安徽新闻联播消息，8月25日，安徽省省长王清宪在合肥市调研聚变能源未来产业。他强调，抢抓聚变 能源技术突破关键窗口期，坚持以科技创新引领产业创新，加快聚变能源工程化、产业化、商业化步 伐。 调研中，王清宪主持召开座谈会，听取院士专家、企业家意见建议。他指出，要深刻把握聚变能源全球 竞争格局，立足安徽优势，建强用好国家战略科技力量，持续推进关键技术攻关，形成体系化竞争优 势。要推动政产学研金服用深度融合，构建全链条孵化转化创新载体，更大力度集聚创新和产业资源。 要着力培育聚变能源产业集群，系统梳理"沿途下蛋"技术项目，精准开展场景对接和"双招双引"，加快 形成产业集聚效应。要深化体制机制创新，以改革激发市场活力，吸引更多社会资本参与，促进科技、 产业、资本相互赋能。 此前，安徽明确要积极打造"量子信息、聚变能源、深空探测"三大科创引领高地。在合肥"6+5+X"产业 集群中，聚变能源正是合肥重点布局的未来产业新赛道。目前，合肥已汇集聚变能源产业链企业70余 户，涵盖上游超导线材等生产，中游主机设备制造、工程建设，下游设计运营商的全产业链。 随着聚变能源迎来发展窗口期，安徽已经开始期待，"点亮聚变能源第一盏灯"。 ...

Group 1 - The Ministry of Industry and Information Technology emphasizes the need for enhanced governance in key industries such as photovoltaic and new energy vehicles, aiming to eliminate outdated production capacity through standard upgrades [1] - The meeting focuses on deepening reforms and modernizing industry governance, which is expected to positively influence the long-term healthy development of the industry [1] Group 2 - China National Petroleum Corporation Capital, through its subsidiary Kunlun Capital, has acquired a 20% stake in both Fusion New Energy (Anhui) Co., Ltd. and China Fusion Energy Co., Ltd., indicating a strategic interest in the fusion energy sector [2] - The investment in fusion energy reflects a potential new avenue for capital deployment, supporting technological breakthroughs and the transformation of the energy structure [2] Group 3 - Guoneng Rixin has announced that the acquirer Yongzheng and its concerted party Ding Jiangwei plan to gain control of the company through a private placement, which has received approval from the shareholders' meeting and regulatory bodies [3] - The acquisition will result in the acquirer holding over 30% of Guoneng Rixin's equity, triggering a mandatory tender offer, but the acquirer has committed to not transferring the newly issued shares for three years, allowing for a smooth transaction [3] - The funds raised from the private placement are expected to facilitate the company's business expansion and innovation in new energy information products [3]

Group 1 - The establishment of China Fusion Energy Co., Ltd. was officially announced on July 22 in Shanghai, marking a significant step in advancing fusion engineering and commercialization in China [1] - China Fusion Energy Co. is a subsidiary of China National Nuclear Corporation (CNNC) and will focus on overall design, technology verification, and digital R&D, while also building a technology research platform and a capital operation platform [1] - The company signed a deepening cooperation agreement with several local institutions, including Shanghai Jiao Tong University and China Electrical Equipment Group, to form a fusion innovation consortium [1] Group 2 - China Fusion Energy Co. has entered into a capital increase agreement with various stakeholders, including CNNC, China National Petroleum Kunlun Capital, and others, to support its growth and development [1]

Core Viewpoint - The third Hydrogen-Boron Fusion Symposium highlights the urgent need for fusion energy research as a clean, carbon-free energy source amid global climate challenges, showcasing significant breakthroughs and commercial potential in hydrogen-boron fusion technology [2][4]. Group 1: Event Overview - The symposium, themed "Collaborating on Hydrogen-Boron for Ecological Win-Win," gathered experts from nearly 50 top research institutions across 11 countries, focusing on cutting-edge exploration and innovative solutions in fusion research [1][2]. - New Energy Research Institute's Director, Dr. Liu Minsheng, emphasized the critical importance of fusion energy research for humanity's future survival [2]. Group 2: Technological Breakthroughs - New Hope Group achieved significant milestones in hydrogen-boron fusion, including the "Xuanlong-50U" device reaching a million ampere hydrogen-boron plasma discharge and setting a world record for magnetic field strength [2][7]. - The hydrogen-boron fusion process is highlighted for its advantages, including abundant fuel sources, low costs, and the absence of radioactive waste, making it a promising candidate for future energy solutions [2][6]. Group 3: Global Collaboration and Future Prospects - The fusion technology sector is transitioning from feasibility verification to commercial application, attracting attention from governments and tech giants alike, with a focus on reshaping global socio-economic structures [4][8]. - Experts predict that the next 20 years will be crucial for the commercialization of fusion technology, potentially leading to a significant reduction in electricity costs and a shift away from fossil fuel dependency [9][12].

