据了解，国内外已有的核聚变项目主要属于科学实验装置，旨在验证聚变发电的科学和工程可行性，并 不在商业示范或应用范畴。合锻智能有关人士也表示，"虽然目前频繁出现新闻和招标项目，但（核聚 变）并没有结论性或实质性的进展，二级市场投的可能是预期。目前能源紧缺是迫在眉睫的问题，核聚 变是未来的必然方向，至于要像风电一样成熟应用，应该需要很长时间。" 核电个股活跃 国庆节后首个交易日，核聚变、核电概念延续了9月下旬以来的火热状态。10月9日，万得核聚变指数 （8841917.WI）上涨7.82%，核电指数（884046.WI）上涨6.46%。板块内个股普遍上涨，西部超导 （688122.SH）、中洲特材、哈焊华通（301137.SZ）实现20CM涨停，10只个股涨超10%。 10月10日，A股全天震荡调整，沪指等三大指数集体下跌，核聚变板块则延续涨势，当日上涨0.19%。 合锻智能和中国核建（601611.SH）实现10CM涨停。至此，合锻智能收获9天5板，从16.96元/股涨至 23.78元/股，中国核建实现两连板，从8.85元/股涨至10.71元/股。 从年初至10月10日，核聚变板块整体上涨60.62%，主力净流 ...

Group 1: Recent Developments in Nuclear Fusion - The field of controllable nuclear fusion has seen significant advancements, with the Southwest Institute of Physics announcing progress in intelligent control of magnetic confinement fusion plasma on October 8 [1] - The BEST project in Hefei achieved a major milestone with the successful installation of a 400-ton core component with millimeter-level precision [1] - The "China Circulation No. 4" R&D plan revealed by China Fusion Energy Co. has sparked heightened market interest in nuclear fusion technology [1] Group 2: Market Response - On October 9, nuclear fusion-related stocks surged, with the Wande Nuclear Fusion Concept Index rising by 7.82% and the Wande Superconducting Concept Index increasing by 6.17% [1] - Several companies, including Western Superconducting, Hanhai Huaton, and China Nuclear Construction, reached their daily trading limits [1] Group 3: Commercialization Efforts - Multiple enterprises are actively pursuing the commercialization of nuclear fusion, although achieving practical power generation from fusion will take time [2] - China Fusion, representing the "national team," aims for commercial fusion energy by 2050 and has established five business centers in Shanghai and Chengdu [2] - Hanhai Fusion, the first linear field reverse configuration fusion company in China, is utilizing neutrons generated during fusion for various applications, thereby realizing some commercial value ahead of full-scale fusion power [2] Group 4: Application Scenarios and Market Projections - Hanhai Fusion plans to achieve a market scale exceeding 1 billion in industry testing by 2026 and over 10 billion in nuclear medicine by 2027 [3] - The company aims for significant market scales in semiconductor neutron irradiation and environmental applications by 2029 [3] - New entrants from universities, such as Dongsheng Fusion and Honghu Fusion, are also making strides in the fusion sector [3] Group 5: A-Share Companies Involvement - Several A-share listed companies are entering the nuclear fusion sector, focusing on core components, key systems, and supporting materials [4] - Hongxun Technology is investing in key subsystems while collaborating with research institutions and private fusion companies [4] - Guo Da Special Materials has successfully won a bid for the BEST coil box machining project and has begun mass production of superconducting coil armor materials [4] Group 6: Technological Contributions - Zhongtai Co. is applying its cryogenic technology to the low-temperature aspects of controllable nuclear fusion, with successful operations in South Korea [5] - Guojin Securities believes that the commercialization path for nuclear fusion technology is becoming clearer, with global investments increasing [5] - The industry is expected to enter a capital expenditure acceleration cycle during the 14th Five-Year Plan period, presenting potential investment opportunities [5]

核聚变赛道有多大吸引力？ 据证券时报，针对"圣湘董事长戴立忠创立核聚变公司"的消息，圣湘生物方面向记者回应称，戴立忠是鸿鹄聚变（上海）能源科技有限公司投资人与实控 人，目前该项目只涉及戴立忠个人投资，戴立忠不参与鸿鹄聚变的的日常运营工作。 据公司官网介绍，圣湘生物科技股份有限公司是以自主创新基因技术为核心，集体外诊断试剂、仪器、第三方医学检验服务及生物制药为一体的诊疗一体 化方案提供商。公司在科创板上市（股票代码：，并跻身中国医药工业百强及全球医疗器械企业TOP100榜单。 公司以长沙、上海为双战略支点，辐射全国、布局全球。在北京、成都、广州、武汉等全国主要城市和英国、法国、美国、印尼、菲律宾、泰国等全球重 要区域设立了分子公司或分支机构，构建起全球化运营网络。 来源：wind 公开资料显示，戴立忠，1968年7月出生，中国国籍，无境外永久居留权。北京大学学士，美国普林斯顿大学硕士、博士，麻省理工学院博士后。先后当 选第十三届、十四届全国人大代表，第三届中国慈善联合会副会长；是国家高层次人才，国务院特殊津贴专家，中国侨界十杰，长沙市A类人才（国际顶 尖人才）；荣获国家科技进步二等奖、全国创新争先奖、中国专利银 ...

