Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

China National Nuclear Power C / Equity Bottom-Up

<ul>
 <li>
Dominant Market Position with Strong Government Backing: As a subsidiary of the state-owned China National Nuclear Corporation (CNNC), CNNP is a leader in China's nuclear power sector, which is a strategic priority for the nation's energy security and decarbonization goals. This backing provides significant competitive advantages, including favorable policies, access to funding, and a clear growth pipeline.</li>
 <li>
Clear Growth Trajectory Driven by National Energy Policy: China has the world's most ambitious nuclear power expansion plan, aiming to reach 70 GWe of installed capacity by 2025 and 110 GWe by 2030. CNNP is a primary vehicle for this growth, with a substantial number of reactors under construction and in the approval pipeline, ensuring a long-term revenue and earnings growth runway.</li>
 <li>
High Capital Expenditure and Negative Free Cash Flow: The company's aggressive expansion strategy requires massive capital investment, leading to consistently negative free cash flow. While this is necessary for future growth, it represents a significant cash burn and reliance on financing until new reactors become operational and start generating returns.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Position with Strong Government Backing: As a subsidiary of the state-owned China National Nuclear Corporation (CNNC), CNNP is a leader in China's nuclear power sector, which is a strategic priority for the nation's energy security and decarbonization goals. This backing provides significant competitive advantages, including favorable policies, access to funding, and a clear growth pipeline.
  
Clear Growth Trajectory Driven by National Energy Policy: China has the world's most ambitious nuclear power expansion plan, aiming to reach 70 GWe of installed capacity by 2025 and 110 GWe by 2030. CNNP is a primary vehicle for this growth, with a substantial number of reactors under construction and in the approval pipeline, ensuring a long-term revenue and earnings growth runway.
  
High Capital Expenditure and Negative Free Cash Flow: The company's aggressive expansion strategy requires massive capital investment, leading to consistently negative free cash flow. While this is necessary for future growth, it represents a significant cash burn and reliance on financing until new reactors become operational and start generating returns.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: China National Nuclear Power C (601985 CH) - Sep 2025

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Nearing the end of the review period for the September rebalance, there could be three changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a>/ <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd" target="_blank" data-smartkarma-citation="entities:27092:1" rel="noopener">WuXi AppTec</a>, <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight</a> and <a href="https://www.smartkarma.com/entities/beigene-ltd-1c8ba4ff-edc5-43c3-b3fe-c3e4230f1c53" target="_blank" data-smartkarma-citation="entities:40395:1" rel="noopener">BeiGene</a> could replace <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network</a>, <a href="https://www.smartkarma.com/entities/nari-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4364:1" rel="noopener">NARI Technology</a> and <a href="https://www.smartkarma.com/entities/china-national-nuclear-power-c" target="_blank" data-smartkarma-citation="entities:25348:1" rel="noopener">China National Nuclear Power</a> in the ETF at the close on 19 September.</li>
<li>Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.</li>
</ul>


Nearing the end of the review period for the September rebalance, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK).

WuXi AppTec, Zhongji Innolight and BeiGene could replace China United Network, NARI Technology and China National Nuclear Power in the ETF at the close on 19 September.
Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.


China A50 ETFs Rebalance Preview: Three Changes in September

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025 deadline announced by the US government for making negotiations with trade partners over tariffs.</li><li>To recap, Pakistan exports US$6bn goods to USA (18%) and is country’s largest trading partner.</li><li>Last night, revised tariffs were announced by the US government, wherein Pakistan will now face reciprocal tariffs of 19% compared to earlier rate of 29%, reducing the impact by around 10ppts. However, some of the peer countries who were at much higher bracket before are almost at par with Pakistan now.</li></ul>

The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025 deadline announced by the US government for making negotiations with trade partners over tariffs.To recap, Pakistan exports US$6bn goods to USA (18%) and is country’s largest trading partner.Last night, revised tariffs were announced by the US government, wherein Pakistan will now face reciprocal tariffs of 19% compared to earlier rate of 29%, reducing the impact by around 10ppts. However, some of the peer countries who were at much higher bracket before are almost at par with Pakistan now.

Pakistan Market - Pakistan To Face 19% Reciprocal US Tariffs; Better Than India, But Largely At Par With Vietnam And Bangladesh

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>With the review cutoff done, there could be three changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a>/ <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a> ETFs in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies</a>, <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:22740:1" rel="noopener">Guotai Junan Securities</a> and <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network</a> could replace <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group</a>, <a href="https://www.smartkarma.com/entities/cgn-power-co-ltd" target="_blank" data-smartkarma-citation="entities:29504:1" rel="noopener">CGN Power</a> and <a href="https://www.smartkarma.com/entities/luzhou-laojiao-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4536:1" rel="noopener">Luzhou Laojiao</a> in the ETFs.</li>
<li>
<a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a> is expected to be added to the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> in March, so there should be inflows for the A-shares and H-shares.</li>
</ul>


With the review cutoff done, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK) ETFs in March.

Cambricon Technologies, Guotai Junan Securities and China United Network could replace Inner Mongolia Yili Industrial Group, CGN Power and Luzhou Laojiao in the ETFs.

Guotai Junan Securities (2611 HK) is expected to be added to the iShares China Large-Cap (FXI) (FXI US) in March, so there should be inflows for the A-shares and H-shares.


China A50 ETFs Rebalance Preview: China Rally Takes Cambricon Up, Up & Away

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Thematic (Sector/Industry)

<ul><li>Bloomberg Audio Studios podcast featuring discussions on the US energy system, particularly electricity generation and the nuclear power industry in China</li><li>Odd Lots podcast with hosts Tracy Alloway and Joe Weisenthal discussing the complexities of the US energy system, the growth of EVs and renewable energy in China, and the challenges in replicating China's nuclear power development model in the US</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Bloomberg Audio Studios podcast featuring discussions on the US energy system, particularly electricity generation and the nuclear power industry in ChinaOdd Lots podcast with hosts Tracy Alloway and Joe Weisenthal discussing the complexities of the US energy system, the growth of EVs and renewable energy in China, and the challenges in replicating China's nuclear power development model in the USThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

This Is How China Builds So Much Nuclear Power

China

China National Nuclear Power Co., Ltd. is a nuclear energy power producer. The Company invests in, constructs, manages and operates nuclear power plants throughout China.

China National Nuclear Power C (601985 CH)

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China National Nuclear Power C (601985 CH)

Primer: China National Nuclear Power C (601985 CH) - Sep 2025

Dominant Market Position with Strong Government Backing: As a subsidiary of the state-owned China National Nuclear Corporation (CNNC), CNNP is...

αSK

China A50 ETFs Rebalance Preview: Three Changes in September

There could be 3 changes for the ETF in Sep. The forecast adds have outperformed the forecast deletes by a huge margin over the last 4 months....

Brian Freitas

Pakistan Market - Pakistan To Face 19% Reciprocal US Tariffs; Better Than India, But Largely At Par With Vietnam And Bangladesh

The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025...

Topline Securities

China A50 ETFs Rebalance Preview: China Rally Takes Cambricon Up, Up & Away

There could be 3 changes in March. The forecast adds have outperformed the forecast deletes with 2 adds breaking to new highs. Passive impact is...

Brian Freitas

This Is How China Builds So Much Nuclear Power

The podcast episode discusses the differences and challenges in energy infrastructure between China and the US, focusing on nuclear power,...

Odd Lots

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