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]

一、核心使命：2027 年实现 "能量产出＞消耗"，演示聚变发电 核聚变能被称为 "终极能源"—— 模拟太阳内部氢核聚变成氦核的反应，释放清洁、无限的能量，且无碳排放、无核废料污染。此次启动的国际科学计划， 直指聚变研究的 "无人区"： 作为我国下一代 "人造太阳"，BEST 装置集成了多项全球领先技术，彰显中国聚变研究的建制化优势： "3、2、1，启动！"11 月 24 日上午，安徽合肥未来大科学城的紧凑型聚变能实验装置 (BEST) 主机大厅内，随着中国科学院副院长丁汉院士一声宣布，我国 "燃烧等离子体" 国际科学计划正式启动，面向全球发布 BEST 研究蓝图。来自法国、英国、德国等十余个国家的科学家现场签署《合肥聚变宣言》，共同 聚力点燃 "人造太阳"，向着人类 "终极能源" 迈出关键一步。 "以前国际聚变研究由欧美主导，现在中国不仅能自主建造顶尖装置，还能牵头制定国际计划。" 参与签约的德国聚变专家马克・舒尔茨坦言。 三、全球协同：开放共享大科学平台，凝聚十国智慧 此次国际科学计划的核心亮点是 "开放合作"，打破了传统科研壁垒： 截至启动仪式，已有 12 个国家的 37 家科研机构签署合作协议，首批 ...

Group 1 - A-shares indices turned positive in the afternoon of November 24, with the ChiNext New Energy ETF (159368) rising by 1% and most stocks showing gains, indicating a broad market rally [1] - The ChiNext New Energy ETF (159368) saw a net inflow of over 30 million yuan in the last three days and over 70 million yuan in the last five days, with a trading volume exceeding 45.13 million yuan, making it the largest in its category [1] - The Chinese Academy of Sciences launched the "Controlled Nuclear Fusion" international scientific program, aiming to build the BEST device by the end of 2027, which will conduct deuterium-tritium combustion experiments and demonstrate power generation [1] Group 2 - The acceleration of controllable nuclear fusion engineering is expected to benefit sectors such as pulse energy storage, superconducting materials, and specialty capacitors, while traditional energy storage and lithium battery chains may see limited short-term benefits [2] - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, which includes various segments of the new energy and electric vehicle industries, with a significant focus on batteries and photovoltaics [2] - The ETF has a 59% allocation to energy storage and a 32% allocation to solid-state batteries, aligning with current market trends, and has the lowest fees in its category, with a total management and custody fee of only 0.2% [2]

Core Viewpoint - China has officially launched an international scientific program in the field of nuclear fusion, focusing on plasma physics research and aiming to achieve energy output greater than energy consumption, with the goal of demonstrating fusion energy generation [1][2]. Group 1: Nuclear Fusion Research - The international scientific program will leverage China's superconducting tokamak team to address the challenges of fusion combustion physics, emphasizing the importance of collaboration among global scientists [2]. - The BEST (Broadly Enhanced Superconducting Tokamak) device is set to become China's next-generation "artificial sun," with plans to conduct deuterium-tritium combustion plasma experiments by the end of 2027, targeting fusion power output between 20 megawatts and 200 megawatts [1][2]. Group 2: Global Collaboration - The program will open multiple nuclear fusion scientific platforms, including BEST, to global researchers, establishing an open research fund to facilitate frequent expert exchanges [2]. - Scientists from over ten countries, including France, the UK, and Germany, have signed the "Hefei Fusion Declaration," promoting the spirit of open sharing and collaborative win-win cooperation in fusion research [2].

Quantum Technology - China has established the world's largest quantum communication network, comprising 8 core sites and 159 access stations [4] - The third-generation superconducting quantum computer "Benyuan Wukong" is set to officially operate in January 2024, with over 80% domestic components [9] - "Benyuan Wukong" has been accessed over 37 million times by users from 163 countries, completing 740,000 quantum computing tasks across various fields [11] Biological Manufacturing - Biological manufacturing combines traditional fermentation and synthetic biology, opening new industrial spaces [12] - China holds over 70% of global biological fermentation capacity, leading in the production of amino acids and organic acids [12] - Challenges include the need for core strains and key enzymes, as well as the development of a robust biological information database [13] Nuclear Fusion Energy - Controlled nuclear fusion, known as "artificial sun," is advancing with significant breakthroughs in technology [14][15] - The "China Circulation No. 3" has achieved record ion and electron temperatures of 120 million and 160 million degrees Celsius, respectively [15] - By 2027, "China Circulation No. 3" is expected to conduct burning plasma experiments, moving towards commercial fusion power generation by mid-century [15] Brain-Computer Interface - Brain-computer interface technology is expanding into various fields, including medical rehabilitation and consumer electronics [17][18] - The industry is supported by a collaborative ecosystem involving research, industry, and policy frameworks [18] - Key focus areas include core technology development, innovation ecosystem enhancement, and ethical regulatory frameworks [18] Humanoid Robotics - Humanoid robots are evolving rapidly, with advancements in joint modules and motion control [19][20] - The Shenzhen area is developing a "embodied intelligence port," fostering a complete industrial chain from R&D to application [20] - The local government has introduced action plans to promote technological innovation and industry development in humanoid robotics [20] 6G Technology - 6G technology aims to enhance connectivity and integrate various technologies, supporting the development of a smart society [21][22] - It is expected to achieve 10 to 100 times the speed and reliability of 5G, covering all domains of connectivity [21] - China is advancing in 6G research and aims for commercial implementation by 2030 [22]

