本报记者 林小艺 威海市副市长张善东说，威海协同推进降碳、减污、扩绿、增长，加力推动能源转型，目前世界首座具 有四代核电特征的高温气冷堆投入商运，国内单体最大的平价海上风电项目"乘风起势"，全省首个"源 网荷储"一体化项目建成运营，绿色低碳成为威海精致城市建设的鲜明底色。 制造业重镇佛山的转型实践同样亮眼。作为全国唯一制造业转型升级综合改革试点城市，佛山以财政资 金撬动社会资本近4000亿元投入技术改造，推动78.7%规上工业企业完成数字化转型。佛山市投资促进 局副局长梁朝晖给出了一组亮眼数据："现在全国每14台工业机器人就有1台是佛山生产。" 正确处理政府和市场关系，做到"放得活"与"管得好"有机统一，是激发市场活力、保障高质量发展的关 键。参会各地城市立足自身发展实际，通过制度创新、流程优化、要素保障等多重举措，厚植经营主体 发展土壤。 内蒙古自治区鄂尔多斯市作为国家重要能源基地，是一座古韵与新潮交融的转型之城。鄂尔多斯市经济 合作服务中心主任苏俊杰说，鄂尔多斯倾力打造政策最贴心、办事最省心、投资最安心、服务最暖心、 生活最舒心的"暖城五心"营商环境品牌。以制度创新为引领，建立健全任务推动、政企互动、督导 ...

中邮证券近日发布核电产业报告：IAEA连续5年上调核电装机预期，2023年底的三倍核能宣言(2050年 装机1200GW)从22国扩充到33国及大型非核能领域企业；根据WNA2025年11月的预测，根据目前政府 的目标，2050年全球核能装机1363GW，若考虑拟议等情况，总装机将达到1428GW。 以下为研究报告摘要： 全球核能雄心持续超预期——三倍宣言不断扩充且被超越：IAEA连续5年上调核电装机预期，2023年底 的三倍核能宣言(2050年装机1200GW)从22国扩充到33国及大型非核能领域企业；根据WNA2025年11月 的预测，根据目前政府的目标，2050年全球核能装机1363GW，若考虑拟议等情况，总装机将达到 1428GW。 全球核能复兴在政府层面具有高度确定性：(1)欧洲弃核国家不断减少，德国放弃反核立场(2)三大核电 事故国：美国在2050年装机进一步上调100GW至400GW，日本和俄罗斯均大力发展核电(3)中国、印 度、埃及等积极发展核电。 核能进一步超预期的因素：多领域应用，包括核能供热、核能(非核电)制氢等。 支撑雄心的固有安全和可持续发展(4代核电)：(1)出现任何事故，核反应堆 ...

证券研究报告 核电产业报告1： ——全球核电复兴下的4代核电的投资机会 行业投资评级：强大于市|维持 中邮证券研究所 电新团队苏千叶/杨 帅波/盛炜 中邮证券 1 1 发布时间：2026-01-06 请参阅附注免责声明 2 ➢ 全球核能雄心持续超预期——三倍宣言不断扩充且被超越 ：IAEA连续5年上调核电装机预期，2023年底的三倍核能宣 言（2050年装机1200GW）从22国扩充到33国及大型非核能领域企业；根据WNA2025年11月的预测，根据目前政府 的目标，2050年全球核能装机1363GW，若考虑拟议等情况，总装机将达到1428GW。 ➢ 全球核能复兴在政府层面具有高度确定性：（1）欧洲弃核国家不断减少，德国放弃反核立场（2）三大核电事故国：美 国在2050年装机进一步上调100GW至400GW，日本和俄罗斯均大力发展核电（3）中国、印度、埃及等积极发展核电。 ➢ 核能进一步超预期的因素：多领域应用，包括核能供热、核能（非核电）制氢等。 ➢ 支撑雄心的固有安全和可持续发展（ 4代核电）：（1）出现任何事故，核反应堆不依靠外部操作，而仅靠自然物理规律 都能够趋向安全状态；（2）快堆可以把铀资源利用率 ...

一图读懂丨2026年全国能源工作会议 相关阅读：2026年全国能源工作会议在京召开 t = = = t 能源安全新战略 引领能源高质量发展 取得新成效 千瓦 预计全年风电光伏新增装机约3.7 亿千瓦,利用率保持在94%以上, 风电光伏发电量约占全社会用电量 的22% 核发绿证约29亿个，交易规模超 7.5亿个 能源安全保障有力有效 保供成效是"十四五"以来最好的一年 全年原煤产量48亿吨以上,进口约 4.7亿吨,加快建设储备产能9000 万吨/年以上 全国发电总装机超过38亿千瓦、同 比增长14%,全社会用电量首超10 万亿 2025年油、气产量双创历史新高,原 油产量约2.15亿吨,天然气产量突 破2600亿立方米,连续9年增产超 百亿立方米 全国西电东送能力达到3.4亿千瓦, 长输油气管道里程达到20万公里 能源绿色低碳转型步伐加快 非化石能源消费比重 超额完成20%的目标任务 全年能源重点项目预计完成投资 3.54万亿元,同比增长11% 民营企业投资完成额同比增长15% 第一批风电光伏基地基本建成投产, 第二批、第三批建成投产约5000万 全国水电装机超过4.4亿千瓦,其 中抽水蓄能装机超过6400万千 ...

