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].

在核聚变领域中，国光电气和合锻智能是值得关注的两家公司。国光电气主要 负责氘氚系统，占整个装置价值量的 25%。合锻智能则是顶级装置企业之一。 这些公司在未来几年内有望通过核业务实现百亿以上的市值。此外，超导磁体 中国在 ITER 项目中承担重要任务，负责制造 TF 线圈和 PF 导体，积累 了超导材料应用及核聚变领域丰富经验，目前在超导材料及其应用方面 处于全球领先地位。 江西星火一号混合堆项目是全高温超导项目，由联创超导与中核聚变设 计总院联合设计，目标是能量增益 Q 值大于 30，总投资规模超过 200 亿元，预计 2025 或 2026 年招标。 核聚变装置主要部件拆解 1：超导磁体深度 20250602 摘要 全球核聚变投资持续增长，中国预计在 2025 年新增千亿人民币投资， 推动 2030 年前单年投资额达 400 亿人民币，并计划在 2035 年前实现 商业化，预示核聚变产业进入快速发展期。 国光电气在核聚变装置氘氚系统领域占据重要地位，价值量占比达 25%，合锻智能是顶级装置企业，两家公司有望通过核业务实现百亿以 上市值增长。 超导材料在可控核聚变中应用广泛，低温超导材料已商业化，高温超导 ...

Core Viewpoint - The article highlights a significant market shift with the rise of nuclear fusion stocks amidst a broader decline in the ChiNext index, indicating a potential investment opportunity in the nuclear fusion sector driven by recent technological advancements and policy support [1][3]. Group 1: Market Dynamics - The nuclear fusion sector saw a surge with stocks like Haheng Huaton and Xue Ren Co. hitting the daily limit, with over 1.8 billion yuan in net inflow into the sector [3]. - The ChiNext index experienced a drop of 1.28%, primarily influenced by a 2.8% decline in Ningde Times, which negatively impacted the index by 0.6 percentage points [5]. - Foreign capital sold off 720 million yuan, indicating a potential shift in investment focus towards AI sectors [5]. Group 2: Key Drivers for Nuclear Fusion - A significant technological breakthrough was announced with the International Thermonuclear Experimental Reactor (ITER) set to achieve its first plasma discharge in 2026, with key performance indicators expected to exceed a Q value of 10, accelerating commercialization by five years [3][4]. - The market for nuclear fusion is projected to reach 7.8 trillion yuan if the cost of fusion power generation drops to 0.3 yuan per kilowatt-hour, with companies like Antai Technology and Western Superconducting seeing increased demand and profitability [4]. - The release of the "Nuclear Energy Technology Innovation Action Plan" by four ministries is expected to drive annual growth rates of 70% in the sector, supported by fiscal subsidies, tax incentives, and special bonds [4]. Group 3: Investment Strategies - Investors are advised to monitor the trading volume of key stocks like Xue Ren Co. and the overall sector's trading volume, which needs to exceed 15 billion yuan for sustained momentum [5]. - Signals for potential bottom-fishing in the ChiNext index include technical indicators for Ningde Times and support levels for the index [5]. - Caution is advised regarding sectors under pressure, such as innovative pharmaceuticals, and the ongoing outflow of foreign capital [5].

Core Viewpoint - Recent acceleration in overseas controllable nuclear fusion development is driving domestic industry to advance more rapidly [1] Group 1: Industry Trends - The investment in short-term experimental reactors is expected to boost the performance of related companies [1] - Hybrid reactors have advantages in material and engineering requirements, as well as fuel costs, making them a viable long-term transitional solution post-commercialization [1] Group 2: Investment Recommendations - It is suggested to focus on key materials and device segments within the nuclear fusion industry chain for investment opportunities [1]

Summary of Fusion Energy Conference Call Industry Overview - The conference call focused on the **nuclear fusion industry**, specifically advancements in **controlled nuclear fusion technology** and its commercialization prospects [1][3][5]. Key Points and Arguments 1. **Scientific Feasibility**: Laser fusion has surpassed the scientific feasibility threshold, while Tokamak magnetic confinement has not fully achieved this. The Chinese device, **Circulator No. 13**, is close but still has a gap to the Q value limit [1][3]. 2. **Progress of ITER Project**: The ITER project is delayed, with completion now expected around **2040**, which is at least five years behind schedule. Concurrently, countries are developing smaller-scale and new technology applications [5][8]. 3. **Funding and Commercialization**: The commercialization of nuclear fusion is primarily driven by private capital, focusing on small-scale technology development. Magnetic confinement (Tokamak) seeks funding support, while inertial confinement (FRC) emphasizes neutron source research [1][6][7]. 4. **Domestic Projects**: In China, the **Southwest Institute of Physics** leads domestic fusion projects, planning extensive financing and aiming to build a next-generation engineering pile after **2028**. The **EAST** and **WEST** devices are striving to become the first Tokamak to achieve Q>1 [1][8]. 5. **Cost and Material Challenges**: The construction cost of fusion power plants is high, with magnet systems accounting for about **35%** of the total cost. Key materials include rare earth elements and superconductors [3][14]. 6. **Commercialization Timeline**: The first commercial fusion reactor is optimistically projected for **2040**, with significant milestones expected between **2025 and 2035** [26][27]. 7. **Investment Outlook**: The nuclear fusion sector is expected to play a crucial role in the energy transition over the next 50 years, aiming to replace existing fission reactors [30]. Additional Important Content - **Technological Advantages**: Full superconducting Tokamak devices can achieve longer and stronger plasma confinement, with high-temperature superconductors becoming increasingly viable [9]. - **Challenges**: Significant challenges include the need for high precision control, substantial funding, and complex system coordination. The **NIF** project faces difficulties in achieving civilian energy applications due to its high precision requirements [9]. - **Component Suppliers**: Various suppliers are involved in the development of components for fusion reactors, including superconducting materials and heating systems. Companies like **West Superconducting** have improved production capabilities and reduced costs significantly [14][20]. - **Future of Heating Systems**: Heating systems, including microwave and neutral beam heating, are critical for achieving the necessary plasma temperatures for fusion [20][25]. - **Regulatory Environment**: The establishment of nuclear fusion safety standards is expected to be less stringent than those for fission, with a timeline for standards development projected between **2030 and 2035** [31]. This summary encapsulates the key discussions and insights from the conference call regarding the current state and future prospects of the nuclear fusion industry.

