从政策端看，美国联邦与州政府正持续加码对核能的扶持。无论是税收优惠、补贴政策，还是简化审批 流程，都在为核能项目的推进铺路。这种自上而下的推动，打破了此前核能发展 "雷声大、雨点小" 的困 境，为行业注入了确定性。 从市场端看，一个显著的变化是 核能在数据中心的应用快速普及 。随着人工智能、云计算等产业爆发， 数据中心对稳定、高效、低碳的电力需求激增。核能作为零碳排放的基荷能源，能够 24 小时不间断供 电，完美匹配数据中心的 "永不停机" 需求。这种场景化的需求爆发，正在为核能打开全新的增长空间。 大型项目的 "成长烦恼" 大摩报告指出，大型新建核电项目仍面临挑战，建设周期长、成本控制难等问题尚未完全解决。但与此同 时，核电机组的延寿、重启项目推进迅速，小型模块化反应堆（SMRs）因建设周期短、前期成本较低等 优势，成为突破发展瓶颈的关键方向。从长期容量看，在 "核能复兴" 情景下，美国核能总容量预计将显 著提升至 150GW，相关产业链也将受益。 当全球能源转型进入深水区，核能正从争议的阴影中走出，迎来新一轮发展机遇。 据追风交易台，摩根士丹利最新研报明确表示，美国的核能复兴趋势已逐渐清晰，这不仅将重塑美 ...

Core Insights - The Mkuju uranium mine project in Tanzania, initiated by a consortium including Jianggen Capital and China National Nuclear Corporation, aims to explore uranium resources, enhancing China's diversified supply of nuclear materials and energy security [1][2] - The project aligns with China's strategic mission to secure critical mineral resources and is seen as a response to the Belt and Road Initiative, fostering cooperation between China and Tanzania in the energy sector [2] Group 1: Project Overview - The Mkuju uranium mine covers an area of approximately 300 square kilometers in southern Tanzania, with significant geographical advantages for resource development [1] - The exploration and development of the Mkuju uranium mine will enrich China's uranium supply chain, contributing to the stable and sustainable development of the nuclear energy industry [1] Group 2: Strategic Importance - The project is expected to create job opportunities and enhance technical capabilities in Tanzania while optimizing China's energy structure and contributing to the global clean energy supply chain [2] - By 2024, China's operational and under-construction nuclear power capacity is projected to reach the world's largest scale, with uranium demand expected to grow to 36,000 tons, making China the largest consumer of natural uranium globally [2] Group 3: Future Outlook - The global uranium demand is anticipated to rise, with estimates reaching between 61,000 to 77,000 tons by 2030, driven by increasing nuclear power capacities worldwide [2] - The industry views overseas uranium exploration as a key support for domestic nuclear power development, with acquisitions and joint ventures being crucial for ensuring safety in the nuclear energy sector [2]

Industry Insights - The Thorium Molten Salt Reactor (TMSR) in Wuwei, Gansu Province, has achieved continuous stable operation, marking a significant advancement in fourth-generation nuclear technology [1] - This reactor is currently the only operational thorium molten salt reactor globally, overcoming challenges that Western countries have faced for over 50 years [1] - China plans to establish 5 to 10 commercial thorium molten salt reactors by 2035, leveraging its abundant thorium resources, which are 3 to 4 times greater than uranium reserves worldwide [1] Company Developments - Baose Co., a leading manufacturer of non-standard equipment for special materials in China, is involved in the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform" project by the Chinese Academy of Sciences, producing core equipment such as the main container and internal support devices [2] - Hailu Heavy Industry is developing non-active residual heat discharge systems and molten salt heat exchangers for the thorium molten salt reactor project, collaborating with the Chinese Academy of Sciences on safety-specific equipment for the TMSR-LF1 [2]

