金吾财讯 | 中国银河证券发研报指，核电装机成长空间广阔，关注核聚变发展机遇。在“坚持风光水核等多能并举”的基础上，《建议》提出“前瞻布局未来产业，推动氢能和核聚变能等成为新的经济增长点”。国内自2022年起已连续4年核准核电机组数量≥10台，在建&待建装机占存量在运装机的107%，装机成长确定性强。此前核电市场化电价存在一定压力，导致市场担忧其装机增长的业绩兑现程度，但我们看到广东26年开始取消核电变动成本补偿机制，市场化电价机制趋向合理；且考虑到核电属于稳定清洁的基荷电源，其可靠性价值未来或将进一步得到体现。而从技术路线来讲，目前国内处于三代核电技术批量化建设、四代核电技术逐步商业化阶段，根据核能“三步走”战略，核聚变将是终极目标。近日，安徽合肥紧凑型聚变能实验装置（BEST）主机系统中最重的部件——杜瓦底座成功落座，并预计2027年建成。我们建议密切关注核聚变领域积极进展对产业链的催化，个股建设关注皖能电力、中国核电、中国广核等。
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