可控核聚变新进展不断，市场想象空间“乱花迷人眼”

Group 1 - The Wande Fusion Concept Index rose by 4.97% on January 12, with several stocks reaching their daily limit, and the index has accumulated a nearly 20% increase in just six trading days this year [1] - Recent news indicates that controlled nuclear fusion devices are entering the engineering phase, attracting attention from superconducting material companies, commercial fusion companies, and national research teams [1][2] - Controlled nuclear fusion is considered the "ultimate energy" due to its abundant raw materials, environmental cleanliness, high safety, and low cost, with global investment in this field accelerating since 2025 [2] Group 2 - Energy Singularity announced the successful excitation of its self-developed high-temperature superconducting magnet to 20.8 Tesla, demonstrating its capability for stable operation [2][3] - The Lawson Criterion is identified as a key indicator for energy gain in fusion energy research, emphasizing the importance of magnetic field strength for plasma confinement [2] - Energy Singularity has developed a measurement platform capable of testing superconducting materials in environments exceeding 20 Tesla, addressing the limitations of existing commercial measurement systems [3] Group 3 - The first fully high-temperature superconducting Tokamak fusion experimental device, Honghuang 70, achieved 120 seconds of steady-state long-pulse plasma operation, validating its engineering reliability [4] - The Chinese Academy of Sciences' EAST device confirmed the existence of a density-free zone, providing important physical evidence for high-density operation in magnetic confinement fusion devices [4] - Both national teams and commercial companies are making significant advancements in Tokamak technology and superconducting magnets [4] Group 4 - Several stocks are being categorized as "dual concept stocks" in both commercial aerospace and controlled nuclear fusion, potentially boosting the nuclear fusion sector [5][6] - Companies like Western Superconducting and AVIC Optoelectronics are involved in both nuclear fusion and commercial aerospace, indicating a cross-industry synergy [6] - Experts agree that global fusion energy research has entered a new engineering phase, with upstream raw material suppliers and midstream equipment manufacturers poised to benefit [6] Group 5 - The FRC (Field-Reversed Configuration) route is gaining popularity among commercial fusion companies due to its significant advantages [7] - Nova Fusion announced a 500 million yuan angel round financing, with notable investors supporting its development of a small modular reactor using the FRC technology [7] - Han Hai Fusion is also pursuing the FRC route, with plans to achieve revenue breakthroughs in nuclear medicine and neutron imaging by 2025 [7] Group 6 - The FRC route's emergence in China is influenced by advancements from US company Helion Energy, which is constructing the world's first fusion power plant, aiming to deliver fusion electricity by 2028 [8]