民企人造太阳提速，新奥全球聚智发力氢硼聚变商用化

Core Insights - Controlled nuclear fusion is regarded as the "ultimate energy" and is expected to lead the next generation of clean energy revolution, with 2025 identified as a critical milestone [1] - The capital market is increasingly active in the controlled nuclear fusion sector, highlighted by the establishment of China Fusion Energy Co., Ltd. with a joint investment of 11.492 billion yuan from seven state-owned enterprises [1][4] - New Hope Group is accelerating its exploration of hydrogen-boron fusion commercialization, supported by favorable policies and significant technological advancements [1][3] Investment and Market Activity - The establishment of China Fusion Energy Co., Ltd. marks a strategic window for the commercialization of China's "artificial sun," with a total registered capital of 15 billion yuan after the recent capital increase [1] - The Shanghai Stock Exchange hosted a "controlled nuclear fusion" industry salon, attended by over 20 upstream and downstream enterprises, as well as nearly 30 financial institutions [1] - The controlled nuclear fusion concept stocks have seen significant investor interest, with the sector index rising over 80% since last September [4] Technological Advancements - New Hope Group's "Xuanlong-50U" device achieved a global first by reaching a million-ampere discharge in hydrogen-boron fusion experiments, completing its annual goals ahead of schedule [3] - The company is planning the next generation "Helong-2" device, which aims to deepen understanding of hydrogen-boron fusion physics and is expected to be completed by mid-2027 [10] - The global controlled nuclear fusion market is projected to reach $351.11 billion by 2025, with a compound annual growth rate of 5.9% [3] Research and Collaboration - New Hope Group is fostering a global research ecosystem for hydrogen-boron fusion, collaborating with 75 partners across 11 countries to accelerate project progress [13][14] - The company has initiated a hydrogen-boron fusion research fund, receiving 27 project proposals from 19 research institutions, with 18 innovative projects funded [14][15] - The focus on hydrogen-boron fusion is driven by its advantages, including abundant fuel sources, low costs, and the absence of radioactive byproducts, making it a promising clean energy solution [6][7]