Core Viewpoint - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, supported by major state-owned and private enterprises, indicating a shift from speculative interest to long-term industrial investment in fusion energy [1][7]. Investment and Market Growth - The global fusion industry has seen explosive growth over the past five years, with total investments reaching $9.766 billion, a 414% increase since 2021, reflecting heightened investor confidence and technological advancements [2]. - The report indicates that the fusion industry is attractive due to its potential for energy security and clean energy, despite historical challenges in technology investment [2]. Technological Advancements - Significant breakthroughs in China's nuclear fusion technology have been achieved, with major devices like EAST and the Chinese Circulation No. 3 reaching record operational parameters, positioning China as a leader in plasma confinement technology [3]. - The first compact fusion energy experimental device, BEST, is set to complete construction by 2027, aiming to demonstrate fusion power generation [3]. Private Sector Involvement - Private enterprises in China, such as New Hope, have made notable advancements in fusion technology, achieving high-density plasma discharge, marking a step towards commercializing hydrogen-boron fusion [4]. - Internationally, projects like ITER and agreements between tech giants and fusion startups indicate a global acceleration in fusion commercialization [5]. Future Projections - The period from 2030 to 2035 is recognized as critical for the commercialization of fusion energy, with many companies planning to operate demonstration power plants during this timeframe [5][6]. - Industry experts predict that the first fusion power generation could occur in China by 2030, highlighting the urgency and potential of fusion energy [5]. Capital and Structural Support - The fusion industry in China is supported by a combination of national strategic capital, local industrial capital, and private innovation capital, with significant investments made by major state-owned enterprises [7][8]. - Local investments in projects like BEST have increased the capital scale significantly, indicating strong regional support for fusion energy initiatives [8]. Supply Chain Development - The maturation of the fusion supply chain is seen as a crucial factor in advancing fusion energy projects, with several companies entering the supply chain and contributing to the development of essential components [10]. - The focus on upstream materials and equipment is expected to drive demand across the industry as fusion technology progresses from validation to engineering implementation [11]. Synergistic Technologies - The convergence of AI and high-temperature superconductors with fusion technology is anticipated to accelerate the development of fusion energy, enhancing both feasibility and economic viability [11].

恒星发光发热靠啥？靠一种叫"核聚变"的本事。简单理解，就是在极端高温高压下，让俩小小的原子核撞到一块儿，合并成一个新核，同时释放 出海量能量。地球上的海水里取之不尽的小东西叫"氘"，就是这"人造太阳"的绝佳燃料。一升海水里的氘要是能聚变成功，顶得上300升汽油烧 出来的能量！还干净，基本没污染废料。 想法贼好是吧？难也真是难！想把原子核捏到一块，温度要求变态高——上亿度起步。问题来了，地球上哪个锅能承受这个热度？科学家脑洞 炸裂，发明了"磁笼子"：用强磁场这无形的大手，把烧到上亿度的燃料——一团超高温等离子体，硬生生给"悬浮"在半空里！EAST干成的事 儿，就是把这个疯狂的火球，摁在磁笼子里稳定住了403秒！这不是随便挺几秒钟，这成绩是在通往"持续发电"路上一个关键里程碑。 这403秒的突破有多重？想象一下，你想靠这"人造太阳"稳定输出电能，这团火球得被磁笼子稳稳"锁住"，连续运行才行。EAST这次突破了400 秒大关，标志着我们在这条超难跑道上，已经跑到了关键阶段的核心赛道！现在，全世界的眼睛都盯着中国合肥，EAST正瞄着把持续燃烧时间 再狠狠延长一大截，甚至挑战更高的功率输出目标。 有些人耳朵尖，还听到了 ...

