中银晨会聚焦-20250806

Core Insights - The report emphasizes the accelerating commercialization of controlled nuclear fusion, particularly benefiting from breakthroughs in high-temperature superconducting materials, positioning the superconducting magnet as a crucial component in magnetic confinement fusion devices [2][5][6] Industry Overview - Nuclear fusion is regarded as the ultimate energy source for humanity, with the Tokamak device being the most commercially viable option. It involves the fusion of lighter atomic nuclei into a heavier nucleus, converting mass into energy. The advantages of nuclear fusion include abundant fuel resources, high energy density, cleanliness, and safety [5][6] - As of mid-2024, there are 159 global nuclear fusion projects, with 79 being Tokamak devices, accounting for nearly 50% of the total [5] Superconducting Magnet Insights - Superconducting magnets play a pivotal role in magnetic confinement fusion devices, where the strength and uniformity of the magnetic field significantly impact the performance and efficiency of the entire system. For instance, in the ITER project, the magnet system constitutes the largest cost component, accounting for 28.0% of total costs [6] - The introduction of superconductors, particularly high-temperature superconductors, addresses the heating issues associated with copper conductors, enabling longer steady-state operations and improving energy conversion efficiency while reducing costs [6][7] Market Potential - The potential market for controlled nuclear fusion could reach at least $1 trillion by 2050, with superconducting magnets expected to capture a market space exceeding $100 billion. This indicates a vast potential market size [7] - Beyond nuclear fusion, superconducting magnets have applications in MRI, NMR, induction heating devices, and silicon growth furnaces, suggesting a broadening application landscape [7]