偏滤器-连接可控核聚变和商业发电的桥梁 20251103 摘要 第四代核反应堆利用快中子辐照铀 238 废料生成钚 239，聚变堆则以氘 为燃料，被视为解决长期能源问题的方案。国内发展路线包括中科院的 合肥方案（EAST、BESIII、CFETR）和中核集团的环流系列，目标均 在本世纪中叶建成商用聚变堆。 面向等离子体部件（PFCs）是聚变堆核心，负责能量转换和氚增殖。包 层是重要组成部分，通过一、二回路系统加热水产生蒸汽发电，并需增 殖氚以确保持续供应。偏滤器则用于导出聚变反应副产物氦，承受极高 热负荷。 国际上主要有惯性约束、磁约束和磁惯性约束三种可控核聚变方式。氘 氚反应因所需温度较低（1 亿度）而常见。氚的增殖通过中子轰击锂-6 实现，并利用中子倍增剂（如铍）提高效率。高能中子还可将铀-238 转 化为钚-239。 聚变裂变混合堆的包层分为屏蔽包层和增值包层，分别用于屏蔽辐射和 增殖氚。增值包层包含锂、铍等功能性颗粒，高能中子辐照可将铀-238 转化为钚-239，对核电生产至关重要。偏滤器利用磁场偏转高能氦，其 材料选择对承受高热负荷至关重要。 Q&A 可控核聚变的背景和我国核能的发展战略是什么？ 我 ...

Core Insights - The article highlights the strategic layout of Guoguang Electric in the field of fusion energy, showcasing its advancements from key technology breakthroughs to industrialization efforts [1] Company Overview - Guoguang Electric has over 60 years of experience in the research and manufacturing of microwave devices [1] - The company has achieved breakthroughs in the design and manufacturing of wideband, high-power, miniaturized, and efficient traveling wave tubes, mastering core processes such as magnetrons and switch tubes [1] Technological Advancements - At the International Fusion Energy Conference, Guoguang Electric showcased the Z-constricted fusion-fission hybrid reactor model for the first time [1] - The company presented a series of key products including valves, circulation pumps, helium blowers, filters, and thermal helium leak detection equipment, demonstrating its technical accumulation and strength in fusion device engineering and key subsystem solutions [1] Future Outlook - The chairman of Guoguang Electric expressed confidence in overcoming key technological bottlenecks and enhancing R&D and production efficiency, driven by strong policy support, comprehensive AI empowerment, and the continuous gathering of industrial wisdom [1]

Investment Rating - The report maintains an "Overweight" rating for the nuclear fusion industry, indicating a positive outlook for investment opportunities in this sector [6]. Core Insights - Nuclear fusion is expected to become the ultimate energy source, with accelerated industrial progress driven by policy, capital support, and advancements in AI technology [1][6]. - The industry is optimistic about the feasibility of nuclear fusion power generation, with approximately 84% of surveyed companies believing it can be achieved by 2040 [1]. - Various technical routes for nuclear fusion are being explored, with the Tokamak being the most mature and widely applied technology [2][6]. Summary by Sections 1. Nuclear Fusion as the Ultimate Energy Source - Nuclear fusion combines light atomic nuclei under high temperature and pressure to release significant energy, offering high energy density and safety advantages [1][18]. - The industry is optimistic about the engineering feasibility of nuclear fusion, with AI developments accelerating the commercialization process [30][36]. - Current challenges include energy balance, material performance, and tritium self-sustainability, which are being addressed through increased industrial efforts [41][42]. 2. Diverse Technical Routes for Nuclear Fusion - Nuclear fusion can be categorized into gravitational, magnetic, and inertial confinement, with magnetic confinement being the most viable option [46]. - The Tokamak technology is highlighted as the most mature and widely used, with significant advancements in plasma stability and engineering feasibility [55]. 3. Cost Structure of Tokamak Components - Major cost components of Tokamak include magnets, vacuum chambers, and other supporting systems, with superconducting magnets being a key focus for enhancing plasma confinement [3][4]. - The report emphasizes the importance of high-temperature superconducting materials in improving fusion reaction rates and reducing cooling costs [3]. 4. Global Support for Nuclear Fusion Industry - Governments and capital markets worldwide are increasingly investing in nuclear fusion, with several demonstration projects planned for construction between 2035 and 2040 [36]. - Key companies to watch include those involved in superconducting magnets, vacuum chambers, and other critical components, such as Western Superconducting Technologies and Shanghai Electric [4]. 5. Related Companies - The report suggests monitoring companies like Western Superconducting Technologies, Lianchuang Optoelectronics, and others involved in various aspects of the nuclear fusion supply chain [4].

