近日，紧凑型聚变能实验装置（BEST）首个关键部件杜瓦底座成功落位装配仪式在安徽省合肥市 举行，标志着BEST项目建设取得关键性突破。 杜瓦底座的制造交付和落位装配，为BEST后续核心部件的安装和调试奠定了坚实基础。"接下来， BEST团队将发扬全超导托卡马克大科学团队精神，全力以赴推进装置部件安装工作，确保BEST装置建 设目标按期高质量完成。"杨庆喜表示。 （原载于《科技日报》2025-10-09 02版） 中国科学院合肥物质科学研究院等离子体物理研究所研究员杨庆喜介绍，杜瓦底座的吊装精度高， 表面水平高差需控制在15毫米以内，落位位置偏差不得超过正负2毫米；作业空间极度狭小，底座外边 缘与主机坑屏蔽墙的最小间隙不足100毫米。面对这些挑战，项目团队连续奋战、攻坚克难，自主研发 了专用吊具系统，通过均衡梁、吊梁、提升适配器及花篮螺丝等组件的协同作用，精细调节吊装水平 度。同时，他们采用多站激光跟踪仪实时监测基准点，动态调整吊装姿态，最终实现杜瓦底座的毫米级 精准落位安装。 据介绍，杜瓦底座是BEST主机的首个真空大部件，设计工况复杂，接口达数百个。其结构尺寸 大，直径约18米，高度约5米，总重量400余吨 ...

证券研究报告|投资策略周报 [Table_Date] 2025 年 10 月 08 日 [Table_Title] 更应视为科技 AI 主线的"黄金周" [Table_Title2] 投资策略周报 [Table_Summary] ·国庆假期大类资产表现：全球股市普涨，科技股走势亮眼，黄金和比特币续创新高。回顾国庆假期期间（10 月 1 日-10 月 7 日）大类资产表现，主要两条主线：一是人工智能投资热潮驱动下，AI 和半导体相关科技股走势亮 眼。期间费城半导体指数大涨 4.16%，中国香港、中国台湾和韩国股市半导体板块亦大幅走强；二是美国政府"停 摆"导致的不确定性和美联储降息预期强化下，黄金和比特币创下新高。其他市场方面，"高市早苗"交易导致日 本资产波动剧烈，日股大涨，日本长债收益率上行，40 年日债收益率升至 3.5%；日元汇率迅速贬值，对美元指数 起到一定支撑。 一、"科技股"黄金周，全球 AI 领域催化频繁。1）海外科技巨头加快 AI 基础设施投资和合作，如：英伟达联手 富士通打造 AI 基础设施；OpenAI 与韩国芯片巨头三星电子和 SK 海力士宣布建立合作关系，为"星际之门"项目 提供芯片及 ...

Investment Rating - The report maintains a "Positive" investment rating for the laser fusion industry [5]. Core Insights - Laser fusion technology has shown significant advancements, particularly in achieving a higher fusion triple product compared to other methods, indicating its potential for self-sustaining fusion reactions [15][19]. - The levelized cost of electricity (LCOE) for laser fusion could potentially drop below $80/MWh, with optimal conditions suggesting a future target of $25/MWh [19]. - The report highlights the increasing interest and investment in laser fusion, with over 10 commercial companies pursuing this technology globally [58]. Summary by Sections Why Focus on Laser Fusion? - Laser fusion ranks first in the fusion triple product among various fusion technology routes, indicating its leading position in the field [15]. - The technology is transitioning from physical principle validation to engineering prototype development, with significant cost reduction potential if laser efficiency improves and target production costs decrease [19]. Investment Opportunities in Laser Fusion - More than 11 companies globally are focusing on laser fusion, with a notable emphasis on deuterium-tritium (DT) and hydrogen-boron (pB11) fuels [58]. - Inertia Enterprises aims for an energy gain greater than 18 to achieve energy balance in facilities, with higher targets for larger power plants [63]. - The main components of laser fusion systems include high-power pulsed lasers and energy systems that significantly influence performance [67][78]. Technological Developments - The report discusses the advancements in laser glass technology, which is crucial for laser devices, and highlights the progress made by Chinese institutions in this area [77]. - The "Shenguang-III" device is compared with the NIF, showcasing its capabilities and the ongoing improvements in laser technology [70]. Collaborations and Partnerships - Domestic research institutions are collaborating with listed companies to accelerate the commercialization of laser fusion technology, focusing on precision manufacturing and advanced laser components [85].

