证券日报网讯 中油资本10月10日在互动平台回答投资者提问时表示，公司参股企业昆仑资本参与投资 聚变新能（安徽）有限公司，该公司将致力于可控核聚变领域的探索与发展。在中国石油集团加快绿色 转型发展的背景下，昆仑资本出资聚变新能是在未来能源领域进行战略布局的具体体现。 （编辑 袁冠琳） ...

我国聚变研究工程应用研究迎重要进展，资本市场反应热烈。 10月9日，国庆中秋"双节"假期后的首个交易日，可控核聚变（886065.TI）板块集体爆发。截至午盘，板块指数上涨6.34%，成交金额达556亿元。 个股方面，常辅股份（920396.BJ）飙涨23.5%领跑，国光电气（688776.SH）、哈焊华通（301137.SZ）、中洲特材（300963.SZ）"20cm"涨停，西部超导 （688122.SH）、久盛电气（301082.SZ）、天力复合（920576.BJ）等紧随其后，板块内涨幅超10%个股达21只。 据21世纪经济报道此前报道，上述BEST装置的供应链，由16家A股上市公司构成。其中，上海电气（601727.SH）供应了项目的TF线圈盒，西部超导 （688122.SH）为BEST项目批量供应超导线材， 百利电气（600468.SH）参与了BEST项目的杜瓦结构研发与制造，安泰科技（000969.SZ）子公司则为 BEST项目研制了钨铜复合片。截至午盘，西部超导涨幅超15%，上海电气、安泰科技均涨停。 民生证券电新行业邓永康团队在研报中指出，近年来中国可控核聚变逐渐开启了商业化道路，民营企业和民 ...

Core Viewpoint - The commercialization of controlled nuclear fusion in China is accelerating, with private enterprises and capital entering the fusion energy sector [1] Group 1: Nuclear Fusion as an Energy Solution - Controlled nuclear fusion is seen as the ultimate solution to human energy problems, simulating the sun's fusion process to generate energy [1] - The process requires three conditions: high temperature (T), certain density (n), and energy confinement time (τE), collectively known as the fusion triple product [1] Group 2: Fusion Technology Routes - Research in nuclear fusion primarily follows two main paths: magnetic confinement and inertial confinement [2] - Magnetic confinement uses strong magnetic fields to contain high-temperature plasma, with major device types including Tokamak, stellarator, and field-reversed configuration (FRC) [2] - Inertial confinement relies on the inertia of particles to achieve fusion before they disperse, primarily using Z-pinch and laser methods [2] Group 3: Project Overview - Notable international projects include ITER (the world's first fully superconducting Tokamak), SPARC (the first high-temperature superconducting Tokamak), and Orion (the first fusion power plant) [3] - In China, key projects are led by major research institutes and private enterprises, including the BEST project (compact fusion experimental device) and the Jiangxi "Spark" project (fusion-fission hybrid reactor) [3] Group 4: Investment Recommendations - The rapid commercialization of the nuclear fusion industry suggests continued attention to catalysts in this sector [4] - Recommended companies include those involved in high-power electronic tubes, vacuum switches, and superconducting materials, among others [4]

