【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/26 数据来源: Wind数据库,金融街证券研究所梳理 重点关注ETF标的清单 | 基金代码 | 基金名称 | 指数代码 | 指数名称 | 持股权重(%) | | --- | --- | --- | --- | --- | | 562550 | 华夏中证绿色电力ETF | 931897.CSI | 绿色电力 | 12.20 | | 588010 | 博时上证科创板新材料ETF | 000689.SH | 科创材料 | 11.41 | | 562350 | 银华中证全指电力公用事业ETF | H30199.CSI | 电力指数 | 10.70 | | 159669 | 国泰国证绿色电力ETF | 399438.SZ | 绿色电力 | 10.12 | | 159301 | 华夏中证全指公用事业ETF | 000995.CSI | 全指公用 | 10.06 | | 561260 | 工银中证国新央企现代能源ETF | 932037.CSI | 央企现代能源 | 8.19 | | 516970 | 广发中证基建工程ETF | 399995.SZ | ...

眼下，这条战略级科技赛道正迎来政策与资本的双重加持。据记者不完全统计，2026年以来，星环聚 能、中科清能、东昇聚变、束研聚创等可控核聚变项目陆续更新了融资进展。与此同时，押注这一方向 的投资机构也从几年前少数机构的"孤注一掷"，到如今国资、产业资本与市场化基金纷纷入场、加速布 局。 可控核聚变不再只是宏大叙事，而正在成为资本继人工智能、商业航天、量子计算之后，又一个更具确 定性的硬科技赛道。"作为硬科技投资人，如果不布局可控核聚变，很可能错过下一代科技革命中最关 键的能源变革机遇。"中科创星创始合伙人米磊表示。（人民财讯） 人工智能（AI）的尽头是算力，算力的尽头是能源。人工智能的发展浪潮越汹涌，产业界对电力供给 的焦虑就越大。于是，那个被称为"人造太阳"的可控核聚变重新进入聚光灯下，并被视作有望从根本上 解决人类能源问题的"终极方案"。 ...

Investment Rating - The report rates the controlled nuclear fusion industry as "Outperform the Market" [1][8] Core Insights - Controlled nuclear fusion is considered the "ultimate energy solution" due to its potential for near-infinite energy, high energy density, and minimal environmental impact [1][13] - The industry is experiencing a second acceleration phase driven by advancements in technology, increased capital expenditure, and supportive policies [3][38] - The market space for nuclear fusion is projected to reach 800-1000 billion yuan, with significant growth expected as the technology matures [6][8] Summary by Sections Introduction to Controlled Nuclear Fusion - Nuclear fusion involves the combination of two light atomic nuclei to form a heavier nucleus, releasing significant energy [1][15] - It is viewed as a solution to energy challenges, offering advantages over traditional energy sources [1][17] Advantages of Nuclear Fusion - Fusion fuel sources are abundant, and the energy density is significantly higher than that of fission [2][21] - It has inherent safety features, reducing the risk of catastrophic failures [2][21] Development of Nuclear Fusion in China - China is pursuing multiple technological pathways, primarily focusing on the Tokamak route for commercial power generation [3][38] - The country aims to demonstrate controlled nuclear fusion power generation by around 2030 and achieve commercial viability by 2050 [3][38] Industry Catalysts - The industry is currently in a phase of rapid development, with increased investment and participation from both state-owned and private enterprises [3][38] - The integration of AI and advancements in high-temperature superconductors are expected to further accelerate progress in the nuclear fusion sector [3][38] Market Potential - The nuclear fusion market is expected to generate substantial demand for engineering and equipment, with annual investments projected at around 20 billion yuan during the 14th and 15th Five-Year Plans [6][8] - Long-term projections suggest that fusion power plants could replace a significant portion of current electricity generation, contributing to carbon neutrality goals by 2060 [6][8] Industry Chain Overview - The nuclear fusion industry chain includes key components such as superconducting materials, vacuum systems, and various auxiliary systems [4][6] - Major companies involved in the sector include 应流股份, 许继电气, and 中国核电, all rated as "Outperform the Market" [8]

