每经编辑｜许绍航 据央视新闻，11月24日，中国科学院燃烧等离子体国际科学计划在合肥正式启动，紧凑型聚变能实验装置BEST的研究计划也同步面向全球发布。 图源：央视新闻 来自法国、英国、德国、意大利等十多个国家的聚变科学家齐聚合肥，共同签署了《合肥聚变宣言》，呼吁加强国际合作，共同推进聚变能源研发。 据称，随着国际热核聚变实验堆（ITER）及BEST等装置的推进，聚变研究正步入"燃烧等离子体"新阶段。正是为了推动这一进程，中国科学院等离子体 所联合欧洲聚变团队发起了"燃烧等离子体国际科学计划"。 受此消息影响，11月24日，二级市场上可控核聚变概念全天持续活跃。斯瑞新材涨逾14%，兰石重装、四创电子和合锻智能涨逾7%，哈焊华通、航天晨 光和常辅股份等跟涨。 | 可控核聚变1 | | ri Q 1874.84 2.51% | | --- | --- | --- | | 资金 | | 资讯 成份股 关联基金 必读 股幅 | | 最新价(66) > 龙头(10) | | 全部市场(66) √ 目先 | | 最新, | 涨幅↓ | © 〈〈 + 涨跌 / | | 斯瑞新材 | | 24.99 14.11% 3.09 ...

天眼查工商信息显示，近日，合肥星能玄光科技有限责任公司发生工商变更，新增蚂蚁集团旗下上海云 玚企业管理咨询有限公司、紫金矿业股权投资管理（厦门）有限公司等为股东，同时，注册资本由约 665万人民币增至约902.5万人民币。合肥星能玄光科技有限责任公司成立于2024年3月，法定代表人为 杨智达，经营范围包括新兴能源技术研发、电子产品销售、电子专用设备制造、电子专用设备销售等。 股东信息显示，该公司现由孙玄、合肥星能蓝图信息科技合伙企业（有限合伙）及上述新增股东等共同 持股。公开资料显示，该公司致力于可控核聚变技术的商业化应用。 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - Controlled nuclear fusion is considered the "ultimate energy" with a potential market exceeding $1 trillion by 2050, driven by its high energy density, abundant raw materials, low radioactive waste, and high safety [1] - The global nuclear fusion market is projected to reach $496.55 billion by 2030, indicating significant growth potential [1] - The industry is still in the experimental phase, with major projects like ITER and domestic initiatives in China making substantial progress towards commercialization [2] Summary by Sections Industry Overview - Nuclear fusion utilizes hydrogen isotopes (like deuterium and tritium) under extreme temperatures and pressures to release energy, offering advantages over nuclear fission [1] - The industry is currently in the engineering validation stage, with no definitive technological route established yet [1] Technological Developments - Significant advancements have been made in global projects such as the ITER project, which is set to enter comprehensive debugging in 2033-2034 and begin deuterium-tritium fusion experiments by 2039 [2] - In China, projects like BEST and CFETR are on track for completion in 2027 and 2035 respectively, with key milestones achieved in 2025 [2] Investment Opportunities - Multiple technological routes exist in nuclear fusion, with a focus on the Tokamak route, highlighting opportunities in superconducting materials, first wall materials, and other critical components [3] - Relevant companies to watch include Antai Technology, Hezhong Intelligent, and others involved in the core segments of the nuclear fusion supply chain [3]

Group 1 - The Chinese Academy of Sciences' Metal Research Institute has achieved industrial-scale production of high-purity ton-level Hastelloy C276 metal substrates for second-generation high-temperature superconducting tapes used in controlled nuclear fusion [1] - The controlled nuclear fusion industry is entering a capital expenditure expansion phase, with significant technological barriers in high-value segments, benefiting core companies in the supply chain as project bidding progresses [1] - Domestic investment in nuclear fusion projects is projected to exceed 150 billion yuan by September 2025, indicating a robust growth trajectory in the industry [1] Group 2 - Various technical routes for controlled nuclear fusion, including magnetic confinement, Z-pinch, and FRC, are experiencing significant changes, with public funding dominating current projects while private capital is leading future planning [2] - The global fusion race is intensifying, with frequent financing activities from fusion companies and major tech giants like Amazon and Microsoft entering the nuclear fusion investment space [2] - If nuclear fusion power plants achieve commercialization, annual investment could reach several hundred billion yuan, reflecting a potential for large-scale construction [2]

