Core Viewpoint - The new generation artificial sun "China Fusion Reactor No. 3" has achieved significant breakthroughs in nuclear fusion technology, marking a rapid advancement in China's fusion research and positioning it as a key player in global energy strategies [14][17]. Group 1: Technological Achievements - In 2025, "China Fusion Reactor No. 3" achieved a plasma current of 1 million amperes, ion temperature of 100 million degrees Celsius, and a fusion triple product reaching the order of 10^20, setting new records for China's fusion devices [14][15]. - The device previously reached a nuclear temperature of 117 million degrees Celsius and an electron temperature of 160 million degrees Celsius in March 2025, marking the first "double hundred degree" breakthrough in the country [14]. - The team has successfully implemented a high-confinement mode operation under the conditions of 1 million amperes plasma current, indicating a significant step towards high-performance plasma operation [15]. Group 2: Research and Development - The "China Fusion Reactor No. 3" is developed by the China National Nuclear Corporation's Southwest Institute of Physics, showcasing China's advancements in nuclear fusion technology [14]. - The research team, with an average age of 35, has undergone nearly a thousand iterations of plans to tackle world-class challenges in achieving high temperatures and fusion parameters [16]. - The team is currently focused on upgrading the device for China's first fusion burning experiment, which is expected to further enhance the performance and experimental capabilities of the reactor [16][17]. Group 3: Historical Context - The development of nuclear fusion research in China began with the establishment of "China Fusion Reactor No. 1" in the 1980s, followed by "China Fusion Reactor No. 2" in the early 2000s, and the third generation "China Fusion Reactor No. 3" in 2020 [16]. - These milestones reflect China's continuous progress in nuclear fusion research, transitioning from basic exploration to large-scale experimental platforms [16].

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 可控核聚变是终极能源解决方案，但实现难度高，当前技术路径多样 可控核聚变因能量密度高、燃料储量丰富、安全性优越，被视为终极能源解决方案。当前主流技术路径包括 磁约束（托卡马克装置）、惯性约束（NIF装置）及磁 惯性约束（直线型装置） ，国内外多个装置在建， 处于劳森判据Q>1的验证阶段 。 为什么当下是可控核聚变的新阶段？ 一、政策与资本双轮驱动产业化。 1）政策上 ，中国通过多项财政支持、央企协同、研发创新及安全监管等政策举措推动核聚变产业发展；海外竞相锁定30-40年代商用时间窗口，通过资金注入、机 制优化和国际合作加速技术转化。 2）投资上 ，24年全球聚变企业达50家，80%为私营，美国占半数， 国内以聚变新能和中国聚变能领衔，分别布局低温超导和高温超导托卡马克，聚焦25-30年的Q 值验证和30-40年的商业电站落地目标。 二、多种技术路径百花齐放，实验&工程有望突破。 1）高温超导磁体 将托卡马克体积缩小至传统装置的1/40， 成本降低、迭代加速，是未来发展方向 ； 2）直线型磁惯性装置 He ...

Group 1: Oil Price Surge - Israel's attack on Iran has led to a significant spike in international oil prices, with U.S. oil rising over 10% on June 13, reaching a new high since February [4][5] - Short-term support for oil prices is driven by seasonal demand increases and geopolitical tensions, but long-term trends suggest a cooling of geopolitical factors, which may limit sustained price increases [5][6] - OPEC+ production levels are currently below market expectations, and the upcoming travel season in Europe and the U.S. is providing additional support for oil prices [6] Group 2: Controlled Nuclear Fusion - The International Thermonuclear Experimental Reactor (ITER) has completed the construction of its superconducting magnet system, marking a significant milestone in controlled nuclear fusion technology [10] - The development of tritium, a key fuel for fusion, presents technical challenges and is expected to be a major investment area in future fusion projects [12] - The commercial prospects for controlled nuclear fusion are promising, with ongoing projects worldwide and an acceleration in commercialization expected, particularly for Tokamak device suppliers [13]

