<p>我想你現在已經聽説這個消息了？</p>
<p>在宣佈計劃重啓三里島 1 號機組並將其用於為 <strong>微軟</strong> 服務器農場提供核電的九個月後，<strong>Constellation Energy</strong>（CEG 0.64%）再次宣佈與 <strong>Meta Platforms</strong>（META 0.14%）簽署了類似的協議。投資者立即做出了反應，今天盤前交易中，Constellation 的股價上漲了多達 15%（儘管該股已經回吐了漲幅，目前與昨天的收盤價持平）。</p>
<p>相比之下，各種其他核能股票今天都在飆升。Constellation 的競爭對手 <strong>Vistra</strong>（VST 6.05%）在今天上午 11:10（東部時間）上漲了 4.4%。核電廠建設公司 <strong>Fluor</strong>（FLR 5.83%）的股價上漲了 5.1%。而鈾燃料濃縮公司 <strong>Centrus Energy</strong>（LEU 8.88%）表現最佳，漲幅達到 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>圖片來源：Getty Images。</p>
<h2>這場（核能）熱潮到底是怎麼回事？</h2>
<p>Constellation 今天早上在一份新聞稿中描述了其最新的核電交易。該公司將使用位於伊利諾伊州的克林頓清潔能源中心（CCEC）核電站為 Meta 的服務器農場提供電力，而不是三里島。</p>
<p>從 2027 年 6 月開始，持續 20 年，該公司將向 Meta 提供 1,121 兆瓦（超過 1.1 吉瓦）的清潔核能。該協議將支持 Constellation 計劃將 CCEC 的發電量提高 30 兆瓦。它還將延長 CCEC 核電站的使用壽命，該電站最初計劃於 2017 年關閉，後來將其使用壽命延長至 2027 年中期，甚至延續到 2040 年代。</p>
<p>此外，Constellation 指出，如果電力需求證明合理，該公司可能會 “延長該電站現有的早期場地許可證，或向核能監管委員會申請新的建設許可證，以在克林頓清潔能源中心建設先進核反應堆或小型模塊化反應堆（SMR）。”</p>
<h2>這對 Constellation 和其他核能股票意味着什麼</h2>
<p>因此，你可以理解為什麼投資者對 Constellation 今天早上的消息如此興奮。對於 Constellation 本身來説，這項計劃承諾利用現有投資和數十年的沉沒成本，為其股東賺取至少 22 年的利潤。（作為參考，Constellation 去年從其電力業務中賺取了 37 億美元。）</p>
<p>但這一消息對核電行業也有更廣泛的影響。</p>
<p>今年早些時候，正如你可能還記得的那樣，核能股票投資者在得知微軟可能在未來人工智能（AI）服務的需求上採取保守態度時感到震驚，並且對其與 Constellation 簽署的支持協議產生了疑慮。報道稱，微軟取消了 “幾百兆瓦” 的數據中心租賃，並 “縮減” 了租賃新數據中心空間的項目。</p>
<p>當然，關於縮減的一個理論是，微軟無法為新的數據中心找到足夠的電力。但另一個令核能投資者擔憂的次要理論是，微軟可能認為未來對 AI 的需求不足以證明即使有電力可用也要額外 “購買” 電力。</p>
<p>然而，今天 Meta 與 Constellation 之間的電力供應協議似乎在某種程度上緩解了這些擔憂。也許微軟並不認為需要大量額外的核電，超出其已經簽約的部分。但 Meta 顯然需要，並剛剛簽署了支付協議。</p>
<h2>現在是購買 Fluor、Centrus 或 Vistra 股票的時候嗎？</h2>
<p>現在投資者必須弄清楚如何對這一好消息做出反應。你應該通過購買幫助建設核電站的 Fluor 股票來反應嗎？還是購買幫助為其提供燃料的 Centrus？或者作為 Constellation 的直接競爭對手，Vistra 是否是更好的選擇，作為任何有利於 Constellation 的趨勢的受益者？</p>
<p>然而，這個問題並不像應該的那樣容易回答。乍一看，Fluor 股票似乎是顯而易見的購買選擇。Fluor 的市盈率不到 4 倍，顯然比 Centrus 的市盈率超過 19 倍，或 Vistra 的市盈率超過 26.5 倍要便宜得多。</p>
<p>然而，Fluor 的收益目前因其 <strong>NuScale</strong> 子公司的一次性會計收益而被誇大。不過，一旦這些收益在明年消失，該股的估值將上升到更合理的前瞻市盈率 17.5 倍。如果你考慮投資 Fluor，請務必關注這個數字。</p>
<p>與此同時，Vistra 股票最近才重新盈利。但它的增長如火如荼，預計 2023 年賺取 15 億美元，2024 年賺取 26 億美元，並預計在未來五年內每年保持超過 20% 的收益增長。Vistra 的股息收益率很小，僅為 0.5%，而其債務負擔較重。不過，我有一種預感，它將比 Fluor 更簡單的投資選擇。</p>
<p>但 Centrus 是我最感興趣的投資。Centrus 的市值僅為 21 億美元，隨着核能的日益普及，它無疑擁有最佳的增長前景。盈利且預計在未來四年內收益大約翻倍，超過每股 8 美元，帶來約 25% 的增長率，微小的 Centrus Energy 可能是你最佳的核能投資選擇。</p>

福陸

<p>Constellation Energy 宣佈與 Meta Platforms 達成了一項新的核能協議，導致其股票以及其他核相關股票如 Vistra、Fluor 和 Centrus 的股價飆升。該協議將從 2027 年 6 月開始為 Meta 提供 1,121 兆瓦的清潔能源，延長 Clinton 清潔能源中心的使用壽命。這一消息緩解了人們對未來核能需求的擔憂，特別是在微軟縮減數據中心租賃之後。投資者現在正在考慮是否根據 Fluor、Centrus 或 Vistra 的估值和增長潛力進行投資</p>