中国经济网北京12月13日讯(记者 宋雅静)12月11日，在中国核工业集团有限公司、中国华能集团有 限公司、清华大学的共同倡议与战略指导下，由中核能源科技有限公司发起的高温气冷堆现代产业链联 盟在京正式成立。 据记者了解，该联盟以打造"目标同向、责任共担、利益共享、价值共创"的战略命运共同体为宗 旨，标志着我国在第四代核能技术产业化与协同创新发展方面迈出关键步伐。中核集团党组成员、副总 经理陈军利，中国华能核电事业部主任潘风国、清华大学核能与新能源技术研究院总工程师张作义出席 高温气冷堆现代产业链联盟成立大会并致辞。 高温气冷堆现代产业链联盟于会上揭牌成立，并正式签订联盟章程。会议还宣读了党建促高温气冷 堆产业链倡议书，并举办高温气冷堆5A级供应商授牌仪式。会上，中核能源科技有限公司以"同心同 向，创新引领，全力打造自主可控的高温气冷堆现代产业链"为主题进行主旨报告。中国核能电力股份 有限公司、哈电集团(秦皇岛)重型装备有限公司、中国核工业二四建设有限公司、中核北方核燃料元件 有限公司以及石油和化学工业规划院分别进行主题发言，高温气冷堆现代产业链联盟全体联盟成员参与 本次活动。 高温气冷堆现代产业链联盟汇聚了 ...

12月1日至5日，高盛开展中国核电（601985）技术虚拟调研，邀请中广核电力、中国核电、东方电气 （600875）、哈尔滨电气等8家核电产业链企业及1位行业专家参与交流。 综合调研反馈，高盛得出核 心结论：中国核电装机轨迹正日趋积极，而光伏板块前景则相对偏弱，同时明确了核电领域四大核心机 遇。 01 装机规模十年内或实现翻倍 02 三十年技术管线清晰 调研明确了未来三十年中国核电技术的发展脉络，不同代际技术将各司其职，助力双碳目标达成： 1、三代大型机组华龙一号：作为实现2035年核电目标的核心支撑，目前华龙一号已有41台机组获批， 其中7台已投运（国内5台、巴基斯坦2台），34台处于在建阶段。单台华龙一号年发电量超100亿千瓦 时，设计寿命60年，且可延长至80年。 2、三代小型模块堆玲龙一号：作为华龙一号的补充技术，由中核集团自主研发，预计2026年投运。尽 管单位资本开支较高，但具备多用途属性，可满足发电、城市供暖制冷、工业供汽、海水淡化等多元需 求，单台年发电量超10亿千瓦时，设计寿命60年。 3、四代反应堆：分两类技术路径实现差异化补能，一是高温气冷堆，其运行温度达500-600℃，远高于 二代压 ...

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a new energy system and building an energy powerhouse as central tasks for high-quality energy development in China, guided by the principles set forth by the Communist Party and recent strategic directives [3][4][5]. Group 1: Principles for New Energy System Construction - The construction of a new energy system must adhere to the principle of comprehensive leadership by the Party, ensuring that energy development aligns with national strategies and maintains a correct direction [4]. - The concept of prioritizing people's needs is crucial, focusing on improving energy supply quality and ensuring equitable access to energy resources for all citizens [5]. - The strategy emphasizes self-reliance in energy security, advocating for a robust domestic energy supply system to mitigate external uncertainties [6]. - A green and low-carbon development approach is essential, with a focus on transitioning to non-fossil energy sources and achieving carbon neutrality goals [7]. - Innovation is highlighted as the primary driving force for energy development, with a call for technological advancements to lead the energy sector [8]. - Deepening energy system reforms is necessary to enhance market efficiency and governance structures [9]. Group 2: Achievements During the 14th Five-Year Plan - Significant improvements in energy security and supply resilience were achieved, with total energy production reaching approximately 5 billion tons of standard coal, a nearly 40% increase over the past decade [10]. - The transition to a greener energy structure was marked by a doubling of non-fossil energy consumption, which now accounts for about 20% of total energy consumption [11]. - Technological advancements in energy production and equipment have led to a notable increase in the modernization of the energy industry, with significant breakthroughs in nuclear power and renewable energy technologies [12]. - The establishment of a comprehensive energy market system has been initiated, enhancing market dynamics and participation from various stakeholders [13]. - International cooperation in energy has been strengthened, with significant projects and partnerships established globally, contributing to a more stable energy supply chain [14]. Group 3: Strategic Planning for the 15th Five-Year Plan - The 15th Five-Year Plan aims to establish a clean, low-carbon, safe, and efficient new energy system, focusing on energy security, economic feasibility, and technological innovation [15]. - Optimizing the spatial layout of energy resources and infrastructure is a priority, with plans for distributed energy development and enhanced energy base construction [16]. - The transition to a green and low-carbon energy system will be accelerated, with specific targets for non-fossil energy consumption by 2030 [16]. - Building a resilient energy supply chain is essential, with a focus on enhancing domestic oil and gas production and establishing a robust energy reserve system [17]. - Advancements in energy technology are prioritized, with a focus on both hard and soft innovations to support the new energy system [18]. - Legal and regulatory frameworks will be strengthened to support high-quality energy development and market reforms [19]. - International cooperation will be expanded to ensure the stability of global energy supply chains and promote sustainable energy development [20].

