Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - Meta has signed a nuclear power agreement exceeding 6 GW, becoming the largest nuclear power purchaser among large tech companies. The agreement includes significant small modular reactor (SMR) projects, supporting Oklo's project in Ohio with up to 1.2 GW of power and TerraPower's two small reactors with a future purchase agreement for 2.1 GW [3][4]. - The demand for electricity in U.S. data centers is projected to increase by at least 30% by 2030, making electricity a bottleneck for AI industry development. Nuclear power, being clean and stable, provides long-term energy security for Meta's AI data centers, promoting the implementation of new small reactor technologies and aligning with low-carbon goals [4][5]. Summary by Sections Nuclear Power Agreements - Meta's agreements include collaborations with Oklo and TerraPower, focusing on small modular reactors to meet the growing energy demands of AI data centers [3][4]. Energy Demand and AI - The report highlights the increasing electricity consumption in data centers and positions small modular reactors as a key solution to address the energy needs of AI technologies [4][5]. Investment Opportunities - The report suggests monitoring several companies involved in the SMR sector, including: 1. Jingye Intelligent, which plans to establish an SMR subsidiary focused on AI data center power supply [5]. 2. Jiadian Co., whose helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor [5]. 3. Guoguang Electric, which provides critical components for ITER projects [5]. 4. Lanshi Heavy Industry, covering upstream nuclear fuel systems to downstream spent fuel processing [5]. 5. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [5]. 6. Hailu Heavy Industry, servicing various reactor types including third and fourth generation [5]. 7. Jiangsu Shentong, which has secured over 90% of orders for nuclear-grade valves in new nuclear power projects in China [5].

Group 1 - The industrial economy of the city has shown significant growth during the "14th Five-Year Plan" period, with an average annual growth rate of 7.3% in industrial added value, ranking third in the province [1] - The total industrial added value increased from 45.85 billion yuan in 2020 to 58.97 billion yuan in 2024, with an increment of over 13 billion yuan in four years [1] - By 2024, the manufacturing added value is expected to account for 25% of the city's GDP, with the manufacturing quality competitiveness index ranking second in the province [1] Group 2 - Over the "14th Five-Year Plan" period, the city has implemented more than 1,100 industrial projects with investments exceeding 5 million yuan, totaling over 210 billion yuan [2] - Investment in new energy projects has significantly increased, with several major offshore photovoltaic and wind power projects progressing steadily [2] - A number of industrial and technological transformation projects have been launched, effectively supporting stable industrial economic operations [2] Group 3 - The city has successfully nurtured leading and chain enterprises, with five companies achieving annual revenues of over 10 billion yuan and 39 companies over 1 billion yuan [3] - Notable companies include CITIC Dicastal, ranked 42nd among the world's top automotive parts suppliers, and Anfeng Steel, which has been listed among China's top 500 private enterprises for five consecutive years [3] - The city has cultivated 830 innovative small and medium-sized enterprises and 258 specialized and innovative SMEs, forming a vibrant industrial ecosystem [3] Group 4 - The pace of upgrading manufacturing towards high-end, intelligent, and green production is accelerating, with CITIC Dicastal's aluminum wheel factory recognized as the world's first "lighthouse factory" [4] - The city has established a green manufacturing system, with 31 provincial-level green factories and 14 national-level green factories created [4] - The municipal industrial and information technology bureau has implemented various support mechanisms for over 320 enterprises, resolving more than 800 issues to facilitate business development [4] Group 5 - Looking ahead to the "15th Five-Year Plan," the city will continue to focus on intelligent, green, and integrated development, advancing new industrialization and enhancing new production capabilities [4]

Core Viewpoint - The company emphasizes its role as a key customer of Mingyang Smart Energy rather than a competitor, and it aims to transition from a production-driven model to a technology-driven one [1] Group 1: Business Strategy - The company is actively expanding into deep-sea wind power business and developing cutting-edge products such as floating platforms [1] - The company is focusing on the development of nuclear power, hydropower equipment, and core components, with nuclear can equipment already in the industrialization phase [1] - A strategic cooperation agreement has been established with the Ningbo Institute of Materials Technology and Engineering of the Chinese Academy of Sciences to jointly build a "Research and Development Center for High-Strength Corrosion-Resistant Special Alloy Precision Castings" in the field of high-temperature alloys [1]

