韩联社报道称，特朗普提出到2030年前启动10座大型核电站建设，并在2050年前将核电装机容量从目前 的100吉瓦提升至400吉瓦。由于美国自1979年三哩岛泄漏事故以来不曾新建核电站，本土供应链几近崩 溃，因此美方在与韩国能源部门沟通时明确表示，希望韩企直接参与美国境内核电建设项目。美方还认 为，今年1月韩水核电和韩国电力公社（简称"韩电"）与西屋的知识产权纠纷已化解，双方政府在出口 管制原则上也达成共识，为合作铺平了道路。 【环球时报驻韩国特约记者 黎枳银】综合韩联社、《朝鲜日报》《中央日报》等韩媒报道，韩国总统 李在明于当地时间8月25日在华盛顿与美国总统特朗普举行会谈，核电合作有望成为此次韩美峰会的重 要议题。美国方面明确表示希望韩国企业参与其核能复兴计划，但韩国业界普遍担忧，与美国西屋电气 签订的协议带来的技术依赖和市场限制正导致韩国的核电出口版图萎缩。 据《朝鲜日报》报道，若双方就核电达成协议，合作规模可能超过韩美造船合作项目。韩国水电与核电 公司（简称"韩水核电"）正与西屋电气筹划成立合资企业，谋求携手进入美国及第三国市场。韩水核电 社长黄柱镐已随同李在明出访，并将会见西屋电气高层。若韩美领导人 ...

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers [5][50][51]. Core Insights - The demand for data centers in North America is surging due to AI and cloud migration, with significant growth in core markets like Northern Virginia, Dallas, and Atlanta [16]. - The U.S. Department of Energy has selected 11 advanced nuclear reactor projects for pilot testing, indicating a strategic push towards nuclear energy as a critical power source for AI operations [5][49]. - The report highlights a robust long-term infrastructure demand in the U.S., driven by industrial resurgence and energy transition efforts [5]. Summary by Sections Global Infrastructure and Construction Equipment - The North American data center market has doubled in size since 2020, with a vacancy rate around 2% and a significant portion of new projects pre-leased [16]. - The average rental rate has increased by 3% year-on-year, with a three-year compound growth rate of 12% [16]. Global Electrical and Intelligent Equipment - The gas turbine price index increased by 4.43% year-on-year and 3.8% month-on-month as of July 2025, driven by supply-demand dynamics [19]. - The U.S. gas turbine market is expected to grow primarily due to the development of AI data centers [20]. - The production price index for electrical and special transformers in the U.S. was 440.69 in July 2025, reflecting a month-on-month increase of 0.4% and a year-on-year increase of 2.53% [33]. Global Energy Industry - The average spot price for electricity in major U.S. regions decreased by 34.02% week-on-week [3]. - The Henry Hub spot price was reported at $2.96 per million British thermal units, down 3.0% week-on-week [3]. - The U.S. government is actively working to expedite the approval process for nuclear power projects, aiming to significantly increase nuclear capacity by 2050 [51]. Global New Materials - The global uranium spot price was $71.10 per pound as of July 2025, reflecting a decrease of 9.4% month-on-month and 11.7% year-on-year [4]. Global Defense and Aerospace - The price index for aircraft engines and components remained stable in July 2025, with a year-on-year increase of 1.5% [4]. - Increased defense spending and modernization needs are driving growth in the aerospace sector [6]. Investment Recommendations - The report recommends focusing on companies involved in AI energy consumption, such as Entergy, Talen Energy, and Constellation Energy, as well as energy equipment firms like NuScale Power and Cameco [5]. - It also suggests monitoring the industrial robot sector, anticipating increased demand due to industrial resurgence [5].

产业研究报告 2025 年 08 月 19 日 公用事业 全球小型模块化反应堆进展及对中国的启示 小型模块化核反应堆日益受到关注。在全球减碳、用电需求增长，尤其是俄 乌冲突造成能源安全重要性凸显的背景之下，核电以零/低碳排放、高可靠性 和较好的经济性，正迎得越来越多的市场关注和更大的发展空间。相较于大 型核反应堆（百万千瓦级），小型模块化反应堆（SMR）以其部署灵活、应用 场景丰富、投资规模小和高安全性的特点，所受关注日益提高。在 IEA 报告 预测中，未来全球新增核电装机的三分之一，将来自小型模块化反应堆。 作者 分析师 张 鹏 执业证书编号：S1070524060001 邮箱：zhpengyjy@cgws.com 相关研究 1、《国际电力企业转型发展比较研究报告—公用事业》 2024-12-17 2、《碳金融产品与市场》2024-11-26 3、《燃气发电有望在新型电力系统中提升角色定位》 2024-08-29 北美地区的 SMR 研发和项目开发最为活跃。74 个项目（方案）中的 30 个 由北美地区 25 家公司开发和推进；另外有 20 个项目由欧洲 19 家机构推进； 10 个由亚洲经合组织成员国的 ...

