中国 SMR 小堆监管拟定规则，安全发展锚定方向

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% over the next 6 months [13]. Core Insights - The report highlights the development of regulatory technical policies for small modular reactors (SMR) in China, focusing on safety and guiding safety design and assessment work [3][4]. - The ecological environment department has organized the compilation of a draft technical policy for the nuclear safety regulation of small modular reactors, which aims to clarify important safety issues and establish a regulatory stance [3][4]. - The policy outlines 11 core issues related to safety goals and defense-in-depth applications, emphasizing the need to utilize inherent safety features and reliable design measures to eliminate events that could lead to significant radioactive releases [4]. - The report suggests that SMR could be a key solution to meet the growing energy demands of artificial intelligence, with major tech companies showing continued interest in developing tailored energy solutions for data centers [5]. Company Summaries - Jingye Intelligent: Established a subsidiary focused on SMR, targeting power supply for AI data centers [5]. - Jia Dian Co., Ltd.: Their main helium fan is the only power device in the primary loop of fourth-generation high-temperature gas-cooled reactors, and their subsidiary has leading products in the nuclear power sector [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: Manufactures high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [5]. - Haili 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].