出席人数：7 名 一、会议开始 本次机构投资者电话调研会议由中金公司组织，公司副总裁兼董秘章其强先 生应约参加会议，首先向参加此次电话会议的机构投资者表示感谢，其后向投资 者介绍了公司基本情况、公司发展战略规划及近期主要工作的进展情况，同时强 调了关于遵守承诺函的约定和上市公司信息披露的有关规定。 二、沟通交流 江苏神通电话会议 调研活动记录 会议地点：公司会议室 会议时间：2025 年 11 月 19 日 会议主持：章其强 会议记录：章其强 问：核级阀门是不是每过几年都要更换整个阀门？ 答：阀门属于易损件和易耗品，在长期运行过程中，其内部零部件会因老化而逐 渐影响整体性能。为确保核电站的安全稳定运行，通常需定期对阀门设备开展检 修与维护，并对性能出现下降的阀门零部件实施预防性更换或维修。随着在运核 电机组有序扩容，叠加老旧机组对备件需求的持续释放，核电备件市场有望为公 司带来稳健且可持续的收入增长。 问：可控核聚变技术发展对行业和公司的影响？ 问：公司与国内同行目前的竞争态势是什么样的？ 答：公司在核电阀门领域与国内同行企业之间更多体现为互补性的良性竞争，随 着核电新项目审批建设进入常态化，以及关键设备国产 ...

Group 1: Overall Performance of Listed Companies - The total operating revenue of listed companies in Shanghai and Shenzhen reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan for the first half of 2025 [1] - Shenzhen companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Sector Performance - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rapidly rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw 253 companies generate 984.76 billion yuan in revenue, a 14.1% increase, and a net profit of 454.57 billion yuan, up 24.59% [3] - The computer industry in Shenzhen reported 501.25 billion yuan in revenue, a 13.74% increase, and a net profit of 122.85 billion yuan, up 26% [5] Group 3: R&D Investment - Shenzhen companies invested a total of 352.97 billion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen reached 92.46 billion yuan, a year-on-year increase of 22.36% [9] - Shanghai's R&D investment also hit a record high of 432.6 billion yuan, growing by 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a 5% increase [11] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, a 23.59% increase, with a 29.22% share of total revenue [11] - Companies are diversifying their overseas markets, with significant growth in exports from firms like Huayou Cobalt and Quectel [12] Group 5: Dividend and Shareholder Returns - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.81 billion yuan [12] - Shenzhen companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in dividend amounts [12] - Companies are also increasing share buybacks, with Shenzhen firms announcing 230 buyback plans totaling 68.21 billion yuan [13]

人民财讯8月21日电，纽威股份（603699）8月21日晚间披露2025年半年度报告，上半年实现营业收入 34.04亿元，同比增长19.96%；归母净利润6.37亿元，同比增长30.44%；基本每股收益0.83元。公司拟向 全体股东每10股派发现金红利人民币5.8元(含税)。2025年上半年，公司核级阀门交付量再创新高。2025 年下半年随着智能智造产线投入使用，核级阀门产能将实现进一步提升。 ...

Macro Strategy - The report indicates that the recent interest rate cuts on deposits may exacerbate the pressure on banks' liabilities, with the one-year fixed deposit rate decreasing by 15bps to 0.95% and the three-year and five-year rates down by 25bps to 1.25% and 1.30% respectively [11][12] - The 10-year US Treasury yield has risen to 4.51%, driven by concerns over liquidity and the sustainability of US fiscal conditions, leading to significant declines in the stock market [12][16] - The report highlights that the recent US-China tariff negotiations have positively impacted market confidence, resulting in a substantial increase in US stock prices and a rise in bond yields [16] Fixed Income - The report suggests focusing on the value of interbank certificates of deposit following the recent cuts in deposit rates, as banks may increase the issuance of these instruments to manage liability pressures [3][11] - It notes that the issuance of green bonds totaled approximately 9.46 billion yuan this week, a decrease of 0.853 billion yuan from the previous week, while the trading volume of green bonds increased by 2 billion yuan to 55 billion yuan [5] Industry Insights - The report recommends investing in leading tea brands like Mixue Group, which is expanding its domestic store network and pursuing overseas expansion, as well as other restaurant brands that are expected to benefit from a recovery in consumer spending [7] - In the automotive sector, the report emphasizes the importance of smart vehicle technology, predicting that 2025 will be a pivotal year for the adoption of Level 3 automation, with a projected increase in penetration rates from 10% to over 80% by 2027 [8] - The report identifies key automotive companies and components suppliers that are expected to benefit from the ongoing shift towards smart vehicles, including AI chips and electronic control systems [8][9]

