核电设备行业系列深度报告一：AI需求催化全球核电重启，国内定调积极有序

Investment Rating - The report rates the nuclear power equipment industry as "Positive" [1] Core Insights - The demand for nuclear power is expected to benefit from AI-driven energy needs, with major tech companies like Microsoft, Google, Amazon, and Meta investing in nuclear energy [4][12] - The policy environment is shifting towards a more supportive stance, with a forecasted compound annual growth rate (CAGR) of approximately 8.4% for nuclear power installations from 2023 to 2035, increasing the share of nuclear power to about 10% by 2035 [4][44] - The domestic approval process for nuclear power projects is accelerating, with an expected CAGR of about 7% for new nuclear power equipment from 2023 to 2035 [4][40] Summary by Sections Global Nuclear Power Industry - AI is catalyzing a resurgence in nuclear power demand, with significant investments from leading tech companies [4][12] - The global nuclear power sector is entering a recovery phase, with a historical context of development phases leading to the current restart phase since 2023 [14][24] - Nuclear power generation accounts for approximately 9% of global energy production, with varying shares across countries [25][24] Domestic Nuclear Power Development - China's nuclear power technology has evolved through stages of following, imitating, and leading [29] - The domestic nuclear power policy has transitioned to a more proactive and orderly approach, emphasizing safety and the importance of nuclear energy in achieving carbon neutrality goals [34][31] - China is projected to become the world's largest nuclear power nation, with 102 operational and approved nuclear units [32] Nuclear Power Equipment Market - The nuclear island equipment constitutes over half of the total investment in nuclear power projects, with a significant market space projected during the 14th and 15th Five-Year Plans [56][68] - The report highlights the high gross margins of core components in the nuclear island, with margins ranging from 40% to 50% [62] - The expected market size for nuclear power equipment during the 14th Five-Year Plan is estimated at around 100 billion annually [68] Future Nuclear Technologies - The focus is on advanced nuclear technologies such as Generation IV reactors, Small Modular Reactors (SMR), and controlled nuclear fusion [5][74] - The global market for fusion equipment is anticipated to grow at a compound annual growth rate of 26% from 2023 to 2033 [5][74] - The report recommends companies like Lianchuang Optoelectronics and Jingda Co., Ltd. as beneficiaries of the nuclear fusion advancements [6]