Lianovation(SH:600363)2025-11-05 01:29Summary of Conference Call on Thorium Molten Salt Reactor (TMSR) and Nuclear Power Industry Industry Overview - The conference call focused on the advancements in the nuclear power sector, particularly the development of fourth-generation nuclear technologies, including Thorium Molten Salt Reactors (TMSR) [1][2][4]. Key Points and Arguments - Fourth-Generation Nuclear Technology: - Fourth-generation reactors utilize coolants such as helium, sodium, or molten salt, enhancing safety and suitability for Small Modular Reactors (SMR) [1][3][4]. - TMSR operates by converting Thorium-232 into Uranium-233 for fission, effectively utilizing Thorium resources, with one ton of Thorium generating energy equivalent to hundreds of tons of oil or coal [1][4]. - Environmental and Safety Advantages: - TMSR reduces radioactive waste by 90% compared to traditional reactors, improving resource utilization and safety [1][6]. - The reactor's inherent safety features include rapid solidification of molten salt at room temperature, preventing leakage incidents [6]. - China's Development Plans: - China began constructing a 2 MW TMSR experimental reactor in 2020, aiming for full power operation in 2024 and completion of Thorium to Uranium conversion by 2025 [1][7]. - Plans are in place to establish a 100 MW demonstration plant by 2035, primarily located in Gansu Province [1][7]. - Market Opportunities: - Companies with diversified technology portfolios, such as HaiLu Heavy Industry, Zhonghe Technology, and LanShi Heavy Industry, are recommended for investment due to their involvement in various reactor technologies [2]. - The upcoming bidding opportunities in Hefei and Jiangxi for reactor components and projects are significant, with potential orders for companies like LianChuang Optoelectronics and GuoGuang Electric [3][10]. Additional Important Content - Technical Challenges: - TMSR faces challenges such as radiation protection in high-temperature fluids, high-temperature corrosion, and potential pipeline blockages due to unexpected solidification [8]. - Ongoing development is required for control and safety systems, as well as for key equipment [8]. - Industry Participants: - Key suppliers for fourth-generation reactor equipment include Shanghai Electric, China National Nuclear Corporation, and HaiLu Heavy Industry, with significant contributions from BaoSe Co. and others [9]. - Future Catalysts: - The fourth quarter is expected to see substantial bidding activities, with projects in Hefei and Jiangxi likely to drive growth in the sector [10].