行业复苏得益于三大因素：AI数据中心耗电量激增（OpenAI称八年需250吉瓦）、 《通胀削减法案》提供40%投资税收抵免、核监管委员会审批流程加速。微软、亚马逊 等科技巨头已签署长期核能采购协议，连曾发生事故的三哩岛核电站也更名为Crane清 洁能源中心重启运营。（驻波黑使馆经商处） 2025年行业融资规模已突破40亿美元（2020年仅为5亿）。其中：Aalo Atomics在德 州建设3700平米工厂，计划2026年实现10兆瓦微型反应堆临界测试，目标是在2027年实 现供电；Kairos Power获美国能源部3.03亿美元支持，正在田纳西州建设50兆瓦示范 堆；X-energy获伊朗裔亿万富翁Kamal Ghaffarian投资，研发气冷反应堆。 （原标题：人工智能驱动核能复兴，美国初创企业竞逐微型反应堆赛道） 波黑媒体Energetika 11月26日报道。在人工智能算力需求飙升与特朗普政府政策倾 斜的双重推动下，核能产业正迎来新一轮发展浪潮。福布斯报道称，包括Aalo Atomics、Oklo、Kairos Power在内的十余家美国初创企业正竞相研发模块化小型核反应 堆。 ...

Core Viewpoint - Xiamen Tungsten announced the development of the Langmuir probe, a critical diagnostic component for the ITER divertor, which will operate under high thermal load conditions to measure key parameters such as temperature and density of plasma near the divertor target plate, providing essential data support for the operation and optimization of the ITER device [1] Group 1 - The Langmuir probe is an important diagnostic component for the ITER divertor [1] - The probe will work under high thermal load conditions to measure critical plasma parameters [1] - Xiamen Tungsten has achieved multiple innovations in tungsten material preparation, processing, precision injection molding technology, advanced coating, and connection technology [1] Group 2 - The project has applied for a total of 5 invention patents and 2 utility model patents [1] - The development breaks the reliance on imported core technologies in this field [1] - The project aims to achieve domestic control and localization of high-end components for nuclear fusion [1]

Core Insights - The article discusses advancements in nuclear fusion technology in China, particularly focusing on the construction of the BEST (Broadly Enhanced Superconducting Tokamak) facility in Hefei, which aims to achieve stable nuclear fusion and demonstrate power generation by 2027 [2][4][6]. Group 1: Nuclear Fusion Development - The BEST facility, also referred to as "artificial sun," is designed to replicate the conditions of the sun's core to sustain nuclear fusion reactions [2][4]. - The construction of the facility is currently in the final assembly stage, with key systems like superconducting magnets and heating mechanisms being developed [2][4]. - The facility will consist of millions of components, weighing a total of 6,000 tons, and aims to provide critical data for the commercialization of fusion energy [4]. Group 2: National Strategy and Goals - During the 14th Five-Year Plan, China has made significant breakthroughs in nuclear fusion research, transitioning from basic experiments to engineering applications [6][8]. - The government has prioritized nuclear fusion as a future industry, aiming to integrate it into the broader energy landscape and enhance the industrial chain [8][14]. - The country has established itself as a leader in nuclear power technology, with the largest operational and under-construction nuclear power capacity globally [14]. Group 3: Market and Investment Landscape - The nuclear fusion sector is experiencing rapid investment growth, with over 10 billion yuan raised in the primary market this year, indicating strong market expectations for the development of the fusion industry during the 15th Five-Year Plan [16][18]. - The potential market for controlled nuclear fusion is projected to reach trillions, with China collaborating with over 50 countries and 140 research institutions globally [18].