Investment Rating - The report suggests a positive investment outlook for the controlled nuclear fusion industry, driven by policy and capital support, with significant potential for growth and commercialization in the coming years [4][30]. Core Insights - Controlled nuclear fusion is viewed as the ultimate energy solution due to its high energy density, abundant fuel supply, and superior safety [4][9]. - The current phase of controlled nuclear fusion is characterized by a dual drive of policy and capital, with numerous projects underway globally, particularly in China and the US, aiming for commercial viability by the 2030s to 2040s [4][30]. - Various technological pathways are emerging, including magnetic confinement (tokamak), inertial confinement (NIF), and magnetic inertial confinement, with significant advancements expected in the next few years [4][30]. Summary by Sections Part 1: What is Controlled Nuclear Fusion? - Controlled nuclear fusion involves the merging of lighter atomic nuclei to form a heavier nucleus, releasing significant energy, primarily using deuterium and tritium as fuel [9][10]. Part 2: Why is Now a New Phase for Controlled Nuclear Fusion? - The industry is experiencing a surge in support from governments worldwide, with China implementing multiple policies to foster development, including financial backing and international collaboration [30][33]. - The number of active fusion companies has increased significantly, with around 50 globally, 80% of which are private enterprises, indicating a robust investment landscape [40][41]. Part 3: Device Architecture Breakdown and Industry Cost Map - The report outlines the cost structure of fusion devices, with initial experimental tokamak investments around 15 billion yuan, and highlights the significant capital required for development [4][30]. Part 4: Competitive Cost of Fusion Power - The report estimates the cost of electricity from fusion devices, with projected costs of 0.31 and 0.27 yuan/kWh for low-temperature superconducting and linear magnetic inertial fusion devices, respectively, indicating competitive pricing compared to traditional energy sources [4][30]. Part 5: Investment Recommendations - The report recommends focusing on key suppliers in the fusion supply chain, including companies like Western Superconducting, Lianchuang Optoelectronics, and Antai Technology, as they are positioned to benefit from the anticipated growth in the fusion sector [4][30].

1.1 可控核聚变领域黑马:场反位形技术(FRC) 点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 ■ 可控核聚变的技术路线主要可分为磁约束与惯性约束两大种类,其中磁约束核聚变在当前占据主流地位,主要包括托卡 马克（环形磁场）、场反位形（Field-Reversed Configuration, FRC）、彷星器（复杂外线圈磁场）。随着相关技术 的飞速发展,系统结构简单、造价及运行成本低的FRC备受关注,被称为可控核聚变领域的"黑马",成为有望率先实 现商业化的技术路线。 ■ 场反位形（FRC）:作为一种磁约束聚变技术,场反位形可看作紧凑环(compact torus)的一种,其在上世纪就已被提 出,科学家基于对磁场与等离子相互作用等理论的研究,设想出利用等离子体自身产生的磁场与外部磁场相互作用,形 成一种封闭环形结构以约束等离子的方式（一个足够密度的高能电子层可能会反转磁场）,值得注意的是,场反位形装 置只有极向场,没有环向场或几乎可以忽略。相比其他磁约束技术路线,FRC具有高比压β、易转移、可直接发电等明 场反位形结构 显优点,被作为一种热门的潜在 ...

Core Insights - A German startup, Proxima Fusion, has secured a record €130 million in funding to develop its nuclear fusion energy technology, marking the largest investment in the European nuclear fusion sector to date [1][1][1] - Investors are increasingly betting on companies that may emerge victorious in the European nuclear fusion energy race, indicating a growing interest in this sector [1][1][1] - Cherry Ventures' founding partner, Philipp Dames, emphasized the significance of this investment as a bet on Europe's capability to address one of humanity's greatest challenges, suggesting that Proxima could potentially become a trillion-dollar company [1][1][1] Company Summary - Proxima Fusion is based in Munich and is focused on developing nuclear fusion energy technology [1][1][1] - The investment round was led by technology investors Cherry Ventures and Balderton Capital, highlighting strong investor confidence in the company's potential [1][1][1] Industry Context - The funding reflects a broader trend of increased investment in the nuclear fusion sector in Europe, as stakeholders seek to capitalize on advancements in energy technology [1][1][1] - The nuclear fusion industry is seen as a critical area for innovation, with the potential to solve significant global energy challenges [1][1][1]

Group 1 - TAE Technologies has completed a new funding round, raising $150 million, with investors including Google, Chevron, and New Enterprise Associates [2] - This marks TAE's 12th funding round, bringing total funding to approximately $1.8 billion, making it one of the most funded fusion energy companies globally [2] - TAE has developed a new reactor design that no longer requires the collision of two plasma spheres to initiate reactions, allowing for a smaller, cheaper, and easier-to-operate reactor [2] Group 2 - Google has participated in two funding rounds for TAE, with the previous round in 2022 raising $250 million, and collaboration dating back to 2014 [3] - The introduction of AI has significantly reduced the time and number of experiments needed to optimize reactor parameters from about two months and 1,000 experiments to just a few hours [3] - TAE's reactor can currently generate plasma temperatures of up to 70 million degrees Celsius, with plans to heat plasma to 1 billion degrees Celsius in future commercial devices [3]

