【中信证券新材料/机械/电新】核电行业重点推荐——高端制造估值重估，短期业绩高增远期空间广阔 ‼核心观点：①核电为低位、低估值、高科技属性大容量板块，同时国内外利好催化密集；②大部分标的长期估值 受限，但短期板块将业绩高增，同时四代堆/小堆/核应用/出口/乏燃料将贡献增量；③聚变资本开支基准有望迎事 件切换，大幅拔高远期估值。 ‼高利润率高成长，估值长期受限。 25年我国核 【中信证券新材料/机械/电新】核电行业重点推荐——高端制造估值重估，短期业绩高增远期空间广阔 ‼核心观点：①核电为低位、低估值、高科技属性大容量板块，同时国内外利好催化密集；②大部分标的长期估值 受限，但短期板块将业绩高增，同时四代堆/小堆/核应用/出口/乏燃料将贡献增量；③聚变资本开支基准有望迎事 件切换，大幅拔高远期估值。 ‼高利润率高成长，估值长期受限。 25年我国核电发电占比约4.82%，世界平均水平10%，发达国家普遍在20%以上，AI需求引发行业复兴，空间广 阔。 行业壁垒导致核岛核心设备毛利率在30%以上。 在历史业绩稳健增长、毛利率较高的背景下，零部件企业估值提升长期受限，我们认为核心原因是市场对核电"远 期成长"信心不足 ...

Group 1 - The State Council issued implementation opinions to improve the national unified electricity market system, promoting distributed energy sources to fairly bear system adjustment costs and participate in the market through aggregation and direct trading models [1] - The report from the International Energy Agency predicts that global electricity demand will grow at an average annual rate of over 3.5% until 2030, with renewable energy and nuclear power together accounting for 50% of the global electricity structure by 2030 [1] - CITIC Securities research indicates that AI demand is driving a revival in the global nuclear power industry, with high-profit and high-growth nuclear manufacturing industry valuations expected to be reassessed [1] Group 2 - Domestic nuclear power has entered a peak period of normalization in approval and construction, with component deliveries expected to peak in 2026, leading to accelerated profit release in the industry [1] - Advanced reactor technologies, nuclear technology applications, exports, and spent fuel reprocessing are expected to contribute significantly to incremental demand [1] - Long-term prospects for nuclear fusion are anticipated to substantially enhance sector valuations, leading to a strong recommendation for the nuclear power industry [1] Group 3 - Related Hong Kong stocks in the nuclear power industry include China General Nuclear Power (01816), China National Nuclear Corporation International, and China General Nuclear Mining (01164) [2]