非美术科班出身，00后女生孟芮妍却用插画让核电站"出圈"。在专业性极强的核领域和大众认知之间， 她用一支画笔搭建了一座"可视化桥梁"，让核电知识以生动的方式走进公众视野。近日，在第十三 届"魅力之光"杯全国核科普夏令营暨国际公众沟通活动上，孟芮妍分享了自己与核结缘的故事。 孟芮妍作品，描绘了2023年海南核电 正在建设的全球首个陆上商用模块化小堆——"玲龙一号"。受访者供图 从"恐惧"到"热爱" 2011年日本福岛核电站发生泄漏，当年还是小学生的孟芮妍"觉得核是可怕的东西"，但恐惧却催生 了"反向好奇"。她想知道：核电是否安全？ 随着调研的深入，孟芮妍发现：核能是清洁、安全、绿色的能源。更让她震撼的是中国核电建设的迭代 史，从跟跑、并跑到领跑。"我看到了万千工程师用创新和坚韧凝结的'工程之美'。"孟芮妍说。 2019年，孟芮妍参加了第七届"魅力之光"杯核科普夏令营，这个面向青少年的核科普活动会带领孩子们 走进核电站，帮助青少年建立正确的核认知，感受核工业的魅力。亲眼见到国之重器"华龙一号"的场 景，让她记忆犹新："那种独特的工业美学与严谨的安全设计，实在太令人震撼了。" 孟芮妍作品，描绘了栖息在中国大陆 第一 ...

在"魅力之光"十佳核科普讲解员风采展示活动中，十位核科普讲解员用生动形象、通俗易懂的语 言，将复杂的核科学知识讲解得妙趣横生，让核科普更具吸引力。 主办方还发布了《沟通无界 核创未来》倡议书，呼吁加强核科普资源共享、联合培养专业人才、 创新传播形式，并举行中国核电"核谐之美"实践基地授牌仪式。活动现场还举行了形象发布仪式，全球 首个陆上商用模块化小型堆"玲龙一号"的卡通形象"玲龙宝宝"亮相。 此次活动由生态环境部(国家核安全局)、国家原子能机构、国家能源局、中国科协、中核集团联合 指导，中国核能电力股份有限公司主办，海南核电有限公司承办。 海南日报讯(海南日报全媒体记者 阳秀 通讯员 钟玉莹)近日，第十三届"魅力之光"杯全国核科普夏 令营暨国际公众沟通活动在海南昌江核电基地举行。活动通过主旨演讲、沙龙对话、IP形象发布等多元 形式，搭建起核能科普与国际交流的桥梁，实现权威解读与公众互动的深度融合。 活动现场，多位专家学者围绕核能发展的核心议题作主旨演讲，通过全球视角、安全解读、学术界 的深度分析、企业的实践分享，共同构建起核科普的立体网络，让公众全面理解核能的价值。 ...

Investment Rating - The report assigns an "Outperform" rating for the general equipment industry, marking its first rating change [2]. Core Insights - The nuclear power sector is at a turning point, with a sustained high level of activity expected due to continuous approvals exceeding expectations. The number of approved nuclear power units from 2021 to 2025 is projected to be 5, 10, 10, 11, and 10 respectively, totaling 46 units during the "14th Five-Year Plan" period [6][18]. - The investment in nuclear power construction is expected to reach a historical high, with 146.9 billion yuan completed in 2024, an increase of 52 billion yuan from the previous year, reflecting a growth rate of 54.79% [6][25]. - The domestic nuclear power industry is shifting towards self-sufficiency, with significant progress in the localization of key equipment, particularly in the midstream sector, where core equipment is increasingly being replaced by domestic alternatives [6][44]. Summary by Sections Section 1: Nuclear Power Growth Potential - The nuclear power sector is entering a rapid development phase, with the government emphasizing the need for safe and orderly growth. The target for operational nuclear capacity is set to reach 70 million kW by 2025 [11][14]. - The long-term outlook suggests that by 2060, nuclear power capacity could reach 400 million kW, necessitating an average annual addition of approximately 9.4 million kW over the next 36 years [14][15]. Section 2: Sustained Nuclear Power Demand - The demand for nuclear power is expected to remain robust, driven by the need for stable and clean energy sources amid increasing reliance on renewable energy [11][12]. - The "Hualong One" technology has matured, and the domestic nuclear equipment manufacturing process is accelerating, with a significant portion of the supply chain now localized [32][44]. Section 3: Key Companies in the Sector - Jiangsu Shentong is highlighted as a key player focusing on nuclear valves, with a strong outlook for growth supported by recent capital increases [6][7]. - Other notable companies include Zhongke Technology, which specializes in nuclear fuel transportation containers, and Jingye Intelligent, which focuses on nuclear industrial robots, both benefiting from the domestic demand for nuclear fuel processing [6][7][8]. Section 4: Investment Recommendations - The report recommends focusing on companies with established delivery capabilities in the nuclear sector, such as Jiangsu Shentong, Zhongke Technology, and Jingye Intelligent, as they are well-positioned to capitalize on the growing domestic market [6][7][8].

