KAIYUAN SECURITIES·2025-11-09 09:16Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The controlled nuclear fusion sector is experiencing steady progress in the development and construction of fusion devices, with significant core component orders expected to be released continuously. The BEST device construction is advancing, and projects like Spark One, Xianjue Fusion, and Circulation Four are anticipated to commence sequentially. If the feasibility of the FRC technology route is validated, related startup projects in China may accelerate [8][27] - The recent approval of the international standard ISO 18518:2025, led by the Institute of Plasma Physics, marks a significant achievement for China in the field of superconducting magnet technology and establishes safety benchmarks for fusion devices [20][21] - The domestic ion cyclotron heating leader, Xirong Zhaobo, has completed several million yuan in Pre-A financing, indicating strong market potential for auxiliary heating systems in nuclear fusion [26] Summary by Sections Sector Review - In the week of November 3 to November 7, 2025, half of the sub-sectors in the controlled nuclear fusion sector saw price increases, with notable gains in companies such as Hailu Heavy Industry (+61.0%) and Lansi Heavy Industry (+34.6%). The overall trend indicates more stocks rose than fell [5][14] Industry Dynamics - The ISO standard for magnetic fusion facilities was officially approved, establishing safety requirements for superconducting technology applications in tokamak fusion devices. This is China's first international standard in the field, enhancing its influence in superconducting magnet technology [20][21] - The Ministry of Science and Technology will host an exhibition and matchmaking event for nuclear fusion technology achievements on November 27, 2025, promoting industry collaboration [22] - Recent procurement announcements from the Institute of Plasma Physics and Fusion New Energy have a cumulative budget of several hundred million yuan, indicating robust demand for core components [23][25] Company Developments - Xirong Zhaobo, a leading domestic company in ion cyclotron heating, has successfully completed a Pre-A financing round, highlighting the growing investment interest in nuclear fusion auxiliary heating systems. The company is the only one in China to achieve system-level delivery to multiple fusion devices [26] Weekly Outlook - The long-term development prospects of the nuclear fusion sector are viewed positively, with recommendations to focus on core components such as magnets, main devices, and power supplies. Beneficiary companies include West Superconducting, Yongding Co., and others in various segments [27][28]