行 华福证券 机械设备 2026 年 02 月 08 日 业 研 究 机械设备 全球核电发展提速，装机目标或超三倍核能愿景 投资要点： 世界核协会最新报告显示全球核电装机目标远超预期 行 业 定 期 报 告 世界核协会最新报告显示，若各国落实核电开发目标，2050 年全 球核电装机容量有望达 1446GWe，远超三倍核能宣言的 1200GWe 目 标。目前全球有 440 台在运核电机组，70 台在建，2024 年核能发电量 创历史新高，多国也已承诺支持三倍装机目标。报告测算不同阶段核 电增长动力各有不同，2030 年前靠在建机组，2035 年前靠规划项目， 2035 年后则由拟建、潜在项目及政府计划支撑，同时各国还有约 542GWe 无具体项目支撑的装机目标，政策保障力度也存在差异。 明确装机需求，多方协同推动目标落地 报告明确了 2026 至 2050 年各阶段核电年均装机需求，其中 2046 到 2050 年每年需装机 65.3GWe，约为核电建设历史峰值速度的两倍。 为实现目标，WNA 提出多项建议，各国政府需将核电纳入长期规划、 制定可行产业战略、支持核电机组延寿并完善相关机制，金融机构要 实施技术中 ...

Investment Rating - The industry rating is "stronger than 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 - Major technology and new energy companies are entering the nuclear power sector, creating a diversified new landscape for nuclear energy in China. Companies like Alibaba and Geely are investing in coastal nuclear power projects, focusing on stable energy to support computing power demands [3][4]. - The policy environment is increasingly favorable for private investment in nuclear power, with the proportion of private capital expected to rise to 10% by 2024. This trend is supported by the integration of AI and nuclear energy, which is anticipated to deepen as the demand for computing power grows [4]. - Small Modular Reactors (SMR) are highlighted as a key solution to meet the energy demands of AI, with significant interest from technology giants. Companies are developing tailored energy solutions for data centers using SMR technology [5]. Company Summaries - **Jingye Intelligent**: Plans to establish a subsidiary focused on SMR technology for AI data center power supply [6]. - **Jia Electric**: Its main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor's primary circuit, leading in the nuclear power business segment [6]. - **Guoguang Electric**: Provides critical components for the ITER project, focusing on filter and cladding systems [6]. - **Lanshi Heavy Industry**: Covers the entire nuclear energy supply chain from upstream nuclear fuel systems to downstream spent fuel processing [6]. - **Kexin Electromechanical**: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and fusion reactors [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [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 [14]. Core Insights - The entry of technology and new energy giants into the nuclear power sector is creating a diversified new landscape, with companies like Alibaba and Geely participating in coastal nuclear power projects in China [3][4]. - The policy environment is supportive, with increasing participation of private capital in nuclear projects, projected to reach a 10% stake by 2024, and further support for private enterprises by 2026 [4]. - The integration of AI and nuclear energy is anticipated to deepen, with a focus on "computing power + nuclear energy" and the implementation of a "wind-solar-nuclear-storage integration" model in coastal bases [4]. Summary by Sections Industry Participation - Major technology companies are investing in nuclear power through equity stakes, focusing on stable energy to support computing needs, while new energy firms are providing storage solutions and core equipment manufacturing [3][4]. - The domestic nuclear equipment localization rate has reached 93.4%, establishing an ecosystem led by state-owned enterprises, empowered by private capital, and supported by technology [3]. Future Outlook - The demand for AI computing power is expected to drive the development of small modular