Group 1 - The establishment of China Fusion Energy Co., Ltd. in Shanghai marks a significant step in the commercialization of China's "artificial sun" project, with a total investment of 11.492 billion yuan from seven state-owned enterprises [1] - The global competition in the controllable nuclear fusion industry is accelerating, with countries like Germany, Japan, and the UK making substantial investments in fusion energy research [3][4] - Nuclear fusion is considered a potential ultimate energy source, with the energy released from fusion of deuterium in seawater being equivalent to the total energy of all oil on Earth [4][6] Group 2 - The fuel for fusion energy, such as deuterium from seawater, is abundant and poses minimal radioactive hazards, making it a promising energy source for the future [7] - The potential of fusion energy could reshape various sectors, including industry, agriculture, and even address freshwater scarcity through cost-effective desalination [9][11] - The global race for fusion energy has seen significant advancements, with countries like the US and China making notable progress in their respective fusion projects [17][20] Group 3 - The formation of China Fusion Energy Co. is a strategic move in the national energy strategy, transitioning from a laboratory-based approach to a market-oriented model [23] - The company has a registered capital of 15 billion yuan, with investments from major state-owned enterprises, indicating a comprehensive support system for the commercialization of fusion energy [23][29] - Shanghai's role as a financial and trade center, along with its existing industrial ecosystem, positions it as a crucial hub for the development of fusion energy technologies [25][26]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The fusion energy industry is experiencing a "race-like development" with significant capital influx, as it is viewed as a long-term solution for clean and stable energy [1] - Approximately 50 private fusion companies globally have raised over $9 billion, with several projects aiming for grid connection by around 2035 [1] - The commercial vision of fusion energy is driving intense competition among governments and enterprises in technology, capital, and policy [1] Summary by Sections 1. Fusion Energy Development - The fusion energy sector is transitioning from scientific research to engineering validation and industrial promotion, with notable advancements in both domestic and international projects [1][2] - In the U.S., Commonwealth Fusion Systems (CFS) has partnered with Google to optimize fusion control and has established the largest fusion power purchase agreement globally [1] - Helion Energy plans to construct the world's first fusion power plant, aiming to supply 50 MW to Microsoft's data center by 2028 [1] 2. Market Performance - The report notes that from July 19 to August 1, the Shanghai Composite Index rose by 0.72%, while the public utilities index fell by 2.34% [3] 3. Industry Dynamics - China's fusion energy industry is driven by a collaboration between state-owned enterprises and private companies, forming a multi-faceted research and development ecosystem [2] - The "national team" focuses on large Tokamak devices, while private enterprises are accelerating commercialization through modular and miniaturized technologies [2] 4. Investment Portfolio and Recommendations - The report suggests focusing on key players in the thermal power sector, such as Sheneng Co., Zhejiang Energy, and Anhui Energy, which are expected to perform well despite slight coal price increases [13] - In the green energy sector, it recommends quality operators like Fuzhou Energy and Zhongmin Energy, as well as virtual power plants like Hekang New Energy and Guoneng Rixin [13] - For gas companies, it highlights the importance of monitoring domestic gas pricing policies and suggests focusing on national gas companies like China Gas and upstream-downstream integrated firms like Jiufeng Energy and Xin'ao Co. [13] 5. Pricing Trends - In August 2025, the average transaction price for electricity in Jiangsu was 393.8 RMB/MWh, up 0.72% from the benchmark price, while in Guangdong, it was 372.32 RMB/MWh, down 17.81% [11] - The average price of thermal coal in the Bohai Rim region was reported at 665 RMB/ton, with coal inventories at key power plants increasing slightly [11] 6. Future Outlook - The report anticipates that by 2050, China will achieve commercial fusion power stations, with significant advancements expected in the 2030s [44][46]

Group 1 - The establishment of China Fusion Energy Co., Ltd. marks a significant step in advancing China's fusion energy commercialization and engineering efforts [1] - The company will focus on overall design, technology validation, and digital R&D, while also building technology research and capital operation platforms [1] - The investment round raised approximately 11.49 billion yuan, with major stakeholders including China National Nuclear Corporation, China Nuclear Power, and Zhejiang Energy [2][3] Group 2 - The shareholding structure post-investment shows China National Nuclear Corporation's stake reduced from 100% to 50.35%, while new investors acquired significant shares [3] - The company aims to develop fusion energy through a phased approach, including pilot experimental reactors, demonstration reactors, and commercial reactors [3] - Nuclear fusion is viewed as a potential ultimate solution to global energy challenges, but significant technical and financial hurdles remain [4] Group 3 - The Chinese government has emphasized the need for nuclear power development, with projections indicating that nuclear energy's share of total electricity generation could double by 2035 [6] - The global investment landscape for fusion energy has accelerated, with the U.S. and China leading in equity financing, attracting substantial investments [6]

