随着科技突破和资本投入，可控核聚变这一未来清洁能源离商业化应用越来越近。9月22日下午，2025 浦江创新论坛·未来能源：可控核聚变专题论坛在上海举行，ITER（国际热核聚变实验堆计划）国际组 织副总干事罗德隆、中国聚变能源有限公司总经理张立波等专家做了主旨演讲。 可控核聚变俗称"人造太阳"，是解决人类能源和碳排放问题的一个"终极方案"，已成为全球竞相布局的 前沿科技领域。它模拟太阳发光发热过程，在极端高温高压下，控制核聚变反应的速度和规模，使轻原 子核结合成较重原子核时释放巨大能量。聚变能源的主要原料有氢的同位素——氘和氚，其聚变反应产 物是无放射性污染的氦。 罗德隆在演讲中表示，未来这种能源进入商用阶段后，公众不必"谈核色变"，因为其安全性很高，任何 故障（如磁约束失效）都会使聚变反应立即停止；聚变电站年产废物量约为裂变电站的1/10，且半衰期 为几十年，无需对放射性废物进行上万年封存。 实现可控核聚变的技术路线有很多，可分为磁约束、惯性约束、磁惯性约束三类。磁约束技术的主流装 置是一种名为"托卡马克"的环形容器，惯性约束技术的核心部件是激光驱动器。 中国聚变公司采用磁约束技术，在细分技术领域走的是一条新 ...

Core Viewpoint - The controlled nuclear fusion industry, referred to as the "artificial sun," is becoming a focal point for capital investment, with significant funding and policy support driving its commercialization in China [3][4]. Investment Trends - Nova Fusion Energy Technology (Shanghai) Co., Ltd. completed a record angel round financing of 500 million yuan, marking a significant milestone for private nuclear fusion companies in China [3]. - China Fusion Energy Co., Ltd. received a total of 11.492 billion yuan in strategic investments from various state-owned enterprises and funds, indicating strong backing for the "national team" in nuclear fusion [3][5]. - The global nuclear fusion industry has seen explosive growth, with total investment rising from 1.9 billion USD in 2021 to 9.7 billion USD, and the number of fusion companies increasing from 23 to 53 [4]. Industry Structure - The nuclear fusion sector in China is characterized by a dual structure of "national team" and "private team," with significant investments flowing into both [3][5]. - The "national team" includes companies like China Fusion Energy and Fusion New Energy, which have received substantial capital support from state-owned enterprises and local governments [5]. - Private companies, while receiving less capital, have attracted investments from notable venture capital firms like Sequoia Capital and Kunlun Capital [5]. Technological Development - Various technological routes exist in nuclear fusion, with magnetic confinement being the most widely adopted globally, while the field-reversed configuration (FRC) is gaining attention for its cost-effectiveness [6]. - The majority of companies are focusing on the Tokamak route, while the U.S. exhibits a more diverse approach to technology development [6]. Policy Support - The Chinese government has increased its support for the nuclear fusion industry through various policies aimed at fostering innovation and commercialization [7]. - Local governments, such as those in Anhui and Sichuan, have also introduced strategic plans to accelerate the commercial application of fusion energy [7]. Commercialization Goals and Challenges - A report indicates that 35 companies globally expect to establish commercial fusion demonstration plants capable of net energy gain between 2030 and 2035 [8]. - Companies like Helion are already initiating construction of commercial fusion plants, with plans to supply power to major tech firms [8]. - Despite optimism, experts caution that significant technical and economic challenges remain before true commercialization can be achieved [9].

