Core Viewpoint - The development of controllable nuclear fusion technology is diversifying, with significant changes in various technical routes such as magnetic confinement, Z-pinch, and FRC. The global fusion race has begun, with increased financing activities from fusion companies, particularly driven by private capital in planned projects [1] Group 1: Current Landscape - The majority of operational and under-construction nuclear fusion projects are primarily funded by public capital and predominantly utilize magnetic confinement technology [1] - Planned nuclear fusion projects are mainly led by private capital, indicating a trend towards diversification in technical routes [1] Group 2: Investment Opportunities - Major technology companies in the U.S., including Google, Amazon, and Microsoft, are actively investing in nuclear fusion companies, highlighting the growing interest and competition in the sector [1] - If nuclear fusion power plants successfully achieve commercialization, the annual investment in large-scale construction could reach several hundred billion yuan, considering the current approval pace of 10 GW-level fission reactors in China [1] - The combination of technological advancements and increased funding is propelling the industry into a rapid incubation phase, suggesting potential investment opportunities in upstream equipment and materials due to accelerated capital expenditures in fusion projects [1]
开源证券:建议关注聚变项目资本开支加速带来的上游装备、材料等环节投资机会
Di Yi Cai Jing·2025-08-27 00:13