Investment Rating - The report suggests a focus on the North American SMR industry chain, indicating greater investment value due to strong commercialization momentum and multiple catalysts exceeding expectations [2][12][18]. Core Insights - The commercialization of SMRs in the U.S. is expected to be driven by three main forces: the energy needs of AI tech giants' data centers, favorable nuclear regulatory policies, and accelerated projects from leading SMR companies [2][12]. - Recent U.S. government actions, including executive orders to simplify nuclear licensing and promote new builds, have exceeded market expectations and are expected to enhance the efficiency of SMR commercialization [3][13]. - The U.S. Department of Energy is actively working to secure domestic uranium enrichment capacity to address supply bottlenecks, with significant investments planned [4][14]. - Strategic collaborations among key players in the nuclear manufacturing sector are accelerating project timelines and enhancing supply chain capabilities [5][15]. - The demand for SMR applications is primarily driven by data center giants, with significant investments being made across various sectors including defense and transportation [7][17]. Summary by Sections Regulatory Approval - The U.S. government has issued multiple executive orders aimed at accelerating nuclear energy initiatives, including simplifying licensing processes for advanced reactors [3][13]. Fuel Supply - The U.S. Department of Energy is promoting domestic uranium enrichment capacity to mitigate supply issues, with plans to invest approximately USD 2.7 billion in new domestic capacity [4][14]. Manufacturing and Project Construction - Strategic partnerships among companies like X-energy and Amazon are set to catalyze up to USD 50 billion in public-private investment, enhancing the nuclear supply chain [5][15]. End-Use Applications - AI tech giants are increasingly investing in SMRs to meet their energy needs, with applications expanding across various industries [7][17]. Investment Recommendations - The report recommends focusing on companies with strong earnings elasticity and first-mover advantages across the SMR supply chain, including Cameco, Centrus Energy, Oklo, NuScale Power, Talen Energy, Vistra, and Constellation Energy [10][18].

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly in relation to AI energy consumption, highlighting companies such as Entergy, Talen Energy, and Constellation Energy as key players [5]. Core Insights - The demand for AI computing is driving a significant boom in cloud infrastructure, benefiting service providers directly [9]. - The U.S. energy market is experiencing dynamic changes, with Conduit Power providing bridging power for ENGIE's battery sites in Texas and Google collaborating on long-duration energy storage projects [9]. - The report emphasizes the strong long-term demand for infrastructure construction in the U.S., particularly in the context of industrial resurgence and AI data center development [5]. Global Infrastructure and Construction Equipment - The explosive demand for AI computing is leading to increased reliance on cloud infrastructure services, with Oracle reporting a 54% year-on-year increase in cloud infrastructure revenue [9]. - Major cloud service providers are becoming critical in handling the overflow of AI workloads due to their flexible supply capabilities [9]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 4.43% year-on-year and 3.8% month-on-month as of July 2025, indicating a stable competitive landscape [11]. - The U.S. electricity demand forecast has been revised upwards, with expectations of a 15.8% increase by 2029, driven by industrial resurgence and AI data center growth [19][20]. Global Energy Industry - The NYMEX natural gas futures price was reported at $3.10 per million British thermal units, reflecting a week-on-week increase of 3.6% [3]. - The report highlights the expected balance in the natural gas market supply and demand as the global energy transition progresses [5]. Global New Materials - The report notes a 6% month-on-month increase in the global uranium spot price, indicating ongoing interest in nuclear energy as a stable power source for AI data centers [4]. Global Defense and Aerospace - The report suggests that the recovery of the aerospace industry and increased defense spending will benefit companies like BAE Systems and Raytheon Technologies [6]. Key Company Insights and Commentary - GE Vernova is investing significantly in expanding its generator manufacturing capacity to meet growing global electricity demand [39]. - Siemens Energy is also expanding its transformer manufacturing capabilities in response to the increasing global demand for energy transition solutions [39]. - The report highlights the collaboration between various companies in the nuclear sector, including KHNP and Centrus, to enhance low-enriched uranium supply and explore potential investments in the U.S. [44].

