State Council Approves Four Nuclear Projects, Eight Units, Investment Exceeds RMB 170 Billion

On July 31, the State Council executive meeting approved four nuclear power projects, including the Liaoning Zhuanghe Phase I project, totaling eight units. The approved projects include the Zhejiang Jinqimen Nuclear Power Phase II (Units 3 and 4), Guangdong Taipingling Nuclear Power Phase III (Units 5 and 6), Liaoning Zhuanghe Nuclear Power Phase I (Units 1 and 2) and Shandong Laiyang Nuclear Power Phase I (Units 1 and 2). Estimated total investment in the newly approved projects exceeds RMB 170 billion.

CGN disclosed that its subsidiary CGN Huizhou No. 3 Nuclear Power Co. , Ltd. obtained approval for Huizhou Units 5 and 6, which will use Hualong One 2.0 nuclear technology with a single-unit capacity of 1,217 MW. China National Nuclear Power disclosed that Liaoning Zhuanghe Units 1 and 2 and Zhejiang Jinqimen Units 3 and 4 were approved, with its subsidiaries CNNC Datang Zhuanghe Nuclear Power Co. and CNNC (Xiangshan) Nuclear Energy Co. serving as owners. SPIC Capital Holdings announced that Shandong Laiyang Units 1 and 2 were approved, with SPIC Nuclear Power (Laiyang) Nuclear Energy Co. established as the owner.

On August 3, A-share nuclear power stocks surged, with the Wind Nuclear Power Index rising 4.69%. Jiusheng Electric, China Nuclear Engineering, Jiangsu Shentong and Heduan Intelligent Manufacturing were among the stocks hitting the daily limit up. Main capital net inflow into the nuclear power sector exceeded RMB 2.6 billion.

From 2022 to 2025, China approved 10 or more nuclear power units each year for four consecutive years. In June 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the 15th Five-Year Plan for Building a New Energy System, which proposes actively, safely and orderly developing nuclear power, focusing on third-generation pressurized water reactor technology, maintaining a steady construction pace, and reaching approximately 110 million kW of operating nuclear capacity by 2030.

As of end-June 2026, China's installed nuclear power capacity stood at approximately 66.14 million kW, up 8.6% year on year, accounting for more than 1.6% of the country's total installed power generation capacity. In the first half of 2026, China's nuclear power generation reached 234.63 billion kWh.

Hualong One is a self-developed third-generation nuclear power technology, with its first demonstration unit entering commercial operation in January 2021. To date, 10 Hualong One units are in commercial operation domestically and internationally, with another 37 units approved or under construction, the largest number among third-generation nuclear reactors globally. The Zhejiang Jinqimen Phase II and Guangdong Taipingling Phase III projects have been designated as Hualong One 2.0 demonstration projects. This version adopts Chinese standards, proprietary software and optimized active and passive safety systems, and applies advanced technologies in intelligent control and modular construction, reducing engineering workload while improving safety and economics.

In the nuclear fusion arena, on July 28 local time in France, the sixth vacuum vessel module of the International Thermonuclear Experimental Reactor (ITER) tokamak was completed and precisely positioned, with vacuum vessel module assembly progress exceeding two-thirds. Global fusion investment has surpassed US$10 billion cumulatively, with over US$2.6 billion raised in 2025 alone. Nearly 40 countries are currently advancing fusion programs, with more than 160 fusion devices operating, under construction or planned. China Fusion Energy Co. plans to build the "China Huanliu-4" experimental device in Shanghai and accelerate the path from laboratory to engineering for high-temperature superconducting magnets.