<p>我想你现在已经听说这个消息了？</p>
<p>在宣布计划重启三里岛 1 号机组并将其用于为 <strong>微软</strong> 服务器农场提供核电的九个月后，<strong>Constellation Energy</strong>（CEG 0.64%）再次宣布与 <strong>Meta Platforms</strong>（META 0.14%）签署了类似的协议。投资者立即做出了反应，今天盘前交易中，Constellation 的股价上涨了多达 15%（尽管该股已经回吐了涨幅，目前与昨天的收盘价持平）。</p>
<p>相比之下，各种其他核能股票今天都在飙升。Constellation 的竞争对手 <strong>Vistra</strong>（VST 6.05%）在今天上午 11:10（东部时间）上涨了 4.4%。核电厂建设公司 <strong>Fluor</strong>（FLR 5.83%）的股价上涨了 5.1%。而铀燃料浓缩公司 <strong>Centrus Energy</strong>（LEU 8.88%）表现最佳，涨幅达到 7.1%！</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MzEvbW90aGVyLWFuZC1zb24taG9sZC1oYW5kcy1pbi1hLWZpZWxkLW9mLWZsb3dlcnMtb3V0c2lkZS1hLW51Y2xlYXItcG93ZXItc3RhdGlvbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MzEvbW90aGVyLWFuZC1zb24taG9sZC1oYW5kcy1pbi1hLWZpZWxkLW9mLWZsb3dlcnMtb3V0c2lkZS1hLW51Y2xlYXItcG93ZXItc3RhdGlvbi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这场（核能）热潮到底是怎么回事？</h2>
<p>Constellation 今天早上在一份新闻稿中描述了其最新的核电交易。该公司将使用位于伊利诺伊州的克林顿清洁能源中心（CCEC）核电站为 Meta 的服务器农场提供电力，而不是三里岛。</p>
<p>从 2027 年 6 月开始，持续 20 年，该公司将向 Meta 提供 1,121 兆瓦（超过 1.1 吉瓦）的清洁核能。该协议将支持 Constellation 计划将 CCEC 的发电量提高 30 兆瓦。它还将延长 CCEC 核电站的使用寿命，该电站最初计划于 2017 年关闭，后来将其使用寿命延长至 2027 年中期，甚至延续到 2040 年代。</p>
<p>此外，Constellation 指出，如果电力需求证明合理，该公司可能会 “延长该电站现有的早期场地许可证，或向核能监管委员会申请新的建设许可证，以在克林顿清洁能源中心建设先进核反应堆或小型模块化反应堆（SMR）。”</p>
<h2>这对 Constellation 和其他核能股票意味着什么</h2>
<p>因此，你可以理解为什么投资者对 Constellation 今天早上的消息如此兴奋。对于 Constellation 本身来说，这项计划承诺利用现有投资和数十年的沉没成本，为其股东赚取至少 22 年的利润。（作为参考，Constellation 去年从其电力业务中赚取了 37 亿美元。）</p>
<p>但这一消息对核电行业也有更广泛的影响。</p>
<p>今年早些时候，正如你可能还记得的那样，核能股票投资者在得知微软可能在未来人工智能（AI）服务的需求上采取保守态度时感到震惊，并且对其与 Constellation 签署的支持协议产生了疑虑。报道称，微软取消了 “几百兆瓦” 的数据中心租赁，并 “缩减” 了租赁新数据中心空间的项目。</p>
<p>当然，关于缩减的一个理论是，微软无法为新的数据中心找到足够的电力。但另一个令核能投资者担忧的次要理论是，微软可能认为未来对 AI 的需求不足以证明即使有电力可用也要额外 “购买” 电力。</p>
<p>然而，今天 Meta 与 Constellation 之间的电力供应协议似乎在某种程度上缓解了这些担忧。也许微软并不认为需要大量额外的核电，超出其已经签约的部分。但 Meta 显然需要，并刚刚签署了支付协议。</p>
<h2>现在是购买 Fluor、Centrus 或 Vistra 股票的时候吗？</h2>
<p>现在投资者必须弄清楚如何对这一好消息做出反应。你应该通过购买帮助建设核电站的 Fluor 股票来反应吗？还是购买帮助为其提供燃料的 Centrus？或者作为 Constellation 的直接竞争对手，Vistra 是否是更好的选择，作为任何有利于 Constellation 的趋势的受益者？</p>
<p>然而，这个问题并不像应该的那样容易回答。乍一看，Fluor 股票似乎是显而易见的购买选择。Fluor 的市盈率不到 4 倍，显然比 Centrus 的市盈率超过 19 倍，或 Vistra 的市盈率超过 26.5 倍要便宜得多。</p>
<p>然而，Fluor 的收益目前因其 <strong>NuScale</strong> 子公司的一次性会计收益而被夸大。不过，一旦这些收益在明年消失，该股的估值将上升到更合理的前瞻市盈率 17.5 倍。如果你考虑投资 Fluor，请务必关注这个数字。</p>
<p>与此同时，Vistra 股票最近才重新盈利。但它的增长如火如荼，预计 2023 年赚取 15 亿美元，2024 年赚取 26 亿美元，并预计在未来五年内每年保持超过 20% 的收益增长。Vistra 的股息收益率很小，仅为 0.5%，而其债务负担较重。不过，我有一种预感，它将比 Fluor 更简单的投资选择。</p>
<p>但 Centrus 是我最感兴趣的投资。Centrus 的市值仅为 21 亿美元，随着核能的日益普及，它无疑拥有最佳的增长前景。盈利且预计在未来四年内收益大约翻倍，超过每股 8 美元，带来约 25% 的增长率，微小的 Centrus Energy 可能是你最佳的核能投资选择。</p>

福陆

<p>Constellation Energy 宣布与 Meta Platforms 达成了一项新的核能协议，导致其股票以及其他核相关股票如 Vistra、Fluor 和 Centrus 的股价飙升。该协议将从 2027 年 6 月开始为 Meta 提供 1,121 兆瓦的清洁能源，延长 Clinton 清洁能源中心的使用寿命。这一消息缓解了人们对未来核能需求的担忧，特别是在微软缩减数据中心租赁之后。投资者现在正在考虑是否根据 Fluor、Centrus 或 Vistra 的估值和增长潜力进行投资</p>

<p>I assume you've heard the news by now?</p>
