Investment Rating - The report assigns an "Overweight" rating for the nuclear power industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [1][14]. Core Insights - China has joined the "Triple Nuclear Energy Declaration," aiming to triple global nuclear power capacity by 2050 compared to 2020 levels. This initiative supports the global transition to green and low-carbon energy [4]. - China National Nuclear Corporation (CNNC) is the only company globally that has been engaged in nuclear power construction for 40 consecutive years, holding a leading position in the industry [3][5]. - As of mid-2025, China has 112 nuclear power units in operation, under construction, or approved for construction, with a total installed capacity of approximately 125 million kilowatts, the largest in the world. The total installed capacity is expected to reach 150 million kilowatts by 2035 under the "dual carbon" goals [4][5]. Summary by Sections Industry Overview - The report highlights that the National Development and Reform Commission has identified nuclear fusion energy as one of the six future industries, indicating strong governmental support for nuclear energy development [4]. Company Analysis - CNNC has a diverse range of nuclear construction technologies, including Hualong One, CAP1000, CAP1400, EPR, and VVER, maintaining a leading market share in China's nuclear construction sector. The company employs strategies such as standardization and integration to enhance its competitive edge [5]. - By mid-2025, CNNC has 32 nuclear units under construction and 65 units in operation, showcasing its robust project pipeline [5]. Strategic Partnerships - In 2024, CNNC signed a "Nuclear Power Advanced Construction Special Agreement" with Electricité de France, marking a new phase of comprehensive cooperation in the nuclear industry [6]. - The establishment of a joint laboratory for advanced nuclear construction technology with Electricité de France further solidifies CNNC's international collaboration efforts [6]. Market Opportunities - The report notes that various companies, including Shanghai Construction Group and Yongfu Co., are actively participating in nuclear energy projects, indicating a growing market for nuclear power infrastructure [7].