2025.11.16 本文字数：4550，阅读时长大约7分钟 作者 |第一财经 郭霁莹 封图 | 图源聚变新能 被称为"人造太阳"的可控核聚变今年屡登资本市场热门榜，年初至今，可控核聚变指数涨幅超过60%， 已为投资者带来可观回报，二级市场甚至出现"沾核就涨"的现象。 "行业投资氛围明显变了。"国内首批成立的核聚变创业公司瀚海聚能投资部负责人告诉第一财经记者， 之前他们要花大力气寻找投资人，解释什么是可控核聚变。今年不少投资人主动来找他们，有的甚至直 接明确投资意向，谈判更为顺畅。 国内首轮创业潮始于2022年的核聚变，为何今年打破沉寂？国家队大项目与初创公司并排跑，将带来怎 样的市场想象空间？在行业"永远50年"魔咒下，商业公司如何能让资本耐心等？ 中国聚变元年 实现核聚变永远还有50年，是业内公开的玩笑话。这一说法恰恰反映出其研发的历史困境：基础科学突 破缓慢、工程复杂度高、资金投入周期长。但如今，多名行业人士在接受第一财经记者采访时却表示， 无论从技术突破、政策支持，还是投资氛围来说，今年都堪称核聚变元年，曙光近在前方。 1月，中国科学院等离子体物理研究所（下称"等离子体所"）研制的东方超环（EAST） ...

2025.11. 16 本文字数：4550，阅读时长大约7分钟 作者 | 第一财经 郭霁莹 封图 | 图源聚变新能 被称为"人造太阳"的可控核聚变今年屡登资本市场热门榜，年初至今，可控核聚变指数涨幅超过 60%，已为投资者带来可观回报，二级市场甚至出现"沾核就涨"的现象。 中国聚变元年 实现核聚变永远还有50年，是业内公开的玩笑话。这一说法恰恰反映出其研发的历史困境：基础科 学突破缓慢、工程复杂度高、资金投入周期长。但如今，多名行业人士在接受第一财经记者采访时却 "行业投资氛围明显变了。"国内首批成立的核聚变创业公司瀚海聚能投资部负责人告诉第一财经记 者，之前他们要花大力气寻找投资人，解释什么是可控核聚变。今年不少投资人主动来找他们，有的 甚至直接明确投资意向，谈判更为顺畅。 表示，无论从技术突破、政策支持，还是投资氛围来说，今年都堪称核聚变元年，曙光近在前方。 国内首轮创业潮始于2022年的核聚变，为何今年打破沉寂？国家队大项目与初创公司并排跑，将带 来怎样的市场想象空间？在行业"永远50年"魔咒下，商业公司如何能让资本耐心等？ 1月，中国科学院等离子体物理研究所（下称"等离子体所"）研制的东方超环（EAS ...

国内核聚变正在掀起新一轮行业竞速。 被称为"人造太阳"的可控核聚变今年屡登资本市场热门榜，年初至今，可控核聚变指数涨幅超过60%，已为投资者带来可观回报，二级市场甚至出现"沾核 就涨"的现象。 "行业投资氛围明显变了。"国内首批成立的核聚变创业公司瀚海聚能投资部负责人告诉第一财经记者，之前他们要花大力气寻找投资人，解释什么是可控核 聚变。今年不少投资人主动来找他们，有的甚至直接明确投资意向，谈判更为顺畅。 国内首轮创业潮始于2022年的核聚变，为何今年打破沉寂？国家队大项目与初创公司并排跑，将带来怎样的市场想象空间？在行业"永远50年"魔咒下，商业 公司如何能让资本耐心等？ 中国聚变元年 实现核聚变永远还有50年，是业内公开的玩笑话。这一说法恰恰反映出其研发的历史困境：基础科学突破缓慢、工程复杂度高、资金投入周期长。但如今， 多名行业人士在接受第一财经记者采访时却表示，无论从技术突破、政策支持，还是投资氛围来说，今年都堪称核聚变元年，曙光近在前方。 招商证券指出，核聚变作为国家能源安全与科技自主可控的战略制高点，产业化进程加速从实验验证迈向工程示范，行业将步入"多路线竞速+资本共振"新 阶段。 面对新局势，行 ...

