韩国敲定SMR特别法，加速核能产业升级：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 South Korean National Assembly has passed the SMR Special Law, which is expected to accelerate the development of Small Modular Reactors (SMR). This law is seen as a significant opportunity for the commercialization of SMR technology in South Korea, which has previously lagged behind due to policy delays [3][4]. - SMRs are designed to integrate core components of large nuclear reactors, offering advantages such as shorter construction periods, lower costs, higher safety, and stable power supply. They are also considered a key solution for meeting the energy demands of AI data centers and achieving carbon neutrality [3][4]. - The South Korean government plans to invest 12 trillion KRW (approximately 10.1 billion USD) in developing three domestic SMR core technologies by 2030. However, experts warn that the existing nuclear regulatory framework is more suited for large reactors and needs to be adjusted to facilitate the approval and regulation of SMRs [4]. Company Summaries - Jingye Intelligent: Plans to establish a subsidiary focused on SMR technology for AI data center power supply [5]. - Jia Electric: Its main helium fan is the only power device for the primary loop of the fourth-generation high-temperature gas-cooled reactor, and its subsidiary has a leading position in nuclear pump products [5]. - Guoguang Electric: Provides key components for the ITER project, focusing on filter and cladding systems [5]. - Lanshi Heavy Industry: Covers the entire nuclear energy supply chain, including upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5]. - Kexin Electromechanical: Produces high-temperature gas-cooled reactor products and has developed new fuel transport containers to replace imports [5]. - Hailu Heavy Industry: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [5]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [5].