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMR) as a key energy solution for AI data centers and other high-energy demand technologies [5][34]. Core Insights - The North American core data center market has doubled in size since 2020, with vacancy rates dropping to approximately 2% and 70% of the 8GW under construction already pre-leased, indicating a supply gap that may persist until 2027 [17]. - The report highlights a significant increase in gas turbine price indices, with a year-on-year growth of 4.43% and a month-on-month increase of 3.8% as of July 2025, driven by tight supply-demand dynamics [19]. - The average spot price of uranium globally was reported at $75.13 per pound in July 2025, reflecting a 6% increase from the previous month, while heavy rare earth prices also showed upward trends [4]. Summary by Sections Global Infrastructure and Construction Equipment - The North American data center market has seen a substantial increase in size, with a vacancy rate of about 2% and a projected supply gap extending to 2027 [17]. - Companies are locking in capacity 18-24 months in advance, with rental rates increasing at a compound annual growth rate of 12% over three years [17]. Global Electrical and Intelligent Equipment - The gas turbine price index has shown significant growth, with a year-on-year increase of 4.43% and a month-on-month increase of 3.8% as of July 2025 [19]. - The report anticipates that the future growth of the gas turbine market in the U.S. will be driven primarily by the development of AI data centers [22]. Global Energy Industry - TVA is partnering with ENTRA1 to deploy six SMR power plants, aiming to add up to 6GW of new installed capacity, which could power approximately 4.5 million homes or 60 new data centers [32][33]. - The U.S. government is taking steps to accelerate the approval process for nuclear power deployment, with plans to significantly increase nuclear capacity by 2050 [35]. Global New Materials - The report notes that the average spot price of uranium was $75.13 per pound in July 2025, marking a 6% increase from the previous month [4]. Global Defense and Aerospace - The report indicates a stable recovery in the aerospace sector, with increased defense spending and modernization needs, suggesting potential investment opportunities in companies like BAE Systems and Howmet Aerospace [6].

Market Overview - US stock index futures are all down, with Nasdaq futures down 0.1%, S&P 500 futures down 0.09%, and Dow futures down 0.12% [1] - Major European indices are collectively down, with Germany's DAX down 0.31%, UK's FTSE 100 down 0.45%, France's CAC down 1.37%, and the Euro Stoxx 50 down 0.74% [2] Corporate Developments - Intel warns that the Trump administration's 10% stake poses a risk to its business [7] - Apple is set to open its first retail store in Pune, India on September 4 [8] - Korean Air will order 103 Boeing aircraft, with a total value of $36.2 billion [9] - Eli Lilly's oral GLP-1 drug Orforglipron shows an average weight loss of 10.5% in phase three trials and will initiate global filing [10] - Temu is reported to resume direct shipments from Chinese factories to US consumers and increase advertising spending in the US [11] - JD Global Purchase announces its first group buying trial during this year's Qixi Festival [12] - Hesai Technology's Hong Kong IPO has been filed with the China Securities Regulatory Commission, planning to issue no more than 51,236,200 ordinary shares [13] - AT&T agrees to acquire spectrum licenses from Echostar for approximately $23 billion [16] - Beike reports Q2 revenue of 26 billion yuan, a year-on-year increase of 11.3%, and plans to increase stock buyback authorization to $5 billion [17] Investment Changes - Goldman Sachs indicates that the "Goldilocks" summer rally in US stocks is nearing an end, with increasing signs of economic slowdown and heightened market volatility expected [6] - The Norwegian Sovereign Wealth Fund announces divestment from Caterpillar and five Israeli banks for ethical reasons [14] - Interactive Brokers is included in the S&P 500 index, while Talen Energy is added to the S&P MidCap 400 index, effective before the market opens on August 28 [15]

Group 1: Interactive Brokers - Interactive Brokers will be added to the S&P 500 Index, replacing Walgreens Boots Alliance, which is going private in a deal with Sycamore Partners [1] - Following the announcement, Interactive Brokers shares rose nearly 5% in after-hours trading, with the stock having doubled over the past year and increased by 42% year to date [2] - The addition to the S&P 500 is expected to enhance the visibility and credibility of Interactive Brokers in the market [1] Group 2: Market Reactions - Robinhood Markets shares experienced a slight decline in extended trading, despite a nearly 190% increase since the start of the year, bringing its market cap to nearly $96 billion [2] - Talen Energy will take Interactive Brokers' spot in the S&P MidCap 400, with its stock gaining more than 3% in extended trading after the announcement, reflecting a 76% increase year to date due to rising power demand [3] - Kinetik Holdings will replace Pacific Premier Bancorp in the S&P SmallCap 600, as Pacific Premier Bancorp is set to be acquired by Columbia Banking System [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the energy landscape in Asia, particularly in the context of ASEAN, China, and India, highlighting the future of energy in these regions [1][5][6][8]. Core Insights India - **Energy Security and Capex Cycle**: India is experiencing a tightness-driven capital expenditure cycle in energy security [8]. - **Manufacturing Growth**: Strong demand tailwinds are expected, with manufacturing's share of GDP projected to increase to 21% by 2031 [11]. - **Supply-side Constraints**: - State-owned coal plants are delayed by an average of 54 months due to various issues such as clearances and funding [18]. - Hydro power plants face delays averaging 58 months, with potential for further delays due to unpredictable weather [20]. - Renewable energy (RE) additions are slower than anticipated, with significant capacity under construction and long gestation periods for pumped storage projects [23][27]. - **Government Response**: The government is taking measures to address supply tightness, including improving coal availability and reviving thermal coal sub-contractors [28]. Japan - **Strategic Energy Plan**: The Japanese government aims for energy self-sufficiency to rise from 15% in FY3/24 to approximately 30-40% by FY3/41 [34]. - **Electricity Output and GHG Emissions**: - Electricity output is expected to increase from 985.4 billion kWh to approximately 1.1-1.2 trillion kWh by FY3/41 [34]. - GHG emissions are targeted to reduce by 73% compared to FY3/14 levels by FY3/41 [39]. - **Power Generation Breakdown**: By FY3/41, renewables are expected to constitute approximately 40-50% of the energy mix, with solar power projected to rise from 9.8% to 23-29% [36]. Nuclear Power Insights - **Global Nuclear Capacity**: Under different scenarios, global nuclear capacity could reach between 421GW to 1,203GW by 2050, with significant contributions from China and India [57]. - **Nuclear Power in Various Regions**: - The U.S. is seeing increased nuclear power usage for data centers, while China is rapidly expanding its nuclear capacity [49]. - Japan's draft 7th Strategic Energy Plan anticipates nuclear power to account for about 20% of electricity supply by FY3/41 [49]. - India has set an ambitious target of 100GW of nuclear power by 2047 [49]. Additional Important Points - **Supply Chain Challenges**: The energy sector faces challenges such as land availability, skilled manpower shortages, and equipment supply issues, which could hinder the growth of renewable energy projects [27]. - **Investment Opportunities**: The ongoing energy transition in Asia presents potential investment opportunities, particularly in renewable energy and nuclear power sectors [29][45]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the energy sector in Asia.

