Xi'an Actionpower Electric (SH:688719) Bank of China Securities·2025-07-30 08:06Investment Rating - The report assigns a "Strong Buy" rating for the power equipment industry, specifically recommending "Buy" for Aikasaibo (688719.SH) at a price of RMB 39.23 [1]. Core Insights - The core insight of the report emphasizes that nuclear fusion power sources are critical components of fusion devices, enhancing the heating temperature and energy confinement time to improve the fusion "triple product" [3][13]. - The report highlights the high technical and customer barriers in the power source segment, with costs accounting for 30%-50% of the overall fusion device [3][5]. - The increasing investment climate in China's nuclear fusion sector, with multiple technological routes advancing simultaneously, is expected to lead to significant order and performance releases in the fusion power segment [3][5]. Summary by Sections Investment Recommendations - The report suggests that nuclear fusion power sources will drive improvements in the fusion "triple product" through enhanced heating temperatures and energy confinement times, which are essential for achieving fusion ignition [3]. - It recommends Aikasaibo and suggests monitoring other companies such as Yingjie Electric, Guoguang Electric, Xuguang Electronics, Hongxun Technology, and Wangzi New Materials [3]. Industry Overview - The report discusses the critical role of power sources in nuclear fusion devices, which include providing energy for plasma heating and maintaining the stability of the magnetic field [13][14]. - It notes that the power source's performance is crucial for the safety and efficiency of fusion operations, with stringent requirements for response times and stability [21][22]. Technological Insights - The report details the different types of power sources used in various fusion technologies, including Tokamak, linear, and Z-pinch systems, each with specific requirements and challenges [45][47]. - It highlights the importance of high-power, low-ripple power sources in maintaining plasma stability and achieving the necessary conditions for fusion [22][52]. Market Potential - The report identifies a broad market potential for fusion power sources, driven by the increasing demand for customized solutions and the historical experience of suppliers in the nuclear fusion sector [52][53]. - It emphasizes that companies with established relationships and experience in nuclear-grade power supply are likely to benefit from upcoming large-scale projects [52][53]. Emerging Technologies - The report mentions the growing importance of supercapacitors in fusion power systems, which can provide rapid discharge capabilities essential for the pulsed operation of fusion devices [54][56]. - It notes that supercapacitors have been successfully integrated into existing projects, indicating a trend towards their increased use in future nuclear fusion applications [56].