Investment Rating - The industry rating is "stronger than the market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - Major technology and new energy companies are entering the nuclear power sector, creating a diversified new landscape for nuclear energy in China. Companies like Alibaba and Geely are investing in coastal nuclear power projects, focusing on stable energy to support computing power demands [3][4]. - The policy environment is increasingly favorable for private investment in nuclear power, with the proportion of private capital expected to rise to 10% by 2024. This trend is supported by the integration of AI and nuclear energy, which is anticipated to deepen as the demand for computing power grows [4]. - Small Modular Reactors (SMR) are highlighted as a key solution to meet the energy demands of AI, with significant interest from technology giants. Companies are developing tailored energy solutions for data centers using SMR technology [5]. Company Summaries - **Jingye Intelligent**: Plans to establish a subsidiary focused on SMR technology for AI data center power supply [6]. - **Jia Electric**: Its main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor's primary circuit, leading in the nuclear power business segment [6]. - **Guoguang Electric**: Provides critical components for the ITER project, focusing on filter and cladding systems [6]. - **Lanshi Heavy Industry**: Covers the entire nuclear energy supply chain from upstream nuclear fuel systems to downstream spent fuel processing [6]. - **Kexin Electromechanical**: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and fusion reactors [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [6].

Summary of Key Points Core Viewpoint - On January 30, Jiangsu Shentong conducted a block trade of 1.51 million shares, with a transaction value of 24.915 million yuan, accounting for 3.83% of the total trading volume for the day. The transaction price was 16.5 yuan, representing a discount of 4.24% compared to the market closing price of 17.23 yuan [1]. Group 1 - The block trade involved a total of 151,000 shares at a price of 16.50 yuan per share [2]. - The total transaction amount for the block trade was 1,650,000 yuan for 100,000 shares and 841,500 yuan for 51,000 shares [2]. - The buyers included Round Gold Securities Co., Ltd. and Guojin Securities Co., Ltd., while the sellers were Changcheng Securities Co., Ltd. and Huashan Securities Co., Ltd. [2].

Group 1 - Jiangsu Shentong's stock closed down by 2.60% at a price of 16.50 yuan on January 29 [1] - A block trade occurred with a total volume of 1 million shares and a transaction amount of 16.94 million yuan, with a premium rate of 2.67% [1] - The buyer was Guojin Securities Co., Ltd., and the seller was Great Wall Securities Co., Ltd. [1] Group 2 - In the last three months, Jiangsu Shentong has had a total of 14 block trades, amounting to 174 million yuan [1] - Over the past five trading days, the stock has seen no change in price, with a net inflow of 29.99 million yuan from main funds [1]

Summary of Key Points Core Viewpoint - On January 29, Jiangsu Shentong executed a block trade of 1 million shares, with a total transaction value of 16.94 million yuan, representing 4.4% of the total trading volume for the day, and the transaction price was 16.94 yuan, which is a premium of 2.67% over the market closing price of 16.5 yuan [1]. Group 1 - The block trade involved 1 million shares of Jiangsu Shentong [1]. - The total transaction amount for the block trade was 16.94 million yuan [1]. - The transaction price of 16.94 yuan was at a premium of 2.67% compared to the market closing price [1]. Group 2 - The transaction accounted for 4.4% of the total trading volume on that day [1]. - The buyer was Yuanjin Securities Co., Ltd., while the seller was Great Wall Securities Co., Ltd. [2].

格隆汇1月29日丨江苏神通(002438.SZ)机构投资者调研活动记录显示，公司的全资子公司江苏神通核能 装备有限公司作为江苏神通深耕核能应用领域的独立实体，持续投入研发力量跟进我国核能应用技术进 步所需各类阀门的研制。目前核能装备公司已经承接中核集团核工业西南物理研究院某工程项目，相关 产品为某型号球阀，正处于制造过程中。 ...

Group 1 - The core viewpoint of the article highlights that Jiangsu Shentong's subsidiary, Shentong Semiconductor Technology (Nantong) Co., Ltd., is engaged in the research, production, and sales of critical components such as vacuum valves, process gas valves, fittings, and measuring instruments required in industries like integrated circuits, photovoltaics, and display panels [1] - Some products have completed validation and have been introduced in small batches into customer production lines, indicating readiness for mass production and large-scale market promotion [1] - The market prospects for these products are described as broad, suggesting significant growth potential in the relevant industries [1]

Core Viewpoint - Jiangsu Shentong (002438.SZ) has established partnerships with several aerospace technology companies in the satellite electric propulsion system valve sector, indicating a growing presence in the aerospace industry [1] Group 1 - The company’s subsidiary, Shentong New Energy, can supply satellite electric propulsion gas modules, rocket valve components, launch site valve components, and ground device valve components [1] - The company has achieved small batch supply for its products, demonstrating its capability to meet industry demands [1]

Core Viewpoint - Jiangsu Shentong (002438.SZ) is actively investing in research and development in the nuclear energy sector through its wholly-owned subsidiary, Jiangsu Shentong Nuclear Equipment Co., Ltd, which is engaged in the manufacturing of various valves required for nuclear energy applications [1] Group 1 - Jiangsu Shentong Nuclear Equipment Co., Ltd operates as an independent entity focusing on the nuclear energy application field [1] - The company is currently involved in a project with China National Nuclear Corporation's Southwest Institute of Physics, specifically manufacturing a certain model of ball valve [1] - The manufacturing process for the ball valve is currently underway [1]

Group 1: Investor Relations Activity - The event was a site visit conducted on January 28, 2026 [1] - Participants included institutional investors from CITIC Securities and Southern Fund [1] - The meeting was hosted by the Vice President and Secretary of the Board, Mr. Zhang Qiqiang, and the Investor Relations Manager, Mr. Zhang Jian [1] Group 2: Discussion Topics - Investors engaged in discussions regarding the company's production and operational status [1] - Future development plans and strategic direction were key points of communication [1] - Detailed records of the investor meeting are available in the attached document [1]

Group 1: Company Overview and Strategy - The company has established significant product competitiveness and brand influence in the nuclear power sector, with over 150,000 nuclear valves in operation and a market share exceeding 90% for core products like nuclear butterfly and ball valves [3] - The company emphasizes a healthy competitive landscape characterized by complementary advantages and mutual development among peers in the nuclear power industry [3] - The company is committed to continuous investment in R&D to advance its product offerings and maintain its leading position in the market [9] Group 2: Product Lifecycle and Maintenance - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and replacement of key components are necessary due to harsh operating conditions [4][5] - The company implements preventive maintenance strategies to ensure the reliable operation of valves exposed to severe environments, such as seawater systems [4] Group 3: Expansion into New Markets - The company’s subsidiary, Jiangsu Shentong Nuclear Energy Equipment Co., is actively engaged in developing valves for nuclear fusion applications, currently working on a project for the China National Nuclear Corporation [6] - The subsidiary Shentong Semiconductor Technology is producing vacuum valves and process gas valves for industries like integrated circuits and photovoltaics, with products already validated and ready for mass production [7] - The company has established partnerships in the aerospace sector, supplying valves for satellite electric propulsion systems and rocket components [8] Group 4: Future Product Development - The company has developed a comprehensive product matrix that includes various high-quality nuclear valves and is focused on continuous product iteration and technological advancement [9] - Resources are being allocated to accelerate the development of cutting-edge valve products, aiming to provide more complete and leading-edge solutions to the market [9]