End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 国际原子能机构驻扎波罗热核电站观察员完成例行轮换。 扎 波 罗 热 核 电 站 当 地 时 间 12 月 3 日 通 报 ， 国 际 原 子 能 机 构 进 驻 观 察 员 完 成 又 一 次 定 期 轮 换。新一批即第3 2批进驻观察员共四人，现已开始工作，监测和评估核电站的运行安全状 况。 通报称，本次人员轮换由俄国防部军人、国民卫队、内务部员工共同保障。 国际原子能机构观察员自2 0 22年9月1日起一直驻扎在扎波罗热核电站工作。 来源：央视新闻客户端 ...

证券研究报告|行业深度 2025 12 03 年 月 日 算力之争，电力为王： 聚焦美国 A I能源革命核心赛道 分析师 张卓然 分析师 鲁昊 执业证书编号：S0680525080005 执业证书编号：S0680525080006 邮箱：zhangzhuoran@gszq.com 邮箱：luhao@gszq.com 分析师 张津铭 分析师 高紫明 分析师 刘力钰 执业证书编号：S0680520070001 执业证书编号：S0680524100001 执业证书编号：S0680524070012 邮箱：zhangjinming@gszq.com 邮箱：gaoziming@gszq.com 邮箱：liuliyu@gszq.com 打造极致专业与效率 汇报框架 目录 AI对美国电力需求的拉动几何 解决AI电力供需的有效途径 2 投资策略与相关标的 3 风险提示 4 2 1 AI对美国电力需求的拉动几何 3 • 美国电力供需现状 • 美国数据中心用电增长测算 • 供需错配与电网容量难以支撑用电高增 美国电力供需现状 01 AI对美国电力需求的拉动几何 图表2：美国各部门用电占比 资料来源： Wind，国盛证券研究所 资 ...

央视网消息：12月3日，我国核能原材料天然铀领域的核心企业中国铀业在深交所挂牌上市。 中国铀业是国内核电"燃料"的供应商，通过本次上市，将显著提升我国铀资源的保障能力。 记者了解到，中国铀业拥有铀矿开采的多项核心关键技术，"国铀一号"示范项目已经生产出铀产品，实现了我国天然铀产能的快速增长。 当前，我国铀资源勘查重心由南方硬岩转向北方砂岩，在北方盆地陆续发现和落实了一批超大型、特大型和大型铀矿床。在内蒙古鄂尔多斯，中国规模 最大的天然铀产能项目"国铀一号"示范工程近期生产出"第一桶铀"，通过新型采铀技术，盘活了国内数十万吨铀资源。 目前，"国铀一号"先进技术正加速推广至内蒙古二连盆地、东北松辽盆地、新疆伊犁盆地、甘肃镇原等铀矿资源开发，将支撑建成新一批天然铀生产大 基地，实现我国天然铀产能数倍增长。 全球铀资源需求旺盛 中国铀业加速出海 未来，"国铀一号"技术还将走出国门，推广到中亚、非洲等国家和地区。随着全球核能的快速发展，铀资源的需求将大幅增加。 全球铀资源的地理分布极不均衡，资源储量分布高度集中于少数国家，全球已探明的铀资源主要集中在澳大利亚、哈萨克斯坦和加拿大等国，前三大资 源国的储量合计已超过全球总 ...

Group 1 - The nuclear power industry chain in China is experiencing significant breakthroughs, with the commencement of the Shandong Zhaoyuan and Zhejiang San'ao nuclear power projects, marking the full launch of new projects [1] - China Uranium Corporation's IPO has been completed, enhancing upstream resource security, while the international fusion cooperation project BEST has been initiated, accelerating the layout of cutting-edge technologies [1] - China has approved more than 10 nuclear units annually for four consecutive years, with continuous high investment, indicating that the industry chain is entering a new stage of development encompassing equipment, construction, resources, and technological innovation [1] Group 2 - Cameco's 6-K filing indicates a revised uranium concentrate production estimate for the McArthur River/Key Lake project at 14 to 15 million pounds, down from the previous estimate of 18 million pounds [1] - The world's largest uranium producer, Kazatomprom, plans to reduce production by approximately 10% by 2026, indicating no necessity to restore full production capacity [1] - The downward adjustment of production guidance by these two major uranium suppliers suggests a continued tight supply outlook, which may support uranium prices [1] Group 3 - CGN Mining (01164) saw its stock price increase by over 6%, reaching HKD 3.28, with a trading volume of HKD 162 million [2]

然而，报道强调，引入核能并非"万能解"，一是SMR技术目前仅由少数国家掌握，若由国外供应商主导 摩核电产业，可能带来技术与燃料依赖风险，影响国家能源等要害部门战略自主；二是摩洛哥若启动核 能项目，还需解决核废料安全处理、独立核监管机构建设、电网改造以及融资机制设计等关键问题；三 是在资金方面，即使建设一般规模的SMR电站也需要数十亿美元投资，资金筹措难以在短期内完成。 报道认为，尽管可再生能源总体发展迅速，但在电力供应方面普遍存在间歇性和不稳定性问题。在核电 领域，新一代小型模块化反应堆（SMR）因具备输出稳定、电量可调、成本可控等多种优势，被视为 可再生能源的重要补充。公开资料显示，摩洛哥近年在国际核安全与核保障体系中取得明显进展。国际 原子能机构（AIEA）在其最新年度评估中首次向摩洛哥出具最高级别保障结论，确认摩境内核材料完 全用于和平目的，并认可摩洛哥原子放射安全监管局（AMSSNuR）符合国际监管体系要求。同时，摩 洛哥国家核能研究中心（CNESTEN）与比利时核能研究中心（SCK-CEN）签署合作协议，在科研、核 技术应用与人才培训等领域加强合作，进一步巩固摩洛哥在核安全、核保障和和平利用核能方面 ...

