2026年核电行业投资机会展望

Investment Rating - The report indicates a positive outlook for the nuclear power sector, driven by increasing demand for AI electricity and advancements in third-generation nuclear technology [3]. Core Insights - The nuclear power sector is experiencing an upturn in demand, with major countries adopting favorable stances towards nuclear energy. The U.S. has ambitious plans to increase nuclear capacity to 400 GW by 2050, while China has accelerated its nuclear project approvals since 2019. The World Nuclear Association predicts a global nuclear capacity of 746 GW by 2040, representing a nearly 90% increase [3][11]. Summary by Sections Nuclear Power Sector Outlook - The nuclear power sector is witnessing a recovery, with significant growth in nuclear installations expected in China and other countries. The global nuclear capacity is projected to rise significantly, with developing countries leading the increase [3][23]. Trends in Nuclear Power - Trend 1: Growth in Large Nuclear Installations in China: China's nuclear capacity reached 62 GW by October 2025, with a projected annual compound growth rate (CAGR) of 15% until 2030 [39]. - Trend 2: Expanding Natural Uranium Supply-Demand Gap: The report anticipates a widening gap in uranium supply and demand post-2030, which will likely drive up uranium prices and stimulate new production [55]. - Trend 3: Upgrading Nuclear Technology: The report highlights advancements in fourth-generation nuclear technology and controlled nuclear fusion, with China making significant progress in these areas [67][70]. Global Nuclear Capacity - As of December 2025, there are 438 operational nuclear reactors worldwide, with a total capacity of 397.3 GW. The U.S. accounts for approximately 25% of this capacity, while China holds about 40% of the reactors currently under construction [11][23]. Nuclear Power Generation - Nuclear power contributes to 9% of global electricity generation, with France having the highest share at 67.3% of its total electricity generation [13][16]. Technological Advancements - The report discusses the safety improvements in third-generation nuclear technology, which is now the standard for new nuclear plants, and the ongoing development of fourth-generation technologies [20][67]. Investment Opportunities - Key investment opportunities identified include China General Nuclear Power Corporation (1816.HK) and China General Nuclear Mining Corporation (1164.HK), both of which are positioned to benefit from the growing nuclear sector [46][59].