Gold Market - The price of gold futures on the New York Commodity Exchange broke the $4000 per ounce mark for the first time on October 6, with spot gold also surpassing this threshold on October 8. China's gold reserves reached 74.06 million ounces by the end of September, marking an increase of 40,000 ounces and the 11th consecutive month of growth [1][5]. Nuclear Fusion - The BEST project in Hefei, Anhui, achieved a significant breakthrough with the successful installation of the Dewar base, marking a new phase in the construction of the compact fusion energy experimental device. The project has a total investment of 8.5 billion yuan and is expected to complete construction and demonstrate fusion power generation by 2027 [1][2]. Computing Power - OpenAI announced a strategic partnership with AMD to deploy 6 gigawatts of AMD GPU computing power, which is expected to generate hundreds of billions in revenue for AMD. This collaboration will accelerate OpenAI's AI infrastructure development [1][3][6]. Flexible Batteries - Researchers at the Chinese Academy of Sciences developed a new type of flexible battery material that can withstand 20,000 bending cycles while maintaining high ionic conductivity. This innovation is expected to drive the commercialization of flexible batteries, with the market projected to reach 36.978 billion yuan by 2032, growing at a compound annual growth rate of over 20% [1][3]. AI Video Technology - OpenAI launched the Sora2 AI video model and the Sora app, which quickly topped the App Store's free chart in the U.S. Sora2 features significant improvements in physical motion accuracy and character performance, marking a transformative moment in AI-generated video content [1][4].

Group 1: AI Computing Power - The AI sector is experiencing a surge in investment driven by significant collaborations, including OpenAI's agreements with Samsung and SK Hynix to enhance data center capabilities, with demand for high-bandwidth memory (HBM) expected to exceed current production capacity by more than double [3][4] - OpenAI's recent product launches, including the Sora2 model, are anticipated to have a profound impact on the commercialization of AI applications, with the SoraApp achieving top rankings on the App Store [4] - The semiconductor export from South Korea saw a year-on-year increase of 22% in September, reaching a record high of $16.6 billion, indicating strong demand in the AI hardware market [3] Group 2: Gold Market - International gold prices reached a historic high, surpassing $4,000 per ounce during the holiday period, driven by political uncertainties in the U.S. and strong demand from central banks [5][6] - Central banks, including China, have been increasing their gold reserves, with China's reserves rising to approximately 7.406 million ounces, marking the 11th consecutive month of increases [6] - Goldman Sachs raised its gold price forecast for December 2026 from $4,300 to $4,900 per ounce, citing strong inflows into Western market ETFs and ongoing central bank purchases [5][6] Group 3: Solid-State Batteries - Significant advancements in solid-state battery technology were reported, with a new anion regulation technique developed to enhance the contact between electrolytes and lithium electrodes, paving the way for practical applications [8] - During the holiday period, the charging volume for new energy vehicles reached a historical high, with a total of 43.81 million kilowatt-hours charged from October 1 to October 3, representing a year-on-year increase of 51.33% [9] Group 4: Nuclear Fusion - China's nuclear fusion device, BEST, achieved a critical milestone with the successful installation of its heavy base, marking the beginning of its main construction phase [10] - Stocks related to nuclear fusion in the Hong Kong market saw significant gains during the holiday period, reflecting investor optimism [10] Group 5: Travel and Consumption - The total number of domestic trips during the holiday period reached 2.068 billion, a year-on-year increase of approximately 5.2%, exceeding earlier forecasts [11] - The domestic airline industry experienced a surge in bookings, with over 8.71 million tickets reserved, reflecting a 13% increase compared to the previous year [11] Group 6: Film Market - The total box office for the year has already surpassed the entire box office for 2024, indicating a strong recovery in the Chinese film market [12] Group 7: Market Performance - Global stock markets showed a bullish trend during the holiday, with major indices in the U.S. and Europe experiencing gains, while the Hong Kong market saw sector-specific rallies, particularly in technology and materials [12][16] - The top-performing sectors in the U.S. and Hong Kong markets included healthcare, utilities, and information technology, with notable individual stock performances in the technology and materials sectors [16][17]

核聚变赛道新消息频频传出。 10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST（紧凑型聚变能实验装置）项目建设取得关键突破。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，标志着项目主体工程建设步入新阶段。 同一天，德国政府在柏林的联邦内阁会议上通过了一项名为"德国迈向核聚变发电站"的行动方案，力图在德国建造世界上第一座核聚变发电站。 2025年被业内称为中国核聚变商业化元年。记者注意到，今年以来，核聚变概念受到一、二级市场资本热捧。例如，8月1日，诺瓦聚变能源科技（上海）有限公司 宣布完成5亿元天使轮融资，创下国内民营核聚变公司单笔融资新高。 截至9月30日收盘，Wind核聚变概念指数月涨幅超过3%，部分概念股月涨幅超过15%。 2030年有望通过核聚变点亮第一盏灯 10月1日，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。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，标志着项目主体工程建设步入新阶段。 完成吊装的杜瓦底座是BEST装置主机的首个真空大部件，也是国内聚变领域 ...

