美媒：特朗普政府考虑颁布行政命令，加快核电站建设速度 金十数据5月10日讯，据《纽约时报》，特朗普政府正在考虑发布几项行政命令，旨在加快核电站的建 设，以帮助满足日益增长的电力需求。命令草案称，美国呼吁"全面修订"联邦安全法规，使新建核电站 更加容易。他们设想国防部在订购反应堆并将其安装在军事基地方面发挥重要作用。他们还将设定一个 目标，使全国核电站的规模翻两番，从现在的近100千兆瓦增至2050年的400千兆瓦。一份题为"迎来核 复兴"的命令草案写道："需要迅速采取果断行动，启动美国的核复兴"。 ...

Core Viewpoint - The U.S. is preparing to issue an order regarding the construction of nuclear power plants, indicating a potential shift in energy policy towards nuclear energy as a clean energy source [1] Industry Summary - The order is expected to streamline the regulatory process for nuclear power plant construction, which has faced significant delays and challenges in recent years [1] - This initiative aligns with the broader goal of reducing carbon emissions and transitioning to more sustainable energy sources [1] - The nuclear industry may see increased investment and interest as a result of this regulatory change, potentially revitalizing the sector [1]

Group 1 - The Trump administration is considering issuing several executive orders to accelerate the construction of nuclear power plants [1] - The initiative aims to help meet the growing electricity demand [1]

Group 1 - The A-share market's technology sector has been active, with a significant rally triggered by the popularity of DeepSeek, leading to a reassessment of Chinese tech stocks [1][2] - Following a period of adjustment due to the U.S. trade war, technology stocks have shown a strong recovery since late April, with the Sci-Tech Innovation 50 Index leading this upward trend [1][2] - The increasing contribution of the technology industry to economic activities is a key factor in the recent strength of the tech sector, as traditional sectors like infrastructure and real estate face challenges from new economic industries such as electric vehicles [2][3] Group 2 - The past speculative nature of technology stock rallies is shifting as more companies with "hard tech" characteristics emerge, enhancing the investment value of the tech sector [3][4] - Institutional investors are increasingly recognizing the long-term investment value of technology stocks, with national funds beginning to invest in tech-focused ETFs [3] - Key areas of investment interest include electric vehicles, drones, and robotics, supported by advancements in artificial intelligence, precision manufacturing, and advanced materials [3][4] Group 3 - China's economic transformation from manufacturing to intelligent manufacturing presents significant investment opportunities in the technology sector [4] - The composition of listed companies in the A-share market is expected to improve as the technology sector grows, moving away from a traditional industry-dominated landscape [4] - Investors are encouraged to recognize and adapt to these trends in order to optimize their investment strategies [4]

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]

证券代码：000777 证券简称：中核科技 1 | 来盈利情况？秦山核电站 C14 实现国产化，对于降低 | | --- | | 中核海得威原材料成本，提升毛利率水平，是否会有 | | 帮助？预计在什么时候可以体现？ | | 答：秦山核电站实现利用核电商用堆生产 C14 同 | | 位素，破解了我国长期依赖进口 C14 的困局。中核海 | | 得威作为呼气试验药品及检测仪器的生产商，主要利 | | 用 C14 的放射性来诊断幽门螺杆菌感染。 | | 从成本端来看，在综合考虑国产化供应规模、具 | | 体定价后，若成本因 C14 国产化而降低，在产品销售 | | 价格不变或合理调整的情况下，利润空间可能得到拓 | | 展。 | | 2、2024 年公司核电收入 8.4 亿，同比大幅增长 | | 35%，但是毛利率 23 年为 30.4%，24 年上半年为 32%， | | 24 年全年为 24.2%，毛利率产生较大幅度波动的原因 | | 是？ | | 答：毛利率与产品产出结构有关。不同产品的毛 | | 利率存在差异。2024 年下半年，公司小口径阀门出产 | | 较多，部分小口径阀门销售价格偏低对毛利率产生了 ...

