Group 1 - The South Korean nuclear regulatory authority has approved the operation of the new Saeul No. 3 reactor, marking the first such approval in nearly two years, despite the government's ongoing reassessment of nuclear energy's long-term role in the economy [1][2] - The new reactor is expected to significantly reduce South Korea's reliance on imported coal and natural gas, aligning with the increasing demand for nuclear power driven by the expansion of AI data centers [2][3] - The approval of the Saeul No. 3 reactor is seen as a critical infrastructure asset for supporting the growing AI computing power demands, which require stable and efficient electricity supply [3][4] Group 2 - The South Korean government, led by President Lee Jae-myung, is advocating for increased investment in renewable energy while still supporting existing nuclear projects, indicating a balanced approach to energy policy [2][6] - The global demand for electricity driven by AI data centers is projected to surge, with Goldman Sachs predicting a 175% increase in electricity consumption by 2030, highlighting the critical role of nuclear power in meeting this demand [4][5] - Major tech companies like Amazon, Google, and Microsoft are increasingly favoring nuclear energy for their data centers due to its clean, stable, and efficient characteristics, which are essential for continuous power supply [6][7]

Group 1 - The South Korean nuclear regulatory agency has approved the operation of the new Saeul No. 3 reactor, marking the first such approval in nearly two years, despite the current government's reevaluation of nuclear energy's long-term role in the economy [1][2] - The new reactor is expected to significantly reduce South Korea's reliance on imported coal and natural gas, aligning with the global trend of increasing nuclear power demand driven by the needs of AI data centers [2][3] - The approval of the Saeul No. 3 reactor is seen as a strong endorsement of nuclear energy's role in supporting the growing electricity demands of AI applications, which require high efficiency, reliability, low carbon compliance, and stable pricing [2][3] Group 2 - The global electricity demand driven by AI data centers is projected to increase dramatically, with Goldman Sachs revising its forecast for electricity consumption by data centers to grow by 175% by 2030, indicating a significant surge in power needs [3][4] - The International Energy Agency (IEA) predicts that global data center electricity demand will more than double by 2030, reaching approximately 945 TWh, with AI applications being the primary driver of this growth [4][5] - Major tech companies like Amazon, Google, and Microsoft are increasingly favoring nuclear energy for their data centers due to its clean, stable, and efficient characteristics, which are essential for meeting the continuous power demands of AI workloads [5][6]

格隆汇12月30日丨安泰科技(000969.SZ)在互动平台表示，公司生产的集成电路设备高温发热体和结构 件材料、集成电路及显示用难熔金属溅射靶材、离子注入机用钨钼材料、蓝宝石长晶炉用钨钼材料、电 子封装热沉材料、因瓦合金材料及精密金刚石工具等产品可广泛应用于泛半导体领域。在核电业务领 域，目前公司产品主要服务国内客户，暂时不涉及海外市场；在可控核聚变领域，公司产品已成功应用 于法国WEST项目。 ...

Core Insights - The report recommends key stocks across various industries for January 2026, highlighting potential investment opportunities based on market trends and company performance [2][3]. Industry Summaries Construction - Shenghui Integration (603163.SH) is a Taiwanese cleanroom engineering service provider and a core supplier for Google's TPU supply chain, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Social Services - China Duty Free Group (601888.SH) is expected to benefit from a new cycle in domestic duty-free sales, with a boost from the upcoming consumption peak during the New Year and Spring Festival, leading to improved performance expectations [2]. Electronics - Lante Optics (688127.SH) is experiencing significant growth in its optical prism product line and is collaborating with multiple waveguide manufacturers for AR glasses, indicating strong profit elasticity and expansion potential [2]. Utilities and Environmental Protection - China General Nuclear Power (003816.SZ) is set to benefit from the normalization of nuclear power approvals and improvements in market pricing mechanisms, with expected production increases in Guangdong province [2]. Nonferrous Metals - Zijin Mining (601899.SH) is a leading player in the nonferrous sector, with high profit contributions from gold and copper, and is entering a rapid growth phase in lithium production, making it a highly valued investment opportunity for 2026 [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a global leader in dairy farming, is expected to benefit from rising milk prices and beef price increases, leading to significant performance recovery [2]. Internet - Tencent Holdings (0700.HK) is well-positioned for the AI era, leveraging its ecosystem advantages, with potential growth from e-commerce and AI agent capabilities not yet reflected in current profit forecasts [2]. Pharmaceuticals - WuXi AppTec (603259.SH) is supported by strong performance, order growth, and capital expenditure, with favorable regulatory changes expected to enhance the valuation of the CXO sector [2]. Light Industry - Sun Paper (002078.SZ) is entering a new capacity release phase with significant production increases expected, making it a compelling investment with reasonable valuation metrics [2]. Textiles and Apparel - Anta Sports (2020.HK) is anticipated to benefit from the performance of its premium sports brands, with a favorable valuation and upcoming catalysts from Q4 operational disclosures and the Spring Festival consumption peak [2].

