（责任编辑：宋政 HN002） 格隆汇12月15日｜埃隆·马斯克在社交平台X上公开唱衰核聚变发电。其直言不讳道："在地球上建造小 型核聚变反应堆简直愚蠢至极。"马斯克指出，太阳本身已是天空中一个巨大的、免费的核聚变反应 堆。太阳产生的能量能够满足全太阳系所有的能源需求，而建造小型核聚变反应堆则是一种经济上的浪 费。在马斯克最新的太空AI设想中，其计划每年部署100GW的太阳能(000591)AI卫星，规模堪比美国全 国电力的四分之一。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1: Investor Activity - Anhui Wenergy Co., Ltd. recently conducted investor relations activities, attracting 23 institutional investors including Southern Fund and Dongfang Securities [1] - The event took place at the key system research facility for fusion reactors in Hefei, Anhui Province [1] Group 2: BEST Project Progress - The BEST project features a vacuum chamber designed to generate fusion reactions and release energy, with a goal of achieving an energy gain factor Q of 1-5 [2] - The project will also conduct deuterium-deuterium experiments after construction and debugging [2] Group 3: Operational Insights - The company clarified that independent energy storage stations are not yet participating in the frequency modulation market, which is expected to mature by 2025 [3] - Subsidies for independent energy storage projects are set at 0.2 yuan per kilowatt-hour for certain months in 2025 and 0.1 yuan per kilowatt-hour for specified months in 2026 and 2027 [3] - A 300MW wind power project is expected to be operational in 2026, while there are no plans for new coal power units, although some joint ventures are anticipated to commence operations next year [3] Group 4: 2026 Incremental Planning - The company plans to launch approximately 2GW of wind power projects and 0.8GW of solar power projects by 2026, with the solar project aiming for initial connection by the end of 2025 [4] - Joint ventures in coal power, specifically Huabei Juyuan Power and Zhongmei Xinjian Li'an Power Plant, are expected to be operational in the first half of 2026 [4]

Core Insights - The global energy market is facing a dual crisis with increased volatility in fossil fuel prices and the intermittent nature of renewable energy sources, highlighting the significance of China's "artificial sun" nuclear fusion project, which is expected to achieve a critical "ignition" in two years and be completed by the end of 2027, paving the way for commercial power generation [1][12] Group 1: Nuclear Fusion Technology - The core advantage of nuclear fusion lies in its fuel efficiency and the abundance of its primary fuels, deuterium and tritium, with deuterium being virtually limitless in seawater, where extracting energy equivalent to 1 ton of gasoline can be achieved from just 30 liters of seawater [3][4] - Tritium can be produced through lithium, which is abundant in regions like Qinghai and Sichuan in China, allowing for a self-sustaining fuel supply chain, making nuclear fusion fuel acquisition costs significantly lower compared to fossil fuels and other renewable sources [3][4] Group 2: Cost and Efficiency - The "ignition" goal of the BEST device is a critical technological milestone that will break down cost barriers, enabling the plasma to reach a state where it can sustain itself through its own fusion energy, thus achieving net energy output without continuous external energy input [4][6] - Once operational, nuclear fusion is expected to have minimal fuel consumption costs, with the primary expenses being related to device maintenance and energy conversion, contrasting sharply with traditional fossil fuel and renewable energy costs [4][6] Group 3: Global Impact and Cooperation - China's advancements in nuclear fusion technology are set to provide affordable clean energy globally through a dual approach of "technology export and cost demonstration," with the BEST device's design aimed at commercial viability and long-duration energy output [6][9] - The successful validation of the BEST device could allow China to assist developing countries in bypassing fossil fuel dependency, while also pressuring developed nations to accelerate their energy transitions due to the cost advantages of Chinese nuclear fusion technology [6][9] Group 4: Future Prospects - The commercialization of nuclear fusion could revolutionize energy usage, particularly in high-energy-consuming industries, potentially reducing electricity costs to one-fifth of current coal-fired power prices, thus facilitating a green transition and lowering production costs [7][10] - The rapid progress of the BEST device, including the successful domestic production of key components, suggests that the world's first nuclear fusion power plant could be operational in China by around 2040, with electricity prices potentially dropping below 0.1 yuan per kilowatt-hour [10][12]

Core Viewpoint - The chairman of Tongwei Group, Liu Hanyuan, expressed both hope and concern regarding the advancements in nuclear fusion technology, particularly its potential to revolutionize the photovoltaic industry [1] Group 1: Nuclear Fusion Technology - Liu Hanyuan highlighted the progress of Chinese scientists in developing nuclear fusion from Tokamak devices, with the construction of a third-generation commercial fusion reactor expected to be completed by the end of next year, capable of generating between 20 megawatts to 200 megawatts [1] - The advancements in materials, such as high-temperature superconducting coils and new ring paths, are seen as both exciting and daunting, indicating significant construction efforts ahead [1] Group 2: Impact on Photovoltaic Industry - Liu expressed concern that if nuclear fusion becomes a reality, it could render photovoltaic technology obsolete, leading to a major shift in the industry [1] - He suggested that the photovoltaic sector may still have an opportunity to thrive before nuclear fusion technology fully materializes [1]

