全球竞速，“热”度飙升！这一领域，中国必争！

Core Insights - Controlled nuclear fusion, known as "artificial sun," is regarded as the "ultimate energy" source, but achieving it on Earth presents significant challenges due to the need for extreme temperatures and pressures [1][3] - Recent technological breakthroughs suggest that the timeline for achieving practical controlled nuclear fusion may be shorter than previously anticipated, moving away from the notion of "waiting another 50 years" [1] Industry Overview - According to the International Atomic Energy Agency (IAEA), there are currently 174 fusion devices globally, with the United States, Japan, Russia, and China leading in the number of installations [3] - China is positioned in the first tier of countries in the fusion field, benefiting from long-term national strategic support, a complete industrial system, and strong engineering capabilities [3] Technological Developments - The majority of global fusion devices are Tokamaks, accounting for 79 out of 174, followed by stellarators/spiral devices and laser/inertial fusion devices [3] - The path to commercializing fusion energy emphasizes the importance of speed, with innovations aimed at making Tokamaks smaller and simpler to reduce construction costs [5][8] Investment Landscape - Significant capital is flowing into the controlled nuclear fusion industry, driven by the potential of fusion energy and the integration of technologies such as AI and high-temperature superconductors [8] - The traditional large-scale Tokamak approach may lead to construction costs exceeding 100 billion yuan, which poses a challenge for startups, prompting them to seek innovative technological routes [8]