Group 1: Core Insights - The International Atomic Energy Agency (IAEA) will release the "2025 World Fusion Outlook" report during the 30th Fusion Energy Conference in Chengdu, China, in October 2025, highlighting significant advancements in nuclear fusion and its transition from concept to reality through scientific breakthroughs, industrial capital, and international collaboration [1] - The domestic nuclear fusion project "BEST" has made breakthrough progress this year, with the establishment of local fusion industry entities and ongoing engineering tenders, indicating a rapid transition from laboratory to practical applications [1] - The A-share nuclear fusion sector has shown strong performance, with the Wind nuclear fusion index rising by 6.87% since October 1, 2023, and a peak increase of over 14% during this period [1] Group 2: Investment Pathways - The BEST project in Hefei, Anhui, has achieved a key breakthrough with the successful development and installation of the Dewar base, marking a new phase in the project's construction, expected to be completed by 2027 and demonstrate power generation by 2030 [2][3] - Nuclear fusion differs from traditional nuclear fission in terms of technology principles, maturity, and industry chain composition, with fission relying on uranium resources and fusion primarily utilizing deuterium, which can be extracted from seawater [5][6] - Companies involved in deuterium production include China Shipbuilding Special Gas (688146.SH), which has an annual production capacity of 10 tons of deuterium with high purity [7][8] Group 3: Key Materials and Technologies - Tritium, a critical fuel for nuclear fusion, is radioactive and scarce in nature, presenting a significant challenge for commercialization. Current methods involve breeding tritium through neutron bombardment of lithium-6 within reactors [8][9] - Companies providing tritium factory technology or key materials for tritium breeding, such as Dongfang Tantalum (000962.SZ) with beryllium materials, are essential for the industry [9] - The BEST project requires advanced vacuum environments for plasma containment, leading to high demand for vacuum chambers and core components, with companies like Hunan Zhiye (603011.SH) gaining popularity in this sector [9][10] Group 4: Industry Players - Major players in the nuclear fusion sector include Shanghai Electric (601727.SH) and Dongfang Electric (600875.SH), which have been involved in various fusion projects and are key contributors to the development of critical components for fusion reactors [10] - The ongoing collaboration among industry partners in large-scale nuclear fusion experiments is focused on addressing the early-stage challenges of commercializing laboratory fusion devices, indicating that the A-share nuclear fusion concept may not generate stable cash flow in the short term [10]

Core Points - NANO Nuclear Energy is initiating AECOM Drilling at the project site, indicating a significant step forward in their operations [1] - The event features remarks from various stakeholders, including NANO Nuclear's management, University of Illinois leadership, and representatives from engineering and construction firms [3] Company Overview - NANO Nuclear Energy is a publicly-traded company, and the management will be making forward-looking statements during the event, which are protected under U.S. securities law [2] - The management team will discuss the company's strategy, project support, and the value proposition of their technology [3] Stakeholder Engagement - The event includes participation from the University of Illinois, highlighting strong institutional support for the project [3] - Engineering, procurement, and construction management firm Hatch, along with construction firm PCL, will also express their support and interest in the project [3]

Summary of NANO Nuclear Energy Conference Call Company and Industry Overview - **Company**: NANO Nuclear Energy Inc. (NasdaqCM: NNE) - **Industry**: Nuclear Energy, specifically focusing on micro modular reactors (MMRs) Key Points and Arguments 1. **Partnerships and Collaborations**: NANO Nuclear Energy is collaborating with the University of Illinois, engineering firm Hatch, and construction firm PCL to advance the KRONOS MMR technology, which is designed to meet complex power needs, particularly for data centers and military applications [1][2][3][4][5][6] 2. **Market Positioning**: NANO Nuclear Energy has raised over $600 million and achieved a market cap exceeding $3 billion, positioning itself as a leader in the microreactor space both in the U.S. and globally [9][11][12] 3. **Technological Advancements**: The KRONOS MMR is a high-temperature gas-cooled reactor that utilizes TRISO fuel, which is known for its safety and efficiency. The reactor is designed to be modular and transportable, allowing for deployment in various settings, including remote locations and military bases [28][29][30][31][34] 4. **Safety Features**: The KRONOS MMR boasts passive safety features, significantly reducing the emergency planning zone to the building itself, which enhances public acceptance and integration into existing infrastructures [35][36] 5. **Economic Viability**: The reactor's design allows for economies of scale through mass production, which can lower costs and improve deployment timelines compared to traditional large-scale reactors [17][39] 6. **Regulatory Support**: There is unprecedented federal support for nuclear energy, with significant funding allocated for infrastructure development, which is beneficial for NANO Nuclear Energy's initiatives [23][25] 7. **Workforce Development**: The project aims to create a new workforce skilled in advanced nuclear technologies, addressing the industry's need for trained professionals [58][59] Additional Important Content 1. **Community and Educational Impact**: The project is expected to create opportunities for students and researchers at the University of Illinois, aligning with the university's mission to serve society and advance clean energy goals [5][6][50] 2. **Construction and Engineering Expertise**: Hatch and PCL bring extensive experience in managing complex nuclear projects, ensuring that the KRONOS MMR is constructed efficiently and effectively [61][70] 3. **Future Prospects**: The successful deployment of the KRONOS MMR could pave the way for further advancements in nuclear technology, addressing urgent energy needs in various sectors, including data centers and remote communities [65][66] This summary encapsulates the key discussions and insights from the conference call, highlighting NANO Nuclear Energy's strategic initiatives, technological innovations, and collaborative efforts in the nuclear energy sector.

