Tianfeng Securities·2025-06-02 10:23Investment Rating - Industry rating is maintained at "Outperform" [1] Core Insights - The report highlights significant breakthroughs in China's controllable nuclear fusion technology, with the "Chinese Circulation No. 3" achieving a plasma current of one million amperes and ion temperature reaching 100 million degrees, marking a new high in fusion parameters [3][6] - The advancements in nuclear fusion technology position China as a leader in the field, paving the way for future commercialization and potential growth opportunities for related upstream and downstream enterprises [3] Summary by Sections Industry Overview - The report discusses the continuous progress in controllable nuclear fusion technology in China, with key projects like the "Xuanlong-50U" achieving critical engineering breakthroughs [3][4] - The comprehensive parameters of fusion triple product have reached the order of 10^20, indicating significant advancements in the field [3] Key Companies to Watch - Recommended companies include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets, which are crucial for compact tokamak devices [4] - Yongding Co., a major supplier of high-temperature superconducting strips [4] - Guoguang Electric, which provides various components for controllable nuclear fusion devices [4]