Core Insights - The report maintains a positive investment rating for the power industry, highlighting the potential for growth in nuclear energy and related technologies as China joins the "Triple Nuclear Energy Declaration" aimed at tripling global nuclear capacity by 2050 [1][23][29] Group 1: Nuclear Energy Development - China has announced its commitment to the "Triple Nuclear Energy Declaration," which aims to increase global nuclear capacity to at least three times the level of 2020 by 2050, with 38 countries currently signed on [23][24] - The report outlines the historical context of nuclear energy development, noting that from 1970 to 1990, global nuclear capacity grew from 18.1 GW to 364.2 GW, while from 2010 to 2025, China's nuclear capacity increased from 11.1 GW to 60.7 GW, reflecting a compound annual growth rate of 12.0% [28][29] - The report emphasizes the importance of nuclear power as a stable energy source in the transition to a new power system, particularly as renewable energy sources increase their share in the energy mix [41][42] Group 2: Technological Advancements - China's third-generation nuclear technologies, including the Hualong One and Guohe One, are being promoted for mass production, with significant advancements in safety and efficiency [29][32] - The report highlights the ongoing development of fourth-generation nuclear technologies, which focus on sustainability and safety, with several projects expected to come online in the coming years [15][36] - The report notes that the HTR-PM high-temperature gas-cooled reactor has successfully begun commercial operation, marking a significant milestone in fourth-generation technology [36][39] Group 3: Policy Support and Market Dynamics - The report discusses the introduction of supportive pricing policies for nuclear power in various provinces, which are expected to alleviate uncertainties in market pricing and enhance profitability for operators [4][5] - It is projected that the demand for nuclear power equipment will continue to grow, with a stable approval pace for new nuclear projects expected to maintain order and delivery certainty [4][5] - The report identifies key beneficiaries in the nuclear sector, including operators like China National Nuclear Corporation and China General Nuclear Power Group, as well as equipment manufacturers such as Shanghai Electric and Dongfang Electric [5][41]

