A股核聚变概念火爆，9股年内涨幅翻倍

Core Insights - The International Atomic Energy Agency (IAEA) will release the "2025 World Fusion Outlook" report during the 30th Fusion Energy Conference in Chengdu, China, in October 2025, highlighting significant advancements in nuclear fusion and its transition from concept to reality through scientific breakthroughs, industrial capital, and international collaboration [1] - Domestic developments in nuclear fusion have been promising, with the "BEST" project making breakthroughs and local entities being established, indicating a rapid progression from laboratory to practical applications [1] - The A-share nuclear fusion sector has shown strong performance, with the Wind nuclear fusion index rising by 6.87% since October, and several stocks, including Zhongzhou Special Materials and Hezhu Intelligent, doubling in value this year [1][3] Industry Developments - The BEST project in Hefei achieved a critical breakthrough with the successful delivery and installation of the Dewar base, marking a new phase in its construction, expected to be completed by 2027 and demonstrate power generation by 2030 [5] - Nuclear fusion requires heating fuel to over 100 million degrees Celsius to form plasma, necessitating powerful magnetic fields, which leads to significant energy consumption challenges that must be overcome for commercial viability [6] - The path to commercial nuclear fusion involves addressing major scientific and engineering challenges, including achieving a net energy gain (Q) significantly greater than one and ensuring the availability of key materials [6] Investment Landscape - Compared to traditional nuclear fission, nuclear fusion has a less mature industrial chain, with differences in technology principles and resource requirements [8] - Deuterium, a key fuel for fusion, is abundant and can be extracted from seawater, while tritium is radioactive and scarce, presenting a significant challenge for commercialization [8] - Companies like China Shipbuilding Special Gas (10 tons/year deuterium capacity) and Dongfang Tantalum (beryllium materials) are positioned to play crucial roles in the fusion fuel supply chain [8] - The demand for vacuum environments in fusion devices creates high requirements for vacuum chambers and core components, benefiting companies like Hezhu Intelligent, which has seen significant stock price increases [9] - Low-temperature superconducting materials are essential for magnetic confinement in fusion devices, with companies like Western Superconducting being key suppliers for international projects [10]