Core Points - China Uranium Industry (001280.SZ) announced the final issuance numbers after the adjustment, with offline issuance totaling 52.1183 million shares, accounting for 30.00% of the total issuance after deducting the final strategic placement [1] - The online issuance amounted to 121.609 million shares, representing 70.00% of the total issuance after deducting the final strategic placement [1] - The final online pricing issuance success rate was 0.0433935265%, with a subscription multiple of 2,304.49 times [1]

Key Points - China Uranium Industry (001280) will open for subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [2] - The Ministry of Commerce is strictly implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [4] - The Minister of Commerce discussed the ASML semiconductor issue with the UK Trade Minister, emphasizing that the responsibility lies with the Netherlands [5] - The Ministry of Foreign Affairs stated that Japanese seafood has no market in China due to recent political tensions [6] - The China Securities Regulatory Commission is enhancing capital market functions to support high-quality development [7] - Guangdong Province is focusing on developing cutting-edge technology and addressing key technological challenges [8] - Guangdong is promoting innovation in artificial intelligence and robotics, launching initiatives to expand new industrial scenarios [9] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to enhance the city's innovation capabilities [10] - The Ministry of Commerce is guiding localities to improve second-hand car export policies, shifting focus from scale to value [11] - The Guangzhou Futures Exchange adjusted trading fees and limits for lithium carbonate futures contracts [12] - The 18th China-EU Investment Trade and Technology Cooperation Fair opened, with EU representatives optimistic about the Chinese market [13] Company News - Gree Electric has developed core components for humanoid robots [15] - Pingtan Development's stock will resume trading on November 21 after completing a suspension review [15] - Vanke A approved a shareholder loan from Shenzhen Metro Group [15] - Qianjin High-Tech is set to acquire 20% of the company's shares from Zhongzhong Group [15] - Fulede's executives plan to reduce their holdings by up to 85,000 shares [15] - Xidian New Energy identifies Tesla as its largest end customer [15] - Lian Micro's VCSEL chips are now used in smart driving applications with large-scale shipments [15] - New Yichang's semiconductor business has secured orders worth several million yuan [15] - Haohua Technology is expanding into electrolyte and lithium hexafluorophosphate products [15] - Huaya Intelligent's shareholders plan to reduce their holdings by up to 2.98% [15] - Wajinke's controlling shareholder intends to reduce holdings by up to 3% [15] - Oriental Yuhong's subsidiary plans to acquire 60% of Brazil's Novakem to enhance overseas operations [15] - Hefei China has seen its stock price deviate significantly from fundamentals, posing risks for investors [15] - Tuojing Technology's national integrated circuit fund plans to reduce holdings by up to 3% [15] - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan [15] - Jiumuwang's stock trading shows signs of market overheating and irrational speculation [15] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan [15] - Qinglong Pipe Industry won a procurement project worth 294 million yuan [16] - Feiwo Technology's actual controller plans to increase holdings by 40 million to 70 million yuan [16] - China Nuclear Construction signed new contracts worth 123.84 billion yuan as of October [16]

记者丨吴桂兴 见习记者张嘉钰 编辑丨张楠 根据目前的发行安排，下周有两只新股申购。具体来看，11月18日可申购北交所新股精创电气，11月21 日可申购深交所主板新股中国铀业。 中国铀业上市后，将成为A股铀业第一股，且其发行股票数量较多，中签率可能较高。 精创电气：国家级专精特新"小巨人"企业 精创电气的申购代码是920035，发行价为12.10元/股，发行市盈率为13.47倍，参考行业市盈率为41.07 倍。 精创电气此次发行总数为1446万股，其中网上发行数量为1301万股。投资者参与网上申购精创电气，申 购数量上限为65.07万股。 招股书显示，精创电气主营业务为冷链设备智能控制器、医药与食品冷链监测记录仪、制冷热泵检测仪 表及环境颗粒物检测仪器等产品的研发、生产和销售，并提供物联网和基于云的系统解决方案，已被评 为国家级专精特新"小巨人"企业。 目前，精创电气已进入松下、海尔及海信等制冷设备龙头企业的供应链体系，并在国际制冷暖通、医药 及食品市场与Tempmate GmbH、TAMTEC CNS等超50家国际品牌合作。 业绩方面，2022年至2024年及2025年上半年，精创电气的营业收入分别为3.96 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription next week: Jingchuang Electric on November 18 and China Uranium Industry on November 21 [1] - China Uranium Industry will become the first stock in the uranium sector in A-shares, with a large number of shares issued, potentially leading to a higher subscription rate [1][4] Group 2: Jingchuang Electric - Jingchuang Electric is a specialized "little giant" enterprise focused on the cold chain logistics sector [2] - The offering price for Jingchuang Electric is 12.1 yuan per share, with an earnings per share (EPS) ratio of 13.47 [3] - The company reported revenues of 396 million yuan, 435 million yuan, and 499 million yuan for 2022, 2023, and 2024 respectively, with net profits of 49 million yuan, 55 million yuan, and 59 million yuan for the same years [3] Group 3: China Uranium Industry - China Uranium Industry is a key player in the natural uranium supply chain in China and will be the first stock in the uranium sector upon listing [4] - The company plans to issue 24,818,180 shares, with a maximum subscription limit of 52,000 shares for online applications [4] - The company reported revenues of 10.535 billion yuan, 14.801 billion yuan, and 17.279 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 1.334 billion yuan, 1.262 billion yuan, and 1.458 billion yuan for the same years [5]