在能源转型与科技创新的浪潮中，中国核电的一则战略布局引发行业高度关注——其宣布参股国内聚变能源领域前沿企业，标志着传统核能巨头正式切 入"人造太阳"赛道，为清洁能源的终极解决方案注入新动能。这一动作不仅体现了央企在能源革命中的前瞻性，更折射出中国在全球聚变技术研发竞争中的 加速突围。 聚变能源：人类能源的"终极梦想" 一方面，中国核电在核电站建设、安全运维、辐射防护等领域的经验，可为聚变装置的工程化落地提供关键支撑；另一方面，聚变技术的前沿探索将反哺其 现有核能业务，例如通过聚变中子源技术优化裂变堆材料研发，或为第四代核能系统（如熔盐堆）提供理论支持。 挑战与展望：从"追赶"到"领跑" 聚变能源被誉为"人造太阳"，其原理模拟太阳内部的核聚变反应，通过氢同位素（如氘和氚）在超高温高压下聚合生成氦，释放出巨大能量。与核裂变相 比，聚变具有燃料储量近乎无限、无长期放射性废料、安全性高等优势，被国际能源署视为"解决气候危机与能源安全的核心技术"。然而，聚变反应需突破 1亿摄氏度以上高温、持续约束等离子体等世界级难题，全球科研机构已投入数十年攻关，但商业化仍面临技术、成本与工程化挑战。 中国核电入局：技术协同与战略卡位 ...

Core Viewpoint - Two major nuclear power companies, China Nuclear Power and Zhejiang Energy Power, announced their investment in China Fusion Energy Co., aiming to strengthen their positions in the nuclear fusion sector and support the national energy transition strategy [2][6]. Investment Details - China Nuclear Power plans to invest 1 billion yuan (approximately 100 million) to acquire a 6.65% stake in the fusion company, while Zhejiang Energy Power intends to invest 751 million yuan (approximately 75.1 million) for a 5% stake [1][6]. - The overall investment round involves multiple institutions, totaling approximately 11.49 billion yuan (around 1.15 billion) for the new registered capital of the fusion company [5][6]. Strategic Importance - The investments are part of a broader strategy to enhance the core leadership of central enterprises in China's fusion industry and to facilitate the commercialization of fusion technology [6][12]. - Both companies view this as a proactive move to maintain competitiveness in the energy transition process [6][10]. Market Trends - The controlled nuclear fusion sector has seen significant interest, with a reported 41.78% increase in related stocks in the A-share market during the first half of 2025 [10][11]. - The global market for controlled nuclear fusion is projected to reach 496.5 billion by 2030 and potentially exceed 1 trillion by 2050 [12]. Technological Advancements - Recent breakthroughs in controlled nuclear fusion technology in China include achieving over 1 million degrees Celsius in plasma operation and the successful ignition of a commercial linear fusion device [11][12]. - The Chinese government has incorporated controlled nuclear fusion into its strategic emerging industry development plan, providing strong policy support for the sector [12][13].

