Core Viewpoint - Jiangsu Shentong (002438) is actively engaging in the advancement of nuclear energy application technologies, including research and development of valves for nuclear fusion applications [1] Group 1: Company Developments - The company is closely following advancements in nuclear energy application technologies and is participating in research projects related to valve development and supply [1] - Jiangsu Shentong's subsidiary, Jiangsu Shentong Nuclear Equipment Co., has undertaken a project supply for the China National Nuclear Corporation's Southwest Institute of Physics, involving a specific model of ball valve currently in the manufacturing process [1] - The company has established a comprehensive product matrix that includes high-quality nuclear-grade butterfly valves, ball valves, pit filters, nuclear-grade instrument valves, diaphragm valves, control valves, and pneumatic diaphragm valves, and is continuously advancing product iterations [1]

Group 1: Company Overview and Strategy - The company is actively involved in the research and development of valves for nuclear fusion applications, with a focus on high-quality products [3] - The company has established a comprehensive product matrix that includes nuclear-grade butterfly valves, ball valves, and other critical components [5] - The goal is to enhance the value of each unit to over 100 million yuan, driven by product line expansion and increased spare parts market [8] Group 2: Product Development and Market Engagement - The company is increasing resource investment to accelerate the development of advanced technologies and expand its high-end valve product range [6] - The subsidiary, Jiangsu Shentong Semiconductor Technology, has successfully validated and introduced vacuum valves and process gas valves into customer production lines [9] - The company has established partnerships in the aerospace sector, supplying components for satellite propulsion systems and achieving small-scale deliveries [10] Group 3: Operational Insights - Despite a design lifespan of 60 years for nuclear valves, regular maintenance and replacement of key components are necessary due to harsh operational conditions [7] - The company exports nuclear valve products primarily through indirect channels, partnering with large domestic enterprises for overseas projects [4] Group 4: Investor Relations - The investor meeting was held on February 5, 2026, with a total of 10 attendees, emphasizing compliance with disclosure regulations [2] - The meeting concluded without any significant undisclosed information being leaked [12]

Group 1 - The core point of the article is the announcement of a procurement notice by Zhongyan Anhui Hongsifang Fertilizer Co., Ltd. for various valves, including cutoff valves, drain valves, and ball valves, published on January 29, 2026 [1] Group 2 - The procurement notice is specifically for the purchase of cutoff valves, drain valves, and ball valves [1] - The publication date of the procurement announcement is January 29, 2026 [1] - The announcement is recorded in the Tianyancha database, indicating the company's active engagement in procurement activities [1]

Global Research 首次覆盖 纽威股份 abc 2026 年 01 月 20 日 全球能源与电力上行周期的主要受益者；首次 覆盖给予买入评级 全球高端阀门有力竞争者 纽威是中国最大的品牌阀门制造商（按销售额计），2010-24年海外销售占 比平均超过60%。尽管由于下游资本开支持续性弱，该股长期被视为周期 股，但我们自上而下和自下而上的分析显示，该股有望持续实现强劲且更稳 定增长，2024-30年每股收益CAGR或达22%（2022-24年为57%，2019-22 年则持平）。该股当前股价对应22x 2026E PE，我们认为其增长潜力被低 估。首次覆盖给予买入评级。 能源与电力上行周期：为阀门带来庞大且可持续的潜在市场空间 我们认为全球AI、多岸外包和电气化推动能源和电力资本支出进入上行周 期，其有望持续至2030年。高端阀门约占项目总资本支出的3%，我们预计 到2030年有望为纽威带来290亿美元且利润丰厚的市场空间（2025-30 CAGR为11%）以及更好的竞争格局，对应阀门整体潜在市场规模为1150亿 美元（CAGR：6%）。此外，公司未来增长与全球海上浮式生产储卸油装 置（FPSO）、 ...

