Haitong Securities International·2025-11-03 15:35Investment Rating - The report suggests a positive outlook for the nuclear power sector, particularly in the context of AI energy consumption, recommending attention to companies involved in nuclear energy and related infrastructure [6]. Core Insights - The U.S. government has reached a cooperation agreement with Westinghouse Electric and shareholders Cameco and Brookfield to develop a nuclear power project valued at $80 billion [4]. - The report highlights a significant increase in electricity infrastructure investment in the U.S., projected to reach $1.4 trillion from 2025 to 2030, which is double the investment of the previous decade [2]. - The demand for data centers is surging, with major companies like OpenAI and Oracle planning to develop large-scale data center facilities, indicating a robust growth trajectory in the sector [9][10]. Summary by Sections Global Infrastructure and Construction Equipment - North America's data center vacancy rate has reached a historic low of 1.6%, driven by high demand and limited power supply [9]. - The average price for data center cabinets has increased significantly, with a 19% rise for deployments over 10 MW [9]. - The U.S. energy market is experiencing a "super cycle" in investment, with rising retail electricity prices and a strong demand for infrastructure upgrades [2]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 3.43% year-on-year, indicating a stable demand for industrial equipment [3]. - The report notes a significant increase in transformer exports from China, with a 23% year-on-year growth in September 2025 [37]. - Companies like GE Vernova and Siemens Energy are expanding their production capacities to meet the growing demand for electrical equipment [42]. Global Energy Industry - The U.S. government is actively promoting the development of small modular reactors (SMRs) as a key energy solution for AI data centers, with significant investments and regulatory support expected [46][47]. - The report anticipates that by 2028, the total nuclear power capacity in the U.S. will reach 81 GW, with plans for further expansion [48]. - The collaboration between major tech companies and the nuclear sector is expected to enhance the viability and deployment of SMR technology [48]. Global New Materials - The report tracks the price movements of uranium and rare earth materials, noting a 10% increase in uranium prices in September 2025 [5]. - The demand for advanced materials is expected to rise in conjunction with the growth of the energy and technology sectors [5].