Core Viewpoint - The joint statement from the China-EU leaders emphasizes the importance of maintaining policy continuity and stability in addressing climate change, highlighting the solid foundation and broad cooperation space in the green transition between China and the EU [1][3]. Group 1: Climate Cooperation - The joint statement reiterates the core role of the United Nations Framework Convention on Climate Change and the Paris Agreement in international climate cooperation, advocating for the principle of common but differentiated responsibilities [3]. - China and the EU are positioned as key players in global climate action, especially in light of the reduced participation of the United States under the Trump administration [4]. - The successful cooperation in climate issues is attributed to the shared consensus and minimal disputes between China and the EU, focusing on the implementation of the Convention and the Agreement [4]. Group 2: Green Industry Collaboration - The joint statement outlines a commitment to accelerate global renewable energy deployment and promote the flow of quality green technologies and products, ensuring accessibility for all countries, including developing nations [5]. - China's clean energy technology exports, such as solar panels and electric vehicles, are projected to significantly reduce global emissions, with an estimated avoidance of around 4 billion tons of CO2 emissions over the products' lifetimes [5]. - The cooperation prospects in the climate sector are extensive, covering various applications including photovoltaics, hydrogen energy, new energy vehicles, nuclear energy, and clean coal technology [5][6]. Group 3: Specific Technologies and Trade - In the electric vehicle sector, China leads in variety, technology, cost control, and value for money, despite existing trade frictions with the EU [6]. - The collaboration in hydrogen energy is seen as particularly promising, as China's advancements in green hydrogen technology are not geographically constrained, allowing for greater cooperation with Europe [6]. - China's clean coal technology offers innovative solutions for European countries facing energy crises, contrasting with traditional high-pollution methods [6].

Core Viewpoint - Shanghai Electric Group's leadership is actively engaging with global partners to enhance collaboration in the nuclear energy sector, focusing on safety, technology, and market expansion [1] Group 1: Company Engagement - Shanghai Electric Group's Chairman Wu Lei led a delegation to visit the headquarters of KSB in Germany [1] - The meeting included discussions with KSB's CEO Stefan Timmermann and representatives from China National Nuclear Power Engineering Co., Ltd [1] Group 2: Discussion Topics - The three parties engaged in in-depth discussions on the safety of the nuclear energy industry chain [1] - Topics included emerging technology cooperation, localization innovation, and global market expansion strategies [1]

证券研究报告 能源/基础材料 美国缺电预期走强,重申核能机 | 华泰研究 | 能源 | 增符 (维持) | | --- | --- | --- | | 2025年7月24日 中国内地 动态点评 | 有色金属 | 增持 (维持) | | 缺电预期叠加 A 提速,重申看好美国核能发展机遇 | 刘俊 | 研究员 | | 立 自5月23日美国特朗普总统连发四份总统令推动美国核工业振兴以来, | SAC No. S0570523110003 | karlliu@htsc.com | | | SFC No. AVM464 | +(852) 3658 6000 | | 业积极因素持续累积。近期美国 PJM 电力市场容量招标再度顶格出清,激 | | | | 发了市场对美国缺电和基荷电源建设的关注;叠加特朗普"Al 国策"中重 | 苗雨菲 | 研究员 | | 点强调电源基础设施建设以及核裂变、核聚变等新兴能源技术开发,我们看 | SAC No. S0570523120005 | miaoyufei@htsc.com | | | SFC No. BTM578 | +(86) 21 2897 2228 | | 好美国核电增容、重启 ...

