机械设备行业深度研究：聚变技术突破临界点，产业化进程驶入快车道

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [3] Core Insights - The global controlled nuclear fusion technology is transitioning from research to engineering and commercialization, with significant policy support and investment driving this acceleration [5][6] - The expected market for equipment related to nuclear fusion is projected to reach approximately $35 billion from 2025 to 2030, with potential expansion to a trillion-dollar market by 2050 as commercial reactors become more prevalent [2][5] - Key players in the industry, such as 合锻智能 (Hedong Intelligent), 新风光 (New Wind Light), and 国光电气 (Guoguang Electric), are positioned to benefit from the growing demand for equipment in the nuclear fusion sector [6] Summary by Sections 1. Transition from Theory to Reality - Controlled nuclear fusion is expected to significantly reshape the global energy system, with engineering and application explorations fully underway [13] - The advantages of nuclear fusion include high energy density, sustainability of fuel sources, and minimal environmental impact [22][23] 2. Policy and Capital Investment - Global policies are intensifying, with top-level planning promoting industry development, including China's strategic initiatives to enhance nuclear fusion technology [46][48] - The establishment of the China Fusion Energy Company aims to consolidate resources and advance the engineering and commercialization of fusion technology [46] 3. Commercialization Timeline - The nuclear fusion industry is anticipated to achieve commercialization by 2035, with significant market potential projected to reach thousands of billions of dollars [3][27] - The report highlights that by 2040, the global nuclear fusion market could exceed $800 billion, driven by advancements in technology and increased investment [5][27] 4. Industry Chain and Key Equipment Manufacturers - The nuclear fusion industry chain includes upstream and downstream components, with key equipment manufacturers expected to benefit from the growing market [4][6] - Specific companies such as 合锻智能, 新风光, 国光电气, 皖仪科技 (Wanyi Technology), and others are identified as critical players in the supply chain for nuclear fusion equipment [6][48]