Group 1: Biomass Gasification Project - The "Donghua Furnace" is a biomass gasification core device developed by Donghua Engineering Technology Co., which successfully produced synthesis gas from agricultural waste [4][5] - The gasification process can reduce carbon emissions by 70% to 90% compared to fossil fuels, producing high-value green chemicals and sustainable aviation fuel [4][5] - The project aims to enhance the value of agricultural waste and promote local economic development while reducing reliance on coal [6][7] Group 2: Hydrogen Production Project - The "Hydrogen Boat" project in Panzhihua is set to launch the world's first commercial production line based on "concentrated solar water electrolysis" technology, with an expected annual hydrogen output of 200 tons by December 2025 [8][9] - This innovative technology allows for a direct energy conversion from solar to hydrogen, significantly improving production efficiency [9][10] - The project has attracted interest from multiple government and corporate entities, indicating strong market potential for green hydrogen applications in industries such as metallurgy and chemicals [11][12] Group 3: Geothermal Heating in Xiong'an - Xiong'an New Area has implemented geothermal heating, replacing traditional coal heating and significantly reducing carbon emissions [15][16] - The geothermal energy system utilizes underground heat sources, achieving a heating area of 2.6 million square meters and reducing CO2 emissions by 14,140 tons annually [16][17] - The integration of geothermal heating with solar energy and smart grid technology aims to create a near-zero carbon energy microgrid [17][18] Group 4: Controlled Nuclear Fusion Research - New Hope Group is advancing controlled nuclear fusion technology, with the goal of making it a viable energy source within the next 20 years [19][20] - The team has achieved significant milestones, including the world's first megampere-level hydrogen-boron fusion discharge, positioning them at the forefront of global fusion research [20][21] - The initiative emphasizes the importance of talent development and collaboration with various research institutions to support the long-term goals of fusion energy commercialization [21]

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 行业定义 可控核聚变（ Controlled nuclear fusion）是指在一定条件下，控制原子核聚变反应的速度和规 模，使其能够安全、持续、平稳地输出能量的过程。其最常见的反应是让氢的同位素氘和氚在极高温 度下聚合生成氦，并释放巨大能量。该技术模拟太阳发光发热的原理，因此被称为"人造太阳"。 可控核聚变是人类能源领域的 "终极梦想"，它通过将轻原子核聚合成较重的原子核来释放巨大能量， 其原理与太阳发光发热的本质相同。与传统的核裂变反应堆相比，可控核聚变在燃料来源、安全性、 放射性废物处理等方面具有显著优势。氘和氚作为主要燃料，可从海水中大量提取，理论上可供人类 料、低活化钢、氚增殖材料等特种材料，以及高精度真空泵、低温制冷系统等辅助设备，直接决定聚 变装置的运行温度、约束时间和能量转换效率。 使用数亿年；反应过程不产生长寿命高放射性核废料，且不具备链式反应失控条件，本质安全性更 高。 来源： T uition P hysics 从发 ...

Core Viewpoint - The sustainability of emerging themes in the secondary market, such as controllable nuclear fusion, depends on continuous advancements in policy, funding, and industry developments, leading to increased capital market activity in related stocks [1]. Policy Developments - The new "Atomic Energy Law of the People's Republic of China," which encourages and supports controlled nuclear fusion, has been officially implemented, providing institutional guarantees for fusion energy innovation [2]. - Major financing events include Shanghai Xinghuan Fusion Technology Co., Ltd. completing a 1 billion yuan Series A financing, setting a record for similar domestic enterprises [2]. Industry Dynamics - The nuclear fusion sector is experiencing rapid development, with significant projects and collaborations being established, such as the 2026 Nuclear Fusion Energy Technology and Industry Conference, where multiple major procurement projects were signed [2][4]. - China's major nuclear fusion projects are expected to see investments reaching 146.5 billion yuan, with the industry entering a capital expenditure expansion cycle from 2025 to 2028 [4]. Market Trends - The global demand for electricity is expected to grow exponentially, driven by AI computing needs, with data center electricity consumption projected to reach 945 terawatt-hours by 2030 [7]. - The nuclear fusion industry is entering a phase of intensive equipment procurement and construction to meet this surging demand [7]. Investment Opportunities - The nuclear fusion sector is characterized by a "long slope, thick snow" investment model, indicating a clear investment value emerging as the industry transitions from the "year of fusion" to substantial capital expenditure [10]. - Companies like Shanghai Electric and China General Nuclear Power Corporation are positioned to benefit from national investments in nuclear energy, with Shanghai Electric achieving significant breakthroughs in core equipment [13][14]. Strategic Considerations - The investment landscape for controllable nuclear fusion is expected to evolve, with a focus on companies deeply embedded in national projects and possessing solid technological capabilities [14]. - Investors are advised to be cautious of speculative trading detached from fundamentals, as the path from engineering validation to commercial power generation remains fraught with challenges and uncertainties [14].

