行业洞察丨2026上海核聚变“全链布局”，“多维联动”擘画“人造太阳”蓝图

Core Insights - The commercialization of controlled nuclear fusion in China is reaching significant milestones, with multiple landmark financing events occurring in Shanghai, indicating strong confidence from the capital market in the sector's future [2][3] - The Chinese government has elevated nuclear fusion to a national strategic priority, as outlined in the 14th Five-Year Plan, which aims to promote future industries like quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion as new economic growth points [2][6] Financing and Investment - Star Ring Fusion has completed a 1 billion yuan Series A financing led by Shanghai state-owned enterprises, while Dongsheng Fusion has received several hundred million yuan in funding from top-tier institutions like Sequoia China and Hillhouse [2] - Supermagnetic New Energy has also secured several hundred million yuan in angel round financing, focusing on key systems in the nuclear fusion industry chain [2][3] Technological Development - Star Ring Fusion is focusing on the engineering implementation of spherical tokamak devices, aiming to achieve a significant milestone of Q>1 by around 2029 and to establish a demonstration reactor capable of generating electricity by 2033 [3][5] - The company has initiated the "Star Ring No. 1" project in Jiading, which will include a research and experimental base for the verification of key technologies [3][4] Industry Ecosystem - Shanghai is emerging as a preferred location for fusion enterprise financing, driven by a complete industrial chain, abundant research supply, and strong international collaboration [6][7] - The city boasts nearly 200 upstream and downstream enterprises in the nuclear power industry, providing essential engineering support for fusion device development [6][7] Collaborative Efforts - The collaboration between government and enterprises is exemplified by the deep integration of Star Ring Fusion with Shanghai's state-owned enterprises, which has facilitated its growth and technological advancements [4][8] - The Shanghai Science and Technology Group has played a pivotal role in supporting the development of fusion technology, aiming to accelerate the transition from scientific research to commercial application [8][9] Regional Development - Shanghai's nuclear fusion industry is characterized by a "multi-point blooming" strategy, with different districts focusing on various aspects of development, such as engineering verification in Jiading and original innovation in Yangpu [9][10] - The city's strategic planning aims for a future industry output value of approximately 500 billion yuan by 2030, with a focus on advanced technologies including controlled nuclear fusion [9][10]