2 1 Shi Ji Jing Ji Bao Dao·2025-10-24 23:25Group 1: 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 through scientific breakthroughs, industrial capital, and international collaboration [1] - The domestic nuclear fusion project "BEST" has made breakthrough progress this year, with the establishment of local fusion industry entities and ongoing engineering tenders, indicating a rapid transition from laboratory to practical applications [1] - The A-share nuclear fusion sector has shown strong performance, with the Wind nuclear fusion index rising by 6.87% since October 1, 2023, and a peak increase of over 14% during this period [1] Group 2: Investment Pathways - The BEST project in Hefei, Anhui, has achieved a key breakthrough with the successful development and installation of the Dewar base, marking a new phase in the project's construction, expected to be completed by 2027 and demonstrate power generation by 2030 [2][3] - Nuclear fusion differs from traditional nuclear fission in terms of technology principles, maturity, and industry chain composition, with fission relying on uranium resources and fusion primarily utilizing deuterium, which can be extracted from seawater [5][6] - Companies involved in deuterium production include China Shipbuilding Special Gas (688146.SH), which has an annual production capacity of 10 tons of deuterium with high purity [7][8] Group 3: Key Materials and Technologies - Tritium, a critical fuel for nuclear fusion, is radioactive and scarce in nature, presenting a significant challenge for commercialization. Current methods involve breeding tritium through neutron bombardment of lithium-6 within reactors [8][9] - Companies providing tritium factory technology or key materials for tritium breeding, such as Dongfang Tantalum (000962.SZ) with beryllium materials, are essential for the industry [9] - The BEST project requires advanced vacuum environments for plasma containment, leading to high demand for vacuum chambers and core components, with companies like Hunan Zhiye (603011.SH) gaining popularity in this sector [9][10] Group 4: Industry Players - Major players in the nuclear fusion sector include Shanghai Electric (601727.SH) and Dongfang Electric (600875.SH), which have been involved in various fusion projects and are key contributors to the development of critical components for fusion reactors [10] - The ongoing collaboration among industry partners in large-scale nuclear fusion experiments is focused on addressing the early-stage challenges of commercializing laboratory fusion devices, indicating that the A-share nuclear fusion concept may not generate stable cash flow in the short term [10]