"十五五"规划建议强调，"完善民营企业参与重大项目建设长效机制，发挥政府投资基金引导带动 作用，激发民间投资活力、提高民间投资比重，增强市场主导的有效投资增长动力。" 今年以来，各地区各部门为支持民营经济发展壮大、促进民间投资，采取了一些务实管用的举措， 营造民营企业敢投、愿投、放心投的氛围，助力民间投资活力逐步释放。 今年5月，我国第一部专门关于民营经济发展的基础性法律民营经济促进法正式实施，将坚持"两个 毫不动摇"明确为法律制度，设置权益保护专章。有关部门坚决纠治涉企行政执法突出问题，截至目前 已查纠相关案件5万多件，"乱检查、乱罚款、乱收费、乱查封"问题和违规异地执法、趋利性执法等问 题得到有效纠治。 展望"十五五"，民营企业还拥有许多宝贵机遇，民间投资将迎来新的更大发展。 今年前10个月，第一产业、第二产业民间投资增速分别为6.7%、3.5%。分领域来看，基础设施民 间投资增长较快、增速为4.5%，其中，电力、热力、燃气及水的生产和供应业民间投资增速高达 18.8%。 进一步拓宽准入空间，让民间投资越来越顺心。 持续压减市场准入负面清单，出台实施"民间投资13条"，滚动接续向民间资本推介项目。水电领 ...

Group 1 - Japan has officially abandoned the construction of the large-scale nuclear power plant project "Ninh Thuan 2" in Vietnam, primarily due to tight timelines, marking the end of a long-term nuclear cooperation plan between Japan and Vietnam [4] - The planned nuclear power plant was designed to have a total installed capacity of 2 to 3.2 gigawatts and was a key component of Vietnam's strategy to enhance its national power generation capacity, with an initial target for commercial operation by 2035 [4] - Japan's exit from the project comes at a sensitive time in Japan-Vietnam relations, with recent actions in Vietnam affecting Japanese companies, such as the ban on fuel-powered motorcycles in Hanoi [5] Group 2 - The nuclear power projects in Vietnam have faced numerous obstacles, with the government previously suspending related projects in 2016 due to safety and budget concerns, before restarting them and inviting Japan and Russia back [5] - Japan is considering future nuclear power plant constructions in Vietnam, particularly small modular reactors, but the vacancy left by Japan's exit has attracted interest from investors from France, South Korea, and the United States [5] - Despite the decline in public perception of Japan's nuclear industry following the Fukushima disaster in 2011, exporting nuclear technology remains a long-term strategic goal for Japan, with plans to restart domestic nuclear plants and become a key exporter to developing countries [6]

波兰总理宣布，欧盟委员会已批准援建该国首座核电站 。 ▲波兰总理图斯克（资料图） c) T国际法佐濟研究院 CHINA INSTITUTE OF ENERGY ECONOMICS 能源经济研究院零碳园区专 ZERO CARBON PARK COMMITTEE OF CHINA INSTITUTE OF ENERGY ECONOMICS ♥ 010-65367131/9485/9497 网 zgnyb2025@163.com 当地时间12月9日，波兰总理图斯克宣布，欧盟已经批准援建波兰首座核电站，并提供首笔40亿兹罗提（约合人民币77. 6亿元）的资 金。 图斯克称，该工程投入总额达600亿兹罗提（约合11 66亿元人民币），首批资金到账后，工程将马上启动。他希望项目以稳定且高效的 方式进入实质性建设阶段，"以便尽快让波兰第一座核电站的电力输送到各地。" 来源：央视新闻客户端 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 编辑丨赵方婷 零碳同筑 产业共兴 ...

据德新社报道，与欧洲最大经济体德国放弃核电的立场不同，法国继续依靠核能来确保能源供应并 实现减排目标，已计划新建至少14座核反应堆。此外，法国还大力发展可再生能源，特别是海上风电。 （白涌泉） 报告称，随着故障检修和例行维护结束，法国各核电站陆续恢复正常运行，加上可再生能源产能持 续扩大，法国的低排放"绿色电力"出现盈余，且电价处于欧洲最低水平行列。这种电力产能过剩的局面 预期将持续两到三年。 法国输电网公司首席执行官格扎维埃·皮耶哈奇克对法国《费加罗报》说，与其他一些欧洲国家经 济决策受制于电力不足的情况不同，法国电力充裕有利于本国同时寻求新兴产业入驻、减少碳排放、建 设数据中心等目标。 新华社北京12月10日电 法国输电网公司(RTE)9日发布分析报告指出，今后几年法国发电量将继续 超过国内用电需求，可支持向德国等邻国出口电力，同时有助于本国加速能源转型。 ...

