中国 SMR 小堆监管拟定规立则，安全发展锚定方向 投资要点： 针对陆上固定式小堆，制定 SMR 核安全监管技术政策 行 业 定 期 报 告 近日，为进一步做好小型核动力堆的核安全监管，明确小型核动 力堆若干重要安全问题的监管技术立场，指导相关安全设计和安全审 评工作，生态环境部（国家核安全局）组织编制了《小型核动力堆核 安全监管的技术政策（征求意见稿）》，现公开征求意见。国家核安 全局结合国内示范工程审评经验与国际研究进展，制定小型核动力堆 核安全监管技术政策，该政策主要针对陆上固定式小堆，部分内容也 可供浮动核动力堆参考。 明确核心技术立场，部署后续重点工作 政策围绕小堆安全目标、纵深防御应用、状态划分等十一个核心 问题提出技术立场，对于 SMR，应充分利用固有安全特性和可靠的设 计措施，确保可能导致大量放射性释放的事件或事件序列被实际消除。 为推进小堆开发，政策明确八大后续重点工作。要求相关单位尽早制 定适配小堆特性的设计准则，开发验证安全分析程序，获取新型材料、 工质及放射性源项相关数据；同时做好设计验证、调试规划及运行限 值和条件制定等工作，全面识别新问题并开展研究验证，国家核安全 局也鼓励设计和营 ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 正文 AI 算力的狂奔，正在撞上一道看不见的能源天花板。 当 GPT-5 单次训练耗掉一座中小城市一年的用电量，当 AI 数据中心单柜功耗从 15kW 飙升至 100kW，当全球大模型迭代速度越来越快，一个行业共识正 在被反复验证： 限制 AI 发展的，从来不是算法，而是电 。 2025年美国能源部的报告直接拉响警报：到 2030 年，美国仅数据中心就需要新增 50GW 电力供应，而同期能落地的全天候稳定电源仅 22GW， 仅数据中 心的稳定电力缺口就高达 28GW 。更致命的是，数据中心 18 个月就能建成，配套电源设施落地却要 5 年以上，建设周期的错配，让 AI 算力的能源焦 虑，已经从远期预判变成了眼前的现实。 一边是 AI 算力指数级增长的用电需求，一边是碳中和下煤电的刚性退出、风光的间歇性短板，谁能给 AI 时代提供稳定、零碳、可持续的能源底座？ Meta、微软、谷歌、亚马逊等全球科技巨头，已经用真金白银给出了答案 —— 核电。短短两年时间，科技巨头已签下累计 745 亿美元的核电订单，从重 启 ...

中金研究 海外数据中心正在面临"找电难"的困境，欧美部分电网拥堵的区域排队时间可达7年以上。我们观察到电网能力正在决定资金流向，北欧、南欧以及新 兴市场获得大型开发商关注，同时美国和欧洲FLAP-D市场部分区域自备电源由可选转向必选，多种新供电方案同步探索。海外供需矛盾突出，中国厂 商迎来加速出海窗口期，捕捉高弹性市场机会。 点击小程序查看报告原文 Abstract 摘要 电源侧：现场供电 大势 所趋，自主燃机出口突破。 燃机为现场供电主流方案，2025年全球燃机订单量价齐升，而海外龙头厂商供给紧张，交期长达3年 以上，难以满足快速供电需求，为中国整机厂商带来市场突破机遇，龙头东方电气自主燃机G50去年实现首次出口；此外，SOFC、SMR、地热系统等多 种形式各具特点。我们看好"自备电+电网"结合是未来可行性较高的方向。 电网侧：全球电力大周期，中国变压器出口高增。 随着AIDC规模升至百兆瓦级，接网点升至高压等级并且需要专用变电站，长期以来审批慢等原因制约 欧美输电有效发展，核心设备变压器存在供给缺口；2025年中国变压器出口金额创新高，我们看好具备完整产业链和快速交付能力的中国企业持续打开市 场。 数据中 ...