Core Viewpoint - The article highlights the significant investment in China's controllable nuclear fusion sector, indicating a strategic move towards advancing nuclear energy technology and addressing the urgent demand for nuclear power in the country [1][4]. Group 1: Investment and Corporate Structure - China Fusion Energy Co., a subsidiary of China National Nuclear Corporation (CNNC), is set to receive an investment of approximately 11.49 billion yuan, marking a substantial step in the country's nuclear fusion development [1]. - Following the investment, CNNC will hold 50.35% of the shares in the fusion company, while China National Nuclear Power will hold 6.65% [2]. - The investment is part of a broader strategy to accelerate the development of controllable nuclear fusion technology, which is still in its early stages and requires significant funding and research [2]. Group 2: Industry Context and Technological Advancements - The Chinese government has emphasized the need for nuclear power development, with projections indicating that nuclear energy's share of total electricity generation could double to 10% by 2035 compared to 2022 [4]. - Various technological routes for nuclear fusion are being pursued, including Tokamak experiments and the Z-pinch fusion-fission hybrid reactor, with significant milestones achieved in recent months [4]. - The successful ignition of plasma in China's first commercial linear field-reversed configuration fusion device marks a critical breakthrough in the commercialization of controllable nuclear fusion technology [4]. Group 3: Market Opportunities and Recommendations - Analysts predict that the controllable nuclear fusion industry will enter a phase of accelerated capital expenditure, with opportunities arising from the construction of FRC and Z-pinch devices [5]. - Companies involved in the supply of critical components for fusion reactors, such as superconducting materials and power systems, are expected to benefit from increased orders and market demand [5]. - Specific companies to watch include those engaged in low-temperature superconducting materials, capacitor switches, and other essential technologies for nuclear fusion applications [5].

Group 1 - China National Nuclear Corporation (CNNC), China Nuclear Power, and Zhejiang Energy Power jointly invested approximately 11.49 billion yuan in China Fusion Energy Co., Ltd. [2][5] - Following the announcement, nuclear fusion concept stocks such as Changfu Co., Guoguang Electric, and Zhongzhou Special Materials experienced significant price fluctuations [2] - As of July 22, China Nuclear Power's stock closed at 9.34 yuan per share, with a market capitalization of 192.1 billion yuan, while Zhejiang Energy Power's stock closed at 5.23 yuan per share, with a market capitalization of 70.1 billion yuan [2] Group 2 - The investment was made at a price of 1.0019 yuan per registered capital, with China Nuclear Power contributing 1 billion yuan for a 6.65% stake, and Zhejiang Energy Power investing approximately 751 million yuan for a 5% stake [5][6] - After the capital increase, the registered capital of the fusion company will be 15 billion yuan, with CNNC holding 50.35% of the shares [5][6] Group 3 - The total assets of the fusion company increased to 5.369 billion yuan as of June 30, 2025, with total equity of 5.367 billion yuan [7] - The company aims to achieve commercial application of fusion energy through a three-step development phase: pilot experimental reactor, demonstration reactor, and commercial reactor [7]

Core Insights - The article discusses the advancements in controlled nuclear fusion technology, highlighting its potential as a clean and virtually limitless energy source for humanity [3][5][6]. Group 1: Nuclear Fusion Technology - Controlled nuclear fusion mimics the sun's energy production by fusing hydrogen isotopes deuterium and tritium, which can be extracted from seawater [5][6]. - One liter of seawater can produce fusion fuel deuterium, releasing energy equivalent to 300 liters of gasoline during nuclear fusion [5]. - Nuclear fusion is considered safer than nuclear fission, as the reaction stops immediately if conditions fail, eliminating risks of nuclear leakage or radiation [6]. Group 2: Recent Achievements - The Experimental Advanced Superconducting Tokamak (EAST) has achieved significant milestones, including a world record of 1 billion degrees Celsius for 1066 seconds in January [6][11]. - The new compact fusion energy experimental device (BEST) focuses on energy output, aiming to exceed input energy, which is crucial for commercialization [8][9]. Group 3: Industry Development - Over 30 small to medium-sized tech companies related to nuclear fusion have been established in Hefei, with some already listed [9]. - Hefei has nearly 60 companies covering the entire nuclear fusion energy industry chain, from superconducting materials to operational design [9][11]. - The establishment of the Fusion Industry Alliance in Hefei in 2023 has gathered over 200 member companies, enhancing collaboration across the industry [9]. Group 4: Future Prospects - The BEST device is expected to be completed by 2027, with the first demonstration of fusion energy generation planned for 2030, and a demonstration fusion engineering pile by 2035 [11]. - The industry anticipates a transition to a clean energy era, where fossil fuels will primarily serve as chemical raw materials, and fusion energy will play a central role [11].