Core Insights - The report discusses the progress and technological advancements in the global commercialization of controlled nuclear fusion, highlighting China's significant role in this competitive landscape [1][10]. Group 1: Global Competition and Technological Advances - The primary goal of controlled nuclear fusion is to replicate the fusion reactions occurring in the sun, achieving stable and controllable energy output on Earth. This requires overcoming the "fusion triple product" threshold, which is the product of plasma temperature, density, and confinement time reaching 10²¹ m⁻³・s・keV [2]. - The ITER project, involving 35 countries and costing over €20 billion, is the largest international nuclear fusion collaboration. By 2025, it will complete the installation of its core coil system, capable of generating a magnetic field of 11.8 Tesla to confine plasma at 150 million degrees Celsius. The project aims to conduct deuterium-tritium fusion experiments by 2034, targeting an energy gain factor of Q=10 [2][3]. - U.S. private companies are making significant strides in commercialization. Commonwealth Fusion Systems (CFS) plans to validate Q>1 by 2026 and launch a 200 MW commercial reactor by 2030. Helion Energy has signed the world's first fusion power purchase agreement with Microsoft, promising a 50 MW plant by 2028 and expanding to 250 MW by 2030 [3]. Group 2: China's Breakthroughs and Diverse Approaches - In 2025, China achieved notable breakthroughs in controlled nuclear fusion, with both state-led and private sector initiatives advancing the "deuterium-tritium + hydrogen-boron" dual approach [4][5]. - The EAST (Experimental Advanced Superconducting Tokamak) successfully maintained 100 million degrees Celsius plasma for 1066 seconds, setting a world record and demonstrating the capability for long-duration plasma confinement, essential for future power generation [4]. - The private sector's "Xuanlong-50U" device achieved significant milestones, including a million-ampere hydrogen-boron plasma discharge and stable operation at 1.2 Tesla for 1.6 seconds, marking a breakthrough in hydrogen-boron fusion technology [5]. Group 3: Diverse Technological Routes and Industry Development - The controlled nuclear fusion field is characterized by multiple technological routes, including magnetic confinement, inertial confinement, and emerging technologies, each with its advantages and challenges [6][7]. - The magnetic confinement route, particularly the tokamak design, remains the most mature, while the field-reversed configuration (FRC) and stellarator designs are also being explored for their potential benefits [6]. - The industry chain for controlled nuclear fusion is developing, with China achieving significant progress in domestic production of superconducting materials and key components for fusion devices, supporting the overall commercialization efforts [8][9]. Group 4: Future Energy Landscape - The global race for controlled nuclear fusion is driven by increasing energy demands and the need for sustainable energy solutions. The International Energy Agency predicts that global electricity demand will double by 2050, while fossil fuels face reduction pressures [10]. - Controlled nuclear fusion offers a solution with zero carbon emissions, sustainable raw materials, and stable 24-hour power supply, positioning it as a potential "ultimate energy" source for the future [10].

