我们的生活离不开能源。在"十五五"规划建议中，有两位"能源新秀"被列为未来产业，那就是氢能和核聚变能。先说说氢能，它是一种清洁能源，而且在产 业化方面已经有了一些应用。而核聚变能大家可能觉得离我们还很遥远，但其实，我国在这方面已经实现从无到有、从弱到强的跨越，而且还不断传来好消 息。简单地说，核聚变就是模拟太阳发光发热。核聚变能燃料丰富、清洁环保、安全性高，所以也被称为人类的"终极能源"。氢能、核聚变能正共同勾勒着 人类能源转型的未来蓝图，中国正加速向前。 今天，支撑人类社会运转的几乎一切能源，从煤、石油、天然气到风能、生物能，其本质都是太阳能，而太阳上的能量来自内部的核聚变反应。长久以来， 人类一直希望通过可控核聚变反应，来创造出"人造太阳"，从而获得源源不绝的能源。 位于合肥市西郊的科学岛，面积不足3平方公里，却是中国核聚变研究的策源地与主阵地。2025年，在这里有关核聚变的研究捷报频传。1月，"东方超 环"（EAST）终于创下1亿摄氏度1066秒稳态长脉冲高约束模等离子体运行的世界纪录；5月，中国下一代紧凑型聚变实验装置工程（BEST）的总装正式启 动；2025年年底，聚变堆主机关键系统综合研究设施（C ...

（来源：市场星报） 12月29日，央视"焦点访谈"播出《"聚"力攻坚 追光逐日》，聚焦合肥可控核聚变能大科学装置。 我们的生活离不开能源。在"十五五"规划建议中，有两位"能源新秀"被列为未来产业，那就是氢能和核 聚变能。 位于合肥市西郊的科学岛，面积不足3平方公里，却是中国核聚变研究的策源地与主阵地。2025年，在 这里有关核聚变的研究捷报频传。1月，"东方超环"（EAST）终于创下1亿摄氏度1066秒稳态长脉冲高 约束模等离子体运行的世界纪录；5月，中国下一代紧凑型聚变实验装置工程（BEST）的总装正式启 动；2025年年底，聚变堆主机关键系统综合研究设施（CRAFT）进入全面建成收尾阶段。三箭齐发， 一个世界级核聚变研究装置集群正在形成。 ...

"终极能源"商业化已不再是科幻设想，而是进入窗口期收窄、路径分化的产业化前夜。这场重塑未来能 源格局的全球竞赛，正从实验室快步走向工程现场 实现可控核聚变商业化，需要跨越从科学可行到工程可行，再到商业可行的历程。商业化面前，仍有材 料、工程与生态"三座大山" 核聚变商业化的攻坚之路，注定是一场耐力、实力与战略定力的综合较量 文 |《瞭望》新闻周刊记者吴慧珺戴威 聚变工业协会发布的《2025年全球聚变行业》报告显示，过去五年，全球聚变行业呈现爆发式增长，总 投资额从2021年的19亿美元飙升至97亿美元，仅2024年就新增26亿美元。 当美国公司承诺2028年供电，欧洲制定2040计划时，中国选择的是一条兼顾雄心与务实、统筹与活力的 独特路径。随着紧凑型聚变能实验装置（BEST）稳步推进，高温超导材料迈向规模化量产，AI开始赋 能等离子体控制，中国核聚变产业化，正构建起"技术突破—产业升级—资本重构"的完整叙事。 "聚变能技术正在从科学研究向工程实践和商业应用的目标加速迈进。"国家原子能机构主任单忠德表 示。 "终极能源"商业化已不再是科幻设想，而是进入窗口期收窄、路径分化的产业化前夜。这场重塑未来能 源格局的 ...

"聚变之路"既是一条科学探索之路，也是一条人类追求清洁能源的共同奋斗之路 2026年1月，《中华人民共和国原子能法》将施行，明确国家鼓励和支持受控热核聚变的科学研究和技 术开发，规定相关安全监督管理措施，既防范风险，又激发活力，以制度之力为聚变能研究创新划定边 界、提供保障。 前不久，中国科学院"燃烧等离子体"国际科学计划项目正式启动，面向全球开放多个聚变能实验装置及 平台，旨在聚力点燃"人造太阳"，携手探索用聚变能照亮人类清洁能源的未来。 "十五五"规划建议提出，"推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代 移动通信等成为新的经济增长点。"当今世界，清洁能源角色正逐渐从补充转向主力，从风光水储到氢 能、核能，清洁能源版图不断扩展，聚变能正是其中最具革命性的一块。与裂变能相比，聚变能能量密 度大、原料资源丰富、放射性污染低、固有安全好；与其他清洁能源相比，聚变能几乎不受地理与气候 限制，能实现连续运行、稳定输出，是未来清洁能源的重要发展方向之一。 科技进步是世界性、时代性课题，唯有开放合作才是正道。聚变能研究投入大、周期长，任何国家都无 法独立完成。"聚变之路"既是一条科学探索之路，也 ...