这个形如海葵的BEST装置杜瓦底座 "人造太阳"核心吗？ 0:00 来源：央视新闻客户端 你见过重400吨的 来源：央视社教 国庆期间在合肥精准落位！ 朝着"用核聚变能点亮第一盏灯"的目标 全速前进 它将承载四代中国聚变人的梦想 ...

Group 1 - China Fusion Energy Company announced the construction of the "China Circulation No. 4" experimental device in Shanghai, marking the entry into the "superconducting era" of nuclear fusion research [1] - The National Development and Reform Commission and the Energy Administration issued the "Implementation Opinions on Intelligent Development of Controlled Nuclear Fusion," emphasizing the use of AI technology to create intelligent control systems for plasma steady-state operation [1][3] Group 2 - The global competition in nuclear fusion is intensifying, with China's BEST project starting assembly two months ahead of schedule, while the US Helion company signed a global first nuclear fusion power purchase agreement with Microsoft for delivery in 2028 [4] - Japan has updated its "Fusion Energy Innovation Strategy," advancing its commercialization target to 2040, with predictions of over 10 demonstration reactors entering construction by 2035 [4] Group 3 - Wangzi New Materials, through its subsidiary Ningbo Xinyong, has broken international monopolies to become the only domestic producer of nuclear fusion pulse capacitors, with a product lifecycle of 100,000 cycles, supplying the BEST device [5] - Western Superconducting is the only company globally with full-process production capabilities for low-temperature superconducting materials, serving as the exclusive supplier of superconducting wire for the ITER project in China [6][7] - Hezhong Intelligent has overcome three major technical challenges in manufacturing fusion reactor vacuum chambers, achieving 100% domestic production for the BEST project [8] - China National Heavy Machinery Corporation successfully manufactured a thousand-ton TF coil box for the CRAFT project, recognized for its capabilities in large component formation [9] - Antai Technology, a core supplier for the EAST device, contributed to a world record of 1,056 seconds of long pulse operation with its tungsten-copper composite components [10] - A joint venture with an academic team is focusing on Z-pinch hybrid reactor technology, covering major domestic devices and demonstrating significant cost advantages [11]

Core Insights - The article discusses China's advancements in controlled nuclear fusion, highlighting the progress made in the context of the "14th Five-Year Plan" and the "dual carbon goals" [2][3] Industry Developments - By 2025, significant progress has been made in China's controlled nuclear fusion research, with milestones such as the "East Super Ring" achieving plasma stability at 1 million degrees Celsius for 1066 seconds and the "China Circulation No. 3" reaching dual temperatures of 1.17 million degrees for atomic nuclei and 1.6 million degrees for electrons [5][7] - The controlled nuclear fusion industry chain in China is taking shape, involving upstream raw material production, midstream equipment manufacturing, and downstream technology enterprises and research institutions [7] Technological Pathways - Chinese research institutions and companies are exploring multiple technical routes for nuclear fusion, including the "deuterium-tritium" and "hydrogen-boron" pathways, aiming for breakthroughs in controllability and stability [8][10] - The "deuterium-tritium" route, led by national teams like the Chinese Academy of Sciences and China Nuclear Group, focuses on controlled fusion reactions for sustainable energy output [10] - The "hydrogen-boron" route, proposed by New Energy Group, emphasizes cost-effectiveness and safety, with the potential for high efficiency in energy generation [10][12] Collaborative Efforts - The dual-track approach of national teams and enterprises is fostering a collaborative environment to advance the "artificial sun" project, with significant contributions from both sectors [14] - The emergence of "super factories" and "super equipment" in the controlled nuclear fusion field is exemplified by New Energy's "Xuanlong 50U," which has achieved several international firsts in plasma discharge and magnetic field conditions [15] Talent and Ecosystem Development - Strengthening talent exchange and ecological cooperation is crucial for technological upgrades, with New Energy establishing an international and diverse research team and collaborating with over 70 top research institutions across four continents [17] - The ongoing exploration of fusion energy technology, which began in the mid-20th century, continues to be a focal point, with expectations that the maturation of China's nuclear fusion industry will accelerate ecological cooperation and attract more scientific talent [17]

