\玲龙一号\全球首堆完成非核冲转试验，美加速重振核能产业：机械设备

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The successful completion of the non-nuclear commissioning test for the "Linglong One" modular small reactor marks a significant milestone in the nuclear power sector, validating the core system functions and laying a solid foundation for future nuclear operations [4]. - The global nuclear energy industry is experiencing an unprecedented revival due to the increasing demand for clean and safe electricity, with the International Atomic Energy Agency raising its nuclear power expansion forecasts for the fifth consecutive year [5]. - The strategic value of nuclear energy is becoming increasingly prominent, especially in the context of global energy transition and geopolitical shifts, with the U.S. government accelerating international commercial cooperation to enhance its energy leadership [5]. Company Summaries - Jingye Intelligent: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showcasing significant development potential in the context of rising AI energy demands and energy transition [6]. - Jia Electric: The main helium fan is the only power device in the primary loop of the fourth-generation high-temperature gas-cooled reactor, with its subsidiary Ha Electric's nuclear main pump products leading in the nuclear power business segment [6]. - Guoguang Electric: The company's filter and cladding systems are key components of the ITER project, indicating its critical role in the nuclear energy supply chain [6]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing, providing a comprehensive service in the nuclear energy sector [6]. - Kexin Electromechanical: Has manufactured high-temperature gas-cooled reactor nuclear power products, with new fuel transport containers replacing imports [6]. - Hailu Heavy Industry: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves in new nuclear power projects in China [6].