Core Viewpoint - The ongoing US-China technology war has reached a critical stage, with China making significant advancements in various technology sectors, raising questions about Taiwan's position and future opportunities in this context [1][17]. Group 1: China's Technological Advancements - According to the Australian Strategic Policy Institute's report, China has established a leading position in over 60 out of 70 key technology areas, significantly surpassing the US [5]. - The "14th Five-Year Plan" emphasizes six key areas for technological breakthroughs, including integrated circuits and advanced materials, while also identifying new economic growth points such as quantum technology and hydrogen energy [2][3]. - China's approach to technology development is characterized by a broad exploration of all available technologies rather than a selective focus, allowing for a diverse range of innovations [10][16]. Group 2: Market Dynamics and Investment - The success of Chinese tech companies like Cambricon and Moore Threads is attributed to market-driven investments rather than government funding, highlighting the importance of private capital in fostering innovation [7][21]. - The shift from government-selected winners to market-selected winners has led to a more dynamic and competitive tech landscape in China, enhancing the conversion of research into commercial applications [8][9]. Group 3: Implications for Taiwan - Taiwan's reliance on TSMC raises concerns about its long-term economic sustainability, as the island lacks other significant industries to support its economy if TSMC were to relocate [24][25]. - The historical investment in the semiconductor industry has created a strong foundation, but there is a pressing need for Taiwan to diversify its economic base beyond TSMC to avoid becoming overly dependent [22][26]. Group 4: Future Outlook - The ongoing technological competition suggests that the US's strategy of containment may be ineffective, as China's advancements continue to challenge the status quo [17][20]. - The potential for collaboration between the US and China is acknowledged, but the technology war is expected to persist, influencing global market dynamics and investment strategies [3][18].

在第五篇章"美好生活"展区，中广核的质子治疗系统模型展示了核技术如何服务民生健康（301507）。 2024年，中广核技（000881）的质子治疗装备成功入选工业和信息化部《首台(套)重大技术装备推广应 用指导目录》。"质子治疗能够精准靶向肿瘤组织，像'立体定向爆破'一样消灭癌细胞，同时最大程度 保护周围正常组织，尤其适合儿童肿瘤患者。"现场工作人员介绍道。目前，中广核已在四川绵阳建成 质子治疗设备生产基地并完成首台设备下线。 据了解，中广核在"十四五"时期坚定推进高水平科技自立自强的坚实步履，至"十四五"末，研发投入强 度已达3.8%，并涌现出一系列科技创新成果：在核电领域，我国自主三代核电技术"华龙一号"成功通过 英国通用设计审查和欧洲用户要求认证，其批量化建设稳步推进，已成为全球在运在建机组数量最多的 核电技术；我国首个核级数字化仪控系统"和睦系统"已广泛应用于33台核电机组。 12月30日，"筑基强国路——中国制造'十四五'成就展"于国家博物馆向公众展出。中广核自主研发的"华 龙一号"核电技术模型及质子治疗系统模型成功入选，将分别在北四展厅的绿色制造和美好生活篇章中 展出。 本次展览由中国国家博物馆与 ...