◎ 科技日报记者 洪敬谱 10月1日，紧凑型聚变能实验装置（BEST）首个关键部件杜瓦底座成功落位装配仪式在安徽合肥举行， 标志着BEST项目建设取得关键性突破。 来源：科技日报 项目团队相继攻克了高精度成型和焊接、毫米级形变控制、高真空密封等关键技术，成功研制出杜瓦底 座部件。其制造交付和落位装配，为BEST装置后续核心部件的安装和调试奠定了坚实基础。 来源：科技日报 供图：中国科学院合肥物质科学研究院 海报制作：杨凯 王璠 杜瓦底座是BEST装置主机的首个真空大部件，设计工况复杂，接口数百个。结构尺寸大，直径约18 米，高度约5米，总重量400余吨，是BEST主机系统中最重的部件，也是国内聚变领域最大的真空部 件。该部件承载着BEST装置近七千吨重量支撑和绝热功能，其安装精度直接关系到整个工程的稳定性 和安全性。 ...

本周，全球石油和天然气巨头意大利埃尼集团（Eni）宣布，将与总部位于美国马萨诸塞州的联邦聚变系统公司（Commonwealth Fusion Systems，简称 CFS）签署购电协议，购买价值 10 亿美元的聚变电力。 CFS 是麻省理工学院等离子体科学与聚变中心的衍生企业，被视为全球最领先的聚变公司之一。根据协议，埃尼将从 CFS 在弗吉尼亚州规划中的首座商 业聚变电厂购买电力。然而，这座电厂尚未建成，甚至连用来验证托卡马克设计的小型实验性反应堆也仍在建设中。 这笔交易凸显了核聚变行业的一个奇特现象：资本持续涌入，投资者斥资数十亿美元用于建设发电厂；部分企业甚至提前签订巨额购电协议。虽然这有助 于推动新技术发展，但也可能带来过度乐观的市场预期。 约三年前，美国劳伦斯利弗莫尔国家实验室的国家点火装置（NIF）曾取得里程碑式突破：利用全球最强大的激光，将燃料加热至一亿摄氏度，实现氢原 子聚变，释放的能量超过输入的激光能量。这是聚变研究首次在实验中实现"净能量增益"，极大振奋了学界信心。 事实上，埃尼早在 2018 年就投资了 CFS，并参与了最新一轮融资。虽然其仍以石油和天然气为主业，但该公司近年来积极布局生 ...

Core Insights - The report highlights the significant funding disparities within the controlled nuclear fusion industry, emphasizing that the magnet system, power supply, and superconducting materials represent the core value areas due to their high investment amounts and technical barriers [1][2][3] - The magnet system accounts for the largest share of the total investment at 287 million yuan, representing 42.34% of the overall budget, indicating its critical role in the funding landscape of nuclear fusion projects [2][3] Investment Opportunities - The current investment opportunities in the nuclear fusion industry are primarily focused on two logical areas: 1. Segments with clear performance delivery timelines, such as the magnet system with a cumulative budget of 370 million yuan and the power supply system exceeding 100 million yuan, which provide strong performance locking for related manufacturers [4] 2. Manufacturers that have established good verification and customer connections during the BEST phase are expected to maintain their advantages in the CFEDR pre-research and subsequent construction phases [4] Market Dynamics - The bidding rhythm indicates that orders are concentrated in the mid-stage of engineering construction (approximately 20%-50% progress), focusing on equipment installation and subsystem integration, particularly involving the magnet system, vacuum chamber, and power supply system [3] - The CFEDR project is projected to have an investment scale of around 120 billion yuan, with equipment costs estimated at 72 billion yuan, suggesting significant potential value release in the industry chain between 2030 and 2033 [3]

Group 1: AI Equipment - Nvidia announced an investment plan of up to $100 billion in OpenAI, which will utilize Nvidia systems to build and deploy at least 10GW of AI data centers for training and running next-generation models, equivalent to 4-5 million GPUs, double the shipment volume of the previous year [1] - Alibaba officially announced a collaboration with Nvidia on Physical AI, covering various aspects including data synthesis, model training, environmental simulation reinforcement learning, and model validation testing, accelerating the construction of AI infrastructure and related equipment investment opportunities [1] Group 2: Nuclear Fusion - China Fusion Company made its first public appearance, aiming to build a high-temperature superconducting fusion device, "China Circulation No. 4," in Shanghai, targeting commercial fusion energy by 2050 [2] - The new fusion experimental device will validate the high-temperature superconducting magnets developed in Shanghai, with the industry expected to see a new breakthrough driven by advancements in superconducting and AI technologies [2] Group 3: Wind Power Equipment - From January to August, the newly installed wind power capacity in China reached 57.84GW, an increase of 24.24GW year-on-year [2] - According to Wood Mackenzie, the global wind power capacity is expected to reach a record high of 170GW in 2025, with an average annual increase exceeding 170GW over the next five years, peaking at 200GW by 2034 [2]