WST(SH:688122) 远峰电子·2025-09-21 11:47Core Viewpoint - Controlled nuclear fusion is set to initiate a new energy revolution, offering abundant energy, zero emissions, and high safety, making it a strategic choice for achieving carbon neutrality goals [2][20]. Summary by Sections 1.1 Fusion Basic Principles - Fusion reactions involve light atomic nuclei like deuterium and tritium combining under extreme temperatures (over 100 million °C) to form heavier nuclei, releasing significant energy [3]. 1.2 Main Research Methods for Fusion - Global fusion research primarily focuses on two main technical paths: magnetic confinement fusion and inertial confinement fusion [6]. 1.3 Magnetic Confinement Fusion Devices: Tokamak - Tokamak devices utilize a combination of toroidal and poloidal magnetic fields to confine high-temperature plasma, achieving fusion conditions. They represent 90% of global fusion research [10]. 1.4 Magnetic Confinement Fusion Devices: Stellarator - Stellarators use a three-dimensional helical magnetic field to confine plasma without relying on plasma current, allowing for longer continuous operation [13]. 1.5 Inertial Confinement Fusion: Z-Pinch - Inertial confinement fusion compresses fuel pellets using high-power drivers (lasers, ion beams) in a very short time, achieving high density [15]. 1.6 Investment Trends in Controlled Nuclear Fusion - Investment in fusion research is accelerating globally, with significant funding from private enterprises and government projects, particularly in the U.S. and Europe [18][20]. 1.7 Key Companies in the Fusion Industry - Key players include: - Upstream: Jingda Co., Yongding Co., Western Superconducting, Antai Technology, etc. - Midstream: Aikesaibo, Lianchuang Optoelectronics, Shanghai Electric, etc. - Downstream: China National Nuclear Corporation [2]. 1.8 Domestic Major Fusion Projects Financing - Major projects include the China Fusion Engineering Test Reactor (CFETR) with over 20 billion yuan investment planned for the next five years [23]. 1.9 Domestic and International Major Fusion Projects Timeline - The average time from Q-value verification to facility completion is around 10-15 years globally, while China aims to shorten this to 3-5 years [24]. 1.10 Cost-Benefit Ratio of Major Fusion Projects - The investment recovery period for demonstration reactors is about 15 years, with an internal rate of return (IRR) of 8-12% [25]. 2.1 Core Equipment Cost Breakdown - The cost distribution for ITER includes superconducting magnet systems (28%), vacuum chambers (25%), heating and power systems (18%), and construction (14%) [27]. 2.2 Industry Chain Distribution and Key Enterprises Overview - The upstream includes superconducting materials and radiation-resistant materials, while the midstream focuses on magnet systems and cooling systems [28]. 2.3 Key Technology and Material Progress - Companies like Western Superconducting and Lianchuang Optoelectronics are making significant advancements in superconducting materials and systems for fusion applications [29]. 2.4 Lianchuang Optoelectronics: Leading in Optoelectronics and High-End Equipment - Lianchuang Optoelectronics is involved in the "Xinghuo No.1" project, providing superconducting magnet systems for fusion applications [33]. 2.5 Yongding Co.: Leader in Optical Communication and Superconducting Materials - Yongding Co. focuses on high-temperature superconducting tape production for fusion devices, significantly enhancing performance and reducing costs [36]. 2.6 Jingda Co.: Leader in Special Electromagnetic Wire - Jingda Co. is involved in the development of high-temperature superconducting materials for fusion applications [39]. 2.7 Antai Technology: Leader in Advanced Metal Materials - Antai Technology specializes in manufacturing key components for fusion devices, particularly tungsten-based components [43]. 2.8 Guoguang Electric: Core Enterprise in Vacuum and Microwave Applications - Guoguang Electric is a key player in providing vacuum and microwave application products for fusion technology [45].