Huafu Securities·2026-01-31 14:15Investment Rating - The industry rating is "stronger than 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 [13]. Core Insights - Major technology and new energy companies are entering the nuclear power sector, creating a diversified new landscape for nuclear energy in China. Companies like Alibaba and Geely are investing in coastal nuclear power projects, focusing on stable energy to support computing power demands [3][4]. - The policy environment is increasingly favorable for private investment in nuclear power, with the proportion of private capital expected to rise to 10% by 2024. This trend is supported by the integration of AI and nuclear energy, which is anticipated to deepen as the demand for computing power grows [4]. - Small Modular Reactors (SMR) are highlighted as a key solution to meet the energy demands of AI, with significant interest from technology giants. Companies are developing tailored energy solutions for data centers using SMR technology [5]. Company Summaries - Jingye Intelligent: Plans to establish a subsidiary focused on SMR technology for AI data center power supply [6]. - Jia Electric: Its main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor's primary circuit, leading in the nuclear power business segment [6]. - Guoguang Electric: Provides critical components for the ITER project, focusing on filter and cladding systems [6]. - Lanshi Heavy Industry: Covers the entire nuclear energy supply chain from upstream nuclear fuel systems to downstream spent fuel processing [6]. - Kexin Electromechanical: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [6]. - Hailu Heavy Industry: Services various reactor types, including third and fourth-generation reactors and fusion reactors [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [6].