Core Viewpoint - The article discusses the increasing interest and investment in controlled nuclear fusion, often referred to as the "artificial sun," highlighting its potential as a future energy source and the shift in investor sentiment towards this sector [3][4][19]. Investment Trends - The controlled nuclear fusion sector is experiencing a surge in attention from investors, with significant funding rounds being completed, such as the nearly 100 million yuan first round financing for Andong Fusion [3][14]. - There are at least two other startups in the controlled nuclear fusion space expected to complete new rounds of financing by 2025, indicating a growing trend in investment [14]. Historical Context - The concept of nuclear fusion has a long history, dating back to the 1940s, with significant milestones such as the first hydrogen bomb explosion marking humanity's initial achievement in nuclear fusion [6]. - The development of controlled nuclear fusion has faced challenges, with the International Thermonuclear Experimental Reactor (ITER) project experiencing delays and budget overruns [7]. Technological Advances - Recent technological advancements, including breakthroughs in materials and structures, have made the realization of controlled nuclear fusion more feasible [7][8]. - The article notes that various technical approaches, such as magnetic confinement and inertial confinement, are being explored, with magnetic confinement currently being the mainstream method [7]. Market Dynamics - The demand for clean energy is driving increased investment in controlled nuclear fusion, with the global fusion industry seeing a dramatic rise in investment from 1.9 billion USD in 2021 to 9.7 billion USD in recent years [18]. - The number of nuclear fusion companies has increased by 143% since 2021, reflecting a growing interest in this sector [18]. Policy Support - Government policies in countries like China and the U.S. are increasingly supporting the development of nuclear fusion, with the recent inclusion of "fusion" in Chinese law signaling significant opportunities for the sector [17]. - Cities such as Shanghai and Hefei are actively promoting policies to accelerate the development of controlled nuclear fusion, attracting both national teams and startups [17]. Future Outlook - The consensus among commercial fusion companies is that grid-connected power generation could be achieved before 2040, with many expecting to reach this milestone between 2030 and 2035 [20]. - The article suggests that the combination of entrepreneurial enthusiasm and investment momentum is significantly accelerating the commercialization of controlled nuclear fusion [20].

中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 10月22日上午，A股市场盘初走出"V形"反转，随后进入震荡区间，午前持续下探。截至午间 收盘，上证指数跌0.44%，深证成指跌0.81%，创业板指跌0.89%；北证50指数逆市飘红， 涨超1%。 全市场半日成交额为1.11万亿元，较前一日略有缩量；全市场2335只个股上涨，2891只个 股下跌。 行业板块上，上午有色金属、电力设备、煤炭、电子等板块回调，黄金珠宝、锂电、存储 器、IGBT等概念股普遍走低；房地产、石油石化、传媒、银行等板块涨幅居前，可控核聚 变、培育钻石、抗生素等概念股表现活跃。 | | | Wind中国行业指数 | | | --- | --- | --- | --- | | 发电设备 1.89% | 软饮料 1.26% | 能源设备 1.20% | 休闲用品 1.01% | | 水务 0.97% | 工程机械 0.93% | か公用品 0.88% | 家居用品 0.66% | | 石油天然气 0.64% | 房地产 0.48% | 券商 -1.18% | 基本金属 -1.20% | | 燃气 -1.24% | 煤炭 -1. ...