本文源自：金融界AI电报 中核国际(02302.HK)发布公告，公司获悉，间接持有公司已发行股份约66.72%的控股母公司中国铀业股 份有限公司("中国铀业"或"母公司")已于2025年12月3日在深圳证券交易所正式挂牌上市。 ...

Group 1 - Russian President Putin's visit to India on December 4-5 is significant as it marks his first visit post the escalation of the Ukraine crisis and coincides with the 25th anniversary of the Russia-India strategic partnership [1] - Energy cooperation is the core focus of this visit, with Russia expected to supply approximately 634.5 million barrels of oil to India in 2024, accounting for 36.4% of India's total oil imports, allowing India to save around $2.2 billion through discounted prices [3] - Despite U.S. tariffs on Indian imports, India remains committed to maintaining energy security and has no plans to halt oil purchases from Russia, with both nations signaling a strengthening of energy cooperation [3] Group 2 - The visit is expected to result in multiple cooperation agreements in areas such as military procurement, nuclear energy utilization, and Arctic route development, indicating an expansion of Russia-India collaboration into various sectors [3] - India's diplomatic diversification is accelerating in response to U.S. tariff pressures, with a focus on deepening cooperation with Russia and exploring new markets in Latin America and West Asia [4] - The deepening of Russia-India cooperation is seen as a strategic alignment to address international changes, which could reshape bilateral relations and have profound implications for the global energy market and geopolitical balance [4]

Core Insights - China Uranium Industry has officially listed on the Shenzhen Stock Exchange, marking a significant milestone as the first natural uranium stock in China [1] - Natural uranium is a crucial strategic resource and energy mineral for the country, with its stable supply being fundamental for the rapid development of nuclear energy [1] - The company aims to enhance domestic investment in the natural uranium industry, thereby accelerating the growth of production capacity and economic scale [1] Company Overview - China Uranium Industry primarily engages in the mining, processing, sales, and trade of natural uranium, as well as the comprehensive utilization of radioactive co-associated minerals [1] - The company holds 19 mining rights and 6 exploration rights in uranium-rich regions such as Xinjiang and Inner Mongolia [1] - The "Guo Uranium No. 1" demonstration project is the largest natural uranium production project in China, utilizing new extraction technologies to activate tens of thousands of tons of domestic uranium resources [1] Market Potential - China's nuclear power capacity is currently the largest in the world, with domestic natural uranium demand expected to triple over the next 15 years [1] - According to the World Nuclear Association, global natural uranium demand could rise to nearly 204,600 tons by 2040 [1] - The listing of China Uranium Industry is expected to significantly enhance the country's uranium resource security capabilities [1]

Core Viewpoint - The company, HaiLu Heavy Industry, has confirmed its involvement in the development of thorium-based molten salt reactor technology, specifically mentioning its previous work on a 2MWt liquid fuel thorium-based molten salt experimental reactor (TMSR-LF1) [1] Group 1 - Investors inquired about the applicability of thorium-based molten salt reactor technology for nuclear-powered aircraft carriers [1] - The company responded that it has previously undertaken the safety-specific design for the TMSR-LF1, which includes a residual heat exchange device [1]

Core Insights - The global energy revolution is at a historic turning point, with renewable energy capacity expected to reach approximately 700 GW in 2024, marking the 22nd consecutive year of record growth [1] - Renewable energy and nuclear power will account for 80% of the new electricity generation in 2024, indicating a significant structural transformation in the global energy system [1] Group 1: Characteristics of the Energy Transition - Renewable energy costs continue to decline, with 91% of new renewable energy projects in 2024 being cheaper than the lowest-cost fossil fuel projects [1] - The acceleration of energy system intelligence is driven by AI and digital twin technologies, enhancing power generation forecasting, grid management, and energy storage [1] - A mature multi-energy complementary system is emerging, characterized by the integration of wind, solar, hydrogen, and storage [1] Group 2: China's Role in the Energy Transition - China is transitioning from a follower to a leader in the energy revolution, with its solar and wind capacity additions in the first half of 2025 surpassing the total of other regions [1][3] - By mid-2025, China's renewable energy capacity is expected to reach nearly 60%, with renewable energy generation accounting for 39.7% of the national total [3][4] - China's electrification level has reached 32%, increasing at a rate of approximately 1 percentage point per year, outpacing major economies in Europe and the U.S. [4] Group 3: Investment and Technological Advancements - Global clean energy investment is projected to exceed $2 trillion in 2024, double that of fossil fuel investments, with China contributing one-third of the total [2] - China leads in clean energy technology patents, holding over 75% of global patents in clean energy technology as of now [6] - Significant breakthroughs in various energy sectors, including nuclear, grid technology, and energy storage, have positioned China as a global benchmark [5][6] Group 4: Global Energy Cooperation and Impact - Different development models are enriching global energy transition practices, with collaborations such as China-Saudi Arabia in green hydrogen and U.S.-China in carbon capture technology [3] - China's technology exports have significantly reduced the costs of wind and solar energy globally, contributing to a reduction of approximately 810 million tons of CO2 emissions [7] - Through initiatives like the Belt and Road, China is fostering sustainable development in partner countries, enhancing their access to clean energy [7] Group 5: Future Outlook - The global renewable energy capacity is expected to increase by 4,600 GW by 2030, equivalent to the current total generation capacity of China, the EU, and Japan combined [2] - China's strategic focus on emerging industries, including hydrogen and quantum technology, is anticipated to create a trillion-dollar market in new energy [8] - The ongoing energy transformation is expected to foster a sustainable global energy governance system, with China playing a pivotal role [9]