Guojin Securities deputy head and utilities/coal & environmental chief analyst
Jiang Tao says a clear 2030 capacity target and steady approval cadence should
keep the nuclear sector on a stable-to-improving trajectory through the 15th
Five-Year period. Construction has moved into batch, continuous execution, which
should expand orderbooks and raise capacity utilization across the supply chain.
Orders for nuclear-island and conventional-island core equipment are likely to
show the improvement first, with supplier earnings to release as production,
delivery and acceptance progress. On the operating side, fleet scale-up and
gradual tariff-mechanism improvement should boost operators’ cash flow and
earnings stability; asset depreciation roll-off, lower finance costs and higher
Dividends should further reinforce nuclear operators’ utility-like profile.
