Core Viewpoint - Nuclear energy is a crucial strategic choice for China to achieve its "dual carbon" goals and ensure energy security, with a commitment to high-quality development and international cooperation in nuclear energy [1] Group 1: Global Nuclear Energy Landscape - As of 2024, there are 417 operational nuclear power units globally, with a total installed capacity nearing 400 million kilowatts and an annual generation of 2.8 trillion kilowatt-hours, accounting for 9% of total electricity generation [1] - There are 65 nuclear power units under construction worldwide, with an installed capacity of 72.6 million kilowatts, marking the highest level since 1990 [1] - Nuclear energy is recognized for its contributions to energy security, optimizing energy structure, and facilitating energy transition [1] Group 2: China's Nuclear Energy Development - By 2030, it is expected that China's operational nuclear power capacity will reach 110 million kilowatts, with current operational units numbering 58 and a total capacity of 60.96 million kilowatts [2] - China has 44 approved units under construction with a capacity of 52.35 million kilowatts, making it the world's largest nuclear power producer [2] - In 2024, China's nuclear power generation is projected to be 444.7 billion kilowatt-hours, representing 4.72% of the national total and equivalent to a reduction of 334 million tons of CO2 emissions [2] Group 3: Safety and Technological Advancements - China adheres to a "safety first" policy in nuclear power development, with over 600 operational years without any incidents rated at level 2 or above on the International Nuclear Event Scale (INES) [3] - The performance metrics of China's nuclear power units show that 82.18% meet excellent standards, 84.79% meet advanced standards, and 92.07% meet median standards [3] - China's third-generation nuclear technology is in mass construction, with the "Hualong One" design having 7 units in operation and 26 units approved for construction [3]

Core Insights - Nuclear energy is increasingly recognized for its strategic value as a low-carbon, dispatchable baseload energy source amid pressures from climate change and energy security [1] - China plans to complete a fusion energy experimental facility by 2027, with expectations to see the first demonstration of fusion energy within five years [1] Group 1: Nuclear Energy Development - The "Good Hope Science Salon" focused on the theme of "Nuclear Energy Dual Engines: Collaborative Innovation of Fission and Fusion," bringing together experts from academia, industry, and finance to assess China's nuclear energy development [1] - The technical roadmap for China's magnetic confinement fusion energy development includes the construction of an experimental facility, a fusion experimental reactor, an engineering demonstration reactor, and a prototype fusion power plant [1] - The Chinese fusion engineering demonstration reactor (CFEDR) has begun design planning, aiming to be the world's first fusion demonstration power plant [1] Group 2: Small Modular Reactors (SMRs) - The next decade is seen as a critical window for the development and promotion of small modular reactors (SMRs), which offer advantages such as shorter construction times, lower individual investment, and greater site adaptability compared to large reactors [2] - China's first fourth-generation nuclear power project, a pebble bed high-temperature gas-cooled reactor, has been completed, and the country is expected to lead in the construction of the first land-based commercial modular small reactor, "Linglong One" [2] - The electricity consumption of data centers in China is projected to reach 400 terawatt-hours by 2030, double that of 2020, indicating a growing demand for energy solutions like SMRs [2] Group 3: Synergy Between SMRs and Fusion - The collaborative development of SMRs and controllable nuclear fusion is viewed as a "dual engine" for the energy revolution, emphasizing the need for policy coordination, patient capital support, and public understanding [3] - The "Good Hope Science Salon" is organized by Zhongke Chuangxing, focusing on hard technology entrepreneurship and investment, aiming to explore new paradigms and paths for technological innovation and the integration of future industries [3]

来源：环球时报 【环球时报报道 记者 李迅典】中国"人造太阳"——全超导托卡马克核聚变实验装置（EAST）1月20日 取得重大突破，成功实现1亿摄氏度1066秒稳态长脉冲高约束模等离子体运行，再次刷新了托卡马克装 置高约束模运行的世界纪录。近日《环球时报》记者走进中国科学院合肥物质院等离子体物理研究所， 就EAST的进展、核聚变未来应用前景等问题专访了该所副所长徐国盛。 "亿度千秒"世界纪录背后的15万次实验 在被问到如何看待中国EAST装置刷新的"亿度千秒"世界纪录时，徐国盛表示："目前全世界都在讨论在 全金属壁条件下，等离子体能否实现400-3000秒的运行。温度和密度以及约束时间三者乘积也被称 为'聚变三乘积'，缺一不可，我国此次的'亿度千秒'不仅极大地增强了国际社会对聚变能源实现的信 心，也为相关研究提供了关键数据支持。目前，仅中国实现了这一突破，向全世界展现了中国在核聚变 领域的强大实力。" "亿度千秒"的实现还标志着中国聚变能源研究从基础科学向工程实践的重大跨越。EAST的成功运行不 仅是中国核聚变研究的重大突破，也在国际核聚变领域产生了深远影响。法国正在建造的国际热核聚变 实验堆（ITER）是当 ...

