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核聚变系列(01):核聚变商业化落地提速,CFS与谷歌达成协议
Minsheng Securities·2025-07-01 13:45

Investment Rating - The report maintains a "Recommended" rating for the nuclear fusion industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Insights - The commercialization of nuclear fusion is accelerating, highlighted by the record agreement between Commonwealth Fusion Systems (CFS) and Google to supply 200MW of power from the first commercial fusion power plant, ARC, in the early 2030s [1]. - CFS has raised over $2 billion since its inception in 2018 and is currently leading in funding within the nuclear fusion sector, with significant investments from notable entities such as Tiger Global Management, Bill Gates, and Google [2]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate (CAGR) of 8.1% reaching $479.5 billion by 2029 [2]. Summary by Sections Financing Situation - From 2010 to 2024, U.S. nuclear fusion companies have accumulated $5.63 billion in funding, leading globally, followed by China with $2.49 billion and Canada with $321 million [3]. Investment Recommendations - The report suggests continuous monitoring of the nuclear fusion industry, particularly focusing on companies involved in vacuum chambers, high-power electronic tubes, superconducting materials, and capacitors, including Guoguang Electric, Hexagon Intelligent, and Yongding Co., among others [3].