机械设备：核电增值税调整有望刺激SMR小堆加速落地，玲龙一号全球首堆冷试成功

Investment Rating - The industry rating is "Outperform the Market" [5][12] Core Insights - The adjustment of value-added tax for nuclear power is expected to stimulate the accelerated deployment of Small Modular Reactors (SMR) [1][3] - The successful cold test of the "Linglong One," the world's first land-based commercial modular small reactor, marks a significant breakthrough in China's nuclear power innovation [4] - The comprehensive utilization of nuclear energy is becoming a trend, with SMR's modular manufacturing potentially lowering costs and addressing the challenges faced by third-generation nuclear power plants [3][4] Summary by Sections - Investment Highlights: The adjustment in value-added tax for nuclear power plants aims to support both newly approved and existing reactors, with a 50% tax refund policy for certain projects [2] - Market Dynamics: The competitive electricity market is pushing for the comprehensive utilization of nuclear energy, with experts suggesting the need for innovative business models and demonstration projects for small reactors [3] - Technological Advancements: The "Linglong One" reactor has been recognized internationally, setting a benchmark for the development of small reactors globally, and is seen as a key solution for meeting the energy demands of artificial intelligence [4] - Investment Opportunities: Companies such as Jingye Intelligent, Jiadian Co., Guoguang Electric, and others are highlighted for their potential in the SMR and nuclear energy sectors, showcasing significant growth prospects [4]