Core Viewpoint - The International Atomic Energy Agency (IAEA) is set to release the "2025 World Fusion Outlook" report during the 30th Fusion Energy Conference in Chengdu, China, in October 2025, highlighting significant advancements in nuclear fusion technology and its potential for commercialization [2] Group 1: Industry Developments - The domestic nuclear fusion project "BEST" has achieved critical breakthroughs, with the successful development and installation of key components, marking a new phase in its construction [5] - The nuclear fusion sector in A-shares has shown strong performance, with the Wind nuclear fusion index rising by 6.87% since October, and some stocks, such as Zhongzhou Special Materials and Hezhuan Intelligent, doubling in value this year [2][3] Group 2: Investment Opportunities - The nuclear fusion industry differs from traditional nuclear energy, with fusion relying on deuterium and tritium as fuels, where deuterium can be extracted from seawater, making it more abundant [9] - Companies like China Shipbuilding Special Gas (10 tons/year deuterium capacity) and Dongfang Tantalum (providing key materials for tritium breeding) are positioned to benefit from the growing fusion market [9][10] - Key players in the fusion sector include Hezhuan Intelligent, which supplies products for the BEST project, and Xibu Superconductor, a unique supplier of superconducting materials for international fusion projects [10][11] Group 3: Future Challenges - Achieving commercial viability in nuclear fusion requires overcoming significant scientific and engineering challenges, including maintaining plasma stability and achieving a net energy gain [5][6] - The timeline for commercial fusion power generation is projected to extend beyond 2030, with ongoing research and development needed to address the complexities of fusion technology [5][6]

近日，国际原子能机构（IAEA）在2025年10月于中国成都举行的第30届聚变能大会期间，正 式发布了《2025年世界聚变展望》报告，对核聚变当前的主要进展，全球核聚变装置研发运行 概况，及未来发展节点、指标等进行了一轮展望。 IAEA的报告描绘了一幅充满希望的图景：核聚变能源不再遥不可及，而是正在科学突 破、产业资本和国际合作的共同推动下，加速从梦想照进现实。 与此同时，国内方面今年以来不断有好消息传来，国内核聚变标志性项目"BEST"装置 传出突破性进展，地方性核聚变产业法人主体成立，不断招兵买马，并进行工程招标 等，都预示核聚变正在快马加鞭，从实验室逐渐走出去。 当然，距离核聚变商用，或者兴建核聚变发电站，我们需要等待的时间可能更长。 核聚变需要将燃料加热到上亿摄氏度，形成等离子体。因而没有任何实体材料能容纳它，必须 靠强大的磁场制造一个"磁笼子"。而制造"磁笼"又需要耗费大量电能，由此导致通过核聚变发 出来的电，超过磁约束耗费的电，科学界把这种称之为"能量净增益Q"。 能量净增益Q>1，代表核聚变装置能够净放电。但是，要令其成为一个发电站，Q值又必须远 大于一，因此，核聚变装置最终实现商用发电，还需要 ...

