证券日报网讯 10月13日晚间，融发核电发布公告称，公司股票于2025年10月9日、10月10日、10月13日 连续3个交易日收盘价格涨幅累计偏离超过20%，属于股票交易异常波动的情况。经核查，公司前期披 露的信息不存在需要更正、补充之处；公司未发现近期公共传媒报道了可能或已经对本公司股票交易价 格产生较大影响的未公开重大信息。 （编辑 姚尧） ...

Core Viewpoint - The company is actively promoting its nuclear safety (1E level) cable accessory products and has established partnerships with major nuclear power companies in China, achieving a leading bid-winning rate in the industry [2] Group 1: Company Developments - The company has successfully developed and validated cable accessories for nuclear power plants with an 80-year lifespan, filling an international gap and reaching an advanced level globally [2] - The company's nuclear-grade cable materials are now in mass application for nuclear safety (1E level) cables, making it one of the few domestic enterprises to achieve this in nuclear power engineering projects [2] Group 2: Industry Position - The company has formed stable partnerships with several domestic manufacturers holding nuclear safety equipment production licenses, enhancing its competitive advantage in the market [2]

Group 1: Electric Vehicle Charging and Infrastructure - During the National Day holiday, the charging volume for electric vehicles on highways reached a historical high of 17.4858 million kilowatt-hours, a year-on-year increase of 41.95% [2] - The efficient operation of charging facilities during the holiday demonstrates the synergy between the increase in electric vehicle ownership and infrastructure support [2] Group 2: Energy Planning Regulations - The National Development and Reform Commission and the National Energy Administration issued the "Energy Planning Management Measures," which standardize the entire cycle of energy planning, including preparation, implementation, evaluation, and adjustment [3] - The new regulations emphasize strict management of planning directories, requiring projects to have preliminary work and economic assessments before being included in planning [4] Group 3: International Cooperation on Climate Change - China and Guyana signed a memorandum of understanding to promote low-carbon transportation, with China providing electric vehicles and charging facilities to support Guyana's low-carbon transition [5] - This cooperation is part of China's broader South-South cooperation initiative, which has seen China sign 55 climate cooperation documents with 43 developing countries [5] Group 4: Nuclear Power Projects - The Guangdong Lianjiang Nuclear Power Project is set to have a total installed capacity of 8.5 million kilowatts, with an estimated annual power generation of 70 billion kilowatt-hours, significantly reducing coal consumption and emissions [6][7] - The Bai Long Nuclear Power Project aims to integrate clean energy development with regional economic growth, promoting community engagement and addressing local concerns [7] Group 5: Sustainable Development in Food Processing - Blue Dun Xu Mei Food Co., Ltd. focuses on sustainable development through a full-chain approach in the potato industry, aiming to utilize waste materials for producing items like plastic bags and paper [10] - The company faces challenges in cost control and technological breakthroughs while seeking support from policies and industries to achieve carbon balance and zero-carbon park construction [10][11]

Carbon Neutrality Policy - During the National Day holiday, the charging volume for new energy vehicles on highways reached a historical high of 17.4858 million kilowatt-hours, a year-on-year increase of 41.95% [2] - The National Development and Reform Commission and the National Energy Administration issued the "Energy Planning Management Measures," which standardize the energy planning system and emphasize strict management of planning lists [3][4] - A memorandum of understanding was signed between China and Guyana to promote low-carbon transportation, with China providing new energy vehicles and charging facilities to support Guyana's low-carbon transition [5][6] Corporate Practices - The Guangdong Lianjiang Nuclear Power Project, with a total installed capacity of 8.5 million kilowatts and an investment of approximately 130 billion yuan, aims to reduce carbon emissions significantly [6][7] - The Bai Long Nuclear Power Project in Guangxi is set to utilize CAP1000 technology, promoting local economic development and community engagement while achieving carbon neutrality goals [7] Local Developments - The 2025 Fortune Sustainable Development Summit was held in Fuzhou, focusing on the integration of digitalization and low-carbon transformation, with discussions on creating an "AI Power Grid+" model to address the challenges of renewable energy intermittency [8] - Blue Don Xu Mei Food Co., Ltd. is implementing a full-chain ESG strategy in the potato industry, aiming for sustainable development through waste utilization and circular economy practices [9]

