先进核能产业观察：AI驱动叠加政策支持，可控核聚变、SMR受关注

Core Insights - The report highlights the increasing energy consumption of AI model training and inference, leading cloud companies to invest more in nuclear energy solutions [2][3] - It notes that the Chinese government is providing policy support for nuclear fusion and related technologies, with significant breakthroughs in research and development [2][3] - The report suggests that the advanced nuclear energy sector, particularly nuclear fusion and small modular reactors (SMRs), is expected to accelerate in development, benefiting related companies [3] Industry Overview - AI model training consumes substantial electricity, with GPT-3's training requiring approximately 1,280 MWh, equivalent to the monthly electricity usage of 6,400 average Chinese households [2] - By 2026, global data centers are projected to consume around 1.05 trillion kWh of electricity, comparable to Japan's annual consumption [2] - Major cloud companies, such as Oracle and Microsoft, are increasing their investments in nuclear energy to power their data centers [2] Policy and Technological Developments - The State-owned Assets Supervision and Administration Commission (SASAC) supports the development of strategic emerging industries, including nuclear fusion and quantum technology [2] - Shanghai Future Fusion Energy Technology Co., Ltd. has been established with a registered capital of 1.026 billion yuan, backed by major stakeholders [2] - Breakthroughs in quasi-ring symmetric stellarator technology have been achieved, laying the groundwork for future high-parameter operations [2] Investment Opportunities - The report recommends focusing on companies involved in nuclear fusion, such as Jingda Co., Lianchuang Optoelectronics, and Guoguang Electric [3] - It also highlights U.S. nuclear power companies like OKLO, NuScale Power, and Constellation Energy as potential investment opportunities [3] - The report indicates that capital is increasingly flowing into the controllable nuclear fusion sector, with companies like Xingneng Xuanguang securing significant funding [3]