这种被动，早年快把中国钍堆项目逼到墙角。2010年前，广东电白、广西沿海虽也有独居石开采，可储量少得可怜，钍含量才2%-3%，连实验堆的"牙缝"都 填不满，只能咬着牙从印、澳进口。 要搞钍基熔盐堆，有个绕不开的"硬通货"——独居石矿。这种看起来灰扑扑的矿石，是全球钍燃料的"命根子"，可早年它的控制权，偏偏攥在少数国家手 里，像一道勒在脖子上的"紧箍咒"：中国钍堆研发明明前景可期，却要时刻担心"断粮"，那种命脉被人攥住的憋屈，成了行业里说不出口的焦虑。 先看这让人揪心的全球格局：全球已探明的独居石矿，大半扎在印度、澳大利亚、巴西这三个国家，加起来占了约70%，光印度就握了全球25%-30%的储 量。更气人的是，这些国家的独居石多来自海滨砂矿，钍含量随便就能到5%~10%，杂质少得很，提取工艺早就成熟。 可人家"小家气得很"：印度直接把独居石划为"战略资源"，靠《原子能法》把出口管得死严，只给少数盟友开绿灯；澳大利亚的矿被必和必拓这类跨国巨头 攥着，价格跟着国际市场坐过山车，我们想买还得看人家脸色；巴西的矿虽多，却裹在钛矿里，开采权被外资占着，今天能供货，明天说不定就因政策变卦 断了档——每一次进口谈判，都像在" ...

近日，国际原子能机构（IAEA）在2025年10月于中国成都举行的第30届聚变能大会期间，正式发布了 《2025年世界聚变展望》报告，对核聚变当前的主要进展，全球核聚变装置研发运行概况，及未来发展 节点、指标等进行了一轮展望。 IAEA的报告描绘了一幅充满希望的图景：核聚变能源不再遥不可及，而是正在科学突破、产业资本和 国际合作的共同推动下，加速从梦想照进现实。 与此同时，国内方面今年以来不断有好消息传来，国内核聚变标志性项目"BEST"装置传出突破性进 展，地方性核聚变产业法人主体成立，不断招兵买马，并进行工程招标等，都预示核聚变正在快马加 鞭，从实验室逐渐走出去。 在消息面影响下，10月以来A股核聚变板块表现强势，截至10月24日，核聚变指数10月以来累计上涨 6.87%，其间最高涨幅一度超过14%。 那么，核聚变板块的A股路径是什么样的？与传统的核能板块相比，又有什么区别？ "核聚变"里程碑 10月1日，据央视网报道，位于安徽合肥的紧凑型聚变能实验装置"BEST项目"建设取得关键突破。其 中，BEST装置主机关键部件——杜瓦底座研制成功并顺利完成交付，成功精准落位安装在BEST装置主 机大厅内，标志着项 ...

Core Viewpoint - The A-share market is experiencing a surge in stocks related to controllable nuclear fusion, indicating growing investor interest and optimism in this sector [1] Group 1: Stock Performance - Wan Yi Technology has seen a rise of over 13% [1] - China Nuclear Engineering has increased by 7% [1] - Srei New Materials has gained 6% [1] - Yingliu Co., Ltd. has risen by over 5% [1]

每经AI快讯，10月24日，A股可控核聚变概念午后拉升，中国核建冲击涨停，应流股份、哈焊华通、合 锻智能、永鼎股份等纷纷走强。 （文章来源：每日经济新闻） ...

"我国是全球少数几个拥有完整核电产业链的国家，在工程设计、建设施工、安全运行、装备制造等方面积累了丰富的经验。"国家能源局核电司司长曾亚川 在论坛上说。 新华财经北京10月23日电（记者安娜） 当前，全球核能发电量增势强劲，核电正迎来新一轮发展机遇期。在23日于江苏苏州举办的2025国际能源变革论坛 核电产业发展分论坛上，与会专家认为，作为清洁低碳能源，核能有望在应对气候变化中发挥更大作用。 记者从论坛上获悉，2024年全球核电发电量已创近十年新高，且增势预期依然强劲。多家国际权威机构连续四年上调核能发展预期，预计到2050年，全球核 电装机规模将突破9亿千瓦，实现翻倍增长。 图为2025国际能源变革论坛核电产业发展分论坛现场（中国广核集团供图） 与会专家表示，在全球能源结构向清洁低碳转型的进程中，核能的重要性日益凸显。在此过程中，我国核电产业正发挥着不可或缺的作用。 从1994年大亚湾核电站投运起步，历经三十余年的技术积累与产业协同，我国已成功构筑起世界级的核电产业链。以我国自主三代核电技术"华龙一号"的批 量化建设为标志，我国不仅掌握了核电关键设备的设计与制造核心技术，更带动了上下游5400余家企业共同创 ...