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, anticipating a significant increase in capital expenditure and related equipment orders [4]. Core Insights - Controllable nuclear fusion is highlighted as a preferred future energy source due to its high energy density, easy-to-obtain raw materials, flexible layout, and environmental safety [1][13]. - The Q value, a critical indicator for the commercialization of nuclear fusion, has been consistently improving, surpassing 1, indicating energy balance [1][16]. - The industry is experiencing rapid international advancements, with a notable increase in financing, exceeding $7.1 billion in 2024, up by $900 million from 2023 [1][31]. Summary by Sections Section 1: Controllable Nuclear Fusion - Nuclear fusion offers significant advantages over other energy sources, including a million-fold increase in energy density compared to current systems [13]. - The Q value is essential for assessing the feasibility of nuclear fusion, with recent advancements showing a positive trend in its growth [16][20]. - Magnetic confinement is expected to become the mainstream approach for controllable nuclear fusion, currently holding a 62% market share [22]. Section 2: Technological Breakthroughs and Accelerated Bidding - The industry is currently in the experimental reactor construction phase, primarily led by the Chinese Academy of Sciences and China Nuclear Group [36]. - Significant breakthroughs in high-temperature superconductors are expected to accelerate the commercialization of nuclear fusion [45]. - The BEST project is advancing rapidly, with expectations to achieve significant milestones by 2027 [51][57]. Section 3: Core Value in the Midstream Equipment - The nuclear fusion industry chain consists of upstream materials, midstream equipment, and downstream nuclear applications, with midstream equipment currently seeing increased capital expenditure [62]. - The magnetic component represents the highest value segment within the nuclear fusion industry chain, accounting for 28% of the total costs in projects like ITER [63][66]. Section 4: Investment Recommendations - Companies such as Hezhong Intelligent are expected to benefit from the capital expenditure associated with the BEST project, with projected revenue growth [69]. - Lianchuang Optoelectronics is positioned as a key player in high-temperature superconductors, with a strong market advantage [76]. - Guoguang Electric is recognized as a core supplier of critical components like the first wall and divertor in nuclear fusion applications [83].

Core Viewpoint - The domestic controlled nuclear fusion projects are making significant progress, with mainstream technology expected to enter the demonstration phase by 2035 and achieve commercial power generation around 2050 [1][6][14]. Group 1: Industry Progress - The controlled nuclear fusion sector has seen a surge in stock prices, with the concept stocks rising by 6.11% on May 6, 2023, following positive developments in the industry [1]. - The Hefei compact fusion energy experimental device (BEST) project has commenced its assembly work two months ahead of schedule, aiming for completion by 2027 [1]. - The International Thermonuclear Experimental Reactor (ITER) has completed the construction of all components of its superconducting magnet system, marking a significant milestone in fusion research [1][6]. Group 2: Technological Developments - The "Xuanlong-50U" spherical hydrogen-boron fusion device achieved high-temperature, high-density plasma currents exceeding 15 million degrees Celsius, surpassing the core temperature of the sun [2][5]. - New Hope Group has invested 4 billion yuan in fusion research since 2017, aiming to achieve engineering feasibility before 2035 [5]. - The industry is focusing on three main technical challenges: maintaining plasma at over 100 million degrees Celsius, ensuring materials can withstand neutron bombardment for commercial operation, and addressing the production of tritium [11]. Group 3: Investment and Market Dynamics - The global fusion industry attracted $7.1 billion in investment in 2023, with a significant portion coming from private capital [16]. - China has formed three main forces in fusion research: market-driven startups, national research teams, and private enterprises like New Hope Group, which plans to invest nearly 10 billion yuan in the next five years [16][17]. - The market for fusion devices is projected to reach 2.26 trillion yuan between 2030 and 2035, indicating substantial investment potential in components like high-temperature superconductors [18].

图片来源：Getty Images—Samir Hussein/WireImage 特温尼表示："当前融资形势之严峻远超以往，投资者与各国政府都在应对瞬息万变且充满变数的政治 和市场环境。"（财富中文网） 译者：中慧言-王芳 在财富Plus，网友们对这篇文章发表了许多有深度和思想的观点。一起来看看吧。也欢迎你加入我们，谈谈你的 想法。今日其他热议话题： 加拿大初创企业通用核聚变公司（General Fusion Inc.）得到了杰夫·贝佐斯（Jeff Bezos）的支持。在成 功筹集逾3亿美元资金用于推进恒星能量利用系统研发后，该公司正向投资者发出呼吁。 该公司首席执行官格雷格·特温尼（Greg Twinney）在周一的一封公开信中写道："我们已准备好执行计 划，但当前的经济和地缘政治环境迫使我们等待时机。如今，我们亟需的，仅是推进此项工作的资金支 持。" 根据公开信内容，通用核聚变公司正积极与投资者、采购方及多国政府探讨战略方案。 据该公司发言人格蕾丝·皮奇（Grace Peach）称，由于资金短缺，该公司已解雇了至少四分之一员工， 并着手缩减运营规模。通用核聚变公司还在寻求筹措1.25亿美元额外资金，以完 ...