随着科技突破和资本投入，可控核聚变这一未来清洁能源离商业化应用越来越近。9月22日下午，2025 浦江创新论坛·未来能源：可控核聚变专题论坛在上海举行，ITER（国际热核聚变实验堆计划）国际组 织副总干事罗德隆、中国聚变能源有限公司总经理张立波等专家做了主旨演讲。 可控核聚变俗称"人造太阳"，是解决人类能源和碳排放问题的一个"终极方案"，已成为全球竞相布局的 前沿科技领域。它模拟太阳发光发热过程，在极端高温高压下，控制核聚变反应的速度和规模，使轻原 子核结合成较重原子核时释放巨大能量。聚变能源的主要原料有氢的同位素——氘和氚，其聚变反应产 物是无放射性污染的氦。 罗德隆在演讲中表示，未来这种能源进入商用阶段后，公众不必"谈核色变"，因为其安全性很高，任何 故障（如磁约束失效）都会使聚变反应立即停止；聚变电站年产废物量约为裂变电站的1/10，且半衰期 为几十年，无需对放射性废物进行上万年封存。 实现可控核聚变的技术路线有很多，可分为磁约束、惯性约束、磁惯性约束三类。磁约束技术的主流装 置是一种名为"托卡马克"的环形容器，惯性约束技术的核心部件是激光驱动器。 中国聚变公司采用磁约束技术，在细分技术领域走的是一条新 ...

Group 1 - The company confirmed its involvement in contributing to the "artificial sun" project, indicating its capabilities in supplying relevant power transmission and distribution equipment to the nuclear power industry [1]

Core Viewpoint - The article discusses the critical role of nuclear fusion power systems in achieving stable and controlled nuclear fusion, likening it to a "heart" and "brain" of a fusion reactor, essential for maintaining the high-temperature plasma necessary for fusion reactions [4][5][6]. Summary by Sections Nuclear Fusion Power System - The nuclear fusion power system is a specialized high-performance power source that precisely controls the plasma in fusion reactions, which can reach temperatures exceeding 100 million degrees Celsius [5][6]. - Successful ignition of nuclear fusion requires three key conditions: high temperature, high density, and long energy confinement time, collectively referred to as the "fusion triple product" [6]. Types of Power Sources - There are two main types of nuclear fusion power sources: magnetic power sources and heating power sources [7]. - Magnetic power sources generate strong magnetic fields to suspend the high-temperature plasma, while heating power sources raise the plasma temperature to the required levels [7][10]. Performance Requirements - The power systems must meet stringent performance criteria, including voltage fluctuation control within 3%, response times under 0.3 milliseconds, and strong interference resistance [8]. Market Potential - The market for nuclear fusion power systems is projected to exceed 5 billion, based on current investment in fusion projects, with costs for fusion reactors ranging from 3 to 10 billion for a 1000MW scale [12][16]. - The domestic market is expected to grow further with the development of various fusion projects, including BEST, STAR, and others, with significant investments planned [13][14]. Industry Challenges and Opportunities - The nuclear fusion power sector faces challenges such as high operational demands on heating power sources and the need for advanced electronic components [16]. - The industry is still in its early stages, with a focus on technological advancements and the establishment of supply chains for specialized power systems [17]. Key Companies - The article identifies several key companies involved in the nuclear fusion power sector, highlighting their roles in the development and supply of necessary technologies and components [18].

Core Insights - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, with over 10 billion yuan in investments from major energy firms and capital institutions [2][11] - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021, indicating strong investor confidence and technological advancements [4] - The competition in the fusion energy sector is intensifying, with significant breakthroughs in China's fusion projects and international collaborations accelerating the path to commercialization [5][7] Investment and Market Dynamics - China Fusion Energy Company is positioned as a national strategic player, with investments from key state-owned enterprises and private capital, reflecting a robust investment structure [11][12] - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the supply chain, indicating a growing interest in the fusion energy sector [14][15] - The fusion industry is expected to enter a critical decade, with many companies planning to operate commercial demonstration plants by 2035 [8][10] Technological Advancements - Major advancements in China's fusion devices have been reported, including record plasma confinement times and temperature achievements, positioning the country as a leader in plasma technology [5][6] - Internationally, significant projects like ITER and commercial agreements for fusion energy procurement are paving the way for the practical application of fusion technology [7][8] Future Outlook - The timeline for commercial fusion energy is becoming clearer, with expectations that the first fusion power plant could be operational by 2030 [7][8] - The integration of AI and high-temperature superconductors is expected to further accelerate the development of fusion technology, enhancing feasibility and cost-effectiveness [16]