电力设备行业深度报告：可控核聚变：从科幻到商业

Industry Investment Rating - The report gives the controllable nuclear fusion industry a "Recommended" rating, citing recent technological breakthroughs and increased commercial investment as key drivers for significant opportunities in the related industrial chain [3] Core Views - Controllable nuclear fusion offers advantages such as high energy density, abundant raw materials, and safety with minimal environmental impact, making it a promising future energy source [2] - The global nuclear fusion industry has seen rapid advancements, with over $6 billion invested in fusion companies as of early 2023, and 26 out of 43 companies believing fusion power will be achieved by 2035 [2] - The ITER project, with a total investment of €20 billion, represents a major international collaboration in nuclear fusion research [22] - China has made significant progress in nuclear fusion technology, with projects like EAST achieving world-leading plasma operation records and two major projects with a combined investment of nearly ¥30 billion [28][26] Industry Chain Analysis Upstream - Key raw materials include tungsten for the first wall, REBCO for high-temperature superconducting tapes, and deuterium-tritium fuel [34] - Tungsten-based alloys are considered ideal for the first wall due to their high melting point, thermal conductivity, and low radiation production [40] Midstream - Core equipment includes superconducting magnets, the first wall, and diverters, with superconducting magnets accounting for 40-50% of total investment costs [34] - High-temperature superconducting magnets are crucial for enhancing magnetic field strength, with MIT's CFS team achieving a 20 Tesla magnetic field in 2021 [43] - Copper alloys are the preferred material for diverters due to their high thermal conductivity and strength [45] Downstream - Applications of nuclear fusion technology include power generation, medical treatment, aerospace, and scientific research [37] Key Companies and Investment Recommendations - Companies to watch include Lianchuang Optoelectronics (superconducting magnets), Jingda Co, Yongding Co (high-temperature superconducting tapes), Western Superconducting (low-temperature superconducting tapes), Guoguang Electric, and A-tech (diverters) [3][48] - Lianchuang Optoelectronics is involved in a fusion-fission hybrid reactor project with a planned investment of over ¥20 billion [48] - Jingda Co and Yongding Co are key suppliers of high-temperature superconducting tapes, with Yongding Co participating in a national R&D project for REBCO long tapes [48] - Guoguang Electric and A-tech have significant roles in ITER and EAST projects, particularly in the production of diverters and tungsten-based components [48]