Core Insights - Controlled nuclear fusion has emerged as a hot investment sector in 2026, with significant attention from both primary and secondary markets [3][4] - The global investment landscape for fusion technology is primarily centered in the US and China, with the US accounting for approximately 53% and China for about 34% of total investments [1][4] - The Chinese government has established a supportive policy framework for nuclear fusion, as highlighted by the implementation of the Atomic Energy Law and the inclusion of fusion energy in the 14th Five-Year Plan [3][4] Investment Landscape - The total investment in magnetic confinement fusion technology has exceeded 60 billion euros (approximately 485.74 billion RMB), with private enterprises dominating the foreign investment landscape [1] - A new venture capital fund, the Hefei Future Fusion Energy Fund, has been launched with an initial scale of 1 billion RMB, aimed at supporting key technologies in the fusion energy sector [9][10] - The Shanghai Future Industry Fund, established in September 2024, has grown to 15 billion RMB and is focused on technology commercialization in the fusion energy field [10] Key Players - The national team in China includes major entities like Fusion Energy (Anhui) Co., which is focused on developing the BEST project, a compact fusion energy experimental device [4][6] - China Fusion Energy Co. is another key player, planning to complete the HL-4 fusion experimental device by 2030, aiming for a fusion gain (Q) of ≥5 [7] - Private companies such as Xi'an Xinghuan Fusion Technology Co. and Hanhai Fusion Technology Co. are emerging, often stemming from research institutions and universities [7][14] Market Dynamics - The fusion sector is witnessing a surge in private capital, with a consortium of 15 financial institutions forming a Fusion Financial Institutions Alliance to create a collaborative ecosystem [11] - Recent financing activities include a record 1 billion RMB Series A round for Xi'an Xinghuan, indicating strong investor interest in the sector [13] - The controlled nuclear fusion index has seen a significant increase, with a 70% rise since January 2025 and a 13.5% increase in 2026 [14][15] Future Outlook - The industry is still in its nascent stages, requiring substantial funding to support research and project implementation [14] - Market focus is expected to shift towards tangible technological advancements, including breakthroughs in Q values and financing for subsequent devices [15] - The maturation of the fusion energy supply chain will take time, with investment returns likely to align with gradual industry development [15]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights accelerated integration in the US fusion industry, with frequent technological breakthroughs and a continuous strengthening of the "engineering" logic [1] - International cooperation is advancing, with significant policy support at both national and international levels, emphasizing the strategic urgency of major economies in seizing future energy dominance [1][13][17] - The report notes substantial progress in various technological pathways, particularly in Tokamak device construction and other fusion technology routes, indicating a robust trajectory towards commercialization [2][19][25] Policy Insights - National policies are increasingly supportive of fusion energy, with the Chinese government explicitly including fusion technology in its "14th Five-Year Plan" [1][11] - A cooperation agreement between China and France has been established, marking a new phase in international collaboration on fusion technology [13][14] - South Korea has advanced its fusion energy goals by moving the timeline for fusion power generation from the 2050s to the 2030s, highlighting the urgency among global economies [17][18] Industry Developments - Significant advancements in Tokamak devices include the completion of key plasma control coils for the JT-60SA, which is set to facilitate high-parameter experiments in 2026 [2][19] - The CRAFT facility has successfully passed its first performance test, confirming that its core components meet design specifications [21] - China's ITER project has officially commenced mass production of its first wall components, a critical step in the development of fusion reactors [22] Capital Market Activity - The US fusion industry is experiencing rapid consolidation, with notable mergers such as Trump Media and Technology Group's acquisition of TAE Technologies, which is set to launch the world's largest commercial fusion power plant [3][27][29] - Initial public offerings and significant funding rounds for startups in the fusion sector are on the rise, indicating growing investor confidence in fusion technology [3][33][36] Investment Recommendations - The report suggests focusing on midstream equipment companies such as Lianchuang Optoelectronics, Xuguang Electronics, and others, as well as upstream material suppliers like Yongding Co. and West Superconducting [4][37]

