中国聚变能源有限公司在沪成立，核聚变行业再添关键力量

Investment Rating - The report maintains an "Overweight" rating for the nuclear fusion equipment industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [1][10]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a significant addition to the nuclear fusion industry, with a total investment of approximately 15 billion yuan from seven stakeholders, including China National Nuclear Corporation and Kunlun Capital, highlighting the growing importance of the nuclear fusion industry [3][5]. - The report suggests a focus on the nuclear fusion supply chain, particularly upstream equipment manufacturers such as Xuguang Electronics, Hezhuo Intelligent, Yongding Co., and Guoguang Electric, as well as listed companies within the China Nuclear System [5]. Summary by Sections - Company Establishment: China Fusion Energy Co., Ltd. was officially established on July 22, 2024, with a registered capital of 15 billion yuan, aimed at promoting the engineering and commercialization of nuclear fusion [5]. - Investment and Shareholding Structure: The investment round led to a capital increase to 15 billion yuan, with shareholding distributed among various stakeholders, including China National Nuclear Corporation (50.35%) and Kunlun Capital (20%) [5]. - Industry Landscape: The formation of China Fusion Energy Co., Ltd. signifies a strategic expansion in the nuclear fusion sector, complementing existing players like Fusion New Energy, which has also increased its registered capital to 14.5 billion yuan [5]. The industry is characterized by a diverse array of commercial companies, indicating a vibrant market environment [5].