Group 1 - The first fusion engineering college in China has been established at Hefei University of Technology, marking a significant milestone in higher education related to fusion energy [1][3] - The college has formed a professional faculty team covering fusion engineering and related fields, receiving collaborative support from institutions such as the Hefei Comprehensive National Science Center and the Chinese Academy of Sciences [3] - An academic advisory committee composed of renowned experts in the field will be established to ensure high-quality development and planning for the college [3] Group 2 - The compact fusion energy experimental device (BEST) research plan was globally launched on November 24, with the device expected to be completed by the end of 2027 [1][3]

谁都没想到，就在散户们疯狂抛售可控核聚变概念股的时候，外资却在悄悄做一件完全相反的事。 上海电气跌了25.85%，西部超导从90块砸到65块，海陆 重工、中国核建也都跌超25%，整个板块一片哀嚎。 就在这场暴跌中，北向资金和外资机构不仅没有逃跑，反而在2025年三季度新进了五家小盘央国企。 这些公司的市值大多在30亿到90亿之间，看似不起 眼，却藏着外资的深意。 让人意外的是，这些被外资看中的企业，有一个共同特点：它们不是那些被游资爆炒的"概念股"，而是实打实参与国家重大科技项目的企业。 比如中核科 技，它正在为聚变堆研发阀门；比如理工光科，它的传感器用在了"中国环流三号"装置上。 外资这一次的选股思路，和普通散户完全相反。 哈焊华通更受外资青睐，巴克莱、J.P摩根、美林三家机构一起重仓。 这家公司做的是熔焊材料，听起来传统，但它的产品已经用在了可控核聚变项目上。 三季度以来，它的股价逆势涨了17%。 理工光科的市值只有33亿，但它提供的传感器是"中国环流三号"的核心部件。 J.P摩根新进了66万股，位列第六大股东。 这种小市值的科技型央企，正好符 合外资"低位布局"的口味。 百利电气的情况有点特殊。 它的子 ...

以下文章来源于超募研究所 ，作者Eric 超募研究所 . 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专 业、垂直类研究内容。 导读： 如果说人类能源史上有一项技术，既能满足对无限清洁能源的全部幻想，又因其极高的科学和工程 壁垒让几代投资者望而却步，那它一定是可控核聚变。曾几何时，"可控核聚变距离实现永远还有 50年"的戏言，是它留给外界最深的印象。然而，在2025年的今天，风向已然剧变。从硅谷巨头、 国家资本到全球金融市场，一场围绕"人造太阳"的资本远征正全速推进。它正彻底挣脱科幻的藩 篱，蜕变为一条技术路线清晰、产业链成型、商业化曙光初现的战略性投资赛道。 如今，可控核聚变已不再是单一技术的孤独求索，而是一场百花齐放、多路并进的全球竞赛。目前 的技术路径主要分为两大阵营： 1、磁约束聚变： 目前最主流、最成熟的方向。它利用强大的超导磁体构造一个无形的"磁笼"，将 上亿摄氏度的等离子体约束其中，实现持续反应。 从"终极能源"到"投资风口"。 作者｜Eric 2、惯性约束聚变： 另一条重要路径，通常用超高能激光在极短时间内轰击燃料靶丸，瞬间引发聚 变。美国的国家点 ...

中金公司主要观点如下： 多因素推动聚变能源商业化进程。1)对稳定、清洁、高能量密度能源的迫切需求，推动可控核聚变成为 能源转型的核心方向。2)关键技术节点的连续突破(NIF装置净能量增益的突破，高温超导磁体的成熟应 用等)，推动了可控核聚变的工程化验证进展。 3)规模化与多元化的资本投入(截至2024年，全球私营聚变企业数量已增至45家)正加速可控核聚变从实 验室研究走向商业应用。4)各国政府通过立法保障、资金支持等构建有利的政策环境，为聚变能源发展 铺平道路。 产业链协同推进，多技术路径并行。上游超导材料、特殊材料及关键设备降本提效，头部企业技术突破 与产业协同，为商业化奠定坚实基础。技术路径来看可控核聚变百花齐放，磁约束为当前主导，其中托 卡马克是主流，ITER预计 2030-2035年首供，中国CFETR、BEST装置工程化优势显著；惯性约束以NIF 为突破，但效率待提升；Z箍缩、FRC等创新路线亦获进展。过去四年，全球聚变行业的投资规模呈现 高速增长的态势，总投资额从2021年的19亿美元攀升至2025年的约97.66亿美元，在四年内增长超过五 倍。 智通财经APP获悉，中金公司发布研报称，十五五规划 ...

