可控核聚变行业动态点评：聚变公司在沪挂牌成立，我国可控核聚变发展进入新阶段

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [12]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a new phase in the development of controllable nuclear fusion in China, with a total capital increase of approximately 11.5 billion yuan from seven state-owned enterprises [2][4]. - The company aims to commercialize fusion energy through a three-step development approach: pilot experimental reactor, demonstration reactor, and commercial reactor [4]. - The controllable nuclear fusion industry in China is entering a rapid development phase, supported by multiple technological routes and significant investments from state-owned enterprises [4]. Summary by Sections Industry Dynamics - The establishment of the fusion company is a significant step towards the commercialization of fusion energy in China, with a registered capital reaching 15 billion yuan after the recent capital increase [4]. - The company currently has total assets of 5.369 billion yuan and equity of 5.367 billion yuan, with no operating revenue reported yet [4]. Investment Recommendations - Investors are advised to focus on companies with key materials and core components for controllable nuclear fusion devices, as well as those that have secured relevant orders. Recommended companies include Hezhong Intelligent, Lianchuang Optoelectronics, Western Superconducting, and Antai Technology [4].