在日益激烈的可控核聚变全球竞争中，我国如何拔得头筹？7月22日，中国聚变能源有限公司在上 海正式挂牌成立。作为推进我国聚变工程化、商业化的创新主体，中国聚变能源有限公司将重点布局总 体设计、技术验证、数字化研发等业务，并建设技术研发平台和资本运作平台。这不仅是一家新公司的 诞生，更是我国将核聚变从科研探索纳入国家战略性产业布局的关键一步。 核聚变，是两个较轻原子核结合成一个较重原子核并释放巨大能量的过程。可控核聚变则被喻 为"人造太阳"，是通过人为技术手段，在特定装置内实现对核聚变反应发生和能量输出的持续控制，从 而安全、稳定地获取能量的过程。其核心目标是模拟太阳的聚变机制，并以受控方式释放能量。与当前 广泛用于发电的核裂变相比，核聚变具有能量密度大、原料资源丰富、放射性污染低、安全性好等优 势。可控核聚变若能成熟应用，可为人类提供近乎无限的清洁能源。因此，可控核聚变也被视为人类能 源终极解决方案。 从全球科技竞争看，美国发布了首份聚变能国家战略，德国发布聚变能国家战略并制定聚变能发展 路线图，英国提出"到2040年实现核聚变能源生产商业化"的目标。我国此时组建"国家队"，正是要在未 来能源格局中占据主动权。 ...

Core Viewpoint - The establishment of China Fusion Energy Co., Ltd. marks a significant step in integrating nuclear fusion into China's strategic industrial layout, aiming to advance the commercialization and engineering of fusion energy [1] Group 1: Industry Context - Nuclear fusion is seen as a potential ultimate solution for clean energy, offering advantages such as high energy density, abundant raw materials, low radioactive pollution, and enhanced safety compared to nuclear fission [1] - China's nuclear energy development strategy, proposed in 1983, emphasizes a three-step approach: thermal reactors, fast reactors, and fusion reactors, addressing sustainable nuclear energy development [2] - The past decade has been a "golden window" for global nuclear fusion research, with significant breakthroughs in both international and domestic projects [2] Group 2: Company Overview - China Fusion Energy Co., Ltd. will focus on overall design, technology validation, and digital R&D, supported by a robust platform for technology development and capital operations [1][3] - The company is backed by major stakeholders, including China National Nuclear Corporation, which provides engineering experience and resource integration capabilities essential for fusion commercialization [3] Group 3: Market Dynamics - The dual-platform model of "technology + capital" aims to innovate market mechanisms, addressing the long R&D cycles and substantial investment required for fusion energy [3] - The introduction of social capital is expected to mitigate R&D risks and accelerate technological iterations, fostering a collaborative ecosystem between large enterprises and SMEs [3] Group 4: Future Implications - Successful commercialization of fusion energy could fundamentally reshape the global energy landscape, although the path is fraught with challenges, including high uncertainty and long development timelines [4] - The journey towards fusion energy commercialization demands significant patience, determination, and financial backing, alongside stable policy support [4]

Investment Rating - Industry investment rating: Overweight [2] Core Viewpoints - The nuclear fusion industry is an emerging sector that warrants attention, with policies potentially influencing investment hotspots [3][4] - The development of nuclear fusion technology is progressing, and there is optimism for future industrial applications [4][5] - Investment suggestions indicate that if technological breakthroughs occur, the nuclear fusion industry could see significant growth, with companies like Western Superconducting Technologies as potential investment targets [5][95] Summary by Sections 1) Overview of Nuclear Fusion - Controlled nuclear fusion is a reaction where light atomic nuclei combine under specific conditions, releasing substantial energy [15] - Nuclear fusion is considered a strategic energy source due to its high energy density and sustainability [19] 2) Literature Descriptions of the Nuclear Fusion Industry - The nuclear fusion technology research has gained attention from various countries, with ongoing advancements since the 1970s [51] - Multiple international projects, including the ITER initiative, are underway to promote nuclear fusion research [52] 3) Attention on Nuclear Fusion - The global nuclear fusion industry has seen significant financing recently, indicating a shift in investment strategies that favor industry development [74] 4) Investment Recommendations - The report suggests that the nuclear fusion industry could have a promising future if relevant technologies continue to advance [95]

