行业动态报告：可控核聚变前景广阔，重视终极能源产业机遇

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - Controlled nuclear fusion is considered the "ultimate energy" with a potential market exceeding $1 trillion by 2050, driven by its high energy density, abundant raw materials, low radioactive waste, and high safety [1] - The global nuclear fusion market is projected to reach $496.55 billion by 2030, indicating significant growth potential [1] - The industry is still in the experimental phase, with major projects like ITER and domestic initiatives in China making substantial progress towards commercialization [2] Summary by Sections Industry Overview - Nuclear fusion utilizes hydrogen isotopes (like deuterium and tritium) under extreme temperatures and pressures to release energy, offering advantages over nuclear fission [1] - The industry is currently in the engineering validation stage, with no definitive technological route established yet [1] Technological Developments - Significant advancements have been made in global projects such as the ITER project, which is set to enter comprehensive debugging in 2033-2034 and begin deuterium-tritium fusion experiments by 2039 [2] - In China, projects like BEST and CFETR are on track for completion in 2027 and 2035 respectively, with key milestones achieved in 2025 [2] Investment Opportunities - Multiple technological routes exist in nuclear fusion, with a focus on the Tokamak route, highlighting opportunities in superconducting materials, first wall materials, and other critical components [3] - Relevant companies to watch include Antai Technology, Hezhong Intelligent, and others involved in the core segments of the nuclear fusion supply chain [3]