Core Insights - The production of Hastelloy C276, a critical material previously monopolized by Western countries, has been successfully scaled to ton-level production in China, significantly reducing costs and procurement times for nuclear fusion projects [3][10] - The Chinese BEST project is set to achieve nuclear fusion power generation by 2030, three years ahead of the EU's ITER project, which is facing significant delays and budget overruns [3][9] Group 1: Material Breakthrough - The research team at the Chinese Academy of Sciences has developed a purification technology that achieves medical-grade purity for Hastelloy C276, surpassing imported materials [5] - The team has successfully rolled out a 2000-meter long strip of this ultra-thin material, which can withstand extreme conditions and maintain high strength [5][7] Group 2: Project Acceleration - The completion of the base installation for the BEST device has been expedited due to the availability of domestically produced materials, allowing for a significant reduction in construction time [7] - The use of domestic superconducting materials has enabled the project to avoid long import delays, facilitating a faster assembly of core components [7][9] Group 3: Competitive Landscape - China's complete industrial chain for nuclear fusion technology, from material production to energy conversion systems, positions it favorably against Western competitors, who are struggling with technical and budgetary issues [9][10] - The advancements in superconducting materials and construction efficiency have led to a 30% reduction in construction costs and a threefold increase in power density for the BEST project [9] Group 4: Strategic Implications - The breakthroughs in Hastelloy C276 have broader applications beyond nuclear fusion, impacting sectors such as aerospace, chemical engineering, and marine engineering [10] - The Chinese government is investing over 300 billion yuan in fusion energy technology, indicating a strategic move to secure a leading position in future energy solutions [10][11]

Group 1: Company Overview and Strategy - The meeting was organized by CICC, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, introducing the company’s basic situation, development strategy, and Q3 2025 report [2] - The company aims to enhance the value of each nuclear power unit to over 100 million yuan, with growth expected from the expansion of new product categories [4] - The company is preparing a ten-year strategy and five-year plan in line with the national 14th Five-Year Plan, expected to be completed by the end of this year [12] Group 2: Market and Competition - The main projects for bidding this year are the 10 new units approved this year, while the bidding for last year's 11 units has mostly been completed [3] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new nuclear project approvals and the promotion of domestic key equipment [7] - The company has strong market competitiveness and brand influence in the nuclear power sector, built over years of accumulation [6] Group 3: Financial Performance - The gross margin for nuclear valves is currently stable, with expectations to remain so unless there are significant changes in the business model or market competition [8] - The decrease in contract liabilities in Q3 was primarily due to the delivery cycle, where old orders have been recognized as revenue while new orders have not yet reached payment milestones [11] Group 4: Research and Development - The company is actively involved in the development of special valves for various nuclear energy applications, including nuclear fusion, and has received small batch orders [9] - The export performance is expected to improve compared to previous years, with a mature team and an increasingly complete qualification system [10]

Core Viewpoint - China's "artificial sun" project, the BEST, is expected to be completed by 2027 and aims to be the first device in human history to achieve fusion power generation [1] Group 1: Project Development - The BEST project in Hefei, Anhui, has achieved a key breakthrough with the successful installation of the 400-ton Dewar base, marking a new phase in the construction of the main project [2][4] - The Dewar base, measuring approximately 18 meters in diameter and 5 meters in height, is the heaviest component of the BEST main system, designed to support a total weight of about 6,700 tons [6] - The installation precision of the Dewar base is critical for the stability and safety of the entire project, with a positional deviation not exceeding 2 millimeters [9] Group 2: Technical Achievements - The Dewar base was developed by a project team led by the Hefei Institute of Plasma Physics, overcoming key technologies such as high-precision forming and welding, millimeter-level deformation control, and high vacuum sealing [11] - The completion of the Dewar base installation signifies the beginning of the installation of major components like magnets and vacuum chambers, which will eventually create a vacuum environment for the operation of the Tokamak [11] Group 3: Future Prospects - The BEST project is expected to be completed in two years and will demonstrate fusion energy generation for the first time globally [12][13] - By 2030, there is a potential to light the first lamp using nuclear fusion energy [13]

Core Viewpoint - The company Chuanrun Co., Ltd. (002272) has indicated that its lubrication systems and cooling systems can be utilized in nuclear fusion power generation equipment and power transmission and transformation equipment [1] Group 1 - The company has responded to investor inquiries regarding the applications of its products [1] - The lubrication systems are specifically designed for use in advanced energy sectors such as nuclear fusion [1] - The cooling systems are also applicable in power transmission and transformation equipment, highlighting the company's involvement in critical infrastructure [1]

Core Viewpoint - The company Chuanrun Co., Ltd. (002272.SZ) has indicated that its lubrication systems, cooling systems, and products can be utilized in nuclear fusion power generation equipment and power transmission and transformation equipment [1] Group 1 - The company specializes in lubrication and cooling systems [1] - The products are applicable in advanced energy sectors such as nuclear fusion [1] - The company is positioned to benefit from developments in power transmission and transformation technologies [1]

Group 1 - The BEST nuclear fusion device in China has achieved a significant breakthrough with the successful installation of a 400-ton base, which will support the main unit weighing approximately 6,700 tons, marking the full construction of this major national project [1] - The completed base is the first vacuum component of the BEST device and is the largest vacuum component in China's fusion field, indicating the start of the installation of core components and the initiation of the supply chain and subsequent bidding processes [1] - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13-18, with expectations of major national and international developments being announced, and the BEST project is anticipated to initiate a second round of intensive bidding in Q4 for high-value products [1] Group 2 - Yongding Co., Ltd. has developed high-performance superconducting strips for strong magnetic fields using its unique superconducting thin film pinning technology, which has applications in magnetic confinement controlled nuclear fusion [2] - Wide Special Materials Co., Ltd. supplies materials for superconducting coil armor in controlled nuclear fusion and has successfully delivered low-activation martensitic steel CLAM to clients [2] - Wide Special Materials Co., Ltd. has won the bid for the processing project of the BEST coil box, which is currently in progress [2]