可控核聚变行业点评报告：特朗普媒体披露建设全球最大商业聚变电站，“工程化”逻辑加强

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - TMTG plans to start construction of the world's largest commercial fusion power plant in 2026, aiming to accelerate the deployment of fusion energy to support AI development [1] - The initial construction will involve a 50MW fusion power plant, with a long-term goal of achieving a power supply capacity of 350-500MW, targeting first power generation by 2031 [1] - The construction plan marks the first major action following the merger between TMTG and TAE Technologies, which is valued at $6 billion and expected to complete by mid-2026 [1] - The fusion energy sector is experiencing significant momentum, with strong policy support, ongoing advancements in technology, and increasing capital investment [2][3] Summary by Sections Policy Developments - Fusion energy has been explicitly included in the national "14th Five-Year Plan" and is positioned as a core future industry, with unprecedented policy support [2] Industry Progress - Steady progress in the construction of fusion devices is noted, with breakthroughs in various technical paths, including the successful completion of key plasma control coil manufacturing for the JT-60SA and advancements in Tokamak Energy's current capabilities [2] - Other projects, such as the quasi-symmetric stellarator in Chengdu, are on track for completion by 2027, and significant milestones have been achieved in neutral beam heating technology [2] Capital Investment - Recent funding rounds indicate strong investor interest, with Helical Fusion securing $38 million in A-round financing and other startups in the fusion sector also raising significant capital [3] Investment Recommendations - Key midstream equipment companies to focus on include Lianchuang Optoelectronics, Xuguang Electronics, and others [4] - Upstream material companies such as Yongding Co., Western Superconducting, and Jingda Co. are also highlighted as potential investment opportunities [4]