核聚变，A股投资超级节点来了？

Core Insights - The International Atomic Energy Agency (IAEA) will release the "2025 World Fusion Outlook" report during the 30th Fusion Energy Conference in Chengdu, China, in October 2025, highlighting significant advancements in nuclear fusion and its transition from concept to reality [1] - The domestic nuclear fusion project "BEST" has made breakthrough progress this year, with local entities being established and engineering tenders being issued, indicating rapid development in the field [1] - The A-share nuclear fusion sector has shown strong performance, with the nuclear fusion index rising by 6.87% since October 1, 2023, and a peak increase of over 14% during this period [1] Industry Developments - The BEST project in Hefei, Anhui, achieved a key breakthrough with the successful delivery and installation of the main component, the Dewar base, marking a new phase in the project's construction [2] - The BEST project is expected to be completed by 2027 and aims to demonstrate power generation by 2030 [3] Technical Challenges - Achieving commercial nuclear fusion will require overcoming significant scientific and engineering challenges, including maintaining plasma stability and achieving a net energy gain (Q) greater than one [4] - Future projects will need to address challenges related to tritium self-sustainability and cost reduction for materials, as well as the availability of key fusion fuels [4] Investment Landscape - The nuclear fusion sector differs from traditional nuclear fission in terms of technology maturity and industry chain structure, with fission having a more established supply chain [5] - Deuterium, a key fusion fuel, is abundant and can be extracted from seawater, while tritium is radioactive and scarce, presenting a bottleneck for commercialization [6][8] - Companies like China Shipbuilding Special Gas (688146.SH) have disclosed deuterium production capacity, while others focus on tritium production technologies and materials [7][9] Key Players - Companies supplying critical components for the BEST project, such as Hunan Huatian Technology (603011.SH) and West Superconducting (688122.SH), are gaining attention in the market [9] - Major players in the fission nuclear energy sector, including Shanghai Electric (601727.SH), Dongfang Electric (600875.SH), and China Nuclear Engineering (601611.SH), are also involved in fusion projects [10] - Shanghai Electric has participated in various fusion projects since the early 2000s, while Dongfang Electric has developed key components for fusion devices [10]