with online music service revenue growing by 15.9% [2] - NetEase Cloud Music (09899) increased over 11%, with analysts noting a positive growth phase in the online music industry due to improved competition and user willingness to pay [3] Group 4: Technology and AI - Baidu Group (09888) rose over 3%, planning to launch its Apollo Go autonomous taxi service in Switzerland and Turkey [3] - NuScale Power (SMR.US) reported quarterly sales of 13.4 million, significantly exceeding analyst expectations, leading to a rise of over 21% [6] Group 5: Shipping and Logistics - Shipping stocks collectively strengthened, with Pacific Shipping (02343) and Seaspan (01308) rising over 6%, and China Merchants Energy (02866) increasing over 12% [4]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -17% -12% -7% -2% 3% 8% 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 | | 3,374.87 | 0.17 | | 深证成指 | | 10,288.08 | -0.13 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,896.26 | 0.15 | | 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 | 3,740.93 | 0.10 | | 中证 | 500 | 5,781.67 | -0.21 | | 中证 | 1000 ...

Group 1 - Major project construction serves as a stabilizing force for growth and an important tool for optimizing economic structure, with orderly progress observed across various regions this year [1] - As of the end of April, Nanjing completed an investment of 17.73 billion yuan in urban construction, with a new project commencement rate of 56.4% [1] - Guangdong province has planned 1,500 key construction projects with an annual investment target of 1 trillion yuan, achieving 250.4 billion yuan in investment in the first quarter, which is 25% of the annual target [1] Group 2 - Investment in major projects is shifting from traditional infrastructure to areas such as industrial upgrading and technological innovation, indicating a positive trend in both quantity and quality [2] - The second quarter is expected to see orderly development of major projects, with significant investment scale expansion anticipated to support local economic development [2] - The government is enhancing support for private enterprises to participate in major projects, with private capital participation in some nuclear power projects reaching 20% [2] Group 3 - Involvement of private enterprises in major project construction is expected to optimize investment structure, promote industrial upgrading, and enhance employment and economic resilience [3] - Local governments are actively facilitating private capital participation, as seen in the announcement of 122 investment projects in Xiaogan city, with a planned total investment of 57.74 billion yuan [3] - Recommendations include further refining supporting policies for private enterprises to ensure their sustainable participation and profitability in major projects [3]