全球可控核聚变行业简报：Q1：什么是可控核聚变？核心技术是什么？-20250408

Investment Rating - The report does not explicitly state an investment rating for the controlled nuclear fusion industry Core Insights - Controlled nuclear fusion is seen as a superior energy solution compared to nuclear fission due to its higher energy output, abundant fuel supply, and lower safety risks [3][6] - The global landscape of nuclear fusion technology is primarily focused on the United States and China, with both countries having distinct strategies and goals [11][12] Summary by Sections Section 1: What is Controlled Nuclear Fusion? - Deuterium and tritium are abundant and provide a long-term stable fuel supply for nuclear fusion development [3] - Fusion energy has a significantly higher energy density compared to chemical energy, with one kilogram of deuterium equating to the energy of 7,000 tons of gasoline [6] Section 2: Advantages of Nuclear Fusion over Fission - Nuclear fusion offers higher energy output, abundant fuel, and minimal risk of nuclear weapon proliferation [6][7] - It is a clean energy source that does not produce greenhouse gas emissions, aiding in climate change mitigation [6] Section 3: Global Nuclear Fusion Landscape - The United States leads with 49 fusion reactors, followed by Japan (26), Russia (14), and China (14) [23] - There are currently 168 fusion reactors globally, with 101 operational, 17 under construction, and 50 planned [23] Section 4: Development Timeline of Nuclear Fusion Technology - The ITER project has been in development since 1978, with significant milestones achieved, including 80% completion of necessary systems for the first plasma discharge [17][18] Section 5: Market Potential and Future Growth - The market for controlled nuclear fusion is projected to reach a trillion-level scale, with significant growth expected between 2030 and 2040 [37] - The cost of a single fusion experimental reactor is estimated at approximately 9.936 billion yuan, with equipment costs comprising about 55% of total expenses [37]