Macroeconomic Insights - The US unemployment rate fell to 4.4% in December, down from a revised 4.5% in November, indicating a temporary halt in concerns over job market deterioration[11] - The US manufacturing PMI declined while the services PMI increased, reflecting mixed economic signals[7] - Consumer confidence in the US continued to recover in January, with inflation expectations slightly rising[7] Market Trends - Risk assets generally rose in the week of January 2-9, 2026, with major economies' stock markets and commodity prices increasing[7] - The 10-year US Treasury yield rose by 5.7%, while domestic 10Y government bond futures prices fell by 0.1%[7] - The dollar index increased by 0.7%, with the USD/CNY exchange rate at 6.98, indicating a slight appreciation of the yuan[7] Sector Performance - The AI application sector is expected to see significant growth, with a projected compound annual growth rate (CAGR) of over 35% for the AI industry and over 63% for the large model market[23] - The consumer electronics sector, particularly smart glasses, is experiencing rapid growth, with a projected 110% year-on-year increase in global shipments in the first half of 2025[38] Investment Recommendations - It is advised to overweight A/H shares due to multiple factors supporting Chinese equity performance, including an expected expansion of the fiscal deficit and a more aggressive economic policy[18] - Gold is recommended for overweight allocation due to its strong resilience and safe-haven attributes amid rising geopolitical uncertainties[20] - The report suggests a cautious approach to oil investments, recommending a lower allocation due to expected price pressures from geopolitical events and US policy directions[20]

证券日报网讯 1月8日，佳电股份在互动平台回答投资者提问时表示，公司控股子公司哈动装是国内同 时具备轴封型核主泵及其电机、三代核电屏蔽型主泵电机设计与制造能力的企业。多年来，公司持续深 耕核电领域，已成为国内核主泵设备的重要供应商。核电业务作为公司核心板块，相关订单的交付将为 全年业绩提供有力支撑。公司将持续聚焦核电高端装备领域，加强项目管理与成本控制，确保订单顺利 交付，最大化核电业务对公司业绩的贡献，助力公司高质量发展。 （编辑 姚尧） ...

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [3] Group 2: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful projects include major data centers for China Mobile, China Unicom, and various international projects in North America and Southeast Asia [4] Group 3: Nuclear Power Industry - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios like nuclear island cooling and heat recovery [6] - It has provided services to multiple nuclear power stations in China, enhancing safety and efficiency in energy utilization [6][7] Group 4: Heat Recovery Steam Generators (HRSG) - The company’s joint venture produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 due to strong market demand [8] Group 5: Thermal Management and Carbon Neutrality - The company is committed to carbon neutrality, offering a full range of industrial heat pump services and has been recognized as a national-level "little giant" enterprise [8] - Technologies developed include waste heat recovery and high-temperature heat pumps, which are essential for reducing energy consumption and carbon emissions in high-energy industries [9] Group 6: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project by the National Energy Administration [9] Group 7: Gas Turbine Waste Heat Cooling Technology - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [9]

Core Viewpoint - Jiangsu Shentong (002438.SZ) is a key supplier of valve equipment necessary for nuclear power construction in China, actively participating in the nuclear power industry chain and providing high-quality nuclear-grade valve products for domestic projects [1] Company Summary - The company has successfully completed the supply tasks for the valves required for the Linglong No. 1 experimental reactor project [1] - Jiangsu Shentong plans to continue its focus on the nuclear energy application field, aiming to provide more reliable and high-end valves for China's nuclear energy initiatives [1]

智通财经APP获悉，上海电气(02727)早盘涨超5%，截至发稿，涨4.55%，报4.37港元，成交额1.26亿港 元。 消息面上，据上海电气官微消息，上海电气为国内高端装备制造龙头，核电设备"十四五"期间累计综合 市占率居行业首位。在可控核聚变从科学可行性向工程可行性跨越的关键阶段，上海电气已深度嵌入国 家聚变工程链，并实现多项"从0到1"的突破。其中，上海电气为国家重大科技基础设施——聚变堆主机 关键系统综合研究设施(CRAFT)成功研制的全球最大TF线圈盒。其尺寸与性能均超越国际ITER项目同 类结构，彰显中国高端制造的极限能力。 此外，在核聚变尚未商用的窗口期，上海电气同步推进第四代核能系统产业化，尤其在钍基熔盐堆 (TMSR)领域取得实质性进展。上海电气的独特优势在于其全面覆盖了包括钍基熔盐堆、钠冷快堆、高 温气冷堆等在内的所有四代核电技术路线。华泰证券最新研报指出，钍基熔盐堆有望在2030年前后实现 示范应用，上海电气凭借先发优势和完整制造能力，将成为该赛道核心受益者。 ...

人民财讯1月6日电，据南风股份（300004）消息，近日，公司中标中广核台山二期LOT150Ai碘吸附器 设备供应项目。 ...

Core Viewpoint - The company, Jiangsu Shentong, is a key supplier of valve equipment necessary for nuclear power construction in China and has successfully completed the supply of valves for the Linglong No. 1 experimental reactor project [1] Group 1: Company Involvement - Jiangsu Shentong is actively involved in the nuclear power industry chain and has been a core supplier of nuclear-grade valve products for nuclear power construction projects in China [1] - The company has a commitment to follow the development and application of nuclear energy technology in China [1] Group 2: Future Prospects - Jiangsu Shentong plans to continue its focus on the nuclear energy application field and aims to provide more high-quality and reliable high-end valves for China's nuclear energy initiatives [1]