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Investment Rating - The report provides a "Buy" rating for the nuclear power industry, indicating a positive outlook for the sector's performance over the next 6 to 12 months [13]. Core Insights - The approval of five nuclear power projects, totaling 11 units, by the State Council on August 19, signifies a heightened focus and construction intensity in the nuclear sector, which is expected to enhance industry prosperity [3][9]. - The nuclear power sector is projected to see a completion investment of 407 billion yuan in the first half of 2024, reflecting a year-on-year increase of 13.5%, indicating a robust growth trajectory [3][9]. - The report highlights a significant increase in capital expenditure for China Nuclear Power in 2024, raised to 121.5 billion yuan, a year-on-year growth of approximately 52%, with two-thirds allocated to nuclear investments [9]. Summary by Sections Industry Events - The recent approval of 11 nuclear units, the highest in recent years, underscores the government's commitment to nuclear power development, which is expected to drive industry growth [9]. - The approved projects include various technologies, such as the high-temperature gas-cooled reactor, marking a breakthrough in nuclear technology diversity [9]. - The emphasis on nuclear power as a key component of green energy transition aligns with national policies aimed at promoting clean energy sources [9]. Investment Recommendations - The report suggests that the high volume of project approvals will lead to sustained growth for equipment manufacturers in the nuclear sector, recommending companies like Dongfang Electric and Jiangsu Shentong for investment [9]. - For nuclear power operators, the increase in approved units is expected to enhance long-term growth potential, with companies like China Nuclear Power and China General Nuclear Power being highlighted for their promising outlook [9].