1月2日，中国科学院合肥物质科学研究院等离子体物理研究所科研团队宣布，有"人造太阳"之称的全超 导托卡马克核聚变实验装置（EAST）实验证实托卡马克密度自由区的存在，找到突破密度极限的方 法，为磁约束核聚变装置高密度运行提供了重要的物理依据。相关研究成果发表在国际学术期刊《科学 进展》上。 可控核聚变或成终极能源，全球能源体系有望重构，中美在核聚变领域竞逐加速。我国"十五五"规划建 议明确提出将核聚变作为新的经济增长点，此前国家发改委、国家能源局、工信部等均有表态支持核聚 变发展。与此同时，上海、四川、安徽、江西等地方层面也均有政策支持及装置规划，有望形成核聚变 产业集群。 证券时报表示，资本开支加速提升，叠加政策强力驱动，可控核聚变发展望全面提速。机构预测，未来 3-5年将是核聚变项目投招标的高峰时期，统计国内主要核聚变项目预计投入达到1460亿元，关注价值 量占比高以及具备先发优势的标的。 公司方面，据证券时报表示， 国光电气：公司是偏滤器、第一壁等核心部件供应商，国内唯一具备偏滤器整体研制能力，中标 CFETR项目包层系统订单，真空室制造技术国产化率100%。 四创电子：子公司华耀电源作为国内少数掌握核 ...

Core Insights - The EAST (Experimental Advanced Superconducting Tokamak) has achieved significant results in nuclear fusion experiments, confirming the existence of a density free zone in tokamaks through boundary plasma and wall interaction self-organization theory [1][2] Group 1: Research Findings - The research team developed a new theoretical model called the Plasma-Wall Self-Organization (PWSO) model, which identifies the key role of boundary impurities in triggering radiation instability at the density limit [2] - The experiments utilized EAST's all-metal wall environment and methods such as electron cyclotron resonance heating to reduce impurity sputtering at the device's boundary, delaying the onset of the density limit and plasma disruption [2] - The successful breakthrough of the density limit and stable entry into the predicted density free zone were achieved by controlling the physical conditions of the target plate to minimize tungsten impurity sputtering, aligning experimental results with PWSO theory predictions [2]

Core Insights - The EAST (Experimental Advanced Superconducting Tokamak) has achieved significant results in plasma physics experiments, confirming the existence of a density free zone in tokamaks through the boundary plasma-wall interaction self-organization theory [1][3] Group 1: Research Findings - The research team developed a new theoretical model called the Boundary Plasma-Wall Interaction Self-Organization (PWSO) theory, which identifies the key role of radiation instability caused by boundary impurities in triggering the density limit [3] - The experiments utilized EAST's all-metal wall environment and methods such as electron cyclotron resonance heating to reduce impurity sputtering at the device's boundary, successfully allowing plasma to exceed the density limit and enter the predicted density free zone [3][4] - The results of the experiments closely matched the predictions made by the PWSO theory, marking the first confirmation of the existence of a tokamak density free zone [3] Group 2: Collaborative Efforts - The research was a collaborative effort involving institutions such as the Hefei Institute of Physical Science, Huazhong University of Science and Technology, and Aix-Marseille University, supported by the National Magnetic Confinement Fusion Program [4] - The successful completion of the research was facilitated by the advanced all-metal wall experimental platform of EAST and an open cooperative proposal coordination mechanism [4] - Recent upgrades in precise measurements of density, temperature, radiation, and impurities, along with efficient heating technology, provided crucial technical support for this research [4]

Core Viewpoint - The completion of the plasma control device at the JT-60SA nuclear fusion facility marks a significant step in stabilizing plasma for future experiments, with plans to conduct plasma generation experiments starting in 2026 [1][4]. Group 1: Plasma Control Device - The plasma control device, known as the "position control coil," has been installed at the JT-60SA facility, which is located in Ibaraki Prefecture, Japan [1]. - This device is crucial for maintaining the stability of plasma, which is formed by heating fuel to 100 million degrees Celsius [3][4]. - The coils are made of copper, with a diameter of 8 meters, and were installed with precision to ensure a circular shape, controlling installation errors to within 2 millimeters [1]. Group 2: JT-60SA Facility - JT-60SA is the world's largest Tokamak-type nuclear fusion experimental device, redesigned and completed in 2020, and it successfully generated plasma for the first time in 2023 [6]. - The facility will undergo enhancement projects starting in 2024 to produce higher temperature and pressure plasma, with completion expected by 2026 [6]. - Research outcomes from JT-60SA will contribute to the ITER nuclear fusion reactor project currently under construction in France [6].

