中金：核聚变之光04：聚焦2026核聚变能科技与产业大会-8页

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 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 as of November 2025, reflecting a 50% increase in just five months [9]. Industry Dynamics - The "2026 Fusion Energy Technology and Industry Conference" held in Hefei, China, gathered over 1,600 industry professionals and 111 exhibiting companies, highlighting the growing importance of fusion energy as a strategic national initiative [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 - China has established a significant position in the global fusion commercialization competition, with a focus on enhancing original innovation capabilities in fusion energy [8][9]. - The report indicates that the next decade (2025-2035) will be crucial for the commercialization of fusion energy, with ongoing technological validation and industry cultivation [9]. Project Progress - The BEST project has completed 35% of its overall progress, with all design work finalized and entering the product research and manufacturing phase [11]. - The CRAFT project has successfully passed initial performance tests and is on track to complete its construction and national acceptance by 2026 [18][19].