华创交运公用可控核聚变双周报（第5期）：核聚变能科技与产业大会召开，可控核聚变产业化进展或加速推进-20260119

Investment Rating - The report maintains a "Recommended" rating for the controllable nuclear fusion industry, indicating an expectation of significant growth in the sector over the next 3-6 months [3][49]. Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference held in Hefei is expected to accelerate the industrialization of nuclear fusion, with major procurement projects and collaborations being signed [1][8]. - Star Ring Fusion has completed a 1 billion RMB Series A financing round, which will expedite the commercialization of nuclear fusion technology, aiming to complete engineering validation by 2028 and establish a demonstration reactor by around 2032 [9][1]. - The report anticipates that the domestic nuclear fusion projects will see a total investment of approximately 146.5 billion RMB from 2025 to 2028, marking a significant increase in capital expenditure [8][1]. Summary by Sections Industry Overview - The report highlights the successful completion of the REBCO high-temperature superconducting tape by Eastern Superconductors, which plays a crucial role in the development of advanced superconducting models for nuclear fusion [2][11]. Investment Recommendations - The report continues to recommend companies such as Hezhong Intelligent and Lianchuang Optoelectronics, while suggesting attention to Guoguang Electric [3][23]. - In the magnet segment, companies like Western Superconductors, Yongding Co., and Jingda Co. are highlighted for their high value contribution [3][33]. - For internal structural components and others, the report recommends companies like Sihua Electronics, Yingliu Co., and Wanyi Technology, while suggesting to pay attention to Antai Technology and Jiuli Special Materials [3][34]. Market Trends - The report notes a significant increase in bidding activity, with a total of 1.28 billion RMB in new bids reported in the first half of January 2026, indicating a robust growth trajectory in the nuclear fusion sector [7][12]. - The market performance in early January 2026 shows notable gains for several companies, with New Wind Power leading at +42% [22][26]. Future Outlook - The report emphasizes that controllable nuclear fusion is now included in top-level planning as a future industry, with capital expenditures expected to rise significantly, leading to increased orders across the industry chain [1][8]. - The next 3-5 years are projected to be a peak period for nuclear fusion project tenders, with substantial investments anticipated [1][8].