国家电投集团产融控股股份有限公司（简称"电投产融"）重大资产置换及发行股份购买资产事项近日迎 来新进展。立信会计师事务所就深圳证券交易所审核问询函中关于置入资产电投核能的财务状况问题进 行了专项回复，详细解释了其毛利率波动、应收账款及存货未计提减值准备的原因，并认为电投核能毛 利率持续下降风险较小。 报告期各期末，电投核能应收账款余额均为7.13亿元左右，存货余额从14.16亿元增至20.04亿元，但均 未计提减值准备，这一情况引发监管问询。会计师回复称，应收账款主要来自国网山东省电力公司（占 比超90%）和海阳市海发水务集团，前者为国家电网全资子公司，经营实力雄厚，电费款项均于次年1 月足额收回；后者为海阳市财政局全资企业，热费款项于供暖季结束后结算收回，账龄均在1年以内， 历史回款率100%。 存货方面，主要为核燃料（占比47%-63%）和备品备件（34%-48%）。核燃料采用产量法摊销，报告期 内天然铀价格呈上涨趋势，且主营业务毛利率维持在31%以上，可变现净值较高；备品备件虽3年以上 库龄占比超60%，但主要为保障核安全的专用配件，适用于AP1000三代核电技术，目前技术成熟未被 淘汰，与中国核电、中 ...

Core Points - The meeting between Trump and Hungarian Prime Minister Orban focused on resolving the Russia-Ukraine conflict, energy security cooperation, and preparations for a potential Russia-US summit [1][3] - Hungary's stance on the Russia-Ukraine issue is notably different from that of other EU countries, advocating for diplomatic solutions rather than strict sanctions against Russia [5][6] - The discussions included the possibility of hosting a Russia-US summit in Budapest, emphasizing Hungary's unique position and historical significance in regional security [8][11] Energy Security - Energy supply security is a critical issue for Hungary, which relies heavily on natural gas and oil imports through specific pipelines [15][18] - The US announced a permanent sanctions exemption for Hungary, addressing its energy security concerns and allowing for more stable energy supplies [18] - A nuclear cooperation agreement was signed, with the US Westinghouse Electric providing nuclear fuel and assistance in building small modular reactors, further alleviating Hungary's energy anxieties [17][18] International Relations - The outcomes of the meeting reflect the complex geopolitical dynamics, with Hungary's opposition to EU sanctions against Russia causing internal divisions within the EU [19] - The cooperation between the US and Hungary aims to strengthen ties with Central and Eastern European countries while seeking breakthroughs in the Ukraine conflict [19] - The meeting has the potential to inject stability into the international situation and revive hopes for a diplomatic resolution to the Ukraine conflict [19]

Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology have released a draft for public consultation regarding the procurement standards for new energy vehicles, emphasizing non-discriminatory treatment of suppliers and strict adherence to contract specifications for vehicle parameters and configurations [2] - China's first green hydrogen coal chemical project has commenced full market operation, with an expected annual hydrogen production of 705,900 cubic meters, which will reduce carbon dioxide emissions by 13,880 tons [2] - Over 510 green mines have been established at the provincial level or above in China, including 1,054 national-level green mines, accounting for 40.8% of licensed operating mines, achieving significant results in resource conservation and ecological restoration [2] - The steel, cement, and aluminum smelting industries are set to complete their first carbon emission quota clearance by the end of this year, as per the newly released quota distribution plan for 2024 and 2025 [2] Regional Developments - The Yangtze River Delta has achieved 180.8 billion kilowatt-hours of inter-regional electricity exchange, surpassing its annual target ahead of schedule, with an 8.26% increase compared to the previous year [3] - The implementation plan for the national carbon peak pilot in the Qiannan High-tech Industrial Development Zone has been released, aiming for a low-carbon, efficient modern phosphate chemical industry by 2030 [3] Energy Projects - Shanxi Province has initiated a bidding process for new energy projects, with a total mechanism electricity scale of 55.06 billion kilowatt-hours, including 14.17 billion kilowatt-hours from wind power and 40.89 billion kilowatt-hours from solar power [4] International Developments - Japan is expected to approve the restart of its largest nuclear power plant, the Kashiwazaki-Kariwa Nuclear Power Plant, with only one of its seven reactors set to resume operation [5] - Egypt has signed a nuclear fuel procurement agreement with Russia for the Dabaa Nuclear Power Plant, ensuring fuel supply for the first reactor [5] Corporate News - China Nuclear Engineering Corporation has reported new contracts totaling 123.84 billion yuan and cumulative operating revenue of 81.33 billion yuan as of October 2025 [7]

