■记者手记 ◎记者 徐锐 在资本浪潮翻涌的时代岔口，有这样一群"笨功夫"的践行者——他们以车间为纸、以机床为笔，在极致 专注主业中，书写着中国制造的"精专特强"史诗。 在高分子材料的微观世界里，利安隆正书写着另一种"守正创新"。作为全球领先的高分子材料抗老化助 剂产品和技术供应商，公司为万千材料注入"青春因子"。旗下的利安隆中卫，不仅延续着工业添加剂领 域的技术优势，更在加快向健康消费品领域转型，以期让 "中国助剂"的专利图谱覆盖从工业硬核到生 活日常的广阔市场。 从渤海湾的能源革新到宁夏平原的材料升级，这些企业的成长轨迹共同勾勒出中国民营企业坚守主业、 做强实业的立体图谱。它们或许身处不同赛道，却都有着类似的"笨功夫"基因：在细分领域深耕不辍， 用专利技术筑牢根基，以创新勇气打破行业天花板。 我们看到的优秀民企之崛起，何尝不是一个制造大国走向制造强国的缩影？ 当渤海湾的晨雾漫过大连液流电池储能调峰电站，这座流淌着"液态能量"的超级工程，正为城市电网注 入定力。这背后的大连融科储能，长期死磕钒液流技术，获得了300多项全产业链专利，构建起技术壁 垒，让"中国钒液流"成为破解新能源大规模并网难题的关键钥匙。 从 ...

Core Viewpoint - The company,佳电股份, announced that its subsidiary, 哈尔滨电气动力装备有限公司, has won a bid for the Shandong Haiyang Xinan Nuclear Power Project, with a contract value of 609 million yuan [1] Group 1: Company Announcement - The bid confirmation was received from 中核（上海）供应链管理有限公司, indicating that the subsidiary is the successful bidder for the reactor coolant pump equipment for units 1 and 2 of the project [1] - The company stated that this project is part of the subsidiary's regular business operations and will not affect the company's business independence [1] - Successful execution of the project is expected to have a positive impact on the company's future operating performance, supported by its resources including funding, technology, equipment, and personnel [1] Group 2: Market Reaction - As of the close on August 14, the stock price of 佳电股份 was 12.1 yuan per share, with a total market capitalization of 8.412 billion yuan [1]

Group 1 - The company, Jiadian Co., Ltd. (佳电股份), announced that its subsidiary, Harbin Electric Power Equipment Co., Ltd. (哈尔滨电气动力装备有限公司), has received a bid notification confirming it as the winning bidder for the Shandong Haiyang Xinan Nuclear Power Project's reactor coolant pump equipment for units 1 and 2 [1] - The total bid amount for the project is 609 million yuan [1]

Group 1 - The core point of the news is that Yantai Taihai Group Co., Ltd. has undergone a judicial transfer of 32,100,347 shares of Rongfa Nuclear Power Equipment Co., Ltd., reducing its ownership from 12.61% to 11.07% due to bankruptcy restructuring [1] - The judicial transfer was initiated by Lhasa Economic and Technological Development Zone Xianglong Investment Co., Ltd. as part of the bankruptcy proceedings against Yantai Taihai Group, which has been declared to lack the ability to repay debts [1] - The restructuring plan for Yantai Taihai Group has been executed, and the judicial transfer of shares has been completed with the relevant registration at the China Securities Depository and Clearing Corporation [1] Group 2 - The shareholding change is significant as it affects the company's equity structure and ongoing operations, with Yantai Taihai Group being a major shareholder [1] - The total number of shares held by Yantai Taihai Group before the transfer was 262,436,862, which has now decreased to 230,336,515 shares [1] - The percentage decrease in shareholding due to the judicial transfer is 1.54% [1]

Investment Rating - The report maintains an "Overweight" rating for the nuclear fusion equipment industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [1][10]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a significant addition to the nuclear fusion industry, with a total investment of approximately 15 billion yuan from seven stakeholders, including China National Nuclear Corporation and Kunlun Capital, highlighting the growing importance of the nuclear fusion industry [3][5]. - The report suggests a focus on the nuclear fusion supply chain, particularly upstream equipment manufacturers such as Xuguang Electronics, Hezhuo Intelligent, Yongding Co., and Guoguang Electric, as well as listed companies within the China Nuclear System [5]. Summary by Sections - **Company Establishment**: China Fusion Energy Co., Ltd. was officially established on July 22, 2024, with a registered capital of 15 billion yuan, aimed at promoting the engineering and commercialization of nuclear fusion [5]. - **Investment and Shareholding Structure**: The investment round led to a capital increase to 15 billion yuan, with shareholding distributed among various stakeholders, including China National Nuclear Corporation (50.35%) and Kunlun Capital (20%) [5]. - **Industry Landscape**: The formation of China Fusion Energy Co., Ltd. signifies a strategic expansion in the nuclear fusion sector, complementing existing players like Fusion New Energy, which has also increased its registered capital to 14.5 billion yuan [5]. The industry is characterized by a diverse array of commercial companies, indicating a vibrant market environment [5].

