华泰证券：未来可控核聚变每年的全球投资规模有望达到100~900亿元

Core Viewpoint - The report from Huatai Securities indicates that controlled nuclear fusion is transitioning from a short-term thematic investment to a long-term industrial investment, with global annual investment expected to reach between 10 billion to 90 billion yuan in the coming years [1] Investment Outlook - It is anticipated that approximately 2 to 3 nuclear fusion devices will be constructed and put into operation each year, accelerating the industry from 0 to 1 [1] - The bidding and orders within the industry chain are expected to see continuous stimulation [1] Technology and Cost Analysis - The dominant method for controlled nuclear fusion currently is deuterium-tritium magnetic confinement fusion, which accounts for about half of the operational and under-construction devices [1] - The unit cost of magnetic confinement Tokamak devices ranges from 100 to 300 yuan per watt of fusion power [1] - Assuming the construction of 2 to 3 new devices annually, each with a fusion power capacity of 50 to 100 MW, the global investment scale for controlled nuclear fusion is projected to reach between 10 billion to 90 billion yuan annually [1]