可控核聚变：投资逻辑转变，中上游企业将受益

Core Insights - The investment logic in the controlled nuclear fusion industry is shifting from a "ultimate energy" narrative to an industry trend investment driven by engineering implementation [1] - The main driving forces are the expected explosion in demand and technological breakthroughs on the supply side [1] Group 1: Demand and Supply Dynamics - The development of artificial intelligence and big data has highlighted the long-term power supply gap [1] - The application of high-temperature superconductors and AI technology in nuclear fusion is expected to reduce construction costs of fusion devices and accelerate iteration speed [1] Group 2: Capital Expenditure and Market Opportunities - This shift is generating capital expenditures for the construction of experimental and demonstration reactors, leading to increased orders for upstream companies in the industry chain [1] - Upstream companies are expected to benefit continuously before fusion energy generation, suggesting a strategic investment opportunity in core suppliers of fusion devices and key segments with high value proportions [1]