Group 1: Export Controls and Regulations - China will implement export controls on lithium batteries and rare earth materials starting November 8, 2023, requiring specific export licenses for certain items [3] - The export controls include lithium-ion batteries with a weight energy density of 300 Wh/kg or more, as well as equipment used for manufacturing these batteries [3] Group 2: Green Factory Initiatives - The Ministry of Industry and Information Technology has launched the 2025 Green Factory recommendation work, focusing on energy conservation and carbon reduction [4] - The initiative supports 53 key industries, including steel, petrochemicals, non-ferrous metals, building materials, machinery, light industry, textiles, and electronics [4] Group 3: Solid-State Battery Research - A research team from the Chinese Academy of Sciences has made breakthroughs in solid-state battery technology, addressing issues like interface impedance and ion transport efficiency [5] - The new material developed shows high ion transport capability and can switch between ion transport and storage behaviors, enhancing energy density by 86% when used in composite cathodes [5] Group 4: Strategic Partnerships - Maersk and CATL have signed a global strategic cooperation memorandum to promote low-carbon transformation in global supply chains [6] - The partnership will focus on electrifying key supply chain segments, including container fleets and port ecosystems, leveraging CATL's expertise in battery technology [6] Group 5: Hydrogen Equipment Export - Shanghai Hydrogen Technology Co., Ltd. has exported China's first MW-level PEM hydrogen production equipment to South Africa, marking a significant advancement in industrial applications [7] - The equipment is designed for photovoltaic hydrogen production and features high integration, automation, and low energy consumption [7] Group 6: Nuclear Power Developments - Chubu Electric Power Company has begun the dismantling of the No. 1 reactor at the Hamaoka Nuclear Power Plant, marking Japan's second commercial nuclear reactor to enter the actual dismantling phase this year [8] - The complete dismantling is planned to be finished by the fiscal year 2042 [8]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][29]. Core Views - The report highlights the significant growth in the public utility and environmental sectors, with the public utility index rising by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the importance of green methanol production, which significantly reduces carbon emissions throughout its lifecycle, and outlines the two main production routes: biological methanol and electro-methanol [2][15]. - The report suggests that coal and electricity prices are expected to decline simultaneously, allowing thermal power profitability to remain reasonable, and recommends major thermal power companies such as Huadian International and Shanghai Electric [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49%, with respective relative returns of 3.97% and 2.00% [1][31]. - Within the power sector, thermal power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][31]. Important Events - As of October 12, 2025, multiple provinces have released documents related to the "136 Document" and initiated or completed competitive pricing for new energy incremental projects [1][23]. Investment Strategy - The report recommends several companies across different sectors: - For thermal power: Huadian International and Shanghai Electric [3][29]. - For renewable energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies [3][29]. - For nuclear power: China Nuclear Power and China General Nuclear Power [3][29]. - For hydropower: Yangtze Power [3][29]. - For gas: Jiufeng Energy [3][29]. - For environmental services: China Everbright Environment and Zhongshan Public Utilities [3][30]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform" [5][8]: - Huadian International (Code: 600027.SH) - Longyuan Power (Code: 001289.SZ) - China Nuclear Power (Code: 601985.SH) - Yangtze Power (Code: 600900.SH) - Jiufeng Energy (Code: 605090.SH) Special Research - The report discusses the production routes for green methanol, emphasizing the need for renewable hydrogen and carbon sources [2][15]. - It also details the competitive pricing results for new energy projects across various provinces, highlighting specific prices and execution periods [23][26].

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-10-13 | 002366 | 融发核电 | 8.92 | 100.00 | 892.00 机构专用 | | 华林证券股份有限 公司福建分公司 | 10月13日，融发核电大宗交易成交100万股，成交额892万元，占当日总成交额的0.27%，成交价8.92 元，较市场收盘价9元折价0.89%。 ...

