CGN MINING(HK:01164) Haitong Securities International·2025-08-14 11:05Investment Rating - The report suggests a positive outlook for the nuclear power industry, indicating that the entire nuclear power supply chain has entered a performance release window, shifting from thematic trading to fundamental-driven logic [5]. Core Insights - Brookfield projects that global AI infrastructure investment will exceed $7 trillion over the next decade, with approximately $4 trillion allocated for chips, $2 trillion for AI data centers, and $500 billion each for power transmission and other technologies [1][16]. - The U.S. electricity demand forecast has been revised upwards, with expectations of a 15.8% increase by 2029, driven by significant infrastructure investment and the need for enhanced power transmission capabilities [20][21]. - The report highlights a robust recovery in the aerospace and defense sectors, with increased defense spending and modernization needs, suggesting investment opportunities in companies like BAE Systems and Raytheon Technologies [5][6]. Summary by Sections Global Infrastructure and Construction Equipment - Brookfield anticipates over $7 trillion in global AI infrastructure investment in the next decade, with significant allocations for data centers and chip manufacturing [1][16]. Global Electrical and Intelligent Equipment - The U.S. gas turbine price index increased by 1.3% year-on-year as of June 2025, while the production price index for electric and special transformers remained stable [2][26]. - U.S. transformer exports saw a significant increase, with June 2025 figures showing a 48% year-on-year growth [34]. Global Energy Industry - U.S. electricity prices rose by 66.89% week-on-week, while natural gas prices also saw an increase [3]. - The U.S. Department of Energy has selected 11 companies for a pilot program aimed at deploying high-tech nuclear reactors to meet rising electricity demands driven by AI data centers [44][45]. Global New Materials - The report notes a decline in uranium spot prices, with July 2025 figures at $71.10 per pound, down 9.4% month-on-month [4]. Global Defense and Aerospace - The aircraft engine and parts manufacturing price index remained stable, with a year-on-year increase of 1.5% as of June 2025 [4]. - Increased defense spending and the recovery of the aerospace sector present investment opportunities in companies involved in high-performance structural components and aerospace parts manufacturing [5][6].