新华财经北京10月10日电四大证券报内容精华摘要如下： 中国证券报 ·金价一路走高黄金股相关ETF强势霸榜 10月9日，A股三大指数集体收涨，沪指突破3900点，创下逾十年的新高。贵金属板块爆发，受此影 响，多只黄金股相关ETF大涨，两只涨幅超10%，另有多只有色相关ETF涨幅超8%。10月9日ETF合计成 交额5811.19亿元，与9月30日相比，成交额增加近300亿元。4只ETF成交额突破200亿元。股票型ETF 中，中证A500相关ETF成近期吸金主力，电池、黄金相关ETF也获较多资金净流入。 ·科技与周期共舞 A股震荡上行趋势未改 对于10月后续行情，机构观点普遍乐观，认为A股将会保持震荡上行走势。其中，即将到来的三季报成 为关键看点，建议关注三季度业绩有望改善或持续高增长的领域。 ·"人造太阳"照进现实核聚变商业化稳步推进 10月9日，核聚变相关板块大幅上涨。截至当日收盘，万得核聚变概念指数上涨7.82%，万得超导概念 指数上涨6.17%。西部超导、哈焊华通、中洲特材、中国核建、海陆重工、合锻智能、中核科技、东方 电气、永鼎股份、上海电气等个股收于涨停。记者采访获悉，目前已有多家企业正在推动核聚变商 ...

来源：中国贸促 "可持续市场倡议"由英国国王查尔斯三世任王储期间发起成立，是工商界参与全球可持续发展事业的重 要平台。在习近平主席的亲自关心和指导下，"可持续市场倡议"中国理事会于2022年8月正式成立，成 为中国工商界在更大范围、更宽领域、更高层次参与全球可持续发展进程的重要合作平台。截至目前， 中国理事会理事单位有19家，吸纳外资合作伙伴30余家。 来源：中国国际商会多边合作部 近日，应"可持续市场倡议"全球理事会邀请，中国国际商会率企业家代表团赴美国纽约出席"可持续市 场倡议"2025年CEO秋季峰会。 英国国王查尔斯三世以视频形式为本次峰会致辞，美国前国务卿克里，"可持续市场倡议"全球理事会主 席、美国银行行长布莱恩，全球理事会CEO塞菲，福德士河、江森自控、迪拜机场、八达通能源、利洁 时负责人等近百名代表出席峰会。峰会围绕核聚变商业化、可持续航空燃料全球规模化发展、电网与互 联互通、混合金融等议题展开深入讨论。 中国银行纽约分行、中国建设银行纽约分行、国新国际、晶澳科技相关负责人参加峰会，并积极宣介中 国工商界在可持续发展领域作出的贡献。访美期间，代表团还参加了第80届联合国大会边会非洲开放工 商峰 ...

9月24日，上海国际工业博览会上，中国聚变公司首次公开亮相，展示其技术路线及业务布局，公司瞄 准2050年聚变能源商用目标，在上海、成都两地联动研发。此外，据报道，公司将在上海新建聚变实验 装置，用以验证其在上海研制的高温超导磁体，命名为"中国环流四号(HL-4)"。 方正证券指出，核聚变行业持续向好发展，国际方面，美英签署"大西洋先进核能伙伴关系"，建立监管 互认机制，有助于加快核电项目审批与建设。国内科研进展显著，如中科院合肥物质科学研究院等离子 体物理研究所发布采购项目，张杰院士团队启动激光聚变能电站建设，目标2045年实现商业运营。CFS 与Eni签订超10亿美元售电协议，显示商业化前景增强。 该机构表示，参考环流三号、东方超环规模，该装置规模或与BEST以及CFSSPARC装置相近。随着国 内再填新装置，行业资本开支将再升一个台阶。近期聚变催化更加密集，关键部件开始询价或者即将开 启招标，建议重点关注板块动态以及相关重点标的。 ...

