金十数据4月24日讯，华泰证券发布研报称，可控核聚变正从短期主题投资变成长期产业投资，预计未 来几年全球每年有约2~3个核聚变装置建设投产，行业加速从0到1，产业链招标和订单有望迎来持续催 化。可控核聚变反应的约束方式和原料组合众多，当前氘氚磁约束聚变仍是主流，占在运和在建约一 半。磁约束托卡马克装置目前单位造价在100~300元/瓦聚变功率不等，我们按照每年新建2-3个装置， 每个装置聚变功率50~100MW，对应未来可控核聚变每年的全球投资规模有望达到100~900亿元不等。 华泰证券：未来可控核聚变每年的全球投资规模有望达到100~900亿元 ...

Core Viewpoint - Controlled nuclear fusion is regarded as the ultimate energy solution for humanity, with significant advancements in research and engineering feasibility, leading to increased investment and interest in the sector [1][4][10]. Group 1: Industry Developments - Since 2025, organizations like Fusion New Energy and the Chinese Academy of Sciences have initiated approximately 46 procurement projects related to controlled nuclear fusion [1]. - The controlled nuclear fusion sector experienced a surge on March 25, with indices rising over 7%, indicating strong market enthusiasm [1]. - The global fusion energy industry has attracted a total investment of $7.3 billion by 2024, with a notable increase in private fusion companies from 23 in 2021 to nearly 50 by 2025 [10]. Group 2: Technological Advancements - Breakthroughs in superconducting materials and precision engineering have accelerated the research and development of controlled nuclear fusion, making commercial viability more promising [4][9]. - The International Thermonuclear Experimental Reactor (ITER) project, initiated in the 1980s, has faced high costs and delays, but recent advancements in high-temperature superconducting magnets are reshaping the engineering paradigm for tokamak devices [9][10]. - The Chinese Fusion Engineering Test Reactor (CFETR) is a significant project aimed at advancing fusion energy commercialization, with a roadmap outlining key milestones leading to a demonstration power plant by around 2050 [15][16]. Group 3: Investment Landscape - Major investments in fusion energy have been observed, with the U.S. investing over $2.5 billion in 2021 and China maintaining investments around $1 billion in recent years [10]. - Notable figures, such as OpenAI's CEO Sam Altman, have personally invested in fusion startups, highlighting the growing interest from the tech sector [10]. - State-owned enterprises in China, including China Nuclear Power and Zhejiang Energy, have committed significant capital to fusion energy companies, indicating strong governmental support for the industry [11]. Group 4: Market Potential - The global nuclear fusion market is projected to reach $496.55 billion by 2030, with a compound annual growth rate (CAGR) of approximately 7.4% from 2024 to 2030 [21]. - The cost of nuclear fusion experimental reactors is currently high, with estimates reaching hundreds of billions, but advancements in superconducting materials are expected to significantly reduce costs and improve economic viability [23]. - The nuclear fusion supply chain includes upstream raw materials, midstream superconducting magnets, and downstream power plant operations, with a focus on key components like superconducting magnets and vacuum systems [20][21].

Group 1 - Nuclear fusion is expected to become the ultimate energy source for humanity due to its rich energy potential, high energy density, zero emissions, and high fuel availability [2][4] - The technology is still in the laboratory stage, and commercial application requires further breakthroughs [1][3] - Significant investments in nuclear fusion are increasing globally, making it a competitive field among countries [4] Group 2 - The key indicators for measuring nuclear fusion reactions include the product of plasma temperature, atomic density, and confinement time, which must exceed a certain value for ignition [3] - The energy gain factor Q must be greater than 1 to achieve net fusion energy, indicating the feasibility of engineering technology [3] - The main technical routes for nuclear fusion research are magnetic confinement fusion and inertial confinement fusion, with tokamaks being the most widely studied and likely to achieve controllable fusion [5] Group 3 - The magnet system constitutes the largest cost component (28%) in the ITER experimental reactor, highlighting the critical role of superconducting technology [5] - High-temperature superconducting materials, such as REBCO, are expected to become significant components in nuclear fusion, providing stronger magnetic fields and reducing the size and cost of fusion reactors [5] - Companies involved in the development of superconducting materials and fusion technologies are likely to benefit as fusion projects progress [5]

证券研究报告 | 国防军工 | 2025年03月04日 军 工 / 新兴产业团队 • 行业深度报告 国内外可控核聚变融资创新高，我国可控核聚变建设元年或正式开启 分析师 李鲁靖 登记编号：S1220523090002 刘明洋 登记编号：S1220524010002 黄凯伦 登记编号：S1220524090001 摘要 建议关注： 2 国内外核聚变政策陆续出台，大力推进可控核聚变产业化。国务院国资委将重点支持相关企业开展关键技术攻关，力争在 核聚变反应堆设计、材料研发、等离子体控制等方面取得突破性进展。同时，还将推动企业加强与高校、科研院所的合作， 加快核聚变技术从实验室走向产业化的步伐。2024年7月，中国在核聚变领域的发展路线规划显示，预计在2050年前后建 成聚变商用电站，实现聚变堆商用发电，使聚变能源惠及千家万户。 JT-60SA进行一系列技术升级，ITER设备测试进展顺利。2025年2月，日本与欧盟合作的JT-60SA核聚变实验堆项目取得了 重大进展，为全球能源生产带来了新的希望。2025年1月20日，ITER项目在关键设备测试和调试方面取得了重要进展，尤 其是针对其复杂的低温泵系统和真空容器的准备工 ...

原理早已清楚，工程充满挑战。 文丨 贺乾明 编辑丨黄俊杰 2022 年夏天，数亿元风险资金投向两家中国的核聚变创业公司，我们在 科技专栏发文 介绍了可控核聚变的技术进展、投融资情况。 两年后，一座核聚变实验装置在上海临港建成，完成初步技术验证。它看上去并不宏伟，主体部分只有 3 米高，周围插满各种管道，用于输送实验 用的气体、冷却剂和电等 "原料"。 启动它之前，要花几周时间把空气从装置中抽走，在内部创造出真空环境。然后周围的设施再花几周向真空室外的区域注入液氮和液氦，把它们的 温度降低到零下 240 度左右，再给位于其中的超导体注入电流，形成强力的螺旋磁场。维持这样的环境，每个月要花 30 万元电费。 它的主要功能是实验，看造出来的设施能否成功点亮等离子体——气体、液体和固体之外的第四种物质形态——这是实现核聚变的最基础条件。 工程师点击 "开始实验" 按钮后一瞬间，大量电子会沿着螺旋磁场轰击提前注入真空室中的氦气，把它们变成高速旋转的等离子体。同时，周围的装 置向等离子体发射与其旋转频率相同的电磁波，把它加热到 500 万度。 整个测试过程只持续了几十毫秒——还没有人眨眼一次的时间长。但为了实现这一瞬间的 ...