Group 1 - The article discusses the current advancements in nuclear fusion technology and key future milestones [1] - It highlights the operational status and financing situation of global nuclear fusion devices [2][6] - The article analyzes the value of key components such as magnet systems, divertors, and blanket systems, along with a breakdown of essential materials [7][8] Group 2 - ITER (International Thermonuclear Experimental Reactor) is set to begin plasma experiments with deuterium-tritium in 2036, with China responsible for 18 key component procurement packages [2][51] - The HL-3 (Chinese Circulation No. 3) aims to achieve a fusion triple product of 10^20 by May 2025, marking a significant advancement in fusion research [3] - EAST (Experimental Advanced Superconducting Tokamak) achieved a world record of 1 billion degrees Celsius for 1066 seconds in January 2025 [4] Group 3 - The BEST (Compact Fusion Energy Experimental Device) project is scheduled to be completed by 2027, with plans to demonstrate power generation by 2030 [5][71] - The global nuclear fusion industry is projected to attract over $7.1 billion in investment in 2024, with a compound annual growth rate of 5.1% expected until 2037 [6] - Key components in ITER, such as the magnet system, in-vessel components, and vacuum chamber, account for 28%, 17%, and 8% of the total construction cost, respectively [7][50] Group 4 - The article emphasizes the advantages of nuclear fusion energy, including high energy density, environmental friendliness, and safety [15][19] - It outlines the necessary conditions for achieving controlled nuclear fusion, which include sufficient temperature, density, and energy confinement time [19][20] - The article details the operational status of various fusion devices globally, with a focus on the number of devices in operation, under construction, and planned [36][44]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The entry of technology and new energy giants into the nuclear power sector is creating a diversified new landscape, with companies like Alibaba and Geely participating in coastal nuclear power projects in China [3][4]. - The policy environment is supportive, with increasing participation of private capital in nuclear projects, projected to reach a 10% stake by 2024, and further support for private enterprises by 2026 [4]. - The integration of AI and nuclear energy is anticipated to deepen, with a focus on "computing power + nuclear energy" and the implementation of a "wind-solar-nuclear-storage integration" model in coastal bases [4]. Summary by Sections Industry Participation - Major technology companies are investing in nuclear power through equity stakes, focusing on stable energy to support computing needs, while new energy firms are providing storage solutions and core equipment manufacturing [3][4]. - The domestic nuclear equipment localization rate has reached 93.4%, establishing an ecosystem led by state-owned enterprises, empowered by private capital, and supported by technology [3]. Future Outlook - The demand for AI computing power is expected to drive the development of small modular reactors (SMR) as a key solution for energy needs, with significant interest from technology giants [5]. - Companies like Jingye Intelligent are advancing SMR technology, with plans to establish a subsidiary focused on powering AI data centers [6]. Recommended Companies - Jingye Intelligent: Plans to establish a subsidiary focused on SMR for AI data centers [6]. - Jiadian Co.: Leading position in the nuclear power sector with its helium fan products [6]. - Guoguang Electric: Key components for the ITER project [6]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [6]. - Kexin Electromechanical: Producing high-temperature gas-cooled reactor products [6]. - Hailu Heavy Industry: Services for various reactor types including third and fourth generation [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear projects [6].

证券日报网讯1月21日，国光电气在互动平台回答投资者提问时表示，近年来，公司基于在真空与核工 业器件领域的经验，以为"ITER"装置供应偏滤器、第一壁等部件为基础，积极跟进国内核聚变项目， 加强与国内院所及企业的合作，已成功为"EAST""HL系列"等装置配套关键部件，并正跟 进"BEST""HL-3"及"Z箍缩混合堆"等国内重大聚变项目。同时，公司持续投入研发，科技成果屡获认 可。与核工业西南物理研究院合作的"聚变堆大型复杂部件高温下超高灵敏度检漏技术研究及应用"获 2023年度四川省科学技术进步奖一等奖，相关成果已转化为国际与国家标准；参与完成的"新一代中国 环流器工程研制"获2024年度四川省科学技术奖一等奖。这些奖项有助于公司提升行业知名度与竞争 力，推动业务拓展。 ...

