机械设备行业：可控核聚变产业数据跟踪（一）：优先布局磁体系统供应商，把握CFEDR中长期机遇

Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The report emphasizes prioritizing investments in magnet system suppliers to seize long-term opportunities in the Controlled Fusion Energy Demonstration Reactor (CFEDR) [5] - The report identifies two main investment logic paths in the nuclear fusion industry: one focusing on segments with clear performance visibility, particularly in magnet and power systems, and the other on companies with established validation and customer connections in the BEST phase [5][34] Summary by Sections 1. Current Progress in Nuclear Fusion Industry - The nuclear fusion industry is entering an engineering exploration phase, with CFEDR still in its early project stages [38] - The report highlights that the magnet system holds the highest value in the nuclear fusion device, accounting for 42.34% of total investment [55] 2. Investment Opportunities - Investment opportunities are primarily in segments with clear performance visibility, such as magnet systems with a cumulative budget of 370 million yuan and power systems exceeding 100 million yuan [5][34] - Companies with competitive advantages in these segments, such as Western Superconducting, Yingjie Electric, and Shanghai Superconducting, are recommended for attention [5][34] 3. Market Size and Growth - The global nuclear fusion market is projected to reach approximately 843.46 billion USD by 2040, with a compound annual growth rate (CAGR) of about 6% from 2030 to 2040 [27] - The Chinese market is expected to grow to around 53.68 billion USD by 2040, with a CAGR of 6.4%, slightly higher than the global average [27] 4. Projected Investment in CFEDR - The total investment for CFEDR is estimated to be around 120 billion yuan, with equipment investment projected at approximately 72 billion yuan [31] - The report anticipates that CFEDR will accelerate into equipment bidding and installation phases following the completion of major components in the BEST project [68] 5. Key Components and Their Importance - The magnet system is identified as the core component of the Tokamak device, with significant investment and market concentration [55][56] - Superconducting materials are highlighted as a critical cost component within the magnet system, accounting for about 47% of its costs [55]