Shenwan Hongyuan Securities·2025-06-26 05:15Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][9]. Core Insights - The report highlights the acceleration of the industrialization process in the controllable nuclear fusion sector, driven by continuous technological breakthroughs, supportive policies, and rapid domestic bidding processes [3]. - The report emphasizes that nuclear fusion is regarded as the "ultimate energy" source due to its high energy density, environmental cleanliness, and the abundance of raw materials, making it a necessary choice for future energy solutions [3]. - The report identifies two main investment lines: exploring core supporting entities related to nuclear fusion projects and focusing on high-barrier and high-value segments within the industry chain [3]. Summary by Sections Industrial Developments - Shanghai Superconductor, a leading enterprise in high-temperature superconducting materials, has received approval for its IPO, aiming to raise 1.2 billion yuan to build a new factory, which is expected to add 6,000 kilometers of production capacity annually [3]. - The company reported a revenue of 240 million yuan in 2024, a year-on-year increase of 187.40%, and a net profit of 73 million yuan, marking a significant turnaround [3]. Financial Developments - China National Petroleum Corporation Capital plans to invest 655 million yuan in Kunlun Capital for controllable nuclear fusion projects, indicating strong financial backing for the industry [3]. Key Investment Targets - The report lists several key companies to watch, including: - Superconducting Magnet Systems: Western Superconductor, Yongding Co., Jingda Co., and Lianchuang Optoelectronics - Casing Systems: Guoguang Electric, Hezhu Intelligent, Antai Technology, and Yingliu Co. - Power Systems: Xuguang Electronics, Sichuang Electronics, Guoli Co., and Aike Saibo [3][4].