中国铀业上市在即，关注核电板块投资机遇

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The upcoming listing of China Uranium Industry is expected to create investment opportunities in the nuclear power sector, driven by a sustained demand for nuclear materials due to global nuclear energy construction [1] - A long-term supply-demand gap for nuclear materials is anticipated, as the global nuclear power capacity is projected to increase significantly by 2050, reaching between 561GW and 992GW [1][2] - China's nuclear power capacity is expected to grow to 130 million kW by 2030, 170 million kW by 2035, and 340 million kW by 2050, representing 4.5%, 5.1%, and 6.7% of the total national power capacity respectively [1][2] Summary by Sections Industry Overview - As of the end of 2024, there are 440 operational nuclear reactors globally, with a total installed capacity of 398GW, an increase from 392GW at the end of 2023 [1] - The report highlights the strategic importance of nuclear materials as scarce resources essential for the development of the nuclear industry, with increasing downstream demand expected [1] Policy Support - The Chinese government is actively promoting nuclear power development as part of its "dual carbon" goals, with a series of supportive policies and plans aimed at increasing nuclear power capacity [2] - The approval of new nuclear power units has significantly increased in recent years, with 10 units approved in 2022, 10 in 2023, and 11 in 2024 [2] Investment Opportunities - The report suggests focusing on companies such as Sanxiang New Materials, which has begun production of nuclear-grade zirconium sponge and has successfully integrated into the nuclear power supply chain [3] - China Uranium Industry is highlighted as a key player, with its main product, natural uranium, being critical for nuclear industry development [3] - Shenzhen New Star is also mentioned, with its production lines for boron trifluoride nearing completion, which is used in nuclear reactor control agents [3]