Investment Rating - The report maintains a "Positive" investment rating for the Field-Reversed Configuration (FRC) technology [4]. Core Insights - FRC technology is emerging as a promising alternative to traditional fusion methods like Tokamak, with advantages in cost, efficiency, and potential for commercialization [12][36]. - The report highlights significant advancements in both domestic and international FRC projects, indicating a growing interest and investment in this technology [47][84]. Summary by Sections What is Field-Reversed Configuration (FRC)? - FRC is a compact plasma configuration characterized by strong axial magnetic fields and minimal toroidal fields, making it structurally simpler and less costly to build compared to Tokamaks [12][13]. - The unique properties of FRC allow for high plasma beta values, effective confinement, and potential applications in various engineering scenarios [18][20]. Advantages of FRC over Tokamak - FRC's energy conversion efficiency is significantly higher, with Helion Energy achieving up to 95% efficiency through direct energy conversion methods [33][35]. - The construction costs and timelines for FRC are lower, with companies like Helion Energy aiming for commercial power generation by 2028, compared to the longer timelines for Tokamak-based projects [36][39]. - FRC's modular design facilitates easier maintenance and upgrades, enhancing operational efficiency [44][46]. International FRC Projects and Company Progress - Helion Energy, a leading company in FRC technology, has secured agreements to supply power to major corporations like Microsoft and Nucor, with plans for a 500MW fusion power plant by the 2030s [49][53]. - TAE Technologies is also advancing its FRC projects, with expectations to demonstrate net energy gain by the 2030s [58][64]. Domestic FRC Projects and Company Progress - The "Fluorescence-1" device represents early domestic efforts in FRC research, focusing on plasma target formation and stability [86][87]. - Huazhong University of Science and Technology's HFRC project aims to explore plasma collision fusion and magnetic compression [95]. - The establishment of companies like Hanhai Fusion, which focuses on low-cost FRC technology, indicates a growing commercial interest in China's fusion energy sector [101][107].