以下文章来源于超募研究所 ，作者Eric 超募研究所 . 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专 业、垂直类研究内容。 导读： 如果说人类能源史上有一项技术，既能满足对无限清洁能源的全部幻想，又因其极高的科学和工程 壁垒让几代投资者望而却步，那它一定是可控核聚变。曾几何时，"可控核聚变距离实现永远还有 50年"的戏言，是它留给外界最深的印象。然而，在2025年的今天，风向已然剧变。从硅谷巨头、 国家资本到全球金融市场，一场围绕"人造太阳"的资本远征正全速推进。它正彻底挣脱科幻的藩 篱，蜕变为一条技术路线清晰、产业链成型、商业化曙光初现的战略性投资赛道。 如今，可控核聚变已不再是单一技术的孤独求索，而是一场百花齐放、多路并进的全球竞赛。目前 的技术路径主要分为两大阵营： 1、磁约束聚变： 目前最主流、最成熟的方向。它利用强大的超导磁体构造一个无形的"磁笼"，将 上亿摄氏度的等离子体约束其中，实现持续反应。 从"终极能源"到"投资风口"。 作者｜Eric 2、惯性约束聚变： 另一条重要路径，通常用超高能激光在极短时间内轰击燃料靶丸，瞬间引发聚 变。美国的国家点 ...

Core Insights - The article highlights China's advancements in nuclear fusion research, particularly through the EAST (Experimental Advanced Superconducting Tokamak) facility, which has achieved significant milestones in simulating fusion reactions and maintaining high temperatures for extended periods [1][2][4] - The ongoing upgrades to EAST and the development of the "Kua Fu" facility are crucial steps towards the next generation of nuclear fusion technology, aiming for commercial viability by 2027 with the BEST (Broadly Enhanced Superconducting Tokamak) project [2][3] Group 1: EAST Achievements - EAST has set world records, including a stable operation at over 100 million degrees Celsius for 1000 seconds, marking a significant milestone in fusion research [1] - The facility has evolved from initial short-duration experiments to achieving over 403 seconds of stable plasma operation during the "14th Five-Year Plan" period [1] Group 2: Future Developments - The "Kua Fu" facility is over 92% complete, focusing on the development of core components for the next generation of fusion reactors, with multiple successful tests and milestones achieved in 2023 [2][3] - The BEST project aims to be completed by the end of 2027, transitioning from experimental to demonstration phases of fusion energy [3] Group 3: Broader Impact - The advancements in fusion technology are expected to contribute to various sectors, including medical applications and public safety, with technologies derived from fusion research being utilized in proton therapy and security systems [3] - The Chinese government is promoting the integration of technological innovation and industrial development, fostering a comprehensive fusion energy industry chain from material production to operational design [3]

Core Insights - The article highlights China's advancements in nuclear fusion research, particularly through the EAST (Experimental Advanced Superconducting Tokamak) and the "Kua Fu" project, which aims to develop a next-generation fusion reactor [1][2][3] Group 1: EAST Achievements - The EAST device has achieved significant milestones, including a world record of maintaining a temperature of over 100 million degrees Celsius for 1000 seconds, simulating conditions necessary for future fusion reactors [1][2] - During the 14th Five-Year Plan period, EAST set records for plasma operation times of 101 seconds and 403 seconds, showcasing China's growing capabilities in fusion technology [1][2] Group 2: Kua Fu Project Development - The Kua Fu project, initiated in December 2018, has made substantial progress, with over 92% of the overall engineering completed, focusing on the development of core components for the next-generation fusion reactor [2][3] - Key components of the Kua Fu project, such as the low-frequency current drive system and the domestic ion cyclotron heating system, have successfully passed expert evaluations and are now operational [2][3] Group 3: Future Plans and Applications - The 15th Five-Year Plan is expected to be a critical phase for China's fusion energy development, transitioning from experimental to demonstration reactors, with the BEST (Broadly Enhanced Superconducting Tokamak) device aiming for completion by the end of 2027 [3][4] - Fusion-derived technologies are already being applied in various fields, including medical treatments and security systems, indicating the potential for fusion energy to become a new economic growth point [3][4] Group 4: Industry Integration - The article emphasizes the integration of technology and industry in the fusion energy sector, with Hefei developing a comprehensive industrial cluster that includes superconducting materials, magnet systems, and vacuum equipment [4]