中国目前在建的14个主要可控核聚变项目总投资规模达1362亿元，未来3-5年是招标关键窗口期。民生 证券分析指出，可控核聚变已进入基础设施建设密集期，投资主体涵盖科研机构、国企和民企。 | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 2025年7月22日，中国聚变能源有限公司挂牌成立大会在沪举行，中国聚变能源公司是中核集团直属 二级单位。 中国核电(601985.SH)公告，拟投资10亿元参股中国聚变能源有限公司，浙能电力(600023.SH)同期投 资7.51亿元（持股5%），标志着我国核聚变商业化进程加速。 中国核聚变产业投资全景与核心企业图谱 制图:市值风云APP l 核聚变产业投资背景 2025年7月22日,中国核电(601985) 公告拟投资10亿元参股中国聚变能源 有限公司（持股6.65%），浙能电力 (600023)同期投资7.51亿元(持股 5%)、标志着我国核聚变商业化进程 加速。 根据行业数据,中国目前在建的14个 主要可控核聚变项目总投资规模达 1362亿元,未来3-5年是招标关键窗 口期。民生证券分析指出,可控核聚 变已进入基础设施建设密 ...

英杰电气 20250721 摘要 英杰电器在可控核聚变领域取得进展，产品已应用于多个国内项目， 2024 年销售额达上千万，预计 2025 年订单量将继续增长，但需应对 激烈的市场竞争。 光伏行业虽是英杰电器的重要业务板块，营收占比约一半，但受行业下 行影响面临订单压力，国内订单从 2024 年的 6 亿多元大幅下降至 2025 年的 4,000 多万元。 英杰电器在大功率和高压型电源方面拥有技术优势，尤其是在多晶还原 炉兆瓦级功率和 IGBT 技术磁场电源方面积累了丰富经验，可满足特殊 直流电源需求。 英杰电器通过提升业绩和技术水平来赢得客户信任，积极与新客户对接， 争取在预计于 2025 年下半年至 2026 年上半年到来的采购高峰期获得 批量订单。 英杰电器在行业内处于领先地位，得益于强大的产能能力、专业的技术 储备以及资源优势，能够满足大功率及特殊要求，可能排除部分竞争对 手。 Q&A 英杰电器在可控核聚变领域的业务进展如何？ 英杰电器在可控核聚变领域的业务发展迅速。公司与西南物理研究所（585 所）合作已有 20 年，主要提供稳压管电源和磁场电源。虽然过去体量较小， 但随着技术的发展，公司开始从实验 ...

research.95579.com 1 行业研究丨深度报告丨电气设备 [Table_Title] 核聚变加速发展，配套电源迎来新机遇 %% %% %% %% 丨证券研究报告丨 报告要点 [Table_Summary] 近期核聚变得到了资本市场的高度关注，一方面是核聚变技术取得了突破，另一方面是行业资 本支出大幅增长。世界主要国家出台了支持政策，社会资本大量涌入，核聚变发展有望迎来拐 点。电源设备价值量占比高，而且技术壁垒突出。其中，磁体电源参数高，变流器是核心设备； 辅助加热系统分为四类，PSM 电源是主流路线。相关企业率先开展配套电源研发，并且中标大 科学工程采购项目，已经初步建立起护城河，有望充分受益于核聚变景气赛道。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BVD284 王耀 申浩树 SAC：S0490524120006 SAC：S0490525060004 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% re ...

英杰电气 公司为国内科研院所的核聚变重点项目，提供磁场电源、加热电源、控制系统电源以及辅助系统电源等 在内的全方位关键电源配套服务，目前产品已成功应用于多个国家级核聚变项目 联创光电 公司继续推动高温超导感应加热设备、高温超导磁控硅单晶设备、高温超导可控核聚变工程装备以及定 制化的高温超导设备的"3+N"产品布局，力争产品和技术合同金额迈上新台阶 合锻智能 公司核聚变业务主要致力于解决聚变堆复杂部件的研发制造，参与了聚变堆、真空室、偏滤器等核心部 件的制造预研工作，相关业务正在有序进行中 景业智能 7月15日，安徽合肥紧凑型聚变能实验装置（BEST）建设工地。 郭晨凯 制图 公司高度重视核聚变技术发展，公司参与的核聚变智能装备研发项目正按既定计划稳步推进中 部分A股公司披露核聚变领域布局进展 ◎记者 李兴彩 记者注意到，今年以来，我国可控核聚变技术商业部署按下"快进键"。比如，今年5月，合肥紧凑型聚 变能实验装置（BEST）工程总装工作提前两个月启动。6月，中国环流三号实现百万安培亿度H模，即 装置同时实现等离子体电流一百万安培、离子温度1亿度、高约束模式运行，综合参数聚变三乘积再创 新高，达到10的20次方 ...