西南证券研究院 2026年3月 海外研究团队 分析师：王梓溢 执业证号：S1250525050003 电话：15770906520 邮箱：wzyi@swsc.com.cn 核心观点 1 海外核电专题报告 从基荷能源到科技引擎，AI巨头的战略押注与投资逻辑重构 分析师：王湘杰 执业证号： S1250521120002 电话：0755-26671517 邮箱：wxj@swsc.com.cn 发展现状：全球核电行业正迎来新一轮发展机遇期。在能源安全、低碳转型和AI算力需求等多重因素驱动下，核电作为稳定、高效的清洁基荷 电源，其战略价值被重新评估。 行业需求：根据国际原子能机构(IAEA)最新数据，截至2024年底，全球在31个国家和地区共运行417台核电机组，总装机容量达377GW。基 于国际原子能机构（IAEA）的预测，全球核电装机容量预计到2050年将达到561GW（低值预测）至992GW（高值预测），比2024年分别增 加48.8%和163.1%。 最新技术：全球核电发展至今已历经四代技术演进，目前正处在第三代规模化部署、第四代技术示范突破的现状。当前最新的技术焦点集中在 第四代核能系统和小型模块化反应堆（S ...

Core Insights - NuScale Power's stock has experienced significant volatility, dropping from a 52-week high of $57 to just above $13, reflecting an 18% decline in 2026 [1][2] - Despite past challenges, NuScale is gaining momentum, with potential for the stock to trade above $20 by year-end [2] Company Developments - NuScale is the only U.S. company with a small modular reactor (SMR) design licensed by the Nuclear Regulatory Commission, but it has yet to secure a firm sale for its technology [4] - The company has faced setbacks, including a canceled project with Idaho National Labs due to high construction costs, but is now moving forward with a promising project in Romania [5][6] - The Romanian project involves deploying six SMRs for a total of 462 megawatts of power generation capacity, with commercial operations expected by 2033 [6] Future Opportunities - In late 2025, NuScale agreed to deploy up to six gigawatts of SMR power generation across seven states for the Tennessee Valley Authority, significantly larger than the Romanian project [7] - The nuclear sector is projected to require a $3 trillion investment by 2050, with SMR technology playing a crucial role in meeting the increasing demand for electricity [8] - If NuScale captures 5% of this investment, it could lead to $150 billion in reactor deployments or related infrastructure projects [9] Market Outlook - Analysts have set an average price target of $29 per share for NuScale, indicating a potential upside of 123% from current levels, although the stock remains volatile [11] - The company is currently burning through cash, and while revenue growth is expected to be steady, it may not be explosive in the near term [9]

行 华福证券 机械设备 2026 年 02 月 28 日 业 研 究 机械设备 韩国敲定 SMR 特别法，加速核能产业升级 投资要点： 法案终落地，抢抓 SMR 发展机遇 行 业 定 期 报 告 据韩国《朝鲜日报》消息，近日，韩国国会全票通过搁置两年的 SMR 特别法，为小型模块化反应堆研发提速。SMR 整合大型核反应堆 核心部件，具备建设周期短、成本低、安全性高、供电稳定的优势， 可就近为 AI 数据中心提供高密度持续电力，也是实现碳中和的重要抓 手。当前全球 18 国布局超 80 种 SMR 技术，美、中均已立法并推进商 业化，美国计划投资 9 亿美元、中国陆基 SMR 预计 2026 年投运，而 作为大型核电强国的韩国此前因政策滞后面临技术掉队风险，此次法 案通过被业界视为其 SMR 技术商业化的重要契机。 定规划强投入，仍需突破监管瓶颈 韩国 SMR 特别法明确了多项发展举措，政府需每五年制定 SMR 发展基本规划，设立专项促进委员会统筹核心事宜，划定 SMR 特区助 力产学研技术研发，科技部还计划 2030 年前投入 1.2 万亿韩元研发三 款本土 SMR 核心技术，本土斗山能源等企业也已开展相关技 ...

Core Viewpoint - The South Korean government has decided to proceed with the construction of two new nuclear power plants as part of its 11th Basic Plan for Electricity Supply and Demand, despite initial plans for a comprehensive review and public consultation [1][2] Group 1: Government Plans and Policies - The Ministry of Climate, Energy and Environment has confirmed that new nuclear power construction will continue as planned due to the rapid increase in electricity demand from AI and data centers [1] - The 11th Basic Plan includes the construction of two nuclear power units with a total capacity of 2.8 GW, scheduled for completion in 2037 and 2038, along with a 0.7 GW small modular reactor (SMR) to be introduced before 2035 [1] - The government has reversed its stance on the nuclear power projects after discussions and polling indicated public support, emphasizing the need to reduce coal and LNG power generation to meet climate goals [1] Group 2: Industry Concerns and Requirements - The Korean Atomic Energy Society has indicated that to maintain a nuclear power share of 35% by 2038, an additional 20 large nuclear plants and 12 SMRs will need to be constructed by 2050 [1] - The new nuclear projects will be initiated by Korea Hydro & Nuclear Power, with the aim to secure approvals in the early 2030s and complete construction by 2037-2038, although there are concerns about potential delays due to policy changes [2] - The government plans to enhance energy storage systems (ESS) and pumped storage to address the intermittency of renewable energy while improving the operational flexibility of nuclear power units [1]

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 ...