Core Viewpoint - The recent surge in stock prices of companies involved in controlled nuclear fusion, particularly Wangzi New Materials, is largely driven by market interest in the nuclear fusion concept and recent government approvals for nuclear power projects in China [2][4][6]. Company Summary - Wangzi New Materials (002735.SZ) experienced a significant stock increase, closing at 15.26 yuan per share, influenced by the nuclear fusion concept and its indirect involvement in a fusion energy project [2]. - The company has been in contact with clients for two to three years regarding technology integration for a project, providing customized capacitors as electronic components [2][5]. - Wangzi New Materials has seen a 61.65% increase in stock price this month, becoming a leader in the nuclear fusion concept stocks [4]. Industry Summary - The controlled nuclear fusion index has risen from 1189.1 to 1453 since April 9, marking a 22.19% increase, outpacing the broader market indices [4]. - The Chinese government has approved multiple nuclear power projects, including five new nuclear power units, which is expected to enhance the focus on nuclear energy development in the country [5][6]. - China's nuclear power generation capacity is projected to grow significantly, with expectations of reaching 400 million kilowatts by 2035, which would align with global averages [6][8]. - The nuclear fusion sector is anticipated to attract substantial investment, with estimates suggesting that the total investment in domestic experimental reactors could exceed 60 billion yuan [7][9]. - Despite the enthusiasm, nuclear fusion remains a long-term goal, with significant challenges in commercialization and cost competitiveness compared to renewable energy sources [8][9].

Core Insights - The 2025 Chinese valve industry is characterized by a "dual-track" model, with East China brands leading high-end energy sectors through technology-intensive and globalized strategies, while South China brands focus on smart scene innovations in municipal and emerging markets [18] Group 1: Leading Brands - Suzhou Neway Valve is recognized as a technical benchmark, dominating the deep-sea oil and gas sector with the world's first 1500-meter deep-sea ball valve, certified to withstand 25000 psi [1][13] - China Nuclear Suval Technology is the only domestic company with full qualifications for nuclear-grade valves, achieving over 90% localization in third-generation nuclear power valves [3] - Jiangsu Shentong Valve holds a 53% market share in nuclear butterfly valves and has a 70MPa hydrogen refueling valve certified by Germany's TÜV [5] Group 2: Specialized Brands - Shanghai Guanlong Valve leads in the municipal water sector, with smart control valves covering 80% of municipal water supply projects and IoT technology reducing energy consumption by 30% [7] - Shanghai Qizhong Valve specializes in corrosion-resistant valves made from titanium and Hastelloy, with military products included in national procurement lists [9] - Sanhua Holdings Group dominates the thermal management valve market for new energy vehicles, holding a 38% global market share [11] Group 3: Technological Breakthroughs - The thorium-based molten salt reactor control valve has achieved a 57% reduction in production costs and has received IAEA certification [6] - Jiangsu Shentong's 70MPa hydrogen refueling valve has achieved a significant breakthrough in domestic production and has been certified by Germany's TÜV [14] - The AI health monitoring system from Di Ai Zhi Control has reduced failure rates by 62%, covering the entire lifecycle management of water supply networks [15] Group 4: Market Trends and Regional Competitiveness - High-end technology is concentrated in East China (Yangtze River Delta), where companies dominate nuclear power and deep-sea oil and gas sectors, with leading brands achieving over 40% of overseas revenue [16] - Specialized markets in South China (Pearl River Delta) focus on smart water management and IoT technologies, with municipal project coverage exceeding 80% and accelerating expansion into Southeast Asia [17]