Core Insights - The commercialization of fusion energy is a hot topic, with significant advancements in technology and policy support in China [1][5][8] - China is transitioning its fusion research facilities from experimental tools to industrial hubs, enhancing global collaboration [2][3][9] - Despite progress, challenges remain in technology and industrial ecosystem for the commercialization of fusion energy [5][7] Group 1: Technological Advancements - China's "China Fusion Engineering Test Reactor" (HL-3) achieved a nuclear temperature of 117 million degrees Celsius and an electron temperature of 160 million degrees Celsius, marking a significant leap in fusion parameters [2] - The "East" (EAST) facility set a world record by maintaining a plasma temperature of 100 million degrees Celsius for 1066 seconds [3] - New devices like the "Xuanlong-50U" and "Jing Tian Magnet" have made breakthroughs in plasma current and magnetic field strength, respectively [4] Group 2: Policy and Strategic Initiatives - The Chinese government has prioritized controlled nuclear fusion in its carbon neutrality goals, with multiple policy documents supporting research and development [1][8] - Local initiatives, such as the fusion energy industrial cluster in Hefei, aim to attract upstream and downstream enterprises, creating a billion-yuan industry [8] Group 3: Global Collaboration and Market Dynamics - China is a key partner in the ITER project, contributing to the design and manufacturing of critical components, enhancing its global standing in fusion energy [9] - The establishment of the "Controlled Nuclear Fusion Innovation Alliance" aims to integrate research and market advantages, fostering collaboration among state-owned enterprises, private companies, and research institutions [9] Group 4: Future Outlook - The timeline for achieving commercial fusion energy includes milestones such as the start of burning experiments by 2027 and the construction of China's first engineering test reactor by 2035 [7][10] - The vision for fusion energy is to provide a clean and sustainable energy source, contributing to global energy innovation and environmental harmony [10]

Core Insights - The commercialization of fusion energy technology is accelerating from scientific research to engineering practice and application, as highlighted in the recent international conference held in Chengdu, China [2][3] Group 1: Technological Advancements - China's fusion research facilities are transitioning from experimental tools to industrial hubs, providing a solid hardware foundation for engineering and commercialization breakthroughs [3] - The "Chinese Circulation No. 3" (HL-3) achieved significant milestones, including reaching nuclear temperatures of 117 million degrees Celsius and electron temperatures of 160 million degrees Celsius, marking a leap in fusion parameters [3] - The "East" (EAST) facility set a world record by maintaining a plasma state at 1 million degrees Celsius for 1066 seconds, showcasing over 200 core technologies developed independently [4] - The "Kua Fu" (CRAFT) facility successfully tested a prototype component that addresses critical engineering challenges in fusion reactor operations [4][5] Group 2: Global Trends and Investments - Globally, nearly 40 countries are advancing fusion plans, with over 160 fusion devices in operation, under construction, or planned, and private investments exceeding $10 billion [6] - Italy and the U.S. are making significant investments in fusion energy, with Italy aiming for its first plasma by 2030 and the U.S. Department of Energy funding new collaborative projects [6] Group 3: Challenges to Commercialization - The commercialization of fusion energy faces multiple challenges, including technological hurdles related to plasma stability, material durability, and fuel sustainability [7] - The industry ecosystem must address supply chain maturity, economic viability, investment sustainability, and regulatory adaptability [7] Group 4: Policy and Ecosystem Development - China is building an ecosystem to support the engineering and industrialization of fusion energy through policy guidance and international cooperation [8] - Recent policies have prioritized controlled nuclear fusion as a key area for low-carbon technology development, with significant investments in research and infrastructure [8] Group 5: International Collaboration - China has established partnerships with over 140 fusion research institutions across 50 countries, contributing to the global fusion energy landscape [9] - The formation of the China Fusion Energy Company aims to enhance collaboration between research institutions and enterprises, fostering innovation and market vitality [9] Group 6: Future Outlook - The vision for fusion energy is to provide abundant, clean energy, with expectations for significant advancements in experimental and commercial fusion reactors by 2035 and beyond [10]

