强磁场驱动聚变产业破局 在"十五五"规划建议前瞻布局聚变能的背景下，强磁场技术正成为推动聚变能从实验室走向商业化的重 要支撑。当前，成都正在以聚变技术为纽带，汇聚全球创新资源，加速推进"人造太阳"商业化进程。 "更强的约束力能让上亿度高温等离子体得到有效管控，这是高效聚变反应的基础；磁场强度提升可有 效缩减托卡马克装置体积；同时能实现装置长脉冲甚至连续稳态运行，为未来电站持续供电提供保 障。"冯勇进开门见山地对记者表示，高温超导磁体作为强磁场技术的核心载体，相比传统低温超导或 铜线圈，具备更多核心优势，为聚变产业化破局提供关键路径。 作为成都核聚变产业走廊核心力量，西物院以技术策源、产业牵引、开放合作三重角色筑牢发展根基， 强磁场技术贯穿其中。技术层面，西物院自主研发的中国环流三号是目前国内规模最大、参数最高的磁 约束核聚变装置，实现国内首次"双亿度"及"百万安培亿度高约束模式运行"，聚变三乘积达到10的20次 方量级，跻身国际前沿。同时，在等离子体智能控制、聚变堆材料、聚变能量导出、等离子体技术应用 等关键技术领域持续突破，构建起核心技术底座。 从20世纪五六十年代开启可控核聚变研究征程，到如今中国环流三号 ...

Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held on January 16-17, 2026, in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [1][9] - Hefei is recognized as a leading city for venture capital and is becoming a model for China's nuclear fusion industry, with a cluster of advanced fusion devices [4][12] - The region holds 37% of the national total of fusion-related patents, indicating a well-formed industrial chain [5][13] Industry Developments - The nuclear fusion sector is entering a capital expenditure expansion phase, with expected investments reaching 146.5 billion yuan in major domestic projects from 2025 to 2028 [7][14] - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI [6][13] - Recent bidding statistics show a total of 117.4 million yuan in contracts awarded, with significant projects including a 6.3 million yuan contract for ITER PF converter control modules [6][14] Market Opportunities - The superconducting magnet segment is expected to benefit significantly, with a projected market size of nearly 30 billion yuan for superconducting magnets and over 10 billion yuan for superconducting materials [7][14] - Key projects such as BEST, Spark One, and others are anticipated to commence, leading to a continuous release of core component orders [7][15] - Recommended investment targets include companies involved in magnets, vacuum chambers, power systems, and detection equipment, such as Western Superconducting, YD Group, and Aikang Cyber [7][15]

Core Viewpoint - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, aiming to promote collaboration and innovation in the nuclear fusion industry chain [3][6]. Group 1: Conference Details - The conference will take place from January 16 to 17, 2026, at the CRAFT facility in Hefei, focusing on the theme "Nuclear Power, Creating the Future" [3]. - The event is guided by several organizations, including the Chinese Physical Society and the Anhui Provincial Development and Reform Commission, and will gather leaders from various sectors, including government, academia, and industry [6]. Group 2: Hefei's Role in Nuclear Fusion - Hefei is recognized as a leading city for venture capital and is becoming a model for China's nuclear fusion industry, with a cluster of advanced fusion devices [7]. - The region has established a comprehensive innovation chain covering key technology areas in magnetic confinement nuclear fusion, supported by major facilities like EAST and BEST [7][8]. Group 3: Industry Trends and Projections - In 2025, nuclear fusion energy will be included in national planning as a key future industry, reflecting its growing importance [9]. - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI, with the industry entering an "engineering feasibility verification" phase [10]. - A significant capital expenditure expansion cycle for controllable nuclear fusion is expected from 2025 to 2028, with projected investments reaching 146.5 billion yuan [11]. Group 4: Market Opportunities - The superconducting magnet segment is anticipated to benefit significantly, with the market size for high-temperature superconducting magnets estimated at nearly 30 billion yuan [11]. - Key projects such as BEST and others are expected to commence, leading to a continuous release of core component orders [11]. - Companies in various segments, including superconducting materials, vacuum chambers, and power systems, are highlighted as potential beneficiaries of the nuclear fusion industry's growth [11].

