Mei Ri Jing Ji Xin Wen·2025-05-27 13:54Core Viewpoint - The A-share controllable nuclear fusion sector has seen significant growth, driven by accelerated commercialization of nuclear energy, with the potential for limitless energy generation if controllable nuclear fusion is realized [1] Industry Overview - Controllable nuclear fusion is based on the fundamental principles of stellar energy release, offering a clean, efficient, and sustainable energy source with minimal radioactive waste [1] - The primary fuels for nuclear fusion are tritium and deuterium, with 1 liter of seawater capable of extracting 0.035 grams of deuterium, releasing energy equivalent to burning 300 liters of gasoline, and the global supply of deuterium from seawater could last for over a hundred billion years [1] Technological Pathways - Global fusion research primarily focuses on two main technological pathways: magnetic confinement fusion and inertial confinement fusion, with ITER being the most representative project for magnetic confinement and the National Ignition Facility (NIF) for inertial confinement [1] - Magnetic confinement fusion is considered the most effective approach for developing fusion energy due to its longer energy confinement time, higher technological maturity, and stronger engineering feasibility [1] Domestic Industry Chain - The domestic controllable nuclear fusion industry chain is taking shape, with upstream companies providing raw materials such as superconducting materials and tungsten-based materials [2] - Key players in the upstream include Western Superconducting (SH688122), Shanghai Superconductor, and Antai Technology (SZ000969), among others [2] - Midstream equipment manufacturers include Western Superconducting and Guoguang Electric (SH688776), which supply components for magnetic confinement systems [2] Application and Commercialization - Downstream application firms include China National Nuclear Power Co. and China General Nuclear Power Group, responsible for the operation and construction of nuclear power plants [3] - The commercialization of controllable nuclear fusion is progressing, with various companies involved, although many have not disclosed the revenue contribution from related businesses [3] - Guoguang Electric's products are key components for the ITER project, while Western Superconducting is the only domestic producer of superconducting materials for ITER and is also involved in the CFETR project [3] Future Prospects - The timeline for the commercialization of controllable nuclear fusion is projected around 2030, with significant advancements expected by 2035 [5] - The BEST project in Hefei aims to enhance the economic viability of nuclear fusion energy and is expected to complete by 2027, potentially becoming the world's first compact fusion energy experimental device [5][6] - Achieving commercial viability requires meeting specific criteria, including maintaining plasma conditions and achieving a fusion gain greater than one [6]