【中信证券新材料/机械/电新】核电行业重点推荐——高端制造估值重估，短期业绩高增远期空间广阔 ‼核心观点：①核电为低位、低估值、高科技属性大容量板块，同时国内外利好催化密集；②大部分标的长期估值 受限，但短期板块将业绩高增，同时四代堆/小堆/核应用/出口/乏燃料将贡献增量；③聚变资本开支基准有望迎事 件切换，大幅拔高远期估值。 ‼高利润率高成长，估值长期受限。 25年我国核 【中信证券新材料/机械/电新】核电行业重点推荐——高端制造估值重估，短期业绩高增远期空间广阔 ‼核心观点：①核电为低位、低估值、高科技属性大容量板块，同时国内外利好催化密集；②大部分标的长期估值 受限，但短期板块将业绩高增，同时四代堆/小堆/核应用/出口/乏燃料将贡献增量；③聚变资本开支基准有望迎事 件切换，大幅拔高远期估值。 ‼高利润率高成长，估值长期受限。 25年我国核电发电占比约4.82%，世界平均水平10%，发达国家普遍在20%以上，AI需求引发行业复兴，空间广 阔。 行业壁垒导致核岛核心设备毛利率在30%以上。 在历史业绩稳健增长、毛利率较高的背景下，零部件企业估值提升长期受限，我们认为核心原因是市场对核电"远 期成长"信心不足 ...

内容概况：随着中国经济的稳步增长，作为全球最大的制造业国家，其工业控制阀市场规模持续扩大。 国内多元化的工业领域，包括石油与天然气、化工、电力、食品饮料等行业，均对工业控制阀存在持续 且庞大的需求。与此同时，中国政府推动的基础设施建设与工业现代化战略，如"新基建"等政策，进一 步为工业控制阀市场注入了增长动力。整体来看，中国工业控制阀行业市场规模保持逐年增长态势。 2019年，受中美贸易摩擦及下游需求阶段性回落等因素影响，行业规模有所回调，降至250.9亿元，同 比下降7.14%。2020年以来，伴随国内经济复苏、产业升级步伐加快以及重点项目投资拉动，市场逐步 恢复并实现持续扩张，至2025年行业市场规模达到534.9亿元。展望未来，随着国内经济持续发展与工 业化进程深入推进，工业控制阀的市场需求有望进一步增长。 相关上市企业：江苏神通（002438）、纽威股份（603699）、浙江力诺（300838）、智能自控 （002877）、中金岭南（000060）、中信特钢（000708）、首钢股份（000959）、唯万密封 （301161）、中国石油（601857）、中国石化（600028）等。 相关企业：吴忠仪表 ...

Group 1: Stock Performance - Jiangsu Shentong's stock price increased by 5.16% on February 12, 2026, closing at 19.77 yuan, with a trading volume of approximately 4.74 billion yuan [1][2] - The stock experienced a cumulative increase of 15.68% over the past five days, significantly outperforming the market (Shanghai Composite Index increased by 1.50%) and the machinery equipment sector (which rose by 3.20%) [2] Group 2: Technical Analysis - The stock recently broke through key resistance levels, with the closing price on February 12 above all short-term moving averages (5-day, 10-day, and 20-day moving averages at 18.63 yuan, 17.93 yuan, and 17.10 yuan respectively) [3] - Bollinger Bands indicate that the stock price is approaching the upper band (19.38 yuan), and the MACD histogram shows a value of 0.516, maintaining a bullish signal [3] Group 3: Institutional Holdings - As of February 12, 2026, the Galaxy Fund's Galaxy Regular Investment Tencent Jiaan Index Fund (519677) held 208,400 shares of Jiangsu Shentong, accounting for 1.03% of the fund's net value, making it the third-largest holding [4] - The estimated floating profit for the fund on that day was approximately 202,100 yuan, indicating increased market confidence due to enhanced transparency in institutional holdings [4] Group 4: Industry Policy and Market Sentiment - The stock hit a trading limit on February 9, accompanied by a high turnover rate of 4.13%, and is considered to benefit from long-term energy equipment demand within the industrial valve segment [5] - The overall machinery equipment sector showed signs of recovery, with a 0.99% increase on February 12, contributing to a sector-wide effect on individual stocks [5] - The recent price increase was primarily driven by market sentiment and technical factors, with no significant company-specific announcements [5]

