行 华福证券 公用事业 2025 年 03 月 02 日 业 研 究 行 业 公用事业 周报（02.24-02.28）：25 年能源工作承上启下， 加速铺开现货市场，八部委推进环卫车数智化 投资要点： 行情回顾：2月24日-2月28日，燃气板块上升1.32%，环保板块下降0.05%， 水务板块下降 0.95%，电力板块下降 1.37%，同期沪深 300 指数下降 2.22%。 定 期 报 告 2025 能源工作：推进能源绿色转型，助力"十四五"圆满收官&"十五五" 谋篇布局。2025 年 2 月 27 日，国家能源局印发《2025 年能源工作指导意见》。 其中提出了 2025 年能源工作的主要目标，包括：新增新能源发电装机规模 2 亿千瓦以上；非化石能源发电装机占比提高到 60%左右，非化石能源占能源消 费总量比重提高到 20%左右；新能源消纳和调控政策措施进一步完善；初步建 成全国统一电力市场体系，资源配置进一步优化。在积极稳妥推进能源绿色低 碳转型方面，提出：稳步推进重大水电工程建设，积极推动海上风电项目开发 建设；推动抽水蓄能装机容量达到 6200 万千瓦以上，核准一批条件成熟的沿 海核电项目。2025 ...

Investment Rating - The industry rating is "Outperform the Market" [6][13]. Core Insights - In 2024, global nuclear power installed capacity is expected to see a slight increase, with 440 operational nuclear reactors and a total capacity of approximately 399 million kilowatts, up from 437 reactors and 393 million kilowatts in 2023 [3]. - Kazakhstan has officially designated the construction site for its first nuclear power plant in the Almaty region, marking a significant step in the country's nuclear energy development [4]. - Nuclear power is recognized for its clean, safe, and efficient characteristics, making it a crucial force in promoting energy transition and addressing global climate change [5]. Summary by Sections Global Nuclear Power Capacity - As of December 31, 2024, there will be 31 countries utilizing nuclear energy, with a total of 440 operational reactors and an installed capacity of about 399 million kilowatts, reflecting a slight increase from the previous year [3]. Kazakhstan's Nuclear Development - The decision to establish Kazakhstan's first nuclear power plant in the Almaty region is based on the country's legal framework for the peaceful use of atomic energy, indicating a commitment to developing its nuclear energy sector [4]. Nuclear Power's Role in Energy Transition - Nuclear power plants maintain an annual utilization rate of over 7000 hours, the highest among all energy sources, and do not emit harmful pollutants, positioning nuclear energy as a key player in the global shift towards greener energy solutions [5]. - The report highlights potential future applications of nuclear energy in desalination, hydrogen production, and medical protection, emphasizing its expanding role beyond electricity generation [5]. Investment Opportunities - The report suggests several companies to watch, including: 1. Jiadian Co., which leads in high-temperature gas-cooled reactor power equipment [5]. 2. Guoguang Electric, a key supplier for the ITER project [5]. 3. Lanshi Heavy Industry, covering the entire nuclear fuel cycle [5]. 4. Kexin Electromechanical, which has developed domestic alternatives for nuclear fuel transport [5]. 5. Haili Heavy Industry, servicing various reactor types [5]. 6. Jiangsu Shentong, securing over 90% of orders for nuclear-grade valves in new projects [5]. 7. Xianheng International, involved in the operation and maintenance of nuclear power [5].