2026可控核聚变研究报告：政策与资本双轮驱动，能源革命奇点临近

Investment Rating - The report does not explicitly state an investment rating for the controlled nuclear fusion industry. Core Insights - Controlled nuclear fusion is regarded as the "ultimate energy" solution due to its high energy density, safety, and environmental friendliness. Recent breakthroughs in high-temperature superconductors and artificial intelligence, combined with global energy transitions and strategic competition among major powers, are accelerating its shift from basic research to engineering validation and commercialization [14][26][32]. Summary by Sections Overview of Controlled Nuclear Fusion - Controlled nuclear fusion aims to harness the immense energy released from the fusion of light atomic nuclei under controlled conditions, similar to the processes occurring in the sun. The primary technical approach involves fusing isotopes of hydrogen (deuterium and tritium) at extremely high temperatures and specific confinement conditions [15][23]. Global Landscape of Controlled Nuclear Fusion Industry - The industry is characterized by a dual-track system of large scientific projects and commercial companies. The main technical routes for achieving controlled fusion include gravitational confinement, inertial confinement, and magnetic confinement, with magnetic confinement being the most promising for engineering applications [39][46]. Current Status of China's Controlled Nuclear Fusion Industry - China is systematically building a self-sufficient fusion energy development system through a multi-layered project layout, focusing on basic research, engineering validation, and demonstration pre-research. Key projects include the EAST superconducting tokamak and the CFETR experimental reactor, which aims to achieve significant fusion power output by the mid-21st century [36][37][60]. Technical Routes and Key Institutions - The report outlines various technical routes for achieving controlled nuclear fusion: - Inertial Confinement: Utilizes high-precision laser or particle beams to compress fuel targets to achieve fusion [41]. - Magnetic Confinement: Employs strong magnetic fields to confine high-temperature plasma, with tokamaks being the most developed and widely researched approach [46][60]. - Stellarators: Offer stable plasma confinement but are complex and costly to construct [50][52]. Investment and Market Dynamics - The report highlights the increasing capital investment in the controlled nuclear fusion sector, driven by the need for energy security and the transition to new energy sources. The global investment in fusion projects is expected to grow significantly, with major players in the field receiving substantial funding [39][46].