此前，紧凑型聚变能实验装置（BEST）研究计划已于今年11月24日在合肥未来大科学城BEST装置大厅 面向全球发布。根据研究计划，该装置预计于2027年底建成，后续将进行氘氚燃烧等离子体实验研究， 验证其长脉冲稳态运行能力，力求聚变功率达到20兆瓦至200兆瓦，实现产出能量大于消耗能量，并力 争在2030年演示聚变能发电。 合肥理工学院是经教育部批准、由合肥市人民政府举办的全日制普通本科高校，前身为2003年创办的安 徽大学江淮学院。学校坐落于合肥市巢湖半岛生态科学城，占地面积890亩，总建筑面积约55.7万平方 米，规划办学规模为10000人（含研究生及留学生）。 合肥理工学院院长吴玉程介绍，学院的成立旨在服务国家能源安全战略，顺应合肥综合性国家科学中心 建设需要，抢抓聚变能源产业发展机遇，推动交叉学科建设与创新人才培养，助力安徽打造聚变能源科 创引领高地，着力建设聚变工程创新高地和人才培养基地。 吴玉程表示，目前，合肥理工学院已组建一支涵盖聚变工程及相关领域的专业师资队伍，并获合肥综合 性国家科学中心能源研究院、中国科学院等离子体物理研究所、聚变新能（安徽）有限公司等单位协同 支持。各方将通过校院合作、校 ...

Core Insights - The establishment of the Fusion Engineering College at Hefei University of Technology marks a significant step in China's pursuit of nuclear fusion as a sustainable energy source, often referred to as the "ultimate energy dream" [2][4] - Nuclear fusion is seen as a solution to the world's energy challenges, providing a clean and virtually limitless energy source derived from seawater, with the potential to power a city for a century from a small amount of fuel [2][4] Group 1 - The Fusion Engineering College is not starting from scratch but is a collaborative platform that integrates fundamental research, engineering technology, and industrial applications, aiming to bridge the gap between theory and practical application [3][6] - The announcement of the compact fusion energy experimental device (BEST) research plan, with a target to achieve fusion energy demonstration by 2030, provides a clear timeline for this ambitious project [4][6] - The college has assembled a strong faculty and research team, supported by national research institutions and enterprises, ensuring high-quality development through collaboration and expert guidance [6] Group 2 - The establishment of the Fusion Engineering College and the BEST project represents a narrative of hope and self-reliance, showcasing China's transition from following to leading in certain technological fields [6] - The pursuit of nuclear fusion is framed as a collective human endeavor to address global challenges such as climate change, with China's efforts contributing to the broader goal of sustainable energy for all [6][5] - The vision for the future includes a world powered by clean, abundant energy, free from energy conflicts, highlighting the transformative potential of nuclear fusion [6][5]

量子信息 在安徽，百余家量子产业链企业集聚，核心企业数量占全国三分之一，已形成龙头引领、专精特新协同 的大格局。合肥力争到2027年，将量子产业打造成百亿级产业集群 聚变能源 "在中国，人们称他为'量子之父'。这一称呼，潘建伟当之无愧。在他带领下，中国成为远距离量子通 信技术的领导者。" 这是英国《自然》杂志对中国科学院院士、中国科学技术大学常务副校长潘建伟的一段介绍。那时，他 入选《自然》杂志评出的2017年全球十大科学人物。 未来产业代表着新一轮科技革命和产业变革方向，也是世界科技和产业竞争的主战场。量子科技是具有 代表性的未来产业之一。如今，在这一领域，我国已跻身国际竞争的第一梯队。 依托基础科研优势，安徽前瞻性布局未来产业，着力推进量子信息、聚变能源、深空探测三大科创引领 高地建设，逐渐成为全球重要的创新策源地和产业引领地。 近年来，安徽着力打造聚变能源科创引领高地建设，已形成覆盖科学研究、工程集成、原型装置的磁约 束核聚变大科学装置集群 深空探测 深空探测是安徽全力打造的三大科创引领高地之一。从前沿科学到产业探索，科技创新的策源作用牵引 着安徽竞逐深空经济这片蓝海 拥抱未来产业，产业才有未来。安徽正 ...

