机械设备 2026 年 01 月 31 日 业 研 究 机械设备 科技+新能源巨头入核热潮起，核电迎来多元新格局 行 华福证券 投资要点： 巨头跨界入局，科技新能源协同赋能 行 业 定 期 报 告 随着民资入核政策持续放宽，阿里、吉利等科技巨头及宁德时代、 特斯拉等新能源龙头纷纷跨界参与中国沿海核电项目。科技企业多以 入股方式布局浙江象山、温州三澳等沿海核电基地，核心锁定稳定能 源以支撑算力需求；新能源企业则聚焦配套环节，提供储能解决方案、 核心装备制造等服务，上海电气等企业助力核电设备国产化率达 93.4%，形成"央企主导、民资赋能、科技加持"的产业生态。 政策保驾护航，行业发展前景广阔 从 2020 年吉利参股三澳核电成为首个民资入核案例，到 2024 年 民资参股比例提升至 10%，再到 2026 年浙江明确支持民企投向核电， 政策持续为企业参与铺路。未来，伴随 AI 算力需求爆发与"双碳"目 标推进，"算力+核能"布局将深化，"风光核储一体化"模式将在沿 海基地落地，更多企业有望入局，但需依托央企核心架构、聚焦自身 优势，遵循核电产业高安全、长周期的发展规律。 SMR 或是解决 AI 能源需求的关键方 ...

Group 1 - The establishment of Shandong Iron Investment Energy Group marks a significant step in accelerating the development of the new energy industry by Shandong Iron Investment Group [1] - The new energy sector is a key component of the "353" industrial development strategy, focusing on an integrated model of "wind, solar, nuclear, and storage" [1][2] - The company aims to achieve a target of "100 billion assets, 10 billion revenue, leading in the province, and competitive nationally" while enhancing operational capabilities and accelerating power trading [1][2] Group 2 - Shandong Iron Investment Energy Group has a registered capital of 10 billion yuan and oversees several subsidiaries, with a total installed capacity of 1.8 GW and a grid-connected capacity of 1.7 GW across 41 renewable energy stations [2] - The company will focus on the entire chain of "generation-storage-consumption" and aims to be a benchmark operator in the clean energy sector, emphasizing market-oriented projects and innovative integration of "transportation + energy" [3] - The operational strategy includes enhancing resource development, collaborative innovation, and operational support while pursuing both independent development and cooperative mergers and acquisitions [3]