Huafu Securities·2025-08-24 11:02Investment 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% over the next 6 months [13]. Core Insights - The U.S. Department of Energy has announced the first batch of companies selected for the nuclear reactor pilot program, marking the official start of the competition to achieve operational test reactors by July 2026 [3][4]. - The pilot program aims to authorize the construction and testing of at least three experimental reactors by July 2026, creating a new pathway for advanced reactor development outside of U.S. national laboratories [3]. - Google and Kairos Power have chosen Tennessee as the site for an advanced nuclear power plant, which is expected to supply power to Google's data centers by 2030, driven by the increasing energy demands of generative AI [4][5]. - Nuclear power is highlighted as a crucial force in promoting green energy transition due to its clean, safe, and efficient characteristics, with annual utilization hours exceeding 7000 hours, making it the most efficient energy source [5]. Company Summaries - Jingye Intelligent: Collaborating with Zhejiang University to establish a micro-reactor/SMR technology R&D center, showcasing significant development potential in the context of global AI demand and energy transition [5]. - Jia Electric: The main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, with its subsidiary Ha Electric's nuclear main pump products leading in the nuclear power business segment [5]. - Guoguang Electric: The company's filter and cladding systems are key components of the ITER project [5]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5]. - Kexin Electromechanical: Produced high-temperature gas-cooled reactor nuclear power products, with new fuel transport containers replacing imports [5]. - Hailu Heavy Industry: Services include third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [5]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [5].