Investment Strategy Overview - The report focuses on the restructuring of investment safety in sectors such as new energy, new military, and new technology, summarizing key internal reports and marginal changes within the manufacturing strategy team [1] Key Companies and Core Portfolio - The core companies highlighted include: Yaxing Anchor Chain, Zoomlion Heavy Industry, XCMG, Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Jinwo Co., Huatest, Taotao Vehicle, Sany Heavy Industry, China Shipbuilding, Hangcha Group, Juxing Technology, Hongdu Aviation, Hengli Hydraulic, Zhongji United, BGI, Robotech, and Jereh Holdings [1] - The core investment portfolio consists of: Zoomlion Heavy Industry, Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Fudan Microelectronics, Jinwo Co., New Times, Taotao Vehicle, Sany Heavy Industry, XCMG, Zhenlan Instrument, China Shipbuilding, Huatest, Hangcha Group, Yaxing Anchor Chain, Robotech, Juxing Technology, Yadi Holdings, Aima Technology, Hongdu Aviation, Zhongji United, BGI, Huaxiang Co., Jack Technology, Wuzhou Xinchun, Anhui Heli, Zhongli Co., Shantui, LiuGong, Hengli Hydraulic, Jereh Holdings, Jinghua New Materials, China Marine Defense, China Ordnance, Inner Mongolia First Machinery, and Optoelectronic Co. [1] Industry Insights - The report notes that the machinery sector is experiencing a shift towards embodied intelligence, with companies like Yushu Technology filing for an IPO, indicating potential future opportunities in the sector [2] - The report also highlights the performance of various industry indices, with the best-performing indices being the communication sector (+2.1%) and banking sector (+0.36%) during the week of March 16-20, 2026 [2] Fusion Energy Development - Shanghai Minhang District has accelerated the commercialization of fusion energy, establishing a comprehensive industrial ecosystem that includes R&D, manufacturing, and services [3] - The report outlines a three-step development plan for fusion energy, focusing on pilot experimental reactors, demonstration reactors, and commercial reactors, with an emphasis on creating a complete industrial ecosystem [5] Market Outlook and Investment Recommendations - The industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing demand for AI computing power and the significance of controllable nuclear fusion as a "ultimate energy" source [6] - The report estimates that the global nuclear fusion equipment market could reach an annual scale of 266 billion yuan by 2035 [6] - Investment strategies should focus on high-value segments and "chain leader" enterprises, with recommendations for midstream equipment suppliers and upstream material companies [6] Company-Specific Analysis: Jiangsu Shentong - Jiangsu Shentong is identified as a leading manufacturer of nuclear-grade valves, with significant growth potential in controllable nuclear fusion and semiconductor sectors [6] - The company holds over 90% market share in domestic nuclear-grade butterfly and ball valves, benefiting from the normalization of nuclear power approvals [7] - The report projects Jiangsu Shentong's revenue to grow from 2.2 billion yuan in 2025 to 2.8 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [7]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Nuclear fusion is considered one of humanity's ultimate energy solutions, currently in the engineering verification stage, characterized by its infinite resources, high energy density, safety, and cleanliness [1][15] - The D-T (deuterium-tritium) reaction is the most feasible fusion reaction on Earth, with global research primarily focused on magnetic confinement fusion and inertial confinement fusion technologies [2][22] - The global fusion industry is experiencing active financing, with a total of $9.766 billion raised by 2025, and 78% of companies expect to have their first commercial demonstration plant operational between 2030 and 2035 [3][4] Summary by Sections 1. Transition from Laboratory to Engineering in Controlled Nuclear Fusion - Controlled nuclear fusion is viewed as the ultimate energy solution, with characteristics such as infinite resources, high energy density, safety, and cleanliness [1][15] - Achieving fusion ignition requires meeting the Lawson criteria, with energy balance being a crucial indicator for commercial viability [17][20] - The main technical paths for achieving fusion include magnetic confinement and inertial confinement [25] 2. Magnetic Confinement Fusion: Tokamak as the Main Pathway - The Tokamak is recognized as the most promising method for achieving controlled nuclear fusion, with ITER being the largest experimental Tokamak reactor [27][29] - The core components of the Tokamak include superconducting magnet systems, vacuum chambers, and blanket systems, which are critical for maintaining plasma stability and achieving fusion [42][43] 3. Global Acceleration of Nuclear Fusion Commercialization - The fusion industry is seeing a surge in financing, with a total of $9.766 billion raised by 2025, and a fivefold increase in new financing from 2024 to 2025 [3][4] - In China, a dual-driven model involving state-owned enterprises and private companies is emerging, with significant milestones such as the establishment of China Fusion Energy Co., which is pivotal for commercialization [3][4][11] 4. Investment Recommendations - Focus on companies involved in materials and equipment manufacturing that have received validation or orders from large scientific installations in the short term [11] - Long-term attention should be directed towards operational companies in the fusion energy sector [11]

Group 1: Company Overview and Strategy - The company is focused on developing high-pressure hydrogen valves, covering the entire hydrogen industry chain from hydrogen production to refueling stations, with applications in various sectors such as logistics vehicles and drones [3] - The company has established significant product competitiveness and brand influence in the nuclear power sector, with over 150,000 nuclear valves currently in operation, achieving a market share exceeding 90% for core products like butterfly and ball valves [4][5] Group 2: Product Development and Innovation - The company has successfully developed a series of hydrogen valves, including 35MPa and 70MPa products, with the 70MPa combination pressure reducing valve recognized as internationally leading [3] - The company has a comprehensive product matrix for nuclear-grade valves, including butterfly valves, ball valves, and other specialized equipment, and is committed to continuous product iteration and technological advancement [8] Group 3: Financial Performance and Projections - The company reports normal production operations with good cash flow from operating activities, indicating no immediate financial pressure [7] - The value of valve orders provided for a single nuclear power unit exceeds 80 million yuan, with additional orders for flanges and forgings surpassing 20 million yuan [6]