Group 1 - Zhejiang Zheneng Electric Power Co., Ltd. plans to invest 751 million yuan for a 5% stake in China Fusion Energy Co., Ltd., marking its entry into the nuclear fusion energy sector [1] - The total investment from all parties involved amounts to approximately 11.49 billion yuan, with significant participation from major state-owned enterprises [1] - The investment has been approved by the company's board and the State-owned Assets Supervision and Administration Commission, meeting the conditions for delivery [1] Group 2 - Controlled nuclear fusion is viewed as a potential ultimate energy source, with broad fuel sources, high safety, and minimal carbon emissions, making it a key solution for energy shortages and environmental pollution [2] - Global investments in controlled nuclear fusion have been increasing, leading to technological breakthroughs and enhanced market expectations for commercialization [2] - Despite being in the early stages with high investment and long return cycles, nuclear fusion is attracting more enterprises and capital, especially in the context of tightening fossil fuel supplies and the volatility of renewable energy [2] Group 3 - Zhejiang Zheneng Electric Power is diversifying from traditional energy to clean energy, with ongoing projects in thermal power and energy-saving initiatives [2] - The company has been deepening its nuclear power business through stakes in various nuclear power projects, including Zhejiang Jin Qimen Nuclear Power Station [3] - The move into nuclear fusion is seen as a strategic response to the "dual carbon" goals, positioning the company to avoid marginalization in the future energy landscape [3]

Group 1 - China's first fourth-generation commercial fast reactor, CFR1000, has completed its preliminary design, showcasing advancements in safety, sustainability, and economic efficiency with a capacity of 1.2 million kilowatts [1] - UBTECH has launched the Walker S2, a full-size industrial humanoid robot designed for smart manufacturing, utilizing the BrainNet 2.0 network and Co-Agent technology for autonomous and collaborative operations [1] - Nikon has introduced the world's first maskless lithography system, DSP-100, specifically for semiconductor backend processes, capable of handling large substrates up to 600mm with high resolution [1] Group 2 - Volant Aerospace has signed the largest procurement order for eVTOLs in China, with Pan Pacific purchasing 500 VE25-100 eVTOLs for short-distance transport and emergency services, totaling $1.75 billion [1]

Group 1 - The global energy transition is accelerating, with nuclear energy gaining renewed attention as a clean and efficient energy source [2] - In the first half of 2025, financing in the controllable nuclear fusion sector reached 4.73 billion yuan, a year-on-year increase of 320% [2] - China Fusion Energy Co., Ltd. was established to reshape the global energy landscape, with a registered capital of 15 billion yuan after a capital increase [2] Group 2 - Notable investors in China Fusion include China National Nuclear Corporation and Kunlun Capital, with Kunlun Capital investing over 3 billion yuan for a 20% stake [2] - The strategic investment by Kunlun Capital reflects its forward-looking vision in the energy sector and aims to capitalize on significant opportunities in the energy industry transformation [2] - The potential of controllable nuclear fusion is attracting many strong enterprises, with China National Nuclear Power and Zhejiang Energy Power recognizing China Fusion's leading position in technology development [3] Group 3 - Continuous breakthroughs in technology, ongoing project financing, and increased policy attention are propelling China's controllable nuclear fusion industry into a fast development phase [3] - The early positioning of Kunlun Capital in this emerging energy sector is expected to allow the company to share in the benefits of industry growth and embark on a new journey of high-quality development [3]

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [1] Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a new phase in the commercialization of controlled nuclear fusion in China, with a registered capital of 15 billion yuan [3] - A total of 11.492 billion yuan has been jointly invested by seven central state-owned enterprises, with China National Nuclear Corporation holding a 50.35% stake [3] - The company aims to lead global fusion energy development and will focus on major projects like the "Circulation No. 4" high-temperature superconducting Tokamak device [3] - The formation of this company is expected to accelerate the commercialization process of the industry, with global investments in the sector reaching 7.1 billion USD [3] - The report suggests that the establishment of the company will lead to significant growth in orders for core components such as superconducting materials and magnet systems by 2027 [3] - The report highlights potential investment opportunities in companies like Western Superconducting, Lianchuang Optoelectronics, and China Nuclear Power [3] Summary by Sections Industry Trends - The defense and military industry is experiencing a significant transformation with the establishment of China Fusion Energy Co., Ltd. [3] - The company is positioned to integrate research resources in the Yangtze River Delta, enhancing national strategic foresight [3] Investment Opportunities - The report emphasizes the long-term potential of controlled nuclear fusion as a sustainable energy source, driven by advancements in high-temperature superconducting materials and AI control systems [3] - Suggested companies for investment include Western Superconducting, Lianchuang Optoelectronics, Yongding Co., Jingda Co., Guoguang Electric, Antai Technology, China Nuclear Power, and Shanghai Electric [3]