Group 1 - GEV has transformed from a burden of General Electric into a major winner in the AI-driven energy crisis, with stock prices increasing over five times since its independent listing in April 2024, surpassing even Nvidia [9][10]. - The current energy crisis is described as the largest "electricity supercycle" since World War II, with significant implications for energy consumption and investment [1][25]. - GEV's historical struggles stem from its origins in General Electric, which faced a series of strategic missteps following the 2008 financial crisis, particularly a costly acquisition of Alstom's gas power business [3][5][6]. Group 2 - GEV's success is attributed to three key strengths: a massive backlog of orders exceeding $120 billion, a strong position in gas turbine technology, and a strategic focus on small modular reactors (SMRs) for future energy needs [11][20][24]. - The company has a significant backlog that ensures revenue visibility, with a reported 44% organic growth in its power division, indicating a robust demand for its gas turbines [13][18]. - GEV's gas turbines are positioned as essential for meeting the increasing power demands of AI data centers, which require stable and high-quality electricity supply [15][17]. Group 3 - The electricity supercycle is driven by three main forces: explosive demand from AI and data centers, a resurgence of U.S. manufacturing, and broader electrification trends across society [29][31]. - The annual growth rate of electricity generation in the U.S. has increased significantly, with capital expenditures from utility companies expected to exceed $200 billion by 2025 [31][34]. - There is a critical supply-demand gap in the electricity market, with many states warning of potential capacity shortages by 2030, highlighting the urgent need for investment in power generation infrastructure [32][34]. Group 4 - GEV's strategic pivot towards SMRs and its existing capabilities in gas turbines position it well to capitalize on the current energy crisis, making it a key player in the transition to cleaner energy sources [20][38]. - The company has also begun offering customized rapid power generation solutions for data centers, indicating its evolution from a traditional energy equipment manufacturer to a critical partner in the AI infrastructure supply chain [22][24]. - GEV's business model reflects a balance of immediate revenue generation from gas turbines and long-term growth potential through investments in SMRs and electrification solutions [24][36].

Investment Rating - The report suggests a positive outlook for the nuclear power industry, indicating that the entire nuclear power supply chain has entered a performance release window, shifting from thematic trading to fundamental-driven logic [5]. Core Insights - Brookfield projects that global AI infrastructure investment will exceed $7 trillion over the next decade, with approximately $4 trillion allocated for chips, $2 trillion for AI data centers, and $500 billion each for power transmission and other technologies [1][16]. - The U.S. electricity demand forecast has been revised upwards, with expectations of a 15.8% increase by 2029, driven by significant infrastructure investment and the need for enhanced power transmission capabilities [20][21]. - The report highlights a robust recovery in the aerospace and defense sectors, with increased defense spending and modernization needs, suggesting investment opportunities in companies like BAE Systems and Raytheon Technologies [5][6]. Summary by Sections Global Infrastructure and Construction Equipment - Brookfield anticipates over $7 trillion in global AI infrastructure investment in the next decade, with significant allocations for data centers and chip manufacturing [1][16]. Global Electrical and Intelligent Equipment - The U.S. gas turbine price index increased by 1.3% year-on-year as of June 2025, while the production price index for electric and special transformers remained stable [2][26]. - U.S. transformer exports saw a significant increase, with June 2025 figures showing a 48% year-on-year growth [34]. Global Energy Industry - U.S. electricity prices rose by 66.89% week-on-week, while natural gas prices also saw an increase [3]. - The U.S. Department of Energy has selected 11 companies for a pilot program aimed at deploying high-tech nuclear reactors to meet rising electricity demands driven by AI data centers [44][45]. Global New Materials - The report notes a decline in uranium spot prices, with July 2025 figures at $71.10 per pound, down 9.4% month-on-month [4]. Global Defense and Aerospace - The aircraft engine and parts manufacturing price index remained stable, with a year-on-year increase of 1.5% as of June 2025 [4]. - Increased defense spending and the recovery of the aerospace sector present investment opportunities in companies involved in high-performance structural components and aerospace parts manufacturing [5][6].

