中国加入《三倍核能宣言》，小堆与乏燃料为核心聚焦点

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 [15]. Core Insights - The report highlights the global focus on small modular reactors (SMRs) and spent fuel management, particularly following the recent Paris Nuclear Summit where over 60 countries discussed nuclear power development [4][5]. - China is accelerating the commercialization of small reactors and improving the spent fuel recycling system, leveraging the "Linglong One" demonstration project to promote standardized designs and expand applications in non-electric fields like urban heating [5]. - The report emphasizes the importance of international cooperation in nuclear fuel cycle and radioactive waste management, with China positioned as a key player in global nuclear power development [4][5]. Summary by Sections Industry Overview - The Paris Nuclear Summit underscored the significance of small reactors and spent fuel management, with countries committing to the "Triple Nuclear Declaration" to promote the application of small modular reactors in developing nations [4]. Technological Advancements - The report notes that SMRs are seen as a critical solution to meet the growing energy demands of artificial intelligence, with major tech companies collaborating on energy supply solutions tailored for data centers [6]. Investment Opportunities - The report suggests several companies to watch: 1. Jingye Intelligent: Focuses on the entire nuclear fuel cycle and is actively involved in intelligent operation and maintenance of nuclear power plants [6]. 2. Jiadian Co.: Its helium fan is the only power device for the primary circuit of fourth-generation high-temperature gas-cooled reactors [6]. 3. Guoguang Electric: Provides key components for the ITER project [6]. 4. Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [6]. 5. Kexin Electromechanical: Produces high-temperature gas-cooled reactor products and has replaced imports with new fuel transport containers [6]. 6. Hailu Heavy Industry: Services various reactor types including third and fourth generation reactors [6]. 7. Jiangsu Shentong: Holds over 90% of orders for nuclear-grade butterfly and ball valves in new nuclear power projects in China [6].