可控核聚变行业专题报告：核聚成能，众志成城

Investment Rating - The report does not explicitly state an investment rating for the controlled nuclear fusion industry. Core Insights - Controlled nuclear fusion is considered a strategic energy source that is safe, clean, low-carbon, and has high energy density, potentially solving humanity's energy problems [12][18]. - The energy balance is a critical indicator for the commercial viability of controlled nuclear fusion, with future energy gain indicators expected to exceed 10 [22]. - The global timeline for achieving operational demonstration reactors is set for 2050, with significant advancements expected in the coming years [54][56]. Summary by Sections Section 1: Energy Solutions - Controlled nuclear fusion is a promising solution to energy needs, utilizing abundant fuel sources like deuterium from seawater, which could support humanity's energy demands for thousands of years [18][20]. - The energy gain (Q value) is a key metric, with a threshold of Q=1 indicating feasibility for scientific and engineering applications [22][23]. Section 2: Technological Progress - The report highlights the transition from copper-based magnets to high-temperature superconductors in fusion devices, which enhances efficiency and reduces costs [52][73]. - Major global projects like ITER are pivotal in advancing fusion technology, with significant international collaboration [59][62]. Section 3: Industry Structure - The current focus is on the midstream components of fusion devices and upstream materials, with a detailed breakdown of the value chain [98][100]. - Key materials include low-temperature superconductors, high-temperature superconductors, tungsten, and stainless steel, which are essential for the construction of fusion reactors [100][103]. Section 4: Market Opportunities - The report identifies upstream material suppliers and midstream equipment manufacturers as core beneficiaries of the fusion industry, with specific companies highlighted for their roles [114][117]. - The downstream segment includes research institutions and private fusion companies, indicating a growing market for fusion technology applications [117].