Core Viewpoint - Jiangsu Shentong indicates that the nuclear power spare parts market will provide the company with stable and continuous revenue growth [1] Group 1: Company Overview - Jiangsu Shentong's nuclear-grade products are categorized into three levels: nuclear level one, nuclear level two, and nuclear level three, primarily deployed within the nuclear island reactor building for functions such as steam isolation, cooling water transportation, and flow control [1] - The company is experiencing a demand increase for spare parts due to the orderly expansion of existing units and the ongoing need for parts for aging units [1]

Performance Forecast - The company expects a net profit in the range of negative 30 million to negative 48 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a profit of 1.8075 million yuan in the same period last year [1][1][1] - Revenue is projected to be between 300 million and 380 million yuan, down from 420.2595 million yuan in the previous year [1][1][1] - The basic earnings per share are expected to be between negative 0.0144 yuan and negative 0.0231 yuan, compared to a profit of 0.0009 yuan per share last year [1][1][1] Reasons for Performance Change - The decline in expected net profit is primarily attributed to lower market demand, resulting in fewer orders and reduced operational activity compared to the previous year [1][1][1]

Group 1 - The National Defense and Military Industry sectors are expected to benefit from industrial upgrades and the trend of self-sufficiency, with core equipment localization being the foundation for the industry's rise [1] - The Chinese military will showcase its reformed military structure and new combat capabilities, including unmanned intelligence and underwater operations, during a grand parade on September 3 [1] - The nuclear power equipment sector is seeing mass construction of third-generation nuclear power plants, with fourth-generation nuclear power demonstration officially in operation, indicating potential for future mass construction [1] Group 2 - The gas turbine industry is entering a new upcycle, benefiting from increased demand driven by AI data centers, with IEA predicting electricity demand for data centers to grow from 460 TWh in 2022 to 800 TWh by 2026 [1] - The engineering machinery sector has stabilized domestically, supported by a new replacement cycle and national policies to stimulate domestic demand, with significant export market potential [1] - The military ETF tracks the CSI Military Index, which reflects the overall performance of listed companies in the military industry, focusing on strategic allocation within the defense sector [1]

Group 1 - The defense and aerospace equipment industry is benefiting from industrial upgrades and the trend of self-control, with core equipment localization being the foundation for the industry's independent rise [1] - Demand-side opportunities arise from the growth of emerging markets and rising exports, focusing on leading companies in competitive niche sectors [1] - On the supply side, stock updates and import substitution are key, with sectors like shipbuilding, rail transit equipment, and nuclear power equipment benefiting from stock updates or counter-cyclical adjustments, showing relatively stable prosperity [1] Group 2 - In the nuclear power equipment sector, the third generation of nuclear power has entered the stage of mass construction, and the demonstration of the fourth generation of nuclear power has officially commenced operation, indicating promising future mass construction [1] - The gas turbine industry is entering a global renewal cycle, benefiting from incremental demand brought by AI data centers, showing a clear upward trend in prosperity [1] - The overall valuation level of the industry remains relatively stable, with a long-term positive outlook on structural opportunities brought by high-end equipment self-control and export development [1] Group 3 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which is compiled by the China Securities Index Company, selecting listed companies in the defense and military industry from the Shanghai and Shenzhen markets [1] - This index reflects the overall performance of listed companies in China's military industry, characterized by significant industry concentration and growth potential [1]

Core Points - The document outlines the information disclosure management system for Rongfa Nuclear Power Equipment Co., Ltd, emphasizing the importance of accurate, complete, and timely information disclosure to protect shareholders' rights [1][2][3] Group 1: Information Disclosure Principles - Information disclosure must adhere to the principles of truthfulness, accuracy, completeness, timeliness, and fairness [2][3] - The information disclosed should reflect objective facts and avoid misleading statements or omissions [2][3] - All significant information must be disclosed simultaneously to all investors to ensure equal access [2][3] Group 2: Disclosure Obligations - The company and its directors, supervisors, and senior management are obligated to disclose information that may significantly impact the company's debt repayment ability or investor rights [2][3] - Information that is classified as state secrets or involves uncertainties may be exempt from disclosure under certain conditions [3][4] Group 3: Types of Disclosures - The types of information that must be disclosed include issuance and fundraising information, periodic reports, and temporary reports [5][6] - Periodic reports must be prepared and disclosed within specified timeframes, including annual and semi-annual reports [6][12] Group 4: Major Events Reporting - The company must disclose significant events that could affect its debt repayment ability or bond prices, including changes in management, financial audits, and legal issues [7][8] - Disclosure of major events must occur within two working days of the event or decision being made [8][9] Group 5: Responsibilities and Accountability - The board of directors is responsible for overseeing the information disclosure process, with the chairman being the primary responsible person [13][14] - The company must impose penalties on individuals who fail to comply with disclosure obligations or cause misleading disclosures [26][27]