Core Insights - Cameco, the world's second-largest uranium miner, has experienced a significant recovery in revenue, nearly doubling from $1.2 billion in 2021 to $2.3 billion in 2024, driven by rising uranium prices and increased demand for nuclear energy [2][3]. Company Performance - From 2011 to 2021, Cameco's revenue declined from $2.4 billion to $1.2 billion due to factors such as the Fukushima disaster, COVID-19 pandemic, and a weak Canadian dollar [2]. - The year-end spot price for uranium increased from $35.00 in 2020 to $72.63 in 2024, reflecting a recovery fueled by low-carbon initiatives and geopolitical conflicts [3]. - Cameco's stock reached a record high of $106.91 on October 28, marking a 320% gain over the previous four years, although it has since pulled back to $79 [4]. Business Model Evolution - Cameco operates uranium mines in Canada, the U.S., and Kazakhstan, accounting for approximately 17% of global uranium production in 2024 [5]. - The company increased its stake in Global Laser Enrichment from 24% to 49% in 2021, integrating laser-based enrichment into its operations [6]. - In 2023, Cameco acquired a 49% stake in Westinghouse Electric, diversifying its business and reducing volatility in its core mining operations [7]. Future Growth Prospects - For 2025, Cameco expects uranium revenue to rise by 8%, delivering between 31 million to 34 million pounds of uranium at an average realized price of approximately $87 per pound [10]. - Analysts project a compound annual growth rate (CAGR) of 8% for revenue and 90% for earnings per share (EPS) from 2024 to 2027, driven by the expansion of cloud and AI markets and renewed interest in nuclear energy [11]. - The International Atomic Energy Agency (IAEA) anticipates a 2.5 times increase in global nuclear capacity from 2024 to 2050, indicating strong long-term growth potential for the nuclear energy sector [7]. Market Position and Valuation - Cameco's stock is currently valued at 52 times next year's earnings, suggesting it may be expensive, but it has significant growth potential as it is still in the early stages of its growth cycle [12].

Core Viewpoint - The development of nuclear fusion technology in China is progressing rapidly, with significant projects underway that aim to harness fusion energy for practical applications, including electricity generation, which could lead to a transformative impact on the energy sector [4][16]. Group 1: Nuclear Fusion Projects - The BEST (Broadly Enhanced Superconducting Tokamak) project in Hefei is under construction, aiming to achieve the first demonstration of fusion energy generation by 2027 [4][8]. - The project involves creating conditions similar to those in the sun, with temperatures exceeding one hundred million degrees Celsius to facilitate nuclear fusion reactions [6][7]. - The experimental device consists of millions of components, weighing a total of 6,000 tons, and is designed to provide critical data for the commercialization of fusion energy [8]. Group 2: Advancements in Nuclear Power - During the 14th Five-Year Plan, China has made significant breakthroughs in fourth-generation nuclear power technology, with the world's first commercially operational fourth-generation nuclear power plant in Rongcheng, Shandong [10][14]. - The operational and construction scale of nuclear power in China is the largest globally, with a notable increase in domestic innovation capabilities [14][15]. - The domestic equipment localization rate in nuclear power has reached 93.4%, with plans to achieve 100% localization during the 15th Five-Year Plan [15]. Group 3: Market and Investment Trends - The nuclear fusion sector is experiencing accelerated investment, with over 10 billion yuan raised in the primary market since 2025, indicating strong market expectations for the development of the fusion industry [19]. - The 15th Five-Year Plan period is seen as a pivotal time for the transition from demonstration to large-scale application of controllable nuclear fusion, potentially unlocking a trillion-yuan market [19]. - China has established partnerships with over 50 countries and 140 research institutions globally, positioning controllable nuclear fusion as a key element in achieving carbon neutrality goals [19].

Core Insights - The event for the transformation of nuclear fusion technology achievements was held on November 27 by China Fusion Energy Co., Ltd [1] - The agenda included the signing of relevant projects from the nuclear fusion center and technology service projects for achievement transformation [1] - Key advancements in superconducting materials for core components of fusion devices, research progress on compact fusion experimental devices, and updates on the China Circulation No. 3 research were presented [1]

Core Viewpoint - The company plans to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising matching funds [1] Group 1 - The transaction is subject to review by the Shenzhen Stock Exchange's listing review center, with the specific meeting time to be announced later [1]

