Di Yi Cai Jing·2025-11-05 00:31Core Insights - The report from CITIC Securities highlights a trend of regulatory easing in the U.S. small modular reactor (SMR) industry since Trump's executive order aimed at promoting nuclear power on May 23, 2025 [1] - The demand side is driven by the rapid growth in electricity demand from data centers, allowing nuclear power to maintain a premium [1] - On the supply side, industry technology is maturing, with commercial operations expected to begin as early as 2027-2028 [1] - With the dual drivers of AI demand and policy support, total investment in the U.S. SMR industry is projected to approach $1 trillion over the next 20 years [1] - Annual investment in the construction market is expected to exceed $30 billion, with the fuel market projected to reach $18.3 billion by 2048 [1] - As the SMR industry is still in the pre-commercialization phase, upstream fuel and raw material supply, as well as midstream equipment manufacturing, are expected to benefit first [1]