L0上游

能源

Generation and fuel feeding the grid that AI datacenters draw on: gas, nuclear, renewables, storage.

需求为什么传导到这里

多数 AI 产业链图从 GPU 开始，其实电力在更前面。加速器本质是把电转成 token 的设备，所以需求会一路向上传导：模型训练 → 数据中心 → 电网 → 发电端（天然气、核电、光伏、风电，以及用来平抑波动的储能）。

瓶颈在哪

发电能力无法按软件的节奏扩张，新增供给以年计。所以并网排队和选址往往比芯片更早成为真正的约束。

这是关于供应商集中度与交期的结构性观察，不是对任何标的的看法。

本层级的公司

CCJ受益
Uranium mining and nuclear fuel services — upstream of nuclear generation.
股票研究
BWXT受益
Nuclear components and small modular reactor manufacturing.
股票研究
OKLO受益
Advanced fission reactor developer targeting datacenter power supply.
股票研究
XE受益
Advanced nuclear reactor and fuel developer.
股票研究
CEG受益
Largest US nuclear generation fleet; sells firm power under long-term contracts.
股票研究
VST受益
Independent power producer with nuclear and gas generation.
股票研究
TLN受益
Independent power producer with nuclear generation.
股票研究
NRG受益
Independent power producer and retail electricity provider.
股票研究
LEU受益
Uranium enrichment and nuclear fuel supply.
股票研究
SMR受益
Small modular reactor developer.
股票研究

引用这些标的的公开 13F 申报

供研究参考，不构成任何推荐。以下是已向 SEC 存档的事实；把某个标的归入本层级是我们的分类，申报人并未作出这样的表述。

ARK Investment Managementreported a position inBWXT
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Bridgewater Associatesreported a position inBWXT
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Fundstrat Capitalreported a position inBWXT
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
ARK Investment Managementreported a position inCCJ
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Fundstrat Capitalreported a position inCCJ
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
ARK Investment Managementreported a position inOKLO
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Bridgewater Associatesreported a position inOKLO
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
ARK Investment Managementreported a position inXE
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Viking Global Investorsreported a position inXE
Form 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing

下列条目来自 SEC 公开的 Form 13F-HR 申报，由申报主体就所示期间申报、并在其后提交 —— 它们不是当前持仓。Form 13F 仅覆盖美股多头头寸：不含空头、现金、非美资产和大多数衍生品，且申报的头寸可能已被卖出。把某个标的归入某一层级是 XingAI 的分类，不是申报人的。此处没有任何推荐，机构申报持有某标的也不构成你持有它的理由。

Descriptive positioning only. `stance` says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.