中信证券：核电制造业迎来估值重估短期业绩高增远期空间广阔

智通财经02-15

智通财经APP获悉，中信证券发布研报称，AI需求引发全球核电行业全面复兴，高利润率高成长的核电制造业估值有望重估。国内核电已进入常态化核准及建设高峰期，该行预计零部件将于2026年起进入交付高峰，带来行业利润加速释放。同时先进反应堆、核技术应用、出口、乏燃料后处理等多维需求贡献显著增量。在业绩有望高增、成长空间打开、远期估值重构的背景下，核聚变带来的估值基准切换有望大幅提升板块估值，标的上重点推荐...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2611123478?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-15 14:22","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2611123478","market":"hk","top_or_hot":-1,"title":"中信证券：核电制造业迎来估值重估 短期业绩高增远期空间广阔","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中信证券发布研报称，AI需求引发全球核电行业全面复兴，高利润率高成长的核电制造业估值有望重估。国内核电已进入常态化核准及建设高峰期，该行预计零部件将于2026年起进入交付高峰，带来行业利润加速释放。同时先进反应堆、核技术应用、出口、乏燃料后处理等多维需求贡献显著增量。在业绩有望高增、成长空间打开、远期估值重构的背景下，核聚变带来的估值基准切换有望大幅提升板块估值，标的上重点推荐...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1405561.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中信证券：核电制造业迎来估值重估 短期业绩高增远期空间广阔</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中信证券：核电制造业迎来估值重估 短期业绩高增远期空间广阔\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-15 14:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1405561.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信证券发布研报称，AI需求引发全球核电行业全面复兴，高利润率高成长的核电制造业估值有望重估。国内核电已进入常态化核准及建设高峰期，该行预计零部件将于2026年起进入交付高峰，带来行业利润加速释放。同时先进反应堆、核技术应用、出口、乏燃料后处理等多维需求贡献显著增量。在业绩有望高增、成长空间打开、远期估值重构的背景下，核聚变带来的估值基准切换有望大幅提升板块估值，标的上重点推荐...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1405561.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NLR","symbol_name":"核能指数ETF-Market Vectors","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1405561.html","article_id":"2611123478","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2611123478","pubTimestamp":1771136548,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中信证券发布研报称，AI需求引发全球核电行业全面复兴，高利润率高成长的核电制造业估值有望重估。核电已进入常态化核准及建设期，该行预计零部件2026年起进入交付高峰。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600030":"中信证券","NLR":"核能指数ETF-Market Vectors","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","BK4606":"AI电力股","BK0183":"MSCI概念","BK0188":"融资融券","BK0012":"证金概念","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","BK1564":"中资券商股","BK0028":"国家队","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK0276":"资本市场","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","BK1516":"腾讯概念","LU1997245177.USD":"安联神洲A股基金","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","BK1147":"投资银行业与经纪业","06030":"中信证券","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","BK0196":"行业龙头","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","BK1521":"挪威政府全球养老基金持仓","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1997245094.SGD":"安联神州A股基金AT Acc SGD"},"translate_title":"CITIC Securities: The nuclear power manufacturing industry is ushering in valuation revaluation, high short-term performance growth and broad long-term space","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600030":1.5,"NLR":1.5,"06030":1.5},"content_text":"智通财经APP获悉，中信证券发布研报称，AI需求引发全球核电行业全面复兴，高利润率高成长的核电制造业估值有望重估。国内核电已进入常态化核准及建设高峰期，该行预计零部件将于2026年起进入交付高峰，带来行业利润加速释放。同时先进反应堆、核技术应用、出口、乏燃料后处理等多维需求贡献显著增量。在业绩有望高增、成长空间打开、远期估值重构的背景下，核聚变带来的估值基准切换有望大幅提升板块估值，标的上重点推荐大量产业链企业，同时建议关注核聚变相关零部件龙头企业。中信证券主要观点如下：高利润率高成长制造业，估值长期受限。据国家能源局，2025年我国核电发电占比仅为4.82%，世界平均水平约10%，发达国家核电占比普遍在20%以上，AI需求引发行业复兴，我国成长空间广阔。核岛为裂变电站核心环节，行业壁垒导致毛利率相对较高，据相关上市公司公告及前瞻产业研究院数据，核岛核心设备毛利率在30%以上。在历史业绩稳健增长、核电业务毛利率较高的背景下，核电零部件企业估值提升长期受限，该行认为核心原因是市场对核电行业“远期成长”信心不足。核电已进入常态化核准及建设期，该行预计零部件2026年起进入交付高峰。2019年我国三代核电技术得到验证之后，目前核电机组已进入常态化核准阶段，据中国核电行业协会，我国2019-2025年分别核准4/4/5/10/10/11/10台机组。同时2019-2025年核电项目开工数分别为4/4/5/5/5/6/9。考虑到在核准之后3-4年后核电设备开始陆续进入交付周期，结合2025年高开工，该行预计2026年起零部件将迎来集中交付期。行业迎多维空间提升。先进反应堆方面，四代堆中我国在高温气冷堆、钍基熔盐堆领域均已有示范工程，2025年我国百万千瓦级商用快堆已完成初步设计；SMR方面，国内玲珑一号进展不断，国际能源署预测，到2050年全球SMR累计投资将达到6700亿美元。核技术应用方面，国家原子能机构等十二部委预计2030年年产值将达6000亿元以上。同时核电出口、乏燃料后处理等需求也将贡献显著行业增量。核聚变催化密集释放，估值基准切换后有望大幅提升核电估值。核聚变被誉为“人类终极能源”，已成为国内外确定性发展方向，据各核聚变公司官网及可控核聚变微信公众号，“十五五”期间国内超3000亿Capex落地利好加速释放。国内外装置推进顺利，该行认为随着海内外技术不断突破，技术奇点临近，行业资本开支基准有望迎来从实验堆切换到商业化的拐点，聚变行业远期年均设备空间在万亿以上，可拉动核电行业整体估值大幅提升。风险因素：核电发展政策不稳定风险；核电领域重大安全事故风险；核电项目建设延期风险；原材料价格波动风险；可控核聚变商业化发展不及预期风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2611123478","isCrawlerRequest":true}

中信证券：核电制造业迎来估值重估 短期业绩高增远期空间广阔

精彩评论

中信证券：核电制造业迎来估值重估短期业绩高增远期空间广阔