<p>I assume you've heard the news by now?</p>
<div class="lb-trans"><p>我想你現在已經聽説這個消息了？</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>在宣佈計劃重啓三里島 1 號機組並將其用於為 <strong>微軟</strong> 服務器農場提供核電的九個月後，<strong>Constellation Energy</strong>（CEG 0.64%）再次宣佈與 <strong>Meta Platforms</strong>（META 0.14%）簽署了類似的協議。投資者立即做出了反應，今天盤前交易中，Constellation 的股價上漲了多達 15%（儘管該股已經回吐了漲幅，目前與昨天的收盤價持平）。</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，各種其他核能股票今天都在飆升。Constellation 的競爭對手 <strong>Vistra</strong>（VST 6.05%）在今天上午 11:10（東部時間）上漲了 4.4%。核電廠建設公司 <strong>Fluor</strong>（FLR 5.83%）的股價上漲了 5.1%。而鈾燃料濃縮公司 <strong>Centrus Energy</strong>（LEU 8.88%）表現最佳，漲幅達到 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>圖片來源：Getty Images。</p>
</div><h2>What's all the (nuclear) fuss about?</h2>
<div class="lb-trans"><h2>這場（核能）熱潮到底是怎麼回事？</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 今天早上在一份新聞稿中描述了其最新的核電交易。該公司將使用位於伊利諾伊州的克林頓清潔能源中心（CCEC）核電站為 Meta 的服務器農場提供電力，而不是三里島。</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>從 2027 年 6 月開始，持續 20 年，該公司將向 Meta 提供 1,121 兆瓦（超過 1.1 吉瓦）的清潔核能。該協議將支持 Constellation 計劃將 CCEC 的發電量提高 30 兆瓦。它還將延長 CCEC 核電站的使用壽命，該電站最初計劃於 2017 年關閉，後來將其使用壽命延長至 2027 年中期，甚至延續到 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，如果電力需求證明合理，該公司可能會 “延長該電站現有的早期場地許可證，或向核能監管委員會申請新的建設許可證，以在克林頓清潔能源中心建設先進核反應堆或小型模塊化反應堆（SMR）。”</p>
</div><h2>What this means for Constellation... and for other nuclear stocks</h2>
<div class="lb-trans"><h2>這對 Constellation 和其他核能股票意味着什麼</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，你可以理解為什麼投資者對 Constellation 今天早上的消息如此興奮。對於 Constellation 本身來説，這項計劃承諾利用現有投資和數十年的沉沒成本，為其股東賺取至少 22 年的利潤。（作為參考，Constellation 去年從其電力業務中賺取了 37 億美元。）</p>
</div><p>But the news has broader implications for the nuclear power industry as well.</p>
<div class="lb-trans"><p>但這一消息對核電行業也有更廣泛的影響。</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>今年早些時候，正如你可能還記得的那樣，核能股票投資者在得知微軟可能在未來人工智能（AI）服務的需求上採取保守態度時感到震驚，並且對其與 Constellation 簽署的支持協議產生了疑慮。報道稱，微軟取消了 “幾百兆瓦” 的數據中心租賃，並 “縮減” 了租賃新數據中心空間的項目。</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>當然，關於縮減的一個理論是，微軟無法為新的數據中心找到足夠的電力。但另一個令核能投資者擔憂的次要理論是，微軟可能認為未來對 AI 的需求不足以證明即使有電力可用也要額外 “購買” 電力。</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 與 Constellation 之間的電力供應協議似乎在某種程度上緩解了這些擔憂。也許微軟並不認為需要大量額外的核電，超出其已經簽約的部分。但 Meta 顯然需要，並剛剛簽署了支付協議。</p>
</div><h2>Is it time to buy Fluor, Centrus, or Vistra stocks?</h2>
<div class="lb-trans"><h2>現在是購買 Fluor、Centrus 或 Vistra 股票的時候嗎？</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>現在投資者必須弄清楚如何對這一好消息做出反應。你應該通過購買幫助建設核電站的 Fluor 股票來反應嗎？還是購買幫助為其提供燃料的 Centrus？或者作為 Constellation 的直接競爭對手，Vistra 是否是更好的選擇，作為任何有利於 Constellation 的趨勢的受益者？</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，這個問題並不像應該的那樣容易回答。乍一看，Fluor 股票似乎是顯而易見的購買選擇。Fluor 的市盈率不到 4 倍，顯然比 Centrus 的市盈率超過 19 倍，或 Vistra 的市盈率超過 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> 子公司的一次性會計收益而被誇大。不過，一旦這些收益在明年消失，該股的估值將上升到更合理的前瞻市盈率 17.5 倍。如果你考慮投資 Fluor，請務必關注這個數字。</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>與此同時，Vistra 股票最近才重新盈利。但它的增長如火如荼，預計 2023 年賺取 15 億美元，2024 年賺取 26 億美元，並預計在未來五年內每年保持超過 20% 的收益增長。Vistra 的股息收益率很小，僅為 0.5%，而其債務負擔較重。不過，我有一種預感，它將比 Fluor 更簡單的投資選擇。</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 是我最感興趣的投資。Centrus 的市值僅為 21 億美元，隨着核能的日益普及，它無疑擁有最佳的增長前景。盈利且預計在未來四年內收益大約翻倍，超過每股 8 美元，帶來約 25% 的增長率，微小的 Centrus Energy 可能是你最佳的核能投資選擇。</p>
</div>

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

為什麼 Constellation 的消息推動了 Fluor、Centrus 和 Vistra 的股價上漲