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Summary of Key Points from the Conference Call Industry Overview - **Industry**: Nuclear Energy - **Theme**: Nuclear Renaissance, intersecting with global megatrends such as Tech Diffusion, Multipolar World, and Future of Energy [1][5][8] Core Insights and Arguments - **Nuclear Capacity Projections**: Global new nuclear capacity is projected to reach **586.8 GW** by **2050**, a **53%** increase from previous estimates [7][10][12] - **Investment Forecast**: Potential investment in the nuclear value chain through **2050** is estimated at **US$2.2 trillion**, up from **US$1.5 trillion** [7][11][12] - **Regional Growth**: China, the US, CEEMEA, and India are expected to lead in nuclear capacity growth, with Asia emerging as a key investment region [7][10] - **Stock Exposure**: The report identifies **63 stocks** that are exposed to the nuclear renaissance, expanding from an earlier list of **51 stocks** [8][17] Key Trends and Opportunities - **Tech Diffusion**: Nuclear power is seen as a premium energy source in the age of AI, emphasizing reliability and energy density. Key stocks include Talen Energy, Public Service Enterprise Group Inc, and Vistra Corp [9][19] - **Multipolar World**: South Korea and Japan are positioned to benefit in the global nuclear market amid competition from China and Russia. Notable companies include Doosan Enerbility and Samsung C&T [9][19] - **Future of Energy**: Small Modular Reactors (SMRs) and Fourth Generation reactors are highlighted as promising technologies, with companies like Curtiss-Wright and GE Vernova mentioned [9][19] Policy and Market Sentiment - **Investor Sentiment**: The proportion of global assets under management (AUM) excluding nuclear power has decreased to **2.3%**, indicating a shift in investor attitudes [14][51] - **Development Banks**: Institutions like the World Bank are reassessing their stance on nuclear energy, lifting bans on financing nuclear projects, which could enhance investment opportunities [51][52] Regional Insights - **China**: Fastest nuclear buildout, on track to reach **200 GW** by **2040**. The country is a pioneer in Gen-IV and nuclear fusion technology [23][38] - **India**: Ambitious target to expand nuclear capacity to **100 GW** by **2047**, with significant growth expected [40][38] - **CEEMEA**: Emerging as a significant market for nuclear energy, with Poland and Turkey leading the pipeline [39][10] Additional Noteworthy Points - **Technological Advancements**: The report discusses advancements in Gen-IV reactors and thorium-based technologies, with China and India making strides in these areas [20][21] - **Market Performance**: Nuclear stocks have outperformed the MSCI ACWI index year-to-date, indicating strong market interest [28][29] This summary encapsulates the key insights and projections regarding the nuclear energy sector, highlighting investment opportunities and regional dynamics that could shape the future of the industry.

[Table_Title] 研究报告 Research Report 5 Aug 2025 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 美国能源 US Energy 全球最大数据中心集中地电力市场 PJM 容量拍卖价格创新高 PJM Capacity Auction Price Hits Record High in the World's Largest Data Center Hub 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang olivia.qp.mao@htisec.com yq.yang@htisec.com 2025 年 7 月 22 日，全球最大数据中心集中地所在电力市场 PJM 发布《2026/2027 年度容量电价拍卖报告》。PJM 拍卖清算价格统一为拍卖价格上限——329.17 美元/MW-日，再创历史新高，标志着 PJM 市场整体电力供需关系进 一步趋紧。 点评 价格再创历史新高，RTO 统一清算价达上限 PJM 的业务范围覆 ...

智通财经7月23日电，美股核电股盘前集体拉升，Talen Energy涨超8%，Constellation Energy、Vistra Energy涨超4%，Oklo lnc、NuScale Power涨超2%。 ...