更重要的是，它的安全性极高。不同于大多需在高压下工作的核反应堆，钍基熔盐堆是常压运行， 熔盐在温度升高时会自动膨胀抑制反应，从根本上避免了高压爆炸的可能性。即使发生意外，熔盐也会 遇冷凝固，不会出现堆芯熔毁导致大量放射性物质释放的情况。 不仅如此，除了发电，高温运行的钍基熔盐堆还能"一堆多用"。"目前，这座钍基熔盐堆的运行温 度是700摄氏度，这个运行温度正好可以实现高温制氢、制甲醇。"上海应物所副所长蔡翔舟说，钍基熔 盐堆是清洁高效能源系统，有助于构建多能互补低碳复合能源系统，为我国能源安全提供全新解决方 案。 "这意味着核能发电不仅可以烧铀，烧钍也是可行的。"上海应物所所长、钍基熔盐堆核能系统战略 性先导科技专项负责人戴志敏表示，我国钍资源极其丰富，研发钍基熔盐堆、实现钍资源的工业应用， 可以在战略上实现能源独立。 "与传统核电站相比，钍基熔盐实验堆具有固有安全、无水冷却、常压工作和高温输出等优点。"戴 志敏举例，比如，很多核电站建在海边，一个重要原因是其运行过程中会产生巨大热量，需要大量的水 进行冷却，以保证运行安全。但钍基熔盐堆采用高温液态熔盐作为冷却剂，无需外部水源补给，建在内 陆干旱地区也可以。 ...

中经记者 董曙光 成都报道 "天下大事分久必合，合久必分"，对于产业发展变革而言，亦是如此。从量变到质变是一个必然的发展 过程。 展望"十五五"，陈雳表示，科技仍将是推动新能源产业发展的核心动力。他认为，核电领域的钍基熔盐 堆、储能领域的固态电池技术，以及氢能成本的持续下降，都将成为新能源产业的新增长点。与此同 时，电力与算力的深度融合，将为风电、光伏等新能源应用开辟更广阔的场景。 陈雳指出，未来新能源企业的竞争力将取决于三个维度：能否在科技和关键技术上实现突破并自主可 控，能否拓展更多下游应用场景，以及能否制定符合自身特点的发展规划。 "从过去这些年的经验看，有些地方不具备新能源发展基础也盲目上项目，这种情况必须改变。"陈雳认 为，新能源产业需要更加科学地规划，形成真正的产业集群，避免重复建设和资源浪费。 （编辑：吴可仲 审核：李正豪 校对：翟军） 在陈雳看来，一个行业之所以出现"内卷"，表象是产能过剩引发的价格竞争，深层原因则反映了产业从 爆发式增长向高质量发展的转型必要性。 陈雳指出，与2016年的供给侧结构性改革不同，本轮新能源产业的内部调整更多是市场深层次原因，将 倒逼企业加强成本管控和技术研发。他 ...

