【机械制造】人类终极能源，行业资本开支进入扩张期——可控核聚变行业系列报告之二（陈佳宁/汲萌/夏天宇）

Group 1 - The article emphasizes the strategic value of fusion energy, highlighting its advantages such as high energy density, relative ease of raw material acquisition, high safety, and zero carbon emissions, making it a leading candidate for "ultimate energy" [4] - It is predicted that by 2050, data centers will account for 5%-9% of global electricity consumption due to the surge in demand from cloud computing, cryptocurrency, and AI [4] - Since 2021, global financing in the fusion energy sector has significantly increased, with a total equity financing amount reaching $9.7 billion by July 2025 [4] Group 2 - China is transitioning from being a participant in the ITER project to becoming an industry leader, with significant investments in fusion energy projects exceeding 150 billion yuan [5] - The domestic fusion energy projects are expected to achieve commercial power generation around 2040, with a capital expenditure expansion phase currently underway [5] - The core suppliers in the fusion industry are anticipated to benefit as the industry enters the engineering experimental reactor construction phase around 2027 [5] Group 3 - High-value components such as magnet systems, vacuum chambers, and power systems are expected to benefit from accelerated capital expenditures in the industry [6] - The cost distribution for these components is as follows: magnet systems (28%), vacuum chambers (25%), and power systems (15%), with magnet systems being critical for fusion power [6] - The design of the vacuum chamber and internal components poses significant challenges, impacting the lifespan of Tokamak devices [7]