Core Insights - The compact fusion energy experimental device (BEST) project in Hefei, Anhui, has achieved significant breakthroughs, leading to increased enthusiasm in the capital market for controllable nuclear fusion [1][9] - The controllable nuclear fusion industry chain has begun to take shape, consisting of 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 could reach $496.55 billion by 2030, with a compound annual growth rate of 7.4% from 2024 to 2030, indicating substantial market potential [1][10] Industry Performance - As of October 13, 2025, leading controllable nuclear fusion concept stock, Hezhong Intelligent, achieved a four-day consecutive rise, closing at 26.16 yuan per share, while the nuclear fusion index rose by 3.44% [3] - Among 41 component stocks, 39 have shown positive growth since October 9, with 11 companies doubling their stock prices year-to-date, and the index has increased by 66.14% [3][6] Company Highlights - Zhongzhou Special Materials (300963.SZ) led the market with a 13.84% increase, securing a 180 million yuan order for high-temperature alloy materials for the BEST project, which constitutes 40% of its nuclear power revenue [5][6] - Hezhong Intelligent (603011.SH) has seen six trading days of limit-up in the last ten days, successfully delivering the first batch of gravity supports for the BEST vacuum chamber [5][7] - Despite revenue growth of 8.23% to 982 million yuan in the first half of 2025, Hezhong Intelligent's net profit fell by 11.39% to 9.51 million yuan [5] Technological Advancements - The EAST device set a world record with 1 million degrees Celsius for 1000 seconds, and the BEST project has entered a new phase with the successful placement of its core component [7] - The investment focus is shifting towards equipment manufacturers and low-temperature system equipment suppliers, with recommendations for companies like Hezhong Intelligent and Hangyang Co. [7][9] Policy Support - The Chinese government has emphasized nuclear fusion as a key area for innovation, with recent policies aimed at establishing a comprehensive equipment system and safety regulations for fusion devices [9][10] - The upcoming International Atomic Energy Agency fusion energy conference in Chengdu is expected to further boost market sentiment [9] Market Outlook - If nuclear fusion is fully commercialized, it could become a trillion-dollar market by 2050, with superconducting magnets alone potentially exceeding $100 billion [10] - The global investment in the fusion industry has surged from $1.9 billion in 2021 to an expected $9.7 billion by 2025, reflecting the growing importance of this sector [10]

Group 1 - The BEST project in Hefei, Anhui, has successfully completed the installation of its core component, the Dewar base, marking a significant milestone in the construction of the compact fusion energy experimental device [1] - The total assembly of the BEST project is set to begin on May 1, 2025, which is a crucial phase involving the precise installation of various fusion reactor components [1] - The installation process utilized a space-grade attitude control system, achieving millimeter-level precision for the 400-ton Dewar base, which sets a new record in the installation of large components [1] Group 2 - China's nuclear fusion industry has seen significant breakthroughs and advancements in core engineering, with three major fusion devices achieving phase results this year [2] - The EAST device achieved a record plasma operation time of 1066 seconds at 100 million degrees Celsius, demonstrating China's leading position in plasma confinement technology [2] - The China National Nuclear Corporation's new Tokamak device has entered the fusion burning experimental phase, achieving temperatures of 117 million degrees Celsius for atomic nuclei [2] Group 3 - Private enterprises in China are also making strides in nuclear fusion, with the Xuanlong-50U device achieving high-temperature, high-density plasma current, marking a significant step towards commercializing hydrogen-boron fusion [3] - The timeline for commercializing nuclear fusion is becoming clearer, with expectations to light the first "nuclear fusion lamp" in China by 2030 [3] - The BEST project aims to achieve its "lighting" goal by 2030, indicating a critical decade for the fusion industry [3] Group 4 - The Fusion New Energy (Anhui) Co., Ltd., a key player in the BEST project, was established in May 2023 with an initial registered capital of 5 billion yuan, which increased to 14.5 billion yuan in June 2024 [4] - The company is following a three-step approach from the BEST project to a commercial fusion reactor [4] - A preliminary supply chain for fusion energy has been established, with major research institutions leading the formation of industry alliances [5] Group 5 - The supply chain for the BEST project consists of 16 A-share listed companies, including Shanghai Electric and Western Superconducting, which provide essential components for the project [5] - The project involves collaboration with various enterprises and research institutions to accelerate the development of core fusion technologies [5]