Core Viewpoint - The company is actively involved in the domestic nuclear fusion projects, leveraging its experience in vacuum and nuclear industrial devices to supply critical components for various fusion devices, enhancing its collaboration with domestic institutions and enterprises [1] Group 1: Company Activities - The company has successfully supplied key components for the "EAST" and "HL series" fusion devices and is currently following up on major domestic fusion projects such as "BEST," "HL-3," and "Z-Compression Hybrid Reactor" [1] - The company continues to invest in research and development, achieving recognition for its technological advancements [1] Group 2: Awards and Recognition - The collaboration with the Southwest Institute of Physics on the "Research and Application of High Sensitivity Leak Detection Technology for Large Complex Components in Fusion Reactors" won the First Prize of the 2023 Sichuan Provincial Science and Technology Progress Award, with results being transformed into international and national standards [1] - The participation in the "Development of the Next Generation Chinese Tokamak Engineering" project received the First Prize of the 2024 Sichuan Provincial Science and Technology Award, which enhances the company's industry visibility and competitiveness [1]

1月2日，中国科学院合肥物质科学研究院等离子体物理研究所科研团队宣布，有"人造太阳"之称的全超 导托卡马克核聚变实验装置（EAST）实验证实托卡马克密度自由区的存在，找到突破密度极限的方 法，为磁约束核聚变装置高密度运行提供了重要的物理依据。相关研究成果发表在国际学术期刊《科学 进展》上。 可控核聚变或成终极能源，全球能源体系有望重构，中美在核聚变领域竞逐加速。我国"十五五"规划建 议明确提出将核聚变作为新的经济增长点，此前国家发改委、国家能源局、工信部等均有表态支持核聚 变发展。与此同时，上海、四川、安徽、江西等地方层面也均有政策支持及装置规划，有望形成核聚变 产业集群。 证券时报表示，资本开支加速提升，叠加政策强力驱动，可控核聚变发展望全面提速。机构预测，未来 3-5年将是核聚变项目投招标的高峰时期，统计国内主要核聚变项目预计投入达到1460亿元，关注价值 量占比高以及具备先发优势的标的。 公司方面，据证券时报表示， 国光电气：公司是偏滤器、第一壁等核心部件供应商，国内唯一具备偏滤器整体研制能力，中标 CFETR项目包层系统订单，真空室制造技术国产化率100%。 四创电子：子公司华耀电源作为国内少数掌握核 ...

Group 1 - The company, Parker New Materials (605123.SH), is a member of the Fusion Industry Alliance and has deeply participated in the BEST project [1] - The company provides material research and product support for core components such as vacuum chambers, shielding layers, filters, and first walls [1]

安泰科技 20251211 摘要 安泰科技 2025 年通过价格让步保市场份额，虽扣非归母净利润因去年 股权转让款影响下降，但实际扣非规模稳定增长超 20%，公司对完成全 年目标具信心。各产业整体向上，受益于国产替代和产业升级，预计未 来 2-3 年营收和归母净利润增速稳定在 40%左右。 受贸易摩擦和关税影响，安泰科技上半年出口业务受阻，下半年恢复。 为保国内市场份额，公司采取降价策略，并向下游传导成本压力，提高 钨产品、高速钢等价格。10 月整体订单合同保持增长，营收虽波动，仍 在预期内。 安泰科技获得的出口许可证有效期较短，份额不如行业头部企业。公司 产能 1 万吨，实际产量近 6 千吨，成品销售约 5 千吨。公司正积极与商 务部和相关协会沟通，争取未来发展机会。 出口业务占安泰科技整体业务比重不高，约 35%，对美欧市场出口约占 20%。公司第二增长曲线围绕金属有色材料主业展开，通过国家课题和 自主立项进行技术积累，如粉末高速钢领域已取得显著进展。 南诏乌木板块应用历史悠久，受益于国产化进程加快，但下游应用端不 会突然大面积增加，预计可能阶段性快速增长，长期维持高增速具挑战。 IGBT 模块应用推动热 ...