Core Viewpoint - The recent operational launch of the Shandong Rongcheng Shidao Bay High-Temperature Gas-Cooled Reactor (HTR-PM) marks a significant advancement in nuclear energy technology, showcasing China's leadership in the development of fourth-generation nuclear power and its inherent safety features [3][5]. Group 1: Technological Advancements - The Shidao Bay nuclear power plant is the world's first fourth-generation nuclear power station, utilizing helium gas as a coolant and achieving operational temperatures of 750-950°C, significantly higher than third-generation reactors [3][5]. - The core technology involves TRISO ceramic-coated fuel particles, which can withstand temperatures exceeding 1600°C, effectively containing radioactive materials [3][5]. - The reactor's design ensures that even in the event of a complete power failure or cooling system failure, there is no risk of core meltdown or radioactive leakage [3][5]. Group 2: Safety and Security Measures - The reactor's inherent safety features include a passive cooling system that allows the reactor to cool naturally without external power, significantly reducing the risk of incidents similar to the Fukushima disaster [3][5]. - To counter modern threats, the Shidao Bay nuclear power station has implemented a multi-layered defense system, including high-precision radar monitoring, electronic jamming technology, and physical barriers to prevent unauthorized drone access [5][8]. - The power and control systems of the plant are designed with redundancy to maintain critical functions even if some facilities are damaged [7]. Group 3: Cybersecurity and Espionage Prevention - The plant employs "gap isolation" technology to physically separate critical control systems from external networks, effectively preventing hacking attempts [7][9]. - Regular cybersecurity drills are conducted by the China National Nuclear Corporation to ensure the digital defense capabilities of the HTR-PM [7][9]. - Advanced security networks, including facial recognition and infrared monitoring, are deployed around the plant to ensure the safety of critical areas [8][9].

Group 1 - The core viewpoint of the article highlights the significant growth of renewable energy in China's energy sector, with renewable energy accounting for approximately 90% of new installed capacity in the first quarter of 2024 [1][2] - In the first quarter, the total installed capacity of renewable energy reached 76.75 million kilowatts, representing a year-on-year increase of 21% [2] - Renewable energy generation reached 816 billion kilowatt-hours, a year-on-year increase of 18.7%, making up about 35.9% of the total electricity generation [2] Group 2 - The nuclear power capacity in operation and under construction exceeded 120 million kilowatts, with a projected nuclear power generation of 450.9 billion kilowatt-hours in 2024, accounting for 4.5% of the total generation [2] - The article emphasizes the support for advanced nuclear technologies and their applications in heating, steam supply, and seawater desalination [2] - Hydrogen energy is identified as a key focus area, with a projected production and consumption scale of over 36.5 million tons in 2024, making China the world's largest in this sector [3] Group 3 - Investment in energy projects has been growing rapidly, with a 12.9% year-on-year increase in investment for key energy projects in the first two months of 2024 [3] - The article discusses the role of private enterprises in the energy sector, noting that they account for over 80% of operators with more than 10,000 charging facilities [4] - New policies are aimed at enhancing the participation of private enterprises in energy infrastructure projects, including new energy technologies and traditional energy sources [4]