Core Points - Egypt signed a nuclear fuel procurement and comprehensive cooperation agreement with Russia for the Dabaa nuclear power plant [1] - The agreement will supply nuclear fuel for the reactor of Unit 1 of the Dabaa nuclear power plant [1] - The cooperation includes various fields such as nuclear power and the production of medical radioactive isotopes [1] Summary by Sections - **Nuclear Fuel Procurement Agreement**: The agreement aims to provide nuclear fuel for the first reactor of the Dabaa nuclear power plant, marking a significant step in Egypt's nuclear energy development [1] - **Comprehensive Cooperation**: The comprehensive cooperation agreement encompasses collaboration in multiple areas, including nuclear power and medical isotope production, indicating a broadening of bilateral relations [1] - **Leadership Involvement**: Egyptian President Sisi and Russian President Putin witnessed the installation ceremony of the reactor pressure vessel via video link, highlighting the strategic partnership between the two nations [1] - **Educational Exchange**: Currently, 100 Egyptian students are receiving training in nuclear energy at Russian universities, showcasing the educational aspect of the cooperation [1] - **Project Timeline**: The Dabaa nuclear power plant, located in Matrouh province, is Egypt's first nuclear project, with construction of Units 1 and 2 starting in July and November 2022, respectively, and Units 3 and 4 scheduled to begin in May 2023 and January 2024 [1]

当天，埃及总统塞西和俄罗斯总统普京通过视频连线见证了达巴核电站1号机组反应堆压力容器的安装 仪式。塞西在视频中说，本次合作体现了埃及和俄罗斯建立在相互尊重基础之上的战略和稳固关系。普 京说，双方合作为专业领域交流开辟了新前景，目前已有100名埃及学生在俄罗斯的大学接受了核能方 面的培训。 达巴核电站位于地中海沿岸的马特鲁省达巴镇，是埃及首个核电项目。俄罗斯与埃及2017年签订合同， 承建该核电站全部4座核电机组。达巴核电站的1号、2号机组建设工作分别于2022年7月和11月启动，3 号机组建设于2023年5月启动，4号机组建设于2024年1月启动。 责编：陈亚楠、侯兴川 新华社开罗11月19日电（记者张健 姚兵）埃及内阁19日发表声明说，埃方当天与俄罗斯国家原子能公 司签署达巴核电站核燃料采购及全面合作协议。 根据声明，采购协议将为达巴核电站1号机组的反应堆供应核燃料。全面合作协议涉及双方在核电站、 生产医用放射性同位素等多领域合作。 ...

Core Viewpoint - Egypt has signed a nuclear fuel procurement and comprehensive cooperation agreement with Russia's State Atomic Energy Corporation for the Dabaa Nuclear Power Plant, marking a significant step in Egypt's first nuclear power project [1] Group 1: Agreement Details - The procurement agreement will supply nuclear fuel for the reactor of the first unit of the Dabaa Nuclear Power Plant [1] - The comprehensive cooperation agreement involves collaboration in various fields, including nuclear power and the production of medical radioactive isotopes [1] Group 2: Project Background - The Dabaa Nuclear Power Plant is located in the Matrouh province of Egypt, along the Mediterranean coast, and is the country's first nuclear power project [1] - Russia and Egypt signed a contract in 2017 for the construction of all four nuclear units of the Dabaa Nuclear Power Plant [1] - Construction of the first and second units began in July and November 2022, respectively, while the third unit started in May 2023, and the fourth unit is scheduled to start in January 2024 [1] Group 3: Technical Specifications - All four units will utilize Russia's VVER-1200 reactors, with a total installed capacity of nearly 4.8 gigawatts [1] - Russia is providing 85% of the funding for the Dabaa Nuclear Power Plant project through a 22-year loan, with Egypt covering the remaining portion [1]

美国长期以来就是坚持翻脸如翻书的政策，如今美国总统已经公开强调，美国要制裁与俄罗斯有贸易往来的 国家，并且是要用课税500%的方式。 2025年11月，美国政府宣布给予匈牙利为期一年的能源制裁豁免，允许其继续进口俄罗斯石油，理由是"匈牙 利作为内陆国家高度依赖俄能源"。 就在同一时间段，美国国会却在积极推动一项针对与俄罗斯维持贸易往来经济体的制裁法案，明确提出要加 征500%的关税，而印度因为持续从俄罗斯进口石油并出口成品油，正成为这项法案的重点针对对象。 这种截然不同的待遇，赤裸裸地暴露了美国所谓"基于规则的国际秩序"不过是服务于自身利益的工具，双标 的底色早已昭然若揭。 美国对俄罗斯的制裁早已不是新鲜事，自2022年俄乌冲突爆发以来，西方国家对俄罗斯实施的制裁措施已超 过1.5万项，其中美国主导的就有3500多项。 但到了2025年，美国似乎觉得这些手段还不够，又想出了加征500%关税的"狠招"。 据路透社报道，美国国会在2025年初就开始酝酿相关法案，声称要"切断俄罗斯通过第三方国家获取战争资 金的渠道"，而印度被美国视为"重点关注对象"。 美国总统在公开场合多次抨击印度，称其在俄乌冲突期间"攫取了巨大 ...

