十年蜕变 ——国家电投重组成立以来改革发展成就综述 2015年7月15日，经国务院批准，由中国电力投资集团公司和国家核电技术有限公司合并重组而成的国家电力投资集团有限公司（以下简称"国家电 投"），在北京正式挂牌。 这一天，两大能源央企的整合完成，不仅开创了我国能源产业体制改革的先河，也为中国能源转型提供了新的动力支撑。 国家电投成立之初，就成为国内唯一同时拥有火电、水电、核电、新能源资源的综合能源集团，资产规模超过7000亿元，业务涵盖电力生产、核电研发 与设计、工程管理与产业投资运营。 但国家电投的历史，远远不止于此。 回望过去，从1913年建成中国第一座大型火电厂——上海杨树浦电厂，到1956年建成新中国第一个五年计划重点水电工程狮子滩水电站；从上世纪70年 代我国自主研制的首台30万千瓦、60万千瓦火电机组的诞生，到80年代霍林河建设中国首个现代化露天煤矿，再到"728工程"开启我国核电事业的起步， 每个时代节点，都刻下了红色电力工业人艰苦卓绝的奋斗足迹。 这些历史荣光与红色基因，跨越百年沉淀于国家电投的血脉之中，成为新时代新征程的坚实底蕴。 重组成立后，国家电投进一步继承了中电投和国家核电的历史积淀 ...

美国核能公司的大老板乔纳森宣布了一个"噩耗"："各位，别再活在梦里了在核电站这件事上，中国已 经把我们甩在身后了！我们过去三十年，就盖了两座！人家呢？几十座几十座地盖，跟下饺子似的！我 们再不干点啥，全球核电头把交椅，就得换人了！" 这话一出，全场鸦雀无声，曾经不可一世的"山姆大叔"，竟然在自己最擅长的科技领域，公开"认 怂"了。 这位CEO紧接着抛出了他的"救国良方"："我们唯一的办法，就是动员起来，把全美国最牛的公司都凑 到一块儿，集中所有力量，去跟中国干！这是我们唯一能赢的机会！" 今天咱就来好好捋一捋，这场堪称"龟兔赛跑"现实版的核能竞赛，到底是怎么被我们给反杀的。 "睡美人"的故事：一个把自己"睡"瘸了的冠军，说起核能，美国当年，那可是绝对的"武林盟主 二十世纪五十年代就已经涉足这方面了，是全球第一个把原子能运用得很熟练的人，到七十年代的时 候，到处都能看到核电站，那时非常风光。 那时候，咱们还在摸索怎么用上电灯泡呢， 可是就在它没对手的时候，发生个意外，让它摔了一跤， 1979年，三哩岛核泄漏事故，就像一声晴天霹雳，把美国人给吓傻了。全国上下，谈"核"色变游行示 威，一浪高过一浪。 于是这位"武林 ...

Core Insights - The nuclear power industry is experiencing a favorable period due to supportive policies that bolster its development and encourage companies to actively engage in the sector [1][2][7] Policy Support - The National Energy Administration's notice in April 2023 supports private enterprises' investment in nuclear power projects, establishing a long-term mechanism for participation [2] - The State Council's press conference in May highlighted the promotion of private sector involvement in major projects, with private capital now accounting for up to 20% in some nuclear projects [2] - A total investment of approximately 3 trillion yuan is expected in key sectors, including nuclear power, transportation, and infrastructure [2] Company Activities - Companies in the nuclear power supply chain are actively responding to business developments, with Southern Wind Power Co. winning bids for multiple nuclear projects [3] - Beijing Steel Research High-Tech Co. has obtained relevant qualifications for nuclear power and is expanding its market share [3] - State Power Investment Corporation is restructuring to focus on nuclear assets, with significant operational capacity and ongoing projects [3] Industry Outlook - The China Nuclear Energy Development Report (2025) predicts that by 2030, China's operational nuclear power capacity may become the largest globally, with a target of 200 million kilowatts by 2040 [5] - The global demand for clean energy is rising, and nuclear power is positioned as a clean, efficient, and stable energy source, supported by ongoing technological advancements [6] Challenges and Considerations - The nuclear industry faces challenges such as high investment costs and long project cycles, necessitating careful financial planning [6] - Safety remains a critical concern, requiring enhanced regulation and public education to improve understanding and support for nuclear energy [6][7]

