东北证券：磁约束主导多路线并行 可控核聚变商业化进程加速推进

Core Insights - The controllable nuclear fusion industry is transitioning from experimental validation to commercial demonstration, with expectations to achieve demonstration power generation by the mid-21st century [1][2] - Magnetic confinement technology, particularly the Tokamak device, is viewed as the most viable method for commercial power generation due to its strong sustainability and high maturity [2][3] Industry Progress - The global investment in commercial nuclear fusion projects has exceeded hundreds of billions of euros, with the potential to drive a trillion-level industrial chain upon commercialization [1][2] - The ITER project is set to complete the construction of its superconducting magnet system by 2025, aiming for its first plasma discharge in 2034 [2] - Private companies like Helion Energy and CFS are making significant strides, with agreements to establish fusion power plants and purchase agreements for fusion electricity [2] Technological Development - The global landscape of controllable nuclear fusion is dominated by Tokamak devices, which account for 47% of the 168 fusion devices worldwide [3] - The cost structure of the ITER project shows that the magnet system constitutes the largest portion at 28%, followed by other components such as in-vessel components and construction [3] - Various technological routes, including Field-Reversed Configuration (FRC) and Z-pinch fusion-fission hybrid reactors, are being developed in parallel to complement the commercial viability of fusion energy [3]