Investment Rating - The report suggests a positive outlook for the nuclear power industry, indicating that the entire nuclear power supply chain has entered a performance release window, shifting from thematic trading to fundamental-driven logic [5] Core Insights - The report highlights significant developments in the global infrastructure and construction equipment sector, particularly in data centers, with OpenAI and Oracle planning to develop over 5GW of data center capacity [1] - In the electrical and intelligent equipment sector, the report notes a stable price index for power transformers in the US, with a production price index of 438.942 in June 2025, showing a year-on-year increase of 2.34% [22] - The energy sector is experiencing fluctuations in power prices, with the Henry Hub spot price reported at $2.89 per million British thermal units, a week-on-week decrease of 7.4% [3] - The report emphasizes the growing demand for industrial robots, with an expected installation volume of 541,302 units in 2023, despite a slight decline from the previous year [24] Summary by Sections Global Infrastructure and Construction Equipment - OpenAI and Oracle are set to develop over 5GW of data center capacity, significantly advancing their commitment to invest $500 billion in AI infrastructure over the next four years [1][14] Global Electrical and Intelligent Equipment - The US electrical demand forecast has been revised upwards, with an expected increase of 15.8% by 2029, reflecting a robust infrastructure investment [16] - The report indicates that the US power transformer market is stable, with major players like Hitachi and Siemens holding significant market shares [21] Global Energy Industry - The report discusses the deployment of a 100kW lunar reactor by NASA, aiming for completion before 2030, which could enhance the market for small modular reactors (SMRs) [49][50] - The US is expected to see a significant increase in nuclear power capacity, with projections indicating a rise to 128GW by 2029 [50] Global New Materials - The report notes a slight recovery in uranium prices, with the global market price at $57.31 per pound, reflecting a year-on-year decrease of 22.5% [4] Global Defense and Aerospace - The report highlights a stable price index for aircraft engine manufacturing, with a year-on-year increase of 1.5% [5]

Investment Rating - The report does not explicitly state an investment rating for the nuclear energy industry, but it indicates a positive outlook based on various factors driving growth and valuation adjustments. Core Insights - The report highlights a significant increase in electricity demand driven by AI, projecting an incremental power demand of 789 TWh in the U.S. by 2035, with a compound annual growth rate (CAGR) of 14.17% [20][23] - A reversal in uranium supply and demand dynamics is anticipated, with prices expected to rise [55] - The acceleration of domestic uranium production as part of the "de-Russification" strategy is noted, which is expected to enhance local supply capabilities [72] - The revaluation of nuclear power assets is expected to provide operators with increased profitability and valuation flexibility [108] - The commercialization of Small Modular Reactors (SMRs) is accelerating, driven by technological breakthroughs and supportive policies [8] Summary by Sections Section 1: Electricity Demand and AI Impact - The report discusses the surge in electricity demand due to AI, predicting a sustained increase in power gaps post-2027 [10] - It estimates that AI will require significant energy resources, with projections indicating a need for 177 GW of power for AI data centers by 2035 [23] Section 2: Uranium Market Dynamics - The report forecasts a potential supply gap for natural uranium by 2030, with demand expected to outpace supply [63] - It highlights the concentration of uranium enrichment capacity among a few key players, with a projected capacity of 62,900 thousand SWU/year by 2030 [91] - The impact of U.S. legislation banning Russian uranium imports is discussed, which could create a supply gap of approximately 30% in the U.S. market [99] Section 3: Nuclear Power Asset Revaluation - The report emphasizes the revaluation of nuclear power assets, suggesting that operators are likely to benefit from improved profitability and valuation flexibility [108] - It notes the expected growth in SMR capacity from 1 GWe in 2030 to 122.25 GWe by 2050, with a CAGR of 27.16% [57] Section 4: Market Trends and Pricing Signals - The report indicates that forward wholesale electricity prices in the PJM region are expected to rise due to supply-demand tightness [51] - It also mentions the expected increase in uranium prices driven by policy changes and strong fundamentals [68]

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, driven by recent administrative orders from the Trump administration, which are expected to enhance the investment logic for nuclear power as a significant energy source for AI consumption [6]. Core Insights - The report highlights a significant push in the U.S. for $90 billion in technology and energy investments, particularly in AI and energy infrastructure, with a focus on simplifying the permitting process for AI data centers [17]. - The energy construction sector is seeing legislative advancements, such as Oregon's first microgrid framework and Georgia Power's integrated resource plan to maintain coal plants for data center support [21][22]. - The global energy market is experiencing fluctuations, with U.S. retail electricity prices averaging $0.13/kWh and oil prices showing slight declines [4]. - The report notes a robust demand for industrial robots, with a projected installation of 541,302 units in 2023, despite a slight decrease from the previous year [41]. Summary by Sections Global Infrastructure and Construction Equipment - The U.S. is witnessing a surge in AI and energy investments, with significant projects planned in Pennsylvania, including a $14.25 billion data center [19]. - Legislative measures in Oregon aim to enhance community resilience through microgrid frameworks, addressing growing electricity demands and extreme weather events [21]. Global Electrical and Intelligent Equipment - The U.S. electricity demand forecast has been revised upwards, with expectations of a 15.8% increase by 2029, indicating a strong need for electrical infrastructure [25]. - The report indicates a stable price index for electrical transformers, with a projected compound annual growth rate of 8.27% from 2024 to 2030 [29]. Global Energy Industry - The average retail electricity price in the U.S. is reported at $0.13/kWh, with fluctuations in natural gas and oil prices noted [4]. - The report emphasizes the need for increased investment in transmission infrastructure, with over $50 billion approved for new transmission expansions in the U.S. [28]. Global Defense and Aerospace - The aerospace sector is recovering steadily, with increased defense spending and modernization demands, highlighting opportunities in high-performance structural components and aerospace parts manufacturing [7].