Core Viewpoint - The A-share "nuclear fusion" concept companies may face a long performance gap before commercial power generation is realized, despite recent funding and technological breakthroughs in the sector [4]. Group 1: Market Dynamics - On January 15, 2026, the implementation of the "Atomic Energy Law" encouraging controlled nuclear fusion coincided with a market style shift, leading investors to focus on the "controlled nuclear fusion" sector as a potential new market leader [2]. - Recent funding activities, such as Shanghai Xinghuan Fusion Technology's completion of a 1 billion yuan Series A financing, have set records for domestic private fusion companies, indicating strong investor interest [2][16]. - Several listed companies in the "nuclear fusion concept" category, including China First Heavy Industries and China Nuclear Engineering, experienced significant stock price increases, but many issued announcements clarifying that they currently have minimal related revenue [3][25]. Group 2: Technological Advancements - The nuclear fusion industry is seeing advancements in technology, with breakthroughs in high-temperature superconducting magnets, which are crucial for achieving the necessary magnetic field strength for fusion [11][18]. - The energy density of nuclear fusion is significantly higher than that of nuclear fission, with 1 gram of deuterium-tritium fusion fuel releasing energy equivalent to 11.2 tons of standard coal, making it a promising solution for future energy needs [9]. - The development of compact fusion reactors is being facilitated by high-temperature superconductors, which allow for smaller and more cost-effective designs compared to traditional fusion reactors [11]. Group 3: Challenges and Future Outlook - Despite optimism in the investment community, significant challenges remain, including material durability under extreme conditions, tritium supply issues, and the need for high-throughput neutron sources for testing new materials [20][21]. - The timeline for commercial nuclear fusion is projected to extend to around 2050, with various milestones set for experimental and demonstration reactors in the coming decades [24][28]. - The current market for nuclear fusion equipment is expected to grow significantly, with estimates suggesting an annual scale of 266 billion yuan by 2035, but achieving this will require overcoming substantial technical and operational hurdles [27].

Core Viewpoint - Controlled nuclear fusion is transitioning from a long-term scientific concept to a critical phase of engineering validation and commercialization, driven by global energy transition and carbon neutrality goals [2]. Group 1: Research Background - Global private investment in controlled nuclear fusion has surpassed $10 billion, with over 40 countries actively engaging in this field [2]. - The International Atomic Energy Agency (IAEA) has indicated that the development of fusion energy has entered a "decisive new stage," becoming a cornerstone of national energy strategies and a key area of global technological competition [2]. - For China, the urgency to focus on controlled nuclear fusion is threefold: ensuring energy security and achieving carbon neutrality, leading a new wave of technological revolution and industrial transformation, and enhancing international technological governance [2]. Group 2: Purpose of the Report - The report aims to systematically outline the latest developments in controlled nuclear fusion globally and in China, analyzing the technological, industrial, and policy ecosystems to provide forward-looking references for decision-makers, industry players, and investors [3]. Group 3: Research Content - The report will focus on defining controlled nuclear fusion and its key technologies, the driving forces and environment for its development, critical points for commercialization breakthroughs, and advanced measures taken by industry institutions and enterprises in technology, policy, construction, business models, and financing [6]. Group 4: Industry Trends and Participation Value - Participating enterprises and institutions will have the opportunity to be included in the "Rising Sun: 2026 China Controlled Nuclear Fusion Development Report," enhancing brand visibility and showcasing industry influence [8]. - The report will be published on official platforms, including the iResearch website and WeChat account, with dissemination through multiple media channels [8]. Group 5: Target Participants - The report seeks contributions from enterprises in the controlled nuclear fusion sector, including upstream core materials and components suppliers, midstream key equipment and system integrators, and downstream operational entities [9]. - Relevant institutions involved in the top-level design and management of fusion projects, as well as local government departments promoting fusion energy installations, are also encouraged to participate [9].