可控核聚变产业观察：Helion Energy——持续探索核聚变商业化应用

Industry Investment Rating - The report does not explicitly mention the investment rating for the industry [1] Core Views - Helion Energy is a leading US company in nuclear fusion technology, founded in 2013 and headquartered in Everett, Washington, with around 150 employees [1] - Helion's mission is to meet the world's demand for clean energy, mitigate climate change, and improve human welfare [1] - The company has raised significant funding, including a $400 million Series D round in 2020 and a $500 million round in 2024 to accelerate the construction of its Polaris fusion plant [1] - Helion's Trenta prototype achieved the necessary 100 million degrees Celsius for commercial fusion, using deuterium as fuel and showing evidence of deuterium-helium-3 fusion [1] - Polaris, the next step in Helion's fusion power generation, will have 100 times faster pulse speed than Trenta and features direct energy recovery, making it a highly efficient fusion power generation method [1] - Helion is developing key components in-house, including quartz tubes and high-voltage capacitors, to speed up the commercialization process [1] - Microsoft has agreed to purchase electricity from Helion's first fusion power plant, expected to be deployed by 2028, supporting Microsoft's goal of becoming carbon negative by 2030 [1] - Helion is collaborating with Nucor Steel to build a 500 MW fusion power plant that will provide zero-carbon electricity directly to Nucor's steel plant [1] Industry and Market Comparison - The small and mid-cap sector has shown a performance of -30% to 2% over the past year, compared to the CSI 300 index [1] Related Reports - The report references other related studies on rocket technology advancements, high-temperature superconducting coil testing, and the commercialization prospects of fusion energy [1]