Summary of J.P. Morgan's APAC 2026 Nuclear Outlook Industry Overview - The report focuses on the nuclear power industry, particularly in the Asia-Pacific (APAC) region, which accounts for 69% of global nuclear power plants under construction [1][44]. - The document highlights the growing momentum for reactor builds in APAC and the U.S., alongside advancements in nuclear fusion technology [1][14]. Key Insights Nuclear Power Growth - APAC's share of new nuclear builds has increased from 64% in June 2023 to 71% in September 2024, and 69% in October 2025, primarily driven by China and India [44][47]. - China and India together account for over 50% of the nuclear reactors under construction globally [46]. Technological Advancements - The report emphasizes the convergence of steady reactor growth and transformative technologies, particularly nuclear fusion, which is gaining attention as a potential ultimate energy source [1][14]. - Advances in fusion technology are highlighted, with significant investments from both the U.S. and China, indicating a competitive race for technological leadership [9][23]. Digital Infrastructure and Nuclear Energy - The rise of hyperscale data centers and AI is reshaping energy demand, with tech giants increasingly turning to nuclear energy, especially Small Modular Reactors (SMRs), to meet their energy needs [9][28]. - Hyperscalers have signed over 23GW of new nuclear projects since October 2024, reflecting a strategic alignment between technology and energy sectors [9][28]. Investment Opportunities Recommended Stocks - Key stocks identified for investment include: - **Kepco E&C (052690 KS)** and **Hyundai E&C (HDEC, 000720 KS)** as top picks in the Korean nuclear value chain [9][22]. - **IHI (7013 JP)** for equipment orders and restarts in Japan [9][22]. - **Bannerman Energy (BMN AU)** as a leading uranium miner [9][22]. - **NTPC (NTPC IN)** and **L&T (LT IN)** for exposure to India's nuclear sector [9][22]. Thematic Investment Categories - The report categorizes investment themes within the nuclear sector, including: 1. Global uranium miners 2. APAC nuclear operators 3. Supply chain developments in Japan, Korea, China, and India 4. New investments in nuclear fusion technology in China [18][57]. Regulatory and Political Landscape - Japan aims for nuclear power to supply 20% of its energy by 2040, while India targets 23GW of nuclear capacity by 2031-32 [52]. - In South Korea, political shifts towards renewables introduce risks to nuclear projects, although public sentiment is becoming more favorable towards nuclear energy [52]. Market Dynamics - The uranium market is expected to shift from a surplus in 2025 to a deficit in 2026, benefiting uranium miners [54]. - Regulatory frameworks vary across APAC countries, affecting the profitability of nuclear operators, particularly in China and Korea [55]. Conclusion - The APAC nuclear sector is positioned for significant growth, driven by technological advancements, strategic investments from digital giants, and a commitment to carbon neutrality among key economies [1][14][44]. - The report provides a comprehensive overview of the nuclear landscape, highlighting investment opportunities and potential risks in the evolving energy market.

热点分析：【人气与风口】 大家想过今天会反弹吗？连续调整了一周了，不少朋友认为今天是节前最后的取款日，根据此前A股的走势，认为市场不太可能出现反弹，说句真实的想 法，95%的朋友都会认为周四与周五出货比较难，所以会选择在周四前把需要离场的仓位出清，上周我也说过，已经发现有些大聪明已经提前离场了，这会 导致一个什么情况？市场的高一致性预期是周四、周五调整。单从技术上看，高概率预期失效的可能性是最大的，今天出现反弹并不意外。让我意外的是美 国法院说对等关税是不合法的，也就是说关税大棒在法律上违宪，早上我看到这个消息的第一反映是端午最大的不确定性结束了，随后看到的是黄金下跌， 债券回调，很明显市场的风险偏好被这个突发的消息抬升了。今天的反弹，我认为既有一致性预期的影响，也有消息的引导，再加上成交量放大，起码是强 势的，至于明天会不会有更好的消息刺激，得看消息面的变化，单从数据面，我觉得市场有初步解除风险的信号，因为今天的数据是这样的： 中线策略分析：【整体情况】 从数据看，今天有百股涨停，买盘力量也是近一个月以来第一次突破1000+，现在的读数是1100，卖盘力量方面还是100+，与前期区别不大，单以这个数据 看， ...