Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.13% to 25,808.79 points, while the Hang Seng Tech Index increased by 0.14% to 5,496.52 points. The National Enterprises Index fell by 0.03% to 8,911.15 points, and the Red Chip Index decreased by 0.14% to 4,061.97 points [1] Company News - Vanke Enterprises extended the grace period for the repayment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific reported a passenger count of 2.5304 million in November, marking a 26% year-on-year increase [3] - China General Nuclear Power's units 1 and 2 in Huizhou are in the debugging phase, with expected operational dates adjusted to the first half and second half of 2026, respectively [3] - Nanshan Aluminum International has increased its annual production capacity of alumina to 4 million tons [7] - He Yu Pharmaceutical's CSF-1R inhibitor received approval from China's NMPA [5] - Shengnuo Pharmaceutical completed Phase I trials for its drug STP707 and submitted a clinical research report to the FDA [6] Industry Insights - Huatai Securities noted that the market is still in a left-side layout phase, with a strong consensus on an early spring rally, but year-end supply and demand pressures may create uncertainty for a "Santa rally" [10] - CITIC Construction pointed out that after a period of single-sided growth in September, the Hong Kong market has experienced adjustments, with some quality assets returning to a high cost-performance ratio [10] - Guotai Junan Securities highlighted that historical data shows strong performance in U.S. stocks during year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [11] - GF Fund mentioned that while short-term liquidity disturbances may impact the market, the upward trend in the AI industry cycle remains intact, suggesting that the market structure for Hong Kong stocks will not change [11]

因平安夜、圣诞节，港股下午开始休市。受假期影响，港股三大指数上午表现平淡，依旧呈现窄幅震荡 行情，恒生指数盘中曾直线冲高至0.45%，最终收涨0.13%，国企指数微幅下跌0.03%，恒生科技指数涨 0.14%。盘面上，权重科技股波动不大，阿里巴巴、美团、小米、京东、百度跌幅在1%以内；半导体芯 片股走势活跃，据称已经对部分产能实施了涨价，涨幅约为10%，中芯国际一度涨超5%；高盛预计铀 价仍有20%上涨空间，核电股集体上涨，中广核矿业涨幅居前；钢铁股、铝业股、军工股多数呈现上涨 行情。另一方面，据报明年1月近2200班来往中日航班取消，三大航空股齐跌，中国南方航空公司录得4 连跌行情，影视股、煤炭股、苹果概念股、生物科技股集体弱势。注：因平安夜、圣诞节，港股今日 (24日)下午、周四(25日)、周五(26日)休市，共休市2.5个交易日。 ...

Core Viewpoint - The company has made significant advancements in fourth-generation nuclear power technology, particularly in the manufacturing of key materials for high-temperature gas-cooled reactors and fast reactors [1] Group 1: Technological Advancements - The company possesses manufacturing technology for fourth-generation high-temperature gas-cooled reactor/steam generator forgings [1] - The company has developed manufacturing technology for fourth-generation fast reactor evaporator tube plate forgings [1] - The company has established a strategic layout and technical reserves in cutting-edge nuclear power technologies [1] Group 2: Market Development - The company will continue to monitor advancements in frontier nuclear energy technologies [1] - The company is prepared for market development and engineering equipment support as needed [1]

Core Viewpoint - The successful completion of the cold functional test for the No. 3 unit of the Xu Dabao Nuclear Power Plant marks a significant milestone, transitioning the unit from installation to debugging phase [1] Group 1: Project Milestones - The cold functional test is a critical milestone in nuclear power plant construction, serving as a comprehensive "check-up" for the reactor and primary loop equipment under cold high-pressure conditions [1] - The successful test confirms the integrity of the primary loop pressure boundary and the reliability of the equipment, ensuring the safe and stable operation of the unit in the future [1] Group 2: Future Projections - The Xu Dabao Nuclear Power Project plans to construct six million-kilowatt pressurized water reactor units, with the No. 3 unit expected to commence commercial operation in 2027 and the No. 4 unit in 2028 [1] - Once operational, the two units are projected to generate over 18 billion kilowatt-hours annually, equivalent to saving approximately 6.4 million tons of standard coal and reducing carbon dioxide emissions by about 18.9 million tons each year [1] - This development is expected to significantly contribute to the adjustment of the industrial and energy structure in Liaoning Province, promoting a clean, low-carbon, safe, and efficient modern energy system [1]

（来源：中国电力新闻网） 转自：中国电力新闻网 从项目选址走到这一刻，白龙核电用了22年。集7000余名建设者的合力，共同将能源清洁低碳转型的梦 想，浇筑进白龙核电项目坚实的根基中。 集创新之实，突破技术壁垒 白龙核电项目位于广西壮族自治区防城港市，项目规划建设2台CAP1000核电机组和4台"国和一号"机 组，总装机862万千瓦，一次规划、分期实施。 项目依托"大型先进压水堆核电站"国家科技重大专项和三代核电自主化战略，在设备国产化方面推动技 术突破和行业变革。其中，湿绕组主泵在CAP1000机组中首次应用，该主泵具备高可靠性、高效率、易 维护与易制造等多重技术优势。 与此同时，白龙核电项目实现了核电站仪控系统自主化。关键技术的自主可控，将大幅降低白龙核电的 工程建设和运行维护成本。 如今，我国已经具备了国产化CAP1000核电技术自主设计、制造、建造及运维能力。随着三门二期、海 阳二期、廉江一期、陆丰一期等项目陆续开工建设，CAP1000核电技术已进入批量化建设阶段。目前， 白龙核电项目1号机组实现整机国产化，全面实现了百万千瓦级三代非能动大型商用核电站的设计自主 化、设备国产化、工程建造自主化。 在实现 ...

