Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The upcoming listing of China Uranium Industry is expected to create investment opportunities in the nuclear power sector, driven by a sustained demand for nuclear materials due to global nuclear energy construction [1] - A long-term supply-demand gap for nuclear materials is anticipated, as the global nuclear power capacity is projected to increase significantly by 2050, reaching between 561GW and 992GW [1][2] - China's nuclear power capacity is expected to grow to 130 million kW by 2030, 170 million kW by 2035, and 340 million kW by 2050, representing 4.5%, 5.1%, and 6.7% of the total national power capacity respectively [1][2] Summary by Sections Industry Overview - As of the end of 2024, there are 440 operational nuclear reactors globally, with a total installed capacity of 398GW, an increase from 392GW at the end of 2023 [1] - The report highlights the strategic importance of nuclear materials as scarce resources essential for the development of the nuclear industry, with increasing downstream demand expected [1] Policy Support - The Chinese government is actively promoting nuclear power development as part of its "dual carbon" goals, with a series of supportive policies and plans aimed at increasing nuclear power capacity [2] - The approval of new nuclear power units has significantly increased in recent years, with 10 units approved in 2022, 10 in 2023, and 11 in 2024 [2] Investment Opportunities - The report suggests focusing on companies such as Sanxiang New Materials, which has begun production of nuclear-grade zirconium sponge and has successfully integrated into the nuclear power supply chain [3] - China Uranium Industry is highlighted as a key player, with its main product, natural uranium, being critical for nuclear industry development [3] - Shenzhen New Star is also mentioned, with its production lines for boron trifluoride nearing completion, which is used in nuclear reactor control agents [3]

Core Viewpoint - The company held its fifth extraordinary general meeting of shareholders on November 17, 2025, where several important resolutions were passed, including the cancellation of the supervisory board and amendments to the company's articles of association [2][4][6]. Group 1: Meeting Details - The meeting was attended by 1,332 shareholders, representing a total of 79,414,969 voting shares, which accounts for 37.86% of the company's total voting shares [2]. - The meeting was chaired by Director Zhou Zhi due to the absence of Chairman Chen Xue Min [3]. - Voting was conducted through a combination of on-site and online methods, complying with relevant laws and regulations [3]. Group 2: Resolutions Passed - The resolution to cancel the supervisory board and amend the articles of association was approved with 99.96% of votes in favor [5][6]. - Other governance-related resolutions, including the rules for shareholder meetings, board meetings, independent director work systems, related party transaction decision-making systems, external guarantee management systems, fundraising management methods, and remuneration management systems for directors and senior management, were also passed with high approval rates, generally above 99.95% [5][6]. Group 3: Project Update - The company’s wholly-owned subsidiary, Ganzhou Songhui Fluorine New Materials Co., Ltd., has completed the construction and installation of a project for producing 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complexes, which has received approval for trial production [9]. - Boron trifluoride is primarily used in pharmaceuticals, semiconductors, nuclear power radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [9]. - The project is expected to enhance the company's product structure, create new profit growth points, and improve core competitiveness through resource integration and cost reduction [10].

Core Points - Shenzhen Xinxing announced that its wholly-owned subsidiary, Ganzhou Songhui Fluorine New Materials Co., Ltd., has completed the main construction and equipment installation of a project with an annual production capacity of 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complex [2] Group 1 - The project has passed expert review and received approval for trial production [2] - The project is now ready for trial production [2]

Core Viewpoint - Shenzhen New Star (603978.SH) announced that its wholly-owned subsidiary, Ganzhou Songhui Fluorine New Materials Co., Ltd., has completed the main construction and equipment installation of a project with an annual production capacity of 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complex, which is now ready for trial production [1] Group 1 - The project has received expert review approval for its trial production plan and conditions [1] - Boron trifluoride is primarily used in pharmaceuticals, semiconductors (special electronic gases), nuclear power radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [1] - Boron trifluoride is also a raw material for boron-10 isotopes, which are mainly used in nuclear reactor control agents and fast reactor control rods, as well as nuclear waste treatment [1]

Core Viewpoint - Shenzhen New Star (603978.SH) announced that its wholly-owned subsidiary, Ganzhou Songhui Fluorine New Materials Co., Ltd., has completed the main construction and equipment installation of a project with an annual production capacity of 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complex, and is now ready for trial production [1] Company Summary - The project has passed expert review for trial production plans and conditions, receiving approval for trial production [1] - The main applications of boron trifluoride include pharmaceuticals, semiconductors (special electronic gases), nuclear power radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [1] - Boron trifluoride is also a raw material for boron-10 isotopes, which are primarily used in nuclear reactor control agents, fast reactor control rods, and nuclear waste treatment [1]

