Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

记者丨 赵云帆 编辑丨朱益民 2026年开年，A股热钱持续席卷可控核聚变领域。数据显示，1月23日，Wind核聚变指数本月最 高上涨20.5%，截至目前上涨15.92%，板块月度成交额超7800亿元，接近 2025年 12月全月8200 亿成交总额。 被当成概念爆炒的部分涉核聚变业务公司，"顺水推舟"披露更多相关进展；部分公司则急于"划 清界限"或澄清业务规模较小，以正视听。 据21世纪经济报道记者不完全统计， 近期已经有包括中集环科、安泰科技、天工国际、旭光电 子等多家公司明确涉足可控核聚变。 与此同时，诸多企业也向市场投资者发出相关业务体量较小、对公司短期收入无太大影响的风险 提示，配合监管层遏制市场无序炒作。 资本市场上，1月23日，截至发稿， 核聚变概念股多数上涨，锌业股份、豫光金铅、西部材料涨 停，天力复合涨超7%。 | 名标 | 现价 | 涨跌幅 ▼ | 换手率 | 市智容 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 锌业股份 | 5.72 | 10.00% | 13.95% | 135 | 39.85% | | 豫光金铝 | 16.94 | ...

Core Insights - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the nuclear fusion index rising by 12.91% so far in January 2026, and monthly trading volume approaching 780 billion yuan [1] - Several companies, including Zhongji HuanKe and Antai Technology, are actively involved in the nuclear fusion business, while others are clarifying their limited involvement to manage market expectations [1] Industry Developments - The nuclear fusion industry in China has entered a rapid development phase, with significant progress reported in the compact fusion energy experimental device (BEST) located in Hefei, expected to be completed by 2027 [2] - The fundamental principle of controllable nuclear fusion mimics the sun's energy production, requiring extreme conditions to sustain the fusion reaction safely [2] - The implementation of controllable nuclear fusion typically involves magnetic confinement methods, with abundant and easily obtainable raw materials like deuterium from seawater [2] Market Participation - A-share market participants are focusing on the upstream, midstream, and downstream sectors of the Tokamak equipment supply chain, including superconducting materials and power plant operations [3] - The implementation of the "Atomic Energy Law" in China on January 15, 2026, supports the development of controlled thermonuclear fusion, laying a foundation for the emerging industry [3] Investment Trends - Over the past five years, approximately 6.5 billion USD has been invested in the commercialization of fusion energy, with around 70% of companies expecting to achieve their first commercial demonstration by 2035 [4] - Star Ring Fusion recently completed a record 1 billion yuan Series A financing, with plans to start commercial demonstration pile construction by around 2032 [5] - Companies like Zhongji HuanKe are exploring partnerships in the nuclear fusion sector, investing 30 million yuan in Star Ring Fusion while leveraging their expertise in high-tech fields [5] Corporate Activities - Antai Technology has engaged in significant projects related to nuclear fusion, including a partnership with the Hefei Comprehensive National Science Center for advanced filter development [6] - Tian Gong International has made breakthroughs in new materials for nuclear fusion devices, while Western Superconducting is involved in producing superconducting materials for international fusion projects [6]

Core Viewpoint - Antai Technology, a subsidiary of China Steel Research Group, is not currently involved in the fourth-generation thorium molten salt reactor sector, despite its significant role in other fusion projects [1] Group 1: Company Overview - Antai Technology is a key supplier of core materials for the ITER international nuclear fusion experiment and has a market share exceeding 80% in critical components for thorium molten salt reactors [1] - The company has successfully developed and produced tungsten composite components and first wall components that are utilized in major projects such as the EAST, CRAFT, and CFETR [1] Group 2: Current Developments - The company is advancing the world's first commercial demonstration project for thorium molten salt reactors, although it has clarified that it is not yet involved in the fourth-generation thorium molten salt reactor field [1]

Core Viewpoint - Antai Technology has successfully applied its research and production of filter components and first wall components in major fusion projects in China and internationally, indicating strong capabilities in the fusion technology sector [2]. Group 1: Company Developments - The company has developed filter components made of full tungsten composite materials and first wall components that are now utilized in significant projects such as the "artificial sun" EAST, CRAFT, CFETR, and the ITER project [2]. - In 2025, the company won a contract for the modification of the EAST filter, showcasing its ongoing involvement and competitiveness in the fusion technology market [2]. - The company plans to closely monitor experimental and bidding situations for various projects while continuously optimizing core technologies for fusion products [2].

Core Viewpoint - The company has successfully applied its research and production of filter components and first wall components in major fusion projects in China and internationally, indicating strong capabilities in fusion technology [1] Group 1: Product Applications - The company's tungsten composite components and first wall components have been successfully utilized in China's "artificial sun" EAST project, CRAFT, CFETR, and the international ITER project [1] - In 2025, the company won a contract for the modification of the EAST filter, showcasing its ongoing involvement in significant fusion projects [1] Group 2: Future Outlook - The company plans to closely monitor experimental and bidding situations for various projects, indicating a proactive approach to future opportunities in the fusion technology sector [1] - Continuous optimization of core technologies for fusion products is a priority for the company, reflecting its commitment to innovation and improvement in this field [1]

Group 1 - China Fusion Energy Company, with a registered capital of 15 billion yuan, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path of experimental, demonstration, and commercial reactors, with R&D activities in Shanghai and Chengdu [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be established in Shanghai to validate high-temperature superconducting magnets developed there [1] Group 2 - Open Source Securities is optimistic about the nuclear fusion sector's upward trend, highlighting the importance of core components such as magnets, main engines, and power supplies, as well as the potential for direct current transmission equipment companies to secure orders [2] - Listed companies like Lianchuang Optoelectronics and Antai Technology are actively involved in the fusion energy field, with Lianchuang's subsidiary engaged in the "Spark No. 1" project, accumulating orders worth approximately 5 billion yuan [3] - Antai Technology has successfully applied its tungsten composite components in the international thermonuclear fusion experimental reactor ITER project [3]

Group 1 - The company has successfully applied its tungsten-copper composite filter technology in the ITER international nuclear fusion project [1] - The company does not engage in the business of perfluorosulfonic acid proton membranes [1]