可控核聚变行业投资价值凸显

Core Insights - The controlled nuclear fusion industry is gaining investor interest due to technological advancements and supportive policies, with the Wind data indicating a 6.94% increase in the Wande Nuclear Power Concept Index since May 26 [1] - Analysts highlight that the core value of the controlled nuclear fusion industry chain lies primarily in the midstream equipment sector, presenting significant investment opportunities [1][4] Industry Developments - The Hefei Compact Fusion Energy Experimental Device (BEST) project has commenced its total assembly work, a critical phase in the construction process [2] - Major advancements in controlled nuclear fusion technology have been reported, including achieving atomic core temperatures of 117 million degrees Celsius and electron temperatures of 160 million degrees Celsius, marking a significant leap in China's fusion technology [2] - The realization of a fusion gain factor Q>1 and the achievement of "double million-degree" temperatures are propelling the industry closer to commercialization [2] Commercialization Progress - The pace of project bidding for controlled nuclear fusion has accelerated this year, indicating a faster move towards commercialization [3] - Recent announcements from China Nuclear Power and Zhejiang Energy Power to invest 1 billion and 750 million yuan respectively in China Fusion Energy Co. reflect growing corporate interest [3] - The increasing Q value is crucial for the commercialization process, with investments for individual experimental reactors ranging from tens to hundreds of millions of yuan [3] Investment Opportunities - Analysts recommend focusing on midstream equipment and materials that are deeply involved in core projects, as the controlled nuclear fusion industry is expected to enter a capital expenditure phase during the 14th Five-Year Plan [4] - The cost structure of the ITER project indicates that the magnet, vacuum chamber, power supply, and cooling segments account for significant portions of the overall costs, with magnets being the most valuable segment [4]