Core Viewpoint - The article emphasizes the significance of China's independent innovation in nuclear power technology, particularly the "Hualong One" reactor, which has become a symbol of China's nuclear capabilities on the global stage [1][5]. Group 1: Development and Achievements - The "Hualong One" reactor has achieved continuous safe operation for 1,000 days, delivering over 37 billion kilowatt-hours of clean electricity [1]. - There are currently 41 "Hualong One" reactors either in operation or under construction, making it the most widely deployed third-generation nuclear technology globally [1]. - The first "Hualong One" reactor began commercial operation on January 30, 2021, marking a milestone in China's nuclear development [2][6]. Group 2: Technical Innovations - The "Hualong One" reactor meets stringent seismic requirements, designed to withstand earthquakes of magnitude 9 or higher, which enhances its site adaptability [2][3]. - The domestic equipment localization rate for the "Hualong One" reactor is 88%, with over 700 patents and 120 software copyrights obtained, showcasing significant advancements in independent technology [3]. Group 3: International Expansion - The "Hualong One" has successfully entered international markets, with collaborations established in over 20 countries, including Pakistan and Argentina [5]. - The reactor is recognized as one of the most accepted third-generation nuclear models in the international market, representing China's confidence in its nuclear standards [5]. Group 4: Future Directions - The focus is on developing safer, more economical, and smarter versions of the "Hualong" reactor, with plans to extend the design life from 60 to 80 years and incorporate automation and digital technologies [6][9]. - The nuclear power sector is experiencing accelerated growth, with more than 10 new reactors approved annually, driven by national carbon reduction goals [9][10]. Group 5: Broader Nuclear Family - China's nuclear technology has evolved from smaller units to large-scale reactors, with a clear goal of establishing independent intellectual property for large commercial pressurized water reactors [10]. - The "Linglong One," a new modular reactor, is under construction and is expected to achieve significant milestones, further enhancing China's nuclear innovation capabilities [12].

Market Overview - The A-share market continues to experience fluctuations, with major indices showing slight declines. The Shanghai Composite Index closed at 3339.93, down 0.02%, while the Shenzhen Component Index fell by 0.26% to 10003.27 [2][4][9] - The overall market sentiment remains cautious as the Dragon Boat Festival approaches, leading to a narrow range of adjustments in the indices [9][10] Financial Data - As of the latest data, the total market capitalization of the Shanghai Composite Index is 6432.91 billion, with a price-to-earnings (PE) ratio of 11.83 and a price-to-book (PB) ratio of 1.23 [3] - The Shenzhen Component Index has a total market capitalization of 2133.56 billion, with a PE ratio of 19.67 and a PB ratio of 2.08 [3] Industry Dynamics - The semiconductor industry in Japan has seen a significant increase, with April sales of chip equipment reaching a record high of 447 billion yen, marking a 14.9% year-on-year increase [29][30] - The "Linglong No. 1" small modular reactor (SMR) is set to enter the cold test phase, positioning itself as a leader in global SMR technology [31][32] Company Updates - Muyuan Foods has submitted a draft prospectus for its H-share listing on the Hong Kong Stock Exchange, aiming to expand its global business and enhance its competitiveness through advanced technology and smart farming equipment [36][37][38] - Youa Co., Ltd. plans to acquire 100% of Shenzhen Shangyangtong's equity for 1.58 billion, marking a strategic shift into the power semiconductor sector [39][40]

