四川大决策投顾：多因素共振背景下，核电产业链高景气可期

Core Viewpoint - Nuclear power is recognized for its "clean, efficient, stable, and relatively controllable" attributes, making it a key solution for countries reshaping their energy supply systems. The current global nuclear power development is experiencing a positive resonance, and the entire industry chain is expected to benefit significantly [1][11]. Group 1: Importance of Nuclear Power - The importance of baseload power is increasing, with nuclear power's role becoming more prominent. The power grid is facing a baseload shortage, and nuclear power can effectively mitigate the impact of renewable energy fluctuations on the grid. It operates at full capacity regardless of climate conditions, making it an ideal substitute for fossil fuels as a baseload power source [2]. - Several countries, including the UK and South Korea, are actively promoting nuclear power, with the UK aiming to increase its share from 15% to 25% and South Korea planning for nuclear power to account for 34.6% of total electricity generation by 2036 [2]. Group 2: Nuclear Power Industry Chain - The nuclear power industry chain encompasses key stages from uranium mining and nuclear material processing to nuclear power plant operation and maintenance. The upstream includes uranium mining, fuel component manufacturing, and fuel recycling, while the midstream focuses on nuclear equipment manufacturing, and the downstream is centered on power plant construction and operation [3]. Group 3: Acceleration of Nuclear Power Approvals - The "dual carbon" goals are reshaping the status of nuclear power as a low-carbon energy source in China. The development of nuclear power has gone through four stages, with a recent rapid restart under the "dual carbon" policy. Since 2019, the approval of nuclear power units has accelerated, with projections indicating a potential installed capacity of 120 GW by 2030 [5][6]. Group 4: Positive Changes in the Nuclear Power Sector - Recent developments indicate a multi-dimensional positive shift in the nuclear power sector, driven by policy, technology, and cost optimization. In April 2025, the State Council approved five nuclear power projects totaling 10 units, with an investment exceeding 200 billion yuan. The domestic nuclear power industry is entering a phase of normalized rapid development [10]. - The domestic nuclear power construction cost has decreased to 18,000 yuan per kilowatt, a 22% reduction from 2020, while operational costs have also seen a decline due to extended fuel replacement cycles and digital operations [10]. Group 5: Investment Logic and Key Stocks - The nuclear power sector is entering a new growth cycle, benefiting from policy support, technological advancements, and cost reductions. Key stocks in the nuclear power industry include companies involved in equipment and materials, operators, and construction firms [11][12].