Group 1 - The core viewpoint of the article emphasizes the high energy release from nuclear fusion, particularly the deuterium-tritium reaction, which is currently the mainstream approach due to its efficiency and lower fuel demand [3][12] - Deuterium-tritium fusion releases energy equivalent to 11.2 tons of standard coal per gram, which is about four times the energy released from one gram of uranium-235 fission [3][12] - The advantages of deuterium-tritium fusion include abundant fuel availability, high technical feasibility, and significant energy gain potential, making it a viable path for achieving net energy gain and commercial power generation [3][12] Group 2 - Global electricity demand driven by data centers is projected to double from approximately 415 TWh to about 945 TWh by 2030, with a growth rate of around 15% per year, significantly outpacing other sectors [4][13] - Controlled nuclear fusion is seen as an ideal energy solution amidst rising electricity demand and carbon neutrality goals, with advancements in technology moving towards stable and economical operation [4][13] - Major projects like EAST and ITER are progressing towards achieving long-term stable operation and energy gain targets, with domestic and international companies actively pursuing fusion power generation [4][13] Group 3 - The value of midstream equipment manufacturing in the tokamak device sector is significant, with over 50% of the value chain attributed to midstream components such as vacuum chambers and superconducting magnets [5][14] - In the ITER project, the magnet system accounts for the highest value share at 28%, while other components like vacuum chamber internals and heating systems also contribute significantly [5][14] - The DEMO demonstration project is expected to shift focus towards high-temperature superconducting technology, further enhancing the value of midstream manufacturing [5][14] Group 4 - Domestic capital expenditure in the nuclear fusion sector is expected to exceed 95 billion yuan over the next five years, benefiting local companies involved in key projects [6][15] - Major projects like CFETR are estimated to require around 100 billion yuan in investment, with significant contributions from domestic enterprises in both upstream materials and midstream equipment manufacturing [6][15] - Companies such as Western Superconducting, Antai Technology, and China Nuclear Power are positioned to benefit from the ongoing advancements and investments in the nuclear fusion industry [6][15]

Core Insights - The commercialization of "ultimate energy" is no longer a science fiction concept but is entering a critical phase of industrialization with narrowing windows and diverging paths [2][9] - The global competition in fusion energy is transitioning from laboratory research to engineering practice and commercial application [2][3] Investment Landscape - The global fusion industry has experienced explosive growth, with total investments rising from $1.9 billion in 2021 to $9.7 billion, including an additional $2.6 billion in 2024 alone [1] - Nearly 40 countries are advancing fusion plans, with over 160 fusion devices either operational, under construction, or planned [3][4] Technological Developments - Three main technological routes for achieving controllable nuclear fusion are currently being pursued: magnetic confinement fusion, inertial confinement fusion, and magnetic inertial confinement fusion [3] - Significant milestones include the successful installation of the 400-ton, 18-meter diameter Dewar base for the BEST device in China, aiming for the first global fusion energy demonstration by 2030, ahead of the ITER project by over a decade [3][4] China's Unique Path - China is adopting a unique approach that balances ambition with pragmatism, focusing on a "three-in-one" ecosystem that integrates continuous innovation, resource integration, and rapid iteration [6][8] - The Chinese government has included fusion energy in its 14th Five-Year Plan, providing a clear direction and long-term expectations for the industry [6][7] Collaborative Ecosystem - A collaborative innovation ecosystem is being established in China, involving government, industry, academia, and finance to tackle common technological challenges [8] - The establishment of the China Fusion Energy Company, with a registered capital of 15 billion yuan, aims to lead large-scale experiments and material research [7] Challenges Ahead - The commercialization of controllable nuclear fusion faces significant challenges, including fundamental bottlenecks in core materials, extreme engineering integration challenges, and an immature industrial ecosystem [10][11] - Key hurdles include the need for advanced materials that can withstand extreme conditions, the integration of complex engineering systems, and the establishment of a robust regulatory framework [10][12]