新能源汽车板块2025Q1持仓占总市值比重为5.20%，环比下降0.09pct。2024Q1-2025Q1 持仓比例分别为5.09%、5.06%、5.25%、5.29%、5.20%。1）上游锂矿2025Q1整体持仓下降 0.56pct至1.64%；2）中游板块持仓整体下降0.98pct至8.86%，结构件、正极、隔膜、添加 剂、铝箔、铜箔持仓上升，电池、负极、电解液持仓下降；3）核心零部件、整车持仓 2025Q1上升，充电桩下降；4）新技术板块2025Q1上升0.89pct至1.68%，钠电池、复合集流 体均上涨。 新能源：光伏、风电、核电均下降 光伏板块2025Q1持仓占总市值比重环比下降至3.33%，环比-0.80pct，2024Q1-2025Q1持 仓比例分别4.45%、3.88%、4.15%、4.13%、3.33%。硅片、电池上升，硅料、组件、逆变器 持仓下降。1）硅料环节下降0.68pct；2）硅片环节上升0.97pct；3）电池上升1.27pct；4）一 体化组件下降1.10pct；5）逆变器环节下降1.70pct；6）辅材环节：胶膜、玻璃、支架、 EPC、设备、金刚线、银浆、石英坩埚均下降。 东 ...

Core Insights - The construction of the Huaneng Shidao Bay Nuclear Power Plant expansion project has commenced, with the first concrete pouring for the No. 2 reactor successfully starting, involving a total of 8,500 cubic meters of concrete [1][2] - The project is part of a significant construction initiative in Shandong Province, aiming to build four 1 million kilowatt nuclear power units, which will generate an annual electricity output of 20 billion kilowatt-hours, reducing carbon dioxide emissions by approximately 15 million tons per year [1] - The project team has implemented advanced techniques such as BIM technology for optimizing rebar binding efficiency and a modular steel platform system to simplify construction processes and enhance reuse [1] Quality Control Measures - A comprehensive quality control system has been established to ensure safety in nuclear power construction, with a focus on monitoring critical parameters during the concrete pouring process [2] - High-precision temperature measurement devices are used to maintain the temperature fluctuations of the concrete within standard ranges, ensuring quality during the pouring of the thick foundation [2] - An intelligent scheduling system, referred to as the "super brain," has been developed to match the pouring speed with the vibration process, aiming for zero-defect construction of the 3.7-meter thick foundation [2]

| 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,352.00 | 0.28 | | 深证成指 | | 10,197.66 | 0.93 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,852.90 | 0.56 | | 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 | 3,697.15 | 0.58 | | 中证 | 500 | 5,773.81 | 0.41 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | | | | 分析师：张刚 登记编码：S0730511010001 国际市场表现 指数名称 收盘 涨跌幅(%) 道琼斯 30,772.79 -0.67 标普 500 3, ...

Core Viewpoint - The article discusses the introduction of the Private Economy Promotion Law, which will take effect on May 20, 2025, aimed at fostering the development of the private economy in China through various supportive measures and legal frameworks [1][3]. Group 1: Legislative Framework - The Private Economy Promotion Law emphasizes principles of equal treatment, fair competition, equal protection, and common development for private enterprises [8]. - The law mandates the State Development and Reform Commission (SDRC) to coordinate and promote the implementation of supportive measures across various sectors [3][5]. Group 2: Supporting Mechanisms - A series of supporting institutional mechanisms have been introduced, including a new negative list for market access, regulations for ensuring payment to small and medium enterprises, and measures for fair competition [5][6]. - The SDRC is actively working on additional mechanisms related to investment financing, technological innovation, service guarantees, and rights protection [5][6]. Group 3: Implementation Strategies - The SDRC will focus on five key areas to ensure effective implementation: removing barriers to market access, addressing payment delays to private enterprises, protecting legal rights, implementing relief policies, and enhancing communication between government and enterprises [6]. - The SDRC plans to promote legal awareness and understanding among private enterprises to help them utilize the law effectively [6]. Group 4: Investment Opportunities - The SDRC is facilitating private enterprise participation in major national projects, with a total investment scale of approximately 3 trillion yuan planned for quality projects in sectors like transportation, energy, and urban infrastructure [9][10]. - The SDRC supports private enterprises in emerging and future industries, encouraging participation in national technological initiatives and the use of major research facilities [9][10].