可控核聚变政策陆续颁布，产业化进程有望加速

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [40] Core Insights - The support policies for controllable nuclear fusion are being issued continuously, which is expected to accelerate the industrialization process. The global fusion power generation is projected to increase from 2 TWh in 2035 to 375 TWh in 2050, and nearly 25,000 TWh by 2100. The share of fusion in the global power structure is expected to reach 15% by 2075 and 27% by 2100 [3][11] - The global nuclear fusion industry value is expected to grow to $843.5 billion by 2040, indicating a vast market potential. The industry has been included in several national planning documents, such as the "2030 Carbon Peak Action Plan" and the "14th Five-Year Plan for Modern Energy System" [3][17] - The recent promulgation of the "Atomic Energy Law" in September 2025 provides legal support for the development of controllable nuclear fusion, reducing regulatory uncertainties and promoting the long-term sustainable development of fusion energy in China [6][8] Summary by Sections Industry Dynamics - The semiconductor industry index rose by 10.61% this week, outperforming the CSI 300 index by 7.82 percentage points. Since the beginning of 2025, the semiconductor industry index has increased by 61.48%, outperforming the CSI 300 index by 40.54 percentage points [31] - The controllable nuclear fusion has been recognized as a key low-carbon frontier technology in national policies, with various supportive measures being implemented [8][6] Market Forecast - According to ITEA, fusion power generation is expected to reach 375 TWh by 2050 and nearly 25,000 TWh by 2100, with a significant increase in its share of the global power structure [11] - Precedence Research forecasts that the global nuclear fusion market value will reach $4.72 trillion by 2030 and $843.5 billion by 2040, with a CAGR of 6% from 2030 to 2040 [17]