Zhi Tong Cai Jing·2025-10-23 06:37Group 1 - The global nuclear fusion sector is expected to see a collaborative advancement of policy, technology, and capital by 2025, with private capital leading the way, primarily in the US and Europe, while China accelerates its efforts [1] - Significant breakthroughs in plasma duration and commercial tritium production have been achieved in countries like Germany and the UK, with many nations launching investment plans to expedite commercialization [1] - The FRC (Field-Reversed Configuration) technology is emerging as a promising path in magnetic confinement fusion, showcasing unique advantages such as high energy efficiency and lower construction costs compared to traditional methods [2] Group 2 - TAE Technologies has raised $1.35 billion and is advancing its prototype and power plant, while Helion has built the Trenta device and plans to supply power to Microsoft by 2028, having raised over $1 billion [3] - Domestic pioneers like Hanhai Fusion and Xingneng Xuanguang are making strides in commercializing FRC technology, with plans for large-scale power plants by 2035 [3] - Key companies to watch in the nuclear fusion supply chain include Guoguang Electric, Xuguang Electronics, and Guoli Co., among others, which are involved in core component supply and power systems [4]