从应用节能视角审视，廉价核聚变能源将引发"能源使用革命"，进一步放大其普惠价值。当前全球节能技术推广的最大瓶颈，在于部分高耗能产业"节能成 本高于能源成本"——例如钢铁、化工等行业的低碳改造，常因电力成本过高而难以落地。若核聚变发电实现商业化，其单位电价有望降至当前火电的1/5甚 至更低，这将彻底改变能源成本结构。一方面，高耗能产业可通过廉价电力实现绿色转型，降低全球工业品生产成本；另一方面，廉价电力将推动电动汽 车、智能家居等节能产品大规模普及，形成"能源廉价-节能易行-碳排降低"的良性循环。在非洲、东南亚等能源短缺地区，廉价核聚变电力还将解决居民基 本用电问题，直接提升数十亿人的生活质量。 全球能源市场正陷入双重困境：化石能源价格波动加剧引发供应链焦虑，可再生能源的间歇性又难以支撑基荷电力需求。就在此时，中国"人造太阳"核聚变 发电装置传来重磅消息——BEST装置有望在两年后实现关键"点燃"，2027年底建成后将聚焦氘氚燃烧等离子体实验，为商业化发电扫清核心障碍。作为能 源专家与应用节能研究者，我们清晰地认识到，这不仅是中国能源科技的里程碑，更意味着人类离廉价新能源的时代已近在咫尺，中国核聚变技术将以"能 ...

11月19日消息，在2025第八届中国国际光伏与储能产业大会首届光伏CTO峰会暨技术创新大会上，通威 集团董事局主席刘汉元谈到核聚变，他表示，对于人造太阳在实验室能够很低成本很高效率的发电，既 希望它发生，又担心它发生，希望它发生是希望技术突破，担心是光伏被革命了，大家都要改行。 "我们再搞得慢一点，聚变能现实了以后就不需要去铺光伏板了，"刘汉元表示，"有可能时代还是留给 我们这个机会。"（刘丽丽） 责任编辑：江钰涵 他谈到，中国科学家从托卡马克装置移过来一代二代到现在正在建三代，明年后年底有可能建成20兆瓦 到200兆瓦的商业发电聚变堆，听起来有点激动人心，但想起来还是有点悬。"在材料上面还是非常让人 恐怖，科学家们正在做高超导的线圈和新的环道，施工和建设看起来以后都非常壮观。 ...

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]

Group 1: Policy and Industry Developments - The "Nonferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" was released by eight Chinese government departments, focusing on resource exploration and recycling initiatives for metals like copper, aluminum, lithium, and nickel [2] - The U.S. Department of Energy announced the termination of $7.56 billion in subsidies for 223 clean energy projects, citing economic infeasibility and insufficient contribution to energy needs [3] - India initiated an anti-dumping investigation into Chinese solar cells and modules following complaints of unfair trade practices, which could lead to tariffs if damage to local industries is confirmed [4] Group 2: Technological Advancements - The BEST nuclear fusion project in Hefei, China, achieved a significant milestone with the successful development and installation of a key component, marking a new phase in its construction [5] - Longi Green Energy signed a cooperation framework agreement with FMG to provide efficient photovoltaic products for green grid projects across multiple countries, enhancing its role in global energy solutions [9] Group 3: Corporate Actions - Sungrow Power Supply Co., a leading photovoltaic company, submitted an application to the Hong Kong Stock Exchange to issue 338 million shares, aiming to raise approximately HKD 987 million for global strategic expansion [6] - Tencent acquired a 2.5% stake in Carbon Capture Technology Company, which focuses on producing carbon-based products from captured CO2, indicating a strategic investment in sustainable technologies [7]

Core Insights - China has achieved significant breakthroughs in various fields during the National Day and Mid-Autumn Festival holiday, showcasing advancements in major national projects [1] Nuclear Fusion - The construction of China's nuclear fusion device BEST has officially commenced with the successful installation of a 400-ton base, which will support the main device weighing approximately 6,700 tons [3] - This facility aims to demonstrate nuclear fusion power generation internationally for the first time, with the goal of lighting the first lamp through nuclear fusion by 2030 [4] Solar Energy - The world's first "dual-tower one machine" solar thermal energy storage power station has entered the final debugging phase and is set for full system trial operation [5] - The power station consists of two 200-meter tall heat-absorbing towers and nearly 27,000 heliostats, capable of providing uninterrupted power supply for 24 hours once fully operational [6] Marine Exploration - During China's 15th Arctic Ocean scientific expedition, the "Jiaolong" submersible achieved its first dive in the Arctic ice region [8] - The expedition also marked the world's first underwater collaborative operation between manned and unmanned submersibles in polar regions [9] Aviation - The third aircraft of China's large amphibious AG600 "Kunlong" has successfully completed assembly and production test flights [10] Infrastructure Development - The construction of the Western Land-Sea New Corridor's key project, the Pinglu Canal, has made significant progress with the completion of the large-scale hoisting work at the Youth Hub [12] - The Pinglu Canal project is currently in a critical phase and is expected to be completed and navigable by 2026 [13] Maritime Innovation - China's first 10,000-ton pure electric intelligent sea vessel has successfully launched, marking a significant step towards zero-emission, pure electric coastal container transportation [15]