Core Insights - The 2025 World Fusion Energy Group's second ministerial meeting and the 30th International Atomic Energy Agency Fusion Energy Conference were held in Chengdu, highlighting the significance of controllable nuclear fusion as the "ultimate energy" for humanity, which could reshape the global energy landscape and international cooperation [1] - China is strategically positioning itself to lead in the nuclear fusion sector through systematic industrial layout and national strategic planning, transitioning from a technology follower to a leader [3][5] National Layout - China's nuclear industry development is rooted in national planning, which supports steady industrial progress and reflects strategic considerations for moving from technology catch-up to industry leadership [3] - The country is leveraging early technological accumulation and deep participation in the International Thermonuclear Experimental Reactor (ITER) project to transition from a follower to a leader in the global fusion field [5] - Key locations for controllable nuclear fusion development in China include Shanghai, Chengdu, Hefei, and Langfang, with various critical devices being developed collaboratively [5][7] Industry Growth - China's nuclear technology application sector has a complete innovation chain, covering nearly 40 subfields, with an estimated output value growing from 300 billion yuan in 2015 to nearly 700 billion yuan in 2022, reflecting an annual growth rate of over 15% [8] - Sichuan province is a major hub for nuclear industry and technology utilization, with significant innovation and application potential, particularly in the development of the "China Circulation No. 3" and electromagnetic-driven fusion devices [9][10] Regional Development - Sichuan's support for the nuclear industry, especially in nuclear technology applications, is characterized by targeted policies aimed at fostering high-quality development in the nuclear medical industry by 2030 [10] - The province's approach to industrial layout is differentiated, allowing regions to develop specialized fields based on local resources, creating a comprehensive ecosystem in the nuclear industry [10] Chengdu's Role - Chengdu's strategic positioning aligns with the development of the fusion industry, as it has been designated as a center for economic, technological innovation, and international exchange [11][12] - The city hosts leading research institutions and has cultivated local enterprises that excel in specific fields, contributing to a robust industrial ecosystem [12][13] - The recent international fusion energy conference in Chengdu has further solidified the city's role in the nuclear industry, with the establishment of a global fusion energy research and training collaboration center [12][15] Future Plans - A comprehensive development plan for the controllable nuclear fusion industry has been released, focusing on technology research, results transformation, and the establishment of a global technology research hub [15] - The plan aims to create a closed-loop industrial chain and foster new business models, contributing to Chengdu's vision of becoming a model for sustainable urban development and achieving the "ultimate energy solution" for humanity [15]

Core Insights - The development of controllable nuclear fusion, referred to as the "artificial sun," is poised to initiate a new energy revolution, promising significant reductions in electricity costs and providing essential energy support for high-energy-consuming industries like AI [1][2]. Research and Development Progress - The CRAFT facility in Hefei has made significant advancements, with the prototype component of the divertor passing expert testing and acceptance [1]. - Hefei has invested over 50 years in controllable nuclear fusion, establishing itself as a leader in this field with multiple successful large scientific installations [2]. - The "iron triangle" of controllable nuclear fusion in Hefei includes the EAST, BEST, and CRAFT facilities, supported by the Hefei Institute of Physical Science [3]. National Research Landscape - China's controllable nuclear fusion research landscape is primarily led by the Southwest Institute of Physics and the Hefei Institute of Physical Science, with contributions from universities and private enterprises [4]. - The EAST facility focuses on long-duration stable operation of high-temperature plasma, while BEST aims to validate compact and efficient fusion device designs [5]. Recent Breakthroughs - In January 2023, EAST achieved a world record with 1 million degrees Celsius plasma stable operation for 1066 seconds, marking a significant milestone in fusion research [6]. - The "Chinese Circulation No. 3" facility reached a breakthrough with dual billion-degree operation, indicating readiness for combustion experiments [6]. Path to Commercialization - The journey to commercialize controllable nuclear fusion involves six stages, with China currently transitioning from combustion experiments to experimental reactors [9]. - Hefei's strategic plan includes the development of experimental, demonstration, and commercial reactors by 2035, with BEST expected to complete power generation demonstrations by 2030 [11][12]. Competitive Landscape - The global nuclear fusion market is projected to reach $496.55 billion by 2030, with a compound annual growth rate of 7.4% from 2024 to 2030, indicating substantial market potential [15]. - Various countries and companies are positioning themselves for commercialization, with U.S. firms announcing plans for fusion power plants as early as 2028 [15][16]. Industry Collaboration - China's nuclear fusion industry is evolving into a collaborative model involving state-led initiatives and private enterprises, with significant clusters in Hefei and Chengdu [17]. - Companies like Fusion New Energy and China Fusion Energy Co. are leading efforts in the sector, with substantial investments and projects underway [18]. Regulatory Environment - Recent legislative developments, such as the Atomic Energy Law, are expected to facilitate smoother commercialization of nuclear fusion technologies in China [18].

