Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [1]. Core Insights - The report highlights significant developments in the controlled nuclear fusion sector, including South Korea's increased budget for fusion research and General Fusion's plans for a SPAC merger to raise $1 billion [3][24]. - South Korea's 2026 fusion research budget has been raised to 112.4 billion KRW (approximately $76.57 million), a 99% increase from 2025 [15]. - General Fusion aims to commercialize its magnetized target fusion technology by the mid-2030s, with a valuation of approximately $1 billion post-merger [24][18]. Summary by Sections Market Performance - During the week of January 19-23, the nuclear fusion index rose by 3.76%, outperforming the Shanghai Composite Index by 2.92 percentage points [8][11]. Tender and Bid Information - The report notes a significant increase in procurement demand, particularly for components like TF coils, with total procurement amounts nearing 100 million RMB [10][4]. - Key projects include the procurement of stability measurement systems and TF coil insulation manufacturing, with various contracts signed [10][13]. Domestic and International News - South Korea's Ministry of Science and Technology has initiated the 2026 fusion research development plan, focusing on upgrading the fusion energy ecosystem and introducing AI technology [14][15]. - The "Huanghuang 70" superconducting tokamak has achieved a significant milestone by maintaining a stable plasma state for 335 seconds [16][17]. Investment Dynamics - General Fusion's SPAC merger is expected to accelerate its commercialization efforts, while MuWave has secured £450,000 in seed funding to develop high-power microwave technology for fusion energy [21][24]. - The report emphasizes the importance of domestic suppliers in key areas such as magnets, power supplies, and structural components, which are expected to benefit from the accelerating tender processes [24].

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [1]. Core Insights - The report highlights significant developments in the controlled nuclear fusion sector, including South Korea's increased budget for fusion research and General Fusion's plans for a SPAC merger to raise $1 billion [3][14][24]. - South Korea's 2026 fusion research budget has been raised to 112.4 billion KRW (approximately $76.57 million), a 99% increase from 2025 [15]. - General Fusion aims to accelerate its magnetized target fusion (MTF) technology commercialization with the funds raised from its SPAC merger, targeting commercial power generation by the mid-2030s [18][24]. Summary by Sections Market Performance - During the week of January 19-23, the nuclear fusion index rose by 3.76%, outperforming the Shanghai Composite Index by 2.92 percentage points [8][11]. Tender and Bid Information - The report notes a significant increase in procurement activities, particularly for components like TF coils and structural parts, with total procurement amounts nearing 100 million RMB [10][13]. Domestic and International News - South Korea's Ministry of Science and Technology announced the 2026 Fusion Research and Development Execution Plan, focusing on upgrading the fusion energy ecosystem and introducing AI technology [14][15]. - The "Huanghuang 70" superconducting tokamak achieved a significant milestone by maintaining a stable plasma state for 335 seconds [16][17]. Investment Dynamics - General Fusion's SPAC merger is expected to position it as a leading public entity in the nuclear fusion sector, with a valuation of approximately $1 billion [18][24]. - MuWave, a spin-off from the UK Atomic Energy Authority, secured £450,000 in seed funding to develop high-power microwave technology for fusion energy applications [21]. Investment Recommendations - The report suggests focusing on key suppliers in the controlled nuclear fusion sector, particularly in areas such as magnets, power supplies, and structural components [24]. Recommended companies include: - Magnets: Lianchuang Optoelectronics, Yongding Co. - Power Supplies: Wangzi New Materials, Xuguang Electronics, Aike Saibo, and Sichuang Electronics. - Structural Components: Hangyang Co., with related companies including Hezhu Intelligent, Guoguang Electric, and Antai Technology [24].

证券日报网讯1月23日，博盈特焊（301468）在互动平台回答投资者提问时表示，公司的产品和技术在 海外核电站已有运用，公司主要为核电企业提供高压管道的内壁堆焊、汽水分离再热器分离板等设备和 部件。 ...

格隆汇1月23日丨博盈特焊(301468.SZ)在投资者互动平台表示，公司的产品和技术在海外核电站已有运 用，公司主要为核电企业提供高压管道的内壁堆焊、汽水分离再热器分离板等设备和部件。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 1月22日，浙富控股直线拉升封涨停板。 消息面上，浙富控股旗下核心子公司——杭州浙富核电设备有限公司在合肥CRAFT园区，与中国聚变工程示范堆 （CFEDR）科研机构—合肥综合性国家科学中心能源研究院正式签署《中国聚变工程示范堆（CFEDR）超高热负荷部件联 合研制合作协议》。根据协议内容，浙富核电将深度参与中国聚变工程示范堆（CFEDR）核心部件的研制工作，重点攻关 面向等离子体的超高热负荷部件。 ...

近日，浙富控股在未来能源战略布局上迎来重大里程碑，旗下核心子公司——杭州浙富核电设备有限公 司在合肥CRAFT园区，与中国聚变工程示范堆（CFEDR）科研机构—合肥综合性国家科学中心能源研 究院正式签署《中国聚变工程示范堆（CFEDR）超高热负荷部件联合研制合作协议》。根据协议内 容，浙富核电将深度参与中国聚变工程示范堆（CFEDR）核心部件的研制工作，重点攻关面向等离子 体的超高热负荷部件。该部件被称为聚变堆的"能量排泄口"和"热盾"，需承受极端的温度和粒子流冲 击，其制造工艺代表了当前极端工况下材料与制造技术的最高水平。浙富核电将承担从工艺方案制定、 小样及中样研制到最终原型件制造与测试的全过程任务。此次协议的签署，标志着浙富控股正式跻身可 控核聚变关键部件的研发与制造领域。 ...

