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Core Viewpoint - The domestic nuclear fusion sector is experiencing significant advancements, leading to increased market interest and a surge in nuclear power stocks, with companies like Baili Electric and Xuzhou Special Materials seeing substantial price increases. The long-term narrative for nuclear power is being strengthened by both domestic developments and international initiatives, particularly in the U.S. [2][3][4] Market Development Space - As of 2023, nuclear power accounts for less than 5% of China's total electricity generation, significantly lower than the global average, indicating substantial growth potential for the sector. In contrast, countries like France and Russia have much higher percentages of nuclear energy in their energy mix [2][3]. Recent Domestic Developments - On March 28, the "China Fusion Reactor No. 3" achieved a breakthrough by reaching temperatures of "double hundred million degrees," marking a significant milestone in controlled nuclear fusion technology [3]. - The State Council approved the construction of 10 new nuclear power units, expected to drive over 200 billion yuan in investments, continuing a trend of approving more than 10 units annually for four consecutive years [4]. - The BEST project in Hefei commenced construction ahead of schedule, aiming to demonstrate fusion energy generation [4]. - The China National Nuclear Corporation is entering a substantive operational phase, as indicated by new bidding projects on its website [4]. International Developments - On May 23, U.S. President signed executive orders to boost the nuclear energy sector, planning to initiate the construction of 10 large nuclear power plants by 2030 and quadruple nuclear capacity by 2050 [4][5]. Shift Towards Nuclear Energy by Tech Companies - Geopolitical conflicts have heightened the focus on energy security, prompting tech giants like Microsoft, Google, and Amazon to invest in nuclear energy solutions to meet rising energy demands driven by AI and data centers [5][6]. - Meta has signed a 20-year nuclear power purchase agreement with Constellation Energy, while Microsoft plans to restart the Three Mile Island nuclear plant [6][7]. Small Modular Reactors (SMRs) - SMRs are gaining traction as flexible nuclear power solutions for data centers, offering advantages such as modular design and shorter construction times compared to traditional nuclear plants [7][8]. - The "Linglong One" is noted as the world's first commercial modular small reactor, marking a significant development in China's nuclear capabilities [8]. Institutional Investment Trends - In the first quarter, eight nuclear power stocks saw their prices double, indicating strong institutional interest in the sector [10]. - Notably, one company had 5 institutions holding 13.32 million shares, a significant increase from the previous quarter, reflecting a growing confidence in nuclear energy investments [11]. Performance of Nuclear Stocks - Among 271 nuclear-related stocks, only 11 companies reported over 50% year-on-year growth in revenue and net profit in the first quarter, highlighting the potential for strong performance in the sector [13]. - The stock performance of certain companies has been impressive, with some achieving over 100% growth in revenue and net profit [14]. Valuation Insights - A total of 21 nuclear stocks have a price-to-earnings ratio below 20%, indicating potential undervaluation in the market [15]. - One company reported a price-to-earnings ratio of 7.22, placing it in the 7.96th percentile historically, suggesting it may be undervalued compared to its peers [16].