Core Viewpoint - The restructuring of State Power Investment Corporation's financial and nuclear power assets marks a significant step towards transforming into a focused nuclear power platform, aligning with national energy transition goals [1][3][6]. Group 1: Restructuring Details - State Power Investment Corporation plans to exchange its 100% stake in State Power Investment Capital Holdings for a 100% stake in State Power Nuclear Energy, valued at 553.94 billion yuan, with a cash difference of 402.85 billion yuan to be paid through the issuance of shares at 3.36 yuan per share [3][4]. - The total number of shares to be issued is 11.99 billion, with State Power Nuclear receiving 7.58 billion shares and China Life Insurance receiving 4.41 billion shares [3][4]. - The company will also raise up to 5 billion yuan from no more than 35 specific investors to fund the construction of units 3 and 4 of the Shandong Haiyang Nuclear Power Station [3]. Group 2: Strategic Focus Shift - The restructuring signifies a shift from a dual business model of "energy + finance" to a clear focus on nuclear power integration, responding to national clean energy development strategies [6][10]. - The decision to divest financial operations and concentrate on nuclear power is driven by both strategic positioning and regulatory pressures, enhancing operational efficiency within the nuclear sector [6][10]. - Performance compensation agreements have been established, with commitments for net profits of no less than 3.375 billion yuan, 3 billion yuan, and 3.587 billion yuan for the years 2025 to 2027, ensuring shareholder interests are protected [7]. Group 3: Nuclear Power Development - As of September 2023, State Power Investment Corporation operates and is constructing eight nuclear power units, with a total installed capacity of approximately 18.81 million kilowatts [9]. - The Shandong Haiyang Nuclear Power Station is a key project, with units 1 and 2 having generated over 130 billion kilowatt-hours, while units 3 and 4 are in the installation phase and expected to be operational by 2027 [9]. - The restructuring is expected to facilitate the aggregation of quality resources towards advantageous industries, further supporting the company's commitment to carbon neutrality goals [9][10].

Group 1 - The company, China General Nuclear Power Corporation, has responded to investor inquiries regarding the value-added tax (VAT) preferential policies, indicating that it has considered various factors such as the tax refund during the construction period of nuclear power units and the deduction situation during operation to choose the most beneficial policy for its operations [1] - The company has advised stakeholders to pay attention to future announcements regarding the operational status of the Huizhou Unit 1 [1]

Group 1 - Japan has officially abandoned the plan to construct the "Ninh Thuan 2" nuclear power plant in Vietnam, primarily due to tight construction timelines, marking the end of a decade-long nuclear cooperation project between Japan and Vietnam [1] - The proposed nuclear power plant was designed to have a total installed capacity of 2 to 3.2 gigawatts and was a key component of Vietnam's strategy to enhance its national power generation capacity, with plans for commercial operation by 2035 [1] - Japan's decision to withdraw was made after discussions with Vietnamese officials, with indications that the project could not start operations until at least 2036, and possibly closer to 2040 [1] Group 2 - The withdrawal of Japan comes at a sensitive time in Japan-Vietnam relations, particularly after Hanoi's ban on fuel-powered motorcycles, which has impacted Japanese companies like Honda [2] - The nuclear power projects faced numerous obstacles from the beginning, with Vietnam previously suspending related projects in 2016 due to safety and budget concerns, before inviting Japan and Russia back to the projects last year [2] - Japan is considering future nuclear power plant constructions in Vietnam, particularly small modular reactors, while interest from investors from France, South Korea, and the United States in the "Ninh Thuan" nuclear project has been noted [2] Group 3 - Despite the decline in public perception of Japan's nuclear industry following the Fukushima disaster in 2011, exporting nuclear technology remains a long-term strategic goal for Japan [3] - The former Prime Minister of Japan, Fumio Kishida, aimed to restart domestic nuclear power plants and position Japan as a key exporter of nuclear technology and power plants to developing countries [3] - Industry insiders indicate that the focus on domestic reconstruction post-Fukushima has made Japanese companies hesitant to undertake large-scale overseas projects [3]

（文章来源：央视新闻） 图斯克称，该工程投入总额达600亿兹罗提（约合1166亿元人民币），首批资金到账后，工程将马上启 动。他希望项目以稳定且高效的方式进入实质性建设阶段，"以便尽快让波兰第一座核电站的电力输送 到各地。" 当地时间12月9日，波兰总理图斯克宣布，欧盟已经批准援建波兰首座核电站，并提供首笔40亿兹罗提 （约合人民币77.6亿元）的资金。 ...

