核聚变资本开支，已超千亿

Core Insights - The nuclear fusion industry is transitioning from laboratory research to engineering validation, with signs of large-scale commercial application emerging [1][2] - The total capital expenditure for announced nuclear fusion projects has approached 200 billion yuan, indicating a growing market potential as commercial reactors are developed [1][6] - The next five years are expected to see significant order conversion opportunities as multiple large fusion projects enter the engineering implementation and equipment bidding phases [1][6] Industry Developments - The "2026 Nuclear Fusion Energy Technology and Industry Conference" held in Hefei attracted over 1,500 professionals from academia, research institutions, and industry, highlighting the collaborative efforts in the sector [2][3] - Key innovations presented at the conference include advancements in high-performance magnets, radiation-resistant materials, and high-power heating systems, with several already in prototype or initial application stages [3][4] - The integration of AI technology is accelerating the development and application of nuclear fusion energy, marking a historical turning point for the industry [3] Investment Landscape - The global financing scale for nuclear fusion over the past decade is approximately 9 billion USD, with nearly 90% sourced from private capital, particularly in North America [5][6] - In China, government funding primarily supports large national research projects, while private capital is increasingly involved in smaller, flexible device routes [5][6] - Analysts predict a significant increase in market attention towards nuclear fusion by 2025, with new funds estimated at 70 billion yuan entering the sector, driving up related stock prices [6] Market Opportunities - Investment focus should be on core components and subsystems such as magnet systems, vacuum chamber structures, and heating systems, which are closely tied to project timelines and profitability [6][7] - Companies with core technological advantages in superconducting materials, superconducting magnets, and power systems are expected to have substantial trading value [7] - The domestic nuclear fusion projects are primarily led by the Chinese Academy of Sciences and China National Nuclear Corporation, making them key players in the market [7]