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 ...

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：贵公司旗下哈电动装，网报建设世界一流核主泵研制 基地目标，请问核主泵的相关技术含量如何？是在电机行业中地位如何？对公司未来影响如何？ 佳电股份（000922.SZ）12月23日在投资者互动平台表示，核主泵作为反应堆冷却剂系统的"心脏"，是 核岛主设备内唯一旋转的最关键、最核心且制造难度最大的设备。哈电动装是国内同时具备轴封型核主 泵及其电机、三代核电屏蔽型主泵电机设计与制造能力的企业。多年来，公司持续深耕核电领域，公司 自主研制的核主泵已成功应用于"华龙一号"、"国和一号"、"玲龙一号"等国家重大核电工程，已成为国 内核主泵设备的重要供应商。在核主泵领域的发展中，通过持续的技术创新与实践，取得了显著的自主 可控技术进步，不仅在设计、制造、材料、检验等方面形成了较为完整的产业链自主能力，而且在关键 技术与材料的国产化方面取得了重大突破。未来公司将持续深化核主泵技术迭代，推进装备标准化、智 能化升级，打造优质装备，持续推动核主泵国产化进程，在我国核电事业迈向新高度的道路上不断奋 进。 ...

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 ...

格隆汇12月10日丨佳电股份(000922.SZ)在投资者互动平台表示，小型堆因其安全性、部署灵活性及多 用途等方面的独特优势，在新一轮核能技术变革和国际产业竞争中的作用日益凸显。"玲龙一号"是中国 核工业集团有限公司自主研发并具有自主知识产权的多功能模块化小型压水堆堆型。公司控股子公司哈 动装成功为全球首座陆上商用模块化小堆——"玲龙一号"自主研制并交付全部4台核主泵。该主泵是反 应堆冷却剂系统的"心脏"，也是核岛最关键、制造难度最大的旋转设备，哈动装实现了全链条自主化研 制。同时佳电股份电动机及屏蔽泵已在中核小堆实现产品供货，产品可满足技术需求。未来公司将持续 深化核主泵技术迭代，推进装备标准化、智能化升级，依托"玲龙一号"示范经验，进一步巩固在小型模 块化核反应堆核心设备领域的领先优势，助力我国核能技术高质量发展。 ...

（文章来源：每日经济新闻） 每经AI快讯，佳电股份（000922.SZ）12月10日在投资者互动平台表示，小型堆因其安全性、部署灵活 性及多用途等方面的独特优势，在新一轮核能技术变革和国际产业竞争中的作用日益凸显。"玲龙一 号"是中国核工业集团有限公司自主研发并具有自主知识产权的多功能模块化小型压水堆堆型。公司控 股子公司哈动装成功为全球首座陆上商用模块化小堆——"玲龙一号"自主研制并交付全部4台核主泵。 该主泵是反应堆冷却剂系统的"心脏"，也是核岛最关键、制造难度最大的旋转设备，哈动装实现了全链 条自主化研制。同时佳电股份电动机及屏蔽泵已在中核小堆实现产品供货，产品可满足技术需求。未来 公司将持续深化核主泵技术迭代，推进装备标准化、智能化升级，依托"玲龙一号"示范经验，进一步巩 固在小型模块化核反应堆核心设备领域的领先优势，助力我国核能技术高质量发展。 ...

（记者 王晓波） 每经AI快讯，佳电股份（000922.SZ）12月10日在投资者互动平台表示，小型堆因其安全性、部署灵活 性及多用途等方面的独特优势，在新一轮核能技术变革和国际产业竞争中的作用日益凸显。"玲龙一 号"是中国核工业集团有限公司自主研发并具有自主知识产权的多功能模块化小型压水堆堆型。公司控 股子公司哈动装成功为全球首座陆上商用模块化小堆——"玲龙一号"自主研制并交付全部4台核主泵。 该主泵是反应堆冷却剂系统的"心脏"，也是核岛最关键、制造难度最大的旋转设备，哈动装实现了全链 条自主化研制。同时佳电股份电动机及屏蔽泵已在中核小堆实现产品供货，产品可满足技术需求。未来 公司将持续深化核主泵技术迭代，推进装备标准化、智能化升级，依托"玲龙一号"示范经验，进一步巩 固在小型模块化核反应堆核心设备领域的领先优势，助力我国核能技术高质量发展。 ...

Core Viewpoint - The company has established a broad business layout across various regions in China, including Northeast, Southwest, and Yangtze River Delta, while also maintaining service centers and sales offices in key cities of Central and Pearl River Delta regions to meet market demands effectively [2]. Group 1: Company Operations - The company operates production bases in Jiamusi, Suzhou, and Harbin, with over ten subsidiaries and branches [2]. - It has established product service centers and sales offices in major cities of Henan, Hubei, Hunan, Guangdong, and Fujian to ensure comprehensive coverage [2]. - The company’s products, particularly electric motors, are core components of industrial equipment and are primarily exported alongside main equipment [2]. Group 2: Product Recognition and Market Reach - The company's "Feiqiu" brand has been awarded the title of "China Famous Brand" and is recognized as an AAA-level (national level) well-known trademark [2]. - The company exports its products to over 50 countries and regions worldwide, covering all five continents [2]. - The company’s subsidiary, Hadong Equipment, also engages in export business for nuclear main pumps [2].

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 successful operation of the 2MWt liquid fuel thorium-based molten salt experimental reactor marks a significant milestone in China's nuclear energy industry, transitioning from uranium dependency to thorium application [1][2] - The development of thorium-based molten salt reactors provides a sustainable path for China's nuclear power industry, leveraging the country's abundant thorium resources [1][2] Industry Developments - The molten salt reactor, recognized as a fourth-generation advanced nuclear energy system, offers inherent safety, no water cooling, operates at atmospheric pressure, and provides high-temperature output, making it suitable for thorium resource utilization [2] - China's nuclear energy technology has achieved multiple breakthroughs, with existing technologies in nuclear fission reaching commercial maturity, while the recent conversion experiment supports the development of advanced nuclear systems [2][3] Market Trends - The global nuclear power generation is expected to reach a near ten-year high in 2024, indicating a growing role for nuclear energy worldwide [2][3] - The demand for nuclear energy is projected to increase, with international agencies raising nuclear energy development forecasts for four consecutive years, anticipating a doubling of global nuclear power capacity by 2050 [3] Company Opportunities - The nuclear power industry chain includes raw materials, equipment supply, engineering construction, and operational management, with a favorable environment for growth due to technological breakthroughs and policy support [5][6] - In the A-share market, 84 out of 175 nuclear energy concept stocks reported year-on-year profit growth in the first three quarters of the year, indicating a positive trend in the sector [5] - Companies like Harbin Electric Group and Hunan Chongde Technology have reported significant performance improvements attributed to their nuclear power business segments [5][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].