全球能源市场正面临复杂变局：美国施压委内瑞拉与乌克兰和谈同时推进，而供需失衡或致2026年油价跌破每桶60美元。欧佩克预警未来能源将由发展中国 家主导，亚洲将贡献60%需求增长，但清洁能源资金缺口每年高达2.8万亿美元。能源价值升级不仅是技术革命，更是全球治理能力的重大考验。 12月15日全球能源市场呈现复杂态势，供需矛盾与地缘政治交织影响油价走势。邓正红软实力指出，当前石油市场信号好坏参半：一方面，美国对委内瑞拉 施压升级，另一方面，美乌和平谈判进展受关注。同时，全球石油供应持续上升而需求疲软，预计2026年将出现供应过剩，油价或低于每桶60美元。美联储 降息周期为大宗商品提供支撑，但北美原油产量受限于低油价。欧佩克报告强调未来能源格局将由发展中国家主导，并呼吁多元能源合作与技术创新。报告 预测到2050年全球能源需求增长主要来自亚洲与发展中国家，石油仍占主导地位。新兴市场成为投资重点，但清洁能源资金缺口显著。碳捕集、小型核反应 堆等技术加速应用的同时，公正转型机制亟需完善以应对社会成本分配问题。能源体系重构不仅是技术挑战，更是全球治理能力的考验。 邓正红软实力表示，12月15日市场信号好坏参半，石油软实力 ...

行业复苏得益于三大因素：AI数据中心耗电量激增（OpenAI称八年需250吉瓦）、 《通胀削减法案》提供40%投资税收抵免、核监管委员会审批流程加速。微软、亚马逊 等科技巨头已签署长期核能采购协议，连曾发生事故的三哩岛核电站也更名为Crane清 洁能源中心重启运营。（驻波黑使馆经商处） 2025年行业融资规模已突破40亿美元（2020年仅为5亿）。其中：Aalo Atomics在德 州建设3700平米工厂，计划2026年实现10兆瓦微型反应堆临界测试，目标是在2027年实 现供电；Kairos Power获美国能源部3.03亿美元支持，正在田纳西州建设50兆瓦示范 堆；X-energy获伊朗裔亿万富翁Kamal Ghaffarian投资，研发气冷反应堆。 （原标题：人工智能驱动核能复兴，美国初创企业竞逐微型反应堆赛道） 波黑媒体Energetika 11月26日报道。在人工智能算力需求飙升与特朗普政府政策倾 斜的双重推动下，核能产业正迎来新一轮发展浪潮。福布斯报道称，包括Aalo Atomics、Oklo、Kairos Power在内的十余家美国初创企业正竞相研发模块化小型核反应 堆。 ...

Core Viewpoint - The article discusses the extraordinary stock price surge of Oklo, a company focused on modular small nuclear reactors, despite having no revenue and being in the technology conversion stage for over a decade. The surge is attributed to significant government investments and the growing demand for electricity driven by artificial intelligence [3][10][19]. Company Overview - Oklo was founded by Jacob DeWitte, who identified inefficiencies in the nuclear power industry while studying at MIT. The company aims to develop smaller, more efficient nuclear reactors to address the industry's challenges [6][8]. - The company gained attention after winning the MIT Clean Energy Prize and securing funding from notable investors, including Sam Altman, co-founder of OpenAI [8][10]. Market Dynamics - Oklo's stock price increased by 900%, reaching a market cap of $23 billion (approximately 163.5 billion RMB) at its peak, despite having no revenue and incurring losses of $25 million per quarter [13][14][19]. - The surge in stock price was partly due to a U.S.-U.K. agreement to invest $350 billion in AI, quantum computing, and nuclear energy, which positively impacted Oklo's market perception [10][19]. Regulatory Environment - The nuclear energy sector is heavily regulated, with the U.S. Nuclear Regulatory Commission (NRC) setting stringent design standards. Oklo's small modular reactors do not conform to these standards, posing challenges for market entry [9][10]. - In 2016, regulatory reforms allowed Oklo to adjust its strategy and collaborate with the NRC, leading to the company becoming the first to receive a construction permit for a nuclear power plant since 2009 [9][10]. Competitive Landscape - Oklo faces competition from several well-funded companies, including TerraPower and NuScale, which have made significant advancements in the nuclear sector. NuScale has already received design certification from the NRC and has a deployment agreement in place [19][20]. - The article highlights skepticism regarding Oklo's long-term viability, given the challenges of small modular reactor deployment and the high costs associated with such projects [19][20]. Future Prospects - Despite the challenges, Oklo's recent partnership with European nuclear developer Newcleo to invest $2 billion in advanced nuclear fuel manufacturing infrastructure has led to a rebound in its stock price [20]. - The ongoing debate about Oklo's valuation continues, as the company remains a speculative investment with no current revenue [20].