Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and specialized equipment sectors [5]. Core Insights - The global nuclear fusion industry is accelerating, with significant advancements expected in the coming years, particularly with the BEST project set to demonstrate fusion energy generation [17][21]. - Over 70% of surveyed fusion companies believe that commercial applications of fusion energy can be achieved between 2031 and 2040, indicating a positive outlook for the industry [2][25]. - The Tokamak technology is considered the most mature among various fusion technology paths and is expected to lead the commercialization of fusion energy [18][34]. Summary by Sections Industry Overview - The nuclear fusion industry is experiencing robust growth, driven by policy support and technological advancements. Countries like the US, China, Europe, and Japan have established detailed strategic plans for fusion development [17][21]. - The BEST project in China is expected to be completed by 2027 and will be the first to demonstrate fusion energy generation, marking a significant milestone for China's fusion energy development [29][30]. Market Potential - The market for Tokamak devices is projected to exceed 90 billion yuan, with high-value components such as magnetic coils, first wall components, and vacuum parts being key beneficiaries [19][4]. - As of April 2025, there are 80 Tokamak devices globally, with 57 operational and 23 under construction, indicating a growing demand for fusion experimental reactors [19][4]. Technological Advancements - The Tokamak device operates by creating a closed helical magnetic field to confine high-temperature plasma, which is essential for achieving fusion reactions. The EAST device in China has already achieved a plasma confinement time of 403 seconds [18][34]. - The report highlights that advancements in high-temperature superconductors will enhance plasma stability and contribute to the commercialization of Tokamak technology [18][34]. Future Outlook - The report emphasizes that the nuclear fusion sector is on a path to commercialization, with ongoing projects and technological innovations paving the way for practical applications of fusion energy [20][21]. - The anticipated completion of the ITER project by 2025 will further solidify the foundation for future fusion energy developments [21][22].
核聚变:人类终极能源的钥匙