机械设备：全球首堆玲龙一号汽机扣盖圆满完成，俄罗斯拟向越南提供核电机组

Investment Rating - The industry rating is "Outperform the Market" [6][13] Core Insights - The successful completion of the turbine cover for the "Linglong No. 1" conventional island marks a significant milestone in the nuclear power sector, with the project utilizing third-generation nuclear technology and a capacity of 125 MW [3][5] - Russia plans to provide nuclear power units and reactors to Vietnam, indicating a growing international collaboration in nuclear energy development [4][5] - Nuclear power is highlighted as a crucial force in promoting green energy transition due to its high annual utilization hours and minimal emissions compared to other energy sources [5] Summary by Sections Investment Highlights - The "Linglong No. 1" turbine cover completion is a critical step for the safe and stable operation of the nuclear power unit [3] - Russia's memorandum with Vietnam includes the provision of large-capacity nuclear power units and modular reactors, enhancing Vietnam's nuclear energy capabilities [4] Industry Characteristics - Nuclear power is recognized for its cleanliness, safety, efficiency, and minimal land use, making it essential for addressing climate change and ensuring energy security [5] - The report suggests that nuclear energy will expand its role beyond electricity generation to include seawater desalination, hydrogen production, and medical protection [5] Recommended Companies - The report recommends several companies for investment consideration, including: 1. Jiadian Co., which leads in helium fan products for fourth-generation reactors [5] 2. Guoguang Electric, which provides key components for ITER projects [5] 3. Lanshi Heavy Industry, covering upstream nuclear fuel systems to downstream spent fuel processing [5] 4. Kexin Electromechanical, which manufactures high-temperature gas-cooled reactor products [5] 5. Hailu Heavy Industry, servicing various reactor types [5] 6. Jiangsu Shentong, securing over 90% of orders for nuclear-grade valves in new projects [5] 7. Xianheng International, involved in the operation and maintenance of nuclear power [5]