Group 1 - Shanghai Xuhui is leveraging artificial intelligence to enhance the green low-carbon industry and explore more efficient carbon reduction pathways [1] - The Shanghai Nuclear Engineering Institute has developed the first dedicated large model in nuclear power design, named "Zhihui Xing," which can quickly and accurately identify potential errors in design documents [1] - The "Zhihui Xing" model addresses challenges in the nuclear power industry, such as reliance on experienced engineers and the complexity of design documents, promoting intelligent transformation [1] Group 2 - Zeekr Energy introduced the world's first smart charging solution that combines valet parking assistance with automatic charging, enhancing the user experience [1] - The establishment of the Zeekr Intelligent R&D Center in Xuhui aims to integrate AI with emerging technologies for rapid iteration of new energy vehicles [2] Group 3 - Xuhui's construction sector has a high carbon emission ratio, making it crucial to enhance the "green" and "new" aspects of urban buildings [3] - The China Energy Construction Shanghai Headquarters project is a new zero-carbon landmark, utilizing digital twin and AI technologies, and features near-zero energy consumption and zero-carbon building designs [3] - Upon completion, the project will achieve a load adjustment ratio of over 38%, an annual energy-saving rate of 60.85%, and a reduction of approximately 2,625 tons of carbon emissions annually [3] - The Xuhui District Development and Reform Commission emphasizes that AI will empower the green low-carbon industry to innovate and thrive while optimizing the business environment [3]

Industry Overview - The nuclear power sector in China is experiencing a significant upturn, with investment completion amounting to 36.256 billion, reflecting a year-on-year growth of 36.64% as of April 27, 2025 [1] - A total of 31 nuclear power units have been approved from 2023 to 2025, with 102 units in operation, under construction, or approved for construction, totaling an installed capacity of 113 million kilowatts [1] Modular Construction Technology - The majority of recently approved units utilize third-generation nuclear technology, specifically the "Guohe No. 1" (CAP1000) and "Hualong No. 1" (HPR1000) models [2] - Modular construction techniques can reduce the construction period of nuclear power plants from 50 months to 36 months, enhancing standardization and quality while minimizing accidents [2] - The modular construction market for new nuclear units is projected to reach approximately 86.4 billion from 2025 to 2030, with an annual opening scale of around 6 units before 2030 [2] Company Developments - The company is expanding its nuclear module production capacity through a new investment project, which will enhance its manufacturing and transportation capabilities [3] - The new production base covers an area of 487,800 square meters and is strategically located near a seaport, improving logistics efficiency [3] - The company recently secured a contract worth 226 million (including tax) for the construction and installation of modules for the Ningde Phase II project, marking the first application of modular technology in the "Hualong No. 1" nuclear power plant [3] Financial Projections - The company is expected to see a net profit attributable to shareholders of 230 million, 250 million, and 290 million for the years 2025 to 2027, with corresponding price-to-earnings ratios of 20, 19, and 16 [4] - The investment project is anticipated to further enhance the company's nuclear module production capabilities, despite some pressure on orders [4]

公司报告 | 公司专题研究 利柏特（605167） 证券研究报告 核电景气度加速上行，模块化建造市场前景广阔 核电景气度加速上行，投资完成额保持高速增长 核电景气度加速上行，2025M1-4 我国核电投资完成额 362.56 亿，累计同 比增长 36.64%，截至 2025 年 4 月 27 日，2023-2025 年累计核准 31 台核 电机组，中国在运、在建和核准建设的核电机组共 102 台、装机容量达到 1.13 亿千瓦，中国在建核电机组共 28 台，总装机容量达到 3365 万千瓦， 核电建设迎来新一轮景气周期。 三代核电站采用模块化设计施工技术，模块化建造市场空间广阔 近三年核准的机组大部分以第三代核电技术为主，国内典型的三代核电两 种机型是"国和一号"（CAP1000）和"华龙一号"（HPR1000），第三 代核电站采用的是现代化的模块设计技术，施工过程中引入大模块概念， 模块化建造技术可以使核电厂的建造周期从 50 个月压缩至 36 个月（从第 一罐混凝土至装料），同时便于核电机组建造的标准化、批量化，提升质 量减少事故发生。参考廉江核电项目，整个模块化施工规划占比达 64.2%， 目前国内三代 ...

