格隆汇1月29日丨江苏神通(002438.SZ)机构投资者调研活动记录显示，公司的全资子公司江苏神通核能 装备有限公司作为江苏神通深耕核能应用领域的独立实体，持续投入研发力量跟进我国核能应用技术进 步所需各类阀门的研制。目前核能装备公司已经承接中核集团核工业西南物理研究院某工程项目，相关 产品为某型号球阀，正处于制造过程中。 ...

Core Viewpoint - Jiangsu Shentong (002438.SZ) is actively investing in research and development in the nuclear energy sector through its wholly-owned subsidiary, Jiangsu Shentong Nuclear Equipment Co., Ltd, which is engaged in the manufacturing of various valves required for nuclear energy applications [1] Group 1 - Jiangsu Shentong Nuclear Equipment Co., Ltd operates as an independent entity focusing on the nuclear energy application field [1] - The company is currently involved in a project with China National Nuclear Corporation's Southwest Institute of Physics, specifically manufacturing a certain model of ball valve [1] - The manufacturing process for the ball valve is currently underway [1]

Group 1 - Energy Fuels (UUUU.US) led the nuclear technology sector with a stock price increase of 14.2%, reaching a nearly 15-year high following a new initiative by the U.S. Department of Energy to build a domestic nuclear fuel supply chain [1] - Other nuclear technology and uranium mining stocks also saw significant gains, including Oklo (OKLO.US) up 10.6%, Denison Mines (DNN.US) up 9.3%, and NexGen Energy (NXE.US) up 9.1% [1] - The Department of Energy is seeking input from U.S. states on their willingness to host development bases for the nuclear fuel lifecycle, which includes nuclear waste storage and spent fuel reprocessing [1] Group 2 - The initiative includes the establishment of "Nuclear Lifecycle Innovation Campuses," which will provide federal support for advanced reactor deployment and associated data centers, as well as uranium enrichment [2] - This strategic shift aims to address long-standing challenges in the U.S. nuclear industry regarding the management of radioactive waste [2] - Energy Fuels received an upgrade from Roth Capital, changing its rating from "Sell" to "Neutral," with a target price increase from $13 to $15.50, reflecting optimistic market sentiment and rising uranium spot prices [2] - Roth Capital noted that uranium spot prices have recently surged past $80 per pound and projected that prices could reach $100 per pound by mid-2026, with potential for further increases depending on inventory discipline [2]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of China General Nuclear Power Corporation (CGN) due to positive developments in the nuclear energy sector and rising uranium prices [1] - The World Nuclear Association's report indicates that if governments meet their nuclear power construction goals, global nuclear power capacity could reach 1,446 GW by 2050, exceeding the previously set target of 1,200 GW [1] - Huayuan Securities' research suggests that with the increasing demand for electricity from AI, nuclear power and uranium are transitioning from "optional energy" to "strategic necessities," which is expected to enhance their long-term pricing power, cash flow stability, and capital attractiveness [1] Group 2 - Uranium prices have risen to $91, nearing a two-year high, influenced by a weaker dollar and military exercises in the Middle East that have driven up commodity prices [1] - CGN's uranium products are sold to its parent company, with pricing linked to market rates, allowing the company to benefit from the positive factors of increased global nuclear power demand and rising uranium prices [1]

产业观察 [table_Header]2026.01.28 合肥核聚变科技与产业大会召开 摘要： 产业研究中心 | [Table_Authors] | 陈磊(分析师) | | --- | --- | | | 021-38038037 | | | chenlei5@gtht.com | | 登记编号 | S0880522060001 | | | 王浩(分析师) | | | 0755-23976068 | | | wanghao2@gtht.com | | 登记编号 | S0880513090004 | | | 鲍雁辛(分析师) | | | 0755-23976830 | | | baoyanxin@gtht.com | | 登记编号 | S0880513070005 | [Table_Report] 往期回顾 【具身智能产业动态】魔法原子、银河通用相继 宣布为总台 2026 春晚机器人合作伙伴 2026.01.26 【公链技术周报】以太坊重归去信任化本源，主 权货币与高性能网络竞逐技术高地 2026.01.25 分布式量子传感：加州理工学院推出全光学损耗 容忍的 DQS 方案 2026.01.25 力鸿一号遥一 ...

