全国上半年核电运行情况出炉，整体运行稳健

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 [6][13]. Core Insights - The nuclear power sector in China is showing robust performance, with a total of 58 operational nuclear units and an installed capacity of 61,007.74 MWe as of June 30, 2025. The cumulative electricity generation from nuclear power reached 230.086 billion kWh, accounting for 5.08% of the national electricity generation, reflecting a year-on-year growth of 8.06% [3][4]. - The safety standards are being met, with no significant operational incidents reported in the first half of 2025. Environmental monitoring shows no abnormalities, and several key projects have made significant progress, enhancing nuclear technology development [4][5]. - Nuclear power is recognized as a crucial force in promoting the green energy transition due to its clean, safe, and efficient characteristics. It has the highest annual utilization hours among all power sources, consistently exceeding 7,000 hours, and does not emit harmful pollutants during production [5]. Summary by Sections Operational Performance - As of June 30, 2025, China has 58 operational nuclear power units with a total installed capacity of 61,007.74 MWe. In the first half of 2025, one new unit was commissioned, and the cumulative electricity generation was 230.086 billion kWh, marking an 8.06% increase year-on-year [3]. - The average utilization hours for nuclear power units were recorded at 3,868.71 hours, with a capacity factor of 92.46% [3]. Safety and Project Development - No INES Level 1 or higher incidents occurred in the first half of 2025, and radioactive emissions were below regulatory limits. Significant advancements were made in various nuclear projects, including the completion of hot testing for the Zhangzhou Nuclear Power Unit 2 and the installation of the main pump for Hainan's "Linglong No. 1" [4]. Investment Opportunities - The report suggests focusing on several companies within the nuclear sector, including: 1. Jiadian Co., which leads in helium fan technology for fourth-generation high-temperature gas-cooled reactors [5]. 2. Guoguang Electric, a key supplier for the ITER project [5]. 3. Lanshi Heavy Industry, which covers the entire nuclear fuel cycle [5]. 4. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [5]. 5. Hailu Heavy Industry, servicing various reactor types including third and fourth generation [5]. 6. Jiangsu Shentong, which has secured over 90% of orders for nuclear-grade valves in new nuclear projects [5]. 7. Xianheng International, whose products are used in the operation and maintenance of nuclear power [5].