reactors (SMR) as a key solution for energy needs, with significant interest from technology giants [5]. - Companies like Jingye Intelligent are advancing SMR technology, with plans to establish a subsidiary focused on powering AI data centers [6]. Recommended Companies - Jingye Intelligent: Plans to establish a subsidiary focused on SMR for AI data centers [6]. - Jiadian Co.: Leading position in the nuclear power sector with its helium fan products [6]. - Guoguang Electric: Key components for the ITER project [6]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [6]. - Kexin Electromechanical: Producing high-temperature gas-cooled reactor products [6]. - Hailu Heavy Industry: Services for various reactor types including third and fourth generation [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear 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% over the next 6 months [15]. Core Insights - Rolls-Royce SMR collaborates with Skanska to advance the prototype development of seismic bearings, which will be installed beneath the reactor building to ensure structural safety and functional integrity. This project aims to validate seismic technology and modular construction methods, thereby reducing the risks associated with fleet deployment. The 470 MW small modular reactor (SMR) has 90% of its components prefabricated in factories, and the standardized seismic bearing design has passed multiple seismic profile pre-certifications, allowing for global deployment without the need for customized redesigns [4]. - X-energy has signed a ten-year framework agreement with SGL Carbon to secure the supply of graphite materials necessary for the deployment of the Xe-100 small modular reactor. This agreement covers component support for the first four-unit project at the Seadrift site in Texas and capacity reservation for 12 units in Washington state. The Xe-100 is based on high-temperature gas-cooled reactor technology, with graphite being a critical component [5]. - The small modular reactor (SMR) is seen as a key solution to meet the growing energy demands of artificial intelligence (AI). Tech giants are collaborating with SMR and nuclear fusion companies to create tailored energy solutions for data centers. The commercialization of fission is expected to occur earlier than fusion. Domestic company Jingye Intelligent is advancing its key technology development for SMR, with a clear technical route and an initial core R&D team established [6]. Company Summaries - Jingye Intelligent plans to establish a subsidiary, Jinghan Energy, focusing on power supply for AI data centers [6]. - Jiadian Co., Ltd. produces the main helium fan, which is the only power device in the primary circuit of fourth-generation high-temperature gas-cooled reactors, and its subsidiary, Harbin Electric Machinery, leads in nuclear main pump products within the nuclear power business segment [6]. - Guoguang Electric's filter and cladding systems are key components of the ITER project [6]. - Lansi Heavy Industry covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel reprocessing [6]. - Kexin Electromechanical has manufactured high-temperature gas-cooled reactor products, achieving import substitution for new fuel transport containers [6]. - Haili Heavy Industry services third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [6]. - Jiangsu Shentong has secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for newly constructed nuclear power projects in China [6].

