中银国际：可控核聚变商业化加速实现 超导磁体未来应用前景广阔

Core Insights - Nuclear fusion is regarded as the ultimate energy source for humanity, with the Tokamak device showing the most commercial potential [1] - The commercialization of controlled nuclear fusion is approaching due to continuous technological breakthroughs, particularly the large-scale application of high-temperature superconducting materials [1][2] - Superconducting magnets, as the core component of magnetic confinement fusion devices, are expected to benefit significantly from this trend, and companies capable of manufacturing superconducting magnets should be closely monitored [1] Industry Overview - Nuclear fusion involves the combination of lighter atomic nuclei into a heavier nucleus, converting mass into energy, and is seen as a clean, abundant, and safe energy source [1] - As of mid-2024, there are 159 nuclear fusion projects globally, with 79 being Tokamak devices, accounting for nearly 50% of the total [1] Technological Developments - The magnet system in magnetic confinement fusion devices plays a crucial role, with its magnetic field strength and uniformity significantly impacting performance and efficiency [2] - The cost of the magnet system in the ITER project represents 28% of the total project cost [2] - The introduction of superconductors, especially high-temperature superconductors, has improved the efficiency and cost-effectiveness of fusion energy systems [2] Material and Production Challenges - The development of high-temperature superconducting materials is still in its early stages, with complex preparation technologies and high production barriers [3] - The process of fabricating superconducting magnets involves intricate procedures such as welding and winding, particularly for high-temperature superconductors [3] Market Potential - If nuclear fusion is fully commercialized, the controlled fusion industry could become a market worth at least $1 trillion by 2050, with superconducting magnets potentially exceeding $100 billion in market space [4] - Beyond nuclear fusion, superconducting magnets have applications in MRI, NMR, induction heating devices, and silicon growth furnaces, indicating a broad application outlook [4]