可控核聚变行业产业观察：混合堆引领新风向，EAST升级至BEST

Core Insights - The report highlights the concept of "Z-FER" (Z Compression Driven Fusion-Fission Hybrid Reactor) proposed by the China Academy of Engineering Physics, which aims to achieve large-scale thermonuclear fusion through advanced technology [2] - The report discusses the collaboration between China National Nuclear Corporation (CNNC) and Lianchuang Optoelectronics to build a fusion-fission hybrid reactor in Jiangxi Province, with an estimated total investment exceeding 20 billion [2] - The BEST (Bengal Energy Storage Technology) project is under construction in Hefei, aiming to demonstrate fusion energy generation and contribute significantly to global fusion energy research [2] Industry Analysis - The report indicates that controlled nuclear fusion is recognized as a crucial future energy development direction by the State-owned Assets Supervision and Administration Commission, with increased investments expected in this sector [2] - The report suggests that the dual carbon policy and technological breakthroughs are likely to open up market opportunities for upstream materials and equipment in the nuclear fusion sector [2] - Investment recommendations include superconducting material suppliers, component suppliers, and upstream raw material suppliers, indicating a broad interest in the supply chain related to nuclear fusion [2]