可控核聚变开启行业元年，中国企业逐鹿商用化

Core Viewpoint - The article discusses the significant growth and investment interest in controlled nuclear fusion, highlighting 2023 as a pivotal year for the industry, with a notable increase in investment and technological advancements [3][4]. Investment Climate - The controlled nuclear fusion index has risen over 60% this year, indicating a strong return for investors [3]. - There has been a shift in the investment atmosphere, with investors actively seeking opportunities in the sector, contrasting with previous years where companies struggled to attract funding [3][4]. Technological Advancements - Major breakthroughs have been achieved in nuclear fusion technology, including the EAST achieving 100 million degrees Celsius for over a thousand seconds and the HL-3 achieving "double hundred degrees" operation [4]. - The industry is witnessing a diversification of technological approaches, moving beyond the traditional Tokamak design to include FRC, Z-pinch, and stellarator technologies [11][12]. Policy Support - The enactment of the new Atomic Energy Law in September 2023 has provided legal backing for nuclear fusion research and applications [4]. - Nuclear fusion has been included in the "14th Five-Year Plan" as a future industry, emphasizing its potential as a new economic growth point [4]. Capital Influx - Significant capital has entered the sector, with companies like Nova Fusion and Antong Fusion securing substantial funding for their projects [6][18]. - The establishment of state-backed companies like China Fusion Energy Co. and Fusion New Energy Co. has further attracted attention and investment in the industry [4][5]. Market Dynamics - The nuclear fusion industry is characterized by a long supply chain involving superconducting materials, magnets, power sources, and mechanical processing, with many companies seeking to capitalize on this multi-trillion market [6][7]. - The government has initiated multiple procurement projects, with recent announcements totaling nearly 1.37 billion yuan for various nuclear fusion equipment [7]. Commercialization Challenges - Despite the optimism, experts caution that commercial nuclear fusion power generation still requires extensive scientific and engineering validation, with most companies projecting a timeline of 5 to 8 years for commercial viability [19]. - The high costs associated with traditional Tokamak designs have led many startups to explore alternative routes that promise lower capital requirements and faster iteration cycles [13][14]. Application Opportunities - The medical field presents a promising application for nuclear fusion technology, particularly in isotope production for cancer treatment, which is experiencing a growing market demand [20][21]. - Companies are also exploring the use of fusion technology in neutron sources for various applications, including cancer therapy and isotope production [20][21].