中金-机械：核聚变之光04：聚焦2026核聚变能科技与产业大会-25011

Investment Rating - The report suggests focusing on core equipment companies within the industry [5]. Core Insights - Strong policy certainty and strategic benefits are continuously being released, with fusion energy identified as a new economic growth point in the national "14th Five-Year Plan" [4][8]. - The approach towards commercialization is heating up, with significant technological milestones expected to be reached by 2027, particularly with the BEST project, which aims to validate the steady-state operation of burning plasma and the entire power generation process [4][10]. - Global capital is increasingly flowing into the fusion sector, with investment in the private fusion industry nearing €13 billion by November 2025, reflecting a 50% increase in just five months [9]. - The domestic industry is gaining a significant position in global fusion commercialization, supported by both national and local policies [8][9]. Industry Dynamics - The "2026 Fusion Energy Technology and Industry Conference" held in Hefei highlighted key technological breakthroughs in core materials and equipment for projects like BEST and CRAFT [3][8]. - The BEST project aims to complete the world's first compact fusion energy experimental device by 2027, focusing on reducing risks associated with commercial reactor construction [10][11]. - The CRAFT project has achieved significant milestones, nearing 95% completion, and is expected to provide critical support for the development of fusion materials and technologies [18][19]. Global and Domestic Development Trends - The global fusion industry is entering a rapid development phase, with over 50 commercial fusion companies emerging and major tech firms like Microsoft and Google entering the market [9]. - The U.S. and China are becoming the core driving forces in the global fusion industry, with the U.S. relying on private capital and scientific breakthroughs, while China utilizes a state-driven model with broad social capital participation [9]. Project Progress - The BEST project has completed 35% of its overall progress, with 47 out of 119 milestones achieved by the end of 2025 [11]. - The CRAFT project has successfully passed initial performance tests and is advancing towards national acceptance, with significant contributions to the localization of key equipment [19].