3 6 Ke·2025-06-23 03:38Core Viewpoint - China National Petroleum Corporation (CNPC) and its subsidiaries are increasing their investment in Kunlun Capital to support controlled nuclear fusion projects, indicating a strategic shift towards emerging industries and energy transformation opportunities [1] Group 1: Investment and Financials - Kunlun Capital's three major shareholders will invest a total of 3.275 billion yuan (approximately 0.47 billion USD) in the company, with CNPC contributing 1.6705 billion yuan, China Petroleum contributing 949.5 million yuan, and China Oil Capital contributing 655 million yuan [1] - The investment aims to enhance Kunlun Capital's competitive advantage and potential profitability in the energy and chemical sectors [1] Group 2: Technological Developments - Controlled nuclear fusion is recognized as a long-term energy solution, offering abundant energy, zero emissions, and high safety, with 1 gram of deuterium-tritium fusion releasing energy equivalent to 11.2 tons of standard coal [2] - China has achieved international leadership in controlled nuclear fusion, with significant advancements in the "Chinese Circulation No. 3" device, which has set multiple operational records since its completion in December 2020 [2][5] Group 3: Market Outlook and Trends - The global nuclear fusion market is expected to reach 2.26 trillion yuan (approximately 0.33 trillion USD) by 2030-2035, driven by ongoing research and development efforts [7] - Investment in controlled nuclear fusion is increasing, with the U.S. private market alone raising over 12 billion USD since 2024, accounting for 62% of global funding [3][4] Group 4: Industry Structure - The nuclear fusion industry in China is characterized by a dual structure, with state-led initiatives and rapidly emerging commercial companies complementing each other [4][6] - Major state-owned enterprises like China National Nuclear Corporation and the Chinese Academy of Sciences are leading the charge, while private companies are innovating with smaller, modular fusion reactors [6][7]