Core Insights - The recent breakthroughs in the construction of the compact fusion energy experimental device (BEST) in Hefei, Anhui, have sparked significant enthusiasm in the capital market for controllable nuclear fusion [1][5] - The controllable nuclear fusion industry chain has begun to take shape, consisting of upstream raw materials, midstream equipment and engineering construction, and downstream nuclear power plant operations [1] - The International Energy Agency predicts that the global nuclear fusion market could reach $496.55 billion by 2030, with a compound annual growth rate of 7.4% from 2024 to 2030, indicating substantial market potential [1] Market Performance - As of October 13, 2025, leading controllable nuclear fusion concept stock, Hezhong Intelligent, achieved a four-day consecutive increase, closing at 26.16 yuan per share [2] - The nuclear fusion index (8841917.WI) rose by 3.44%, with 39 out of 41 constituent stocks showing positive growth since October 9, and 11 companies doubling their stock prices year-to-date, resulting in a cumulative index increase of 66.14% [2] Company Highlights - Zhongzhou Special Materials (300963.SZ) led the market with a 13.84% increase, securing a 180 million yuan order for high-temperature alloy materials for the BEST nuclear fusion vacuum chamber [4] - Hezhong Intelligent has seen six trading days with price limits in the last ten days, having delivered the first batch of gravity supports for the BEST vacuum chamber and achieved 100% independent research and development of Inconel718 super bolts [4] - Despite an 8.23% year-on-year increase in total revenue to 982 million yuan, Hezhong Intelligent reported a decline in net profit by 11.39% to 9.51 million yuan in the first half of 2025 [4] Technological Advancements - The core driver of the current market rally is the substantial technological breakthroughs in nuclear fusion research, transitioning from basic science to engineering practice [5] - The EAST device set a world record for "high-quality burning" at 1 million degrees Celsius for 1000 seconds, and the BEST project has entered a new phase with the successful placement of its core component [6] Policy Support - Continuous policy support has contributed to the steady growth of the nuclear fusion industry, with the Ministry of Industry and Information Technology and other departments emphasizing nuclear fusion as a key area for innovation [7] - The introduction of regulations for radiation safety management of fusion devices fills a regulatory gap and promotes safe construction and operation [7] Future Market Potential - If nuclear fusion is fully commercialized, it is expected to become a trillion-dollar market by 2050, with superconducting magnets alone potentially exceeding $100 billion [8] - The global investment in the fusion industry has surged from $1.9 billion in 2021 to $9.7 billion in 2025, indicating explosive growth [8] - Companies with core technological barriers and clear orders are expected to receive valuation premiums as projects like BEST progress towards completion [8]