可控核聚变开启行业元年，中国企业逐鹿商用化

Core Insights - The controlled nuclear fusion sector has gained significant traction in the capital market this year, with a fusion index increase of over 60% since the beginning of the year, leading to substantial returns for investors [2] - The investment atmosphere has shifted, with many investors now proactively seeking opportunities in the nuclear fusion space, contrasting with previous years where companies had to work hard to attract funding [2][3] - 2023 is being referred to as the "Year of Fusion" in China, with advancements in technology, policy support, and investment climate indicating a potential breakthrough in the field [2][3] Industry Developments - Major milestones include the EAST achieving stable operation at 100 million degrees Celsius for over a thousand seconds, and the HL-3 achieving "double hundred degrees" operation [3] - The enactment of the Atomic Energy Law in September 2023 provides legal support for nuclear fusion technology development and application [3] - The establishment of state-backed companies like China Fusion Energy Co. and Fusion New Energy (Anhui) Co. has attracted significant investment, with nearly 11.5 billion yuan raised [4] Investment Trends - Numerous startups have emerged, with companies like Nova Fusion and Antong Fusion securing substantial funding to advance their fusion technology [5] - The capital influx is extending to the supply chain, with companies in related fields also receiving investments to support the growing nuclear fusion market [5][6] - The government has announced significant procurement projects, with recent tenders totaling approximately 1.37 billion yuan for various fusion-related equipment [6] Technological Landscape - The nuclear fusion market is diversifying, with new companies exploring various technological routes beyond the traditional Tokamak design, including FRC and Z-pinch technologies [8][9] - The two main state-backed teams are advancing critical Tokamak projects, with plans for operational timelines extending to 2045 for commercial power generation [8][9] Commercialization Challenges - The high costs associated with Tokamak projects, exemplified by the ITER project, pose significant challenges for commercialization, with estimates suggesting costs could reach 200-300 billion yuan for commercial reactors [9][10] - Startups are focusing on alternative approaches to reduce costs and improve efficiency, with some exploring hydrogen-boron fusion as a more viable option [10][12] - The industry anticipates a critical five-year window for technological iteration, with startups aiming to differentiate themselves in this competitive landscape [12][14] Market Applications - The demand for nuclear fusion is driven by the global need for energy, particularly in the context of rapid advancements in AI and other high-energy-consuming technologies [14] - Initial commercial applications are being explored in sectors such as medical isotope production, where there is a pressing market need [15][16] - Companies are positioning themselves to meet the energy needs of high-consumption industries, with plans for small-scale fusion power plants to serve specific sectors [15]