国泰君安：铍有望成为未来商业聚变堆的价值量之王

Group 1 - The core viewpoint is that beryllium will become the most valuable component in commercial fusion reactors, accounting for 30%-40% of the value as the Tokamak device progresses to the deuterium-tritium fuel reaction stage [1] - The basic demand for beryllium is driven by military and aerospace sectors, indicating its critical role in these industries [2] Group 2 - The global beryllium industry is highly monopolized, with only the United States, China, and Kazakhstan possessing a complete beryllium supply chain, with the U.S. being the largest in terms of beryllium reserves and production [3] - Due to the irreplaceable nature of beryllium in national defense, military, aerospace, and nuclear industries, the government is placing significant emphasis on the beryllium industry to address strategic supply chain issues [3]