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 ...

证券日报网讯12月22日，佳电股份（000922）在互动平台回答投资者提问时表示，佳电股份作为目前国 内唯一高温气冷堆有供货业绩的设备生产企业，通过承担并成功交付国家科技重大专项"高温气冷堆核 电站示范工程"主氦风机的制造任务，已经积累了宝贵的主氦风机设计、制造、测试的核心技术与工程 经验。未来，佳电股份将持续关注并积极参与产业链协同，把握产业发展机遇，充分发挥科技创新、产 业支撑和安全保障作用，持续推动核电技术升级和产业进步，积极拓展高温气冷堆应用新场景，为我国 核电事业高质量发展和能源战略实施提供坚实保障。 ...

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 ...

聚焦国家战略性新兴产业，佳电股份勇担"大国重器"使命，筑牢产业安全支撑。2022年，佳电股份成立 哈尔滨电气集团先进电机技术有限公司，专攻前沿技术研发，完成高温气冷堆示范工程用氦气压缩机、 220吨矿用自卸车电动轮、汽改电领域用大功率高速直驱永磁同步电动机的研制与交付任务。佳电股份 坚定不移推进现代化产业体系建设，完成主氦风机成套产业化重大工程项目建设，建成世界首座高温气 冷堆主氦风机产品试验台架，完成国内最大30WM永磁电机试验基地项目建设，圆满完成国家重大专项 工程——高温气冷堆一回路唯一能动设备主氦风机交付任务，为世界首座第四代核电站"华能石岛湾高 温气冷堆示范工程"成功商运提供核心动能。 "绿色驱动质效变革，重器担当强国使命"。"十四五"时期，佳电股份（000922）以绿色发展为底色、科 技创新为引擎，加快培育发展新质生产力，在高质量发展赛道上稳步疾驰。从"十三五"到"十四五"，企 业总资产从28亿元跃升至100亿元，用硬核实力书写着创新驱动的时代华章。 科技创新是培育新质生产力的核心引擎，更是企业突围升级的关键抓手。"十四五"以来，佳电股份主动 拥抱数字化变革，积极探索人工智能应用，成立数字员工工作 ...

（文章来源：证券日报） 证券日报网讯 12月10日，佳电股份在互动平台回答投资者提问时表示，佳电股份自主研制的主氦风机 产业化项目产品顺利达产、正式交付，标志着我国拥有完全自主知识产权的第四代核电技术核心装备实 现了从技术攻关到规模化、工程化的历史性跨越，全球首座投入商业运行的模块式高温气冷堆核电站是 山东石岛湾核电站，这标志着高温气冷堆技术正式从实验示范走向了商业应用。佳电股份为该示范工程 提供了关键的主氦风机设备，证明了公司在高温气冷堆核心设备领域的供应商地位。高温气冷堆作为我 国完全自主知识产权的先进核能系统，具备固有安全性，在核能制氢、海水淡化等综合应用领域确实具 有广阔前景，公司将持续关注上述应用领域的技术与市场动态，并积极发挥自身在核心设备配套方面的 能力，为未来可能的市场机会做好技术准备。 ...

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]

Core Insights - The company has received orders for 18 helium turbines, primarily serving the fourth-generation nuclear technology, specifically high-temperature gas-cooled reactors (HTGR) [1][3] - The helium turbine is a critical component in the nuclear island system, responsible for circulating helium gas within the reactor's primary loop [1] - High-temperature gas-cooled reactors, which are based on completely independent intellectual property rights, have significant safety features and broad application prospects in various fields, including petrochemical coupling, repurposing of thermal power plants, inland breakthroughs, heavy oil thermal recovery, and hydrogen production from nuclear energy [1] Company Developments - The company is focusing on current demonstration projects while closely monitoring future market expansion opportunities [1] - The application of helium turbines is primarily linked to the fourth-generation nuclear technology, indicating a potential for large-scale commercial application in the future [3]

Core Viewpoint - Jiadian Co., Ltd. (佳电股份) is actively engaging with institutional investors and highlighting its strategic position in the nuclear power sector, emphasizing the importance of its products in the energy transition and national energy security [1][2]. Group 1: Company Overview - Jiadian Co., Ltd. has a diverse product range with 347 series and nearly 4000 varieties of electric motors, covering power outputs from 0.37 kW to 80,000 kW, with an annual production capacity exceeding 15 million kW [1]. - The company has established multiple subsidiaries and research centers across China, with products exported to over 50 countries and regions worldwide [1]. Group 2: Nuclear Power Strategy - The company recognizes the critical role of nuclear power in China's energy strategy, viewing it as a key component for energy security and structural transformation [2]. - With the successful development of helium compressors for nuclear power applications, the company is positioned to meet the growing demand for fourth-generation nuclear power plants, potentially leading to increased orders [2]. - The nuclear power sector is expected to experience strong growth from 2025 to 2027, with third and fourth-generation nuclear products contributing to the company's high-quality development [2]. Group 3: Market Trends and Future Outlook - The demand for efficient and energy-saving motors is increasing, which helps mitigate the downturn in traditional industries like petrochemicals and coal [2]. - The steel industry is showing signs of stabilization, and the company is actively pursuing renovation projects, anticipating improvements in the coming year [2]. - The acquisition of controlling interest in Harbin Electric Motor Co. (哈电动装) aims to eliminate competition and enhance the company's core competitiveness in the nuclear power sector [2]. Group 4: Technological Developments - Jiadian Co., Ltd. is exploring advanced nuclear technologies, including thorium molten salt reactors, sodium-cooled fast reactors, and lead-bismuth fast reactors, although it has not yet entered these markets [3]. - The company is committed to tracking advancements in nuclear energy technology to prepare for future market development and equipment supply [3].

Company Overview - Harbin Electric Group Jiamusi Electric Motor Co., Ltd. is a key state-owned enterprise with over 80 years of motor production history, recognized as the first electric motor factory in China [3] - The company has a production capacity exceeding 15 million kilowatts annually, with 347 series and nearly 4,000 varieties of motor products covering power ranges from 0.37 to 80,000 kW [4] Strategic Direction - The company focuses on green low-carbon drive systems, emphasizing efficient, intelligent, and sustainable development [5] - It aims to become a world-class electric drive system manufacturer and service provider, guided by the principles of high-quality development and technological innovation [5] Nuclear Power Sector - The company is a major producer of key nuclear-grade motors for China's fourth-generation nuclear technology, specifically the main helium fan for high-temperature gas-cooled reactors [5][6] - It has successfully secured orders for 18 out of 24 main helium fans, with ongoing commitments to timely delivery [8] Financial Performance - As of the end of the reporting period, the company has signed contracts worth CNY 5.147 billion, with expected revenue recognition of CNY 1.333 billion in 2025, CNY 1.673 billion in 2026, and CNY 2.141 billion in 2027 [7] - The company anticipates strong demand in the nuclear power sector from 2025 to 2027, which is expected to contribute positively to its high-quality development [10] Management and Governance - Recent management changes include a new board and executive team, which are expected to drive high-quality development and enhance shareholder returns [11] - The company is considering further stock incentive plans to attract and retain talent, aligning the interests of shareholders, the company, and employees [11] Market Expansion - The company has limited direct exports, as most of its electric motor products are sold through main engine manufacturers rather than directly to end-users [12] - There are ongoing discussions regarding potential capital increases and strategic collaborations to strengthen its position in the nuclear power sector [13]

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].