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 ...

可控核聚变：国际堆建设及国内招标大年 20250508 摘要 • 全球可控核聚变产业加速发展，预计多数公司将在 2025-2035 年实现商 用发电，打破了传统"50 年建成"的预期。美国 CFS 公司和中国 BEST 项目是产业化最靠前的标杆项目，均展现出超预期的建设进度。 • 中国可控核聚变产业由中核集团和中科院牵头，分别成立了可控核聚变联 合体（33 家成员）和聚变产业联盟（200 家成员），两大产业联盟初步形 成并逐步壮大，推动产业发展。 • BEST 准示范堆项目进展超预期，2023 年 12 月开工，2025 年 5 月启动 总装，较原计划提前两个月，预计 2025 年集中释放招标金额，对相关企 业形成利好。 • 国内民营企业积极参与可控核聚变竞争，能量基点、新奥集团、新环巨能、 瀚海巨能和聚变新能等企业在技术上取得突破，部分企业计划在 2027 年 底至 2028 年初推进商业示范堆建设。 • 可控核聚变领域融资活动自 2022 年以来逐步增加，能量基点融资额显著 攀升，中国聚变能源获得浙能电力和上海未来产业基金入股，表明资本市 场对该领域的关注和支持。 Q&A 可控核聚变领域在国内和国际上的最 ...

Summary of Fusion Industry Conference Call Industry Overview - The fusion industry is experiencing significant strategic development opportunities, with total approved investments reaching 111 billion RMB, indicating high policy emphasis and future growth expectations [1][10] - The industry is transitioning from research to practical applications, marking 2025 as the year of large-scale investments in fusion technology [2] Key Developments - The BEST device's assembly was completed two months ahead of schedule, marking a critical phase in the project, with total investment increasing from 4.5 billion RMB to 15 billion RMB [1][8] - Major domestic projects are progressing, such as the Chengdu Circulation No. 3 project achieving significant temperature parameters and the Jiangxi Star One hybrid reactor expected to exceed 20 billion RMB in total investment [3][14] Investment Trends - Capital expenditure in the fusion sector is expected to significantly increase, with average annual investments projected at approximately 18.5 billion RMB from 2025 to 2030, surpassing previous global cumulative investments [3][11] - The recent surge in fusion-related activities is attributed to multiple project launches and increased bidding activities, with significant investments in projects like the Hefei Sentoria engineering demonstration pile [9] Notable Projects and Companies - Key projects include the BEST device, which aims for operational readiness by 2027, and the Chengdu hybrid reactor project, which is set to see formal bidding information in 2025 [8][14] - Notable companies in the fusion supply chain include Guoguang Electric, Hezhong Intelligent, and Lianchuang Optoelectronics, which are involved in device operation planning and integrated equipment [6][12] Technological Advancements - The Shanghai Institute of Applied Physics has made breakthroughs in high-temperature superconducting magnet technology, achieving magnetic field strengths above 20 Tesla [17] - The Shanghai region is developing a cluster of superconducting material industries, with significant investments from local enterprises and government support [18] Government and Private Sector Involvement - Government support for fusion projects is substantial, with state-owned capital playing a significant role in funding initiatives like the Anhui Juyuan New Energy project [20] - Private enterprises, such as the New Energy Group and Shanghai Energy Point, are also making notable advancements in fusion technology, contributing to the overall growth of the sector [15][16] Conclusion - The fusion industry is on the cusp of a transformative phase, with substantial investments, technological advancements, and strong government support paving the way for future developments and potential commercialization of fusion energy solutions [2][11]

Group 1 - The core viewpoint of the articles highlights the significant advancements in controlled nuclear fusion technology, particularly the completion of the world's largest superconducting magnet system by the ITER organization, marking a crucial step towards achieving controlled nuclear fusion energy [1][3] - The controlled nuclear fusion sector has seen a notable increase in stock prices, with companies like Suzhou Hailu Heavy Industry and Fujian Snowman Group experiencing significant gains, indicating strong market interest and investor confidence in this emerging industry [1] - The BEST project in Hefei has commenced ahead of schedule, aiming to demonstrate fusion energy generation and contribute to the development of fusion energy in China, building on the foundation laid by the EAST project [2][3] Group 2 - Nuclear fusion energy is recognized as an ideal future energy source due to its high energy density, wide availability of raw materials, and high safety standards, with global fusion investment projected to reach $7.1 billion in 2024 [3] - Companies are actively positioning themselves within the nuclear fusion supply chain, with Jiangxi Lianchuang Optical Technology Co., Ltd. successfully developing the world's first 100-meter high-temperature superconducting cable, showcasing advancements in superconducting magnet technology [3][4] - The "Spark One" nuclear fusion project in China, with an estimated investment exceeding 20 billion yuan, aims to integrate the advantages of fusion and fission technologies, promising enhanced safety, reduced scale, and lower costs, while also addressing key issues in clean energy supply [4]

由杰夫·贝佐斯支持的加拿大初创公司General Fusion Inc.在筹集了超过3亿美元用于开发一套利用恒星能 量的系统后，正在向投资者发出呼吁。"我们已准备好执行我们的计划，但受制于经济和地缘政治环 境，我们不得不等待，"首席执行官Greg Twinney在一封公开信中写道。"我们现在需要的是完成这项工 作所需的资金。" ...

Core Points - The ITER project, involving over 30 countries, has achieved a significant milestone by completing the construction of the world's largest and strongest pulsed superconducting magnet system, marking a crucial step towards controllable nuclear fusion energy [1][2] - ITER aims to simulate the nuclear fusion process of the sun, exploring the commercial viability of fusion technology, with a focus on using hydrogen isotopes to produce helium and release vast amounts of energy [1][2] Group 1: Technical Achievements - The newly completed pulsed magnet system is referred to as the "electromagnetic heart" of the tokamak device, essential for magnetic confinement fusion [2][3] - The central solenoid of the magnet system is 18 meters tall and 4.25 meters in diameter, with a magnetic field strength of 13 teslas, capable of lifting an aircraft carrier [2] - The entire pulsed magnet system will weigh nearly 3,000 tons, showcasing the scale and complexity of the project [2] Group 2: Global Collaboration - ITER is recognized as a model of international cooperation, having maintained its collaborative framework despite geopolitical changes, involving contributions from the EU, China, the US, Japan, South Korea, India, and Russia [3][4] - The project has seen thousands of scientists and engineers from hundreds of factories across three continents working together, with over 100,000 kilometers of superconducting wire produced by nine factories in six countries [3][4] Group 3: Commercial Prospects - The past five years have seen a surge in private investment in fusion energy research, with ITER encouraging collaboration between member states and the private sector to accelerate the realization of fusion energy [4][5] - Predictions for the commercialization of fusion energy vary widely among private sector representatives, ranging from 2028 to 2040 or even longer, due to differing technological pathways and foundational engineering challenges [4][5]