Core Viewpoint - Shenzhen New Star (603978.SH) announced that its wholly-owned subsidiary, Ganzhou Songhui Construction, has completed the main engineering construction and equipment installation for its project to produce 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complexes, which is now ready for trial production [1] Company Summary - The project has received approval for trial production after passing expert review of the trial production plan and conditions [1] - Boron trifluoride is primarily used in the production of pharmaceuticals, semiconductor electronic specialty gases, nuclear power radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [1]

Core Viewpoint - Shenzhen New Star (603978) announced that its wholly-owned subsidiary, Ganzhou Songhui Construction, has completed the main engineering construction and equipment installation for a project with an annual production capacity of 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complexes, which is now ready for trial production [1] Company Summary - The project has received approval for trial production after passing expert review of the trial production plan and conditions [1] - Boron trifluoride is primarily used in the production of pharmaceuticals, semiconductors (special electronic gases), nuclear power radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [1] - Additionally, boron trifluoride serves as a raw material for boron-10 isotopes, which are mainly used in nuclear reactor control agents, fast reactor control rods, and nuclear waste treatment [1]

Core Insights - The company has completed the main construction and equipment installation of its subsidiary's project for producing 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complex annually, which is now ready for trial production [1] Group 1: Project Details - The project has received expert review approval for its trial production plan and conditions [1] - Boron trifluoride is primarily used in pharmaceuticals, semiconductors (electronic specialty gases), nuclear radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [1] Group 2: Market Applications - Boron trifluoride is also a raw material for boron-10 isotopes, which are mainly used in nuclear reactor control agents, fast reactor control rods, and nuclear waste treatment [1]

Group 1 - The report highlights a mixed economic outlook for the US, with expectations of a government shutdown resolution and a potential interest rate cut in December, impacting market liquidity and stock performance [4][15][19] - The A-share market is expected to remain in a consolidation phase, with a focus on three main investment themes: dividend recovery, economic recovery, and technology themes benefiting from the 14th Five-Year Plan [4][21] - The report identifies ten key stocks for November, including companies in the new energy, automotive, power equipment, fixed income, and pharmaceutical sectors, with no specific ranking [3][12][19] Group 2 - The report emphasizes the importance of the 14th Five-Year Plan in guiding future development directions, particularly in technology self-reliance, domestic consumption, and new energy [17][18] - The performance of the A-share market has shown volatility, with a significant portion of public fund holdings in the TMT sector, leading to potential profit-taking pressures [21][19] - The report provides detailed financial forecasts for selected companies, indicating expected revenue and profit growth across various sectors, including new energy and automotive [22][39][45]

Core Viewpoint - Shenzhen New Star is the largest global manufacturer of aluminum grain refiners, focusing on R&D, production, and sales, with a competitive edge in scale and technology [1] Group 1: Business Performance - In Q3 2025, Shenzhen New Star reported revenue of 2.324 billion yuan, ranking 8th in the industry, with the top competitor, Bowei Alloy, achieving 15.474 billion yuan [2] - The main business composition includes aluminum foil raw materials at 809 million yuan (53.96%) and aluminum grain refiners at 503 million yuan (33.53%) [2] - The net profit for the same period was a loss of 62.4771 million yuan, ranking last in the industry, with the top competitor achieving a net profit of 888 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 60.31%, higher than the industry average of 43.99%, but down from 61.82% year-on-year [3] - The gross profit margin was 3.48%, below the industry average of 15.62%, and decreased from 4.23% year-on-year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.62% to 16,500, while the average number of circulating A-shares held per shareholder decreased by 3.49% [5] - The company achieved a revenue of 1.5 billion yuan in H1 2025, a year-on-year increase of 29%, with a significant narrowing of net profit losses [5] Group 4: Future Outlook - The company is expected to enter a performance release period with the production of a 100,000-ton battery aluminum foil raw material project by the end of 2024 [5] - New production lines for 20,000 tons of boron trifluoride complexes and 10,000 tons of boron trifluoride gas are anticipated to start production in October 2025 [5] - Forecasted net profits for 2025-2027 are 51 million, 224 million, and 392 million yuan, with corresponding PE ratios of 77, 18, and 10 times [5]