机械设备行业定期报告：全球核电发电量或在2025年达新高，法国和意大利合作部署小型堆

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - The development of nuclear energy is accelerating, with global nuclear reactor generation expected to reach a new high by 2025, driven by increased investment, technological advancements, and policy support [3]. - Over 420 nuclear reactors are currently operational globally, with more than 70 GW of new nuclear power capacity under construction, marking one of the highest levels in the past 30 years [3]. - Nuclear power accounts for nearly 10% of global electricity generation, making it the second-largest low-emission power source after hydropower [3]. - The collaboration between France and Italy focuses on the industrial application of small modular reactors, emphasizing new technologies and opportunities for combined heat and power systems [4]. - Nuclear power is recognized for its cleanliness, safety, and efficiency, maintaining an annual utilization rate of over 7000 hours, which is the highest among all power sources [5]. - The report highlights the increasing importance of nuclear energy in various applications beyond electricity generation, including desalination, hydrogen production, and medical protection [5]. Company Summaries - Jia Dian Co., Ltd.: Focuses on helium fans for fourth-generation high-temperature gas-cooled reactors and leads in nuclear pump products [5]. - Guoguang Electric: Supplies key components for the ITER project, specifically filters and cladding systems [5]. - Lanshi Heavy Industry: Covers the entire nuclear energy supply chain from upstream nuclear fuel systems to downstream spent fuel processing [5]. - Kexin Electromechanical: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [5]. - Haili Heavy Industry: Provides services for third and fourth-generation reactors as well as fusion reactors (ITER) [5]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves in new nuclear power projects in China [5]. - Xianheng International: Supplies products for the operation and maintenance of nuclear energy facilities [5].