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 Viewpoint - The article highlights the rapid advancement of controllable nuclear fusion technology, particularly focusing on the key material, high-temperature superconducting tape, which is attracting significant capital interest. Shanghai Superconductor Technology Co., Ltd. is positioned as a leader in this field, with its IPO on the Sci-Tech Innovation Board aiming to raise 1.2 billion yuan for production and headquarters projects [1][2]. Company Overview - Shanghai Superconductor, established in 2011, is one of only two companies globally capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tape annually, the other being a Japanese firm, FFJ [1][14]. - The company holds a dominant position in the domestic market with a market share exceeding 80% [2][14]. Product and Technology - High-temperature superconducting materials exhibit zero electrical resistance and complete magnetic resistance at extremely low temperatures, making them crucial for applications in energy transmission, medical imaging, and quantum computing [4]. - The second-generation high-temperature superconducting tape, produced by Shanghai Superconductor, is characterized by superior mechanical strength, lower raw material costs, and high current-carrying capacity, gradually replacing the first generation in emerging applications like controllable nuclear fusion [4][5]. Market Dynamics - The global commercialization of nuclear fusion has seen significant investment, with cumulative financing in the field reaching approximately $9.766 billion, an increase of $2.643 billion from the previous year [12]. - The demand for high-temperature superconducting tape is expected to grow rapidly, with the market size in the controllable nuclear fusion sector projected to increase from approximately 722 million yuan in 2025 to about 2.144 billion yuan by 2027 [12]. Financial Performance - Shanghai Superconductor's revenue has shown significant growth from 36 million yuan in 2022 to an estimated 240 million yuan in 2024, with a net profit of 72.01 million yuan expected in 2024 [15]. - The company experiences seasonal revenue fluctuations, with a substantial portion of its income concentrated in the fourth quarter due to the budget management practices of its major clients, which include large state-owned enterprises and research institutions [16]. Client Base - The client base of Shanghai Superconductor is highly concentrated, with the top five clients accounting for 75% to 85% of total revenue during the reporting period [16]. - A significant portion of revenue in the first half of 2025 is expected to come from the Chinese Academy of Sciences, which has been a stable partner since 2015 [16].

氢能和核聚变能是什么？又将如何影响未来生活？ "十五五"规划建议中，两位"能源新秀"氢能和核聚变能被列为未来产业，将成为新的经济增长点，加速 从实验室走向规模化、产业化应用，为实现"双碳"目标注入动能。 核聚变的原理如同太阳发光发热，在极高温度和压力下，氢原子聚变成氦原子并释放出巨大能量。核聚 变能因原料丰富，来自海水中氢的同位素氘和氚，且清洁安全，被许多人寄予"终极能源"的厚望。比 如，1升海水里的氘聚变出的能量，相当于300升汽油。 今年以来，我国聚变科研装置好消息频传："中国环流三号"首次实现原子核和电子温度均突破1亿摄氏 度；全超导托卡马克核聚变实验装置（EAST）首次完成1亿摄氏度1000秒"高质量燃烧"，创造新世界纪 录……每一步突破，让我们离"人造太阳"的梦想更近了。 国家原子能机构主任单忠德表示，聚变能技术正在从科学研究向工程实践和商业应用的目标加速迈进。 氢能是氢和氧进行化学反应释放出的化学能，它通过风能、太阳能、煤炭、天然气等一次能源生产，是 一种二次清洁能源。 目前，氢能产业化崭露头角：搭载氢燃料电池，汽车续航更长、补能更快；钢铁冶炼行业用氢能替代焦 炭，可有效减少碳排放；氢能可实现跨季 ...

Group 1 - The company, as a leading comprehensive commercial circulation enterprise in Anhui Province, has not participated in the Hefei "artificial sun" project [2] - The company's business covers two main sectors: retail and agricultural product circulation, including various sub-sectors such as department stores, home appliances, supermarket chains, e-commerce, and wholesale [2] - The inquiry about the company's involvement in the Hefei project was made by an investor on an interactive platform [2]

Core Viewpoint - The company, Hefei Urban Construction (002208), has stated that it is currently not involved in the construction of the Hefei artificial sun project [1] Group 1 - The company responded to inquiries on an interactive platform regarding its involvement in the Hefei artificial sun project [1]