2026 年核能展望_核能新动向_人工智能、核聚变与未来能源竞赛-APAC 2026 Nuclear Outlook_ What‘s New in Nuclear_ AI, Fusion, and the Race to Power the Future

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.