核心结论：中美核聚变投资加速，磁体和堆内构件是核心环节 中信证券主要观点如下： 该行认为，核聚变技术是能源领域重大技术革命，中美等核能强国均重点发力可控核聚变。根据 Sightline Climate统计，全球共13家聚变企业设定了2030年前反应堆Q>1的目标。根据F4E Fusion Observatory统计，2020年以来，全球聚变公司累计投资加速提升，可控核聚变迎来新一轮加速发展期。 从投资规模来看，聚变实验堆堆投资规模百亿量级，反应堆投资占比约40%。根据Neil Mitchell对ITER 成本测算，磁体、堆内构件占反应堆成本分别为28%/17%，是聚变堆资本开支的核心环节。 核聚变清洁高效，有望成为人类的终极能源 智通财经APP获悉，中信证券发布研报称，核聚变技术是能源领域重大技术革命，中美等核能强国均重 点发力可控核聚变。其中托卡马克运行稳定性较高，制造难度相对较低，成为目前最主流路线。核聚变 当前正处于投资加速的过程中，中美均大力发展聚变研发，核聚变将迎来新一轮加速发展期。从投资逻 辑看，磁体、堆内构件占反应堆成本分别为28%/17%，属于资本开支的核心环节。该行认为当前处于聚 变产业链密 ...

可控核聚变行业深度 20250617 摘要 全球核聚变技术发展迅速，各国加大资本和政策支持，创新型国企融资 增加，中美涌现创新公司。托卡马克、仿星器及 FRC 装置技术路线均有 进展，超导材料和 AI 赋能加速核聚变发展，预计 2040 年成本或与风电 看齐。 中国在可控核聚变领域取得重要进展，EAST 装置和中国环流器 3 号刷 新记录，托卡马克装置取得重大突破。中科院等离子所加快项目招标， 上海聚变科学研究中心启动大装置招标，规模不亚于国际先进水平。 可控核聚变核心挑战在于实现足够高的温度、密度和时间积累。需利用 磁场约束等离子体，规避外壁腐蚀，但磁约束控制难以避免湍流现象， 需要构造足够耐腐蚀、高温高压材料。 全球主要国家加大对可控核聚变投资，截至 2024 年 7 月，投资额同比 增长 57.2%，达 71 亿美元。私营公司如 Helion Energy 获重要融资， 其 FRC 路线发展到第七代 Polaris，具有较大潜力。 核裂变与核聚变是相反过程。裂变是重原子分裂释放能量，聚变是轻元 素合成，需极端条件。中国 EAST 装置和环流器 3 号在托卡马克装置上 取得重要进展。 Q&A 可控核聚变行 ...

卡塔尔外交部发言人：我们谴责以色列对核设施和石油设施的鲁莽袭击。 ...

Core Viewpoint - The recent attack on the Zaporizhzhia Nuclear Power Plant has raised significant concerns about nuclear safety in Europe, reminiscent of the Chernobyl disaster, and has intensified the ongoing conflict between Ukraine and Russia [3][5][11]. Group 1: Incident Overview - On the night of August 11, the Zaporizhzhia Nuclear Power Plant, Europe's largest nuclear facility, was severely damaged by a series of explosions, particularly affecting its cooling towers [3][6]. - The attack occurred amidst heightened tensions, with Ukraine shifting its military strategy from defense to offense, targeting Russian territories [6][13]. - International Atomic Energy Agency (IAEA) experts were present at the site during the attack, witnessing the explosions and smoke, complicating safety assessments [7][9]. Group 2: Implications and Reactions - A report from Russia indicated that the nuclear reactors at the plant are at risk of "cold shutdown," although radiation levels remain normal for now [9][11]. - The potential for a nuclear leak poses severe risks not only to Ukraine but also to the entire European continent, raising alarms about possible radiation contamination [11][14]. - Reactions to the incident vary, with Russia labeling the attack as "nuclear terrorism," while Ukraine denies involvement and accuses Russia of staging the incident [11][15]. Group 3: Broader Context and Future Considerations - The incident highlights the critical importance of nuclear safety in international relations and the potential consequences of military actions in proximity to nuclear facilities [16]. - The ongoing conflict and the use of advanced Western weaponry by Ukraine raise ethical questions regarding the support provided by Western nations [14][16]. - The situation has prompted calls for peaceful resolutions, with China advocating for negotiations to address the crisis [14][16].

英国一直使用远程操作机器人来进行核聚变研究设施的维护保养，在该领域处于世界前沿。 还在东京电力福岛第一核电站的废堆工作中使用的远程机器人方面提供帮助。 日本经济新闻（中文版：日经中文网）江渊智弘 伦敦、今尾龙仁、蓑轮星使 茨城县那珂市的核聚变实验设备"JT-60SA" 日英两国政府将签署一项备忘录，在核聚变发电技术开发方面展开合作。把核聚变反应堆维 护保养作业中需要的英国远程操作机器人技术与日本的制造技术等相结合，争取2030年代实 现发电实证…… 日英两国政府将签署一项备忘录，在作为新一代能源备受期待的核聚变发电技术开发方面展 开合作。把核聚变反应堆维护保养作业中需要的英国远程操作机器人技术与日本的制造技术 等相结合，争取2030年代实现发电实证。 日本文部科学省的文科审议官增子宏与英国负责气候变化对策的马克·麦卡锡将于6月19日在 伦敦会谈并签署协议。双方将在研究开发、共同使用设施、安全监管框架和人才培养等方面 进行合作。行业团体之间也正在沟通协调形成备忘录。 日本6月4日修订的《聚变能源创新战略》中提出了"领先于全球而在2030年代发电实证"的目 标。日本在修订后选择英国作为首个合作伙伴，加速开发。主导 ...