Group 1 - The restructuring of Electric Power Investment Corporation (000958) has successfully passed the shareholders' meeting, marking the completion of the corporate governance process for the merger [1] - The proposed transaction involves the acquisition of 100% equity of Electric Power Nuclear and the divestment of 100% equity of Capital Holdings, allowing the company to become a platform for integrating nuclear power operations under the State Power Investment Corporation [1] - The restructuring is expected to enhance the company's energy business by integrating nuclear, thermal, and renewable energy assets, which will help in reducing operational risks and achieving synergies in market, technology, and management [1] Group 2 - China's nuclear power industry has entered a new phase of active and orderly development, with an accelerated approval process for nuclear power units, establishing nuclear power as a baseload energy source in the new power system [2] - Since 2022, China has approved more than 10 nuclear power units annually, indicating a shift from a conservative to a rapid development policy for nuclear power [2] - Electric Power Nuclear employs various leading nuclear technologies, including AP1000 and CAP1000, with the Shandong Haiyang Nuclear Power Plant set to become the world's largest base using passive pressurized water reactor technology [2] Group 3 - The restructuring project of Electric Power Investment Corporation is one of the earliest central enterprise restructuring projects following the "9.24" merger policy, aligning with central government calls and market demands [3] - Mergers and acquisitions are seen as beneficial for increasing the supply of quality assets and reshaping the valuation of listed companies, enhancing their competitiveness and stability [3] - The restructuring will require further regulatory procedures, including material submissions and regulatory inquiries, which the company plans to execute in an orderly manner to ensure a solid foundation for integration [3]

苗得雨表示，今年是世界反法西斯战争胜利80周年，也是联合国成立80周年。中国始终践行真正的多边 主义，愿同国际社会一道维护正确二战史观和战后国际秩序，维护联合国权威和地位，维护国际公平正 义。中方支持联合国进行必要合理改革，进一步重视和倾听全球南方声音。中国—联合国和平与发展基 金设立10年来，为支持联合国工作作出重要贡献。中方愿继续以实际行动支持基金发展，助力全球和平 与发展事业。 外交部部长助理苗得雨会见联合国秘书长办公厅主任拉特雷 5月17日，外交部部长助理苗得雨会见来华访问并出席中国—联合国和平与发展基金指导委员会第十次 会议的联合国秘书长办公厅主任拉特雷。 拉特雷赞赏中国是多边主义的支柱，充分肯定中国在全球治理中发挥的重要作用。拉特雷表示，中国— 联合国和平与发展基金合作成果丰硕，联合国秘书处愿同中方共同努力，进一步办好基金项目，让更多 国家受益。 ...

Core Insights - The Shanghai Museum's "Pyramid Summit: The Great Exhibition of Ancient Egyptian Civilization" is set to close in 100 days, having established multiple records as the largest and highest-level exhibition of ancient Egyptian artifacts globally, and the first collaboration between a Chinese museum and the Egyptian government [1] - The exhibition features 492 groups of 788 precious artifacts from various periods of ancient Egyptian civilization, with over 95% of the items making their debut in Asia, highlighting the cultural exchange between China and Egypt [1] - More than 70% of visitors traveled from outside Shanghai specifically for this exhibition, including a significant number of foreign tourists, indicating its international appeal [1] Group 1 - The Shanghai Museum has developed new directions for both its new and old venues, with the new museum focusing on being a "Chinese Ancient Art Museum" and the old museum positioning itself as a "World Civilization Museum" [1] - The new museum aims to serve as an important cultural window for the world to view China, while the old museum prepares permanent exhibitions reflecting global civilization and cultural exchanges [1] - Understanding ancient civilizations and their interactions is crucial for comprehending ancient China and the history of human civilization, emphasizing the interconnectedness of human progress [1] Group 2 - The previous exhibition, "The Glory of Ancient Persia: Highlights of Iranian Artifacts," showcased nearly 300 artifacts, establishing a preliminary impression of Iranian ancient civilization through three thematic sections [2] - The themes included "Dawn of the Plateau," showcasing exquisite gold and silver items, "Glorious Era," highlighting the prosperity of ancient Persian trade, and "Art of Faith," focusing on Islamic art from the 7th century [2] - The exhibition aimed to express the idea of mutual learning and integration among different civilizations, which is foundational to human progress [2] Group 3 - The exhibition "The Universe East and West: China and the World through the Eyes of Marco Polo" utilized the perspective of the Venetian traveler Marco Polo to display over 200 artifacts from the 13th to 15th centuries, illustrating the artistic and material achievements of both East and West [3] - The exhibition highlighted the importance of mutual development between Eastern and Western civilizations for facilitating trade and cultural exchange [3] - The Shanghai Museum is also exploring the establishment of overseas branches to create more platforms for dialogue among different civilizations, aiming to weave the vast tapestry of world civilization into compelling narratives [3]

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]