资本涌入“人造太阳”赛道

Core Insights - Controlled nuclear fusion has emerged as a hot investment sector in 2026, with significant attention from both primary and secondary markets [3][4] - The global investment landscape for fusion technology is primarily centered in the US and China, with the US accounting for approximately 53% and China for about 34% of total investments [1][4] - The Chinese government has established a supportive policy framework for nuclear fusion, as highlighted by the implementation of the Atomic Energy Law and the inclusion of fusion energy in the 14th Five-Year Plan [3][4] Investment Landscape - The total investment in magnetic confinement fusion technology has exceeded 60 billion euros (approximately 485.74 billion RMB), with private enterprises dominating the foreign investment landscape [1] - A new venture capital fund, the Hefei Future Fusion Energy Fund, has been launched with an initial scale of 1 billion RMB, aimed at supporting key technologies in the fusion energy sector [9][10] - The Shanghai Future Industry Fund, established in September 2024, has grown to 15 billion RMB and is focused on technology commercialization in the fusion energy field [10] Key Players - The national team in China includes major entities like Fusion Energy (Anhui) Co., which is focused on developing the BEST project, a compact fusion energy experimental device [4][6] - China Fusion Energy Co. is another key player, planning to complete the HL-4 fusion experimental device by 2030, aiming for a fusion gain (Q) of ≥5 [7] - Private companies such as Xi'an Xinghuan Fusion Technology Co. and Hanhai Fusion Technology Co. are emerging, often stemming from research institutions and universities [7][14] Market Dynamics - The fusion sector is witnessing a surge in private capital, with a consortium of 15 financial institutions forming a Fusion Financial Institutions Alliance to create a collaborative ecosystem [11] - Recent financing activities include a record 1 billion RMB Series A round for Xi'an Xinghuan, indicating strong investor interest in the sector [13] - The controlled nuclear fusion index has seen a significant increase, with a 70% rise since January 2025 and a 13.5% increase in 2026 [14][15] Future Outlook - The industry is still in its nascent stages, requiring substantial funding to support research and project implementation [14] - Market focus is expected to shift towards tangible technological advancements, including breakthroughs in Q values and financing for subsequent devices [15] - The maturation of the fusion energy supply chain will take time, with investment returns likely to align with gradual industry development [15]