Core Viewpoint - BWX Technologies (BWXT) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of changing earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often base their valuation models on earnings estimates, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade for BWX reflects an improvement in the company's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - BWX is projected to earn $3.50 per share for the fiscal year ending December 2025, representing a year-over-year increase of 5.1% [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - BWX's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

以下文章来源于格隆汇APP ，作者弗雷迪 格隆汇APP . 中国领先的全球投资研究平台。全球视野，下注中国。让普通的投资者能够享受到专业的研究服务，让 每一个个体的投资之路不再孤单和艰难。 将投中网设为"星标⭐"，第一时间收获最新推送 能源终极理想，资本下场支持。 作者丨 弗雷迪 来源丨格隆汇APP 释放能量高，且环境友好的核聚变被誉为"人类终极能源"，同时也是AI衍生概念，连Open AI的山姆 ·奥特曼都被其愿景吸引下场亲自投资。 殊不知，近几年可控核聚变研究已经迈入工程可行性验证阶段，实验堆项目正积极落地。 2025年以来，聚变新能、中科院等离子体所等单位开始密集招标，累计采购项目约46项。 这种突破，怎能不在A股庆祝一番？3月25日，可控核聚变板块大爆发，指数一度涨超7%，掀起涨 停潮。 能源终极理想，资本下场支持 长久以来，可控核聚变被视为解决人类能源危机的终极方案，却因技术壁垒高筑而遥不可及。 但随着超导材料、高温超导材料、精密工程、能源设备制造等前技术相继突破，可控核聚变研发进展 显著加速，商业化曙光初现。 核聚变是两个或多个较轻的原子核聚合成一个或多个较重的原子核和其它粒子的反应。 当前阶段， ...

③ 在核能领域，NuScale 是美国唯一获得核管会认证的公司，具有先发优势；Oklo 拥有先进技 术和充足现金，已获得多个潜在客户；NANO 则专注于微型核反应堆开发。此外，传统核能企 业 BWXT 凭借军用核反应堆优势，也在积极布局商用市场。 RockFlow 本文共5346字， 阅读需约20分钟 AI 正在引发科技巨头的军备竞赛，重点之一就是大型数据中心的规划和建设。这些数据中心需要消耗海量电力资源（据估计，一个大型数据中心的 能耗可能相当于一个中等城市）。目前，它们正在通过零散的可再生能源和老旧的燃煤发电厂度过难关。 未来几年，数据中心的大规模基建还将持续，电力需求仍将以惊人速度继续增长。那么，是否存在一个终极解决方案？ 当然有，答案是核能。 划重点 ① AI 的快速发展正推动数据中心能源需求呈现爆发式增长。目前，它们主要依靠可再生能源和 传统燃煤发电，但长期来看，核能或将成为终极解决方案。这倒逼谷歌、亚马逊、微软等巨头 布局核能领域。 ② 小型模块化核反应堆（SMR）作为核能领域最具前景的新兴技术，灵活性高、前期成本低、 工厂模块化生产、安全性好。然而其发展也面临诸多挑战，包括单位发电成本较高、建设 ...

以下文章来源于中金点睛 ，作者张家铭齐丁陈彦 中金点睛 . 图文并茂讲解中金深度研究报告 中金研究 我们看好铀价长期上行的趋势性机会，短期催化剂的兑现有望进一步加速铀价上涨。 点击小程序查看报告原文 Abstract 摘要 天然铀价格在年初冲高后持续了半年有余的震荡行情，这使市场对于铀价走势存在广泛的疑虑和分歧。本篇报告我们主要聚焦三大问题，对市场关注的主 要问题进行研究和解答： 一是历史，即如何理解过去的铀价走势？ 我们对历史上的铀价走势进行复盘，认为铀价走势主要取决于供需两侧以及金融机构和实物库存等主要影响因 素。回顾过去二十年，铀价经历了2005-2007年实物供需与金融属性共振的历史性上涨，最高达到138美元/磅，之后经历金融危机、福岛核事故等事件冲 击后趋势性回落。2016年开始，全球核电复苏与铀矿供给出清带动铀价温和上涨，直到2023年8月，尼日尔铀加工厂停产、主要铀矿商产量不及预期、美 国浓缩铀的进口禁令共同推动铀价的加速上涨。 二是未来，为什么我们看好铀价长期上行？ 核心逻辑是需求端全球核电复苏带来持续的需求增量，以及供给端铀矿受到供给刚性强和资本开支低的约 束。一是本轮全球核电需求复苏大势所 ...