可控核聚变：技术路线多样，产业化进程加速

Investment Rating - The report maintains an investment rating of "Outperform" for the power equipment industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes the acceleration of the commercialization process of controllable nuclear fusion, highlighting the diverse technological routes and the increasing industrial catalysis [5]. - It identifies Tokamak and Field-Reversed Configuration (FRC) as reliable paths for achieving nuclear fusion, with Tokamak being the mainstream route and FRC gaining attention for its potential faster commercialization [13][40]. Summary by Sections 1. Controllable Nuclear Fusion - Nuclear fusion is defined as the process where lighter atomic nuclei combine under extreme temperature and pressure to form heavier nuclei, releasing significant energy, similar to the energy generation mechanism of the sun [13][14]. - Compared to nuclear fission, nuclear fusion offers advantages such as high energy density, safety, cleanliness, and abundant raw materials [18][19]. 2. Tokamak: A Mainstream Route - The Tokamak, developed in the 1950s, utilizes a toroidal vacuum chamber and magnetic fields to confine high-temperature plasma necessary for fusion reactions [49]. - The report outlines the complexity of Tokamak components, emphasizing that the magnet system is crucial for maintaining plasma stability and achieving fusion conditions [52][59]. 3. FRC: A Simpler and Cost-Effective Approach - FRC is noted for its simpler structure and lower investment costs compared to Tokamak, with a potentially faster commercialization timeline [5][18]. 4. Global Fusion Projects - As of December 2025, there are 179 controllable nuclear fusion devices globally, with 82 being Tokamak devices, indicating a robust international effort towards fusion energy [40]. - The report highlights various national projects, including China's BEST and CFEDR, which aim to achieve significant milestones in fusion energy by 2027 and 2030, respectively [43][50]. 5. Key Companies in the Industry - The report suggests focusing on companies with capabilities in critical components for nuclear fusion, such as 合锻智能 (Hefei Intelligent), 联创光电 (Lianchuang Optoelectronics), and 国光电气 (Guoguang Electric), among others [5][44].