Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][8]. Core Insights - The approval of 10 new nuclear power units marks a significant step in China's nuclear energy development, with a total of 28 new projects approved over the past seven years [2][5]. - The nuclear power equipment market is projected to see annual demand surpassing 87 billion yuan during the 14th Five-Year Plan period, with investments in nuclear island equipment expected to exceed 40 billion yuan in a single year [3]. - Breakthroughs in controllable nuclear fusion are being reported, with significant advancements in experimental devices, indicating a robust future for fusion energy projects in China [4][5]. Summary by Sections Nuclear Power Project Approvals - The recent approval includes five nuclear power projects, totaling 10 units, with a mix of different reactor types, including eight "Hualong One" units and two CAP1000 units [2]. Market Demand and Investment Projections - The investment scale for nuclear power equipment is expected to grow from 25.7 billion yuan in 2023 to a peak of 87.5 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 26.91% [3]. Controllable Nuclear Fusion Developments - Recent achievements in nuclear fusion technology include successful high-temperature plasma operations and the construction of new experimental devices, with plans for a demonstration reactor in the future [4]. Investment Recommendations - The report suggests focusing on companies involved in nuclear island and conventional island equipment supply, as well as those engaged in controllable nuclear fusion projects, highlighting specific companies such as Harbin Electric, Dongfang Electric, and Shanghai Electric [5].