报告摘要 事件： 近日，BEST项目建设方聚变新能公司发布采购项目超20亿元，主要涉及电源系统、低温系统、屏蔽包层 等环节。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 AI驱动用电结构重构，聚变能源战略价值凸显 据麦肯锡预测，伴随云计算、加密货币、AI需求激增，预计2050年数据中心用电量将占全球总用电量的 5%-9%。聚变能作为"人类终极能源"，具备较高战略价值，AI巨头纷纷对聚变能进行布局。2023年， Helion宣布与微软达成全球首个聚变电力购电协议，约定2028年起正式交付50MW商用聚变电力；25年6 月，谷歌与美国CFS公司签署购电协议，从CFS计划于2030年代在弗吉尼亚州建设的ARC核聚变发电站购 买200MW的电力；25年8月，CFS宣布完成8.63 ...

Core Viewpoint - The successful assembly of the Dewar base for the BEST project marks a significant milestone in China's fusion energy development, indicating a new phase in the construction of the project and the potential acceleration of component development and engineering installation [4][5]. Group 1: Project Progress - The BEST project has advanced its overall assembly schedule, starting on May 1, 2025, two months ahead of the original timeline [5]. - Multiple projects in the domestic fusion industry are progressing steadily, with new routes and projects being announced, suggesting an upcoming period of intensive bidding [6]. - The "Xinghuo No. 1" project has begun environmental assessments and approvals, aiming for completion by the end of 2029 [6]. Group 2: Technological Breakthroughs - Key technological advancements are being made, such as the introduction of a kilometer-scale REBCO superconducting tape suitable for controlled nuclear fusion scenarios, achieving critical currents of 1299A and 1340A under specific conditions [6]. - A fully superconducting magnet developed by the Institute of Plasma Physics successfully generated a steady-state strong magnetic field of 351,000 Gauss [6]. - Significant progress in plasma intelligent control has been reported, with research results published in a journal under Nature [6]. Group 3: Strategic Value of Fusion Energy - The demand for electricity from data centers is projected to account for 5%-9% of global electricity consumption by 2050, driven by cloud computing, cryptocurrency, and AI [7]. - Major AI companies are increasingly investing in fusion energy, with Helion announcing a power purchase agreement with Microsoft for 50MW of commercial fusion power starting in 2028 [7]. - The cost structure of the controlled nuclear fusion industry indicates that high-value segments, such as magnet systems and vacuum chambers, will benefit from ongoing advancements in the industry [7].