Core Viewpoint - The nuclear power industry in China is expected to experience significant growth due to its advantages in cleanliness and stability, as well as the uneven distribution of energy resources in the country. The industry is poised for a construction and production peak driven by multiple factors including policy, technology, and market dynamics [1][18]. Group 1: Advantages of Nuclear Power - Nuclear power has clear advantages in terms of cleanliness, stability, and utilization hours. It does not produce greenhouse gases during electricity generation, resulting in minimal environmental impact. Compared to fossil fuels, nuclear power has extremely low carbon emissions, aiding in pollution reduction. Additionally, nuclear power provides stable electricity supply with annual utilization hours consistently above 7000, the highest among all energy sources [2]. Group 2: Energy Distribution and Strategic Importance - China's primary energy resources are concentrated in the northern and western regions, while economically developed and densely populated coastal areas lack conventional energy sources. Accelerating nuclear power development is crucial for optimizing energy structure, alleviating transportation pressure, and enhancing energy efficiency and grid reliability, which is strategically significant for national energy security. By the end of 2025, China's operational nuclear power capacity is expected to reach 65 million kilowatts, with nuclear energy's share of total electricity generation projected to double to 10% by 2035 compared to 2022 [4]. Group 3: Nuclear Power Industry Chain - The nuclear power industry chain consists of three main segments: upstream (uranium mining, processing, trading, and fuel manufacturing), midstream (nuclear power equipment manufacturing), and downstream (nuclear power plant construction, operation, and fuel reprocessing) [7]. Group 4: Acceleration of Nuclear Approvals and Construction - The nuclear power sector is experiencing a surge in approvals, with 11 new units approved in August 2024. The average annual approvals have increased from 4-5 units (2019-2021) to 10-11 units (2022-2024), indicating a significant uptick in nuclear power construction and equipment demand [9]. Group 5: Recent Catalysts for the Nuclear Power Industry - The nuclear power industry is benefiting from multiple catalysts, including accelerated approvals, technological breakthroughs, and expanding market demand. The approval of new projects is expected to continue at a pace of 8-10 units annually, while technological advancements have increased the domestic production rate of third-generation nuclear power plants to over 90%. Additionally, the market demand for nuclear power is growing, with its share of total electricity generation rising to 4.72% and significant reductions in carbon emissions [15][16]. Group 6: Investment Logic and Related Stocks - The nuclear power sector's growth is supported by its cleanliness and stability, alongside favorable policies and technological advancements. Key stocks in the industry include Shanghai Electric, Dongfang Electric, and Jiangsu Shentong, among others [19].

Core Viewpoint - The nuclear industry is a high-tech strategic sector and a cornerstone of national security, with China National Nuclear Corporation (CNNC) positioning itself as a leader in international nuclear technology development, emphasizing energy security, green transition, nuclear cooperation, and enhancing public welfare [1][2]. Group 1: Technological Advancements - CNNC is advancing China's nuclear energy strategy through a "three-step" approach involving thermal reactors, fast reactors, and fusion reactors, with a total of 41 units of the "Hualong One" technology in operation, approved, or under construction, making it the largest fleet of third-generation nuclear power technology globally [1]. - The successful development and construction of the "Linglong One" modular multi-purpose small reactor and the breakthrough in controlled nuclear fusion technology with the China Fusion Engineering Test Reactor achieving temperatures exceeding 200 million degrees Celsius highlight CNNC's commitment to technological innovation [1]. Group 2: Environmental Impact - Under the "dual carbon" goals, the value of nuclear energy is increasingly recognized, with each "Hualong One" unit generating over 10 billion kilowatt-hours annually, reducing carbon dioxide emissions by 8.16 million tons, equivalent to planting over 70 million trees [2]. - CNNC operates 26 nuclear power units, contributing to a stable and clean energy structure in China, with projects like the Qinshan Nuclear Power Station providing heating to urban residents and the "Harmonious One" steam supply project reducing coal consumption by 400,000 tons annually [2]. Group 3: Global Expansion and Cooperation - CNNC has exported three "Hualong One" nuclear power units overseas, with the first unit generating 20 billion kilowatt-hours annually, meeting the electricity needs of 2 million households [2]. - The company has opened 12 large nuclear research facilities to international collaboration, successfully exporting nuclear power units, research reactors, and subcritical devices to seven countries, with operations spanning over 170 countries and regions [2]. Group 4: Social Benefits - CNNC is enhancing public welfare through the application of nuclear technology in various fields, including medicine, agriculture, and industry, addressing the domestic shortage of medical isotopes and improving living standards through diverse applications such as sterilization and environmental remediation [3]. - The company aims to continue its high-quality development path, reinforcing the value of the Chinese brand in the global market [3].

