Core Viewpoint - The completion of the thermal performance test for the Zhejiang San'ao Nuclear Power Unit 1 marks a significant milestone for the first "Hualong One" project in the Yangtze River Delta, laying the groundwork for subsequent operations and commercial power generation [1] Group 1: Project Overview - The San'ao Nuclear Power Project is located in Cangnan County, Wenzhou City, Zhejiang Province, and is the first "Hualong One" nuclear power project in the Yangtze River Delta [1] - The project plans to construct a total of 6 "Hualong One" units, which will provide over 54 billion kilowatt-hours of clean energy annually for Zhejiang Province and the Yangtze River Delta region upon full operation [1] Group 2: Environmental Impact - Once fully operational, the San'ao Nuclear Power Project is expected to reduce standard coal consumption by over 16 million tons annually and decrease carbon dioxide emissions by over 44 million tons [1] - The environmental benefits are equivalent to afforesting approximately 110,000 hectares [1]

Core Viewpoint - The completion of the thermal performance test for the Zhejiang San'ao Nuclear Power Unit 1 marks a significant milestone for the first "Hualong One" project in the Yangtze River Delta, laying the groundwork for subsequent reactor fuel loading and commercial operation [1] Group 1: Project Details - The thermal performance test, known as "hot test," aims to comprehensively verify the reliability of the nuclear island and conventional island equipment and systems under simulated operational conditions before the loading of nuclear fuel [1] - The San'ao Nuclear Power Project is located in Cangnan County, Wenzhou City, Zhejiang Province, and plans to construct six "Hualong One" units [1] Group 2: Environmental Impact - Once all units are operational, the project is expected to provide over 54 billion kilowatt-hours of clean energy annually to Zhejiang Province and the Yangtze River Delta region, which is nearly equivalent to the total electricity consumption of Wenzhou City in 2023 [1] - The project will reduce coal consumption by over 16 million tons and decrease carbon dioxide emissions by over 44 million tons each year, equivalent to afforesting 110,000 hectares [1]

Core Viewpoint - The construction of the first phase of the Huaneng Shidao Bay Nuclear Power Base expansion has officially commenced, marking a significant step in advancing China's nuclear power capabilities [1] Group 1: Project Details - The construction of Unit 2 of the Huaneng Shidao Bay Nuclear Power Base expansion project began on May 7, indicating the project has entered a full construction phase [1] - The expansion project will utilize the domestically developed third-generation nuclear power technology "Hualong One," with a single unit capacity of 1.2 million kilowatts [1] - Upon completion, the annual electricity generation capacity of the new unit is expected to reach 10 billion kilowatt-hours [1] Group 2: Technological Significance - Huaneng Shidao Bay Nuclear Power Base is the first large-scale nuclear power base in China to simultaneously apply both domestically developed third and fourth-generation nuclear technologies [1] - The first unit of the expansion project has already commenced construction in July 2024 [1]

Group 1 - The approval of 10 new nuclear power units reflects China's support and confidence in the nuclear power sector, indicating a growing importance of nuclear energy in the country's energy structure [1][2] - The new projects, which include five nuclear power projects with a total of 10 units, are expected to drive over 200 billion yuan in investments, showcasing the potential for industry growth [2][4] - China has maintained a consistent approval pace for nuclear power projects, approving 10 or more units annually for four consecutive years, which is expected to have a strong positive impact on the national economy [4] Group 2 - China's nuclear power capacity and generation continue to grow, with the country holding the largest operational and under-construction nuclear power capacity globally, totaling 60.96 million kilowatts [3] - The global natural uranium supply is facing a significant gap, with 2022 production at 49,355 tons and demand at 65,651 tons, indicating a long-term upward trend in uranium prices due to increasing demand from the nuclear sector [5]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月27日，经国务院常务会议审议，决定核准三门核电三期工程等5个核电项目，合计10台机组 。 真实能量，预计在2027年底建成。 （ 3）下一代"人造太阳"——中国聚变工程示范堆（ CFEDR）正在开 展工程设计，未来将瞄准建设世界首个聚变示范电站。 风险分析： 项目建设进度不及预期、 政策变化致项目核准进度不及预期 、 原材料价格上涨风险。 发布日期： 2025-04-28 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立 我国核电项目审批已经进入规模化核准阶段 根据《中国能源报》内容，此次核准的 5个核电机组具体为中核三门核电5、6号机组、中广核广西防城港 核电5、6号机组 ...

Group 1: Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.07% at 3295.06 points, while the Shenzhen Component Index rose 0.39% to 9917.05 points, and the ChiNext Index increased by 0.59% to 1947.19 points, with a total trading volume of 1.1371 trillion yuan across the three markets [1] - Sectors such as pharmaceuticals, food and beverage, insurance, and agriculture saw declines, while the power sector surged. Other sectors like tourism, home appliances, automotive, textiles, and liquor showed gains, with active themes including CPO concepts, smart healthcare, and AI [1] Group 2: Nuclear Power Projects - The State Council approved several nuclear power projects, including the third phase of the Zhejiang Sanmen project and others in Guangxi, Guangdong, Shandong, and Fujian, totaling five projects and ten new units, all planned to use domestically developed third-generation nuclear technology [2][3] - The approval marks a significant milestone, with an average of over ten nuclear units approved annually since 2022, indicating a normalization of nuclear power construction in China [3] - The total investment for the newly approved ten third-generation nuclear units is expected to reach approximately 200 billion yuan, with equipment investment accounting for over 40% of the total [3] Group 3: Pharmaceutical Industry - The Ministry of Industry and Information Technology, along with six other departments, issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, aiming to establish a comprehensive data system and innovation ecosystem by 2030 [4] - The policy is expected to enhance the value of pharmaceutical data and benefit various segments of the pharmaceutical industry, including research, production, and AI tools [4] Group 4: Aviation Industry - The Civil Aviation Administration of China projected that the passenger transport volume during the upcoming May Day holiday would reach 10.75 million, a year-on-year increase of 8%, marking a historical high for the same period [9] - Major passenger flows are expected to concentrate on key routes among the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau, and Chengdu-Chongqing city clusters [9]