鉴于科威特民众担忧邻近的伊朗核电站遭以色列袭击可能引发泄漏，科威特官方多个机构日前表示，目 前科威特国内核辐射状况"正常且稳定"。科威特与伊朗南部布什尔省的布什尔核电站隔海相望，距离大 约300公里。科威特全国用水均为海水淡化，因此伊朗核设施遭袭是否引发海水污染，也是科威特监测 和关注的对象。(CCTV国际时讯) ...

Core Viewpoint - Nuclear power is gaining attention, with NuScale Power's market cap at $11 billion and a stock increase of 360% over the past year, but it is a pre-revenue company with significant risks [1][11][12] Group 1: NuScale Power - NuScale Power has a market cap exceeding $10 billion but generates zero revenue currently, relying on contracts for future projects [11][12] - The company is not expected to generate revenue until 2030, and even then, it may be negligible due to unproven technology and previous project cancellations [12][13] - The stock is considered risky, with expectations of declining value over the next decade [13] Group 2: Rocket Lab - Rocket Lab has a similar market cap to NuScale Power but generates revenue, distinguishing it as a more viable investment [2][5] - The company has successfully completed 59 launches and has 31 planned missions, positioning itself as a competitor to SpaceX [3][5] - Rocket Lab's revenue stands at $466 million, with potential for significant growth through the introduction of the Neutron rocket and a product backlog exceeding $1 billion [5] Group 3: Rivian Automotive - Rivian Automotive, currently down 92% from its all-time highs, aims to recover with new product launches, including the R2 mid-size SUV priced at $45,000 [6][8] - The company has struggled with stagnating deliveries, currently below 50,000, and negative free cash flow of $1.86 billion over the past year [8][9] - With a scaled-up operation, Rivian could increase annual revenue from $5 billion to between $15 billion and $20 billion, potentially achieving a market cap larger than NuScale Power in 10 years [9]

（一）重要市场新闻 1、美股高开高走，三大指数集体收涨，纳指涨1.52%，标普500指数涨0.94%，道指涨0.75%；大型科技 股普涨，Meta、英特尔涨近3%，苹果、特斯拉、英伟达、奈飞、谷歌涨超1%；加密稳定币公司Circle 涨超13%至151美元，股价接近IPO发行价的5倍。中概股多数收涨，纳斯达克中国金龙指数收涨 2.07%；富途控股涨超10%，哔哩哔哩涨超5%，阿里巴巴、拼多多、京东均涨超2%。 2、国际金价走低，现货黄金跌1.45%，报3383.62美元/盎司；COMEX黄金期货跌1.40%报3404.30美元/ 盎司，COMEX白银期货涨0.04%报36.37美元/盎司。国际油价走弱，美油主力合约收跌2.06%，报71.48 美元/桶；布伦特原油主力合约跌1.68%，报72.98美元/桶。欧洲三大股指收盘全线上涨，德国DAX指数 涨0.78%报23699.12点，法国CAC40指数涨0.75%报7742.24点，英国富时100指数涨0.28%报8875.22点。 （二）行业掘金 中电鑫龙：公司6月16日晚间发布公告，持股4.54%的董事束龙胜计划通过集中竞价或大宗交易的方式 合计减持本公司股 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股高开高走，三大指数集体收涨，纳指涨1.52%，标普500指数涨0.94%，道指涨0.75%；大型科技 股普涨，Meta、英特尔涨近3%，苹果、特斯拉、英伟达、奈飞、谷歌涨超1%；加密稳定币公司Circle 涨超13%至151美元，股价接近IPO发行价的5倍。中概股多数收涨，纳斯达克中国金龙指数收涨 2.07%；富途控股涨超10%，哔哩哔哩涨超5%，阿里巴巴、拼多多、京东均涨超2%。 2、国际金价走低，现货黄金跌1.45%，报3383.62美元/盎司；COMEX黄金期货跌1.40%报3404.30美元/ 盎司，COMEX白银期货涨0.04%报36.37美元/盎司。国际油价走弱，美油主力合约收跌2.06%，报71.48 美元/桶；布伦特原油主力合约跌1.68%，报72.98美元/桶。欧洲三大股指收盘全线上涨，德国DAX指数 涨0.78%报23699.12点，法国CAC40指数涨0.75%报7742.24点，英国富时100指数涨0.28%报8875.22点。 前的建设速度和节奏，2030年前我国在运核电装机规模有望跃居世界第一。同时国内能源结构调整，也 ...

Group 1 - The proposal by the Republican Senate includes a complete phase-out of tax credits for solar and wind energy by 2028 [1] - The tax credits for hydropower, nuclear, and geothermal energy will be extended until 2036 [1]