Core Viewpoint - Nuclear fusion energy is regarded as the ultimate goal for clean energy, often referred to as "artificial sun," with increasing international collaboration, particularly between Europe and China, as the U.S. faces technical and funding challenges [1][3]. Group 1: International Collaboration - The "International Scientific Program on Burning Plasma" initiated by the Chinese Academy of Sciences in Hefei marks a significant step in global cooperation for fusion energy research [3]. - A declaration called the "Hefei Fusion Declaration" was signed by researchers from multiple European countries, emphasizing their commitment to align their efforts with China's timeline for sustainable nuclear fusion [3]. Group 2: Project Development - The BEST (Burning Plasma Experimental Superconducting Tokamak) project in Hefei is set to be completed by 2027, aiming to conduct experiments that validate its long-pulse steady-state operation capability, targeting fusion power output between 20 megawatts and 200 megawatts [3]. - The EAST (Experimental Advanced Superconducting Tokamak) facility in Hefei has achieved multiple breakthroughs, setting world records for high-temperature plasma confinement time, thus providing critical data for global fusion research [5]. Group 3: China's Position in Fusion Research - China's robust engineering capabilities, open collaboration spirit, and long-term investment have positioned it as a potential catalyst in making nuclear fusion a reality, attracting the attention of top European experts [5]. - The competition in nuclear fusion research is seen as a contest of organizational efficiency and strategic foresight, with China currently demonstrating strong momentum in leading this race [5].

Core Insights - The controlled nuclear fusion sector has gained significant traction in the capital market this year, with a fusion index increase of over 60% since the beginning of the year, leading to substantial returns for investors [2] - The investment atmosphere has shifted, with many investors now proactively seeking opportunities in the nuclear fusion space, contrasting with previous years where companies had to work hard to attract funding [2][3] - 2023 is being referred to as the "Year of Fusion" in China, with advancements in technology, policy support, and investment climate indicating a potential breakthrough in the field [2][3] Industry Developments - Major milestones include the EAST achieving stable operation at 100 million degrees Celsius for over a thousand seconds, and the HL-3 achieving "double hundred degrees" operation [3] - The enactment of the Atomic Energy Law in September 2023 provides legal support for nuclear fusion technology development and application [3] - The establishment of state-backed companies like China Fusion Energy Co. and Fusion New Energy (Anhui) Co. has attracted significant investment, with nearly 11.5 billion yuan raised [4] Investment Trends - Numerous startups have emerged, with companies like Nova Fusion and Antong Fusion securing substantial funding to advance their fusion technology [5] - The capital influx is extending to the supply chain, with companies in related fields also receiving investments to support the growing nuclear fusion market [5][6] - The government has announced significant procurement projects, with recent tenders totaling approximately 1.37 billion yuan for various fusion-related equipment [6] Technological Landscape - The nuclear fusion market is diversifying, with new companies exploring various technological routes beyond the traditional Tokamak design, including FRC and Z-pinch technologies [8][9] - The two main state-backed teams are advancing critical Tokamak projects, with plans for operational timelines extending to 2045 for commercial power generation [8][9] Commercialization Challenges - The high costs associated with Tokamak projects, exemplified by the ITER project, pose significant challenges for commercialization, with estimates suggesting costs could reach 200-300 billion yuan for commercial reactors [9][10] - Startups are focusing on alternative approaches to reduce costs and improve efficiency, with some exploring hydrogen-boron fusion as a more viable option [10][12] - The industry anticipates a critical five-year window for technological iteration, with startups aiming to differentiate themselves in this competitive landscape [12][14] Market Applications - The demand for nuclear fusion is driven by the global need for energy, particularly in the context of rapid advancements in AI and other high-energy-consuming technologies [14] - Initial commercial applications are being explored in sectors such as medical isotope production, where there is a pressing market need [15][16] - Companies are positioning themselves to meet the energy needs of high-consumption industries, with plans for small-scale fusion power plants to serve specific sectors [15]