Investment Rating - The report rates the industrial valve industry as a growth sector with a positive outlook, projecting a market size increase from $14.586 billion in 2024 to $18.705 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.10% [3][59]. Core Insights - The industrial valve market is driven by the demand for ball valves and cast steel valves, with new power plants and smart city construction contributing to growth [3]. - The industry is characterized by a wide variety of valve types, significant cost influence from upstream materials, and a clear technological gradient, with high barriers in high-end sectors [8][10][11]. - The market is expected to expand due to factors such as new infrastructure, energy demand, accelerated domestic substitution of ball valves, and downstream industry upgrades [3]. Industry Definition - Industrial valves are essential components in industrial fluid control systems, used across various sectors including oil, chemicals, power, and aerospace [4]. - They can be categorized into different types based on their functions, including shut-off valves, check valves, safety valves, regulating valves, and diverter valves [4][5][6][7]. Industry Characteristics - The industry features a diverse range of products that can adapt to complex working conditions, with costs heavily influenced by upstream material prices [8][10]. - There is a notable technological gradient, with high-end valves requiring advanced materials and manufacturing techniques, creating significant barriers to entry [11]. Development History - The industrial valve industry has evolved through several phases, from its inception in the early 20th century to a period of rapid growth post-1979, leading to increased marketization and technological advancements [12][20]. Industry Scale - The market size of the industrial valve industry grew from $11.945 billion in 2019 to $14.586 billion in 2024, with a CAGR of 4.08% [59]. - The demand for ball valves is particularly strong, accounting for 24.50% of the market share in 2024, driven by their applications in oil and gas, food and beverage industries [61]. Industry Chain Analysis - The industrial valve industry chain includes upstream raw materials, midstream manufacturing, and downstream application sectors, with each segment influencing the overall market dynamics [22][49]. - Upstream material quality and processing techniques significantly impact valve manufacturing efficiency and cost [24][25][36][38]. Downstream Analysis - The oil and gas sector remains a traditional stronghold for valve applications, while emerging markets such as marine engineering are becoming increasingly important [54]. - The nuclear power sector is identified as a key area for technological advancement and competitive positioning among valve manufacturers [58].

聚核拓新，链动未来 引言：当"双碳"战略指引能源转型方向，当核电成为保障国家能源安全的关键力量，一条安全、高效、创新的核产业链，既是产业高质量发展的根基，更是 多方价值共创的载体。 12月23日，由中国核能电力股份有限公司（简称：中国核电，股票代码：601985）主办，上市公司企业家交流中心（简称"上企中心"）联合主办，清华 EMBA产业联盟协办的"聚核拓新·链动未来——核产业链上市公司交流会"在北京上企中心圆满举办。 美国 - r y ri 22 6 f 本次活动汇集了核能产业链的核心力量。中核集团总经理助理、中国核电党委书记、董事长卢铁忠及中国核电副总经理陈富彬带领公司核心高管团队亲临现 场。上企中心邀请了30余位来自核产业链上市公司、顶尖学府及券商的企业家、高管与专家共聚一堂，围绕核能产业高质量发展、产业链协同、创新与资本 融合等关键议题，展开了深度、务实、前瞻的闭门对话。 o A 1 THE LEASE THE - 323 Child of the Press Real Proper River State Card Corporation of A. / tt The Research Proper ...

Group 1 - The company maintains the leading position in the nuclear valve market with over 150,000 units in operation, achieving a market share exceeding 90% for core products like nuclear butterfly and ball valves [1] - The demand for spare parts is expected to grow steadily as existing nuclear power units enter a maintenance peak, providing a sustainable revenue source for the company [1] - The company is committed to continuous product iteration and technological advancement, expanding its product matrix to include a full range of valves and filters [1] Group 2 - The company is actively investing in research and development for special valves aimed at advanced nuclear applications, including nuclear fusion, aligning with national energy technology advancements [1] - The company emphasizes a focus on core business and technological innovation to drive product upgrades and capitalize on industry growth opportunities [2]