Core Viewpoint - The article highlights the significant breakthroughs in controlled nuclear fusion technology, particularly the recent advancements in the BEST project in Hefei, which have sparked enthusiasm in the capital markets for the nuclear fusion sector. The industry is expected to grow substantially, with a projected market size of $496.55 billion by 2030 and a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030 [1][9]. Industry Overview - The controlled nuclear fusion industry is forming a complete supply chain structure, including upstream raw materials, midstream equipment and engineering construction, and downstream nuclear power plant operations [1]. - The International Energy Agency predicts that the global nuclear fusion market will reach $496.55 billion by 2030, indicating significant market potential [1]. Market Performance - As of October 13, 2025, leading fusion concept stocks like Hezhong Intelligent have achieved a four-day consecutive increase, with a closing price of 26.16 yuan per share. The nuclear fusion index has risen by 3.44%, with 39 out of 41 component stocks showing positive growth [2]. - Zhongzhou Special Materials led the market with a 13.84% increase, benefiting from a significant order worth 180 million yuan for components related to the BEST project [4]. Technological Breakthroughs - The article emphasizes that the recent technological advancements, such as the successful placement of the core component of the BEST project, mark a transition from basic science to engineering practice in nuclear fusion research [6][7]. - The EAST device set a world record with 1 million degrees Celsius sustained for 1000 seconds, showcasing the progress in fusion technology [7]. Policy Support - Continuous policy support has been crucial for the steady growth of the nuclear fusion industry. The Ministry of Industry and Information Technology and other departments have identified nuclear fusion as a key area for innovation and development [9][10]. - The recent passing of the Atomic Energy Law encourages research and development in controlled thermonuclear fusion, further solidifying the regulatory framework for the industry [10]. Investment Opportunities - Analysts suggest that companies with core technological advantages and clear orders will continue to receive valuation premiums as the BEST project progresses towards completion in 2027 [11]. - Investment opportunities are expected to arise in upstream equipment and materials sectors due to accelerated capital expenditures in fusion projects, with companies like Xibu Superconductor and Yingjie Electric being highlighted as potential beneficiaries [7][11].

Core Insights - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, with over 10 billion yuan in investments from major energy firms and capital institutions [2][11] - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021, indicating strong investor confidence and technological advancements [4] - The competition in the fusion energy sector is intensifying, with significant breakthroughs in China's fusion projects and international collaborations accelerating the path to commercialization [5][7] Investment and Market Dynamics - China Fusion Energy Company is positioned as a national strategic player, with investments from key state-owned enterprises and private capital, reflecting a robust investment structure [11][12] - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the supply chain, indicating a growing interest in the fusion energy sector [14][15] - The fusion industry is expected to enter a critical decade, with many companies planning to operate commercial demonstration plants by 2035 [8][10] Technological Advancements - Major advancements in China's fusion devices have been reported, including record plasma confinement times and temperature achievements, positioning the country as a leader in plasma technology [5][6] - Internationally, significant projects like ITER and commercial agreements for fusion energy procurement are paving the way for the practical application of fusion technology [7][8] Future Outlook - The timeline for commercial fusion energy is becoming clearer, with expectations that the first fusion power plant could be operational by 2030 [7][8] - The integration of AI and high-temperature superconductors is expected to further accelerate the development of fusion technology, enhancing feasibility and cost-effectiveness [16]