Core Insights - The construction of China's self-developed nuclear fusion device (BEST) has achieved a key breakthrough with the successful installation of the first critical component, marking a new phase in the main engineering construction [1] - The nuclear fusion index reached a historical high on October 10, with a cumulative increase of 116.67% since last year's "9·24" market rally, and an annual increase of 81.61% [1] - The global nuclear fusion market is expected to exceed $40 trillion by 2050, with the number of nuclear fusion companies projected to grow from 33 in 2022 to 45 in 2024 [3][4] Industry Developments - The rapid advancements in high-temperature superconducting materials and artificial intelligence are accelerating the realization of controllable nuclear fusion, which is seen as a new battleground for major powers [2] - Controllable nuclear fusion is viewed as a key path to achieving clean, safe, and nearly limitless energy, with advantages over traditional nuclear fission, including higher energy density and lower radioactive waste [2] - The past five years have seen significant investment in controllable nuclear fusion, with annual investments exceeding 10 billion yuan, indicating heightened capital interest [3] Market Opportunities - The potential for controllable nuclear fusion to replace other forms of energy, except hydropower, positions it as a market with a value exceeding trillions of yuan [6] - Investment opportunities are emerging in the nuclear fusion sector, particularly in upstream components and key projects in cities like Hefei and Chengdu [6][7] - The materials segment, especially in magnets and first walls, is identified as having the highest value within the controllable nuclear fusion industry chain [7] Future Outlook - The period from 2025 to 2030 is anticipated to be crucial for the construction of experimental fusion reactors, with commercial viability expected by 2050 [3] - The economic feasibility of expanding commercial nuclear fusion power plants is critical, as current development costs are high and need to be significantly reduced [5] - The nuclear fusion industry is in a phase of parallel technological routes, with various countries making breakthroughs in magnetic confinement and inertial confinement technologies [4]

Core Viewpoint - The company, Zhongyou Capital, is strategically investing in the field of controllable nuclear fusion through its subsidiary, Kunlun Capital, which reflects its commitment to green transformation and future energy development [1] Group 1 - Zhongyou Capital's subsidiary, Kunlun Capital, is participating in the investment of Fusion New Energy (Anhui) Co., Ltd [1] - Fusion New Energy is focused on the exploration and development of controllable nuclear fusion technology [1] - This investment aligns with the broader strategy of China National Petroleum Corporation (CNPC) to accelerate its green transformation [1]

Core Viewpoint - The controlled nuclear fusion sector in China has made significant progress, leading to a strong reaction in the capital market, with a notable increase in stock prices and trading volume [1][3]. Market Reaction - On October 9, the first trading day after the National Day and Mid-Autumn Festival, the controlled nuclear fusion sector index surged by 6.34%, with a trading volume of 556 billion [1][2]. - Individual stocks such as Changfu Co. (920396.BJ) rose by 23.5%, while Guoguang Electric (688776.SH) and Hahai Huaton (301137.SZ) hit the daily limit of 20% [1][2]. Key Developments - The recent rally is driven by a "milestone" achievement in China's nuclear fusion field during the National Day holiday, specifically the successful construction of the key component, the Dewar base, for the BEST project in Hefei, Anhui [3][4]. - The BEST project is expected to be completed by the end of 2027, aiming to demonstrate fusion energy generation for the first time globally [3][4]. Project and Investment Landscape - The BEST project is operated by Fusion New Energy (Anhui) Co., established in May 2023, with an initial registered capital of 5 billion, which will increase to 14.5 billion by June 2024 [4]. - The supply chain for the BEST project includes 16 A-share listed companies, with significant contributions from Shanghai Electric (601727.SH) and West Superconducting (688122.SH) [4]. - Recent reports indicate that private enterprises and capital are increasingly entering the fusion energy sector, with several companies announcing financing rounds [4][5]. Industry Outlook - According to research, the commercialization path for nuclear fusion technology is becoming clearer, with global investments expected to exceed $7.1 billion in 2024 [5]. - The industry is anticipated to enter a capital expenditure acceleration cycle during the 14th Five-Year Plan, with ongoing orders for related components [5].

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]