能源转型：可控核聚变发展加速，助力能源转型

Investment Rating - The report indicates a positive outlook on the nuclear fusion industry, highlighting significant advancements and investment opportunities in the sector. Core Insights - The nuclear fusion industry is experiencing accelerated development, with both domestic and international projects making substantial progress. The commercialization of fusion energy is anticipated in the 2030s, with various application scenarios emerging. The report emphasizes the importance of nuclear fusion as a sustainable energy source to meet global energy demands and facilitate the energy transition [4][18][22]. Summary by Sections 1. Current Focus on Nuclear Fusion - The report discusses the urgency of focusing on nuclear fusion due to its potential to provide a sustainable energy solution amidst global energy challenges [3]. 2. Domestic and International Progress in Nuclear Fusion - Domestic projects are led by research institutions, with commercial companies following suit. Internationally, the U.S. leads in the number of companies and diverse technologies, with expectations for commercial fusion energy by 2028 [4][28]. - Recent domestic advancements include the initiation of the BEST project and various tendering activities for related components, indicating a robust pipeline of development [7][10]. 3. Future Outlook for the Industry - The report forecasts that the timeline for commercial fusion power generation will likely fall within the 2030s, with diverse application scenarios and potential supply-side constraints [4][62]. - The report highlights the role of technological innovations, such as AI and advanced materials, in enhancing fusion output power beyond expectations [12][17]. 4. Investment Opportunities in the Fusion Sector - The report outlines investment opportunities within the nuclear fusion manufacturing chain, emphasizing the importance of technological breakthroughs and the competitive landscape of global fusion initiatives [4][10][19]. - Significant investments are noted, including TAE Technologies' $150 million funding round and Japan's additional ¥10 billion investment in fusion research [10][21]. 5. Key Players in the Nuclear Fusion Industry - The report identifies key players in the domestic nuclear fusion landscape, including various research institutions and companies focused on commercialization, such as 聚变新能 (Fusion New Energy) and 先觉聚能 (Xianjue Fusion) [29][34][60]. - Internationally, notable companies include CFS, Helion, and Tokamak Energy, each with distinct projects and technological approaches [60]. 6. Technological Innovations Driving Progress - Innovations in magnetic field structures and high-temperature superconductors are highlighted as critical factors that could enhance fusion power output and efficiency [13][16]. - The application of AI and supercomputing in fusion research is expected to significantly reduce trial-and-error phases, accelerating development timelines [17]. 7. Global Competition and Energy Transition - The report emphasizes the global race in nuclear fusion investment, with the U.S. and China as the leading countries. It underscores the role of fusion energy in achieving long-term climate goals and transitioning to low-carbon energy sources [18][19][24].