Core Insights - The third Hydrogen-Boron Fusion Symposium, hosted by New Hope Group, gathered experts from nearly 50 top research institutions across 11 countries to discuss cutting-edge fusion research and innovative solutions for accelerating technological breakthroughs in the field [1][3]. Group 1: Industry Developments - Hydrogen-boron fusion is emerging as a promising clean energy source, with advantages such as abundant fuel supply, low cost, and no radioactive waste, showcasing significant commercial potential [3][5]. - New Hope Group achieved major breakthroughs in hydrogen-boron fusion, including the "Xuanlong-50U" device reaching a million ampere hydrogen-boron plasma discharge and setting a world record for magnetic field strength [3][4]. - The global fusion technology landscape is shifting towards commercial application, with significant interest from tech giants and governments, indicating a fundamental reshaping of the global economic landscape [4][5]. Group 2: Research and Collaboration - The symposium emphasized the need for global collaboration in fusion research, with experts highlighting China's leading role in certain areas of the field [4][10]. - New Hope Group has established a high-level, international research team and initiated a hydrogen-boron fusion research fund, supporting 18 innovative projects from 19 domestic institutions [4][7]. - The ITER project, the largest international fusion research initiative, acknowledged New Hope's contributions to the field and expressed a desire to strengthen collaboration with private enterprises to accelerate fusion technology development [10]. Group 3: Future Outlook - Experts predict that the next 20 years will be crucial for the commercialization of fusion technology, with hydrogen-boron fusion potentially eliminating reliance on fossil fuels and significantly reducing electricity costs [8]. - The transition to hydrogen-boron fusion is seen as a leap in human civilization, unlocking possibilities in various fields such as AI and space exploration [8].

Summary of Key Points from the Conference Call Industry Overview - The fusion energy research in China is experiencing rapid and diversified development, with multiple key projects expected to make continuous progress in technological routes and commercialization exploration [1][2][3]. Key Projects and Investments - The "Fusion Spark One" project in Jiangxi is a benchmark for fission-fusion hybrid reactors, with an initial investment of 16 billion yuan (total investment of 30 billion yuan), designed to achieve a Q value exceeding 15 [2][3]. - The Hefei BEST project by the Chinese Academy of Sciences plans to adopt hybrid magnet technology and aims for completion by 2027, with the first demonstration of fusion energy generation globally [3]. - The Circulation 3 project is focused on a pure deuterium-tritium route, aiming for 100% high-temperature superconducting operation, expected to enter the demonstration phase around 2045 [3]. - The CFETR project, a major national scientific infrastructure, is progressing with subsequent funding, with plans for completion before 2035 [3]. Domestic Component Replacement - There is an acceleration in the domestic replacement of core components, highlighting investment opportunities within the core industrial chain [4]. Core Components of Fusion Devices - Key components of compact tokamak devices include superconducting magnets, first walls, vacuum vessels, core pumps and valves, cooling systems, and divertors [5]. Cost Structure Insights - According to the breakdown of ITER construction costs, core cost components such as magnets and vacuum vessels account for over 50% of the total construction costs [6]. Upstream Material Requirements - The fusion industry chain involves upstream material requirements, including special metals and superconducting tapes. Special metals include special steel, tungsten, and copper, while superconducting tapes are categorized into low-temperature superconducting materials (niobium-titanium, niobium-tin) and high-temperature superconducting materials (YBCO) [7]. Investment Recommendations - Key materials and device segments should be prioritized for investment, as they are expected to benefit from orders during the accelerated deployment of fusion devices [8]. - Recommended stocks include: - **Top Picks**: Jingda Co., Ltd. (subsidiary Shanghai Superconducting involved in high-temperature superconducting materials), Lianchuang Optoelectronics (superconducting magnet preparation), and Yingjie Electric, Aike Saibo in power and drive systems. - **Watch List**: Yongding Co., Ltd., Guoguang Electric, Antai Technology in first wall and divertor segments, and Hailu Heavy Industry, Hezhong Intelligent in vacuum pressure vessel segments [9].