Core Insights - The 14th Five-Year Plan incorporates controllable nuclear fusion into the national future industrial system, marking a transition from frontier scientific exploration to a strategic technological breakthrough direction [1] - As a clean baseload energy source, nuclear fusion can support carbon reduction upgrades in high-energy-consuming industries and has potential applications across multiple fields [1] - The current industrial chain is experiencing collaborative breakthroughs in upstream, midstream, and downstream sectors, with continuous improvements in the maturity of core materials, key equipment, and integrated design technologies, laying the foundation for commercialization [1] - Investment opportunities are recommended in the upstream and downstream industrial chain, particularly in superconducting cables, lasers, and sensing, monitoring, and control systems [1]

点击小程序查看报告原文 Abstract 摘要 多因素推动聚变能源商业化进程。 1）对稳定、清洁、高能量密度能源的迫切需求，推动可控核聚变成为能源转型的核心方向。2）关键技术节点的连续 突破（NIF装置净能量增益的突破，高温超导磁体的成熟应用等），推动了可控核聚变的工程化验证进展。3）规模化与多元化的资本投入（截至2024 年，全球私营聚变企业数量已增至45家）正加速可控核聚变从实验室研究走向商业应用。4）各国政府通过立法保障、资金支持等构建有利的政策环境， 为聚变能源发展铺平道路。 产业链协同推进，多技术路径并行。 上游超导材料、特殊材料及关键设备降本提效，头部企业技术突破与产业协同，为商业化奠定坚实基础。技术路径 来看可控核聚变百花齐放，磁约束为当前主导，其中托卡马克是主流，ITER预计 2030-2035年首供，中国CFETR、BEST装置工程化优势显著；惯性约束 以NIF为突破，但效率待提升；Z箍缩、FRC等创新路线亦获进展。过去四年，全球聚变行业的投资规模呈现高速增长的态势，总投资额从2021年的19亿 美元攀升至2025年的约97.66亿美元，在四年内增长超过五倍。 中金研究 十五五规划将可控核聚 ...

Core Viewpoint - The article discusses the launch of the BEST research plan by the Chinese Academy of Sciences, aimed at developing controlled nuclear fusion technology, often referred to as the "artificial sun," which promises to provide nearly limitless clean energy and could potentially enable interstellar travel in the future [4][12]. Group 1: Advantages of Controlled Nuclear Fusion - Abundant Fuel: The primary fuels for controlled nuclear fusion, deuterium and tritium, are plentiful on Earth. One liter of seawater can yield deuterium that releases energy equivalent to burning 300 liters of gasoline during complete fusion [4]. - Clean and Environmentally Friendly: The byproducts of controlled nuclear fusion are helium and neutrons, which do not emit harmful gases and have minimal radioactive pollution, making it an environmentally friendly energy source [4]. - High Safety: The plasma of deuterium and tritium is contained within a vacuum chamber by magnetic fields, significantly reducing the risk of explosions or leakage incidents due to low density and low fuel content [5]. Group 2: Development of Fusion Energy in China - China has designed and constructed several controlled nuclear fusion devices, including EAST, BEST, and CRAFT, which are considered key national assets in the field of nuclear fusion [9]. - The BEST project is set to be completed by the end of 2027 and aims to demonstrate fusion energy generation, potentially leading to the first operational nuclear fusion power source [12]. - The advancements in fusion technology reflect China's strong capabilities in independent innovation within high-tech fields, showcasing the progress from conceptualization to realization of the "artificial sun" [14].

