南财智讯2月5日电，西子洁能在投资者关系活动中表示，公司已取得民用核二三级制造许可证，拥有核 级制造车间及完整核级设备制造能力；目前具备核聚变装置冷却水系统三级回路设备的全流程供货能 力，正力争承接二级回路设备供货项目，并同步拓展杜瓦结构生产制造能力，为我国核聚变工程提供全 面、可靠、高质量的装备支撑。 ...

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% over the next 6 months [14]. Core Insights - The year 2026 is highlighted as a pivotal year for global nuclear energy, transitioning from ambition to action, with small modular reactors (SMRs) emerging as a significant development focus. Numerous SMR projects are underway in the U.S. and Canada, with construction already started at the Darlington site in Canada [3][5]. - The nuclear power sector is witnessing steady progress in various countries, including Hungary, the Czech Republic, and Poland, as well as advancements in nuclear projects in Egypt and Rwanda. China continues to advance its nuclear power projects, showcasing strong industrial capabilities [3]. - The industry is focusing on financing and supply chain development, with increased participation from private investors. The second World Nuclear Supply Chain Conference will be held in Manila, and the operational launch of the Onkalo deep geological repository in Finland will provide a model for nuclear waste management [4]. Summary by Sections Small Modular Reactors (SMRs) - SMRs are seen as a key solution to meet the growing energy demands of artificial intelligence, attracting ongoing interest from technology giants. Companies like Jingye Intelligent are advancing their SMR technology development, with plans to establish a subsidiary focused on powering AI data centers [5][6]. Industry Events and Collaboration - The year 2026 marks significant anniversaries for the Chernobyl and Fukushima disasters, prompting the industry to learn from past experiences and enhance nuclear safety cooperation. Various industry events, including the World Economic Forum and the World Nuclear Fuel Cycle Conference, will facilitate communication with the financial sector and energy users [4]. Investment Opportunities - Several companies are recommended for attention: 1. Jingye Intelligent: Plans to establish an SMR subsidiary focused on AI data center power supply [6]. 2. Jiadian Co.: Leading position in the nuclear power sector with its helium blower product [6]. 3. Guoguang Electric: Key components for the ITER project [6]. 4. Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [6]. 5. Kexin Electromechanical: Producing high-temperature gas-cooled reactor products [6]. 6. Hailu Heavy Industry: Services various reactor types including third and fourth generation reactors [6]. 7. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear power projects [6].

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 [12]. Core Insights - The report highlights the U.S. initiative to establish a lunar nuclear reactor by 2030 as part of its broader space exploration strategy, aiming to solidify its leadership in space [3][4]. - The deployment of nuclear energy technology is crucial for deep space exploration, providing stable and continuous power, which is essential for long-term manned missions to the Moon and Mars [4]. - The report emphasizes the collaboration between technology giants and small modular reactor (SMR) companies to address the growing energy demands of artificial intelligence, suggesting that fission may commercialize before fusion [5]. Summary by Sections U.S. Space Policy - The U.S. has set a goal to return humans to the Moon by 2028 and to establish a permanent lunar outpost with a nuclear reactor by 2030, aiming to replace the International Space Station [3]. Nuclear Energy Technology - The report discusses the development of a 100 kW nuclear reactor for lunar deployment, which is not limited by extraterrestrial conditions and is vital for deep space missions [4]. Investment Opportunities - The report suggests several companies to watch: 1. Jingye Intelligent: Collaborating with Zhejiang University on SMR technology, showing significant growth potential in the context of AI energy needs [5]. 2. Jiadian Co.: Leading in the nuclear power sector with its helium fan products and nuclear pump systems [5]. 3. Guoguang Electric: Key components for the ITER project [5]. 4. Lanshi Heavy Industry: Covers the entire nuclear energy supply chain [5]. 5. Kexin Electromechanical: Producing high-temperature gas-cooled reactor products [5]. 6. Hailu Heavy Industry: Involved in various reactor types including third and fourth generation [5]. 7. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear projects [5].

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 [13]. Core Insights - The development of AI large models has led to an explosive growth in global data center energy demand, making traditional fossil energy insufficient. Small Modular Reactors (SMRs) are seen as a key solution due to their power adaptability and near-zero emissions [4][5]. - Major technology companies like Google and Amazon are investing in SMRs, while China is forming alliances with over 60 entities, including China National Nuclear Corporation and China Huaneng, to create a complete industrial chain from R&D to commercialization [4][5]. - China has a technological lead in the SMR sector, with successful trials of the "Linglong One" and commercial operations of the Shandong Shidao Bay High-Temperature Gas-Cooled Reactor. The establishment of the high-temperature gas-cooled reactor alliance aims to enhance technological advantages and reduce construction costs [5][6]. Company Summaries - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a micro-reactor/SMR technology R&D center, showcasing significant development potential in the context of rising AI energy demands [6]. - **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 Ha Electric's nuclear main pump leading in the nuclear power sector [6]. - **Guoguang Electric**: The company's filters and cladding systems are key components of the ITER project [6]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - **Kexin Electromechanical**: Producing high-temperature gas-cooled reactor nuclear power products and replacing imports with new fuel transport containers [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [6].

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].