核工装备深度汇报（二）：四代核电愈行愈近，乏燃料后处理投资额有望提升

Investment Rating - The report does not explicitly state an investment rating for the nuclear industry but emphasizes significant investment opportunities in fourth-generation nuclear power and spent fuel processing. Core Viewpoints - The advancement of fourth-generation nuclear power, particularly sodium-cooled fast reactors and high-temperature gas-cooled reactors, is becoming increasingly mature in China [2][4]. - The acceleration of nuclear power plant construction is expected to enhance investment in spent fuel processing, with projections indicating a substantial increase in spent fuel generation by 2030 [3][4]. Group 1: Fourth-Generation Nuclear Power - Fourth-generation nuclear power concepts were proposed in 2000, focusing on sustainability, safety, reliability, and economic efficiency [2][4]. - China is leading in high-temperature gas-cooled reactor technology, with the HTR-PM demonstration project officially entering commercial operation in December 2023 [2][16]. - Sodium-cooled fast reactors are part of China's nuclear energy strategy, with the first demonstration reactor expected to be completed in 2023 [2][24]. Group 2: Spent Fuel Processing - The construction of nuclear power plants is projected to increase the investment in spent fuel processing, with an estimated 2,749 tons of spent fuel generated by 2030 [3][40]. - China’s spent fuel processing capacity is currently inadequate compared to international standards, necessitating the construction of 3-4 new processing plants by 2035 to achieve balance [3][40]. - The annual investment in spent fuel processing equipment is expected to reach between 14 billion to 39.5 billion yuan by 2035 [40]. Group 3: Related Investment Opportunities - Investment opportunities in high-temperature gas-cooled reactors include companies like Jiadeng Co., HaiLu Heavy Industry, and Kexin Electromechanical [4]. - For sodium-cooled fast reactors, companies such as Jiuli Special Materials are recommended for investment [4]. - The demand for transportation and storage containers for nuclear fuel is anticipated to grow, with companies like Kexin Electromechanical and Lanshi Heavy Industry being highlighted [4].