Core Insights - The 2025 Spring International Forum on Sustainable Development of Nuclear Energy and the 16th China International Nuclear Power Industry Exhibition took place in Beijing, gathering representatives from international organizations, governments, research institutions, and the industry to discuss global nuclear energy opportunities and challenges [1] Group 1: China's Nuclear Power Development - As of now, China has 102 nuclear power units in operation, under construction, and approved for construction, with a total installed capacity of 113 million kilowatts, making it the world's largest nuclear power producer [3][4] - The Chinese government has approved five new nuclear projects, totaling ten new units, following a similar approval of five projects and eleven units last year [3] - China has the capability to construct over 40 units simultaneously, with an annual equipment manufacturing capacity exceeding ten sets [3] Group 2: Technological Advancements - China has made significant breakthroughs in various nuclear technology fields, establishing independent brands such as "Hualong One" and "Guohe One" [4] - The "Linglong One" small reactor is expected to be operational by 2026, and the thorium molten salt experimental reactor has achieved full power operation [4] Group 3: Global Nuclear Energy Trends - The global nuclear power landscape is witnessing a resurgence, with 417 operational nuclear units expected by 2024, generating a record 2.8 trillion kilowatt-hours, accounting for 9% of global electricity generation [5] - Major nuclear countries are accelerating their nuclear power projects, with the U.S. planning to commercialize advanced nuclear energy by 2030 and Russia aiming to commission 12 new units by 2035 [5][6] - Emerging countries, including Poland, Turkey, and Saudi Arabia, are also announcing new nuclear construction plans, indicating a broader acceptance of nuclear energy [6] Group 4: Small Modular Reactors and Future Technologies - The development of small modular reactors (SMRs) is being promoted as a solution for countries with limited technical and financial resources to harness nuclear technology [7] - Micro-reactors, typically ranging from 1 to 10 megawatts, are being explored for remote areas and specific applications, such as mining operations and offshore platforms [7][8] - The "artificial sun" concept, focusing on nuclear fusion, is gaining attention, with significant advancements reported in various fusion projects, including ITER [9]

Core Insights - The Chinese government is committed to the safe and orderly development of nuclear power, emphasizing the importance of nuclear safety culture and adherence to the highest global safety standards in the construction and operation of nuclear power plants [1][2] - China has accelerated its nuclear power construction, approving 31 nuclear units from 2022 to 2024, with a total investment exceeding 200 billion yuan for five new projects approved in April 2025 [2] - The global nuclear energy sector is experiencing a revival, with China expected to have the largest operational nuclear power capacity in the world by 2030, aiming for a total capacity of 200 million kilowatts by 2040 [2][3] Industry Developments - China is advancing in both nuclear fission and fusion technologies, with significant developments in third-generation fission reactors and the gradual implementation of fourth-generation technologies [3] - The country plans to complete a fusion energy experimental device by 2027, with a roadmap leading to the construction of the world's first fusion demonstration power plant [3][4] - The development strategy for nuclear energy in China includes a phased approach focusing on thermal reactors, fast reactors, and fusion reactors, with ongoing projects like the "Hualong One" and "Guohe One" demonstrating significant technological advancements [4] Market Opportunities - Small modular reactors (SMRs) are seen as a key area for development, offering advantages such as shorter construction times, lower investment costs, and enhanced safety features [5] - The integration of AI technology in the nuclear sector is expected to drive digital upgrades, enhancing engineering design, construction, and operational efficiency [5] - The demand for energy in data centers is projected to double by 2030, presenting a significant market opportunity for small modular reactors to supply energy and replace retiring coal power plants [5]

Core Viewpoint - Nuclear energy is a crucial strategic choice for China to achieve its "dual carbon" goals and ensure energy security, with a commitment to high-quality development and international cooperation in nuclear energy [1] Group 1: Global Nuclear Energy Landscape - As of 2024, there are 417 operational nuclear power units globally, with a total installed capacity nearing 400 million kilowatts and an annual generation of 2.8 trillion kilowatt-hours, accounting for 9% of total electricity generation [1] - There are 65 nuclear power units under construction worldwide, with an installed capacity of 72.6 million kilowatts, marking the highest level since 1990 [1] - Nuclear energy is recognized for its contributions to energy security, optimizing energy structure, and facilitating energy transition [1] Group 2: China's Nuclear Energy Development - By 2030, it is expected that China's operational nuclear power capacity will reach 110 million kilowatts, with current operational units numbering 58 and a total capacity of 60.96 million kilowatts [2] - China has 44 approved units under construction with a capacity of 52.35 million kilowatts, making it the world's largest nuclear power producer [2] - In 2024, China's nuclear power generation is projected to be 444.7 billion kilowatt-hours, representing 4.72% of the national total and equivalent to a reduction of 334 million tons of CO2 emissions [2] Group 3: Safety and Technological Advancements - China adheres to a "safety first" policy in nuclear power development, with over 600 operational years without any incidents rated at level 2 or above on the International Nuclear Event Scale (INES) [3] - The performance metrics of China's nuclear power units show that 82.18% meet excellent standards, 84.79% meet advanced standards, and 92.07% meet median standards [3] - China's third-generation nuclear technology is in mass construction, with the "Hualong One" design having 7 units in operation and 26 units approved for construction [3]