Core Insights - The news highlights the significant advancements and competitive advantages of various companies in the nuclear fusion materials and technology sector, emphasizing their roles in the ITER project and domestic fusion initiatives. Company Summaries - **West Superconducting (688122)**: As a leading player in low-temperature superconducting materials, the company is the sole domestic supplier for ITER's low-temperature superconducting wire, with its products being critical for fusion device superconducting magnets. The company has achieved international standards in key performance metrics and has established a comprehensive production chain, positioning itself to benefit from the growing demand for superconducting materials as fusion projects accelerate [1][23]. - **Lianchuang Optoelectronics (600363)**: The company focuses on high-temperature superconducting technology, being the only domestic entity capable of designing and manufacturing large-diameter high-temperature superconducting magnets. It has successfully applied its technology in the "Spark One" project and aims to capture high-end market share as high-temperature superconducting technology expands in the fusion sector [2][24]. - **Antai Technology (000969)**: A leader in core materials for nuclear fusion components, the company supplies critical materials for ITER's first wall and blanket modules. Its advanced tungsten-copper composite components meet international standards, and it has a strong foothold in the supply chain for fusion experiments, poised to benefit from increased orders as fusion projects ramp up [3][25]. - **Guoguang Electric (688776)**: The company is a key supplier for plasma control and core components in fusion devices, holding a 60% market share for ITER's divertor. It has secured significant contracts, including an 18 billion yuan package for the CFETR project, indicating strong demand for its products as global fusion construction progresses [4][27]. - **Yongding Co., Ltd. (600105)**: The company specializes in high-temperature superconducting tape, with a projected 80% revenue growth in its superconducting business for 2024. It is involved in the development of superconducting magnets for fusion reactors, leveraging its parent company's resources to create a comprehensive industrial layout [5][28]. - **Xiamen Tungsten (600549)**: The company holds a monopoly in tungsten-based materials for nuclear fusion, being the only supplier with full-process certification for ITER's tungsten-copper divertor components. It is expanding its production capacity to meet growing demand as fusion engineering progresses [6][29]. - **Baosheng Co., Ltd. (600973)**: A leader in special cables for nuclear fusion, the company has secured all cable orders for the "Chinese Circulator No. 3" project, amounting to 5.2 billion yuan. Its products meet international standards, and it is positioned to benefit from the increasing demand for specialized cables in fusion projects [7][30]. - **Guangda Special Materials (688186)**: The company has developed materials for superconducting coil armor, achieving batch production and securing significant orders. Its products are critical for fusion devices, and it is well-positioned to benefit from the growing demand as fusion projects expand [8][31]. - **Hongxun Technology (603015)**: Through its subsidiary in Italy, the company supplies high-precision power systems for ITER, which are essential for plasma control. As domestic fusion projects accelerate, the demand for its power systems is expected to grow significantly [9][32]. - **Wangzi New Materials (002735)**: The company focuses on special capacitors for fusion pulse power systems, being the only domestic supplier certified by ITER. Its products are crucial for plasma heating and confinement, and it is expected to see increased demand as fusion projects move towards commercialization [10][33]. - **Jiusheng Electric (301082)**: A niche leader in special cables for nuclear fusion, the company has a market share exceeding 40% in nuclear power special cables. Its products are already in use in ITER, and it is well-positioned to benefit from the growing demand for specialized cables in fusion applications [11][34]. - **Hedong Intelligent (603011)**: The company is a key player in manufacturing core structural components for fusion, focusing on vacuum chambers. It has secured significant contracts and is expected to benefit from the increasing demand for large structural components as fusion projects advance [12][35]. - **Zhongzhou Special Materials (300963)**: The company specializes in high-temperature and corrosion-resistant materials for fusion applications, supplying critical components for major fusion projects. Its products are expected to see increased demand as fusion engineering progresses [13][37]. - **China Nuclear Construction (601611)**: As a core member of the "national team," the company plays a leading role in the construction of fusion projects, leveraging its extensive experience in nuclear engineering to meet complex project demands [14][38]. - **China Nuclear Power (601985)**: The company is positioned as a long-term beneficiary of the nuclear fusion industry, actively participating in major fusion projects and leveraging its expertise in nuclear power operations to support the commercialization of fusion energy [15][39]. - **Hancable Co., Ltd. (002498)**: The company is a significant player in special and superconducting cables for fusion, with a focus on meeting the extreme conditions of fusion environments. It is expected to capture a substantial market share as demand for specialized cables grows [16][40]. - **Wol Nuclear Materials (002130)**: The company focuses on insulation materials and special components for fusion, leveraging its expertise in nuclear-grade materials to meet the stringent requirements of fusion applications [17][41]. - **Dongfang Tantalum (000962)**: The company is a hidden champion in core materials for nuclear fusion, holding a dominant market position in beryllium materials and superconducting niobium. It is expected to benefit significantly from the upcoming surge in fusion project orders [18][43]. - **Nuiwei Co., Ltd. (603699)**: The company is a core player in the nuclear fusion valve market, holding over 80% market share. It has secured significant contracts for ITER and is expanding its international presence, positioning itself for substantial growth as global fusion projects accelerate [19][20]. - **Hailu Heavy Industry (002255)**: The company is a leading supplier of core structural components and vacuum systems for fusion, with significant contracts in place for ITER and domestic projects. It is well-positioned to benefit from the growing demand for these critical components as fusion engineering progresses [21][42].

