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 - 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]

Core Viewpoint - Jiadian Co., Ltd. (佳电股份) is currently not involved in advanced nuclear energy technologies, despite the strategic developments in the Harbin Electric Group regarding thorium molten salt reactors and other fourth-generation nuclear power technologies [1] Group 1: Company Developments - Jiadian Co., Ltd. has not yet engaged in the business or supply related to advanced nuclear energy technologies [1] - The company will continue to monitor advancements in cutting-edge nuclear energy technologies and is prepared to develop market opportunities for engineering equipment support [1] Group 2: Industry Trends - Harbin Electric Group has made strategic layouts and explorations 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 achieved engineering transformation [1]

Core Insights - China's nuclear power industry has achieved a total of 102 operational, under construction, and approved nuclear power units, with a total installed capacity of 113 million kilowatts, making it the largest in the world [1] - The country is actively implementing a new energy security strategy, with nuclear energy playing a crucial role in the clean energy system and low-carbon transition [1] - There are currently 28 nuclear power units under construction, with a total capacity of 33.65 million kilowatts, maintaining the world's leading position for 18 consecutive years [1] - In the past year, China approved five nuclear power projects, totaling 11 units, marking the third consecutive year of approving 10 or more nuclear units [1] - The domestic innovation capability in nuclear power technology has significantly improved, achieving 100% localization of key main equipment and autonomous control of key component technologies [1] - China has developed its own brands of third-generation pressurized water reactors, such as "Hualong One" and "Guohe One," and advanced technologies including high-temperature gas-cooled reactors and sodium-cooled fast reactors [1] Industry Development - The nuclear power industry is steadily growing, supported by a robust supply chain and industrial ecosystem developed over 40 years [2] - China is one of the few countries with a complete nuclear power industrial system, excelling in engineering design, construction, and equipment manufacturing [2] - The industry is leveraging digitalization and intelligent methods to enhance safety, quality, schedule, and cost control, maintaining international advanced levels [2] - Equipment manufacturing enterprises are improving product quality and production efficiency through technological and management innovations, with an annual manufacturing capacity of over 10 complete sets of nuclear power equipment [2] - The State Council has approved new nuclear power projects, including the Zhejiang Sanmen Phase III project, indicating a strategic opportunity for nuclear energy development under the "dual carbon" goals [2]