OpenAI 首席执行官 Sam Altman 曾表示"裂变是满足人工智能日 益增长的能源需求的关键解决方案"。科技巨头正联合小型模块化反 应堆（SMR）及核聚变公司，为数据中心量身定制供能方案，裂变商 业化或比聚变更早落地。国内相关公司景业智能表示，公司 SMR 相关 关键技术研发工作正按计划有序推进，目前技术路线已基本明确，核 心研发团队也已初步组建完成。 行 机械设备 2026 年 01 月 31 日 业 研 究 机械设备 科技+新能源巨头入核热潮起，核电迎来多元新格局 投资要点： 巨头跨界入局，科技新能源协同赋能 行 业 定 期 报 告 随着民资入核政策持续放宽，阿里、吉利等科技巨头及宁德时代、 特斯拉等新能源龙头纷纷跨界参与中国沿海核电项目。科技企业多以 入股方式布局浙江象山、温州三澳等沿海核电基地，核心锁定稳定能 源以支撑算力需求；新能源企业则聚焦配套环节，提供储能解决方案、 核心装备制造等服务，上海电气等企业助力核电设备国产化率达 93.4%，形成"央企主导、民资赋能、科技加持"的产业生态。 政策保驾护航，行业发展前景广阔 从 2020 年吉利参股三澳核电成为首个民资入核案例，到 2024 年 ...

行 业 研 华福证券 机械设备 2026 年 01 月 25 日 机械设备 究 斯堪斯卡助力劳斯莱斯 SMR 研发抗震轴承，X-energy 携手 SGL Carbon 推进 SMR 部署 投资要点： 劳斯莱斯 SMR 合作斯堪斯卡，推进抗震轴承原型研发 行 业 定 期 报 告 劳斯莱斯小型模块化反应堆公司与斯堪斯卡英国公司签订合同， 由后者负责建造 SMR 的抗震轴承底座原型装置，该装置将安装于反应 堆厂房下方以保障结构安全与功能完整，项目由斯堪斯卡英国唐卡斯 特工厂交付。此次合作有助于验证抗震技术和模块化建造方法，降低 "舰队式"部署风险，而劳斯莱斯这款 470 兆瓦的小型压水堆 90%组 件工厂预制，标准化抗震轴承设计已通过多地震剖面预认证，可全球 部署且无需定制化重新设计。 X-energy 签署十年石墨供应协议，支撑模块化小堆部署 究 报 5）科新机电：承制了高温气冷堆核电产品，新燃料运输容器实现 替代进口； X-energy 与 SGL Carbon 签署为期十年的框架协议，确保 Xe-100 小型模块化反应堆部署所需石墨材料供应，协议涵盖德州 Seadrift 场址 首个四机组项目的部件支持及华 ...

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].

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].

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 - Recent reports highlight the progress of Small Modular Reactors (SMR), with "Linglong One" setting a benchmark for global development in this sector [3][4]. - The establishment of Shanghai Junhe Atomic Technology Co., focusing on SMR and hybrid energy systems, has garnered significant attention and funding, with a successful first round of financing amounting to several tens of millions of RMB [4]. - SMR is viewed as a key solution to meet the growing energy demands of artificial intelligence, attracting ongoing interest from major technology companies [5]. Summary by Relevant Sections Industry Overview - The report emphasizes the importance of energy in the development of AI technologies, with China making significant strides in the SMR sector [3]. - The "Linglong One" reactor is highlighted as a global leader in the small modular reactor development [3]. Company Highlights - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showcasing substantial growth potential in the context of global AI demand and energy transition [5]. - **Jia Dian Co.**: Their main helium fan is the only power device in the primary loop of fourth-generation high-temperature gas-cooled reactors, positioning them as a leader in the nuclear power segment [5]. - **Guoguang Electric**: Their filter and cladding systems are critical components for the ITER project [5]. - **Lanshi Heavy Industry**: Engaged in the entire nuclear energy supply chain, from upstream nuclear fuel systems to downstream spent fuel processing [5]. - **Kexin Electromechanical**: Developed high-temperature gas-cooled reactor products and achieved import substitution for new fuel transport containers [5]. - **Hailu Heavy Industry**: Provides services for third and fourth-generation reactors as well as fusion reactors [5]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [5].