Core Insights - The article highlights the global collaboration in fusion energy research, particularly through China's BEST project, which aims to advance the development of fusion energy as a clean and sustainable power source [1][2][3] Group 1: Global Collaboration in Fusion Research - The Chinese Academy of Sciences has launched an international scientific program focused on "burning plasma," allowing global scientists to access advanced fusion energy experimental facilities, including BEST [1][2] - The BEST device is designed to achieve high fusion power output, with goals of producing between 20 megawatts and 200 megawatts, demonstrating energy output exceeding energy input [3] Group 2: Scientific Advancements and Future Goals - The focus on "burning plasma" represents a critical phase in fusion research, where the heat generated from the fusion reaction itself sustains the process, essential for continuous energy production [2][3] - The BEST project is seen as a significant step forward, with its compact high-field technology enabling higher fusion power in a smaller volume, marking a new stage in China's fusion research [2][3] Group 3: International Support and Commitment - Experts from various countries, including France, the UK, and Germany, have expressed strong support for the BEST initiative, emphasizing its potential as a model for global scientific cooperation [3][4] - The signing of the "Hefei Fusion Declaration" by international scientists underscores a commitment to open collaboration and shared goals in fusion research, reflecting a collective effort to address global energy challenges [3][4]

哈喽大家好，今天小无带大家聊聊科技圈炸锅的大事！ 2025年11月24日，十多个国家的科学家扎堆合肥未来大科学城，签下了《合肥聚变宣言》，中国牵头的燃烧等离子体国际科学计划正式启 动。 能源焦虑与技术困局 核聚变这玩意儿到底有多香？零排放、燃料取之不尽，简直是为解决能源危机量身定做的。国际能源署的数据都快把警钟敲烂了：2024年全 球数据中心耗电415太瓦时，占全球总用电量的1.5%，2030年还要翻倍。 现在AI、电动车越来越多，光伏风电又靠天吃饭，稳定供电根本跟不上，核聚变要是成了，夏天空调随便开、电动车随便充的日子不就来 了？ 但谁能想到，这么香的技术，却被一道"终极BOSS"拦住了——燃烧等离子体。这玩意儿难到啥程度？ 这哪儿是简单签约啊，分明是人类组团向终极能源发起总攻！咱就是说，现在全球都在抢核聚变这块"香饽饽"。 近40个国家加码布局，160多个聚变装置连轴转，私营企业更是狂揽71.2亿美元投资，曾经说"永远差三十年"的技术，现在真要临门一脚了？ 谁能想到，中国不仅自己硬，还拉着全世界一起干。开放共享的三大战略直接戳中全球痛点：全球科学家共用BEST资源、联合分担风险、一 起制定标准。法国、德国 ...

Core Viewpoint - Nuclear fusion energy is regarded as the ultimate goal for clean energy, often referred to as "artificial sun," with increasing international collaboration, particularly between Europe and China, as the U.S. faces technical and funding challenges [1][3]. Group 1: International Collaboration - The "International Scientific Program on Burning Plasma" initiated by the Chinese Academy of Sciences in Hefei marks a significant step in global cooperation for fusion energy research [3]. - A declaration called the "Hefei Fusion Declaration" was signed by researchers from multiple European countries, emphasizing their commitment to align their efforts with China's timeline for sustainable nuclear fusion [3]. Group 2: Project Development - The BEST (Burning Plasma Experimental Superconducting Tokamak) project in Hefei is set to be completed by 2027, aiming to conduct experiments that validate its long-pulse steady-state operation capability, targeting fusion power output between 20 megawatts and 200 megawatts [3]. - The EAST (Experimental Advanced Superconducting Tokamak) facility in Hefei has achieved multiple breakthroughs, setting world records for high-temperature plasma confinement time, thus providing critical data for global fusion research [5]. Group 3: China's Position in Fusion Research - China's robust engineering capabilities, open collaboration spirit, and long-term investment have positioned it as a potential catalyst in making nuclear fusion a reality, attracting the attention of top European experts [5]. - The competition in nuclear fusion research is seen as a contest of organizational efficiency and strategic foresight, with China currently demonstrating strong momentum in leading this race [5].