可控核聚变赛道资本潮涌 点亮“人造太阳”还有多远？

Core Insights - The commercialization of controlled nuclear fusion is accelerating, with 2026 being viewed as a pivotal year for the industry [1][2] - A number of listed companies are deeply involved in significant projects related to superconducting materials, core equipment, and engineering contracts, positioning themselves as key players in the industrialization of nuclear fusion [1][2] Industry Developments - Controlled nuclear fusion offers nearly limitless energy potential, with one kilogram of deuterium equating to the energy of four kilograms of uranium or seven thousand tons of gasoline [2] - The introduction of second-generation high-temperature superconducting materials has significantly reduced the manufacturing costs of compact tokamaks, allowing startups to participate in projects previously limited to state-backed entities [2][3] Financial Trends - The global fusion energy sector has seen a substantial increase in financing, with total equity financing reaching $9.7 billion by July 2025 [3] - Chinese equity financing in the fusion energy sector, while starting later, is growing rapidly and includes participation from listed companies [3] Company Activities - Beijing Critical Field Technology Co., Ltd. completed a strategic financing round, with listed company Jiemai Technology acquiring a 22.5% stake [4] - Numerous companies showcased their fusion-related products at the nuclear fusion industry conference, indicating high participation levels across the supply chain [5][6] Strategic Collaborations - An advanced filter joint laboratory was established between Antai Technology and the Hefei Comprehensive National Science Center, focusing on key materials for fusion devices [6] - Companies like Xibu Superconductor and Yongding Co. are actively involved in supplying superconducting materials and components for major fusion projects [6] Market Outlook - The establishment of the Fusion Financial Institution Alliance aims to inject financial support into the nuclear fusion industry, facilitating the transition from research breakthroughs to industrial applications [4] - The ongoing development of the BEST project is expected to accelerate bidding and construction phases, with significant opportunities for suppliers in the nuclear fusion supply chain [7][8] Industry Challenges - While interest in nuclear fusion is surging, not all companies entering the field are adequately prepared for the long-term commitment required [1][8] - Experts caution against a speculative rush into the industry, emphasizing the need for deep technical development rather than superficial engagement [9][10]