可控核聚变商用尚远，企业、机构热议技术发展和投资估值

Group 1 - The controllable nuclear fusion technology is regarded as the ultimate solution to human energy problems, attracting significant market attention [1] - The controllable nuclear fusion industry encompasses multiple segments, including materials, main engines, systems, and applications, with China holding a certain position in high-temperature superconducting materials and Tokamak devices [1] - There is a consensus in the industry on the development model driven by Tokamak and the cross-validation of multiple technological routes, with suggestions for enhanced technical collaboration among domestic fusion supply chains and main engine manufacturers [1] Group 2 - The commercial viability of controllable nuclear fusion is accelerating, as evidenced by the steady growth in order and production capacity from upstream enterprises, with the timeline for generating the "first degree of electricity" expected to be advanced [2] - The transition from "experimental pile" to "demonstration pile" and then to "commercial pile" still relies on cost reduction by upstream material component manufacturers and technological breakthroughs by midstream main engine manufacturers, indicating a longer cycle before definitive commercialization [2] - Investment institutions are calling for government support to facilitate diverse financing channels for enterprises, while venture capital feedback suggests that investments should focus on capital expenditure and key parameter improvements [2]