民营企业核聚变研究获突破，新奥聚变装置创重要进展

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The recent breakthrough in the "Xuanlong-50U" spherical toroidal hydrogen-boron fusion device by Xin'ao Energy Research Institute marks the first successful achievement of a plasma current discharge of 1 million amperes, establishing a foundation for the commercialization of hydrogen-boron fusion [3][4]. - Nuclear power is recognized as a crucial force in promoting the green transition of energy due to its cleanliness, safety, efficiency, and minimal land use, with annual utilization hours exceeding 7000 hours, the highest among all power sources [5]. Summary by Sections Breakthroughs and Developments - The "Xuanlong-50U" device underwent an upgrade in 2023, achieving its first plasma discharge on January 24, 2024, and exceeding expected plasma current indicators on August 15, 2024. The focus for 2025 will be on high-parameter hydrogen-boron plasma discharge research [4]. Investment Opportunities - Recommended companies for investment include: 1. Jia Dian Co., Ltd.: Leading in nuclear main pumps and helium fans for fourth-generation high-temperature gas-cooled reactors [5]. 2. Guoguang Electric: Key components for the ITER project [5]. 3. Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [5]. 4. Kexin Electromechanical: Producing high-temperature gas-cooled reactor products and replacing imports [5]. 5. Hailu Heavy Industry: Services for third and fourth-generation reactors and thermal nuclear fusion reactors (ITER) [5]. 6. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear power projects [5]. 7. Xianheng International: Products applied in the operation and maintenance of nuclear energy [5].