行 华福证券 机械设备 2025 年 11 月 16 日 2）佳电股份：产品主氦风机是四代堆-高温气冷堆一回路唯一的 动力设备，子公司哈电动装的核主泵产品在核电业务细分行业处于领 先地位； 业 研 究 机械设备 世行解禁核能投资，小堆部署成合作重点 投资要点： 打破投资禁令，小堆发展获强力支撑 行 业 定 世界银行结束数十年核能投资禁令，与国际原子能机构（IAEA） 签署合作协议，首次重新涉足核能领域。双方将小堆部署作为三大核 心合作方向之一，计划共同评估小型模块化反应堆潜力，推动其成为 更多国家可行的能源选择，同时开展技术分享与监管框架完善工作。 瞄准能源缺口，小堆助力全球能源转型 期 报 告 据核网引世界银行行长 Ajay Banga，发展中国家电力需求预计 2035 年将翻倍，而融资短缺长期制约其核能发展。小型模块化反应堆 凭借灵活特性，适配发展中国家能源需求，此次世行与 IAEA 的合作， 将为小堆相关可行性研究、技术落地提供资金与专业支持，助力全球 能源结构优化与气候目标实现。 SMR 或是解决 AI 能源需求的关键方案，获科技巨头持续关注 Open AI 首席执行官 Sam Altman 曾表示" ...

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].