Core Insights - Thorium ore is emerging as a strategic energy resource due to its high energy density, safety, low waste, and cost-effective extraction when associated with rare earth elements [1][4][6] - China leads in both resources and technology, with proven industrial reserves of 287,000 tons, ranking second globally, and significant breakthroughs in thorium fuel technology [1][4][6] - The thorium mining industry in China is characterized by a "net import" trade pattern, with Nigeria being a key source of imports, and prices for thorium ore have shown a significant upward trend [1][6][8] Thorium Mining Industry Overview - Thorium ore consists of minerals containing thorium, which has significant economic value due to its properties and association with rare earth elements [2][3] - The core advantages of thorium include extremely high energy density, superior safety performance, and low extraction costs [3][4] Current Development Status of China's Thorium Mining Industry - China's thorium mining industry is transitioning from a niche resource to a strategic energy core, supported by abundant resources and technological advancements [4][6] - The Baiyun Obo mining area holds over 75% of China's thorium reserves, with significant potential for further exploration [4][6] Thorium Resource Distribution in China - China's thorium resources are managed under strict regulations, leading to a notable "net import" pattern despite domestic abundance [6][8] - The import volume of thorium ore has been increasing, with a notable 24.67% year-on-year growth in the first nine months of 2025 [6][8] Thorium Mining Industry Supply Chain - The thorium mining industry has established a complete supply chain from geological exploration to nuclear fuel manufacturing, with applications expanding beyond nuclear power [9][11] - The industry is characterized by collaboration across the supply chain, with upstream resources being integrated with rare earth mining processes [9][11] Competitive Landscape of China's Thorium Mining Industry - The industry exhibits a competitive structure with monopolies in resource extraction, concentrated technology, and collaborative applications [14][15] - Key players include Baogang Group, which controls over 75% of thorium resources, and leading companies in materials and equipment manufacturing [14][15] Future Development Trends of China's Thorium Mining Industry - The future of the thorium mining industry will focus on the continuous breakthrough and commercialization of thorium-based molten salt reactor technology [16][17] - There will be an emphasis on deep collaboration across the supply chain, driving technological upgrades and expanding applications in clean energy and industrial processes [16][17] - The diversification of applications will enhance the strategic value of thorium, contributing to energy security and reducing reliance on imported uranium [17]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - China's 2 MW liquid fuel thorium-based molten salt experimental reactor (TMSR) has achieved the first in-core thorium-uranium conversion, marking a significant step towards commercialization and reducing reliance on imported uranium [1][19] - The global thorium molten salt reactor market is expected to exceed $80 billion by 2030, with a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, driven by strong demand in industrial high-temperature processes and hydrogen production [2][43] - The TMSR technology offers significant advantages in resource utilization and safety compared to traditional uranium-based reactors, with the potential to enhance energy security for China [38][39] Summary by Sections 1. Special Research - The TMSR has established a unique research platform for thorium-uranium cycles, which can efficiently utilize thorium resources and reduce dependence on imported uranium [1][19] - The molten salt reactor (MSR) is recognized as the most disruptive technology among the fourth-generation nuclear reactors, offering substantial benefits in resource utilization and safety [1][20][38] 2. Market Review - From November 1 to November 15, the Shanghai Composite Index rose by 0.9%, while the public utility index increased by 1.79%, outperforming the Shanghai Composite Index [3][47] 3. Market Information Tracking - In November 2025, the average transaction price of electricity in Jiangsu was 355.95 RMB/MWh, reflecting an 8.96% decrease from the benchmark price [4] - The average price of thermal coal in the Bohai Rim region was reported at 698 RMB/ton, showing an increase of 18 RMB/ton [14] 4. Industry Dynamics - The National Energy Administration is promoting the integrated development of renewable energy, emphasizing the need for multi-dimensional development and collaboration with various industries [11] - The State Council's white paper on carbon peak and carbon neutrality highlights significant energy efficiency improvements, with a cumulative reduction of 11.6% in energy consumption per unit of GDP during the 14th Five-Year Plan [12] 5. Investment Portfolio and Recommendations - The report suggests focusing on companies involved in the thorium molten salt reactor technology, including Baotou Steel, Shanghai Construction, and Shanghai Electric, which have made significant technological advancements [46] - Recommendations for public utilities include monitoring coal-fired power companies and hydropower firms, as well as nuclear power companies for their long-term growth potential [14]

人民财讯11月14日电，华泰证券认为四代核电发展或在"十五五"迎来关键机遇期，主要驱动力有三点： 1)寻找替代"水"作为冷却剂的核电技术方案，摆脱沿海厂址资源限制;2)寻找替代"铀235"作为燃料的核 电技术方案，解决我国贫铀的资源问题;3)拓展非电领域脱碳技术手段，为高品质工业供热、长距离船 运等难脱碳领域寻找清洁替代燃料方案。在上述背景下，看好围绕四代核电，特别是钠冷快堆、钍基熔 盐堆、高温气冷堆等技术方案在"十五五"迎来加速发展和验证。 ...