证券代码：300820 证券简称：英杰电气 公告编号：2025-034 四川英杰电气股份有限公司 关于部分高级管理人员减持计划期限届满暨实施情况的公告 公司副总经理兼董事会秘书刘世伟先生、财务总监张海涛女士保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 四川英杰电气股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日披露了 《关于部分高级管理人员减持股份的预披露公告》（公告编号：2025-010），公司 副总经理兼董事会秘书刘世伟先生、财务总监张海涛女士计划在该公告披露之日起 15 个交易日后的 3 个月内（2025 年 4 月 16 日至 2025 年 7 月 15 日，相关法律法规 规定禁止减持的期间除外）以集中竞价方式减持公司股份合计不超过 39,000 股（占 公司总股本比例 0.0176%，占剔除公司回购专用账户中股份后总股本的 0.0177%）， 在减持计划实施期间，公司若发生送红股、转增股本、增发新股或配股等股本变动 事项，减持数量将进行相应调整。 公司于近日收到了刘世伟先生、张 ...

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Group 1 - The core focus of Yingjie Electric is on the research and manufacturing of industrial power supplies, covering areas such as photovoltaic, semiconductor, charging piles, energy storage, and research institutions [1] - The photovoltaic industry previously held a significant share of the company's business but is currently undergoing a downward adjustment cycle, prompting the company to actively pursue business transformation [1] - Progress has been made in the semiconductor and charging pile sectors, with the company having a strong technical foundation in controlled nuclear fusion power supplies, establishing long-term partnerships with top domestic research institutions [1] Group 2 - Orders related to nuclear fusion power supplies are expected to exceed 10 million yuan in 2024, indicating a broad market potential [1] - The company possesses experience in the research and development of high-power power supplies and has the capability for mass production, forming a technological advantage [1] - In the charging pile business, the company is developing new products for industry leaders and anticipates obtaining high-value-added orders, with breakthroughs in overseas market expansion expected to lead to significant growth by 2025 [1] Group 3 - The company emphasizes the importance of receivables in its photovoltaic business, with most of the goods shipped but not yet recognized as sales having their payments already collected, indicating manageable financial risks [1]

证券代码：300820 证券简称：英杰电气 四川英杰电气股份有限公司投资者关系活动记录表 答：公司当前正为国内行业龙头企业研发充电桩新产品， 相关产品已进入技术验证阶段。若验证工作顺利推进，预计将 获取高附加值订单，为充电桩业务板块构建稳固的营收支撑体 系。与此同时，公司加速海外市场战略布局并取得实质性突破， 通过旗下英杰新能源的控股与参股企业，已初步构建起覆盖海 编号：2025-005 问题 3：核聚变电源的市场空间如何？英杰的竞争优势是 什么？ 答：国内目前有多个核聚变项目，投资规模较大，达数十 亿元至百亿元级别，电源在项目投资中占相当比例，其中公司 已供货的磁场与加热电源占比更高。2025 年下半年多个项目将 进入招标阶段，公司正积极对接并跟踪项目招标进展。 核聚变领域的电源属于大功率电源，数兆瓦级的功率要求 及电源稳定性对厂商技术水平要求较高，形成了较高的技术壁 垒。依托公司多年大功率电源研发经验，在高电压、大电流控 制及抗干扰设计方面形成一定技术优势，同时作为营收规模达 十多亿元的专业电源研发制造企业，公司的量产能力具备相应 优势。 问题 4：请介绍一下公司 2025 年充电桩业务的情况。 投资者关 ...

英杰电气 20250702 摘要 英杰电器深耕核聚变电源领域，与西南物理研究所、中科院等离子体物 理研究所等科研机构合作长达 20 年，提供大功率电源，并在 2024 年 实现上千万规模的业绩，核聚变市场潜力巨大。 公司在核聚变领域面临鞍山同创、天津明伟创等竞争对手，但凭借 IGBT 技术在磁场电源方面的优势，以及柔性化生产能力，积极争取核聚变项 目带来的市场机会，预计该领域投资将达数百亿。 英杰电器的核心技术在于加热电源和磁场电源的控制精度，电流波动率 已控制在 1/10,000 以内，并实现长脉冲连续波 1,066 秒，技术优势明 显，可从光伏大功率电源技术顺利转移至核聚变领域。 光伏行业下行对英杰电器造成冲击，国内光伏订单大幅减少，但公司积 极拓展半导体、充电桩、储能等领域，其中半导体业务预计今年营收超 4 亿元，增长 30%以上，充电桩业务也在积极推进中。 公司去年四季度已对光伏业务计提 5,000 多万的损失，并采取措施应对 坏账风险，如通过法院判决将定制化电源产品抵回，降低整体业绩风险。 Q&A 英杰电器在核聚变电源领域的业务情况如何？ 英杰电器主要从事工业电源的研发和制造，涵盖控制功率控制电源和 ...