Group 1 - Zhejiang Zheneng Electric Power Co., Ltd. plans to invest 751 million yuan for a 5% stake in China Fusion Energy Co., Ltd., marking its entry into the nuclear fusion energy sector [1] - The total investment from all parties involved amounts to approximately 11.49 billion yuan, with significant participation from major state-owned enterprises [1] - The investment has been approved by the company's board and the State-owned Assets Supervision and Administration Commission, meeting the conditions for delivery [1] Group 2 - Controlled nuclear fusion is viewed as a potential ultimate energy source, with broad fuel sources, high safety, and minimal carbon emissions, making it a key solution for energy shortages and environmental pollution [2] - Global investments in controlled nuclear fusion have been increasing, leading to technological breakthroughs and enhanced market expectations for commercialization [2] - Despite being in the early stages with high investment and long return cycles, nuclear fusion is attracting more enterprises and capital, especially in the context of tightening fossil fuel supplies and the volatility of renewable energy [2] Group 3 - Zhejiang Zheneng Electric Power is diversifying from traditional energy to clean energy, with ongoing projects in thermal power and energy-saving initiatives [2] - The company has been deepening its nuclear power business through stakes in various nuclear power projects, including Zhejiang Jin Qimen Nuclear Power Station [3] - The move into nuclear fusion is seen as a strategic response to the "dual carbon" goals, positioning the company to avoid marginalization in the future energy landscape [3]

Core Viewpoint - The establishment of China Fusion Energy Co., Ltd. marks a significant step towards the commercialization of nuclear fusion energy in China, utilizing the magnetic confinement tokamak technology in a phased approach of experimental, demonstration, and commercial reactors [1][4][6]. Company Overview - China Fusion Energy Co., Ltd. is a subsidiary of China National Nuclear Corporation (CNNC) and focuses on the engineering and commercialization of fusion energy, including overall design, technology validation, and digital R&D [1][2][4]. - The company was originally established in 1983 as part of the China Nuclear Fuel Corporation and has been rebranded to serve as the implementation and financing platform for CNNC's fusion energy initiatives [4]. Shareholder Structure - The company has seven shareholders, including CNNC, China National Nuclear Power Co., Ltd., Kunlun Capital, Shanghai Fusion, Guolü Fund, Zhejiang Energy, and Sichuan Fusion, with a total investment of approximately 11.492 billion yuan, raising the registered capital to over 15 billion yuan [2][4]. - CNNC holds a 50.35% stake as the largest shareholder, investing 4.029 billion yuan, while China National Nuclear Power holds 6.65% with a 1 billion yuan investment [2][4]. Market Activity - On July 23, stocks related to controllable nuclear fusion saw significant activity, with companies like Dongfang Electric and Xueran Co. reaching their daily price limits, indicating strong market interest in the sector [1]. - The establishment of China Fusion Energy Co., Ltd. has led to increased investor attention and activity in related stocks, reflecting a growing optimism about the future of fusion energy in China [1][6]. Technological Context - Nuclear fusion is a process where light atomic nuclei combine to form heavier nuclei, releasing substantial energy, with magnetic confinement fusion being a leading technology supported by devices like tokamaks [5]. - The tokamak design has been the dominant approach since the 1960s due to its superior performance in achieving the conditions necessary for nuclear fusion [5]. Policy Support - The Chinese government has integrated controllable nuclear fusion into its strategic planning, emphasizing its importance in achieving carbon neutrality and supporting advanced technology research [6]. - Recent policies have accelerated investment and development in the fusion energy sector, positioning it as a key area for future innovation and growth [6].

Core Viewpoint - Two major nuclear power companies, China Nuclear Power and Zhejiang Energy Power, announced their investment in China Fusion Energy Co., aiming to strengthen their positions in the nuclear fusion sector and support the national energy transition strategy [2][6]. Investment Details - China Nuclear Power plans to invest 1 billion yuan (approximately 100 million) to acquire a 6.65% stake in the fusion company, while Zhejiang Energy Power intends to invest 751 million yuan (approximately 75.1 million) for a 5% stake [1][6]. - The overall investment round involves multiple institutions, totaling approximately 11.49 billion yuan (around 1.15 billion) for the new registered capital of the fusion company [5][6]. Strategic Importance - The investments are part of a broader strategy to enhance the core leadership of central enterprises in China's fusion industry and to facilitate the commercialization of fusion technology [6][12]. - Both companies view this as a proactive move to maintain competitiveness in the energy transition process [6][10]. Market Trends - The controlled nuclear fusion sector has seen significant interest, with a reported 41.78% increase in related stocks in the A-share market during the first half of 2025 [10][11]. - The global market for controlled nuclear fusion is projected to reach 496.5 billion by 2030 and potentially exceed 1 trillion by 2050 [12]. Technological Advancements - Recent breakthroughs in controlled nuclear fusion technology in China include achieving over 1 million degrees Celsius in plasma operation and the successful ignition of a commercial linear fusion device [11][12]. - The Chinese government has incorporated controlled nuclear fusion into its strategic emerging industry development plan, providing strong policy support for the sector [12][13].

