国防军工行业点评：可控核聚变进入发展关键期；SMR或适配AIDC

Investment Rating - The report maintains a "Recommended" rating for the nuclear energy sector, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [5]. Core Insights - The nuclear energy industry is entering a critical development phase, with significant advancements in controlled nuclear fusion and Small Modular Reactors (SMR) expected to contribute to China's dual carbon goals and energy security [1][2]. - The construction of key nuclear fusion facilities is progressing, with projects like ITER and China's BEST and CRAFT expected to accelerate industry growth [2]. - SMRs are identified as a vital power supply solution for data centers (AIDC), with potential for substantial market growth driven by increasing electricity demand [3]. Summary by Sections Industry Developments - The ITER project has completed the manufacturing of all components for its superconducting magnet system, marking a significant milestone in global nuclear fusion research [2]. - China's BEST project has officially commenced, aiming for completion by 2027, while the CRAFT facility is expected to be operational by the end of 2025, providing essential support for fusion research [2]. Market Opportunities - SMRs are projected to play a crucial role in supplying power to AIDC, with companies like Google planning to deploy SMRs for their data centers, highlighting the growing demand for low-carbon energy solutions [3]. - The report suggests that the nuclear energy sector, particularly in controlled fusion and SMR projects, presents long-term investment opportunities due to ongoing technological advancements and strategic importance [3]. Investment Recommendations - The report recommends focusing on companies involved in key areas of nuclear fusion and SMR development, including those specializing in vacuum chambers, superconductors, heat exchange systems, and modular reactor components [3].