Nuclear Power Listing Accelerates Securitization of Nuclear Power Assets

People expect that nuclear power can become a new "leader" for A shares. This is not a "whimsical", for a long time, regardless of policy or industry, China's nuclear power is accumulating power for its forthcoming "explosion."

What is even more exciting for the market is that recently, Liu Qi, deputy director of the National Energy Administration, who attended the "3rd Energy Forum," gave a high hope for China's nuclear electrodes. He said: China's nuclear power is entering a safer, more secure and more orderly way. In the development stage, China will gradually become the world's nuclear power industry center and achieve a historical leap from a nuclear power to a nuclear power.

Especially since May, the first demonstration project of China’s own third-generation nuclear power “Hualong I”, Fuqing Nuclear Power Unit 5, has officially started construction. This is the first domestically-established third-generation nuclear power generation technology unit officially launched since the restart of nuclear power; closely followed by the news from the China Securities Regulatory Commission that China’s nuclear power was approved for the first time. At this point, A shares were born the first pure nuclear power listed company.

China's nuclear power "going out"

According to reports, “Hualong 1” is the independent innovation achievement of nuclear power generation of China Nuclear Power Group and China Guangdong Nuclear Power Group based on the mature experience of nuclear power construction and operation in China for more than 20 years.

Not only that, it is reported that the localization rate for the construction of the first batch of Hualong No. 1 will not be lower than 85%, and the localization rate of equipment after mass production will be no less than 95%. The supply of key equipment can rely on the existing domestic nuclear power generating units. Ability. In addition, the localization rate of another three generations of major nuclear power technology CAP1400 equipment will also reach 85%.

At the same time, the technology reactor uses the "177 core" design of China National Nuclear Corporation, which is 5% -10% higher than the power generation capacity of the domestic nuclear power generating units. It also reduces the power density in the core and improves the safety of nuclear power plants.

According to Qian Zhimin, general manager of China National Nuclear Corporation, the birth and construction of the “Hualong 1” million kilowatt-class nuclear power unit has enabled China to become a third-generation nuclear power generation technology independent of the United States, France, Russia, and other countries. , Landmark.

In the view of the industry, in the international nuclear power market, China's role is often capital output rather than technical output. The reason for this is that although China has now obtained its own third-generation nuclear power technology, it can only be recognized in the international market after it is completed and verified.

However, under the strong push of the top management, China’s recent nuclear power “going out” has also achieved remarkable results.

According to the latest news, China National Nuclear Corporation has successfully exported four nuclear power units, namely Pakistan's Chashma 4 units as well as a research reactor and 5 micro reactors. In addition, China National Nuclear Corporation is also working with nearly 20 countries including Argentina, Egypt and the United Kingdom to negotiate on nuclear energy cooperation.

In addition to CNNC, the current overseas promotion of the National Nuclear Power Technology Corporation (NSC) mainly includes two projects in South Africa and Turkey. It is reported that among these South African projects, the first batch of South African government and nuclear-related enterprise experts have begun to receive a four-month nuclear power professional training in China.

The launch of a large-scale construction of nuclear power, another "big event" of nuclear power since May, was the successful passage of China's nuclear power.

According to the China Nuclear Power Prospectus, China’s current nuclear power projects in operation are mainly operated by China Nuclear Power and China General Nuclear Power, among which, CGN Power is affiliated to China General Nuclear Power Group (previously listed on the Hong Kong stock market) and the other is China Nuclear. Industrial Group Co., Ltd. is the controlling shareholder of China Nuclear Power Co., Ltd. (China Nuclear Power) jointly established by China Three Gorges Corporation, China Ocean Shipping (Group) Corporation and Aerospace Investment Holdings Co., Ltd.

At this time, China Nuclear Power plans to publicly issue not more than 3.65 billion shares on the A-share main board, accounting for approximately 25% of the total share capital after the issuance, and intends to raise funds of 16.25 billion yuan. Among the funds raised, 7.05 billion yuan will be used to supplement liquidity, and other funds will be used for Fujian Fuqing Nuclear Power Project, Zhejiang Sanmen Nuclear Power Phase I Project, Hainan Changjiang Nuclear Power Project and Tianwan Nuclear Power Station No. 3 and 4 Unit Projects.

In the view of the industry, the listing of China's nuclear power is paving the way for the securitization of nuclear power assets and is also a “symbol” for China’s large-scale nuclear power project construction.

In April this year, Zhang Huazhu, chairman of the China Nuclear Energy Industry Association, pointed out that 2015 is the year of the end of the “Twelfth Five-Year Plan.” It is expected that 6-8 units will start construction and 8 nuclear power units will be put into commercial operation during the year. It will be the most significant year for commercial nuclear power units to be put into operation, and it will be a critical year for the restart of nuclear power.

At present, 23 nuclear power units have been put into commercial operation in China, with a total installed capacity of 21.386 million kilowatts. By the end of 2014, the total installed nuclear power capacity was 20.306 million kilowatts, which accounted for 1.49% of the country's total installed capacity of electricity; cumulative power generation was 130.58 billion kilowatt-hours, which accounted for 2.39% of the country's total power generation, an increase of 18.89% over 2013.

In addition, China is building 26 nuclear power generating units with an installed capacity of 28.5 million kilowatts, and it continues to maintain the world's largest scale in construction. According to the performance indicators stipulated by the World Association of Nuclear Power Operators, among the more than 400 operating units in the world, China's in-service nuclear power units are generally at an upper level, and some of the units and safety indicators have reached world advanced levels.

Zhang Huazhuo introduced that before 2030, it was an important strategic opportunity for China’s nuclear power development, and the nuclear energy industry was still faced with periodic difficulties and challenges. In the rhythm of development, in the next 10 years, China’s nuclear power must maintain a rapid pace of development in order to ensure the realization of nuclear power development goals in the “Energy Development Strategic Action Plan (2014-2020)” in order to optimize the energy structure and reduce greenhouse gas emissions. Make its due contribution; In the advancement of the project, AP1000 nuclear power autonomy relies on the project needs to solve the problems encountered in the first unit construction as soon as possible. The requirements for restarting the construction of new nuclear power projects in coastal areas need to be implemented urgently, and the construction of inland nuclear power needs to be accelerated. According to research and demonstration, only in this way can we provide strong support for the steady development of nuclear power during the “13th Five-Year Plan”; on the implementation of innovation-driven strategy, we will break through the bottleneck of nuclear power technology, improve the capability of independent innovation of nuclear power technology, and realize the localization and autonomy of the third generation of nuclear power machinery. Only by laying a solid foundation for the "going out" of nuclear power and realizing the transition from a nuclear power giant to a nuclear power giant; in the coordinated development of the nuclear power industry chain, nuclear power equipment manufacturing companies have both the problems of excess production capacity and underemployment, as well as nuclear power equipment. The issue of continuous improvement in manufacturing capabilities and levels; In strengthening public communication and communication, governments, enterprises, and social organizations still need to make greater efforts to further create a favorable social environment for the development of nuclear power. In the innovation of institutional mechanisms, there are still some outstanding problems in the nuclear power industry system. Deepen reforms to further improve.