智通财经网·2025-10-24 03:27Group 1 - The controllable nuclear fusion industry is entering a capital expenditure expansion phase, with high-value segments characterized by significant technical barriers, benefiting core companies in the supply chain as project bidding progresses [1] - The strategic value of fusion energy is highlighted by AI-driven restructuring of electricity consumption, with significant acceleration in industry financing; global fusion industry financing reached $9.7 billion by July 2025, with 76% of surveyed fusion companies expecting to achieve grid connection by 2035 [1][2] - Domestic nuclear fusion projects are diversifying, with significant investments exceeding 150 billion yuan; the industry is expected to enter the engineering experimental reactor construction phase around 2027, further expanding the scale and investment in fusion devices [2] Group 2 - High-value segments such as magnet systems, vacuum chambers, and power systems are expected to benefit significantly from accelerated capital expenditure; these components account for 28%, 25%, and 15% of costs respectively in the ITER project [3] - The magnet system is crucial for magnetic confinement fusion devices, with superconducting materials expected to see widespread use; the vacuum chamber serves as the primary safety barrier for Tokamak devices, presenting design and manufacturing challenges [3]