可控核聚变，资本涌入“人造太阳”丨热门赛道

Core Viewpoint - Controlled nuclear fusion is considered the "ultimate dream" in the energy sector, offering significant advantages over traditional nuclear fission, including abundant fuel sources, enhanced safety, and reduced radioactive waste [5][6]. Group 1: Current Development Status - Global fusion research has entered a critical verification phase, with the ITER project aiming for ignition by around 2035, and the NIF achieving net energy gain in 2022, marking a milestone in fusion science [8]. - China has made significant breakthroughs in fusion, with the EAST setting records for plasma operation time and the CFETR design progressing steadily [8]. - Challenges remain in material endurance, energy extraction, and economic viability, with commercial fusion power plants expected to take several decades to realize [8]. Group 2: Technical Pathways - The main technical pathways for fusion include magnetic confinement and inertial confinement, with magnetic confinement represented by tokamak devices and inertial confinement exemplified by high-energy lasers [8]. - Each technical route has its advantages; magnetic confinement shows potential for sustained operation, while inertial confinement has made breakthroughs in energy gain, but both are still far from commercialization [8]. Group 3: Industry Chain - The fusion industry chain can be divided into upstream, midstream, and downstream segments, with upstream focusing on core components and materials, midstream on system design and engineering, and downstream on energy applications [9][10]. - Key components in the upstream include superconducting magnets, lasers, and plasma heating devices, which are crucial for the operation of fusion devices [9][10]. - The midstream involves the engineering realization of fusion devices, requiring precise integration of various systems and advanced manufacturing techniques [10]. - Downstream applications include fusion power plants, research platforms, and industrial applications, with the potential to replace fossil fuels as technology matures [10]. Group 4: Investment Trends - From 2020 to 2025, financing activities in the controlled nuclear fusion sector showed significant fluctuations, peaking at 22 events in 2021 before declining to 15 in 2023 and further to 11 in 2024, indicating a rational market adjustment [12][13]. - A notable rebound in financing events is expected in 2025, with a significant increase in funding amounts, reflecting a shift towards focused investment strategies in leading companies with clear commercialization potential [12][13]. Group 5: Related Companies - ChaoMag Energy focuses on developing high-temperature superconducting magnet systems for controlled nuclear fusion, aiming to accelerate the commercialization of fusion energy [15]. - XingHuan Fusion aims to develop compact, commercial fusion devices and has achieved significant milestones in technology validation and rapid construction of experimental setups [18][19]. - XingNeng XuanGuang is dedicated to providing high-performance fusion energy solutions and has set ambitious goals for the construction of demonstration reactors by 2030 and 2035 [23][24]. Group 6: Recent Developments - The Fusion Financial Institutions Alliance was established in January 2026 to support the commercialization of nuclear fusion, involving 130 financial and tech service institutions [27]. - Zhejiang Province plans to accelerate research and development in advanced nuclear power and controlled nuclear fusion technologies as part of its industrialization strategy [28]. - The BEST research plan was launched to develop a compact fusion energy experimental device, aiming to demonstrate energy output exceeding input [29].