<div class="lb-trans"><p>我想你现在已经听说这个消息了？</p>
</div><p>Nine months after announcing plans to restart Three Mile Island Unit 1 and use it to provide nuclear power to <strong>Microsoft</strong> server farms, <strong>Constellation Energy</strong>(CEG 0.64%) is doing it again -- announcing it's signed a similar deal with <strong>Meta Platforms</strong>(META 0.14%). Investors reacted immediately, bidding up Constellation shares as much as 15% pre-market open today (although the stock has given back its gains, and is now flat against yesterday's close).</p>
<div class="lb-trans"><p>在宣布计划重启三里岛 1 号机组并将其用于为 <strong>微软</strong> 服务器农场提供核电的九个月后，<strong>Constellation Energy</strong>（CEG 0.64%）再次宣布与 <strong>Meta Platforms</strong>（META 0.14%）签署了类似的协议。投资者立即做出了反应，今天盘前交易中，Constellation 的股价上涨了多达 15%（尽管该股已经回吐了涨幅，目前与昨天的收盘价持平）。</p>
</div><p>In contrast, all sorts of <em>other</em> nuclear stocks are surging today. Constellation rival <strong>Vistra</strong>(VST 6.05%) gained 4.4% through 11:10 a.m. ET today. Nuclear plant construction firm <strong>Fluor</strong>(FLR 5.83%) stock is up 5.1%. And uranium fuel enricher <strong>Centrus Energy</strong>(LEU 8.88%) is doing best of all -- up 7.1%!</p>
<div class="lb-trans"><p>相比之下，各种其他核能股票今天都在飙升。Constellation 的竞争对手 <strong>Vistra</strong>（VST 6.05%）在今天上午 11:10（东部时间）上涨了 4.4%。核电厂建设公司 <strong>Fluor</strong>（FLR 5.83%）的股价上涨了 5.1%。而铀燃料浓缩公司 <strong>Centrus Energy</strong>（LEU 8.88%）表现最佳，涨幅达到 7.1%！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MzEvbW90aGVyLWFuZC1zb24taG9sZC1oYW5kcy1pbi1hLWZpZWxkLW9mLWZsb3dlcnMtb3V0c2lkZS1hLW51Y2xlYXItcG93ZXItc3RhdGlvbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820431%2Fmother-and-son-hold-hands-in-a-field-of-flowers-outside-a-nuclear-power-station.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What's all the (nuclear) fuss about?</h2>
<div class="lb-trans"><h2>这场（核能）热潮到底是怎么回事？</h2>
</div><p>Constellation described its latest nuclear power deal in a press release this morning. Instead of 3 Mile Island, the company will use its Clinton Clean Energy Center (CCEC) nuclear power plant in Illinois to provide power to Meta's server farms.</p>
<div class="lb-trans"><p>Constellation 今天早上在一份新闻稿中描述了其最新的核电交易。该公司将使用位于伊利诺伊州的克林顿清洁能源中心（CCEC）核电站为 Meta 的服务器农场提供电力，而不是三里岛。</p>
</div><p>Beginning in June 2027 and extending out 20 years, the company will provide 1,121 megawatts (more than 1.1 gigawatts) of clean nuclear energy to Meta. The deal will support Constellation's plans to increase power output at CCEC by 30 megawatts. It will also extend the service life of the CCEC nuclear plant, which was first slated to close in 2017, and then had its lifespan prolonged through mid-2027, well into the 2040s.</p>
<div class="lb-trans"><p>从 2027 年 6 月开始，持续 20 年，该公司将向 Meta 提供 1,121 兆瓦（超过 1.1 吉瓦）的清洁核能。该协议将支持 Constellation 计划将 CCEC 的发电量提高 30 兆瓦。它还将延长 CCEC 核电站的使用寿命，该电站最初计划于 2017 年关闭，后来将其使用寿命延长至 2027 年中期，甚至延续到 2040 年代。</p>