Group 1: Market Movements - Dow futures rose by 0.17%, S&P 500 futures increased by 0.12%, and Nasdaq futures gained 0.07% [1] - Cryptocurrency-related stocks showed strength, with Bitfarms up nearly 4%, Coinbase rising about 2.4%, and Strategy and MARA Holdings increasing over 2% [1] - Popular Chinese concept stocks mostly declined, with Bilibili down over 2%, Xpeng Motors falling nearly 1.5%, JD.com and NIO down over 1%, Pinduoduo down nearly 1%, and iQIYI down 0.5% [1] Group 2: Company Developments - Marvell, a chip design company, saw a pre-market increase of nearly 10% after announcing a $3.25 billion acquisition of semiconductor startup Celestial AI, with Q4 revenue expected to exceed Wall Street estimates [1] - Microchip Technology, a semiconductor manufacturer, rose over 3% in pre-market trading after raising its Q3 net sales and earnings per share forecasts due to strong booking performance [1] Group 3: AI and Technology Advancements - HSBC raised the target price for Google’s parent company Alphabet from $335 to $370, citing the success of the Gemini 3 series large language model in mitigating potential AI disruption risks to its search business [2] - Amazon's AI startup Anthropic announced its first acquisition of the development tools startup Bun, with financial terms undisclosed [2] - Amazon Web Services launched its latest AI chip, Trainium 3, which aims to provide cost-effective and efficient computing power for AI models, competing with Nvidia's leading GPUs [2] Group 4: Energy Sector Developments - Google and Chevron-backed TAE Technologies are advancing the commercialization of neutral beam technology through a joint venture with the UK Atomic Energy Authority, with UKAEA planning to invest £5.6 million in the project [3]

Core Viewpoint - The tungsten price maintains a stable upward trend, driven by a dual force of supply-side tightening and strategic premiums, while demand remains cautious with limited incremental contributions [1] Supply Side - The market for tungsten concentrate shows a tight supply, with holders adopting a wait-and-see attitude to support high prices [1] - The price of 65% black tungsten concentrate is reported at 336,000 RMB per standard ton, an increase of 135% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 335,000 RMB per standard ton, reflecting a 135.9% increase since the start of the year [1] Demand Side - Overall demand is cautious, primarily supported by downstream essential needs, with limited incremental contributions [1] - The recent announcement of the "artificial sun" research plan has strengthened market expectations regarding the application potential and development prospects of tungsten alloys in fusion energy [1] APT Market - In the ammonium paratungstate (APT) market, a tug-of-war between cost support and demand pressure is observed, leading to cautious purchasing and sales by manufacturers [1] - Domestic APT prices are reported at 490,000 RMB per ton, marking a 132.2% increase since the beginning of the year [1] - European APT prices range from 735 to 780 USD per ton (equivalent to 461,000 to 489,000 RMB per ton), reflecting a 129.6% increase since the start of the year [1]

Market Overview - On November 24, the Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index gained 0.31%[2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan, a decrease of over 200 billion yuan compared to the previous Friday, indicating cautious market sentiment[1] Sector Performance - Key sectors that saw gains included shipbuilding, aerospace, internet services, software development, and cultural media[1] - The top three sectors for net inflow of funds were software development, advertising marketing, and communication equipment, while energy metals, industrial metals, and batteries saw the largest outflows[3] Foreign Investment - From January to October 2025, actual foreign investment in China amounted to 621.93 billion yuan, a year-on-year decrease of 10.3%[4] - The manufacturing sector attracted 161.91 billion yuan, while the service sector received 445.82 billion yuan in foreign investment[4] Technological Developments - The number of 5G base stations in China reached 4.705 million, with over 20,000 industrial 5G private networks established, indicating significant advancements in industrial internet infrastructure[5] - The Chinese government is promoting the integration of industrial internet and artificial intelligence, aiming for high-quality development in this sector[6] Fundraising Trends - As of November 23, 2025, the total scale of newly established funds reached 1,044.598 billion yuan, marking the seventh consecutive year of annual fundraising exceeding one trillion yuan[13] - Active equity products, including stock and mixed funds, accounted for over half of the new fundraising scale, reflecting a shift in product structure[13]

Core Insights - The Chinese Academy of Sciences has officially launched the "Burning Plasma International Science Program" and announced the global research plan for the compact fusion energy experimental device BEST, with scientists from over ten countries signing the "Hefei Fusion Declaration" to promote the development of "artificial sun" fusion energy [1][3]. Group 1: Fusion Energy Development - The concept of "artificial sun" refers to creating controllable nuclear fusion conditions on Earth by simulating the energy release from hydrogen nuclei fusing into helium in the sun, aiming to provide clean, safe, and unlimited energy for future human development [1]. - Fusion energy is viewed as the ultimate direction for future clean energy, with current advancements in international thermonuclear experimental reactors and devices like BEST marking a new phase in fusion research [1]. Group 2: International Collaboration - The challenge of achieving burning plasma physics under strong magnetic confinement in tokamaks, specifically utilizing deuterium-tritium fusion, is recognized as a significant hurdle that requires global scientific collaboration to address the scientific and engineering issues faced by fusion energy [3]. - China is acknowledged as one of the leading countries in the field of fusion and a key partner in the International Thermonuclear Experimental Reactor (ITER) project, with deepening cooperation between China and Europe being crucial for advancing fusion science [5]. Group 3: Research Partnerships - China has established stable collaborations with over 120 research institutions from more than 50 countries, leveraging major scientific platforms like the fully superconducting tokamak EAST, and actively participating in the ITER project to contribute to global fusion research [7].