Core Insights - The ongoing US-China tech war has reached a critical stage, with China making significant advancements in various technology sectors, indicating a shift in global power dynamics [1][9][26] Group 1: China's Technological Advancements - China has established a leading position in over 60 out of 70 key technology areas, significantly surpassing the US in many fields [5][21] - The "14th Five-Year Plan" emphasizes six key areas for technological breakthroughs, including integrated circuits and advanced materials, while also identifying new economic growth points such as quantum technology and hydrogen energy [2][4] - The focus on artificial intelligence application is expected to accelerate, leveraging China's extensive supply chain and market size [4][12] Group 2: Market Dynamics and Innovation - The shift from government-led to market-driven selection of technology winners is crucial for fostering innovation in China, allowing for a more dynamic and competitive environment [8][10] - Young tech entrepreneurs are emerging as key players, with their success contributing to a cycle of investment and innovation within the tech sector [9][21] - The ability to convert academic research into commercial applications remains a critical factor for China's technological success [5][21] Group 3: Implications for Taiwan - Taiwan's reliance on TSMC as its primary technological asset raises concerns about its long-term economic sustainability, especially if TSMC's operations are relocated [22][24] - The historical investment in the semiconductor industry has positioned Taiwan well, but there is a need for diversification to avoid over-dependence on a single entity [24][25] - The changing geopolitical landscape necessitates a reevaluation of Taiwan's role in the tech ecosystem, as it faces competition from mainland China's rapid advancements [22][26]

电力行业 2026 年度投资策略 20251229 摘要 煤电价格机制改革打破电价约束，容量价格机制改革预期落地，成为影 响火电行情关键因素。年度交易谈判和煤价走势影响火电全年表现，上 半年通常优于下半年。未来一两年，容量补偿和辅助服务市场将提升火 电竞争力。 双碳背景下，新能源项目大规模建设，但调节和输送能力滞后导致弃风 弃光恶化。市场化交易压力传导至新能源板块，电价下滑影响新增和老 项目。港股新能源公司受益于政策扶持，绿电脱碳政策执行效果值得关 注。 "十五五"规划延续绿色发展方向，新能源价格机制改革和高耗能产业纳 入强制消费体系是重要措施。补贴欠款缓解现金流压力，但政策推进节 奏不确定，绿电仍具看涨期权属性。 绿电投资策略包括：选择无调销纳问题和市场化交易压力小的地域性标 的，如福建的福能中闽；或选择央企低估值风电公司，如港股绿电公司， 目前股息率约 4%，估值较低，进一步回撤是布局良机，推荐新天绿色 能源。 Q&A 2026 年火电行业的投资策略是什么？ 火电行业在 2026 年的投资策略主要围绕价格机制的变化展开。过去几年，火 电行业表现出明显的逆周期属性，与煤炭价格波动呈反向相关关系。十三五时 期 ...

转自：新华财经 近日，宁德核电二期项目"应急柴油机厂房大模块"工程在南通利柏特重工有限公司顺利开工，开创我国核电建设"工厂造厂房"的全新模式，标志着我国核 电工程在模块化、工业化建造领域取得技术新突破。 利柏特首次在核电建设中采用一体化集成大模块技术。应急柴油机厂房大模块作为首个核电大模块工程，突破了传统结构模块边界，将厂房主体施工与内 部安装工作最大限度地在工厂内并行完成，能够有效减少现场作业量和交叉作业，提升工程建设效率，大幅降低安全质量风险，为项目按期、高质量投产 奠定坚实基础。 此次开工建设的柴油机厂房大模块，采用"结构+系统"一体化设计理念，将钢结构、管道等多专业、多系统高度集成于一体，能够实现核电模块化建造由 单一结构模块向深度集成模块的跨越。 该工程是保障宁德二期项目高水平安全推进的关键举措。本次项目的顺利启动，标志着宁德二期工程在模块化建造方面迈出关键一步，对提高项目本质安 全水平、实现降本增效，提升新一轮核电批量化建设资源保障能力具有重要意义。 据了解，利柏特集团是国家级高新技术企业、专精特新"小巨人"企业，也是国内少数具备工程设计、EPC总承包、模块化研发与制造全产业链服务能力的 企业之一 ...

人民财讯12月29日电，近日，中广核苏州院下属中广核检测技术有限公司与华能石岛湾核电开发有限公 司在石岛湾核电基地正式签署合同，将为华能石岛湾核电站压水堆扩建一期工程1、2号机组提供核岛役 前检查服务。双方将立足各自优势，持续深化资源共享与技术协同，携手推动核电技术服务高质量发 展，共筑核能安全发展屏障。 ...