核电行业｜全球核电复苏周期再启动

Core Viewpoint - The global nuclear power demand is expected to rise significantly, driven by a declaration from 22 countries at the 2023 UN Climate Conference, aiming to triple the current nuclear capacity from 370GW to 1100GW by 2050 [2] Nuclear Power Development Goals - China plans to increase its nuclear capacity to 130GW by 2030, 170GW by 2035, and 340GW by 2050 [2] - The U.S. aims to raise its nuclear capacity from 100GW to 400GW by 2050 [2] - The EU's nuclear capacity is projected to peak at approximately 120GW by 2040, up from the current 98GW [2] - Japan plans to increase nuclear power's share in its energy mix from 6% to 20%-22% by 2030 [2] - India has set a target of 100GW of nuclear capacity by 2047 [2] AI Industry Impact on Nuclear Demand - The development of the AI industry is expected to create additional demand for nuclear power, as AI data centers require stable and reliable electricity supply [3][4] - The U.S. Department of Energy forecasts that the share of electricity demand from AI data centers will rise from 4.3% to 11.7% between 2024 and 2030, with a compound annual growth rate of 23% [4] Nuclear Power and AI Data Centers - Nuclear power's load curve aligns well with the operational needs of AI data centers, providing a stable power supply [4] - Nuclear power plants typically have a high operational time (over 99.999%), minimizing the risk of power interruptions for AI data centers [4] - AI data center operators, primarily tech companies, are less sensitive to electricity costs, making nuclear power a viable option despite its higher costs compared to traditional coal power [4] Equipment Market Growth - The revival of nuclear power demand is expected to significantly boost the equipment market, with nuclear equipment accounting for about 50% of nuclear power plant construction costs in China [5] - The estimated investment in nuclear equipment in China could exceed 2 trillion yuan, while overseas nuclear equipment investment may surpass 1 trillion USD by 2050 [5]