</div><p>Furthermore, Constellation noted that if power demand justifies it, the company might &#34;extend the plant's existing early site permit or seek a new construction permit from the Nuclear Regulatory Commission to pursue development of an advanced nuclear reactor or small modular reactor (SMR) at the Clinton Clean Energy Center site.&#34;</p>
<div class="lb-trans"><p>此外，Constellation 指出，如果电力需求证明合理，该公司可能会 “延长该电站现有的早期场地许可证，或向核能监管委员会申请新的建设许可证，以在克林顿清洁能源中心建设先进核反应堆或小型模块化反应堆（SMR）。”</p>
</div><h2>What this means for Constellation... and for other nuclear stocks</h2>
<div class="lb-trans"><h2>这对 Constellation 和其他核能股票意味着什么</h2>
</div><p>So you can see why investors were so happy about Constellation's news this morning. For Constellation itself, the plan promises to leverage an existing investment and decades of sunk costs, to earn at least another 22 years' worth of profits for its shareholders. (For context, Constellation earned $3.7 billion from its power business last year.)</p>
<div class="lb-trans"><p>因此，你可以理解为什么投资者对 Constellation 今天早上的消息如此兴奋。对于 Constellation 本身来说，这项计划承诺利用现有投资和数十年的沉没成本，为其股东赚取至少 22 年的利润。（作为参考，Constellation 去年从其电力业务中赚取了 37 亿美元。）</p>
</div><p>But the news has broader implications for the nuclear power industry as well.</p>
<div class="lb-trans"><p>但这一消息对核电行业也有更广泛的影响。</p>
</div><p>Earlier this year, as you may recall, nuclear stock investors got something of a shock when it was reported that Microsoft might be hedging its bets on future demand for artificial intelligence (AI) services, and for the kind of power agreements it signed with Constellation to support them. Microsoft was reported to have canceled &#34;a couple of hundred MWs&#34; worth of data center leases in the United States, and to have &#34;pulled back&#34; on projects to lease new data center space.</p>
<div class="lb-trans"><p>今年早些时候，正如你可能还记得的那样，核能股票投资者在得知微软可能在未来人工智能（AI）服务的需求上采取保守态度时感到震惊，并且对其与 Constellation 签署的支持协议产生了疑虑。报道称，微软取消了 “几百兆瓦” 的数据中心租赁，并 “缩减” 了租赁新数据中心空间的项目。</p>
</div><p>Granted, one theory behind the pullback was that Microsoft wasn't able to find enough power for new data centers. But a secondary theory -- one concerning to nuclear investors -- was that Microsoft might not see enough future demand for AI to justify <em>buying</em> additional power even if it is available.</p>
<div class="lb-trans"><p>当然，关于缩减的一个理论是，微软无法为新的数据中心找到足够的电力。但另一个令核能投资者担忧的次要理论是，微软可能认为未来对 AI 的需求不足以证明即使有电力可用也要额外 “购买” 电力。</p>
</div><p>Today's power supply agreement between Meta and Constellation, however, would appear to allay those concerns somewhat. <em>Maybe</em> Microsoft doesn't see a need for a lot of additional nuclear power, beyond what it's already contracted for. But Meta <em>definitely</em> does, and has just signed up to pay for it.</p>
<div class="lb-trans"><p>然而，今天 Meta 与 Constellation 之间的电力供应协议似乎在某种程度上缓解了这些担忧。也许微软并不认为需要大量额外的核电，超出其已经签约的部分。但 Meta 显然需要，并刚刚签署了支付协议。</p>