Group 1 - The United States remains the global leader in nuclear power generation with a total output of 781 billion kilowatt-hours, accounting for 18.9% of the national total generation, supported by an installed capacity of 96.95 gigawatts [1] - China ranks second with 58 operational units and a capacity of 60.88 gigawatts, but is significantly expanding its nuclear fleet with 27 units under construction, which raises concerns among Western observers [3] - The stagnation of nuclear power development in the U.S. is attributed to the high costs and long investment cycles associated with nuclear projects, as exemplified by the Vogtle units 3 and 4, which exceeded $30 billion in costs [3][5] Group 2 - China's nuclear expansion is driven by its strong industrial manufacturing capabilities, achieving a 100% localization rate for units like the Hualong One, reducing the unit cost to approximately 13,000 RMB per kilowatt [5] - The construction timeline for nuclear power plants in China has been shortened to 4 to 5 years, contrasting with the lengthy approval processes in the U.S. [5] - The operational efficiency of the aging U.S. nuclear fleet, with an average capacity factor exceeding 92%, highlights the effectiveness of asset management despite the age of the plants [5] Group 3 - The U.S. nuclear sector is shifting focus from large reactors to developing small modular reactors (SMRs), with projects like TerraPower's sodium-cooled fast reactor in Wyoming representing a strategic pivot [8] - While China has advantages in engineering, it faces challenges in original innovation and commercializing advanced nuclear technologies, such as high-temperature gas-cooled reactors and molten salt reactors [10] - The U.S. is forming exclusive nuclear supply chain alliances, which may pose risks for China, particularly regarding access to high-performance nuclear fuel and control chips amid geopolitical tensions [10][12]

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [3][10] Core Views - The nuclear power sector is experiencing a significant upturn, with the entire industry chain expected to benefit continuously. Recent project initiations, such as the Shandong Zhaoyuan Nuclear Power Project and the Zhejiang San'ao Nuclear Power Project, mark the commencement of major construction efforts [1] - The listing of China Uranium Corporation is anticipated to enhance the domestic uranium supply capacity and resource security, filling a gap in the capital market for the uranium industry [6] - China's nuclear power capacity continues to grow, with a total of 59 operational reactors and 53 under construction, indicating a strong recovery in the global nuclear market and vast overseas opportunities [7] Summary by Sections Industry Performance - The nuclear power sector has seen a 23.3% year-on-year increase in investment completion, amounting to 990.9 billion yuan from January to September 2025 [6] - The approval of new nuclear power units has been consistent, with over 10 units approved annually since 2022, contributing to a total investment exceeding 200 billion yuan for the newly approved units in 2025 [6] Market Dynamics - The natural uranium market is tightening, with expectations of a gradual price increase. China Uranium Corporation holds significant mining rights and advanced extraction technologies, positioning it well for future growth [6][9] - The global nuclear power landscape is expanding, with China's nuclear generation capacity still below that of other major economies, indicating room for growth [7] Investment Recommendations - For equipment manufacturers in the nuclear power sector, companies like China Nuclear Technology and Dongfang Electric are recommended due to expected high growth in equipment orders [9] - In the nuclear operation and construction segment, firms such as China National Nuclear Corporation and China General Nuclear Power Group are highlighted for their long-term growth potential [9] - The fourth-generation reactors and fusion energy projects are also recommended for investment, with companies like Hezhong Intelligent and Jiadian Co. being noted for their involvement in these areas [9]

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]