Core Viewpoint - The approval of multiple nuclear power projects by the State Council is expected to significantly boost the nuclear power sector, leading to a strong market response and increased investment opportunities in the industry [1][2]. Group 1: Project Approvals - The State Council approved five nuclear power projects, which include ten new units, emphasizing the importance of safety and adherence to the highest global standards in construction and operation [1]. - The approved projects are located in Guangxi, Guangdong, Zhejiang, Shandong, and Fujian, with a total investment expected to reach approximately 200 billion yuan [2]. Group 2: Investment Scale and Industry Impact - The investment scale for the newly approved third-generation nuclear power units is estimated to be around 200 billion yuan, with equipment investment accounting for over 40% of the total [2]. - The nuclear power industry is expected to enter a prosperous period due to the full order books of related companies and the ongoing approval of nuclear projects since 2019 [2].

文 ｜ 华鹏伟 王喆 刘海博 付宸硕 李想 孙明新 华夏 国务院常务会议决定核准浙江三门三期工程等核电项目，共涉及1 0台三大核电机组，自2 0 2 2年以来我国连续四年年均核准1 0台 以上核电机组，核电产业发展高景气延续。我国核能领域持续发展，三四代核裂机组相继落地，核聚变装置加速发展，建议关 注产业链核心价值量环节。 ▍ 国常会核准1 0台自主三代核电机组。 据新闻联播报道，4月2 7日国务院常务会议决定核准浙江三门三期工程等核电项目；据澎湃新闻进一步报道，上述获批项目分 别为广西防城港核电三期（5、6号机组），广东台山核电二期（3、4号机组），浙江三门核电三期（5、6号机组），山东海 阳核电三期（5、6号机组），福建霞浦核电一期（1、2号机组）；合计核准5个工程、1 0台新机组，上述机组均计划采用自主 三代核电技术，其中8台为华龙一号机组。经过本次国常会核准后，我国核电机组建设已经实现自2 0 2 2年以来连续四年年均核 准1 0台以上核电机组，我国核电在按照全球最高安全标准的基础上实现常态化核准建设。 ▍ 本轮核准机组预计总投资规模约2 0 0 0亿元，带动产业链订单向好。 ▍ 核能优势明显，长期发 ...

Group 1 - The State Council approved the Zhejiang Sanmen Phase III nuclear power project and other nuclear projects, marking the first approval of domestic nuclear power projects in 2025 [1] - The new projects utilize domestically developed third-generation nuclear technology, including eight Hualong One units, showcasing China's innovation capabilities in nuclear technology [1] - The approval reflects the government's commitment to energy structure adjustment and green low-carbon development [1] Group 2 - Haiyuan Composite announced that its stock will be suspended for one day on April 28, 2025, and will be subject to "delisting risk warning" starting April 29, with the stock name changing to "*ST Haiyuan" [2] - The main reason for this action is that the company's total profit, net profit, and net profit after deducting non-recurring gains and losses for the fiscal year 2024 were negative, with operating revenue below 300 million yuan [2] - This situation highlights the severe financial challenges faced by Haiyuan Composite and emphasizes the importance of monitoring corporate fundamentals [2] Group 3 - China Rare Earth reported a net profit of 72.62 million yuan in the first quarter of 2025, achieving a turnaround from losses [3] - The company's revenue for the first quarter was 728 million yuan, a year-on-year increase of 141.32%, attributed to a rebound in prices of certain rare earth products and adjustments in sales strategies [3] - In contrast, the 2024 annual report indicated a revenue decline of 24.09% to 3.027 billion yuan, with a net loss of 287 million yuan, primarily due to increased inventory impairment provisions [3]

// 热点聚焦 // 1、 2025年国内核电项目审批首次开闸。国务院常务会议决定核准浙江三门三期工程等核电项目。以上新项目均采用自主三代核电技术，其中包含8台华 龙一号机组。核电工程历来是扩大有效投资的重要拉动力，以单台国产百万千瓦三代核电机组约200亿元的投资力度估算，此次新核准机组的投资总额超 过2000亿元。 2、 市场监管总局新闻发言人就长和港口交易事回答了记者提问称，高度关注有关交易，将依法进行审查。交易各方不得采取任何方式规避审查，未获批 准前，不得实施集中，否则将承担法律责任。 3、 商务部等六部门进一步优化离境退税政策，将离境退税起退点从500元下调至200元，将现金退税限额从1万元上调至2万元，且同步推动退税商店增量 扩容、丰富退税商品供给、提高退税便捷度。税务总局配套修订《境外旅客购物离境退税管理办法》，进一步推出离境退税便利化措施。 4、 "二套转首套"可享受住房贷款利息个税专项扣除。国家税务总局12366纳税服务平台近日以热点问题答复形式表示，"二套转首套"满足相关条件，可 以自按照首套住房贷款利率开始还款的当月起享受住房贷款利息专项附加扣除。 5、 上周，A股市场三大股指周线集体翻 ...