昨晚，谷歌母公司 Alphabet 宣布与 CFS 签订了从第一座 ARC 电站购买 200mw 电力的协议，此次签约标志着核聚变能源首次实现商业化 电力采购。受此消息催化，今天早盘 A 股可控核聚变板块全线大涨。 此前从5月6日启动开始，核聚变板块持续了一个月多的凌厉行情，走出了包括中洲特材（第一壁材料、偏滤器组件）、王子新材（磁体电源的 电容产品）、合锻智能（真空室）、国光电气（第一壁、偏滤器）、永鼎股份（高温超导带材）、旭光电子（电子真空管）、四创电子（军工 反无人机+核电加热电源）等一系列强势票。今天可控核聚变概念指数突破前期高点，新一轮行情启动在即， 我们重点给大家分享一下可控核 聚变板块的市场空间、产业进展、市场逻辑和产业链中长线机遇。 一、 AI 时代电力需求巨大，海外 AI 巨头争先抢"电"，左手算力右手核电成为新标配 在 AI 大模型时代，算力即生产力，而电力则成为支撑算力的基础资源。 AI 模型训练和推理的耗电量惊人。以英伟达 H100 芯片为例，单张 芯片最大功耗为 700 瓦，训练一个如 GPT-3 的模型需消耗约 1287 兆瓦时电力， GPT-5 及更大模型预计将数倍增长。 据国际 ...

Core Viewpoint - Google's power purchase agreement with Commonwealth Fusion Systems (CFS) signifies a strong endorsement for the nascent nuclear fusion energy sector, indicating growing commercial viability and interest from major tech companies [1][2][4]. Group 1: Agreement Details - Google has committed to purchasing 200 megawatts of power from CFS's planned nuclear fusion power plant in Virginia, which is expected to have a total capacity of 400 megawatts and aims to be the first grid-connected fusion power plant [1][2]. - This agreement is the second power purchase agreement in the emerging nuclear fusion energy field, highlighting the increasing interest from large enterprises in this technology [1][2]. Group 2: Implications for CFS - The agreement is seen as a significant signal to investors and the supply chain that commercial nuclear fusion is becoming "increasingly likely," which will aid CFS in securing further financing [1][3]. - As part of the collaboration, Google has agreed to increase its investment in CFS's next funding round and has signed an option to purchase power from other CFS plants in the future [1]. Group 3: Industry Context - The partnership reflects a broader trend among tech companies, including Microsoft, which has also signed a similar agreement with Helion for a 50-megawatt fusion facility, indicating a competitive race to secure energy supplies for large-scale data centers [2][3]. - The growing demand for energy driven by artificial intelligence development is creating unprecedented pressure on tech companies to secure long-term, reliable, and clean energy sources [3][4]. Group 4: Future of Nuclear Fusion - Nuclear fusion is viewed as an attractive energy solution due to its potential to produce energy without long-lived nuclear waste and carbon emissions, while offering high energy density [4]. - Despite skepticism regarding the timeline for commercial nuclear fusion, the agreement between Google and CFS suggests that market patience and capital foresight are creating conditions for breakthroughs in this advanced technology [4].

谷歌宣布与联邦聚变系统公司签署核聚变商业购电协议 标志着核聚变能源首次实现商业化电力采购 智通财经6月30日电，谷歌母公司Alphabet宣布，已与联邦聚变系统公司(Commonwealth Fusion Systems) 达成协议，将购买其弗吉尼亚州聚变发电项目的200兆瓦电力，此次签约标志着核聚变能源首次实现商 业化电力采购。核聚变作为太阳与恒星的能源机制，目前尚未在地球上实现商业化应用。此次签约的 CFS公司是麻省理工学院2018年分拆出的初创企业，其正在弗吉尼亚州建设的ARC示范项目，毗邻全球 最大的数据中心集群。 ...

智通财经APP获悉，招商证券发布研报称，2025年以来以EAST、环流3号为代表的托卡马克装置技术不 断突破，聚变新能运营的BEST项目提前启动总装，陆续开启招标。同时，多家民企先后下场，除前几 年启动的新奥、联创、能量奇点、星环、瀚海，2024年以来又涌现出星能玄光、诺瓦、先觉等初创公 司，也得到部委或地方政府、互联网资本的资本支持。相比传统工业电源，可控核聚变电源系统要求极 苛刻，壁垒高，且需定制化开发，有相关技术积累的公司将受益。 托卡马克电源系统主要由磁体电源和加热电源构成，为实现等离子体的激发、位形保持及聚变条件提供 电能保障，在整个聚变系统核心部件的价值量占比仅次于磁体系统；而场反路线下电源系统以磁体电源 为主，在整个系统中的价值量占比可能更高，估算可能接近40%左右。 电源系统壁垒高，有长期积累的公司将受益 不同电源系统的技术平台差异大，磁体电源要求大电流、高控制精度，而加热电源是大功率、高电压系 统。不同技术路线要求也不同，就磁体电源而言，托卡马克采用以稳态电源为主、脉冲电源为辅的架 构，而场反装置主要采用高压脉冲电源，其电压等级更高，对电路设计及器件的寿命、耐压绝缘、响应 时间要求都更高。相 ...

