可控核聚变概念强势来袭，市场规模有望跃升至万亿美元量级

Core Viewpoint - The A-share market is experiencing a surge in the controlled nuclear fusion concept, driven by significant technological breakthroughs and strong policy support, attracting substantial market interest and investment. Group 1: Technological Breakthroughs - The Chinese Academy of Sciences announced a major breakthrough with the EAST device, confirming the existence of a density-free zone in tokamaks, which provides crucial physical evidence for high-density operation in magnetic confinement fusion [2] - The AIForScience team developed the PaMMA-Net deep neural network model, enhancing predictive capabilities for plasma behavior, significantly accelerating the engineering process of fusion research [3] - The global first high-temperature superconducting tokamak device, Honghuang 70, achieved a 120-second steady-state long-pulse plasma operation, marking a milestone in commercial fusion technology [2] Group 2: Policy Support - The implementation of the "Atomic Energy Law" on January 15, 2026, will encourage and support controlled thermonuclear fusion research, providing a regulatory framework for innovation in fusion energy [4] - Controlled nuclear fusion has been included in the national "14th Five-Year Plan" as a key future industry, with various provinces like Anhui and Sichuan introducing policies to promote development in this field [4][5] Group 3: Market Dynamics - The controlled nuclear fusion industry is witnessing unprecedented growth opportunities, with core companies like China National Machinery Industry Corporation (Sinomach) leading the market due to their technological advantages and order fulfillment capabilities [5] - Sinomach has secured 44% of the Chinese market share for the ITER project and 70% for the CFETR project, with related orders exceeding 5.3 billion yuan [5] - China National Nuclear Corporation (CNNC) is also a key player, participating in major projects like ITER and CFETR, and has shown strong stock performance in the current market [5] Group 4: Industry Growth Projections - The global nuclear fusion market is projected to exceed $496.5 billion by 2030 and reach a trillion-dollar scale by 2050, driven by technological advancements and capital influx [7] - Investment in the global nuclear fusion industry is expected to rise from $1.9 billion in 2021 to $9.7 billion by 2025, reflecting a 405% increase [7] - By 2025, China's total investment in nuclear fusion projects is anticipated to surpass 150 billion yuan, with significant contributions from local governments [7] Group 5: Future Developments - The BEST project aims to achieve a budget of 2.043 billion yuan by 2027, focusing on engineering verification and commercial application pathways [8] - The domestic nuclear fusion industry is entering a phase of engineering experimental pile construction, with core suppliers expected to benefit from increased scale and investment [9] - The market for controlled nuclear fusion is expected to grow from $19.15 billion in 2025 to $47.82 billion by 2030, indicating an acceleration in commercialization [10]