央企与地方国资齐出手，注册资本逾150亿元中国聚变公司在沪成立

Core Viewpoint - The establishment of China Fusion Energy Co., Ltd. marks a significant step towards the commercialization of nuclear fusion energy in China, utilizing the magnetic confinement tokamak technology in a phased approach of experimental, demonstration, and commercial reactors [1][4][6]. Company Overview - China Fusion Energy Co., Ltd. is a subsidiary of China National Nuclear Corporation (CNNC) and focuses on the engineering and commercialization of fusion energy, including overall design, technology validation, and digital R&D [1][2][4]. - The company was originally established in 1983 as part of the China Nuclear Fuel Corporation and has been rebranded to serve as the implementation and financing platform for CNNC's fusion energy initiatives [4]. Shareholder Structure - The company has seven shareholders, including CNNC, China National Nuclear Power Co., Ltd., Kunlun Capital, Shanghai Fusion, Guolü Fund, Zhejiang Energy, and Sichuan Fusion, with a total investment of approximately 11.492 billion yuan, raising the registered capital to over 15 billion yuan [2][4]. - CNNC holds a 50.35% stake as the largest shareholder, investing 4.029 billion yuan, while China National Nuclear Power holds 6.65% with a 1 billion yuan investment [2][4]. Market Activity - On July 23, stocks related to controllable nuclear fusion saw significant activity, with companies like Dongfang Electric and Xueran Co. reaching their daily price limits, indicating strong market interest in the sector [1]. - The establishment of China Fusion Energy Co., Ltd. has led to increased investor attention and activity in related stocks, reflecting a growing optimism about the future of fusion energy in China [1][6]. Technological Context - Nuclear fusion is a process where light atomic nuclei combine to form heavier nuclei, releasing substantial energy, with magnetic confinement fusion being a leading technology supported by devices like tokamaks [5]. - The tokamak design has been the dominant approach since the 1960s due to its superior performance in achieving the conditions necessary for nuclear fusion [5]. Policy Support - The Chinese government has integrated controllable nuclear fusion into its strategic planning, emphasizing its importance in achieving carbon neutrality and supporting advanced technology research [6]. - Recent policies have accelerated investment and development in the fusion energy sector, positioning it as a key area for future innovation and growth [6].