核聚变概念股早盘逆市大涨。 聚变商业化关键期临近 可控核聚变因为原料丰富、清节高效、安全性高等优势，被公认为人类的终极能源。但鉴于其技术要求 苛刻，给人遥不可及的感觉，业内曾戏称，核聚变距离商业实现永远有50年，也就是"50年悖论"。但 2025年7月聚变工业协会（FIA）发布《2025年全球聚变行业》报告，过去5年全球聚变行业呈爆发式增 长，总投资额从2021年的19亿美元飙升至97亿美元，仅去年一年就新增26亿美元。这一增长态势，充分 彰显了投资者信心的成熟、聚变技术的突破以及供应链的快速整合。同时，2030年代被行业普遍视为聚 变商业化关键期。 开源证券表示，全球聚变竞赛已拉开帷幕，各国聚变公司融资活动频繁，美国科技巨头谷歌、亚马逊、 微软等踊跃入局核聚变公司投资。参考当前国内裂变堆每年10GW级的核准建设节奏，若核聚变电站顺 利实现商业化，未来批量建设情景下年投资额或将达数千亿元。开源证券建议关注聚变项目资本开支加 速带来的上游装备、材料等环节投资机会。 业绩有望持续高增长股出炉 据证券时报·数据宝统计，A股市场上核聚变概念股合计有80多只。从机构关注度来看，许继电气、中国 核电、中天科技、应流股份等 ...

20日下午举行的浦江创新论坛开幕式后，中国国际核聚变能源计划执行中心原主任、国际热核聚变实验 堆（ITER）副总干事罗德隆接受包括第一财经在内的记者采访时说，虽然已有一些资本进入核聚变领 域，但目前距离商业化还有一段距离。 （文章来源：第一财经） 罗德隆介绍，正在稳步推进的国际热核聚变实验堆是全球规模最大的核聚变实验装置，但它本身也发不 了电，是一个科学研究的实验室，建成之后还要做十到二十年的实验，不断提高大家对科学和技术成熟 度的认知。 ...

Core Insights - The U.S. Energy Secretary predicts that nuclear fusion power technology could achieve commercial application within 8 to 15 years, providing strong confidence in the clean energy sector, which has long been constrained by technological bottlenecks [1] - This optimism is based on a historic breakthrough in 2022 at the Lawrence Livermore National Laboratory, where net energy gain from nuclear fusion was first achieved, marking a transition from experimental to potential engineering application [1] Group 1 - The U.S. will actively promote the commercialization path of nuclear fusion and accelerate its application in actual energy supply [1] - Nuclear fusion technology is seen as a crucial solution for future clean energy, offering nearly limitless power generation without greenhouse gas emissions or long-lived nuclear waste, which is significant for the global energy transition [1] Group 2 - The pace of innovation in the nuclear fusion sector has significantly accelerated in recent years, with multiple key technological breakthroughs following the 2022 net energy gain achievement, enhancing industry confidence [4] - Notable tech entrepreneurs like Jeff Bezos and Bill Gates have invested billions into related startups and technology development, alongside sovereign wealth funds, U.S. development banks, and venture capital firms, all contributing to the push for nuclear fusion commercialization [4] Group 3 - The current investment surge reflects a growing market demand for carbon-free energy and increased confidence in the eventual commercial application of nuclear fusion technology [7] - Several companies are actively advancing demonstration plant construction and grid connection plans, aiming to be the first to achieve commercial operation globally [7] - With clearer technological pathways and increased policy support, the commercial prospects for nuclear fusion power are becoming increasingly promising, potentially transforming the global energy supply landscape and providing critical support in addressing climate change [7]

Group 1 - The article highlights a significant increase in global fusion investment, reaching $9.7 billion, with a focus on the 2030 commercialization window and six core component stocks identified by institutions [1] - A specific company is projected to achieve a net profit growth rate of up to 325% by 2025, with its traditional business recovering and gross margins exceeding 35%, alongside an anticipated increase in production of courtyard robots and forward-looking investments in robotic joints [1]