Core Viewpoint - The establishment of China Fusion Energy Co., Ltd. marks a significant step towards the commercialization of nuclear fusion energy in China, utilizing the magnetic confinement tokamak technology in a phased approach of experimental, demonstration, and commercial reactors [1][4][6]. Company Overview - China Fusion Energy Co., Ltd. is a subsidiary of China National Nuclear Corporation (CNNC) and focuses on the engineering and commercialization of fusion energy, including overall design, technology validation, and digital R&D [1][2][4]. - The company was originally established in 1983 as part of the China Nuclear Fuel Corporation and has been rebranded to serve as the implementation and financing platform for CNNC's fusion energy initiatives [4]. Shareholder Structure - The company has seven shareholders, including CNNC, China National Nuclear Power Co., Ltd., Kunlun Capital, Shanghai Fusion, Guolü Fund, Zhejiang Energy, and Sichuan Fusion, with a total investment of approximately 11.492 billion yuan, raising the registered capital to over 15 billion yuan [2][4]. - CNNC holds a 50.35% stake as the largest shareholder, investing 4.029 billion yuan, while China National Nuclear Power holds 6.65% with a 1 billion yuan investment [2][4]. Market Activity - On July 23, stocks related to controllable nuclear fusion saw significant activity, with companies like Dongfang Electric and Xueran Co. reaching their daily price limits, indicating strong market interest in the sector [1]. - The establishment of China Fusion Energy Co., Ltd. has led to increased investor attention and activity in related stocks, reflecting a growing optimism about the future of fusion energy in China [1][6]. Technological Context - Nuclear fusion is a process where light atomic nuclei combine to form heavier nuclei, releasing substantial energy, with magnetic confinement fusion being a leading technology supported by devices like tokamaks [5]. - The tokamak design has been the dominant approach since the 1960s due to its superior performance in achieving the conditions necessary for nuclear fusion [5]. Policy Support - The Chinese government has integrated controllable nuclear fusion into its strategic planning, emphasizing its importance in achieving carbon neutrality and supporting advanced technology research [6]. - Recent policies have accelerated investment and development in the fusion energy sector, positioning it as a key area for future innovation and growth [6].

Group 1 - The National Standardization Administration has announced the second batch of national standard verification points, with three from Beijing successfully selected, marking them as the first in the country in their respective fields [1][2] - The verification points include radiotherapy and nuclear medicine, in vitro diagnostic reagents, and health lighting, with the first two being managed by the Beijing Medical Device Testing Institute, which is the only institution covering two fields among the 35 selected nationwide [1] - The health lighting verification point is managed by the National Electric Light Source Quality Supervision and Inspection Center (Beijing), focusing on the entire lighting industry chain and promoting technological advancements and product quality improvements [1] Group 2 - The nuclear energy verification point is managed by the China Institute of Atomic Energy, focusing on radiation monitoring, nuclear facility decommissioning, and ionizing radiation measurement, aiming to integrate Chinese standards with international ones [2] - Standard verification points are responsible for validating technical requirements, core indicators, and testing methods, enhancing the scientificity, rationality, and applicability of standards [2] - The Beijing Market Supervision Administration plans to strengthen the construction of standard verification points to support high-quality development and the standardization service industry [2]

Group 1 - The controlled nuclear fusion sector opened high, with stocks such as Zhejiang Fu Holdings (002266), Dongfang Electric (600875), and China Energy Engineering (601868) experiencing three consecutive trading limits [1] - Other companies like Zhejiang Energy Power (600023), China Nuclear Engineering (601611), and China National Nuclear Technology (000777) also opened high [1] - The establishment of China Fusion Energy Co., Ltd. in Shanghai, a subsidiary of China National Nuclear Corporation, is a significant development in the sector [1]