Core Viewpoint - The Jiangsu Xuwei Nuclear Heating Power Plant is the world's first project to couple pressurized water reactors with high-temperature gas-cooled reactors, focusing on industrial heating while also supplying electricity, utilizing China's proprietary third-generation and fourth-generation nuclear technologies [1] Group 1: Project Overview - The Xuwei Nuclear Power Plant is the first global project to integrate high-temperature gas-cooled reactors with pressurized water reactors, primarily for heating and secondarily for electricity supply [1] - The project employs an innovative "heat-based electricity" operational model and a two-stage steam heating technology, marking it as a demonstration project for coupling China's third and fourth-generation nuclear technologies [1] Group 2: Company Involvement - Jiadian Co., Ltd. (佳电股份) is the only domestic supplier with performance records in high-temperature gas-cooled reactor equipment and is a key supplier of electrical equipment for the Xuwei Nuclear Power Plant [1] - The company provides essential components such as the main helium blower and helium compressor for the high-temperature gas-cooled reactor, along with a range of other nuclear power motors for the plant [1] - Jiadian Co., Ltd. will continue to monitor and actively participate in the construction of related projects [1]

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 - Meta has signed a nuclear power agreement exceeding 6 GW, becoming the largest nuclear power purchaser among large tech companies. The agreement includes significant small modular reactor (SMR) projects, supporting Oklo's project in Ohio with up to 1.2 GW of power and TerraPower's two small reactors with a future purchase agreement for 2.1 GW [3][4]. - The demand for electricity in U.S. data centers is projected to increase by at least 30% by 2030, making electricity a bottleneck for AI industry development. Nuclear power, being clean and stable, provides long-term energy security for Meta's AI data centers, promoting the implementation of new small reactor technologies and aligning with low-carbon goals [4][5]. Summary by Sections Nuclear Power Agreements - Meta's agreements include collaborations with Oklo and TerraPower, focusing on small modular reactors to meet the growing energy demands of AI data centers [3][4]. Energy Demand and AI - The report highlights the increasing electricity consumption in data centers and positions small modular reactors as a key solution to address the energy needs of AI technologies [4][5]. Investment Opportunities - The report suggests monitoring several companies involved in the SMR sector, including: 1. Jingye Intelligent, which plans to establish an SMR subsidiary focused on AI data center power supply [5]. 2. Jiadian Co., whose helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor [5]. 3. Guoguang Electric, which provides critical components for ITER projects [5]. 4. Lanshi Heavy Industry, covering upstream nuclear fuel systems to downstream spent fuel processing [5]. 5. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [5]. 6. Hailu Heavy Industry, servicing various reactor types including third and fourth generation [5]. 7. Jiangsu Shentong, which has secured over 90% of orders for nuclear-grade valves in new nuclear power projects in China [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% 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].

Core Viewpoint - Jiadian Co., Ltd. is the only domestic equipment manufacturer with supply performance in high-temperature gas-cooled reactor technology, having successfully delivered the main helium fan for the national major science and technology project "Demonstration Project of High-Temperature Gas-Cooled Reactor Nuclear Power Plant" [1] Group 1: Company Achievements - Jiadian Co., Ltd. has accumulated valuable core technologies and engineering experience in the design, manufacturing, and testing of main helium fans [1] - The company will continue to focus on and actively participate in industry chain collaboration to seize development opportunities [1] Group 2: Future Plans - Jiadian Co., Ltd. aims to leverage technological innovation, industrial support, and safety assurance to promote nuclear power technology upgrades and industry progress [1] - The company plans to actively expand new application scenarios for high-temperature gas-cooled reactors, providing solid support for the high-quality development of China's nuclear power industry and the implementation of energy strategies [1]

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].

Core Viewpoint - The company, Jiadian Co., Ltd. (佳电股份), is committed to green development and technological innovation, aiming to enhance production capacity and efficiency while fulfilling its mission as a key player in national strategic emerging industries [1][2]. Group 1: Financial Growth and Asset Development - From the "13th Five-Year Plan" to the "14th Five-Year Plan," the company's total assets increased from 2.8 billion to 10 billion yuan, showcasing its robust growth driven by innovation [1]. - The company aims to build a world-class electric drive system manufacturing and service enterprise by optimizing its green and low-carbon driven system industry layout [2]. Group 2: Technological Innovation and Digital Transformation - Since the beginning of the "14th Five-Year Plan," the company has embraced digital transformation, exploring artificial intelligence applications and establishing a digital employee studio [1]. - In 2023, the company built the first digital workshop for high-voltage motors in the country, achieving a 36% increase in production efficiency and a 56% increase in capacity [1]. - The company plans to complete the production lines for low-voltage motor digital assembly and rotor processing in 2024, continuously releasing total factor productivity [1]. Group 3: Commitment to National Strategic Industries - In 2022, the company established Harbin Electric Group Advanced Motor Technology Co., Ltd. to focus on cutting-edge technology research and development [2]. - The company has successfully delivered key projects, including the helium compressor for high-temperature gas-cooled reactor demonstration projects and the development of high-power direct-drive permanent magnet synchronous motors for electric vehicle applications [2]. - The company has completed significant engineering projects, including the construction of the world's first test platform for main helium fans for high-temperature gas-cooled reactors [2]. Group 4: Environmental Commitment and Achievements - The company is the first in the country to obtain new first-level energy efficiency certification for four main series of high-voltage motors and has been recognized as a "zero-carbon factory" [2]. - The company is committed to the "dual carbon" strategy, emphasizing its role in high-quality development through green practices [2].