Group 1: Energy Supply and Consumption - The National Energy Administration reported that energy supply is sufficient, consumption is growing, and the overall supply-demand situation is relaxed with stable prices showing a downward trend [1] - In the first quarter, renewable energy accounted for 90% of new installed capacity, with an increase of 76.75 million kilowatts, representing a year-on-year growth of 21% [1] - Renewable energy generation reached 816 billion kilowatt-hours in the first quarter, a year-on-year increase of 18.7%, making up 35.9% of total electricity generation [1] Group 2: Nuclear Energy Development - The operational and approved nuclear power installed capacity in China exceeds 120 million kilowatts, with a projected nuclear power generation of 450.9 billion kilowatt-hours in 2024, accounting for 4.5% of total generation [1] - The government plans to support the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors [1] Group 3: Hydrogen Energy Sector - Hydrogen energy is a key focus, with a projected production and consumption scale exceeding 36.5 million tons in 2024, making China the world's largest producer [2] - Over 600 renewable energy electrolysis hydrogen production projects are planned, and more than 540 hydrogen refueling stations have been established [2] - Approximately 24,000 fuel cell vehicles have been promoted as part of the ongoing demonstration applications [2] Group 4: Investment in Energy Sector - Energy investments have shown rapid growth, with a 12.9% year-on-year increase in investment in key energy projects in the first two months [2] - Investments in offshore wind, new energy storage, power grids, and nuclear power are growing quickly [2] Group 5: Support for Private Enterprises - The National Energy Administration has issued a notice to support private enterprises in enhancing development momentum and fair market participation [3] - Private enterprises account for over 80% of operators with more than 10,000 charging facilities, indicating their significant role in the energy sector [3] - New nuclear power projects approved recently have at least 10% shareholding from private enterprises, highlighting their increasing involvement in energy infrastructure [3]

Market Overview - On April 28, the market experienced slight declines, with the Shanghai Composite Index down by 0.2%, the Shenzhen Component down by 0.62%, and the ChiNext Index down by 0.65%[2] - The total trading volume was 1.08 trillion, a decrease of approximately 60 billion compared to the previous trading day[1] Sector Performance - Most sectors declined, with notable drops in real estate, social services, automotive, and construction materials[1] - Only a few sectors, including banking, steel, and utilities, showed slight increases, indicating a weak market sentiment overall[1] Capital Flow - On April 28, there was a net outflow of 0.28 billion in the Shanghai market and a net outflow of 55.79 billion in the Shenzhen market[3] - The top three sectors for capital inflow were electricity, semiconductors, and IT services, while real estate development, automotive parts, and communication equipment saw the largest outflows[3] Economic Indicators - In Q1, 3.08 million new urban jobs were created, an increase of 50,000 year-on-year, indicating a stable employment situation[7] - The People's Bank of China plans to implement new structural monetary policy tools to maintain liquidity and support employment and economic growth[4] Industry Developments - The development of flexible microelectrode implantation robots for brain-computer interfaces has progressed, supporting advancements in brain science[8] - The National Energy Administration is promoting the research and development of advanced nuclear technologies, including fourth-generation nuclear power and small modular reactors[9] Investment Trends - Public REITs have seen a significant increase, with 7 new listings this year, bringing the total to 65, and several more projects in the pipeline[12] - The newly launched free cash flow-themed ETFs have collectively raised over 10 billion, with 12 already established[13]

我国日前决定核准浙江三门三期工程、福建霞浦压水堆1、2号机组、山东海阳三期工程、广东台山 二期工程、广西防城港三期工程等5个核电项目。我国在运和核准在建核电装机容量超过1.2亿千 瓦。 这是国家能源局28日举行的新闻发布会上发布的最新信息。 2024年全国核电发电量4509亿千瓦时，同比增加3.7%，占全国总发电量的4.5%。全年等效减少标煤消 耗约1.4亿吨，减少排放二氧化碳约3.7亿吨。我国在运核电机组始终保持良好的安全纪录，主要运行指 标保持国际领先水平，未对公众和环境造成任何不良影响。 下一步，国家发展改革委、国家能源局将指导督促企业按照全球最高安全标准建设和运营核电机组，进 一步提高核电工程建设和运行管理水平，确保核电安全万无一失。大力支持第四代核电技术、小型模块 化反应堆、核聚变等前沿技术攻关。（戴小河） （来源：新华社） 相 关 阅 读 国家能源局2025年二季度新闻发布会文字实录 核电阀门自主可控 拿捏！丨能源高质量发展调研行·民企力量 人民日报：我国核电在运在建规模升至世界第一 央视新闻：加快建设新型能源体系 我国将核准开工一批条件成熟沿海核电项目 中国之声：我国核电在运在建规模升至世界第一 ...