Core Viewpoint - Dongfang Zirconium (002167.SZ) has clarified on its interactive platform that the company does not engage in any thorium-based molten salt reactor business [1] Company Summary - Dongfang Zirconium confirmed the absence of any thorium-based molten salt reactor related operations [1]

Core Insights - The article emphasizes that China is leading the way in the energy revolution, positioning itself as a beacon of innovation and strategy in the transition to green energy [2][5]. Industry Developments - The energy revolution is reshaping global economies, with green electricity emerging as a new currency [2]. - China is leveraging its vast desert areas for renewable energy production, supported by a robust ultra-high voltage power grid and advanced energy storage technologies [5]. Technological Innovations - The article highlights three key technological routes in China's energy strategy: thorium molten salt reactors, photovoltaic technology, and nuclear fusion [5][6]. - Thorium molten salt reactors are seen as a strategic foundation, potentially eliminating reliance on traditional uranium resources [5][7]. - Photovoltaic technology is becoming a major player in distributed energy, making clean energy accessible to households [5][6]. Breakthrough Projects - The world's first thorium molten salt experimental reactor is operational in Gansu, showcasing China's capability in nuclear technology [7]. - A new 3.5 GW photovoltaic base in Xinjiang is expected to significantly reduce coal consumption, contributing to climate change mitigation [8]. Challenges and Solutions - The energy sector faces challenges such as material corrosion in thorium reactors and sandstorms affecting photovoltaic efficiency [7][8]. - Innovative solutions like drone inspections and self-cleaning coatings are being implemented to enhance the efficiency of solar panels [8].

Group 1 - The company has developed a series of thorium-based molten salt reactor products and has a technology reserve, achieving small batch orders for nuclear fusion scientific devices [1] - The company possesses a series of products for the International Thermonuclear Experimental Reactor (ITER) test platform, integrating controlled nuclear fusion, nuclear power, computing power, energy storage, data centers, and wind power [1] - The company plans to supply over 800,000 tons of electrolyte products to Guoxuan High-Tech, focusing on solid-state batteries and sodium-ion batteries [1]

Core Viewpoint - The company,佳电股份, is currently not involved in advanced nuclear energy technologies, despite the strategic developments in the industry led by 哈电集团, which includes research in thorium molten salt reactors and other fourth-generation nuclear technologies [1] Group 1: Company Developments - 佳电股份 has stated that it has not yet entered the field of advanced nuclear energy technologies or supply [1] - The company will continue to monitor advancements in cutting-edge nuclear energy technologies and is prepared to develop market opportunities for engineering equipment [1] Group 2: Industry Trends - 哈电集团 is actively engaged in strategic layouts and research in various advanced nuclear technologies, including thorium molten salt reactors, sodium-cooled fast reactors, and lead-bismuth fast reactors [1] - The thorium molten salt reactor technology is still in the research phase and has not yet been converted into engineering applications [1]

Core Viewpoint - Jiadian Co., Ltd. (000922.SZ) has not yet entered the advanced nuclear energy technology sector, despite its major shareholder Harbin Electric Group's strategic investments in various fourth-generation nuclear technologies [1] Group 1: Company Overview - Jiadian Co., Ltd. is currently not involved in the business or supply of advanced nuclear technologies such as thorium molten salt reactors, sodium-cooled fast reactors, and lead-bismuth fast reactors [1] - As of the end of the third quarter, Harbin Electric Group holds a 36.94% stake in Jiadian, making it the largest and controlling shareholder of the company [1] Group 2: Industry Insights - Harbin Electric Group has made strategic layouts and explorations in cutting-edge nuclear technologies, indicating a potential future direction for Jiadian to follow [1] - The thorium molten salt reactor technology is still in the research phase and has not yet achieved engineering transformation, suggesting that Jiadian will continue to monitor advancements in nuclear energy technology [1]