China Nuclear Power Equipment 16 Oct 2025 07:48:12 ET │ 23 pages Ac t i o n | More-Than-Expected Profit Contribution from Nuclear; Buy Dongfang CITI'S TAKE We are bullish on Dongfang Electric (DFE) on (i) higher nuclear equipment prices in 2023-25 vs. before 2023, (ii) rising new orders from China's fast nuclear power expansion, and (iii) DFE being an oligopoly supplier of important nuclear equipment. China approved 41 new nuclear units in 2022 to 2025, and we expect China's nuclear installation volume to g ...