Group 1: Investor Relations Activity - The investor relations activity was conducted on March 5, 2026, at the company meeting room [2] - Participants included representatives from Huaxia Fund and company executives [2] - The meeting was led by Vice President and Board Secretary Mr. Zhang Qiqiang and Investor Relations Manager Mr. Zhang Jian [2] Group 2: Discussion Topics - The main discussion focused on the company's production operations, future development plans, and strategic direction [2] - The activity aimed to facilitate communication between institutional investors and the company regarding its business performance [2]

Group 1: Investor Relations Activity - The investor relations activity involved a site visit by institutional investors to discuss the company's production operations, future development plans, and strategies [2] - Participants included Shanghai Liduo Star, Shanghai Xiaoyu Asset, Zhejiang Zebra Investment, and Guosheng Securities [2] - The meeting took place on March 2, 2026, in the company's conference room [2] Group 2: Company Representatives - The meeting was hosted by Mr. Zhang Qiqiang, Vice President and Secretary of the Board, along with Mr. Zhang Jian, Investor Relations Manager [2] - The company provided detailed insights into its operational status and strategic direction during the discussions [2] Group 3: Documentation - A detailed record of the investor survey meeting is available in the attachment dated March 2, 2026 [2]

Group 1: Company Overview and Strategy - The meeting was hosted by Vice President and Secretary of the Board, Zhang Qiqiang, who welcomed the attendees and emphasized compliance with disclosure regulations [2] - The company is focused on consolidating its position in metallurgy, developing nuclear power, expanding in petrochemicals, and serving the energy sector while aiming to increase exports [6] Group 2: Market Expansion and Product Development - The company has made significant progress in expanding its export market for nuclear valve products, primarily through indirect exports via large domestic enterprises with overseas project qualifications [3] - The value of various valves provided for a single nuclear power unit exceeds 80 million yuan, while the subsidiary Wuxi Flange has orders for nuclear flanges and forgings exceeding 20 million yuan [4] Group 3: Subsidiary Performance - The subsidiary, Zhen Tong Semiconductor Technology, specializes in the development and production of key components for integrated circuits, photovoltaics, and display panels, with some products already validated and ready for small-scale production [5] Group 4: Future Growth and Profitability - The company is investing in R&D to meet the growing demand for valves and flanges in domestic nuclear power construction, aiming to contribute significantly to national energy development [4] - The gross margin for nuclear valve products is currently stable, and it is expected to remain steady unless there are significant changes in the business model or market competition [7] - The company has begun to see results from its investments in hydrogen energy and semiconductor equipment, with a subsidiary developing special high-pressure valves that are ready for mass supply [6]

证券代码：002438 证券简称：江苏神通 公告编号：2026-003 江苏神通阀门股份有限公司 6,675,500 股人民币普通股股份，占上市公司总股本的 1.3153%。信息披露义务 人津西重工及其一致行动人合计持有公司股份 103,107,557 股，占公司总股本的 比例为 20.3153%。 本次增持计划尚未实施完毕，津西重工将根据公司股票价格波动情况及资本 市场整体趋势，在本次增持计划实施期限内完成增持。 三、增持计划实施的不确定风险 关于实际控制人的一致行动人增持计划时间过半的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 江苏神通阀门股份有限公司（以下简称"公司"）于 2025 年 12 月 3 日、2025 年 12 月 25 日分别披露了《关于实际控制人的一致行动人持股变动触及 1%整数 倍暨后续增持计划公告》（公告编号：2025-065）、《关于实际控制人及其一致行 动人权益变动触及 5%整数倍的提示性公告》（公告编号：2025-066），信息披露 义务人河北津西钢铁集团重工科技有限公司（以下简称"津西重工"）为公司实 际控制人、 ...