Policy Developments - The National Energy Administration plans to establish a special working group for "Nuclear Power" under the China-Shanghai Cooperation Organization energy cooperation framework, aiming to enhance practical cooperation in the energy sector by organizing and implementing the "Double Thousand" projects[5]. - The first four special working groups will focus on "Nuclear Power," "Oil and Gas," "Coal," and "Renewable Energy and Electricity," with potential for additional groups in the future[5]. Nuclear Fusion Breakthroughs - China's "artificial sun," the EAST (Experimental Advanced Superconducting Tokamak), confirmed the existence of a "density free zone" in its experiments, providing critical physical evidence for high-density operation in magnetic confinement fusion devices[5]. - The research team developed a theory model (PWSO) that identifies the role of boundary impurities in triggering radiation instability, which is crucial for understanding density limits in plasma physics[5]. Nuclear Power Plant Developments - The first nuclear fuel loading for the Guangdong Taipingling Nuclear Power Plant Unit 1 has officially begun, marking a transition from construction to commissioning phase, crucial for achieving grid connection[5]. - The Zhangzhou Nuclear Power Unit 2 has commenced commercial operation, with an annual output capacity of 10 billion kWh, reducing CO2 emissions by approximately 8.16 million tons[6]. Industry Collaborations and Innovations - A joint laboratory for "Fusion Efficient Compact Heat Exchange Equipment" has been established between Hefei Energy Research Institute and Lanshi Group, focusing on advancing fusion power generation technology[7]. - The Fujian Nuclear Power signed a cooperation framework agreement with the Fujian Meteorological Bureau to enhance meteorological services for energy projects, aiming to improve risk management against climate impacts[6]. Risk Factors - Potential risks include underperformance of industrial policies and delays in technological breakthroughs and cost reductions[8].

责任编辑：王奕博 1月27日，在海南省第七届人民代表大会第五次会议"代表通道"上，海南省人大代表，中核集团(海南) 市场开发部主任，海南核电有限公司党委书记、董事长魏智刚表示，2027年海南核能占比将达到50%以 上，这将为"十五五"乃至更长远，海南实现全面低碳绿色高质量发展提供最坚强支撑，后续的一些重大 项目也在快马加鞭地推进当中。 ...

2025年10月，加拿大现任总理卡尼出席在吉隆坡举行的东盟峰会，期间加拿大与马来西亚签署了一份意 向书，涵盖液化天然气、石油、小型模块化反应堆和可再生能源等领域的合作。该协议建立在2025年7 月加拿大首次从基蒂马特向亚洲出口液化天然气的基础上，旨在为加拿大向东南亚的长期能源出口奠定 基础。加拿大还在继续推进《加拿大-东盟自由贸易协定》的谈判，目标是进一步进入这个价值5万亿美 元的东南亚市场。拟议中的协定将降低关税、减少非关税壁垒、改善加拿大企业的投资保护。谈判代表 已举行多轮会谈，官员们表示，预计今年将在达成协议方面取得进展，尤其将提振能源销售。 与此同时，随着2024年5月跨山输油管道扩建项目启动，亚洲正成为加拿大石油的主要买家。该项目将 加拿大的输油能力提高了近两倍，达到每天89万桶，并提供了通往韦斯特里奇海运码头的通道，这为加 拿大打开了通往亚洲市场的直接出口路线，降低了对美国买家的依赖。韦斯特里奇码头装载的原油中约 75%是重质高硫原油，非常适合亚洲的复杂炼油厂。该码头目前每月可处理多达34艘阿芙拉型油轮的装 货量，随着产量增加以及2027年前后增量扩建方案出台，该码头的利用率预计将进一步提高。 数 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining has seen a stock increase of over 9%, currently trading at HKD 4.98 with a transaction volume of HKD 240 million, indicating strong market interest and confidence in the company's future prospects [1] Group 1: Company Performance - During the 14th Five-Year Plan period, CGN has received approval for 16 nuclear power units, with 10 units starting construction and 4 units completed and operational [1] - Currently, CGN operates 28 nuclear power units and has 20 units under construction, with a total installed capacity exceeding 56 million kilowatts, making it the largest nuclear power operator in China and the second largest globally [1] Group 2: Market Outlook - According to Guolian Minsheng Securities, the outlook for CGN Mining's performance is positive, with expectations of accelerated earnings release due to rising uranium prices, production increases, and improved pricing mechanisms [1] - The new sales framework agreement anticipates uranium sales volumes of 1,438 tons, 1,617 tons, and 1,598 tons for the years 2026 to 2028, reflecting year-on-year growth rates of +8.7%, +12.4%, and -1.2% respectively, primarily driven by production releases from the company's mines [1] - The pricing formula in the new sales agreement has been adjusted, with the base price increasing from USD 61.78 to USD 94.22 per pound of U3O8, and the annual increment rate rising from 3.5% to 4.1%, while the proportion of spot prices has increased from 60% to 70%, enhancing the company's earnings elasticity and positioning it to benefit from rising uranium prices in the future [1]

今年明年一些重大项目将相继投产，明年海南核能占比将达到50%以上，这是继法国之后核能占比最高 的区域经济体，这必将为"十五五"乃至更长远海南实现全面低碳绿色高质量发展提供最坚强支撑。此外 后续一些重大项目也在快马加鞭地推进当中。 海南的清洁能源全国占比最高，中核海南产业合作示范区也承担了重任，实现了核能供汽供电，差异化 竞争优势凸显，一些项目正在加速落地。 省人大代表，中核集团（海南）市场开发部主任，海南核电有限公司党委书记、董事长魏智刚介绍，去 年中核集团与海南省签订了"全面深化战略合作协议"，双方合作进入全方位、高质量的新阶段。立志在 海南发挥"科技创新、产业控制、安全支撑"三个作用，争当"高水平科技自立自强、发展现代化产业体 系、发展新质生产力"三个排头兵。具体就是充分发挥中核集团全产业链的优势，投资千亿元，贡献"中 核力量"。 ...