Group 1 - The company reported a revenue of 860 million in Q3 2025, a year-on-year decrease of 3.5%, while the net profit attributable to shareholders was 140 million, an increase of 28.3% [1] - For the first three quarters of 2025, the company achieved a total revenue of 2.5 billion, a year-on-year increase of 2.9%, and a net profit of 400 million, up 19.4% year-on-year [1] - The gross profit margin improved to 19.7% for the first three quarters, an increase of 0.7 percentage points, and the net profit margin reached 18.2%, up 2.6 percentage points [1] Group 2 - The Chinese government has identified nuclear fusion as a key direction for the 14th Five-Year Plan, which is expected to drive significant growth in the industry chain [2] - The company has completed the design and verification of key components for the Spark One project, with an expected total order volume of 5 billion, indicating potential for substantial growth [2] Group 3 - The commercial space launch market is projected to exceed several hundred billion by 2030, with significant growth expected in high-temperature superconducting magnet technology during the 14th Five-Year Plan [3] - The company has secured a project for the development of a high-power low-temperature refrigeration system, which will support low-cost commercial space launches [3] Group 4 - The company is expected to see positive developments in its traditional business management and structural adjustments, while the laser industry shows promising future prospects [4] - The net profit forecasts for 2025 to 2027 have been slightly adjusted to 565 million, 693 million, and 827 million respectively, reflecting year-on-year growth rates of 134.5%, 22.6%, and 19.3% [4]

Core Insights - The Chinese government is prioritizing the development of advanced industries such as quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications as new economic growth points, aiming to reshape the high-tech industry over the next decade [1] Industry Developments - The controlled nuclear fusion sector is gaining significant attention from capital markets, with a growing confidence that fusion energy could be harnessed for power generation by the middle of this century [1][2] - The International Atomic Energy Agency (IAEA) reported that global commercial funding for fusion energy is expected to exceed $10 billion by 2025, with an unprecedented number of operational fusion devices [2] - The U.S. National Ignition Facility achieved a significant milestone in 2022 by demonstrating energy gain (Q>1), which is a critical step in proving the feasibility of controlled nuclear fusion [2] Technological Advancements - High-temperature superconducting magnets are identified as a transformative technology for the next generation of magnetic confinement fusion devices, enabling higher magnetic field strengths in more compact geometries [2] - China's new artificial sun, the "China Circulation No. 3" (HL-3), achieved significant temperature milestones, with atomic nuclei reaching 117 million degrees Celsius and electron temperatures at 160 million degrees Celsius [3] Company Initiatives - Various companies, including China Fusion Energy Co., Fusion New Energy, New Hope Group, Energy Singularity, and Star Ring Fusion, are exploring different technological pathways in the fusion energy sector, contributing to a diverse support structure for the nuclear fusion industry [3] - New Hope Group is pursuing a hydrogen-boron fusion reaction, which is non-radioactive and has abundant resources, although it presents greater technical challenges compared to deuterium-tritium fusion [5] Investment and Collaboration - The establishment of the China Fusion Energy Co. by China National Nuclear Corporation aims to focus on large scientific experiments and fusion reactor materials, with an expanding collaborative network involving 38 member units from state-owned enterprises, private companies, universities, and research institutions [6] - The fusion energy sector is experiencing increased competition and vitality due to the influx of commercial capital, which is expected to enhance technological breakthroughs and innovation [6] Global Cooperation - The IAEA emphasizes the importance of international collaboration in achieving commercial viability for fusion energy, advocating for shared scientific research, technology development, and engineering experiments [9] - China is actively integrating into the global fusion research network while accelerating its own innovations, contributing to the collective effort to realize fusion energy as a sustainable power source [8]

