Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] - The national team has introduced three new projects at the Pujiang Innovation Forum, including a million-kilowatt laser fusion power station and a high-temperature superconducting simulator [2] Industry Developments - The nuclear fusion industry is experiencing accelerated development with two main trends: faster construction of devices leading to increased bidding and performance, and rising capital expenditure (CAPX) due to the growing number of national teams, private enterprises, and university teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] - Investment opportunities are emerging in upstream equipment and materials sectors due to accelerated capital expenditures in fusion projects [3] Company Highlights - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and contributions to fusion projects, including the ITER project [4] - Tian Gong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development [5] - The company aims to enhance the performance of fusion reactor materials through advanced powder metallurgy techniques, addressing key technological bottlenecks in the industry [5]