Core Viewpoint - Controlled nuclear fusion is set to initiate a new energy revolution, offering abundant energy, zero emissions, and high safety, making it a strategic choice for achieving carbon neutrality goals [2][20]. Summary by Sections 1.1 Fusion Basic Principles - Fusion reactions involve light atomic nuclei like deuterium and tritium combining under extreme temperatures (over 100 million °C) to form heavier nuclei, releasing significant energy [3]. 1.2 Main Research Methods for Fusion - Global fusion research primarily focuses on two main technical paths: magnetic confinement fusion and inertial confinement fusion [6]. 1.3 Magnetic Confinement Fusion Devices: Tokamak - Tokamak devices utilize a combination of toroidal and poloidal magnetic fields to confine high-temperature plasma, achieving fusion conditions. They represent 90% of global fusion research [10]. 1.4 Magnetic Confinement Fusion Devices: Stellarator - Stellarators use a three-dimensional helical magnetic field to confine plasma without relying on plasma current, allowing for longer continuous operation [13]. 1.5 Inertial Confinement Fusion: Z-Pinch - Inertial confinement fusion compresses fuel pellets using high-power drivers (lasers, ion beams) in a very short time, achieving high density [15]. 1.6 Investment Trends in Controlled Nuclear Fusion - Investment in fusion research is accelerating globally, with significant funding from private enterprises and government projects, particularly in the U.S. and Europe [18][20]. 1.7 Key Companies in the Fusion Industry - Key players include: - Upstream: Jingda Co., Yongding Co., Western Superconducting, Antai Technology, etc. - Midstream: Aikesaibo, Lianchuang Optoelectronics, Shanghai Electric, etc. - Downstream: China National Nuclear Corporation [2]. 1.8 Domestic Major Fusion Projects Financing - Major projects include the China Fusion Engineering Test Reactor (CFETR) with over 20 billion yuan investment planned for the next five years [23]. 1.9 Domestic and International Major Fusion Projects Timeline - The average time from Q-value verification to facility completion is around 10-15 years globally, while China aims to shorten this to 3-5 years [24]. 1.10 Cost-Benefit Ratio of Major Fusion Projects - The investment recovery period for demonstration reactors is about 15 years, with an internal rate of return (IRR) of 8-12% [25]. 2.1 Core Equipment Cost Breakdown - The cost distribution for ITER includes superconducting magnet systems (28%), vacuum chambers (25%), heating and power systems (18%), and construction (14%) [27]. 2.2 Industry Chain Distribution and Key Enterprises Overview - The upstream includes superconducting materials and radiation-resistant materials, while the midstream focuses on magnet systems and cooling systems [28]. 2.3 Key Technology and Material Progress - Companies like Western Superconducting and Lianchuang Optoelectronics are making significant advancements in superconducting materials and systems for fusion applications [29]. 2.4 Lianchuang Optoelectronics: Leading in Optoelectronics and High-End Equipment - Lianchuang Optoelectronics is involved in the "Xinghuo No.1" project, providing superconducting magnet systems for fusion applications [33]. 2.5 Yongding Co.: Leader in Optical Communication and Superconducting Materials - Yongding Co. focuses on high-temperature superconducting tape production for fusion devices, significantly enhancing performance and reducing costs [36]. 2.6 Jingda Co.: Leader in Special Electromagnetic Wire - Jingda Co. is involved in the development of high-temperature superconducting materials for fusion applications [39]. 2.7 Antai Technology: Leader in Advanced Metal Materials - Antai Technology specializes in manufacturing key components for fusion devices, particularly tungsten-based components [43]. 2.8 Guoguang Electric: Core Enterprise in Vacuum and Microwave Applications - Guoguang Electric is a key player in providing vacuum and microwave application products for fusion technology [45].

Group 1 - The core viewpoint is that China's nuclear energy sector is experiencing significant growth driven by the introduction of the Atomic Energy Law, which supports controlled nuclear fusion research and technology development [1][3] - The Atomic Energy Law, effective from January 15, 2026, is the first comprehensive law governing the nuclear energy sector in China, aimed at promoting sustainable development and establishing a regulatory framework for fusion fuel and facilities [1][3] - The report highlights that key materials and components such as high-temperature superconductors and first-wall materials are critical for fusion devices, with concerns about the supply chain for mass production in the future [1][3] Group 2 - Controlled nuclear fusion is viewed as the ultimate solution in the energy sector, with the potential to lead a new technological revolution similar to the steam engine and electrification [2] - The commercialization of Tokamak fusion reactors is expected to occur between 2031 and 2035, as indicated by a survey from FIA, suggesting a significant timeline for the realization of fusion technology [2] - The report emphasizes that multiple technological pathways for fusion are advancing simultaneously, with Tokamak being the most mature and widely invested route, while private companies are exploring alternative methods like FRC [3] Group 3 - The combination of top-level policies and increased capital investment is accelerating the commercialization of nuclear fusion technology, marking a pivotal moment for the industry [3] - The influx of both state and private capital is facilitating the transition of fusion energy from experimental stages to commercial viability, supported by the new Atomic Energy Law and favorable industry policies [3] - The report notes that domestic fusion projects are progressing rapidly, with various companies complementing each other's strengths to promote the commercialization of fusion energy [3]

Group 1: Core Insights - The Anhui provincial government is focusing on fusion energy as a key future industry, emphasizing technological innovation and commercialization [1][2] - The global fusion industry has seen significant investment growth, reaching $9.766 billion in 2023, a 414% increase since 2021 [2] - Anhui, particularly Hefei, is positioned as a leader in fusion energy research and development, housing major scientific facilities like EAST and BEST [2][3] Group 2: Industry Development - The Anhui government aims to create a fusion energy industry cluster, integrating various sectors from technology development to operational services [1][3] - The province has over 70 companies involved in the fusion energy supply chain, covering all aspects from production to engineering [3] - National policies are increasingly supportive of fusion energy, with recent directives highlighting its importance in achieving carbon neutrality goals [2][3] Group 3: Future Prospects - The government is looking to stimulate market activity through reforms and attract more private investment in fusion energy [1] - The push for fusion energy is part of a broader strategy to enhance China's position in the global energy landscape [2][4]