Core Viewpoint - The company, Guoguang Electric, is facing a significant decline in its performance for 2025 due to various factors, including changes in technology related to the ITER project and delays in order procurement [1][3]. Group 1: Performance and Financials - Guoguang Electric's performance in the first three quarters of 2025 has been adversely affected by technical changes in nuclear industrial equipment related to the ITER project, which is currently in the design phase and has not yet issued procurement orders [1][3]. - The company has reported that the delays in order issuance and a decline in product prices have contributed to the overall performance downturn [1][3]. Group 2: Nuclear Fusion Projects - The company is actively following up on nuclear fusion projects, including supplying key components such as filters and first wall components for the ITER device, and has successfully provided critical components for domestic fusion devices like EAST and HL series [3]. - The Chinese Academy of Sciences in Hefei has announced four nuclear fusion bidding projects with a total bidding amount of 1.345 billion yuan [3]. Group 3: Commercial Aerospace Sector - In the commercial aerospace sector, there is a growing demand for efficient space propulsion systems, particularly Hall electric thrusters, which are becoming mainstream for modern satellite propulsion systems [4]. - The company has developed core components for Hall electric thrusters, which have been successfully applied in manned space engineering and are entering satellite engineering applications [4]. Group 4: Fundraising and Project Changes - The company announced on November 28 that it plans to change its fundraising investment projects, terminating the "Pressure Vessel Safety Accessories Industrialization Construction Project" due to significant market changes and increased competition in the civil pressure vessel industry [6]. - The remaining funds will be redirected to the production line project for special vacuum devices, which has been renamed [6].

Investment Rating - The report maintains a recommendation for investment in the nuclear fusion sector, indicating a positive outlook for the industry [1]. Core Insights - China's launch of the international scientific program in the fusion field is expected to enhance the country's capabilities and foster global collaboration in overcoming challenges in fusion combustion physics [8][9]. - The ITER project has reached a significant milestone with the completion of the installation of the fifth vacuum chamber sector, which is crucial for the project's timeline and future stability [9]. - The development of ship-based fusion reactors by Maritime Fusion could revolutionize the shipping energy landscape, aligning with global decarbonization goals [15]. - An Tai Technology has secured significant contracts, showcasing its strong technical capabilities in the fusion component sector [16]. Summary by Sections Industry Developments - The international scientific program for fusion initiated by the Chinese Academy of Sciences aims to consolidate global scientific efforts and enhance China's leadership in superconducting tokamak research [8]. - The ITER project is on track to complete all nine sectors by 2027, with recent successful installations marking key progress [9]. Technological Advancements - Maritime Fusion's initiative to develop a ship-mounted fusion reactor represents a potential shift in maritime energy sources, targeting zero emissions and significant market disruption [15]. Company-Level Insights - An Tai Technology has won contracts worth 70 million yuan for key fusion components, indicating its competitive edge in the market [16]. - The report highlights several companies for investment, including Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting attention to Guoguang Electric [3][35]. Market Trends - The report notes a significant increase in bidding activities for fusion projects, with November alone seeing a total bidding amount of 2.58 billion yuan, indicating a robust growth trajectory for the sector [25][30]. - The overall market for controlled nuclear fusion is projected to reach 146.5 billion yuan in the next 3-5 years, marking a peak in project tenders [7].