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 1 为什么现在关注核聚变? 年度16分 4 1.1 国内外核聚变项目的近期进展 3 国内聚变项目开工/招标/技术进展加速 项目开工建设 "BEST" 工程总装启动 (2025.5.1) 2025年5月1日，紧凑型聚变能实验装置(BEST)工程总装启动仪式举行, 根据合肥政府网, 此次总 装工作比原计划进度提前了两个月。总装工作是BEST装置建造过程中最关键的环节之 更将包括招 导磁体系统、磁体馈线系统、杜瓦、冷屏、包层以及偏滤器等在内的聚变堆"心脏"部件精确安装至 主机基坑内。BEST总装的开始,意味着BEST聚变堆各个系统部件已经具备了投入使用的条件,聚变 堆建设进入到了全面攻关阶段,力争在2027年完成全部建设。 2 项目招标 1 "BEST"项目陆续招标启动(2025.3 ) · 根据中科院等离子所官网招标信息显示，BEST相关的产品招标分别为：BEST CS磁体LTS Module实验线圈制造招标公告 (430万, 2025.5.12) BEST CS线圈绕制生产线招标公告 (500万, 2025 ...

Core Viewpoint - The article emphasizes the accelerating development and investment in controllable nuclear fusion technology, which is seen as a "ultimate energy" solution amid geopolitical tensions and energy security concerns in China [1][7]. Group 1: Energy Security and Nuclear Fusion - China's energy import dependency is at 20%, with oil strategic reserves only sufficient for 24 days, highlighting severe energy security issues [1]. - Controllable nuclear fusion offers significant advantages, such as the energy released from 1 gram of deuterium-tritium fuel being equivalent to 8 tons of oil, and the cost of generating electricity can be controlled below 0.005 yuan per kilowatt-hour [1][6]. - The Chinese government has included nuclear fusion in its "Top Ten Future Industries" initiative, planning over 300 billion yuan investment by 2030 [1]. Group 2: Investment and Commercialization - Social capital is actively investing in nuclear fusion projects, with notable investments like the 3.275 billion yuan increase in Kunlun Capital aimed at controllable nuclear fusion [2]. - The establishment of Fusion New Energy, a core platform for commercializing nuclear fusion technology, has attracted significant investment, with registered capital reaching 14.5 billion yuan [2]. Group 3: Technological Advancements - The CRAFT project, a key system for fusion reactors, achieved full domestic production of its low-noise current drive system, marking a significant technological milestone [3]. - The HL-3, China's largest and most advanced nuclear fusion experimental device, achieved new operational records, indicating rapid progress in fusion technology [3]. Group 4: Market Potential and Future Outlook - The global controllable nuclear fusion market is projected to reach $496.5 billion by 2030 and may exceed $1 trillion by 2050 [6]. - The article notes a decline in China's crude oil imports for the first time in 20 years, reflecting a strategic shift towards reducing oil dependency and increasing focus on nuclear fusion as a viable energy solution [6][7].

证券研究报告 能源转型：可控核聚变发展加速，助力能源转型 华安证券研究所 张志邦（SAC职业证书号S0010523120004）zhangzhibang@hazq.com 王 璐（SAC职业证书号S0010525040001）wanglu1@hazq.com 2025年6月20日 目录 1.为什么现在关注核聚变？ 2.国内外核聚变行业进展及格局如何？ 2.1国内：科研院所引领，商业公司跟进 2.2国外：美国公司数量领先/技术多元，最早在2028实现聚变能源商业化 3.如何展望行业后续节奏？ 3.1后续展望：核聚变商业化发电时间在2030年代、落地场景多样、存在供给侧约束问题 4.核聚变板块投资机会梳理 4.1核聚变制造端产业链解析 附录：可控核聚变介绍 2 1.1短期有进展：国内外聚变项目招标/融资密集落地，商业/技术进展加快 1.2中期有加速：AI/高端材料等技术创新的带动下，聚变输出功率提升超预期 1.3重要性提升：全球竞赛的重要一环，能源转型的重要导向 1 为什么现在关注核聚变？ 3 1.1 国内外核聚变项目的近期进展 4 国内聚变项目开工/招标/技术进展加速 | 1 | 项目开工建设 | | --- ...

能源，一直是人类文明发展的 "燃料"，从钻木取火到煤炭、石油的大规模使用，每一次能源变革都 推动着人类社会向前迈进。 试想，如果人类能像太阳那样，造出一个 "能量源泉"，那人类的能源难题不就迎刃而解了？在合 肥，科研人员们正朝着这个看似遥不可及的梦想大步迈进。 2025 年 1 月，合肥科学岛上的世界首个全超导托卡马克实验装置（ EAST ）传来振奋人心的消息 —— 成功实现了 1 亿摄氏度 1066 秒稳态长脉冲高约束模等离子体运行，再次把托卡马克装置高约 束模运行的世界纪录刷新。 6月18日，据《合肥日报》报道，CRAFT（夸父）低杂波电流驱动系统已通过专家组测试与验收， 且实现全系统国产化。该系统由中国科学院合肥物质科学研究院等离子体物理研究所负责研发。 在"人造太阳"实验装置中，聚变等离子体温度可达1亿度，而低杂波电流驱动系统作为三大辅助加热 波之一，对将等离子体加热至这一极端温度起着关键作用。 照亮未来能源这条路，人类又向前迈了一大步。 01 "人造太阳"的最新进度 中国科学院合肥物质科学研究院副院长宋云涛在《焦点访谈》中曾说： "总书记说过，世界已经进入 了大科学时代，大科学就是要探索人类的未知世 ...