Core Viewpoint - The establishment of China Fusion Energy Company in Shanghai marks a significant step towards the commercialization and engineering of nuclear fusion energy, with expectations of witnessing the first light powered by nuclear fusion within the next five years [1][4]. Company Summary - China Fusion Energy Company is a subsidiary of China National Nuclear Corporation, focusing on overall design, technology validation, and digital research and development to build a platform for technological innovation and capital operation [1]. - The company aims to facilitate the industrialization of fusion energy, which is seen as a potential solution to the impending energy crisis due to the depletion of fossil fuels and limitations of renewable energy sources [1]. Industry Summary - Nuclear fusion is recognized as a highly efficient, clean, and virtually limitless energy source, with the potential to provide energy for hundreds of billions of years from the deuterium found in seawater [1]. - Despite the theoretical foundation laid 99 years ago, achieving controlled nuclear fusion has proven to be extremely challenging, requiring the confinement of high-temperature plasma to sustain fusion reactions [2]. - Global investment and research efforts are intensifying, with various methods such as electromagnetic and inertial confinement being explored, indicating that breakthroughs in controlled nuclear fusion technology may be imminent [4].

Group 1: Company Overview - China Fusion Energy Co., Ltd. has raised 11.49 billion RMB in funding, marking a significant entry into the public eye with a strong investor team [1][5] - The company was restructured in 2023 from China Nuclear Fuel Co. and is based in Shanghai, focusing on the commercialization of fusion energy using magnetic confinement Tokamak technology [5][6] - The funding round included major investments from China National Nuclear Corporation and Kunlun Capital, among others, forming a collaborative investment structure of state-owned and industrial capital [5][16] Group 2: Industry Insights - Fusion energy is considered the "ultimate energy" due to its high energy density, near-unlimited fuel supply, and minimal environmental impact, potentially addressing global energy shortages and climate change [3][20] - The domestic fusion energy sector has seen 19 public investment events, with a total estimated funding of 14.7 billion RMB, indicating strong capital interest in this emerging field [3][20] - Various companies, including Energy Singularity and Fusion New Energy, are also making strides in fusion technology, with significant funding and ambitious development timelines [4][7][9] Group 3: Investment Landscape - The influx of capital from state-owned enterprises and venture capital firms reflects a strategic push towards fusion technology development, with expectations of substantial market potential once commercialized [16][17][20] - Notable early-stage investors include Sequoia Capital and Inno Angel Fund, who recognize the transformative potential of fusion technology in the energy sector [17][18] - The participation of corporate venture capital, such as NIO Capital, highlights the intersection of fusion energy with the electric vehicle industry, aiming to provide clean energy solutions [18][19]

Investment Rating - The report maintains an investment recommendation for the controllable nuclear fusion sector, indicating a positive outlook for future developments in this area [1]. Core Insights - The report emphasizes that controllable nuclear fusion is seen as a potential ultimate energy solution, with significant advancements expected in the coming years as the industry transitions from experimental to engineering phases [4][14]. - Domestic projects are progressing beyond expectations, with increased capital investment from various sectors, indicating a robust growth trajectory for the industry [18][22]. - Internationally, countries like the United States are accelerating their nuclear fusion initiatives, which could further enhance the global market for fusion energy [23][24]. Summary by Sections 1. Controllable Nuclear Fusion: A Frontier Technology - Controllable nuclear fusion is highlighted as a solution to energy challenges, with abundant fuel reserves and sustainability potential [14][15]. - The report outlines the four key stages of nuclear fusion development: scientific feasibility verification, engineering feasibility verification, demonstration reactors, and commercial application reactors [27][30]. 2. Investment Opportunities - The report forecasts a capital expenditure exceeding 145.5 billion yuan in the next 3-5 years, with annual investments potentially reaching close to 10 billion yuan [6][45]. - Key components of the nuclear fusion technology, such as magnets, vacuum chambers, and power systems, are identified as high-value segments within the industry [7][49]. 3. Industry Chain Analysis - The industry chain is segmented into upstream strategic materials, midstream high-end manufacturing, and downstream operational management [8]. - Specific companies are recommended for investment, including China Nuclear Power, Lianchuang Optoelectronics, and Sihua Electronics, which are involved in various aspects of nuclear fusion technology [8][46]. 4. Key Company Introductions - China Nuclear Power is noted for its investment in China Fusion Energy Company, positioning itself for long-term growth in the nuclear sector [8]. - Lianchuang Optoelectronics is recognized for its advancements in high-temperature superconducting magnets and participation in significant projects like the Spark-1 [8]. - Sihua Electronics is highlighted for its successful bids in key projects, indicating strong market positioning in the nuclear fusion space [8].

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].