13项针对性政策举措出台。 为进一步激发民间投资活力、促进民间投资发展，国务院办公厅日前印发《关于进一步促进民间投资发展的若 干措施》（以下简称《若干措施》），提出13项针对性政策举措。 在扩大准入方面，对需报国家审批（核准）的具有一定收益的铁路、核电等重点领域项目，鼓励支持民间资本 参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新建项目，鼓励民间资本 参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支持有能力的民营企业牵头承担 国家重大技术攻关任务；清理不合理的服务业经营主体准入限制；规范实施政府和社会资本合作新机制，修订 分类支持民营企业参与的特许经营项目清单；坚决取消招标投标领域对民营企业单独设置的不合理要求；进一 步加大政府采购支持中小企业力度。 在打通堵点方面，保障民营企业在电力并网运行、油气管网设施使用、运力资源调配等方面的合法权益；鼓励 支持民营企业加快建设一批具有较强行业带动力的重大中试平台，支持国有企业、高等院校、科研院所面向民 营企业提供市场化中试服务；支持民营龙头企业、链主企业、第三方服务商建设综合性数字赋能平台，深入实 施中小企业数字化赋 ...

在扩大准入方面，对需报国家审批（核准）的具有一定收益的铁路、核电等重点领域项目，鼓励支持民 间资本参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新建项目， 鼓励民间资本参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支持有能力 的民营企业牵头承担国家重大技术攻关任务；清理不合理的服务业经营主体准入限制；规范实施政府和 社会资本合作新机制，修订分类支持民营企业参与的特许经营项目清单；坚决取消招标投标领域对民营 企业单独设置的不合理要求；进一步加大政府采购支持中小企业力度。 在打通堵点方面，保障民营企 业在电力并网运行、油气管网设施使用、运力资源调配等方面的合法权益；鼓励支持民营企业加快建设 一批具有较强行业带动力的重大中试平台，支持国有企业、高等院校、科研院所面向民营企业提供市场 化中试服务；支持民营龙头企业、链主企业、第三方服务商建设综合性数字赋能平台，深入实施中小企 业数字化赋能专项行动，支持更多民营中小企业加快数字化升级改造。 在强化保障方面，加大中央预 算内投资、新型政策性金融工具等对符合条件民间投资项目的支持力度；银行业金融机构应制定民营企 业年度服务目 ...

Group 1 - On November 9, a report of three unidentified drones was observed over the Doel nuclear power plant in Belgium, operated by Engie-Electrabel [3] - The spokesperson for Engie-Electrabel, Helen Smits, stated that these drone sightings would not impact the operation of the nuclear plant, and relevant authorities are continuing to monitor the situation [3] - Earlier that evening, there were also reports of drone sightings in the Liège airport area, which led to a temporary disruption of airport operations [3]

Core Viewpoint - The stock of Dongfang Electric (01072) has increased by over 5%, currently trading at 21.62 HKD with a transaction volume of 488 million HKD, driven by positive developments in the nuclear energy sector [1] Industry Summary - The Fourth China Nuclear Energy High-Quality Development Conference and Shenzhen International Nuclear Industry Innovation Expo, known as the "Shenzhen Nuclear Expo," will take place from November 12-14, 2025, in Shenzhen, with a global outreach [1] - As of October 2025, there are 59 operational nuclear power units in China, with a total installed capacity of 62.48 million kW. Additionally, there are 53 approved units under construction, with a capacity of 62.93 million kW, bringing the total installed capacity to over 125 million kW, maintaining the world's leading position [1] - The nuclear power industry has made significant progress in technological breakthroughs and industrial chain collaboration alongside the accelerated construction of nuclear power units [1] Company Summary - Dongfang Electric serves as a "one-stop" supplier for nuclear power equipment, having provided over 200 sets of nuclear island main equipment and 53 sets of conventional island steam turbine generators for 112 operational and under-construction nuclear power units across the country by September 2025 [1] - The company has achieved full technical route coverage from Generation II and III nuclear power to fusion reactors [1] - Dongfang Electric is the only domestic nuclear equipment manufacturer holding a complete supply manufacturing license for nuclear steam supply systems and has the capacity to produce six sets of million-kilowatt-level nuclear power main equipment annually [1]