Core Viewpoint - Jiangsu Shentong (002438) is actively engaging in the advancement of nuclear energy application technologies, including research and development of valves for nuclear fusion applications [1] Group 1: Company Developments - The company is closely following advancements in nuclear energy application technologies and is participating in research projects related to valve development and supply [1] - Jiangsu Shentong's subsidiary, Jiangsu Shentong Nuclear Equipment Co., has undertaken a project supply for the China National Nuclear Corporation's Southwest Institute of Physics, involving a specific model of ball valve currently in the manufacturing process [1] - The company has established a comprehensive product matrix that includes high-quality nuclear-grade butterfly valves, ball valves, pit filters, nuclear-grade instrument valves, diaphragm valves, control valves, and pneumatic diaphragm valves, and is continuously advancing product iterations [1]

Core Viewpoint - Jiangsu Shentong is actively engaging in the research and development of valve products related to nuclear energy applications, including nuclear fusion technology, and has secured a project supply contract with China National Nuclear Corporation [2] Group 1: Company Developments - Jiangsu Shentong is closely following advancements in nuclear energy application technologies [2] - The company is participating in research projects related to nuclear energy applications, specifically in valve development and supply [2] - Jiangsu Shentong Nuclear Equipment Co., Ltd. has undertaken a project supply for a specific valve product for the China National Nuclear Corporation's Southwest Institute of Physics [2]

Group 1 - The core viewpoint of the article is that Jiangsu Shentong (002438) primarily exports its nuclear power valve products through indirect export methods, partnering with large domestic enterprises that have overseas engineering contracting qualifications to ship products as part of overall engineering projects to international markets [1]

Group 1 - Jiangsu Shentong announced that on February 5, 2026, it will accept a research visit from Guosen Securities, with the participation of Vice President and Board Secretary Zhang Qiqiang and Investor Relations Manager Zhang Jian to address investor inquiries [1] - The company is engaging with investors to enhance transparency and provide insights into its operations and future prospects [1] Group 2 - The article also discusses the legality of personal stock trading by fund managers, revealing unexpected responses from several leading public funds [1] - This indicates a broader industry conversation regarding the ethical and legal implications of fund managers engaging in personal trading activities [1]

Group 1: Company Overview and Strategy - The company is actively involved in the research and development of valves for nuclear fusion applications, with a focus on high-quality products [3] - The company has established a comprehensive product matrix that includes nuclear-grade butterfly valves, ball valves, and other critical components [5] - The goal is to enhance the value of each unit to over 100 million yuan, driven by product line expansion and increased spare parts market [8] Group 2: Product Development and Market Engagement - The company is increasing resource investment to accelerate the development of advanced technologies and expand its high-end valve product range [6] - The subsidiary, Jiangsu Shentong Semiconductor Technology, has successfully validated and introduced vacuum valves and process gas valves into customer production lines [9] - The company has established partnerships in the aerospace sector, supplying components for satellite propulsion systems and achieving small-scale deliveries [10] Group 3: Operational Insights - Despite a design lifespan of 60 years for nuclear valves, regular maintenance and replacement of key components are necessary due to harsh operational conditions [7] - The company exports nuclear valve products primarily through indirect channels, partnering with large domestic enterprises for overseas projects [4] Group 4: Investor Relations - The investor meeting was held on February 5, 2026, with a total of 10 attendees, emphasizing compliance with disclosure regulations [2] - The meeting concluded without any significant undisclosed information being leaked [12]

Group 1: Investor Relations Activity - The investor relations activity included a site visit on February 5, 2026 [2] - Participating institutions were Guosen Securities, Hu'an Securities, Western Securities, Wanbo Investment, and Banxia Investment [2] - The meeting was held in the company conference room, hosted by Vice President and Board Secretary Mr. Zhang Qiqiang [2] Group 2: Discussion Topics - Institutional investors discussed the company's production and operational status, future development plans, and strategies [2] - The meeting aimed to facilitate communication between the company and institutional investors regarding its business outlook [2] - The detailed content of the discussions is available in the attachment: Investor Research Meeting Record dated February 5, 2026 [2]

Group 1 - The core point of the article highlights that Jiangsu Shentong executed a block trade of 1.49 million shares on February 3, with a transaction value of 24.585 million yuan, representing 8.23% of the total trading volume for that day [1][2] - The transaction price was set at 16.50 yuan per share, which is a discount of 3.85% compared to the market closing price of 17.16 yuan [1][2]