日本清洁能源：核能：日美战略投资：报道称第三批资金可能聚焦小型模块化反应堆（SMR）；重申对日本制钢所（JSW）的买入评级

According to a Kyodo News report on September 12 JST, next-generation small modular reactors (SMRs) are the leading candidate for the third tranche of the total US$550bn in US investment projects based on the July 2025 Japan-US tariff agreement, while large-scale nuclear reactors are also reported to be under consideration; however, cautious views are reportedly emerging from Japanese nuclear equipment manufacturers expected to participate. SMRs were also included in the second-tranche projects announced at the March 2026 Japan-US summit, when the two governments were assuming the installation of around 10 units, and the aim from the third tranche onward is to further expand this scale. Although SMRs are small modular reactors, the dimensions of primary-system nuclear components for SMRs are generally comparable to those of conventional reactors, and Japan Steel Works holds a high global share in large forged nuclear reactor components. We reiterate our Buy rating on Japan Steel Works;