Core Points - Xi Jinping's congratulatory letter emphasizes the positive role of China-Russia energy cooperation in promoting economic and social development, enhancing the well-being of both nations, and providing important guidance for practical cooperation between enterprises [1][2] - The letter aims to establish a new comprehensive energy cooperation framework between China and Russia, injecting more certainty into the global energy market [1][2] Group 1: Energy Cooperation - The China-Russia Energy Business Forum, initiated by the two heads of state, has received significant attention and guidance from both leaders [2] - The deepening of energy cooperation between China and Russia not only benefits both countries but also provides critical stability and certainty to the global energy market [2][3] - A multi-level communication mechanism has been established to facilitate discussions on various energy cooperation topics, laying a solid foundation for collaboration in oil, gas, nuclear energy, and renewable energy [2][3] Group 2: Global Energy Governance - Xi Jinping's letter points to the need for a fair, just, and balanced global energy governance system, with China as an active advocate and practitioner [3] - The letter reinforces the commitment of the electricity sector to green development, highlighting China's role in providing clean energy products and services to over 200 countries and regions [3] - The establishment of a self-controlled trading and pricing platform is suggested to enhance the credibility of energy trade between China and Russia, offering diverse and inclusive pathways for global energy cooperation [3][4]

华北电力大学国家能源发展战略研究院执行院长王鹏表示，习近平主席贺信为维护全球能源产业链供应链稳定畅通指明方 向。建立公平公正、均衡普惠的全球能源治理体系，中国是积极倡导者、扎实践行者。面对产业链供应链高度全球化的特 征，中国辩证认识能源科技自立自强与国际合作关系，拓展和深化中外联合科学研究，强化能源全球技术合作，助力增强 全球能源产业链供应链的韧性。 "习近平主席强调'为世界能源安全与绿色低碳转型注入更多稳定性'，坚定了电力行业坚持绿色发展的理念和决心。"现场聆 听习近平主席的贺信，中国电力企业联合会常务副理事长杨昆备受鼓舞，"我国已与多个国家实现电力互联互通，为200余 个国家和地区提供清洁能源产品和服务。过去一年，风电光伏产品出口助力全球减少碳排放约26.5亿吨。未来，我们将继 续深度参与全球和地区能源治理，为全球能源转型贡献中国力量。" ——习近平主席贺信为全球能源市场注入更多确定性 11月25日，国家主席习近平向第七届中俄能源商务论坛致贺信，引发两国各界人士热烈反响。大家表示，习近平主席的贺 信高度评价中俄能源合作对于促进两国经济社会发展、增进两国人民福祉发挥的积极作用，为两国企业持续推动务实合作 提 ...

"两国元首的贺信让我们对双边能源合作的稳步深化充满信心。"俄罗斯副总理诺瓦克表示，正如习近平 主席在贺信中指出，俄中能源合作起步早、基础好，是双方互利合作的典范。当前，两国已建立起全方 位、多层次、常态化的联络机制，为能源合作中的各类议题沟通、项目推进提供了有力保障，也为双方 在油气、核能、可再生能源等多领域的协同发展奠定了坚实基础。 华北电力大学国家能源发展战略研究院执行院长王鹏表示，习近平主席贺信为维护全球能源产业链供应 链稳定畅通指明方向。建立公平公正、均衡普惠的全球能源治理体系，中国是积极倡导者、扎实践行 者。面对产业链供应链高度全球化的特征，中国辩证认识能源科技自立自强与国际合作关系，拓展和深 化中外联合科学研究，强化能源全球技术合作，助力增强全球能源产业链供应链的韧性。 "习近平主席强调'为世界能源安全与绿色低碳转型注入更多稳定性'，坚定了电力行业坚持绿色发展的 理念和决心。"现场聆听习近平主席的贺信，中国电力企业联合会常务副理事长杨昆备受鼓舞，"我国已 与多个国家实现电力互联互通，为200余个国家和地区提供清洁能源产品和服务。过去一年，风电光伏 产品出口助力全球减少碳排放约26.5亿吨。未来，我 ...