Core Viewpoint - The launch of the International Scientific Program for Combustion Plasma by the Chinese Academy of Sciences in Hefei marks a significant step towards global collaboration in fusion energy research, with the BEST experimental device's research plan being announced globally [1][2]. Group 1: Global Collaboration in Fusion Energy - Fusion energy is regarded as the ultimate goal for clean energy, often referred to as "artificial sun," and despite breakthroughs in the past decades, it still faces numerous technical challenges [2]. - The declaration signed by fusion scientists from over 10 countries emphasizes the need for open sharing and cooperative spirit to encourage more international researchers to conduct fusion-related experiments in Hefei [2][3]. Group 2: Advancement of Fusion Research - The initiation of the International Scientific Program for Combustion Plasma, alongside the ITER and BEST projects, signifies a new phase in fusion research focused on "combustion plasma" [3]. - The program aims to integrate global resources through the establishment of open funds, international conferences, collaborative experimental platforms, and the recruitment of foreign experts [3]. Group 3: China's Contributions to Global Fusion Research - The EAST superconducting tokamak and other major scientific facilities in Hefei have become crucial platforms for international fusion research, with stable collaborations established with over 120 research institutions from more than 50 countries [4]. - China actively participates in the ITER project, receiving high praise for its independently developed key technologies and components, contributing significantly to the advancement of global fusion engineering [4].

Core Viewpoint - The Chinese government is accelerating the cultivation and large-scale application of new scenarios to leverage its vast market and rich application scenarios, aiming to create a new engine for high-quality economic development [2] Group 1: Implementation Opinions - The "Implementation Opinions" aim to utilize China's large-scale market and complete industrial system as a key innovative resource, facilitating the large-scale industrial application of new technologies and products [2] - The document emphasizes the importance of creating "testing grounds" for new technologies and products, acting as accelerators for emerging industries and as a litmus test for institutional reforms [2] Group 2: Policy Measures - Government agencies, state-owned enterprises, and public institutions are encouraged to lead by example, with state-owned enterprises particularly urged to open their main business scenarios to attract participation from private enterprises, small and medium-sized enterprises, and research institutions [3] - The measures are expected to provide significant opportunities for social capital and private enterprises to engage in scenario construction [3] Group 3: Sectoral Support - Various departments, including the Ministry of Science and Technology and the Ministry of Industry and Information Technology, are releasing favorable policies to support innovation and application in different sectors [4] - The Ministry of Science and Technology plans to strengthen the role of enterprises in technological innovation and promote a rapid iterative innovation mechanism [4] - The Ministry of Industry and Information Technology is set to introduce special actions for "Artificial Intelligence + Manufacturing" to enhance AI applications across various manufacturing processes [5] Group 4: Regional Initiatives - Guangdong Province aims to enhance the implementation of major application scenarios in areas such as unmanned systems and intelligent manufacturing [5] - Anhui Province plans to focus on low-altitude economy, quantum information, and artificial intelligence to establish scenario laboratories and develop leading "super scenarios" [5]

Group 1 - The Chinese Academy of Sciences' Metal Research Institute has achieved industrial-scale production of high-purity ton-level Hastelloy C276 metal substrates for second-generation high-temperature superconducting tapes used in controlled nuclear fusion [1] - The controlled nuclear fusion industry is entering a capital expenditure expansion phase, with significant technological barriers in high-value segments, benefiting core companies in the supply chain as project bidding progresses [1] - Domestic investment in nuclear fusion projects is projected to exceed 150 billion yuan by September 2025, indicating a robust growth trajectory in the industry [1] Group 2 - Various technical routes for controlled nuclear fusion, including magnetic confinement, Z-pinch, and FRC, are experiencing significant changes, with public funding dominating current projects while private capital is leading future planning [2] - The global fusion race is intensifying, with frequent financing activities from fusion companies and major tech giants like Amazon and Microsoft entering the nuclear fusion investment space [2] - If nuclear fusion power plants achieve commercialization, annual investment could reach several hundred billion yuan, reflecting a potential for large-scale construction [2]