Core Viewpoint - The news highlights the upcoming Fourth China Nuclear Energy High-Quality Development Conference and Shenzhen International Nuclear Industry Innovation Expo, scheduled for November 12-14, 2025, in Shenzhen, which emphasizes the growth and advancements in the nuclear energy sector in China [1] Company Summary - Dongfang Electric (600875) shares rose over 5%, currently trading at 21.62 HKD with a transaction volume of 488 million HKD [1] - The company is a "one-stop" supplier for nuclear power installation equipment and has provided over 200 sets of nuclear island main equipment and 53 sets of conventional island steam turbine generators for 112 operational and under-construction nuclear power units across the country as of September 2025 [1] - Dongfang Electric covers the entire technology route from Generation II+, Generation III nuclear power to fusion reactors, and is the only domestic manufacturer with a complete supply manufacturing license for nuclear steam supply systems [1] - The company has the capacity to produce six sets of million-kilowatt-level nuclear power main equipment annually [1] Industry Summary - As of October 2025, there are 59 operational nuclear power units in China with a total installed capacity of 62.48 million kW, and 53 units under construction with a capacity of 62.93 million kW, bringing the total installed scale to over 125 million kW, maintaining the world's leading position [1] - The nuclear power industry is experiencing significant advancements in technology breakthroughs and industry chain collaboration [1]

Core Insights - The nuclear power sector is expected to experience significant growth, with global nuclear power generation reaching a near ten-year high in 2024 and projected to double by 2050, surpassing 900 million kilowatts in installed capacity [1] Industry Overview - Multiple international agencies have raised their nuclear energy development forecasts for four consecutive years, indicating strong future demand for nuclear power [1] - As of November 7, nuclear concept stocks have shown robust performance, with an average increase of 63.07% year-to-date, significantly outperforming the Shanghai Composite Index [1] Valuation Metrics - Among the nuclear concept stocks, 13 have a rolling price-to-earnings (P/E) ratio below 30, with companies like Huaneng International, Shun'an Environment, and Jiuli Special Materials having P/E ratios under 15 [1] - Five of these stocks have a price-to-book (P/B) ratio below 2, including China National Nuclear Power, China General Nuclear Power, Dongfang Electric, China Nuclear Engineering, and Huaneng International [1] Financial Performance - Specific financial metrics for selected low P/E nuclear concept stocks include: - Huaneng International: Market value of 90.73 billion, P/E of 8.89, and a projected net profit of 14.841 billion for the first three quarters of 2025, up 42.52% year-on-year [2] - Shun'an Environment: Market value of 1.4767 billion, P/E of 12.68, with a projected net profit of 769 million, up 18.46% year-on-year [2] - Jiuli Special Materials: Market value of 2.5533 billion, P/E of 14.96, with a projected net profit of 1.262 billion, up 20.73% year-on-year [2]

Group 1: Company Developments - Delong Holdings (德尔股份) announced plans to acquire 100% equity of Aizhuo Intelligent Technology (爱卓智能科技) through share issuance and to raise supporting funds from no more than 35 specific investors [1] - The Shenzhen Stock Exchange's M&A Review Committee approved the transaction, confirming it meets restructuring conditions and information disclosure requirements [1] - Delong Holdings reported stable growth in revenue and profit for the first three quarters, achieving revenue of 3.642 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 79.23 million yuan, a year-on-year increase of 228.13% [1] Group 2: Industry Trends - The Fourth China Nuclear Energy High-Quality Development Conference will be held from November 12 to 14, 2025, in Shenzhen, highlighting the significance of nuclear energy in China's energy transition [3][4] - China's nuclear industry has entered a phase of rapid development, with a total of over 10 nuclear power units approved annually for four consecutive years, maintaining the world's largest operational and under-construction nuclear power capacity [4] - The demand for AI Data Centers (AIDC) is expected to grow at over 40% annually for the next two to three years, with nuclear power being a suitable energy source due to its efficiency and stability [5] Group 3: Market Performance - Nuclear power concept stocks have shown strong performance, with an average increase of 63.07% year-to-date, significantly outperforming the Shanghai Composite Index [6] - Among 13 nuclear power stocks, several have rolling price-to-earnings ratios below 30, with Huaneng International at the lowest at 8.89 times, reporting a net profit of 14.841 billion yuan for the first three quarters, a year-on-year increase of 42.52% [6][7] - Trading activity for nuclear power concept stocks has surged, with 19 stocks showing an increase in average daily trading volume in November compared to the previous month, including Lansi Heavy Industry with a remarkable increase of 325.94% [8]

