J P M O R G A N Asia Pacific Equity Research 03 December 2025 Transition Talks China's groundbreaking advances in nuclear fusion technology Alan Hon AC (852) 2800-8573 alan.hon@jpmorgan.com Hannah L Lee (852) 2800-8886 hannah.l.lee@jpmorgan.com Daqi Jiao (852) 2800-8595 daqi.jiao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. We hosted an expert on China' ...

今天分享的是：2025年全球核聚变行业报告 报告共计：54页 2025年全球核聚变行业报告核心总结 2025年全球核聚变行业报告作为核聚变产业协会连续第五年发布的追踪报告，展现了该领域从科学探索向商业化落地的关键转型。报告基于53家参与企业的 数据，揭示了行业在资金、技术、合作等方面的显著进展与未来趋势。 行业规模持续扩张，资金投入大幅增长。截至2025年，全球核聚变行业累计融资已超97亿美元，仅过去一年就新增26亿多美元，较2021年的19亿美元增长五 倍多。企业数量从2021年的23家增至53家，直接员工超4600人，供应链相关岗位达9300个，若计入试点工厂规划人力，总规模将超1.8万人。投资者构成日 益多元，涵盖深度科技风投、工业集团、主权基金等多个领域，显示出市场对核聚变能源前景的广泛信心。 技术路径多元并行，商业化进程加速。企业采用的技术路线包括磁约束、惯性约束、磁惯性混合约束等，其中磁约束和惯性约束占主流。多家企业已取得关 键突破，如实现更高密度的燃料压缩、完成超导磁体测试等。商业化时间表逐渐清晰，35家企业计划在2030-2035年运营具备净能量生成能力的试点工厂， 28家预计同期实现电网并网 ...

Group 1 - The core viewpoint of the article highlights the performance of the A-share market, with a focus on the significant rise in the storage chip sector and the overall market trends observed in the morning session [3] - The three major indices collectively rose, with the ChiNext Index leading with a 0.69% increase, indicating a positive market sentiment [3] - The storage chip sector experienced a notable surge, with companies like Yunhan Chip City and Xiangnong Chip Creation hitting the daily limit up, while others like Jiangbolong and Baiwei Storage also saw increases exceeding 10% [3] Group 2 - The port and shipping sectors were also active, with Haitong Development and Antong Holdings reaching the daily limit up, reflecting strong investor interest [3] - Conversely, sectors such as controllable nuclear fusion, steel, and rare earth permanent magnets showed significant declines, indicating potential weaknesses in these areas [3] - For afternoon trading strategies, it is advised to avoid blindly chasing high prices in the already surging storage chip stocks, while maintaining positions in those with solid performance support [3] Group 3 - The article emphasizes the importance of focusing on stocks with genuine industrial logic and performance that can be realized, particularly for medium to long-term investments [3] - Investors are encouraged to monitor quality growth stocks within the ChiNext Index and wait for suitable low-entry opportunities before increasing positions [3] - Overall, despite a decrease in trading volume, market hotspots remain clear, and investors should manage their positions carefully to avoid being swayed by short-term fluctuations [3]

Group 1 - The German government has approved an action plan to build the world's first nuclear fusion power plant, aiming to invest over €2 billion (approximately ¥16.72 billion) in the field by 2029 for research and infrastructure development [1][3] - Nuclear fusion energy is expected to provide clean, safe, and resource-efficient electricity, potentially becoming a key pillar for social and economic development [3] - The plan includes establishing a nuclear fusion ecosystem involving academia and industry, improving talent training systems, and enhancing international cooperation [5] Group 2 - The nuclear fusion sector in Germany has previously criticized the government for a lack of support mechanisms and regulations, urging for a commitment of €3 billion to build a demonstration plant to maintain a competitive edge [5] - Key startups in the nuclear fusion field believe that if Germany's support remains at the basic research level, it may fall behind the US and China, advocating for industrial pilot projects to be operational by 2030 and the first commercial fusion plant to be completed by the late 2030s [5]