Core Viewpoint - The Niigata Prefectural Assembly approved a supplementary budget to restart the Kashiwazaki-Kariwa Nuclear Power Plant, Japan's largest nuclear facility, despite significant public opposition [1] Group 1: Public Opposition - The assembly meeting was marked by protests from local residents, who expressed their anger and concerns about the decision to restart the nuclear plant [1] - Many protesters held signs stating that the decision should be made by local residents and reminded others not to forget the lessons from the Fukushima disaster [1] - A survey conducted in October revealed that approximately 60% of residents believe the conditions for restarting the plant are not yet met, and about 70% feel uneasy about the plant's operator, Tokyo Electric Power Company [1] Group 2: Background of the Nuclear Plant - The Kashiwazaki-Kariwa Nuclear Power Plant, located in Niigata Prefecture, has a total installed capacity of approximately 8.212 million kilowatts, making it the largest nuclear power plant in Japan [1] - The plant was shut down in 2012 following the Fukushima Daiichi nuclear disaster triggered by the Great East Japan Earthquake on March 11, 2011, which led to a nationwide halt of nuclear reactors [1]

Core Viewpoint - The company is focused on the research and manufacturing of fourth-generation nuclear power equipment, particularly the liquid metal nuclear primary pump for commercial fast reactors, which is seen as the future direction of nuclear power development in China [1]. Group 1: Fourth-Generation Nuclear Power Equipment - The company’s subsidiary, Zhejiang Fuchunjiang Hydropower Equipment Co., Ltd., has developed the world's largest and China's first 600MW fourth-generation commercial fast reactor liquid metal nuclear primary pump, which passed trial operation tests on November 24, 2019 [1]. - Fourth-generation nuclear power, particularly fast neutron reactors, is considered the preferred reactor type, addressing nuclear fuel supply issues while offering better economic viability and safety [1]. Group 2: Research and Development Focus - The company places significant emphasis on the exploration and research of controllable nuclear fusion technology, aiming to supply primary pumps for fusion reactors [1]. - The company has been developing lithium-lead alloy pumps, which are a key option for coolant in controllable nuclear fusion reactors, with prototypes currently undergoing testing [1].

Group 1 - A nuclear reactor undergoing decommissioning in Fukui Prefecture, Japan, experienced a leak of radioactive water, potentially exposing several individuals to radiation [1][3][6] - The reactor, known as "Fugen," has been out of operation since March 2003 and is currently in the decommissioning phase [3] - The incident coincided with the approval for the restart of the Kashiwazaki-Kariwa Nuclear Power Plant, Japan's largest nuclear facility, which has sparked significant public opposition [1][4][10] Group 2 - The Kashiwazaki-Kariwa Nuclear Power Plant, located in Niigata Prefecture, has a total installed capacity of approximately 8.212 million kilowatts, making it the largest in Japan [9] - A recent survey indicated that about 60% of local residents believe the conditions for restarting the plant are not yet adequate, and around 70% express concerns about the operator, Tokyo Electric Power Company [9] - The Japanese government, under Prime Minister Fumio Kishida, is perceived to be expanding its national strategic capabilities through nuclear initiatives, including the restart of nuclear power plants [10][14][16] Group 3 - Japan is characterized as a "nuclear threshold state," meaning it does not possess nuclear weapons but has the capability to develop them rapidly due to its extensive nuclear material stockpiles and advanced technology [11] - The recent actions regarding nuclear energy, including the restart of the Kashiwazaki-Kariwa plant, are viewed as a strategic expansion rather than merely an energy policy adjustment [14][16]

转自：北京日报客户端 14年前，日本东北部海域发生里氏9.0级大地震，引发滔天海啸，直扑福岛第一核电站。电源中断、冷 却系统瘫痪，3座反应堆相继堆芯熔毁，大量放射性物质泄漏，这场核灾难迫使数十万人撤离家园。小 笠绫子的家，就位于核电站20公里辐射禁区之内。她随人群辗转迁居新潟县，本以为远离了核阴影，却 未曾想到，"新威胁"竟悄然逼近家门口。 据日本共同社报道，12月22日，新潟县议会通过一项补充预算案，正式为重启柏崎刈羽核电站铺平道 路。该电站横跨新潟县柏崎市与刈羽村，总装机容量约821.2万千瓦，是日本规模最大的核电站，也是 2011年福岛事故后全国54座被紧急关停的核反应堆之一。 日本政府及相关部门拒绝对重启时间表置评，但近期一系列政治动向令人忧心：首相官邸一名负责安保 政策的高官宣称"日本应拥有核武器"；防卫大臣则表示，在讨论"无核三原则"时"不排除任何选项"；而 首相高市早苗更频频释放"再军事化"信号。这些言行不仅背离日本长期标榜的"和平发展"路线，更是对 战后国际秩序与全球核不扩散体系的公然挑战，或将严重冲击地区乃至全球安全稳定。 "永远不能忘记福岛的教训" 事实上，核电站重启的准备工作早已悄然展开 ...

（文章来源：中国新闻网） 非核冲转试验是核电机组建设中的重要环节，被喻为核电机组装料前对常规岛系统进行的一次全面"实 战演练"。此次试验成功标志着"玲龙一号"常规岛核心系统功能验证达标，为后续带核冲转及并网发电 奠定了坚实基础。(完) 中新网海南昌江12月23日电(郑文龙丁甲一王浩楠)据中核集团海南核电有限公司23日消息，全球首个陆 上商用模块式小型堆"玲龙一号"非核冲转试验一次成功。冲转过程中各系统运行稳定、汽轮发电机组各 项参数满足设计要求，标志着"玲龙一号"小堆示范工程汽轮发电机组非核蒸汽冲转试验顺利完成。 ...