电力设备及新能源行业快报：核电景气度全面提升，产业链有望持续受益

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [3][10] Core Views - The nuclear power sector is experiencing a significant upturn, with the entire industry chain expected to benefit continuously. Recent project initiations, such as the Shandong Zhaoyuan Nuclear Power Project and the Zhejiang San'ao Nuclear Power Project, mark the commencement of major construction efforts [1] - The listing of China Uranium Corporation is anticipated to enhance the domestic uranium supply capacity and resource security, filling a gap in the capital market for the uranium industry [6] - China's nuclear power capacity continues to grow, with a total of 59 operational reactors and 53 under construction, indicating a strong recovery in the global nuclear market and vast overseas opportunities [7] Summary by Sections Industry Performance - The nuclear power sector has seen a 23.3% year-on-year increase in investment completion, amounting to 990.9 billion yuan from January to September 2025 [6] - The approval of new nuclear power units has been consistent, with over 10 units approved annually since 2022, contributing to a total investment exceeding 200 billion yuan for the newly approved units in 2025 [6] Market Dynamics - The natural uranium market is tightening, with expectations of a gradual price increase. China Uranium Corporation holds significant mining rights and advanced extraction technologies, positioning it well for future growth [6][9] - The global nuclear power landscape is expanding, with China's nuclear generation capacity still below that of other major economies, indicating room for growth [7] Investment Recommendations - For equipment manufacturers in the nuclear power sector, companies like China Nuclear Technology and Dongfang Electric are recommended due to expected high growth in equipment orders [9] - In the nuclear operation and construction segment, firms such as China National Nuclear Corporation and China General Nuclear Power Group are highlighted for their long-term growth potential [9] - The fourth-generation reactors and fusion energy projects are also recommended for investment, with companies like Hezhong Intelligent and Jiadian Co. being noted for their involvement in these areas [9]