Group 1 - The establishment of the world's first IAEA fusion energy research and training collaboration center in Chengdu, Sichuan, signifies a significant elevation of China's international status and influence in the field of fusion energy [1] - Since 2025, the development of China's controllable nuclear fusion industry has accelerated, with notable achievements such as the "dual hundred degree" operation of the "Circulation III" device and the EAST device setting a world record for maintaining 1 million degrees for 1066 seconds [1] - The formation of China Fusion Energy Co., led by China National Nuclear Corporation, aims to focus on large scientific experiments and fusion reactor materials, expanding the controllable nuclear fusion innovation consortium to 38 member units [1] Group 2 - Controlled nuclear fusion has become a key focus in the energy strategies of major countries, with multiple technological pathways advancing simultaneously [2] - The establishment of the IAEA collaboration center in Chengdu and the release of the "World Fusion Outlook" report signify China's rising influence in international collaboration and standard-setting in the fusion energy sector [2] - The combination of strategic necessity, engineering progress, and supply chain advantages is expected to continuously support the positive development of China's controllable nuclear fusion industry [2] Group 3 - Several listed companies in the A-share market, such as Western Superconducting Technologies and Jiangsu Yongding, are involved in various aspects of the controllable nuclear fusion industry chain, attracting market attention and expectations for commercial prospects [3] - Chengdu Guoguang Electric Co., a representative enterprise in the A-share controllable nuclear fusion sector, produces key components for the ITER project, indicating the company's significant role in the industry [3] - The controllable nuclear fusion sector has transitioned from "frontier exploration" to a national strategic focus, with significant breakthroughs in core technologies and increased capital inflow, suggesting a broad commercial development outlook [3]

Investment Rating - The industry rating is "Outperform the Market" [7][16] Core Insights - Oklo has seen significant stock price increases, with a 51.59% rise in September and a 31.83% increase in the first eight trading days of October. The company is a key player in the Small Modular Reactor (SMR) sector, which is expected to meet the growing energy demands of AI and data centers. The commercialization of fission technology may occur before fusion technology [3][4] - The consensus in the tech industry is that the future of AI is tied to computing power, which in turn relies on electricity. Projections indicate that by 2035, the total computing power in society may increase by 100,000 times, leading to a significant rise in electricity demand from data centers [4] - SMRs are characterized by their inherent safety, lower investment requirements, rapid deployment, and versatility in application. The Chinese government supports the development of advanced nuclear reactors, with ongoing projects like the "Linglong One" ACP100 expected to be completed by 2026 [5] Company Summaries - Jingye Intelligent: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showcasing significant growth potential in the context of rising AI energy demands [5] - Jiadian Co., Ltd.: The main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, with its subsidiary leading in nuclear pump products [5] - Guoguang Electric: The company provides key components for the ITER project, focusing on filter and cladding systems [5] - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5] - Kexin Electromechanical: Produces high-temperature gas-cooled reactor products and has developed new fuel transport containers to replace imports [5] - Hailu Heavy Industry: Services various reactor types, including third and fourth-generation reactors and fusion reactors (ITER) [5] - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [5]

Investment Rating - The industry rating is "Outperform the Market" [7][16] Core Insights - Oklo, a key player in the Small Modular Reactor (SMR) sector, saw a significant stock increase of 63.5% over the week, driven by a surge in investment interest in SMR technology [3][4] - The demand for energy is expected to rise dramatically, with projections indicating that by 2035, the total computing power in society may increase by 100,000 times, leading to a substantial rise in electricity consumption from data centers [4] - SMRs are characterized by their inherent safety, lower investment requirements, rapid returns, flexible deployment, and wide application scenarios, making them a promising energy solution for the growing needs of data centers and AI [5] Summary by Sections Investment Opportunities - Companies to watch include: 1. Jingye Intelligent: Collaborating with Zhejiang University on micro-reactor/SMR technology, showing significant growth potential in the context of global AI demand and energy transition [5] 2. Jiadian Co.: Leading in the nuclear power sector with its helium fan as the only power device for the fourth-generation high-temperature gas-cooled reactor [5] 3. Guoguang Electric: Key components for the ITER project [5] 4. Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5] 5. Kexin Electromechanical: Producing high-temperature gas-cooled reactor products and replacing imports with new fuel transport containers [5] 6. Hailu Heavy Industry: Services for various reactor types including third and fourth generation reactors [5] 7. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear power 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% over the next 6 months [13]. Core Insights - The U.S. Department of Energy has announced the first batch of companies selected for the nuclear reactor pilot program, marking the official start of the competition to achieve operational test reactors by July 2026 [3][4]. - The pilot program aims to authorize the construction and testing of at least three experimental reactors by July 2026, creating a new pathway for advanced reactor development outside of U.S. national laboratories [3]. - Google and Kairos Power have chosen Tennessee as the site for an advanced nuclear power plant, which is expected to supply power to Google's data centers by 2030, driven by the increasing energy demands of generative AI [4][5]. - Nuclear power is highlighted as a crucial force in promoting green energy transition due to its clean, safe, and efficient characteristics, with annual utilization hours exceeding 7000 hours, making it the most efficient energy source [5]. 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 global AI demand and energy transition [5]. - **Jia Electric**: The main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, with its subsidiary Ha Electric's nuclear main pump products leading in the nuclear power business segment [5]. - **Guoguang Electric**: The company's filter and cladding systems are key components of the ITER project [5]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5]. - **Kexin Electromechanical**: Produced high-temperature gas-cooled reactor nuclear power products, with new fuel transport containers replacing imports [5]. - **Hailu Heavy Industry**: Services include third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [5]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [5].