Group 1 - The core business of CGN Mining (01164) is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong main board and the only pure uranium listed company in East Asia [1] - As of the latest financial report, CGN Mining reported total revenue of 7.986 billion yuan and a net profit of 317 million yuan [2] - CGN Mining's stock price increased by 7.98% on August 25, reaching 2.57 yuan per share with a trading volume of 22.5951 million yuan [1] Group 2 - CGN Mining is focused on seizing opportunities from the global nuclear power recovery and the continuous growth in demand for natural uranium, aiming to become a leading international supplier of natural uranium [1] - The company is set to disclose its interim report for the fiscal year 2025 on August 26 [3]

Group 1 - The core business of China General Nuclear Power Corporation Mining (CGN Mining) is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong Stock Exchange and the only pure uranium listed company in East Asia [1] - As of the latest financial report, CGN Mining reported a total revenue of 7.986 billion yuan and a net profit of 317 million yuan [2] - CGN Mining is set to disclose its interim report for the fiscal year 2025 on August 26 [3] Group 2 - The company's core operational philosophy focuses on seizing opportunities from the global nuclear power recovery and the continuous growth in natural uranium demand, aiming to acquire competitively priced uranium resource projects [1] - CGN Mining is committed to becoming a leading international supplier of natural uranium [1]

Group 1 - The core business of China General Nuclear Power Corporation Mining (CGN Mining) is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong Stock Exchange and the only pure uranium listed company in East Asia [1] - As of August 14, CGN Mining's stock price fell by 5.15%, trading at HKD 2.21 per share with a transaction volume of HKD 75.7182 million [1] - The company's strategic focus is on seizing opportunities from the global nuclear power recovery and the continuous growth in natural uranium demand, aiming to become a leading international supplier of natural uranium with strong cost competitiveness [1] Group 2 - As of the 2024 annual report, CGN Mining reported total revenue of HKD 7.986 billion and a net profit of HKD 317 million [2]

Group 1 - The core business of CGN Mining Co., Ltd. is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong main board and the only pure uranium listed company in East Asia [1] - As of August 7, CGN Mining's stock price increased by 5.58%, reaching HKD 2.27 per share with a trading volume of HKD 54.74 million [1] - The company's strategic focus is on seizing opportunities from the global nuclear power recovery and the continuous growth in demand for natural uranium, aiming to become a leading international supplier of natural uranium with strong cost competitiveness [1] Group 2 - As of the 2024 annual report, CGN Mining reported total revenue of HKD 7.986 billion and a net profit of HKD 317 million [2]

Investment Rating - The report recommends the industry [5] Core Insights - In Q2 2025, Centrus reported total revenue of $154.5 million, a year-on-year decrease of 18% but a quarter-on-quarter increase of 111% [1] - The gross profit for Q2 2025 was $53.9 million, reflecting a year-on-year increase of 48% and a quarter-on-quarter increase of 64% [1] - The net profit for Q2 2025 was $28.9 million, a year-on-year decrease of 6% but a quarter-on-quarter increase of 6% [1] Financial Performance Summary Overall Financial Performance - Total revenue for Q2 2025 was $154.5 million, down 18% year-on-year but up 111% quarter-on-quarter [1] - Gross profit was $53.9 million, up 48% year-on-year and up 64% quarter-on-quarter [1] - Net profit was $28.9 million, down 6% year-on-year but up 6% quarter-on-quarter [1] Business Segment Performance 1. Low-Enriched Uranium Segment - Revenue for Q2 2025 was $125.7 million, down 26% year-on-year but up 145% quarter-on-quarter [2] - Gross profit for this segment was $50.7 million, up 54% year-on-year and up 63% quarter-on-quarter [2] - Sales costs decreased by 45% year-on-year to $75 million [2] 2. Technical Solutions Segment - Revenue for Q2 2025 was $28.8 million, up 48% year-on-year and up 32% quarter-on-quarter [3] - Gross profit for this segment was $3.2 million, down 9% year-on-year but up 2% quarter-on-quarter [6] Order Backlog - As of June 30, 2025, the company had an order backlog of $3.6 billion, extending to 2040 [8] - The low-enriched uranium segment accounted for approximately $2.7 billion of this backlog [8] - The technical solutions segment had an order backlog of about $900 million [8]

Group 1 - Company is a subsidiary of China General Nuclear Power Group, the largest nuclear power group in China and the third largest globally, focusing on uranium resource development and financing [1] - Company aims to become a leading international supplier of natural uranium by capitalizing on the global nuclear power recovery and increasing demand for natural uranium [1] - In 2024, the company expects to have an equity resource of 34,000 tons of uranium (tU) and an equity production of 1,324 tU, with projected revenue of HKD 8.62 billion and net profit of HKD 340 million [1] Group 2 - Company signed a sales framework agreement with CGN Uranium for the years 2026 to 2028, committing to an annual purchase of no less than 1,200 tons of natural uranium [2] - The pricing mechanism for the agreement includes a fixed price component set at USD 94.22 per pound, with annual sales caps of HKD 3.94 billion, HKD 4.40 billion, and HKD 4.56 billion for the respective years [2] Group 3 - China's nuclear power investment is expected to remain robust, with plans to approve the construction of at least 10 new reactors annually starting from 2022, leading to increased uranium demand [3] - As of the end of 2024, China is projected to have 102 operational and approved reactors, surpassing the United States and becoming the world's largest nuclear power market [3] - The company forecasts revenue growth from HKD 9.08 billion in 2025 to HKD 10.94 billion in 2027, with net profit expected to rise significantly during the same period [3]