基础化工：“新基建”蔚起，岩土工程龙头东风已至

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The trend of "soft foundation" in nuclear power site selection is emerging, leading to a surge in geotechnical engineering demand. As high-quality bedrock sites become scarce in China, the use of soft soil (marine mud) for nuclear power projects is expected to increase significantly. The geotechnical market for nuclear power could reach 15 billion annually based on the approval of 10 new units each year [4] - The report highlights the potential of Zhongyan Dadi, a leading geotechnical engineering company in China, which has secured a 160 million project for the construction of nuclear power units and is pursuing further collaborations [5] - The report notes a renewed focus on nuclear power development in China, with approvals expected to rise significantly from 2022 to 2024, indicating a potential boom in the sector [10] - A new wave of port expansion projects is underway, with major ports like Zhoushan and Ningbo planning significant investments, creating opportunities for geotechnical engineering firms [11] - The report emphasizes the challenges and opportunities in the western hydropower sector, where complex geological conditions and high seismic standards present both risks and potential for growth in geotechnical engineering [20] Summary by Sections Nuclear Power Sector - The shift towards soft foundation site selection for nuclear power is confirmed, with international examples supporting this trend. The geotechnical market could reach 15 billion annually with the expected increase in nuclear unit approvals [4] - The report indicates a significant increase in nuclear power approvals from 2022 to 2024, with the government emphasizing accelerated development [10] Geotechnical Engineering Opportunities - Zhongyan Dadi is highlighted as a key player in the geotechnical engineering market, with successful bids for major projects in nuclear power and intentions for further collaboration [5] - The report discusses the ongoing port expansion projects across China, which will require substantial geotechnical engineering services, thus creating new market opportunities [11] Western Hydropower Projects - The report identifies the western hydropower sector as a potential growth area for geotechnical engineering, citing the complex geological conditions and high seismic standards that will require specialized expertise [20]