国内动态：发改委发文加快构建现代化基础设施体系，BEST订单持续释放 12月25日，国家发改委基础设施发展司发布文章《加快构建现代化基础设施体系》，提出加大长时储 能、绿电制氢氨醇、核聚变等技术攻关。近期等离子体所、聚变新能发布/更新多项采购，前期招标的 氚工厂、低温系统等核心部件已陆续开标并公示中标情况。中国工程物理研究院(原简称"九院")材料研 究所中标等离子所氚增殖系统全部4个项目合计约11.4亿元。合肥物质科学研究院预中标低温系统关键 部件(预算7.28亿元);合肥物质科学研究院等联合体获BEST装置TF磁体项目8.885亿元;西部超导、上海超 导获千万级订单。 智通财经APP获悉，开源证券发布研报称，可控核聚变装置研发建设稳步推进，BEST、星火一号、先 觉聚能、环流四号项目有望陆续开工，核心部件订单有望持续释放;TMTG并购TAE打造全球首家商业聚 变上市公司，有望提振FRC板块情绪;Helion曾官宣将于2025年内实现发电验证，若FRC技术路线工程可 行性得到验证，国内相关初创公司项目有望加速推进;十五五规划建议前瞻布局核聚变能领域;该行看好 板块长期发展前景，建议关注磁体、主机和电源等核心部 ...

Core Viewpoint - The development and construction of controllable nuclear fusion devices are progressing steadily, with projects like BEST, Xinghuo No. 1, Xianjue Juyuan, and Huanliu No. 4 expected to commence sequentially, leading to a continuous release of core component orders [1] Group 1 - The merger of TMTG and TAE aims to create the world's first publicly listed commercial fusion company, which is anticipated to boost sentiment in the FRC sector [1] - Helion has announced plans to achieve power generation verification by 2025, and if the feasibility of the FRC technology route is validated, domestic startups in this field may accelerate their projects [1] - The 14th Five-Year Plan suggests a forward-looking layout in the nuclear fusion energy sector, indicating strong governmental support for the industry [1] Group 2 - The long-term development prospects of the nuclear fusion sector are viewed positively, with a recommendation to focus on core components such as magnets, main engines, and power supplies [1]

Core Insights - The development and construction of controllable nuclear fusion devices are progressing steadily, with projects such as BEST, Xinghuo No.1, Xianjue Juyuan, and Huanliu No.4 expected to commence sequentially [1] - The merger of TMTG and TAE aims to create the world's first publicly listed commercial fusion company, which is likely to boost sentiment in the FRC sector [1] - Helion has announced plans to achieve power generation verification by 2025, and if the feasibility of the FRC technology route is validated, domestic startups in this field may accelerate their projects [1] - The 14th Five-Year Plan suggests a proactive layout in the nuclear fusion energy sector, indicating long-term growth potential [1] - The industry outlook is positive, with a recommendation to focus on core components such as magnets, main engines, and power supplies [1]

Core Insights - Hydrogen energy and nuclear fusion are identified as key future industries in China's "14th Five-Year Plan" [1] - Nuclear fusion is described as a clean, safe, and virtually limitless energy source, often referred to as humanity's "ultimate energy" [1] - China is making significant advancements in nuclear fusion research, with notable achievements expected by 2025 [3][5] Group 1: Nuclear Fusion Research Developments - The "East" (EAST) facility in Hefei has set a world record for plasma operation at 1 billion degrees Celsius for 1066 seconds [3] - The construction of the next-generation compact fusion experimental device (BEST) has officially begun, with the Comprehensive Research Facility for Fusion Reactor (CRAFT) expected to be completed by the end of 2025 [3][5] - The CRAFT facility consists of 19 systems, including the "Chixiao" subsystem, which is crucial for material testing under extreme conditions [5] Group 2: Material Innovations - The development of tungsten-copper composite materials is essential for the core components of fusion devices, capable of withstanding extreme heat and radiation [5][8] - The successful creation of these materials has been a significant milestone in China's nuclear fusion research, showcasing the country's progress from following to leading in this field [5][11] Group 3: Advantages of Nuclear Fusion - Nuclear fusion offers several advantages over nuclear fission, including an almost limitless fuel supply from seawater and a lack of nuclear waste [13] - The energy density of fusion is significantly higher, with just 1 gram of fuel releasing energy equivalent to burning 8 tons of oil [13] Group 4: Collaborative Efforts and Industry Development - The development of nuclear fusion in China involves a collaborative approach, integrating national laboratories, research institutions, universities, and private enterprises [15] - The establishment of the Anhui Province Fusion Industry Alliance aims to bridge the gap between research and industry, facilitating collaboration among over 200 member organizations [15][17] - The evolving industrial ecosystem is expected to create opportunities for new entrants in the fusion sector, potentially leading to breakthroughs in clean and affordable energy [17]