Core Viewpoint - The article emphasizes the necessity of nuclear energy revival in the context of energy transition and the safety demands of the power system, highlighting that fourth-generation nuclear power is essential for achieving nuclear energy ambitions [5][29]. Group 1: Energy Transition and Safety - The core framework of energy reform focuses on the consumption of green electricity as the main line, while safety remains the bottom line. Central-local collaboration is a driving force, and the carbon market is a key variable [8]. - The investment direction should prioritize the safety of the power system, with nuclear power enhancing the robustness of the system under the backdrop of energy transition [15][16]. Group 2: Nuclear Energy Development - Global nuclear ambitions are continuously exceeding expectations, with the construction rate of nuclear power expected to increase significantly, projecting a total installed capacity of 1,428 GW by 2050 [19][22]. - The "Triple Nuclear Declaration" announced by 22 countries at COP28 aims for a nuclear power capacity of 1,200 GW by 2050, which is three times the capacity in 2020 [23][24]. Group 3: Technological Advancements in Nuclear Power - Fourth-generation nuclear power is crucial for achieving nuclear energy goals, offering inherent safety and sustainability advantages [29][37]. - The article discusses the potential of nuclear energy in various applications beyond base-load power, including hydrogen production and heat supply, which can significantly reduce carbon emissions [28][24]. Group 4: Current Nuclear Power Status - As of November 2025, the global operational nuclear power capacity stands at 382 GW, with the United States and China being the leading countries in terms of installed capacity [43][52]. - The average capacity factor for nuclear reactors globally is projected to be 83% in 2024, indicating stable performance across aging reactors [41].

Group 1 - The International Atomic Energy Agency (IAEA) has raised its nuclear power installation expectations for five consecutive years, expanding the "Triple Nuclear Declaration" from 22 countries to 33 countries and large non-nuclear enterprises, with a target of 1200 GW by 2050 [1][2] - The World Nuclear Association (WNA) predicts that global nuclear power installations could reach 1363 GW by 2050 based on current government targets, and potentially 1428 GW when considering proposed projects [1][2] - The revival of nuclear energy is highly certain at the government level, with a decrease in countries abandoning nuclear power, such as Germany, and significant developments in the U.S., Japan, and Russia [2] Group 2 - Factors contributing to the exceeding expectations for nuclear energy include multi-domain applications such as nuclear heating and hydrogen production [2] - The inherent safety and sustainability of fourth-generation nuclear power is supported by natural physical laws that ensure safety without external operations, and fast reactors can increase uranium resource utilization from 0.5% to 60-70% [2] - Recent developments in the U.S. include the signing of an executive order to reform nuclear reactor testing, with a goal to construct at least three advanced reactors by July 4, 2026 [2] Group 3 - In China, the first fourth-generation high-temperature gas-cooled reactor is expected to be operational in 2023, with significant advancements in sodium-cooled fast reactors anticipated by 2025 [2] - Shanghai Electric (601727) has a significant advantage in the supply of nuclear island equipment for high-temperature gas-cooled reactors, while Zhejiang Fu Holding (002266) is expanding its offerings in the control rod drive mechanism and main pump supply for sodium-cooled fast reactors [3] - Investment recommendations include focusing on Shanghai Electric, Dongfang Electric (600875), Harbin Electric, and Zhejiang Fu Holding [3]