核聚变商业化进程加快 行业持续向好发展

Core Insights - China Fusion Company made its first public appearance at the Shanghai International Industrial Expo, showcasing its technology roadmap and business layout, aiming for commercial fusion energy by 2050 [1] - The company plans to build a new fusion experimental device in Shanghai to validate its high-temperature superconducting magnets, named "China Circulation No. 4 (HL-4)" [1] Industry Developments - The nuclear fusion industry is experiencing positive growth, with international collaborations such as the US and UK signing the "Atlantic Advanced Nuclear Energy Partnership" to establish a regulatory recognition mechanism, which will expedite nuclear power project approvals and construction [1] - Significant domestic research advancements are noted, including the Chinese Academy of Sciences' Hefei Institute of Physical Science's plasma physics research institute announcing procurement projects, and Academician Zhang Jie's team initiating the construction of a laser fusion energy power station, targeting commercial operation by 2045 [1] - CFS and Eni signed a power purchase agreement exceeding $1 billion, indicating enhanced commercialization prospects [1] Equipment and Investment Outlook - The new device's scale is expected to be comparable to the BEST and CFS SPARC devices, following the reference of the Circulation No. 3 and Eastern Super Ring [1] - With the introduction of new domestic devices, industry capital expenditures are anticipated to rise significantly [1] - Recent developments in fusion technology have intensified, with key components beginning to receive inquiries or soon to enter the bidding phase, suggesting a focus on sector dynamics and key investment targets [1]