核电核准维持10台，产业链如何受益？

Summary of Nuclear Power Industry Conference Call Industry Overview - The nuclear power approval in China remains stable, with 10 nuclear units approved annually from 2023 to 2025, indicating the government's emphasis on nuclear power as an effective investment and economic growth driver [1][2] - The approval of new projects is expected to stimulate demand for natural uranium, with an estimated increase of approximately 2,400 tons annually, contributing to about 3% growth in the industry [1][10] Key Points Nuclear Power Approval and Economic Impact - The early approval of 10 nuclear units in April 2025 reflects the government's focus on effective investment and economic development [2] - The approval process is expected to maintain a steady pace, with no significant increase in the number of units approved in the future [4] Market Dynamics and Revenue Assurance - Despite intense market competition, nuclear power revenues are expected to remain secure due to large investment scales and long payback periods [5] - The demand for nuclear power equipment and materials is anticipated to accelerate due to the increased approvals [6] Natural Uranium Demand and Supply Challenges - New nuclear projects are projected to create stable and sustained demand for natural uranium, with a significant increase expected by 2030 [3][10] - The supply side of natural uranium faces challenges due to low capital expenditure from 2011 to 2021, leading to a potential supply gap of 9,000 to 10,000 tons by 2030, which may expand to over 30,000 tons by 2035 [12][13] Role of Nuclear Power in Energy Transition - The new approvals clarify the role of nuclear power in China's decarbonization process, contributing to both base load power generation and flexibility in the energy system [8] - The stable approval rhythm over the past three years enhances confidence in the related stock sectors [8] Companies to Watch - Key companies in the nuclear power supply chain include Shanghai Electric, Dongfang Electric, and Zhejiang Fu Holdings, with specific mention of Sichuan Huadu as the sole supplier of control rod drive mechanisms for the Hualong One reactor [3][9] - Xinneng Company, which relies heavily on nuclear power, is expected to see sustained demand growth due to the new approvals [11] Price Trends and Future Outlook - The price of natural uranium needs to rise in the coming years to stimulate production and meet future demand [14] - The global supply chain's stability is crucial for ensuring consistent supply, especially in the context of rising geopolitical tensions [14] Investment Opportunities - China General Nuclear Power Corporation (CGN) is highlighted as a key player in the uranium mining sector, with expected production of 1,300 tons in 2025 [15]