Core Insights - The global competition in fusion energy is accelerating due to the surging demand for AI computing power, positioning zero-carbon fusion energy as a key solution to the energy challenges of the AI era [1][2] Group 1: Global Fusion Energy Landscape - The International Energy Agency's report indicates that global data center electricity consumption will reach 415 terawatt-hours in 2024, accounting for 1.5% of the total global consumption, with a 12% annual growth rate over the past five years, and is expected to double by 2030 [1] - The U.S. and China are leading the investment surge in fusion energy, with U.S. fusion companies attracting over $5.6 billion in equity financing and Chinese companies securing nearly $2.5 billion [2][4] - Helion Energy, a U.S. fusion startup, raised $425 million in Series F funding, achieving a valuation of $5.4 billion, marking a record in the fusion industry [2] Group 2: China's Fusion Energy Development - In China, a collaborative capital structure for fusion innovation has emerged, with significant investments from institutions like the Chinese Academy of Sciences and China National Petroleum Corporation, totaling 14.5 billion yuan for the BEST device, aiming for fusion power demonstration by 2027 [4][5] - New Hope Group, a private enterprise, has invested over 4 billion yuan in fusion research since 2017, achieving significant milestones in plasma current and technology development [4][5] - The Chinese fusion research ecosystem is characterized by a multi-faceted approach, with state-owned enterprises focusing on mainstream technologies while private companies explore commercial prospects [5] Group 3: Technological Innovations and Challenges - The EAST device at the Chinese Academy of Sciences achieved a significant milestone by maintaining a temperature of 100 million degrees Celsius for 1,000 seconds, simulating conditions required for future fusion reactors [5] - New Hope Group's "Xuanlong-50U" device has successfully demonstrated megampere-level hydrogen-boron plasma discharge at 40 million degrees, providing a foundation for future experiments [5][7] - Hydrogen-boron fusion presents commercial advantages due to lower fuel costs and reduced safety equipment investments compared to deuterium-tritium fusion, which involves expensive and challenging fuel preparation [7]

Group 1: Industry Developments - The China National Nuclear Corporation announced that the new generation artificial sun "China Circulation No. 3" achieved a record of 1 million amperes and 100 million degrees Celsius in plasma current and ion temperature, respectively [2] - The Hefei compact fusion energy experimental device (BEST) project commenced two months ahead of schedule, aiming to demonstrate fusion energy generation and contribute to the development of fusion energy in China [4] - Controlled nuclear fusion is viewed as the "ultimate solution for energy," with deuterium fuel theoretically available for human use for hundreds of billions of years [4] Group 2: Company Initiatives - New Hope Group began exploring compact nuclear fusion technology in 2017 and announced plans to build a small nuclear fusion experimental device, becoming the first private Chinese company to develop fusion energy [6] - Energy Singularity Energy Technology (Shanghai) Co., Ltd. was established in 2021 and is developing the Honghuang 70 device, which is the world's first fully high-temperature superconducting tokamak device [7] - Star Ring Energy, founded in October 2021, aims to build China's first commercial controllable fusion reactor, focusing on miniaturization and rapid iteration of fusion energy devices [8] Group 3: Investment and Funding - China National Nuclear Power and Zhejiang Energy Power increased their investments in China Fusion Energy Co., Ltd., marking significant financial support from leading nuclear and power enterprises [10] - China National Petroleum Corporation entered the fusion sector by increasing the registered capital of Fusion New Energy (Anhui) Co., Ltd. from 5 billion to 14.5 billion yuan, indicating strong financial backing for nuclear fusion initiatives [11]

Investment Rating - The report does not explicitly state an investment rating for the controlled nuclear fusion industry. Core Insights - Controlled nuclear fusion is considered a strategic energy source that is safe, clean, low-carbon, and has high energy density, potentially solving humanity's energy problems [12][18]. - The energy balance is a critical indicator for the commercial viability of controlled nuclear fusion, with future energy gain indicators expected to exceed 10 [22]. - The global timeline for achieving operational demonstration reactors is set for 2050, with significant advancements expected in the coming years [54][56]. Summary by Sections Section 1: Energy Solutions - Controlled nuclear fusion is a promising solution to energy needs, utilizing abundant fuel sources like deuterium from seawater, which could support humanity's energy demands for thousands of years [18][20]. - The energy gain (Q value) is a key metric, with a threshold of Q=1 indicating feasibility for scientific and engineering applications [22][23]. Section 2: Technological Progress - The report highlights the transition from copper-based magnets to high-temperature superconductors in fusion devices, which enhances efficiency and reduces costs [52][73]. - Major global projects like ITER are pivotal in advancing fusion technology, with significant international collaboration [59][62]. Section 3: Industry Structure - The current focus is on the midstream components of fusion devices and upstream materials, with a detailed breakdown of the value chain [98][100]. - Key materials include low-temperature superconductors, high-temperature superconductors, tungsten, and stainless steel, which are essential for the construction of fusion reactors [100][103]. Section 4: Market Opportunities - The report identifies upstream material suppliers and midstream equipment manufacturers as core beneficiaries of the fusion industry, with specific companies highlighted for their roles [114][117]. - The downstream segment includes research institutions and private fusion companies, indicating a growing market for fusion technology applications [117].