Event: the National Energy Administration issued the guiding opinions on energy work in 2022 (hereinafter referred to as the opinions).
Key statement 1 of the opinions: complete and put into operation nuclear power technologies such as Fuqing 6, Hongyanhe 6, Fangchenggang 3 and high temperature gas cooled reactor demonstration project, and actively and orderly promote the approval and construction of new coastal nuclear power projects on the premise of ensuring safety. The relevant guidance on nuclear power is based on the verification of a large number of data on the number and time of units of Hualong 1 and AP1000, the independent third-generation nuclear power technology: the demonstration unit of Hualong 1, Fuqing units 5 and 6 of China nuclear power have been put into operation successively, and Guangdong Nuclear Power announced the pre operation of Fangchenggang units 3 and 4. This year, Hualong 1 of China nuclear power and Guangdong nuclear power has made a breakthrough from 0-1, and has truly and completely owned the third-generation nuclear power technology with its own intellectual property rights; The three door 1 unit of the first AP1000 reactor built by the State Power Investment Corporation has been in safe operation for more than 3 years since it was put into operation in 2018. It has won the full score of WANO comprehensive index, ranking the first in the world, and won numerous awards during this period. The first overhaul period of unit 2 has set the shortest repair record. The three generations of passive original advantages give consideration to safety and system simplification. The simplicity of Avenue is the core driving force for the development of the three generations of nuclear power technology. So far, the three nuclear power groups have the basis for the development of three generations of nuclear power technology. With sufficient reserves of superimposed coastal plant sites and positive development background, they have the front of positive signals.
Key statement 2 of the opinions: continue to pay close attention to major projects of nuclear power science and technology and the action plan for nuclear power technology improvement, and accelerate the research and development demonstration of small reactor technology. In December 2021, the world’s first high-temperature gas cooled reactor nuclear power plant successfully transmitted power in Shidao Bay, Rongcheng, Shandong Province, marking that China has become one of the few countries in the world to master the fourth generation nuclear energy technology. It means that China has become the leader of the world’s nuclear power technology in this field and one of the symbols of China’s transformation from a nuclear power country to a nuclear power power country. The high temperature gas cooled reactor will further enter the five subdivided target markets of “hydrogen, steam, water, heat and electricity”. It is noteworthy that the key core technology of the high temperature gas cooled reactor completely belongs to China, and the equipment localization rate is as high as 93.4%. China has completed the independent innovation and self-improvement from scratch and from follow to surpass in the field of fourth generation nuclear power.
Key statement 3 of the opinions: organize the implementation of the pilot scheme for central heating and comprehensive utilization of nuclear energy to promote the comprehensive utilization of nuclear energy. The AP1000 Haiyang unit 1, which has been put into operation, is the largest cogeneration unit in the world. The state power investment has the brand of “henuan No. 1” nuclear heating. Haiyang has become the first “zero carbon” heating city in China. A single city saves 100000 tons of raw coal and reduces 180000 tons of carbon dioxide, equivalent to 1000 hectares of afforestation. Clean heating is one of the new modes of nuclear power industry; In addition, combined with the needs of end-users, the small reactor “linglong-1” of CNNC can improve the comprehensive utilization efficiency of nuclear energy to the extreme through the forms of heating, refrigeration, seawater desalination, hydrogen production and industrial gas production.
Carbon emission has gradually become an attribute. As a low-carbon energy, nuclear power has unlimited development space. Nuclear energy technology will lead the transformation in the field of zero carbon and low carbon. The energy attribute of nuclear energy base load is of great significance to the overall layout of energy and the strategy of ensuring the security of energy supply. Stable nuclear energy output is conducive to the power grid to improve the consumption capacity of Fengguang NEW energy, escort energy security, and provide the most direct and stable solution for decarbonization of China’s energy intensive enterprises, so as to improve energy efficiency to reduce carbon, Let the high-carbon and high energy consuming industries change to low-carbon and high energy consuming industries, and have stronger cost competitiveness all over the world. It is expected that nuclear power in the 14th five year plan will reverse the unbalanced and insufficient development situation in the past, and gradually start to make efforts to escort energy security at the moment of energy structure adjustment.
Investment suggestions: focus on low-carbon energy operators China National Nuclear Power Co.Ltd(601985) , Cgn Power Co.Ltd(003816) , and have rich nuclear power plant site reserves and independent third-generation nuclear power technology; Nuclear power construction manufacturer China Nuclear Engineering & Construction Corporation Limited(601611) , with the longest history, the largest scale and the highest degree of specialization in the field of nuclear engineering construction; Main nuclear power equipment manufacturers Shanghai Electric Group Company Limited(601727) , Dongfang Electric Corporation Limited(600875) , fully covering China’s existing nuclear power technology route; Nuclear power valves Sufa Technology Industry Co.Ltd.Cnnc(000777) , Jiangsu Shentong Valve Co.Ltd(002438) , and Zhejiang Jiuli Hi-Tech Metals Co.Ltd(002318) , U-tube of main equipment steam generator.
Risk tip: nuclear power approval slows down, and the industry demand does not meet expectations.