Core Insights - Guoguang Electric (688776) is committed to transitioning from laboratory research to industrialization and providing energy solutions, emphasizing its significant responsibility and mission [1] - The company has demonstrated strong capabilities in the nuclear industry, achieving domestic production of key equipment and components, and has entered the stage of mass production and delivery [1] - The company’s revenue from the nuclear industry segment has grown from 0.19 billion in 2018 to 3.73 billion in 2023, reflecting a compound annual growth rate (CAGR) of 81% over five years [3] Company Developments - Guoguang Electric has made significant breakthroughs in the nuclear industry, including the development of the world's first large vacuum high-temperature helium leak detection device that meets ITER requirements [2] - The company has successfully completed the development and mass production of several nuclear industry valves, including the DN40 model, which are now being supplied in bulk to downstream application units [2] - The all-metal vacuum booster pump produced by Guoguang Electric has entered the small batch trial production stage [3] Industry Trends - The controlled nuclear fusion industry in China is accelerating, with significant milestones achieved in various fusion devices, such as the HL-3 and EAST [3] - The establishment of China Fusion Energy Co., led by China National Nuclear Corporation, focuses on large scientific experiments and fusion reactor material development [3] - New policies released in Shanghai aim to accelerate the innovation of frontier technologies and the cultivation of future industries, specifically targeting the controlled nuclear fusion sector [4]

据中核集团官方微信公众号消息，近日，中核集团核工业西南物理研究院在磁约束核聚变能量导出关键 技术领域取得重要进展。研究团队自主设计并建成了用于聚变能量导出研究的工程性液态金属和氦气工 质热工研究台架，并已全面投入运行。这标志着我国构建起覆盖聚变堆全工况、具备国际领先水平的液 态金属与氦冷技术研究体系，为未来聚变堆的工程化应用奠定了关键实验基础。 证券时报指出，核聚变能被视为人类未来的理想能源，其中如何高效、安全地将聚变反应产生的高能量 导出并转化为电能，是关键技术挑战之一。包层是聚变堆实现该功能的核心部件，液态金属包层与氦冷 固态包层是目前国际上两条重要的技术路线。 能量导出热工实验台架的全面建成，是我国在核聚变关键设备与技术自主化能力上的重要体现。该成果 显著提升了我国在液态包层和氦冷系统领域的工程验证能力与技术储备，表明我国已系统掌握包括主风 机、高效换热器等在内的氦冷系统设计、制造与集成核心技术。这一进展将有力支撑我国聚变实验堆的 后续建设，推动ITER计划顺利实施，为人类最终实现聚变能源梦想奠定坚实的工程与技术基础。近期 国内外可控核聚变领域取得多项实质性进展，可控核聚变产业化有加速迹象，有望提前实现 ...

Core Insights - The nuclear energy sector is experiencing significant growth, with leading companies like NuScale Power seeing stock increases of over 120% this year, indicating strong market interest and investment in nuclear fusion technology [2] - Global competition in nuclear fusion is intensifying, with countries like China and the U.S. ramping up investments and strategic initiatives to secure technological and material advantages [4][5] Investment Trends - China has invested at least $6.5 billion in nuclear fusion since 2023, significantly outpacing the U.S. Department of Energy's budget for fusion research [4] - The total investment in the global fusion industry is projected to rise from $1.9 billion in 2021 to $9.7 billion by 2025, reflecting a more than fivefold increase [6] Technological Advancements - The pace of technological development in nuclear fusion is faster than anticipated, with 35 out of 45 surveyed fusion companies expecting to operate commercial demonstration plants by 2030-2035 [6] - China's "Eastern Super Ring" Tokamak device has achieved a world record by maintaining plasma at 1 million degrees Celsius for 1066 seconds [6] Industry Opportunities - The nuclear fusion supply chain is becoming clearer, with key components like superconducting magnets and vacuum chambers showing significant market potential [7][10] - Companies like China National Nuclear Corporation and Dongfang Electric are well-positioned to benefit from the growing demand for nuclear power, especially in the context of AI data centers [12] Market Dynamics - The explosion of AI data centers is driving demand for stable, zero-carbon energy sources, with nuclear power emerging as a preferred option for tech giants [12] - In China, the procurement of nuclear power for AI data centers surged by 120% in the first half of 2025, leading to increased orders for nuclear fuel and equipment [12] Future Outlook - The nuclear energy sector is expected to continue its upward trajectory, with companies that can leverage technological breakthroughs and secure orders likely to see substantial growth [14] - Ongoing monitoring of policy, technology, and market dynamics will be essential for identifying investment opportunities in the complex nuclear fusion landscape [14]

