机械设备行业：重视可控核聚变产业趋势下的投资机会

Investment Rating - The report maintains a "Recommended" rating for the mechanical equipment industry [4]. Core Insights - The report emphasizes the importance of the controllable nuclear fusion industry as a future energy direction, supported by government initiatives and collaborations among major enterprises and research institutions [2][3]. - The global landscape of nuclear fusion research involves approximately 35 countries, with leading positions held by China, the US, Russia, Europe, and Japan, all of which are enhancing their support through funding and policy measures [3]. - The investment suggestion focuses on companies deeply involved in core projects related to equipment and materials, highlighting specific companies such as Jingda Co., Yingsheng Co., and Xibu Superconductor [4][10][11]. Summary by Sections Industry Development - The nuclear fusion industry is structured into an upstream segment (materials), midstream (superconducting magnets, first wall structures, vacuum modules), and downstream (power plant operations) [3]. - Superconducting materials are essential for the stable operation of Tokamak magnets, with high-temperature and low-temperature superconductors being critical [3]. - The cost structure of a Tokamak reactor system, such as CFETR, shows that the magnet system, vacuum system, and first wall structures account for significant portions of the total cost [3]. Investment Opportunities - Companies like Jingda Co. are positioned to supply superconducting magnets for nuclear fusion, while Yingsheng Co. is collaborating on new materials for fusion reactors [10][11]. - Xibu Superconductor has successfully delivered superconducting wire for the ITER project, showcasing its capabilities in the nuclear fusion sector [11]. - Other notable companies include Guoda Special Materials, Jiuli Special Materials, and various midstream and downstream players in the nuclear power sector [11].