Core Insights - The sixth Transatlantic Energy Cooperation Partners Conference was held in Athens, Greece, focusing on energy security, affordability, and reliability in Europe, with significant participation from U.S. officials and international oil and gas executives [2][3] - The U.S. aims to replace Russian natural gas in Western Europe, with a commitment to supply LNG and other energy products worth $750 billion over three years, significantly increasing Europe's dependency on U.S. energy [3][5] - Europe is experiencing a shift in energy supply dynamics, with the U.S. becoming the largest LNG and oil supplier, accounting for approximately 55% of EU imports, while the EU aims to reduce its natural gas consumption by 7% by 2030 [3][4] Energy Supply Dynamics - The EU has drastically reduced its reliance on Russian energy, with imports from Russia dropping from 45% for gas and 27% for oil in 2022 to approximately 13% and 3% by 2025, respectively [2] - The EU's LNG imports have surged, with the U.S. replacing Russia as the primary supplier, raising concerns about the sustainability and cost-effectiveness of this shift [3][4] - A long-term LNG supply agreement was signed between Greece and the U.S., committing to import 700 million cubic meters of U.S. LNG annually starting in 2030 for 20 years, which has sparked debates about the environmental impact and the EU's green transition [5][6] Environmental and Geopolitical Concerns - The EU's increased dependency on U.S. LNG raises questions about the impact on its climate goals, as the extraction and transportation of shale gas have significant carbon footprints [5][6] - There are fears that the EU's commitment to purchasing U.S. energy could weaken its negotiating position and expose it to political leverage from the U.S., potentially compromising its climate policies [6] - The evolving energy relationship reflects broader tensions in U.S.-EU relations, with the EU needing to navigate its energy security while maintaining autonomy and addressing environmental concerns [6]

荣马凯透露，在上海设立办公室是看中了这里规模大、业务全的核电产业集群。 对于法国核电站设计、制造及服务商法马通（Framatome）的中国区总裁荣马凯（Jean Marc Capdevila） 来说，刚刚过去的一周既有奔波也有收获。 "上海有庞大的核能产业集群，中国三大核能运营商中广核、中核和国电投以及其他众多企业均在此有 核心布局。此外，上海距离合肥也很近，那里是中国核聚变研究的重要基地，从上海前往合肥开展工作 和建立行业联系也很方便。"他称。 在荣马凯看来，政府的支持对核能行业的发展非常重要。"核电领域的投资从来不是以年为单位，而是 以数十年为周期。在缺乏国家全面支持的情况下发展核电十分困难。"他表示，中国自上世纪80年代起 便全力推进核电建设、制定二氧化碳减排目标，因此中国的核电发展迅速且将持续推进，而许多国家才 刚决定加大对核能投资力度。 谈及中法两国在核能发展领域的合作前景，荣马凯也对此信心十足。"中国已成为全球最大的核电市 场，预计到2030年将建成超过100台核电机组，这在全球范围内也堪称瞩目。"他说，"基于历史渊源与 长期合作伙伴关系，我们持续携手共进。" 据介绍，作为进博会的"全勤生"，连续 ...

Group 1 - The U.S. government has granted Hungary a one-year exemption from sanctions on Russian energy, allowing it to continue importing Russian oil [3] - Hungary's Prime Minister Orban emphasized the country's heavy reliance on Russian oil imports due to its landlocked status, stating that the exemption is "crucial" for Hungary's economy [3] - The U.S. and Hungary signed a memorandum of understanding on nuclear energy cooperation, which includes negotiations for small modular reactors and spent fuel storage [3] Group 2 - Hungary has committed to purchasing approximately $600 million worth of U.S. liquefied natural gas and has reached a $114 million nuclear fuel supply agreement with Westinghouse [3] - The two countries will enhance defense cooperation, with Hungary expressing intent to procure $700 million worth of defense materials from the U.S. [3] - Analysts suggest that without the U.S. exemption, Hungary could face secondary sanctions, including fines or being cut off from U.S. financial institutions, which would severely impact its economy [3]