格隆汇10月14日丨派克新材(605123.SH)在互动平台表示，公司是聚变产业联盟会员单位，为BEST项目 用真空室、屏蔽包层、偏滤器、第一壁等关键部件进行了材料研发和产品提供。 ...

Core Viewpoint - Parker New Materials (605123.SH) is a member of the Fusion Industry Alliance and has contributed to the BEST project by developing materials and providing products for key components such as vacuum chambers, shielding blankets, filters, and first walls [1] Group 1 - The company is involved in the fusion industry, indicating a focus on advanced energy solutions [1] - Parker New Materials has engaged in material research and product provision for critical components in fusion technology [1]

每经AI快讯，10月14日，派克新材（605123）在互动平台表示，公司是聚变产业联盟会员单位，为 BEST项目用真空室、屏蔽包层、偏滤器、第一壁等关键部件进行了材料研发和产品提供。 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **controlled nuclear fusion** industry, particularly focusing on the **BEST project** and its implications for the market. The industry is entering a new phase with accelerated bidding for key components like power supplies and superconducting materials in the second half of the year [1][2][3]. Core Insights and Arguments - The **BEST project** has made significant progress, with the successful installation of the **Dewar base** into the main device, marking a new stage for the project [2][3]. - Other notable projects in the controlled nuclear fusion sector include those by **China Nuclear Group** and **Chengdu and Jiuyuan**, which are expected to have more bidding activities next year, impacting the market from 2026 onwards [1][4]. - The **controlled nuclear fusion supply chain** is centered around structural components such as vacuum chambers, divertors, blanket cold screens, magnets, and Dewars, along with upstream materials like low-temperature superconducting wires and tungsten materials [1][5]. - The **module power supply industry** is benefiting from the recovery of defense demand and the growth of AI applications, with the military market projected to reach **59 billion RMB** by 2028 [1][12][13]. - The demand for **AI servers** has significantly increased power consumption, leading to a need for high-performance, high-density, and reliable power supply systems, which in turn accelerates the application of modular and integrated power systems [1][14][16]. Additional Important Insights - The **magnet system** is crucial in controlled nuclear fusion, accounting for approximately **28%** of the experimental pile's value, with a shift towards high-temperature superconductors expected to reduce cooling requirements and costs [1][7]. - The **power supply system** plays a significant role, comprising about **8%** of the overall system, with domestic and international companies likely to secure contracts in upcoming bidding processes [1][8]. - The **controlled nuclear fusion supply chain** includes upstream materials, midstream equipment, and downstream research institutions, with key players identified in each segment [1][9]. - **West Superconducting** is a key supplier of low-temperature superconducting wires, with a projected market value of **500 million RMB** in 2025, despite currently lower market attention [1][10][11]. - The **module power supply industry** is expected to enter a high-growth cycle, driven by defense and AI applications, with the military module power supply market projected to exceed **10 billion RMB** by 2025 and **15 billion RMB** by 2028 [1][12][13]. - The global AI market is anticipated to exceed **11 trillion USD** by 2030, with related supply equipment markets growing even faster, indicating significant investment opportunities [1][17][18]. Conclusion - The controlled nuclear fusion industry is poised for growth with ongoing projects and increasing demand for related technologies. The module power supply sector is also expected to thrive due to rising defense and AI needs, presenting various investment opportunities in the coming years [1][12][13][17].