Core Viewpoint - The Chinese government has approved several new nuclear power projects, continuing a trend of annual approvals for over ten new nuclear units, with a total of 10 new units approved in 2025, marking a significant expansion in the country's nuclear energy capacity [1][2][4]. Group 1: Project Approvals - The State Council has approved five new nuclear projects, including the third phase of the Zhejiang Sanmen project and the third phase of the Guangxi Fangchenggang project, totaling 10 new units [1][2]. - The approved units primarily utilize the "Hualong One" nuclear technology, which accounts for 80% of the new approvals [2][3]. Group 2: Capacity and Technology - The approved units include the Taishan 3 and 4 units with a capacity of 1200 MW each and the Fangchenggang 5 and 6 units with a capacity of 1208 MW each, all employing "Hualong One" technology [2]. - The Sanmen 5 and 6 units will have a capacity of 1215 MW each and are expected to generate an annual output of 20 billion kWh [2][3]. - The Haiyang 5 and 6 units will utilize the domestically developed "CAP1000" technology, with a capacity of 1300 MW each, and are projected to generate 60.9 billion kWh annually [3]. Group 3: Market Potential - The average market space for nuclear power equipment is estimated to be around 100 billion yuan annually, with each nuclear unit valued between 18 billion to 20 billion yuan [4]. - By 2030, China's operational nuclear capacity is expected to lead globally, with projections indicating a need for 200 million kW of nuclear capacity by 2040, contributing approximately 10% to the energy mix [4][5]. Group 4: Current Status and Future Developments - As of the end of 2024, China has 57 operational nuclear units with a total capacity of 59.76 million kW, ranking third globally, and 28 units under construction, maintaining the highest construction capacity worldwide [5]. - The investment in nuclear engineering reached a record high of 146.9 billion yuan in 2024, reflecting a significant increase from the previous year [5].

Group 1: Charging Infrastructure Development - The National Energy Administration (NEA) is formulating policies to encourage the construction and renovation of high-power charging facilities, focusing on highway service areas for immediate charging scenarios [1][3] - As of March 2025, the number of charging infrastructure in China is expected to reach 13.749 million units, a year-on-year increase of 47.6%, including 3.9 million public charging facilities and 9.849 million private ones [1][2] - By the end of 2024, the number of new energy vehicles (NEVs) in China is projected to reach 31.4 million, accounting for 8.90% of the total vehicle population, with 11.25 million new registrations in 2024, representing a 51.49% increase from 2023 [2] Group 2: Coverage and Accessibility - Nationwide, all provinces except Tibet and Qinghai have achieved the goal of "county-level full coverage" for charging stations, with a county-level coverage rate of 97.31% [2] - Thirteen provinces have achieved "town-level full coverage" for charging piles, with a township charging facility coverage rate of 76.91% [2] Group 3: Upcoming Initiatives and Safety Measures - The NEA plans to enhance the charging network and service capabilities, promote pilot demonstrations, and improve the quality of charging infrastructure to better meet the needs of NEV users [3] - In preparation for the upcoming "May Day" holiday, the NEA is guiding local authorities to update old charging facilities and increase temporary charging equipment, ensuring orderly and safe charging services during the holiday [3] Group 4: Nuclear Power Development - The State Council has approved several nuclear power projects, including the Zhejiang Sanmen Phase III and others, with a total operational and approved nuclear power capacity exceeding 120 million kilowatts [5][6] - In 2024, the national nuclear power generation is expected to reach 450.9 billion kilowatt-hours, a year-on-year increase of 3.7%, accounting for 4.5% of the total national power generation [5] Group 5: Safety and Technological Advancements in Nuclear Power - The NEA emphasizes the importance of nuclear safety culture and adherence to the highest global safety standards in the construction and operation of nuclear power units [6] - There is a strong focus on supporting the research and development of advanced nuclear technologies, including small modular reactors and nuclear fusion, to optimize energy structure and address climate change [6]