可控核聚变行业系列报告之四：核聚变能大会即将在合肥召开，近期聚变行业进展不断

Investment Rating - The report maintains a "Buy" rating for the fusion energy industry, indicating an expected investment return exceeding the market benchmark index by more than 15% over the next 6-12 months [9]. Core Insights - The upcoming 2026 Fusion Energy Technology and Industry Conference in Hefei is expected to promote collaboration and innovation within the fusion industry, showcasing China's capabilities in magnetic confinement fusion [1]. - Significant experimental breakthroughs have been achieved in domestic fusion devices, including the EAST confirming the existence of a density-free zone and the successful long-pulse operation of the world's first high-temperature superconducting tokamak, Honghuang 70 [2]. - Multiple financing and construction advancements in fusion projects have been reported, including TMTG's plans to build the world's largest fusion power plant in the U.S. and significant funding rounds for domestic fusion startups [3]. - The fusion industry is anticipated to benefit from dual catalysts of policy support and positive industrial progress, with various projects in China and abroad showing promising developments [4]. Summary by Sections Research Developments - The EAST experiment confirmed methods for high-density operation in magnetic confinement fusion, published in the journal "Science Advances" [2]. - The Honghuang 70 achieved a 120-second steady-state long-pulse plasma operation, marking a significant milestone for commercial fusion devices [2]. Industrial Progress - TMTG announced plans to construct a major fusion power plant in the U.S. by 2026, following its merger with TAE Technologies [3]. - Domestic fusion projects, such as Dongsheng Fusion and the NTST device, have secured significant funding and are set to commence construction in the coming years [3]. Investment Recommendations - The report suggests focusing on companies with leading positions in the fusion supply chain, particularly those involved in vacuum chambers, magnet systems, power systems, and low-temperature systems [4].