Minsheng Securities·2025-06-16 08:43Investment Rating - The report maintains a cautious recommendation for the industry, focusing on controllable nuclear fusion-related stocks such as Lianchuang Optoelectronics and Guoguang Electric [4][5]. Core Insights - Magnetic confinement is currently the best method for achieving controllable nuclear fusion, with significant challenges in maintaining the extreme conditions required for fusion reactions [1][9]. - The main magnetic confinement devices are Tokamak and Stellarator, with Tokamak being more widely used but facing inherent instabilities due to plasma current [2][14]. - Advanced Stellarators have stringent standards for modular coil systems, magnetic surface quality, and stability under high pressure, which enhance plasma confinement and reduce transport losses [3][36]. - The Wendelstein 7-X (W7-X) Stellarator set a new world record for nuclear fusion triple product, demonstrating its potential in the race towards commercial fusion power [3][41]. Summary by Sections 1. Tokamak vs. Stellarator - Magnetic confinement is the best approach for controllable nuclear fusion, requiring extreme temperatures and conditions [1][9]. - The main magnetic confinement devices include Tokamak and Stellarator, with Tokamak facing stability issues due to plasma current [2][14]. 2. Development of Stellarators - The W7-X Stellarator achieved a new record in nuclear fusion triple product, showcasing its capabilities compared to Tokamak devices [3][41]. - The development of advanced Stellarators focuses on optimizing magnetic field configurations to improve plasma confinement [3][36]. 3. Investment Opportunities - The report suggests focusing on companies involved in controllable nuclear fusion, specifically Lianchuang Optoelectronics and Guoguang Electric, which are making strides in superconducting technology and nuclear fusion applications [4][54][56].