Group 1 - The core theme of the articles revolves around the evolving relationship between AI and humanity, emphasizing the need for collaboration and the ethical implications of AI's integration into society [1][2][20] - Richard Sutton, a prominent figure in AI, argues that fears surrounding AI, such as job loss and existential threats, are often exaggerated and driven by vested interests [2][20] - The development of AI is seen as a pathway to human prosperity through decentralized collaboration, with a focus on the importance of cooperation in achieving meaningful advancements [2][18] Group 2 - Current AI capabilities are still in their infancy, with significant challenges remaining in making AI truly functional in practical applications [4][6] - The integration of AI with robotics is creating a new industry focused on embodied intelligence, which aims to enable robots to perform tasks autonomously [4][6] - The potential for AI to revolutionize industries is acknowledged, but experts caution that the technology is not yet ready for widespread deployment [4][6] Group 3 - The future of AI is closely tied to advancements in energy solutions, particularly nuclear fusion, which is viewed as a critical technology for sustainable development [13][15] - Investment in nuclear fusion has surged, with significant funding from major tech companies, indicating a growing consensus on its importance for future energy needs [13][15] - The challenges of achieving controlled nuclear fusion are acknowledged, with ongoing research focused on overcoming technical hurdles [13][15] Group 4 - The AI industry is transitioning from a focus on human data to an "experience era," where AI learns from direct interactions with the environment [17][20] - Sutton emphasizes the need for new data sources and learning methods to unlock AI's full potential, highlighting the importance of continual and meta-learning [17][20] - The concept of "intelligent agents" is emerging as a dominant application of AI, suggesting a shift towards an "agent economy" that could transform organizational structures [20] Group 5 - China's AI development strategy outlines clear goals for the integration of AI across various sectors by 2027, with a focus on widespread adoption and economic growth [21][20] - Shanghai is positioning itself as a hub for AI innovation, with significant financial support for companies in the AI space, including funding for computational resources and model development [21][20] - The articles suggest that the AI landscape is becoming increasingly defined, with a roadmap for future advancements and applications [20][21]

Core Insights - Proxima Fusion, a German startup, has raised a record €130 million in funding, marking the largest financing round in the European fusion sector [2][3] - The company aims to develop a stellarator fusion device, which contrasts with the traditional tokamak approach, potentially offering greater plasma stability and commercial viability [3][4] Funding and Investment - The funding round was led by Cherry Ventures and Balderton Capital, with Cherry Ventures' partner expressing confidence in Proxima's potential to address significant global challenges [2] - Proxima Fusion was founded two years ago with an initial seed funding of €7 million from the Max Planck Institute for Plasma Physics [2] Technology and Development - Proxima Fusion is focusing on the development of a stellarator, which has a more complex design than the tokamak but is believed to be better suited for commercial power generation [3] - The company plans to construct a "Stellarator Model Coil," a powerful magnet, by 2027, which is seen as a critical technological milestone [4] Future Plans - Proxima aims to build a demonstration plant by 2031, with an estimated cost of €1 billion, and hopes to secure partial funding from the European government [4] - The ultimate goal is to establish the first commercial fusion power plant in the 2030s, although the commercialization of fusion energy still faces significant uncertainties [4]

Core Insights - The race between China and the U.S. to achieve grid-scale nuclear fusion energy is intensifying, with China investing significantly more and accelerating project development [1][7][8] - Nuclear fusion is considered the "holy grail" of clean energy, offering four times more energy per kilogram of fuel than traditional nuclear fission and four million times more than coal, with a projected market value of at least $1 trillion by 2050 [2][3] Investment Landscape - Private investment in U.S. fusion startups has surged to over $8 billion, a significant increase from $1.2 billion in 2021, with 25 out of 40 member companies of the Fusion Industry Association based in the U.S. [5][8] - China is reportedly investing $1.5 billion annually in fusion research, while U.S. federal funding has averaged about $800 million annually [11][12] Technological Developments - The U.S. achieved a historic first fusion ignition in 2022 at the Lawrence Livermore National Ignition Facility, producing net positive energy [5] - China is rapidly constructing new fusion projects, including a massive facility that is expected to be twice the size of the U.S. National Ignition Facility [13][14] Research and Development - China has surpassed the U.S. in the number of fusion patents and has ten times the number of doctorates in fusion science and engineering [19] - U.S. fusion projects have largely focused on upgrading existing machines, while China is attracting talent with new projects [18][20] Supply Chain and Material Development - China is investing ten times more than the U.S. in advanced material development necessary for fusion projects, aiming to dominate the supply chain for critical materials [21] - The efficient supply chain in China has enabled rapid advancements, with companies like Energy Singularity achieving significant milestones in a short time frame [21] Future Outlook - Helion aims to deliver fusion power to the grid by 2028, while Commonwealth Fusion Systems plans to bring its first fusion power plant online in the early 2030s [22] - The ultimate goal is to establish a mature fusion industry capable of producing energy for global use, including powering AI centers [22]