Group 1 - The importance of nuclear energy is increasingly highlighted in the global transition to a clean and low-carbon energy structure [2] - The Fourth China Nuclear Energy High-Quality Development Conference will be held from November 12 to 14, 2025, in Shenzhen, showcasing advancements in the nuclear energy sector [3] - China has been leading in nuclear power with over 10 units approved annually for four consecutive years, maintaining the largest operational and under-construction nuclear power capacity globally [3] Group 2 - The demand for AI Data Centers (AIDC) is expected to grow at an annual rate of over 40% in the next two to three years, driven by the increasing computational power requirements [5] - Nuclear power is seen as a stable and clean energy source suitable for supporting the energy needs of AI data centers, especially as traditional energy sources face challenges [6] - Global nuclear power generation is projected to reach a ten-year high in 2024, with expectations of continued strong growth [6] Group 3 - Nuclear power concept stocks have shown strong performance, with an average increase of 63.07% this year, significantly outperforming the Shanghai Composite Index [7] - Among the nuclear power stocks, Huaneng International has the lowest rolling P/E ratio at 8.89, with a net profit of 14.841 billion yuan, reflecting a year-on-year growth of 42.52% [8] - The trading activity of nuclear concept stocks has surged, with some stocks experiencing over 50% increase in average daily trading volume compared to the previous month [9]

Group 1 - The importance of nuclear energy is increasingly highlighted in the global transition to a clean and low-carbon energy structure [1] - Delong Co., Ltd. plans to acquire 100% equity of Aizhuo Intelligent Technology (Shanghai) Co., Ltd. and raise matching funds through issuing shares to no more than 35 specific investors [1] - Delong's revenue for the first three quarters reached 3.642 billion yuan, a year-on-year increase of 7.67%, while net profit attributable to shareholders was 79.23 million yuan, up 228.13% year-on-year [1] Group 2 - The Fourth China Nuclear Energy High-Quality Development Conference will be held from November 12 to 14, 2025, in Shenzhen, showcasing China's nuclear energy achievements [3][4] - China has maintained a leading position in the global nuclear industry, with over 10 nuclear power units approved annually for four consecutive years [4] - The demand for AI data centers (AIDC) is expected to grow at over 40% annually for the next two to three years, with nuclear power being a suitable energy source due to its efficiency and stability [5] Group 3 - Nuclear power stocks have shown strong performance, with an average increase of 63.07% year-to-date, significantly outperforming the Shanghai Composite Index [6] - Among 13 nuclear power stocks, several have rolling P/E ratios below 30, with Huaneng International at the lowest P/E of 8.89 [7] - The trading activity of nuclear power concept stocks has increased significantly, with some stocks seeing over 50% growth in average daily trading volume compared to the previous month [8]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The expectation for long-term electricity prices has been revised upwards, alleviating pessimistic forecasts for the coal price [7] - The construction of the spot market is accelerating, with the National Grid's spot electricity market achieving full coverage ahead of schedule [7] - The utility sector is showing defensive attributes, with low-priced utility assets becoming increasingly attractive [7] - The report suggests that the utility sector remains a quality dividend asset worth allocating to in the long term [7] Summary by Sections Investment Recommendations and Targets - The report expresses optimism for the utility sector, highlighting the comparative advantages of dividend assets in the current low-interest-rate environment [7] - It emphasizes the need for further market-oriented price reforms to support the complex new power system, which will allow for better pricing of electricity attributes [7] - Specific recommendations include: - Thermal Power: Continued high growth in Q3 2025 profits, with improved commercial models [7] - Hydropower: Suggests investing in quality large hydropower projects due to low costs [7] - Nuclear Power: Strong long-term growth potential with reduced risks from market price declines [7] - Wind and Solar: Anticipated growth under carbon neutrality expectations, with a focus on companies with high wind power ratios [7] Industry Dynamics Tracking - The report notes significant increases in spot electricity prices, with Guangdong's average price up 6.3% year-on-year and Shanxi's up 55.0% [10] - Coal prices have risen significantly, with Qinhuangdao port's Q5500 coal price at 817 RMB/ton, a 6.1% increase week-on-week [13] - The report highlights a high inflow into the Three Gorges Reservoir, with inflow rates up 66.7% year-on-year [31]