谷歌计划斥资 47.5 亿美元，以解决人工智能竞赛中一个棘手的难题，为规模日益庞大的数据中心舰队 找到足够的电力供应。 该公司即将完成对风电和太阳能开发商Intersect的收购，此举将使其成为唯一一家拥有电力公司的科技 巨头。这可能使其在竞争对手中占据显著优势，因为电力管理部门更青睐那些准备自建发电设施的科技 公司，而特朗普政府也正施压要求他们避免将电力成本转嫁给消费者。 此次收购是谷歌一系列战略布局中的最新一步，旨在构建一套从源头到应用的完整策略，以获取海量电 力资源。在竞争对手中，谷歌率先达成协议，开发专为持续运行而设计的先进核电和地热电站；率先尝 试在电网负荷高峰期降低数据中心的电力消耗；而通过收购 Intersect，Alphabet（谷歌母公司）将成为 首家将自建电力设施纳入业务体系，为谷歌数据中心供电的企业。 "我认为，从全球范围来看，能源系统已不再能满足人工智能的需求，" 谷歌全球数据中心能源主管阿 曼达・彼得森・科里奥表示，"我们正努力主动思考解决方案。" 随着监管机构和立法者对电力供应短缺的担忧日益加剧，此次收购有望帮助谷歌更顺利地推进数据中心 的建设工作。科技公司希望建设数据中心的速度， ...

Core Insights - The report from the World Nuclear Association (WNA) projects that global nuclear power capacity could reach 1446 GWe by 2050, significantly exceeding the COP28 target of approximately 1200 GWe, indicating a resurgence of nuclear energy in global climate strategies [5][6] - However, there exists a substantial gap between ambition and execution, with 542 GWe of the projected capacity relying solely on government targets without concrete project plans, highlighting a critical execution gap [5][6] Group 1: Ambition and Gaps - The report emphasizes that the projected 1446 GWe capacity includes a concerning 542 GWe from government targets that lack specific project planning, indicating over one-third of future growth is not backed by tangible projects [5][6] - In the U.S., ambitious goals of adding 200 GWe by 2050 face significant challenges due to a lack of ongoing projects and a disconnect between policy signals and market investment decisions [6] - In contrast, Asia, particularly China, India, and Russia, is expected to drive nuclear growth, with these countries projected to account for nearly 70% (approximately 980 GWe) of global capacity by 2050 [6][7] Group 2: Industrial Capacity Challenges - The report warns that to meet the 2050 targets, global nuclear construction must increase dramatically, requiring an annual capacity increase from 14.4 GWe (2026-2030) to 65.3 GWe (2046-2050), necessitating a fourfold increase in current construction capabilities [9] - Achieving this construction rate would require building approximately 40 to 50 large nuclear reactors annually, a pace not seen since the peak of the 1980s [9] - The report highlights the need for a comprehensive mobilization of the global nuclear supply chain, addressing shortages in skilled labor, engineering management, and regulatory efficiency [9][10] Group 3: Strategic Value of Existing Assets - Existing nuclear power plants are deemed valuable strategic assets, with the potential for long-term operation (LTO) extending their lifespan from 40 to 60 or even 80 years, contributing significantly to future capacity [11][12] - If existing reactors can be extended to 60 years, they could provide 189 GWe by 2050, and extending to 80 years could increase this to 213 GWe, making them a cost-effective source of low-carbon power [12] - The report criticizes policies that prematurely retire nuclear plants for non-technical reasons, viewing them as detrimental to climate goals and energy transition [12][13] Group 4: Financing and Policy Challenges - Financing remains a critical barrier to nuclear energy revival, with projects requiring significant upfront capital and facing challenges in securing funding in a high-interest environment [14][15] - The report notes a shift in financial sentiment, with major financial institutions beginning to express support for nuclear projects, indicating a growing recognition of nuclear energy's role in meeting future energy demands [15] - It calls for governments to reform electricity markets to acknowledge nuclear energy's system value, which includes its stability and energy security attributes, rather than solely focusing on kilowatt-hour pricing [15]