Core Viewpoint - The article discusses the significant growth and investment interest in controlled nuclear fusion, highlighting 2023 as a pivotal year for the industry, with a notable increase in investment and technological advancements [3][4]. Investment Climate - The controlled nuclear fusion index has risen over 60% this year, indicating a strong return for investors [3]. - There has been a shift in the investment atmosphere, with investors actively seeking opportunities in the sector, contrasting with previous years where companies struggled to attract funding [3][4]. Technological Advancements - Major breakthroughs have been achieved in nuclear fusion technology, including the EAST achieving 100 million degrees Celsius for over a thousand seconds and the HL-3 achieving "double hundred degrees" operation [4]. - The industry is witnessing a diversification of technological approaches, moving beyond the traditional Tokamak design to include FRC, Z-pinch, and stellarator technologies [11][12]. Policy Support - The enactment of the new Atomic Energy Law in September 2023 has provided legal backing for nuclear fusion research and applications [4]. - Nuclear fusion has been included in the "14th Five-Year Plan" as a future industry, emphasizing its potential as a new economic growth point [4]. Capital Influx - Significant capital has entered the sector, with companies like Nova Fusion and Antong Fusion securing substantial funding for their projects [6][18]. - The establishment of state-backed companies like China Fusion Energy Co. and Fusion New Energy Co. has further attracted attention and investment in the industry [4][5]. Market Dynamics - The nuclear fusion industry is characterized by a long supply chain involving superconducting materials, magnets, power sources, and mechanical processing, with many companies seeking to capitalize on this multi-trillion market [6][7]. - The government has initiated multiple procurement projects, with recent announcements totaling nearly 1.37 billion yuan for various nuclear fusion equipment [7]. Commercialization Challenges - Despite the optimism, experts caution that commercial nuclear fusion power generation still requires extensive scientific and engineering validation, with most companies projecting a timeline of 5 to 8 years for commercial viability [19]. - The high costs associated with traditional Tokamak designs have led many startups to explore alternative routes that promise lower capital requirements and faster iteration cycles [13][14]. Application Opportunities - The medical field presents a promising application for nuclear fusion technology, particularly in isotope production for cancer treatment, which is experiencing a growing market demand [20][21]. - Companies are also exploring the use of fusion technology in neutron sources for various applications, including cancer therapy and isotope production [20][21].

Core Viewpoint - The domestic nuclear fusion industry is experiencing a new wave of competition, with significant investment interest and technological advancements marking 2023 as a pivotal year for the sector [1][3]. Group 1: Industry Developments - The controllable nuclear fusion index has increased by over 60% this year, indicating strong market interest and investor returns [1]. - Major projects like the EAST and HL-3 have achieved significant milestones, including stable operation of plasma at 100 million degrees Celsius for over a thousand seconds [2]. - The establishment of companies like China Fusion Energy Co. and Fusion New Energy Co. has attracted nearly 11.5 billion yuan in investments, signaling robust state support [3]. Group 2: Investment Trends - A shift in investment dynamics is evident, with investors actively seeking opportunities in nuclear fusion startups, contrasting with previous years where companies struggled to attract funding [1][3]. - Several startups, including Nova Fusion and Antong Fusion, have successfully secured significant funding rounds, indicating a growing confidence in the sector [4][6]. - The capital influx is extending to the supply chain, with companies in related fields also receiving investments, highlighting the industry's expansive growth potential [6]. Group 3: Technological Innovations - The nuclear fusion landscape is diversifying, with new companies exploring alternative technologies like Field-Reversed Configuration (FRC) and Z-pinch, moving away from the traditional Tokamak approach [7][14]. - The government is supporting a multi-technology roadmap for nuclear fusion, allowing for varied approaches to development and commercialization [14]. - Companies like Hanhai Fusion are focusing on cost-effective solutions, with their HHMAX-901 device costing around 200 million yuan, aiming for competitive electricity pricing [11]. Group 4: Commercialization Efforts - The urgency for nuclear fusion is driven by the global demand for energy, particularly from AI and tech giants investing in fusion technologies [15]. - While commercial power generation is projected to take 5 to 8 years, companies are exploring immediate applications in medical isotopes and neutron sources to generate revenue [16][17]. - The medical sector presents a promising avenue for early application, with significant market demand for isotopes used in cancer treatment [17][18].

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]