可控核聚变催生万亿级新赛道商业化前夜基金提前“卡位”

Core Insights - The construction of China's self-developed nuclear fusion device (BEST) has achieved a key breakthrough with the successful installation of the first critical component, marking a new phase in the main engineering construction [1] - The nuclear fusion index reached a historical high on October 10, with a cumulative increase of 116.67% since last year's "9·24" market rally, and an annual increase of 81.61% [1] - The global nuclear fusion market is expected to exceed $40 trillion by 2050, with the number of nuclear fusion companies projected to grow from 33 in 2022 to 45 in 2024 [3][4] Industry Developments - The rapid advancements in high-temperature superconducting materials and artificial intelligence are accelerating the realization of controllable nuclear fusion, which is seen as a new battleground for major powers [2] - Controllable nuclear fusion is viewed as a key path to achieving clean, safe, and nearly limitless energy, with advantages over traditional nuclear fission, including higher energy density and lower radioactive waste [2] - The past five years have seen significant investment in controllable nuclear fusion, with annual investments exceeding 10 billion yuan, indicating heightened capital interest [3] Market Opportunities - The potential for controllable nuclear fusion to replace other forms of energy, except hydropower, positions it as a market with a value exceeding trillions of yuan [6] - Investment opportunities are emerging in the nuclear fusion sector, particularly in upstream components and key projects in cities like Hefei and Chengdu [6][7] - The materials segment, especially in magnets and first walls, is identified as having the highest value within the controllable nuclear fusion industry chain [7] Future Outlook - The period from 2025 to 2030 is anticipated to be crucial for the construction of experimental fusion reactors, with commercial viability expected by 2050 [3] - The economic feasibility of expanding commercial nuclear fusion power plants is critical, as current development costs are high and need to be significantly reduced [5] - The nuclear fusion industry is in a phase of parallel technological routes, with various countries making breakthroughs in magnetic confinement and inertial confinement technologies [4]