CITIC Securities: AI demand triggers a comprehensive revival of the global nuclear power industry, and the valuation of the nuclear power manufacturing industry is expected to be reassessed.

CITIC Securities research report believes that the demand for AI is causing a comprehensive revival of the global nuclear power industry, and the valuation of the high-profit, high-growth nuclear power manufacturing industry is expected to be reassessed. Domestic nuclear power has entered a peak period of normalization approval and construction, and it is expected that components will enter a peak delivery period starting in 2026, leading to accelerated industry profit release. At the same time, the significant increase in demand for advanced reactors, nuclear technology applications, exports, and spent fuel reprocessing will contribute to industry profits. In the long term, the valuation benchmark switch brought by nuclear fusion is expected to significantly increase sector valuation, making the nuclear power industry a strong recommendation.