金吾财讯 | 中信证券表示，自2025年5月23日特朗普签署推动美国核电产业发展的行政命令后，美国小型模块化反应堆产业监管呈现持续松绑趋势。需求侧方面，数据中心电力需求快速增长下核电持续保持溢价；供给侧方面，产业技术趋于成熟，该机构预计商业化运营最快时间为2027~2028年。在AI需求+政策支持的双轮驱动下，该机构预计未来20年内美国小型模块化反应堆产业的总投入规模将接近万亿美元。其中，预计建设市场年投入将超300亿美元，2048年燃料市场规模将达183亿美元。由于目前小型模块化反应堆目前仍处商业化前夜，该机构预计上游的燃料及原材料供给和中游的设备制造环节将率先受益。
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