Core Insights - The core conclusion from Goldman Sachs' virtual research on China's nuclear power industry is that the installation trajectory for nuclear power is becoming increasingly positive, while the outlook for the solar power sector appears relatively weak. Additionally, four key opportunities in the nuclear power field have been identified [1]. Group 1: Installation Growth - The installed capacity of nuclear power in China is expected to double within the next decade, driven by favorable policy directions. The target for nuclear power's share of electricity generation is set to increase from 4% in 2024 to 10% by 2035, indicating a high double-digit compound growth rate in nuclear power generation from 2024 to 2035. This corresponds to an annual new installation capacity of 8-10 GW, compared to the 1-4 GW annual average from 2019 to 2024, marking a significant increase [2]. Group 2: Technological Development - The future technological roadmap for China's nuclear power over the next thirty years has been clarified, with different generations of technology playing distinct roles in achieving carbon neutrality goals. The three main technologies include: 1. The third-generation large reactor, Hualong One, which is crucial for meeting the 2035 nuclear power targets, with 41 units approved and 7 already operational. Each unit has an annual generation capacity exceeding 10 billion kWh and a design life of 60 years, extendable to 80 years [3]. 2. The third-generation small modular reactor, Linglong One, expected to be operational by 2026, which, despite higher capital costs, offers multi-purpose capabilities and an annual generation capacity exceeding 1 billion kWh [3]. 3. Fourth-generation reactors, including high-temperature gas-cooled reactors and molten salt reactors, which aim to meet high-temperature energy demands and reduce reliance on imported uranium [3][4]. Group 3: International Expansion - China's nuclear power sector possesses significant advantages in international markets, including production capacity, cost, and supply chain stability. The domestic annual capacity for nuclear reactors is estimated at 12 units, while domestic demand is only 8-10 units, allowing for export potential. The market strategy involves promoting Hualong One technology in emerging markets along the Belt and Road Initiative and targeting developed markets with Linglong One technology [5][6]. Group 4: Profitability Disparities - There will be notable differences in profitability across the nuclear power industry chain. Downstream operators like CGN Power and China National Nuclear Power expect that, despite growth in installed capacity, their profit growth will lag behind revenue growth due to declining grid electricity prices resulting from market reforms. In contrast, upstream supply chain companies are anticipated to have higher profit elasticity due to high entry barriers in the nuclear sector, with potential for increased order volumes and profitability [6].

主要内容： 当全球碳中和目标遭遇地缘政治冲突的持续扰动，当电力需求激增叠加 可再生能源的间歇性瓶颈，能源安全与低碳转型的双重诉求正在重塑全球能 源战略格局。十余年前福岛核事故引发的全球反核浪潮逐渐退去，取而代之 的是对核能清洁、稳定、高效核心特质的重新认知与战略推崇。从日本《第七 期能源基本计划》确立"核能复兴"战略、欧洲多国废止弃核政策，到美国两 党形成核电发展共识、22 国联合发起"2050 年三倍核能宣言"，全球反核阵 营全面瓦解，核电已从争议能源转型为碳中和与能源安全的双重解决方案， 成为全球范围内的政策共识。 新质生产力系列|全球核能周期启动，铀 价上行趋势明确 专题报告 2025 年 12 月 9 日 中证鹏元资信评估股份有限公司 研究发展部 翁欣 wengx@cspengyuan.com 在需求端，终端电气化深化与 AI 算力爆发式增长推动电力消耗持续扩 容，2024 年全球数据中心用电量已达 415TWh，对不间断清洁电力的刚性需 求，让核能的不可替代性愈发凸显。而中国作为全球核电发展的核心引擎，连 续多年保持高核准量，2030 年前在运装机将跃居世界第一，2040 年目标直指 2 亿千瓦，市 ...