Group 1: Company Overview and Market Position - The company has established significant product competitiveness and brand influence in the nuclear power sector, with over 150,000 nuclear valves in operation and a market share exceeding 90% for core products like nuclear butterfly and ball valves [3] - The nuclear valve industry is expected to maintain a regulated, orderly, and high-quality competitive ecosystem due to the normalization of new project approvals and the deepening of key equipment localization strategies [3] Group 2: Product Lifecycle and Maintenance - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and preventive replacement of key components are necessary due to harsh operational conditions [4] - The nuclear valve parts market is becoming a stable and sustainable source of revenue for the company, driven by the increasing demand for spare parts as the number of operational nuclear units grows [6] Group 3: Export and Development - The company primarily exports nuclear valve products through indirect export channels, partnering with large domestic enterprises that have overseas project contracting qualifications [5] - The company is actively developing a full range of high-quality products, including nuclear butterfly valves, ball valves, and specialized valves for advanced nuclear applications, while investing in cutting-edge technology research [7][8] Group 4: Meeting Details - The investor meeting took place on December 19, 2025, from 16:00 to 17:30, with 10 attendees present [2][9] - There were no significant undisclosed information leaks during the investor meeting [9]

Industry Overview - The ship valve and actuator industry is crucial for modern ship propulsion systems, power devices, fluid pipelines, and safety control systems [2] - The global shipping industry is experiencing strong demand for new ship orders, particularly for high-value vessels like LNG carriers and large container ships, driven by energy transition and supply chain restructuring [3] - There is a significant demand for energy-saving and environmentally friendly retrofitting of existing fleets due to stringent environmental regulations from the International Maritime Organization (IMO) [3] Domestic Replacement Progress - Under the "Marine Power" and "Manufacturing Power" strategies, there is a national policy focus on ensuring the safety and controllability of the shipbuilding industry's supply chain, creating unprecedented opportunities for domestic enterprises [4] - Domestic leading companies have made significant breakthroughs in key technologies such as material science, precision manufacturing, and intelligent control, achieving performance and reliability levels comparable to international standards [4] Challenges from Raw Material Fluctuations - The overall supply chain remains stable, but there are risks due to price fluctuations in raw materials like carbon steel and stainless steel, which directly impact production costs [5] Development Trends - Material and process upgrades are necessary to meet the extreme conditions of clean energy vessels, leading to the use of high-performance special alloys and innovative manufacturing processes [6] - Product design is trending towards modularity and integration to facilitate modern shipbuilding's segmented construction and rapid installation needs [7] - The rise of smart ships is driving the transition of valves and actuators towards intelligent solutions, enhancing operational safety and efficiency [8] Market Size and Growth - According to QYResearch, the global ship valve and actuator market is projected to reach $2.411 billion in sales by 2024 and $3.130 billion by 2031, with a CAGR of 3.88% from 2025 to 2031 [10] - China is the largest consumer market, expected to hold 54.59% of the market share in 2024, followed by Europe at 14.84% [13] - China is also a significant production region, with a projected market share of 65.45% in 2024, expected to grow to 68.65% by 2031 [13] Opportunities and Driving Factors - The green transformation of the global shipping industry and stricter environmental regulations are creating upgrade demands for valves and actuators [16] - The recovery of the shipbuilding market, driven by the demand for container ships and energy transport vessels, is providing a stable market foundation [17] - National policies are supporting the domestic production of high-end ship valves and actuators, breaking the long-standing monopoly of international brands [18] - The increasing size and complexity of modern ships are raising reliability requirements for key equipment, favoring advanced materials and high-end products [19]

Core Viewpoint - Jiangsu Shentong (002438) has solidified its market position as a leading supplier of critical nuclear-grade valves and has made significant advancements in product innovation and technology [1] Company Developments - The company has launched new products to expand its market share through continuous research and development [1] - The total order value for various valves provided for a single nuclear power unit has exceeded 80 million RMB [1] - The wholly-owned subsidiary Wuxi Flange has secured orders for nuclear forgings exceeding 20 million RMB for a single nuclear power unit [1] Future Outlook - The company plans to increase R&D investment to meet the growing demand for valves and flanges in domestic nuclear power construction [1] - The company aims to contribute more significantly to national energy development [1]