GUOTAI HAITONG SECURITIES·2026-03-30 01:11Investment Rating - The report assigns an "Overweight" rating to the nuclear fusion industry, indicating a positive outlook for investment opportunities in this sector [20]. Core Insights - The nuclear fusion industry is experiencing increased procurement demand, particularly for critical components such as magnets and power supplies, with significant tendering activity reported [20]. - OpenAI is in preliminary discussions with Helion Energy to secure a long-term supply of clean electricity for its AI computing needs, marking a shift from technological narratives to commercial narratives in the fusion energy sector [16][18]. - The European Union plans to invest over €330 million to support nuclear innovation, with €222 million allocated specifically for fusion research, aiming to enhance energy independence and foster the growth of innovative startups [18][19]. Summary by Sections Market Performance - During the week of March 23-27, the nuclear fusion index increased by 0.12%, outperforming the Shanghai Composite Index, which fell by 1.10% [8][9]. Tender Information - Significant tender activities were reported, including a procurement project for a fuel cycle system with a budget of 47 million RMB and various other projects totaling several million RMB [10][12]. Domestic and International News - The appointment of Bob Mumgaard, CEO of Commonwealth Fusion Systems, to the President's Council of Advisors on Science and Technology (PCAST) signals the strategic importance of fusion energy in U.S. national competitiveness [13]. - The "China Circulation No. 3" advanced tokamak device was recognized as one of the "Top Ten Scientific Advances in China," highlighting China's leadership in fusion research [14]. Investment Dynamics - OpenAI's potential agreement with Helion Energy aims for a supply of up to 5 GW of power by 2030 and 50 GW by 2035, reflecting the growing energy demands of AI technologies [16][17]. - The EU's investment strategy includes establishing public-private partnerships to develop commercially viable fusion technologies and support the growth of small and medium enterprises in the sector [19]. Investment Recommendations - The report emphasizes focusing on key suppliers in the nuclear fusion sector, particularly in magnets, power supplies, and structural components, with specific companies highlighted for their potential long-term benefits [20].