Investment Rating - The report suggests a focus on companies involved in nuclear power, semiconductor manufacturing, and energy infrastructure, indicating a positive investment outlook for these sectors [5][20]. Core Insights - The "One Big Beautiful Bill" enhances incentives for domestic semiconductor manufacturing, which is expected to accelerate the construction and operation of local wafer fabs, benefiting data center development [15]. - The U.S. Energy Department warns that by 2030, power outages could increase by 100 times due to load growth and plant retirements if new capacity is not added [20]. - The European Commission has issued guidelines to reduce overall grid operating costs, while the UK's energy regulator has approved a £24 billion budget to upgrade the high-voltage grid [20]. - The report highlights a strong demand for industrial robots, with global installations expected to remain stable at 541,302 units in 2024 [41]. Summary by Sections Global Infrastructure and Construction Equipment - Data Centers: The "One Big Beautiful Bill" is expected to boost domestic semiconductor manufacturing, leading to increased data center construction, particularly before the anticipated AI load peak in 2025-2027 [15]. - Energy Construction: The FERC has rejected plans to expand regional transmission planning, which may impact future energy infrastructure projects [18]. The UK has allocated a budget to enhance its energy transmission capabilities [20]. Global Electrical and Intelligent Equipment - The report notes a stable price index for electrical and special transformers, with a slight year-on-year increase of 2.95% [28]. - The U.S. anticipates a significant increase in electricity demand, with projections showing a rise of 15.8% by 2029 [22]. Global Energy Industry - The average retail electricity price in the U.S. was reported at $0.13/kWh, reflecting a 1.1% decrease [3]. - The report indicates a balanced supply-demand scenario in the natural gas market, suggesting stability in pricing [5]. Global New Materials - The report tracks the price movements of uranium and rare earth materials, noting a 9.9% increase in uranium prices [4]. Global Defense and Aerospace - The aerospace sector is recovering steadily, with increased defense spending and modernization needs driving demand for high-performance structural components [6]. Investment Recommendations - The report recommends focusing on companies like Entergy, Talen Energy, and Constellation Energy in the nuclear sector, as well as GE Vernova and Siemens Energy in the energy infrastructure space [5][6].

Group 1: Global Enriched Uranium Landscape - Enriched uranium is defined as uranium with a U-235 isotope content higher than the natural level of approximately 0.711%[10] - The global enriched uranium production capacity is highly concentrated, with four companies accounting for 99% of the market share[28] - By 2030, the total enriched uranium production capacity is projected to reach 70,300 thousand SWU/year, up from 62,900 thousand SWU/year in 2025[28] Group 2: SMR Technologies and Market Trends - The global market for Small Modular Reactors (SMRs) is expected to grow significantly, with installed capacity projected to increase from 1 GWe in 2030 to 122.25 GWe by 2050, reflecting a compound annual growth rate (CAGR) of 27.16%[56] - The U.S. SMR market is anticipated to see a compound growth rate of 4% from 2023 to 2035 due to supportive government policies[86] - As of now, there are 68 active SMR designs globally, with 4 in operation and 4 under construction[51] Group 3: U.S. Enriched Uranium Demand and Supply - The U.S. is projected to face a 30% shortfall in enriched uranium supply due to the ban on Russian uranium imports starting in 2024[89] - The U.S. Department of Energy (DOE) has allocated $3.4 billion to support domestic uranium production capabilities, including enrichment and conversion technologies[93] - The enriched uranium demand in the U.S. is expected to grow significantly, with estimates reaching 1,500 tons by 2030[88] Group 4: Investment and Market Performance - Recent market performance shows a significant increase in stock prices for companies involved in nuclear energy, with Centrus Energy rising by 203% and NuScale Power by 170%[98] - The total funding requirement for SMR projects is estimated at $176 billion, indicating substantial investment opportunities in the sector[67]