Core Viewpoint - The sustainability of emerging themes in the secondary market, such as controllable nuclear fusion, depends on continuous advancements in policy, funding, and industry developments, leading to increased capital market activity in related stocks [1]. Policy Developments - The new "Atomic Energy Law of the People's Republic of China," which encourages and supports controlled nuclear fusion, has been officially implemented, providing institutional guarantees for fusion energy innovation [2]. - Major financing events include Shanghai Xinghuan Fusion Technology Co., Ltd. completing a 1 billion yuan Series A financing, setting a record for similar domestic enterprises [2]. Industry Dynamics - The nuclear fusion sector is experiencing rapid development, with significant projects and collaborations being established, such as the 2026 Nuclear Fusion Energy Technology and Industry Conference, where multiple major procurement projects were signed [2][4]. - China's major nuclear fusion projects are expected to see investments reaching 146.5 billion yuan, with the industry entering a capital expenditure expansion cycle from 2025 to 2028 [4]. Market Trends - The global demand for electricity is expected to grow exponentially, driven by AI computing needs, with data center electricity consumption projected to reach 945 terawatt-hours by 2030 [7]. - The nuclear fusion industry is entering a phase of intensive equipment procurement and construction to meet this surging demand [7]. Investment Opportunities - The nuclear fusion sector is characterized by a "long slope, thick snow" investment model, indicating a clear investment value emerging as the industry transitions from the "year of fusion" to substantial capital expenditure [10]. - Companies like Shanghai Electric and China General Nuclear Power Corporation are positioned to benefit from national investments in nuclear energy, with Shanghai Electric achieving significant breakthroughs in core equipment [13][14]. Strategic Considerations - The investment landscape for controllable nuclear fusion is expected to evolve, with a focus on companies deeply embedded in national projects and possessing solid technological capabilities [14]. - Investors are advised to be cautious of speculative trading detached from fundamentals, as the path from engineering validation to commercial power generation remains fraught with challenges and uncertainties [14].
利好密集发酵搅动投资情绪，“聚变元年”港股投资图谱隐现？