Core Viewpoint - The Jiangsu Xuwei Nuclear Heating Power Plant is the world's first project to couple pressurized water reactors with high-temperature gas-cooled reactors, focusing on industrial heating while also supplying electricity, utilizing China's proprietary third-generation and fourth-generation nuclear technologies [1] Group 1: Project Overview - The Xuwei Nuclear Power Plant is the first global project to integrate high-temperature gas-cooled reactors with pressurized water reactors, primarily for heating and secondarily for electricity supply [1] - The project employs an innovative "heat-based electricity" operational model and a two-stage steam heating technology, marking it as a demonstration project for coupling China's third and fourth-generation nuclear technologies [1] Group 2: Company Involvement - Jiadian Co., Ltd. (佳电股份) is the only domestic supplier with performance records in high-temperature gas-cooled reactor equipment and is a key supplier of electrical equipment for the Xuwei Nuclear Power Plant [1] - The company provides essential components such as the main helium blower and helium compressor for the high-temperature gas-cooled reactor, along with a range of other nuclear power motors for the plant [1] - Jiadian Co., Ltd. will continue to monitor and actively participate in the construction of related projects [1]

Core Viewpoint - The company,佳电股份, is positioned as a leader in the nuclear power product sector, having achieved full coverage of its "Hualong One" motor products and plans to expand its market presence both domestically and internationally [1] Group 1: Product Development and Market Position - The company has developed a prototype of the K3 class 10kV motor for the "Hualong One" project, which has passed industry certification, filling a domestic gap and reaching international advanced levels [1] - The company's subsidiary, 哈电动装, is one of the few in China capable of designing and manufacturing both the axial seal type nuclear main pump and its motor, as well as the third-generation nuclear power shielded main pump motor [1] - The self-developed nuclear main pump has been successfully applied in major national nuclear power projects such as "Hualong One," "Guohe One," and "Linglong One," establishing the company as a key supplier of nuclear main pump equipment in China [1] Group 2: Competitive Landscape and Future Strategy - The main domestic competitors in the nuclear power business include 东方电气 and 上海电气 [1] - The company aims to leverage its technological and qualification advantages to solidify its leading position in the domestic market while actively exploring opportunities in overseas markets [1]

Core Viewpoint - The company,佳电股份, is positioned as a leader in the nuclear power product sector, having achieved full coverage of its "Hualong One" motor products and plans to expand its market presence both domestically and internationally [1] Group 1: Product Development and Market Position - The company has developed a prototype of the K3 class 10kV motor for the "Hualong One" project, which has passed industry certification, filling a domestic gap and reaching international advanced standards [1] - The company’s subsidiary, 哈电动装, is one of the few in China capable of designing and manufacturing both the axial seal type nuclear main pump and its motor, as well as the third-generation nuclear power shielded main pump motor [1] - The self-developed nuclear main pump has been successfully applied in major national nuclear power projects such as "Hualong One," "Guohe One," and "Linglong One," establishing the company as a key supplier of nuclear main pump equipment in China [1] Group 2: Competitive Landscape and Future Strategy - The main domestic competitors in the nuclear power business include 东方电气 and 上海电气 [1] - The company plans to leverage its technological and qualification advantages to maintain its leading position in the domestic market while actively exploring opportunities in overseas markets [1]

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [26]. Core Insights - The controlled nuclear fusion sector is experiencing significant growth, with increasing procurement demands and notable financing activities, such as the completion of a 1 billion RMB Series A funding round by Star Ring Fusion [3][22]. - The 2026 Nuclear Fusion Technology and Industry Conference highlighted advancements in plasma technology, including the successful operation of the "Xuanlong-50U" hydrogen-boron plasma high-confinement mode discharge, marking a significant milestone in fusion research [16][19]. - The establishment of the Fusion Financial Institutions Alliance aims to facilitate the transition of nuclear fusion from laboratory research to engineering and commercialization, involving 130 financial and technology service institutions [24][25]. Summary by Sections Market Performance - During the week of January 12-16, the nuclear fusion index fell by 3.22%, underperforming the broader market indices [8][11]. Tender and Bid Information - Significant procurement activities were reported, focusing on superconducting materials and structural components, with total procurement amounts nearing 100 million RMB [10][13]. Domestic and International News - The 2026 Nuclear Fusion Technology and Industry Conference, held in Hefei, attracted over 1,500 participants and featured major procurement projects and collaborations [14][19]. - Japan announced the opening of three top fusion research facilities to private enterprises, marking a shift towards public-private collaboration in fusion technology [19][20]. Investment Dynamics - Star Ring Fusion's 1 billion RMB Series A financing is one of the largest in the domestic fusion energy sector, indicating strong confidence in the commercialization of next-generation energy technologies [22]. - The Fusion Financial Institutions Alliance was formed to enhance capital efficiency and support the commercialization of nuclear fusion technologies [24][25]. Investment Recommendations - The report suggests focusing on key components of controlled nuclear fusion, including magnets, power supplies, and structural components, with specific companies highlighted for potential investment [26].