核电行业专题研究：核准提速，国内核电加快发展

Investment Rating - The report gives an "Accumulate" rating for the nuclear power industry, indicating a positive outlook for investment opportunities in this sector [3][6]. Core Insights - The nuclear power industry in China is experiencing rapid development due to technological advancements and an expanding range of application scenarios. The approval of new nuclear units is gradually increasing, with 10 units approved in both 2022 and 2023, and further growth expected in 2024 [3][6]. - China is becoming a major player in the global nuclear power sector, enhancing cooperation with other countries, which will facilitate the export of nuclear technology and equipment [3][6]. - The domestic nuclear power market is expected to grow significantly, driven by increasing capital expenditures and investments in nuclear power infrastructure [3][6]. Summary by Sections Investment Recommendations - The report recommends investing in leading nuclear equipment companies such as Dongfang Electric, which holds over 35% market share in the nuclear equipment sector. Other recommended companies include China Nuclear Technology, Jiadian Co., Jiangsu Shentong, and Hailu Heavy Industry [8][9]. China's Nuclear Power Development - China's nuclear power development is gradually recovering, with a significant increase in the number of approved units since the resumption of approvals in 2019. The total installed capacity of nuclear power in China is expected to continue to rise, contributing to a cleaner energy mix [10][28]. Technological Advancements - The report highlights the full domestic replacement of third-generation nuclear reactors and the ongoing research and development of fourth-generation reactors, positioning China as a leader in nuclear technology [3][6][19]. - The military-civilian integration trend is also noted as a significant driver for the development of nuclear power in China [3][6]. Market Growth Potential - The nuclear equipment market is projected to grow rapidly, supported by increasing investments in nuclear power generation and the stable market structure of the nuclear island equipment sector [3][6][28]. - The report emphasizes that the nuclear power industry is characterized by high technical barriers and a stable competitive landscape, which will benefit leading companies in the sector [3][6].