Core Insights - The Chinese government is prioritizing the development of advanced industries such as quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications as new economic growth points, aiming to reshape the high-tech industry over the next decade [1] - The controlled nuclear fusion sector is experiencing significant investment and technological advancements, with a focus on transitioning from research to engineering and commercial applications [2][3] - The global commercial interest in fusion energy has surged, with over $10 billion in funding expected by 2025, driven by recent technological breakthroughs [2][3] Industry Developments - The International Atomic Energy Agency (IAEA) has indicated that the global fusion energy exploration is entering a decisive new phase, with commercial funding in the fusion sector exceeding $10 billion by 2025 [2] - The U.S. Federal Fusion Systems Company has successfully tested high-temperature superconducting magnets, enhancing confidence in the engineering and commercialization of fusion energy [3] - China's fusion energy commercialization is accelerating, with various companies like China Fusion Energy Co., Fusion New Energy, and New Energy Group exploring different technological pathways [3][4] Technological Advancements - The Tokamak magnetic confinement method is recognized as the most mature technology for achieving controllable nuclear fusion, with significant progress made in China's artificial sun project [4] - The "Kua Fu Qi Ming" compact fusion energy experimental device is set to be completed by the end of 2027, utilizing advanced superconducting magnets and deuterium-tritium fusion fuel [4] - New Energy Group is pursuing a hydrogen-boron fusion reaction, which is less radioactive and has abundant resources, although it presents greater technical challenges [5][6] Investment and Collaboration - The establishment of the China Fusion Energy Co. by China National Nuclear Corporation aims to focus on large-scale experiments and fusion reactor materials, with a growing number of participants in the fusion innovation consortium [6] - The consortium has expanded to 38 members, including state-owned enterprises, private companies, and research institutions, fostering collaboration between academia and industry [6] - The need for talent in the fusion energy sector is critical, with a significant gap in skilled professionals due to the interdisciplinary nature of the field [7] Global Cooperation - The development of fusion energy is not only a challenge for China but a global issue, necessitating open innovation and international collaboration [8] - The IAEA emphasizes the importance of broad international cooperation to achieve commercial viability in fusion energy, including shared research and technology development [8]

Investment Rating - The report does not explicitly state an investment rating for the nuclear energy industry [10]. Core Insights - The report highlights significant advancements in nuclear technology, including India's plan to construct small modular reactors (SMRs) by 2033, with an initial capacity of 55 MW each [13]. - Energy Singularity has achieved a breakthrough in high-temperature superconducting magnets, producing a magnetic field of 21.7 Tesla, surpassing the previous record of 20.1 Tesla set by MIT [7][16]. - The report emphasizes China's progress in nuclear fusion technology, with a focus on transitioning from research to experimental validation by 2050 [13]. Summary by Sections 1. Industry Policy - No domestic policies were reported [13]. - Internationally, India plans to build its first two SMRs by 2033, as stated by the Minister of State for Atomic Energy [13]. 2. Industry Dynamics - The Hefei Institute of Physical Science has completed and passed the acceptance of the vacuum chamber and overall installation system for the fusion reactor project, achieving international advanced levels [13]. - The first long-life carbon-14 nuclear battery prototype, "Zhu Long No. 1," has been developed in China, marking a significant breakthrough in nuclear technology [13]. - China National Nuclear Corporation hosted a cross-regional seminar on small modular reactors, attended by officials from over 20 countries [13]. - Energy Singularity's new magnet has set a record in the field of high-temperature superconducting magnets [13][16]. 3. Investment and Financing Events - No domestic or international investment events were reported [17]. 4. Industry Conference Preview - The 16th China International Nuclear Power Industry Exhibition is scheduled for April 27-29, 2025, featuring various stakeholders in the nuclear power sector [22].