Core Viewpoint - The article discusses the development strategy of China National Nuclear Corporation (CNNC) focusing on the integration of nuclear energy with renewable sources, particularly in the context of the "wind-solar-water-nuclear" energy base construction and the synergy between the nuclear and computing industries [2]. Group 1: Energy Development Strategy - CNNC's energy development approach emphasizes the coupling of nuclear energy with new energy sources, aligning with national strategies to accelerate the establishment of a new energy system that includes multiple energy sources [2]. - Recent projects include the 2 million kW tidal flat photovoltaic demonstration project at Tianwan Nuclear Power Plant, which has achieved its first grid connection, and multiple photovoltaic projects around the Sanmen Nuclear Power Base [2]. Group 2: Future Outlook - CNNC is particularly focused on the construction of "wind-solar-water-nuclear" multi-energy complementary bases, especially in regions like Northwest and North China, where large-scale wind and solar bases are being developed [2]. - The company advocates for the establishment of nuclear power plants in these regions to provide stable peak-shaving power support, enhancing the reliability of energy supply [2]. Group 3: Nuclear Energy and Computing Industry - Nuclear power is increasingly favored by the computing industry due to its long-term stable operation, zero carbon emissions, and high efficiency [3]. - The integration of nuclear energy with artificial intelligence (AI) is seen as a significant opportunity, where AI can enhance operational efficiency and better match nuclear power output with the energy demands of data centers [3]. Group 4: "Hualong One" Technology Upgrades - The "Hualong One" technology is currently in a phase of mass construction, representing the largest number of third-generation nuclear reactors globally [3]. - The 2.0 version of "Hualong One" includes innovations in safety systems, construction methods, and the application of AI and digital technologies to improve the intelligence of power plants [4].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The report highlights a significant increase in global AI computing power and electricity demand, with major US tech companies deeply engaging in the nuclear energy sector through various models. Government policies are strengthening support for the collaboration between AI and nuclear energy [3]. - The report emphasizes the need for top-level design and policy support to promote the deep collaboration between nuclear energy and computing power, suggesting the establishment of demonstration projects and long-term power supply agreements [4]. - Small Modular Reactors (SMRs) are identified as a key solution to meet the growing energy demands of AI, with continuous attention from tech giants. The commercialization of fission is expected to occur before fusion [5]. Summary by Sections International and Domestic Opportunities - The international layout is making breakthroughs, while domestic exploration opportunities are becoming more prominent. Companies in China are actively engaging in forward-looking explorations, with the energy demand continuing to grow and the clean, stable characteristics of nuclear energy aligning well with computing power needs [3]. Policy and Market Expansion - To drive the deep collaboration between nuclear energy and computing power, it is essential to establish demonstration projects and provide policy support. The report suggests a collaborative model involving government, state-owned enterprises, and private enterprises to enhance international competitiveness [4]. Company Recommendations - The report recommends focusing on several companies, including: - Jingye Intelligent, which is developing SMR technology in collaboration with Zhejiang University [6]. - Jiadian Co., which leads in the nuclear power business with its helium fan products [6]. - Guoguang Electric, which provides key components for the ITER project [6]. - Lansi Heavy Industry, covering the entire nuclear energy supply chain [6]. - Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [6].