</div><h2>Is it time to buy Fluor, Centrus, or Vistra stocks?</h2>
<div class="lb-trans"><h2>现在是购买 Fluor、Centrus 或 Vistra 股票的时候吗？</h2>
</div><p>Now investors have to figure out how to react to this good news. Should you do that by buying Fluor stock, which helps build nuclear power plants? Or perhaps Centrus, which helps fuel them? Or is Vistra the better buy, as a direct competitor to Constellation and a presumed beneficiary of any trends that bolster Constellation?</p>
<div class="lb-trans"><p>现在投资者必须弄清楚如何对这一好消息做出反应。你应该通过购买帮助建设核电站的 Fluor 股票来反应吗？还是购买帮助为其提供燃料的 Centrus？或者作为 Constellation 的直接竞争对手，Vistra 是否是更好的选择，作为任何有利于 Constellation 的趋势的受益者？</p>
</div><p>That's not quite as easy a question to answer as it should be, however. At first glance, Fluor stock looks like the obvious buy. Priced under 4 (!) times earnings, Fluor stock certainly looks a lot cheaper than Centrus stock, which costs more than 19 times earnings, or Vistra, which costs more than 26.5 times earnings.</p>
<div class="lb-trans"><p>然而，这个问题并不像应该的那样容易回答。乍一看，Fluor 股票似乎是显而易见的购买选择。Fluor 的市盈率不到 4 倍，显然比 Centrus 的市盈率超过 19 倍，或 Vistra 的市盈率超过 26.5 倍要便宜得多。</p>
</div><p>Fluor's earnings are currently inflated by one-time accounting gains related to its <strong>NuScale</strong> subsidiary, however. Once those gains roll off the back end next year, though, the stock's valuation will rise to a more reasonable-looking 17.5 times forward earnings. If you're contemplating an investment in Fluor, make sure to focus on that number.</p>
<div class="lb-trans"><p>然而，Fluor 的收益目前因其 <strong>NuScale</strong> 子公司的一次性会计收益而被夸大。不过，一旦这些收益在明年消失，该股的估值将上升到更合理的前瞻市盈率 17.5 倍。如果你考虑投资 Fluor，请务必关注这个数字。</p>
</div><p>Vistra stock, meanwhile, only recently turned profitable again. But it's growing like wildfire, earning $1.5 billion in 2023 and $2.6 billion in 2024 -- and expected to keep growing earnings in excess of 20% annually over the next five years. Vistra's dividend yield is tiny, only 0.5%, and its debt load is large. Still, I have a hunch it will make for a simpler investment than Fluor.</p>
<div class="lb-trans"><p>与此同时，Vistra 股票最近才重新盈利。但它的增长如火如荼，预计 2023 年赚取 15 亿美元，2024 年赚取 26 亿美元，并预计在未来五年内每年保持超过 20% 的收益增长。Vistra 的股息收益率很小，仅为 0.5%，而其债务负担较重。不过，我有一种预感，它将比 Fluor 更简单的投资选择。</p>
</div><p>But Centrus is the investment that intrigues me most. Valued at just a $2.1 billion in market cap, Centrus has arguably the best growth prospects ahead of it as nuclear power becomes more popular. Profitable and with earnings expected to roughly double over the next four years, to more than $8 a share, resulting in about a 25% growth rate, tiny Centrus Energy just might be your best nuclear bet.</p>
<div class="lb-trans"><p>但 Centrus 是我最感兴趣的投资。Centrus 的市值仅为 21 亿美元，随着核能的日益普及，它无疑拥有最佳的增长前景。盈利且预计在未来四年内收益大约翻倍，超过每股 8 美元，带来约 25% 的增长率，微小的 Centrus Energy 可能是你最佳的核能投资选择。</p>
</div>

Why Constellation's News Drove Fluor, Centrus, and Vistra Stocks Higher

为什么 Constellation 的消息推动了 Fluor、Centrus 和 Vistra 的股价上涨