Investment Rating - The report does not explicitly state an investment rating for the controlled nuclear fusion industry. Core Insights - Controlled nuclear fusion is considered a strategic energy source that is safe, clean, low-carbon, and has high energy density, potentially solving humanity's energy problems [12][18]. - The energy balance is a critical indicator for the commercial viability of controlled nuclear fusion, with future energy gain indicators expected to exceed 10 [22]. - The global timeline for achieving operational demonstration reactors is set for 2050, with significant advancements expected in the coming years [54][56]. Summary by Sections Section 1: Energy Solutions - Controlled nuclear fusion is a promising solution to energy needs, utilizing abundant fuel sources like deuterium from seawater, which could support humanity's energy demands for thousands of years [18][20]. - The energy gain (Q value) is a key metric, with a threshold of Q=1 indicating feasibility for scientific and engineering applications [22][23]. Section 2: Technological Progress - The report highlights the transition from copper-based magnets to high-temperature superconductors in fusion devices, which enhances efficiency and reduces costs [52][73]. - Major global projects like ITER are pivotal in advancing fusion technology, with significant international collaboration [59][62]. Section 3: Industry Structure - The current focus is on the midstream components of fusion devices and upstream materials, with a detailed breakdown of the value chain [98][100]. - Key materials include low-temperature superconductors, high-temperature superconductors, tungsten, and stainless steel, which are essential for the construction of fusion reactors [100][103]. Section 4: Market Opportunities - The report identifies upstream material suppliers and midstream equipment manufacturers as core beneficiaries of the fusion industry, with specific companies highlighted for their roles [114][117]. - The downstream segment includes research institutions and private fusion companies, indicating a growing market for fusion technology applications [117].

Core Viewpoint - The recent surge in nuclear energy stocks in A-shares is linked to the positive developments in the U.S. nuclear energy sector, particularly following President Trump's signing of executive orders aimed at reforming the nuclear industry [1][3]. Group 1: Market Performance - A-shares nuclear energy stocks saw significant gains, with nearly 20 related stocks hitting the daily limit or rising over 10% [1][3]. - In the Hong Kong market, China National Nuclear Corporation experienced a surge of over 180% [1]. - The U.S. nuclear energy stocks also rallied, with Lightbridge rising by 42.59% and NANO Nuclear increasing by over 30% [1]. Group 2: U.S. Policy Impact - Trump's executive orders aim to accelerate the approval process for nuclear reactors used for defense and AI, with a goal to quadruple nuclear power output in the next 25 years [3]. - The orders also include provisions for the construction of 10 large reactors by 2030 and adjustments to regulatory processes for experimental reactors [3]. Group 3: Global Nuclear Energy Trends - The nuclear energy revival cycle has been ongoing since 2019, with developing countries like China continuing to approve and construct new nuclear units [3][4]. - The anticipated increase in nuclear power demand is expected to benefit uranium as a nuclear fuel, leading to a tighter supply-demand balance [3][4]. Group 4: Nuclear Energy Advantages - Nuclear power is highlighted as a clean, safe, and efficient energy source, with annual utilization hours exceeding 7000, making it the most efficient among all energy sources [4]. - The role of nuclear energy in addressing climate change and promoting energy transition is emphasized, with potential applications in desalination, hydrogen production, and medical protection [4]. Group 5: Nuclear Fusion Developments - The nuclear fusion sector has entered a phase of intensive catalysis, with significant gains in related stocks since early May, particularly in controlled nuclear fusion [5][7]. - The ITER project, a major international collaboration, has achieved significant milestones, marking progress towards commercializing controlled nuclear fusion [6][7]. - Continued investment and project developments in nuclear fusion are expected to accelerate industry growth, benefiting related companies [6][7].