Summary of Nuclear Power Industry Conference Call Industry Overview - The nuclear power sector is characterized as a low-position, undervalued, and high-tech capacity segment with significant domestic and international catalysts [1][2] - The industry is expected to experience high short-term performance growth, with contributions from fourth-generation reactors, small modular reactors (SMRs), nuclear applications, exports, and spent fuel management [1][2] Key Insights - In 2025, nuclear power is projected to account for approximately 4.82% of China's electricity generation, compared to the world average of 10% and over 20% in developed countries, indicating substantial growth potential driven by AI demand [2] - The industry has high barriers to entry, resulting in core equipment gross margins exceeding 30% [2] - Despite stable historical growth and high gross margins, the valuation of component manufacturers is expected to remain constrained due to market skepticism regarding long-term growth in nuclear power [2] Delivery and Approval Trends - It is anticipated that component manufacturers will enter a peak delivery phase starting in 2026, with nuclear project approvals normalizing and the number of projects starting construction increasing from 5 in 2022 to 9 in 2025 [2] Technological Developments - China has made progress in fourth-generation reactors, with demonstration projects for high-temperature gas-cooled reactors and thorium molten salt reactors already underway, and preliminary designs for commercial fast reactors expected to be completed by 2025 [3] - The International Energy Agency (IEA) predicts that global investment in SMRs will reach $670 billion by 2050 [3] Additional Growth Drivers - Nuclear power exports and spent fuel reprocessing are expected to contribute significantly to industry growth [4] Valuation and Investment Opportunities - A shift in capital expenditure benchmarks towards fusion technology is anticipated to significantly enhance nuclear power valuations, with over 300 billion yuan in domestic capital expenditure expected to accelerate positive developments [5] - The industry is viewed as undervalued, with potential for high growth and restructured long-term valuations, making it an attractive investment direction [5] - Recommended companies include Jiangsu Shentong, Jiuli Special Materials, China National Nuclear Corporation, Atlantic, Dongfang Electric, China General Nuclear Power Group, and China Nuclear Engineering Group, along with leading companies in fusion-related components [5]

Core Viewpoint - The industrial control valve market in China is expanding steadily due to the country's economic growth and diverse industrial demands, with projections indicating a market size of 534.9 billion yuan by 2025, recovering from a dip in 2019 caused by trade tensions and demand fluctuations [1][12]. Industry Overview - Industrial control valves are devices used to regulate the flow, pressure, temperature, or level of fluids in various industrial applications, including oil and gas, chemicals, and power generation [2]. - The classification of industrial control valves includes types based on function (regulating and switching valves), stroke characteristics (linear and rotary), and the power source for actuators (pneumatic, electric, hydraulic) [2]. Industry Development History - The development of industrial control valves is closely linked to advancements in industrial production, with significant milestones from ancient Rome to modern smart control technologies [4][5]. - China's industrial control valve industry began in the 1960s and has rapidly evolved, with domestic manufacturers increasingly adopting advanced technologies and improving product quality [5][6]. Industry Supply Chain - The upstream supply chain for industrial control valves includes materials like stainless steel and rubber, while the downstream applications span various sectors such as petrochemicals, energy, and pharmaceuticals [6][8]. - The production cost distribution shows that raw materials account for over 80% of costs, with manufacturing and labor costs being significantly lower [8]. Current Industry Status - The Chinese industrial control valve market is characterized by a balance between supply and demand, with production expected to grow from 9.02 million units in 2015 to 27.49 million units by 2025, reflecting a compound annual growth rate of 12% [10][11]. - The market demand is projected to increase from 19.23 million units in 2015 to 44.89 million units by 2025, with a compound annual growth rate of 9% [10]. Competitive Landscape - The industry features a competitive landscape with foreign brands dominating the high-end market, while domestic companies like Jiangsu Shentong and Neway are gaining ground in mid to low-end segments [12][13]. - The competition is intensifying as local firms enhance their technological capabilities and begin to penetrate high-end markets, supported by government policies promoting domestic manufacturing [12][13]. Future Trends - The industrial control valve industry is expected to optimize its supply chain and meet growing market demands through advancements in materials and manufacturing processes [16]. - There will be a shift towards digitalization and smart technologies, enhancing the efficiency and adaptability of control valves in industrial applications [17]. - Customization and service-oriented manufacturing will become increasingly important as industries demand tailored solutions for complex operational requirements [18].