国内动态：发改委发文加快构建现代化基础设施体系，BEST订单持续释放 12月25日，国家发改委基础设施发展司发布文章《加快构建现代化基础设施体系》，提出加大长时储 能、绿电制氢氨醇、核聚变等技术攻关。近期等离子体所、聚变新能发布/更新多项采购，前期招标的 氚工厂、低温系统等核心部件已陆续开标并公示中标情况。中国工程物理研究院(原简称"九院")材料研 究所中标等离子所氚增殖系统全部4个项目合计约11.4亿元。合肥物质科学研究院预中标低温系统关键 部件(预算7.28亿元);合肥物质科学研究院等联合体获BEST装置TF磁体项目8.885亿元;西部超导、上海超 导获千万级订单。 智通财经APP获悉，开源证券发布研报称，可控核聚变装置研发建设稳步推进，BEST、星火一号、先 觉聚能、环流四号项目有望陆续开工，核心部件订单有望持续释放;TMTG并购TAE打造全球首家商业聚 变上市公司，有望提振FRC板块情绪;Helion曾官宣将于2025年内实现发电验证，若FRC技术路线工程可 行性得到验证，国内相关初创公司项目有望加速推进;十五五规划建议前瞻布局核聚变能领域;该行看好 板块长期发展前景，建议关注磁体、主机和电源等核心部 ...

Investment Rating - The report maintains a "Positive" investment rating for the laser fusion industry [5]. Core Insights - Laser fusion technology has shown significant advancements, particularly in achieving a higher fusion triple product compared to other methods, indicating its potential for self-sustaining fusion reactions [15][19]. - The levelized cost of electricity (LCOE) for laser fusion could potentially drop below $80/MWh, with optimal conditions suggesting a future target of $25/MWh [19]. - The report highlights the increasing interest and investment in laser fusion, with over 10 commercial companies pursuing this technology globally [58]. Summary by Sections Why Focus on Laser Fusion? - Laser fusion ranks first in the fusion triple product among various fusion technology routes, indicating its leading position in the field [15]. - The technology is transitioning from physical principle validation to engineering prototype development, with significant cost reduction potential if laser efficiency improves and target production costs decrease [19]. Investment Opportunities in Laser Fusion - More than 11 companies globally are focusing on laser fusion, with a notable emphasis on deuterium-tritium (DT) and hydrogen-boron (pB11) fuels [58]. - Inertia Enterprises aims for an energy gain greater than 18 to achieve energy balance in facilities, with higher targets for larger power plants [63]. - The main components of laser fusion systems include high-power pulsed lasers and energy systems that significantly influence performance [67][78]. Technological Developments - The report discusses the advancements in laser glass technology, which is crucial for laser devices, and highlights the progress made by Chinese institutions in this area [77]. - The "Shenguang-III" device is compared with the NIF, showcasing its capabilities and the ongoing improvements in laser technology [70]. Collaborations and Partnerships - Domestic research institutions are collaborating with listed companies to accelerate the commercialization of laser fusion technology, focusing on precision manufacturing and advanced laser components [85].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The development of nuclear fusion devices is progressing steadily, with continuous order releases, indicating a positive long-term outlook for the sector [8][36] - The report highlights the potential for significant advancements in laser fusion technology, aiming for commercial operation by 2045 with a target cost of electricity below 0.2 yuan per kilowatt-hour [20][21] Summary by Sections Sector Review - In the week of September 22-26, 2025, the controllable nuclear fusion sector saw most sub-segments rise, with notable individual stock performances including HaHuan HuTong (+24.2%), YongDing Co. (+23.9%), and Shanghai Electric (+16.3%) [5][15] - The sub-segments that performed well included vacuum chambers and metal forgings (+10.7%), magnets (+9.1%), and power assemblies (+5.8%) [17][18] Industry Dynamics - China's laser fusion aims for ignition by 2028 and commercial operation by 2045, with a target cost of electricity below 0.2 yuan per kilowatt-hour [20] - The U.S. company CFS has secured a power sales agreement for its ARC power station, which is expected to be operational by 2030 with a capacity of 400 MW [23] - The China Fusion Energy Company has publicly launched its operations, focusing on the development of the HL-4 device in Shanghai, targeting commercial fusion energy by 2050 [25][28] Company Developments - Shanghai Electric has officially shipped the TF coil box for the CRAFT project, which will serve as a comprehensive research platform for superconducting magnet systems and other critical components [7][33] Weekly Insights - The report emphasizes the steady progress in the development and construction of fusion devices, with a focus on core components such as magnets, main engines, and power supplies [36] - Beneficiary companies include those involved in superconducting materials, vacuum chambers, and power assembly components, which are expected to continue receiving orders due to their technological expertise [36]

Core Insights - The team led by Zhang Jie aims to achieve ignition through laser fusion by 2028, following a "three-step" plan to light the future with laser fusion technology [1][2] - The U.S. National Ignition Facility (NIF) achieved output exceeding input in late 2022, with a roadmap targeting commercial operation by 2045, although it faces inherent physical challenges [1] - Zhang Jie proposes a different approach to overcome these challenges, having validated the feasibility of separating the compression and heating processes through 11 large-scale experiments over the past six years [1] Summary by Sections Research and Development - The research base for laser fusion is being established in Jiading, with plans to complete the first commercial laser fusion power station in Shanghai by 2030 [2] - The goal is to enhance laser fusion gain and develop key technologies to achieve a frequency of 50 Hz, significantly higher than the U.S. target of 10 Hz [1][2] Economic Impact - The projected electricity price for U.S. laser fusion by 2045 is estimated at 0.37 RMB per kilowatt-hour, while Zhang Jie anticipates that China's price could be around half of that [2] - A 50 Hz, one-million-kilowatt laser fusion power station could supply electricity for a city with a population of 2 million and is expected to stimulate a trillion-yuan industry chain across upstream and downstream sectors [2]

过去 6 年间，张杰带领团队开展了 11 轮大型物理实验，使用中国科学院上海光机所的"神光 2"升级装置，解决了并验证了所有重要物理问题。在最近完成 的第 11 轮实验中，团队获得的聚变三乘积达到世界最高水平，预计到 2028 年可实现点火。 张杰还指出，在实现点火后，团队将致力于提高增益和重复频率。目前美国的目标是 10 赫兹，而张杰团队希望直接达到 50 赫兹，因为对于发电而言，重复 频率越高越有利。在这一至关重要的 50 赫兹同频激光驱动技术上，团队正在进行 5 个方面的关键技术突破，并已取得显著进展。 2022 年 12 月 5 日，人类历史上首次实现激光聚变净增益，这被视为人类向终极能源 —— 聚变能迈进的关键一步。聚变能具有能量密度高、燃料来源近乎 无限、无放射性且运行绝对安全等显著优势。自 1972 年起，美国及全球科学家便致力于追求核聚变输出能量大于输入能量的目标，历经 50 年探索，终于取 得突破。 据IT之家了解，实现这一目标的是美国国家点火装置（NIF），作为世界上最大的激光聚变装置，代表了人类工程技术的极限。在实现净增益后，美国科学 家在提高增益效益的同时，开始着手高重频技术研发。目前 ...