可控核聚变深度汇报 20250618 摘要 可控核聚变作为战略性新兴产业，受到全球各国高度重视，中国已制定 "三步走"战略，并成立创新联合体，多家国央企增资，显示国家推动 未来能源发展的决心，视其为大国竞争制高点。 可控核聚变具有能量密度高、原料充足、安全性高、环境友好四大优势， 其中氘氚聚变能量密度是铀 235 裂变的四倍以上，原料氘可直接从海水 提取，氚可通过中子轰击锂制备。 可控核聚变技术难点在于实现"点火"，即输出能量大于输入能量，需 满足上亿度高温、等离子体密度 10^20 立方米分之一、等离子体与磁 场约束时间超过 3 秒等苛刻条件，目前全球水平 q 值仅为 4，距离商业 化所需的 30 仍有差距。 可控核聚变主要技术路径包括磁约束和惯性约束，磁约束以托卡马克、 仿星器和 FRC 装置为代表，惯性约束分为激光驱动型和 Z 箍缩型，美国 NIF 装置已实现激光驱动型惯性约束聚变点火，q 值达 1.5，今年提升至 4。 Q&A 可控核聚变的基本原理是什么？与核裂变相比有哪些优势？ 核能是所有一次能源中能量密度最高的，其涉及到爱因斯坦的质量能量转换方 程 E=mc²。核能主要有三种释放形式：核衰变、核裂 ...

Group 1: Solid-State Battery Industry - The fifth China International Solid-State Battery Technology Conference will be held on June 19-20, 2025, with industry investment reaching 15 billion in the first four months of the year [1] - The Ministry of Industry and Information Technology (MIIT) plans to establish a standard system for solid-state batteries by April 2025, with 6 billion allocated for special research and development [2] - Companies like Puli Technology and Liyuanheng are actively developing solid-state battery technologies and have made significant progress in equipment and process innovations [2] Group 2: Robotics and AI - Ant Group has invested in Lingxin Qiaoshou Technology, which focuses on embodied intelligence platforms crucial for humanoid robots [3] - Companies like Zhenyu Technology and Hanwei Technology are successfully delivering products related to robotics, including linear actuators and flexible sensors [4] - The demand for key components in humanoid robots, such as motors and tactile sensors, is expected to increase, benefiting leading technology firms in the industry [3][4] Group 3: Autonomous Delivery Vehicles - Cainiao has launched a new autonomous delivery vehicle, the Cainiao GT-Lite, priced at 21,800 yuan, with a promotional price of 16,800 yuan [5] - The logistics autonomous vehicle market is entering a phase of large-scale commercialization, driven by technological advancements and decreasing component costs [5] - Companies like Xingwang Yuda and Xiangyou Technology are developing autonomous driving systems and collaborating with postal services to enhance delivery capabilities [6] Group 4: High-Bandwidth Memory (HBM) Market - Samsung Electronics has secured a contract for HBM3E supply from Broadcom, indicating strong demand for high-performance memory in AI applications [7] - The HBM market is expected to experience explosive growth due to increased data center investments and the need for high bandwidth and low power consumption [7] - Companies like Shengmei Shanghai and Saiteng Co. are actively involved in providing equipment and materials for HBM production [8] Group 5: Digital Human Technology - Baidu has launched the industry's first dual digital human interactive live broadcast room, enhancing consumer interaction through advanced AI technology [9] - The development of digital humans is expected to lead to more personalized marketing strategies and improved customer experiences in e-commerce [9] - Companies like New Guodu Holdings are focusing on general-purpose AI technology and multi-modal AI product research [9][10] Group 6: Renewable Energy and Nuclear Fusion - China National Petroleum Corporation plans to invest 655 million yuan in Kunlun Capital for controlled nuclear fusion projects [10] - Several state-owned enterprises are exploring nuclear fusion energy, which is seen as a clean and efficient energy source [11] - Companies like Zhongyou Capital and Xuguang Electronics are involved in nuclear fusion technology development and related projects [11] Group 7: Domestic CPU Market - Shanghai Zhaoxin Integrated Circuit Co., a leading domestic CPU manufacturer, has initiated an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 4.169 billion yuan [12] - The CPU market in China is projected to grow from 216.032 billion yuan in 2023 to 232.61 billion yuan in 2024, driven by advancements in AI and cloud computing [12] - Companies like Guangdian Yuntong and Zhongke Shuguang are enhancing their capabilities in CPU and GPU products [13]