Group 1 - The core viewpoint is that the recent executive order by President Trump to promote nuclear energy development is expected to significantly accelerate the deployment of Small Modular Reactors (SMRs) in the U.S. by the end of 2030 [1][2] - The executive order mandates the Nuclear Regulatory Commission to decide on new nuclear power plant applications within 18 months and to adopt shorter approval timelines for specific reactor types, addressing long-standing complaints about lengthy approval processes [1][2] - GE Vernova, a company focused on power systems and clean energy, aims to balance reliability, affordability, and sustainability in energy solutions, particularly through the deployment of SMRs [2][3] Group 2 - SMRs are viewed as the future of nuclear power due to their smaller size, lower construction costs, and faster deployment times compared to traditional large-scale nuclear plants [3][4] - The design of SMRs allows for factory manufacturing and on-site assembly, integrating passive safety systems, which aligns with the growing demand for low-carbon energy sources driven by AI and data centers [3][4] - The increasing power demands from AI server clusters make SMRs an attractive solution, as their compact size and flexible siting capabilities can reduce transmission losses and land approval conflicts [4][5] Group 3 - GE Vernova has received approval to deploy its BWRX-300 reactor in Ontario, Canada, marking the first SMR construction in the Western world, with expectations for operation by 2030 [6] - The company anticipates a surge in interest from clients, particularly data centers and cloud computing giants, for its SMR technology, as they are willing to pay a premium for efficient, zero-carbon energy [6] - GE Vernova's stock has surged nearly 48% this year, significantly outperforming the S&P 500 and Nasdaq 100 indices, driven by strong demand for gas turbines and nuclear power systems [6]

作为现有核电技术的直接燃料来源，天然铀的需求增长将伴随美国核能规模扩充、SMR应用推广进一 步强化，而福岛核事故后的10年核电低迷塑造的供给困境虽在近两年缓解，但远期的供需矛盾仍未解 决。 5月以来，笼罩在天然铀市场的不确定性逐步消除，现货价格逐步向上修复至71美元/磅，仍然看好：短 期因贸易情绪所致的价格低迷终将伴随情绪回归理性而逐步修复至长协价格附近水准。 投行Jefferies表示，美国总统特朗普签署的四项以核能为重点的行政命令标志著美国数十年来对核能产 业最大力度的干预。 分析师Daniel Roden表示，这些政策要求美国核能管理委员会进行监管改革，加快先进反应堆的开发， 并支持整个核燃料循环前端。该机构表示，这些行政命令到2035年可能带来约35吉瓦的新增核电装机容 量，同时其他资产将得到升级并延长服役时间。 智通财经APP获悉，5月23日，美国总统特朗普签署4项行政命令推动美国核能产业改革，包括扩大美国 核能规模、核能产业链、缩短核电项目审批周期等；此举或吹响美国核电复兴号角，受政策影响，上周 五美股核能股普遍大涨。 Jefferies表示："这意味著到2035年，U3O8的需求量预计将从每年4 ...

Core Viewpoint - The approval of 10 new nuclear power units in China marks a significant shift from "importing and digesting" technology to "independent output," showcasing the advancement of domestic nuclear technology [3][4]. Group 1: Nuclear Power Project Approvals - The recent approval includes 10 nuclear power units across five projects, with significant participation from major state-owned enterprises such as China National Nuclear Corporation and China General Nuclear Power Group [3]. - The approved units consist of 8 "Hualong One" reactors and 2 CAP1000 reactors, indicating a strong emphasis on domestically developed technology [3][4]. - The approval process for nuclear projects has accelerated, with 31 units approved from 2022 to 2024, of which 20 are based on "Hualong One" technology [3]. Group 2: Investment and Economic Impact - The total investment for the newly approved nuclear units is estimated to reach approximately 200 billion yuan, with equipment investment accounting for over 40% of this total [5]. - The nuclear power sector is expected to drive significant investment, with the construction of these units benefiting established players in the supply chain due to high barriers for new entrants [5]. Group 3: International Trends and Domestic Position - The global consensus on the revival of nuclear energy is reflected in commitments made by 31 countries to triple nuclear capacity by 2050 [7]. - China's nuclear power capacity has surpassed that of traditional nuclear power leaders like Russia, France, and the United States, with a total operational capacity of 113 million kilowatts [7]. - The rapid pace of nuclear project approvals positions China as a leader in nuclear energy development, with a total of 112 units either operational or under approval [7]. Group 4: Contribution to Energy Supply - Nuclear power has become a crucial baseload power source in China's eastern coastal regions, contributing nearly 5% of the national electricity generation despite only accounting for less than 2% of installed capacity [8].