Core Viewpoint - Nuclear power stocks continue to rise against the market trend, driven by significant advancements in China's nuclear fusion project BEST, which is expected to reach commercial application by 2030 [1] Group 1: Stock Performance - China National Nuclear Corporation International (02302) increased by 7.22 HKD - China General Nuclear Power Corporation Mining (01164) rose by 1.6%, reaching 3.81 HKD - Shanghai Electric (02727) gained 0.99%, trading at 5.08 HKD [1] Group 2: Project Developments - On October 1, a key breakthrough was achieved in the construction of the domestically developed nuclear fusion device BEST, with the successful installation of the first critical component, the dewar base - The project is expected to be completed by the end of 2027, with the goal of lighting the first lamp through nuclear fusion by 2030 [1] Group 3: Upcoming Events and Market Outlook - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18, which may announce significant national and international developments in the fusion industry - According to Founder Securities, the fusion industry is experiencing intensified activity compared to July and August, with a second round of intensive bidding for the BEST project expected in Q4, covering high-value products such as the first wall, filter, and power supply - Other fusion devices are also anticipated to initiate, with major players entering the market and significant overseas ignition progress [1]

Core Viewpoint - Nuclear power stocks continue to rise against the market trend, driven by significant advancements in China's nuclear fusion technology and upcoming international events in the fusion energy sector [1] Group 1: Stock Performance - China National Nuclear Corporation International (02302) increased by 7.22 HKD - China General Nuclear Power Corporation Mining (01164) rose by 1.6%, reaching 3.81 HKD - Shanghai Electric (601727) gained 0.99%, trading at 5.08 HKD [1] Group 2: Technological Advancements - On October 1, China achieved a key breakthrough in the construction of the self-developed nuclear fusion device BEST, with the successful installation of the first critical component, the dewar base - The BEST project, utilizing compact high-field superconducting tokamak technology, is scheduled for completion by the end of 2027, with the potential to achieve commercial application by lighting the first lamp by 2030 [1] Group 3: Upcoming Events and Market Outlook - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18, which is expected to announce significant national and international developments in the fusion sector - According to Founder Securities, the fusion industry is experiencing intensified activity compared to July and August, with the BEST project likely to initiate a second round of intensive bidding in Q4 for high-value products [1]

Investment Rating - The report suggests a positive outlook for the hydropower sector, recommending attention to large hydropower companies due to improved fundamentals [2][5][10]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected to continue [2][5]. - It notes the government's efforts to regulate irrational price competition in the electricity market, which is anticipated to alleviate non-competitive pricing behaviors [6][7]. - The report discusses the fluctuations in global natural gas prices, with U.S. prices remaining low while European prices have rebounded due to geopolitical tensions and increased heating demand [11][19]. Summary by Sections Electricity Sector - The report indicates that the hydropower generation for the first three quarters of 2025 was approximately 235.13 billion kWh, remaining stable compared to the previous year, although Q3 saw a decrease of 5.84% [2][5]. - The government has issued a notice to combat price disorder in the electricity market, promoting fair competition and price stability [6][7]. - Recommendations include focusing on large hydropower companies like Guotou Power and Chuan Investment Energy, as well as green energy firms due to stable returns from existing projects [10]. Natural Gas Sector - As of October 10, 2025, the Henry Hub spot price was $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices have seen an increase due to rising demand and geopolitical concerns [11][19]. - The report notes that LNG prices in Northeast Asia have risen to $11.00/mmBtu, influenced by European price trends [26]. - It suggests that the city gas companies are expected to benefit from lower costs and improved profitability due to recent price adjustments [32]. Environmental Sector - The report emphasizes the importance of high-dividend stocks in the environmental sector, recommending companies like Zhongshan Public Utilities and Everbright Environment for their stable performance [10]. - It also highlights the ongoing transition towards cleaner energy sources and the potential for increased returns from environmental value releases [10].