Group 1 - The commercialization of the nuclear fusion industry is accelerating, with significant confidence from the capital market regarding its prospects [1] - Recent financing activities include Commonwealth Fusion Systems (CFS) completing a $863 million funding round aimed at constructing the SPARC demonstration device and developing the ARC power plant [1] - General Atomics has made a strategic investment of $20 million to expedite the development of a tritium fuel cycle testing facility, which is expected to be operational by 2026 [1] Group 2 - The SICAS integrated modeling framework, developed by the University of Tennessee in collaboration with a German research institute, has made breakthroughs in global plasma simulation technology for nuclear fusion devices [1] - The photovoltaic industry is experiencing a "de-involution" upgrade, with electricity consumption reaching new highs and strong demand in the sector [1] Group 3 - The Carbon Neutrality 50 ETF (159861) tracks the Environmental Protection 50 Index (930614), which selects leading companies related to environmental protection from the Chinese A-share market [1] - The index focuses on sectors such as clean energy, pollution control, and energy-saving technologies, reflecting the overall performance of the environmental protection industry [1] - Investors without stock accounts can consider the Guotai CSI Environmental Industry 50 ETF Connect C (012504) and Connect A (012503) [1]

这项原先停留在实验室里的尖端技术，正加速从科研阶段走向产业前沿。 核聚变的历史 今年夏天，谷歌签下了一份前所未有的购电协议：承诺从核聚变创业公司Commonwealth Fusion Systems （CFS）的首座商业电厂ARC采购200兆瓦电力。 这一规模远超2023年微软与Helion Energy的50兆瓦协议，成为目前全球最大聚变能源购电协议，也 让"聚变商业化"从概念向现实再近一步。 资本对CFS的追捧并非偶然。自2021年起，这家公司就拿下了全球核聚变领域单轮最大的18亿美元B轮 融资；今年8月28日，CFS再获8.63亿美元的B2轮融资，B轮总计融资26.63亿美元（约合人民币186亿 元），刷新了核聚变领域的单轮融资纪录——背后站着谷歌、英伟达、比尔·盖茨旗下基金Breakthrough Energy Ventures等重量级玩家，是聚变行业当之无愧的"融资王"。 此轮融资后，CFS累计融资破30亿美元，占全球聚变行业总融资的三分之一；公司估值也达到约80亿美 金（折合人民币约560亿元）。 与此同时，大洋彼岸的中国合肥，"人造太阳"实验装置EAST的控制室里早已爆发出欢呼——炽热等离 子体 ...

Core Viewpoint - The controlled nuclear fusion industry, referred to as the "artificial sun," is becoming a focal point for capital investment, with significant funding and policy support driving its commercialization in China [3][4]. Investment Trends - Nova Fusion Energy Technology (Shanghai) Co., Ltd. completed a record angel round financing of 500 million yuan, marking a significant milestone for private nuclear fusion companies in China [3]. - China Fusion Energy Co., Ltd. received a total of 11.492 billion yuan in strategic investments from various state-owned enterprises and funds, indicating strong backing for the "national team" in nuclear fusion [3][5]. - The global nuclear fusion industry has seen explosive growth, with total investment rising from 1.9 billion USD in 2021 to 9.7 billion USD, and the number of fusion companies increasing from 23 to 53 [4]. Industry Structure - The nuclear fusion sector in China is characterized by a dual structure of "national team" and "private team," with significant investments flowing into both [3][5]. - The "national team" includes companies like China Fusion Energy and Fusion New Energy, which have received substantial capital support from state-owned enterprises and local governments [5]. - Private companies, while receiving less capital, have attracted investments from notable venture capital firms like Sequoia Capital and Kunlun Capital [5]. Technological Development - Various technological routes exist in nuclear fusion, with magnetic confinement being the most widely adopted globally, while the field-reversed configuration (FRC) is gaining attention for its cost-effectiveness [6]. - The majority of companies are focusing on the Tokamak route, while the U.S. exhibits a more diverse approach to technology development [6]. Policy Support - The Chinese government has increased its support for the nuclear fusion industry through various policies aimed at fostering innovation and commercialization [7]. - Local governments, such as those in Anhui and Sichuan, have also introduced strategic plans to accelerate the commercial application of fusion energy [7]. Commercialization Goals and Challenges - A report indicates that 35 companies globally expect to establish commercial fusion demonstration plants capable of net energy gain between 2030 and 2035 [8]. - Companies like Helion are already initiating construction of commercial fusion plants, with plans to supply power to major tech firms [8]. - Despite optimism, experts caution that significant technical and economic challenges remain before true commercialization can be achieved [9].