核电设备系列专题报告（三）：核电阀门受益于核准常态化，加速发展

Investment Rating - The report does not provide specific investment ratings for the companies mentioned, including Nuway Co., Ltd., China Nuclear Technology, and Jiangsu Shentong [4]. Core Insights - The normalization of nuclear project approvals is accelerating, benefiting nuclear power equipment, with a target of 70 GW operational capacity by 2025 as outlined in the "14th Five-Year Plan" [3][31]. - The demand for nuclear valves is expected to rise due to increased construction and maintenance of nuclear power plants, with projected investments of 231 billion yuan in new projects by 2025 [3][31]. - The trend towards domestic production is evident, with only 26 companies having obtained nuclear-grade valve design and manufacturing licenses, indicating significant technical barriers in the industry [3][31]. Summary by Sections Section 1: Accelerating Normalization of Approvals - Nuclear energy is recognized as a key component in future energy structures, especially under carbon neutrality goals [23]. - The global nuclear power capacity needs to double by 2050 to meet climate targets, with China leading in operational and under-construction reactors [23][24]. Section 2: Demand for Nuclear Valves - The construction of nuclear power plants is expected to drive the demand for nuclear valves, with a market size of approximately 6.376 billion yuan for new nuclear island valves and 6.584 billion yuan for conventional island valves [3]. - Regular maintenance of nuclear units will stabilize the demand for nuclear valves, further supported by the construction of spent fuel reprocessing plants [3][31]. Section 3: Domestic Production Trends - The domestic valve industry has made significant progress in technology and production capacity, with a focus on replacing imported products [3]. - The successful development of key valve technologies, such as the pressure regulator pilot safety valve, marks a significant achievement in domestic capabilities [52]. Section 4: Related Companies - Companies to watch in the nuclear valve manufacturing sector include Nuway Co., Ltd., China Nuclear Technology, and Jiangsu Shentong, which are positioned to benefit from the industry's growth [3].