可控核聚变行业点评报告：未来能源首次写入政府工作报告，有望促进聚变加速走向工程化

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The concept of "future energy" has been included in the government work report for the first time, which is expected to accelerate the engineering of nuclear fusion [1] - The nuclear fusion industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing electricity demand from AI computing power [1] - The global nuclear fusion equipment market is projected to reach an average annual scale of 266 billion yuan by 2035 [1] Summary by Sections Industry Outlook - The government work report emphasizes the cultivation of future energy industries, including nuclear fusion, indicating national strategic recognition [1] - The industry is moving into a phase of "engineering feasibility verification," with a focus on equipment procurement and construction [1] - Multiple technical paths are being explored, including magnetic confinement and inertial confinement, with state-led projects primarily using Tokamak technology [1] Investment Focus - Investment strategies should focus on high-value segments and "chain leader" enterprises [2] - The cost breakdown of Tokamak devices shows significant portions for magnetic systems (28%), vacuum chamber components (17%), and power supply (8%) [2] - Key chain leader companies include China Fusion Energy Company and Jiangxi Fusion New Energy, with major devices like HL-3 and HL-4 [2] Investment Recommendations - Emphasis on core positioning and flexible targets in the midstream equipment sector, with companies such as Lianchuang Optoelectronics and Xuguang Electronics highlighted [3] - Upstream material suppliers include Yongding Co., West Superconducting, and Shanghai Superconducting [3]