中国加入《三倍核能宣言》，把握核电长期景气主线

Investment Rating - The investment rating for the utility sector is "Positive" and maintained [8] Core Insights - China announced its participation in the "Triple Nuclear Energy Declaration" on March 10, reaffirming its long-term nuclear power development strategy. As a major nuclear power country, China is expected to be a key contributor to the global nuclear power capacity expansion target, with an anticipated approval pace of 8-10 new nuclear units annually, ensuring a high certainty of a prolonged favorable cycle for the nuclear power industry [2][6] - The nuclear power sector is experiencing improvements in both volume and price. The "14th Five-Year Plan" emphasizes the active and orderly advancement of coastal nuclear power construction, which, along with the declaration, confirms the long-term development path for nuclear power. The expected reforms in the nuclear power pricing mechanism may provide opportunities for stable cash flow and discounted value, reinforcing the core investment logic [11] Summary by Sections Nuclear Power Development - China aims to increase its operational nuclear power units from 49 to 134 by 2050, with a total capacity target of approximately 153 million kilowatts. By the end of 2025, China is projected to have 112 operational, under-construction, and approved nuclear units with a total capacity of 126 million kilowatts, indicating a conservative approval pace of only 22 new units over the next 20 years [6] - Globally, the target is to triple nuclear power capacity by 2050, requiring an average annual installation of 31.3 million kilowatts, corresponding to a compound annual growth rate of approximately 4.45% [6] Investment Recommendations - Recommended companies include Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, and Huaneng Power for traditional coal-fired operations. For hydropower, focus on Yangtze Power, Guotou Power, Chuan Investment Energy, and Huaneng Hydropower. In the renewable energy sector, consider Longyuan Power, New天 Green Energy, China Nuclear Power, and Zhongmin Energy [11][15][16][17][19]