行 华福证券 机械设备 2026 年 01 月 10 日 业 研 究 机械设备 世界核能协会总干事：2026 全球核能从雄心转向行动 投资要点： 小堆项目蓬勃兴起，全球核电推进提速 行 业 定 期 报 告 世界核能协会（World Nuclear Association）总干事 Sama Bilbao y León 接受 WNN 播客专访时表示，2026 年是全球核能从雄心转向行动 的关键之年，小型模块化反应堆（SMR）成为重要发展亮点。美国和 加拿大涌现出大量 SMR 项目，加拿大已在达灵顿厂址破土动工，美国 及其他地区也正在开展示范项目建设，前景令人振奋。与此同时，多 国核电项目稳步推进，匈牙利、捷克、波兰等国项目有序开展，非洲 埃及、卢旺达等国核电相关项目也有新进展。中国持续推进核电项目， 展现强大工业能力。行业着力推进融资与供应链建设，私营投资者参 与度提升，第二届世界核能供应链大会将在马尼拉举办，《世界核能 供应链报告》将发布，芬兰翁卡洛深层地质处置库投运将为核废料处 理提供示范。 证 券 1）景业智能：拟设立 SMR 子公司景瀚能动，聚焦 AI 数据中心供 电等场景； 研 究 报 2）佳电股份：产 ...

投资要点： 特朗普签令定目标，2030 年月球建核反应堆 行 华福证券 机械设备 2025 年 12 月 20 日 业 研 究 机械设备 聚焦月球核能部署，美国推进深空探索新计划 行 业 定 期 报 告 当地时间 2025 年 12 月 18 日，特朗普签署行政命令，以"美国优 先"为核心确立太空政策愿景，旨在巩固美国在太空领域的全球引领 地位。命令明确关键节点：2028 年前实现美国人重返月球，2030 年前 完成永久月球前哨站初始设施建设并部署核反应堆，同时规划通过升 级发射基础设施、拓展商业合作等方式，在 2030 年前取代国际空间站， 撬动私营部门的创新活力与投资热情。 核能技术为核心，多方协同助深空探索 此前美国已启动月球核反应堆相关规划，目标 2030 年前完成 100 千瓦级反应堆的发射与部署，美航天局也曾推进 40 千瓦级月球核裂变 发电系统研发，该技术不受地外环境限制，可提供稳定持续电力，对 深空探索至关重要。此次命令要求总统科学技术顾问统筹协调，联邦 各部门简化采购流程、落实安全战略、配齐人力保障，美国加码月球 核能部署，既是为长期载人探月及火星探测筑牢能源根基，也意在新 一轮太空竞赛中抢 ...

行 业 华福证券 机械设备 2025 年 12 月 13 日 研 究 黄仁勋预言小型核反应堆（SMR）将普及，中国成立联 盟抢占核能先机 投资要点： 行 业 定 期 报 告 随着 AI 大模型发展，全球数据中心能源需求爆发式增长，传统化 石能源难以承载，小型模块化反应堆（SMR）因功率适配、近零排放 等优势成为破局关键。国际能源署等机构数据印证了能源需求激增态 势，谷歌、亚马逊等科技巨头纷纷布局 SMR，而中国则通过中核集团、 中国华能等 60 余家单位组建高温气冷堆现代产业链联盟，构建从研发 到商业化落地的完整闭环，区别于美国企业"各自为战"的模式。 中国 SMR 有先发技术基础，联盟推动产业突破与格局重塑 中国在 SMR 领域具备先发优势，"玲龙一号"完成关键试验、山 东石岛湾高温气冷堆实现商业化运营。高温气冷堆联盟成立后，不仅 能放大技术优势，缩短设备预制周期、降低建设成本，还将聚焦"核 能制氢"等关键技术突破，推动 SMR 向多用途转型，同时攻克"卡脖 子"领域、提升产业链自主可控性，未来更将成为中国核能技术"走 出去"的载体，在全球 SMR 市场竞争中重塑格局，以"举国协同"路 径响应黄仁勋预言，抢 ...

Investment Rating - The industry rating is "Outperform the Market" [8][17] Core Insights - The World Bank has lifted a decades-long ban on nuclear energy investments, marking a significant shift in policy and focusing on small modular reactor (SMR) deployment as a key area of collaboration with the International Atomic Energy Agency (IAEA) [3][5] - The demand for electricity in developing countries is expected to double by 2035, with financing shortages historically limiting nuclear energy development. The collaboration between the World Bank and IAEA aims to provide funding and professional support for SMR feasibility studies and technology implementation, facilitating global energy structure optimization and climate goal achievement [5][6] - SMRs are seen as a critical solution to meet the growing energy demands of artificial intelligence, with major tech companies exploring tailored energy solutions for data centers [6] Company Summaries - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a micro-reactor/SMR technology research center, showcasing significant development potential in the context of rising AI energy demands and energy transition [7] - **Jia Electric**: The main helium fan is the only power device in the primary loop of fourth-generation high-temperature gas-cooled reactors, with its subsidiary, Harbin Electric, leading in nuclear main pump products within the nuclear power sector [7] - **Guoguang Electric**: The company's filters and cladding systems are critical components of the ITER project [7] - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [7] - **Kexin Electromechanical**: Has developed high-temperature gas-cooled reactor nuclear power products, with new fuel transport containers replacing imports [7] - **Hailu Heavy Industry**: Provides services for third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [7] - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [7]

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 - The report highlights a significant increase in global AI computing power and electricity demand, with major US tech companies deeply engaging in the nuclear energy sector through various models. Government policies are strengthening support for the collaboration between AI and nuclear energy [3]. - The report emphasizes the need for top-level design and policy support to promote the deep collaboration between nuclear energy and computing power, suggesting the establishment of demonstration projects and long-term power supply agreements [4]. - Small Modular Reactors (SMRs) are identified as a key solution to meet the growing energy demands of AI, with continuous attention from tech giants. The commercialization of fission is expected to occur before fusion [5]. Summary by Sections International and Domestic Opportunities - The international layout is making breakthroughs, while domestic exploration opportunities are becoming more prominent. Companies in China are actively engaging in forward-looking explorations, with the energy demand continuing to grow and the clean, stable characteristics of nuclear energy aligning well with computing power needs [3]. Policy and Market Expansion - To drive the deep collaboration between nuclear energy and computing power, it is essential to establish demonstration projects and provide policy support. The report suggests a collaborative model involving government, state-owned enterprises, and private enterprises to enhance international competitiveness [4]. Company Recommendations - The report recommends focusing on several companies, including: - Jingye Intelligent, which is developing SMR technology in collaboration with Zhejiang University [6]. - Jiadian Co., which leads in the nuclear power business with its helium fan products [6]. - Guoguang Electric, which provides key components for the ITER project [6]. - Lansi Heavy Industry, covering the entire nuclear energy supply chain [6]. - Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [6].