Core Insights - The Shanghai Stock Exchange hosted a salon focused on "Controlled Nuclear Fusion," with over 20 companies and nearly 30 financial institutions participating to discuss the industry's future and capital market support [1][2] Industry Development - China's controlled nuclear fusion industry has gained a first-mover advantage, particularly in high-temperature superconducting materials and Tokamak devices, due to overall technological advancements and collaboration between academia and industry [2] - Leading companies in the Shanghai main board include China National Nuclear Corporation, which is deeply involved in the CFETR project, and China Nuclear Engineering Corporation, which supports the ITER project [2] Technology and Commercialization - There is a consensus on the development model that combines various technological routes, with a focus on enhancing energy Q value and creating commercially viable products [3] - The commercial viability of nuclear fusion is accelerating, as evidenced by the increasing order and production capacity from upstream companies, although significant breakthroughs and cost reductions are still needed for full commercialization [3] Investment and Financial Support - Investment institutions are currently focusing on capital expenditure and key parameter improvements, suggesting companies adopt differentiated competition strategies to attract funding [4] - The Shanghai Stock Exchange plans to enhance the adaptability of the Sci-Tech Innovation Board to better serve technological innovation and support the real economy [5]

Group 1 - The successful plasma ignition of the HHMAX-901 fusion device marks a significant breakthrough in China's exploration of commercial nuclear fusion [1] - The "controlled nuclear fusion" industry is gaining traction in the capital market, with over 20 companies participating in discussions about the supply chain and technological collaboration [1][4] - Controlled nuclear fusion is considered the ultimate energy source due to its abundant fuel, safety, environmental cleanliness, high energy density, and economic advantages [2] Group 2 - China is leading in nuclear fusion research, with significant achievements in various national scientific devices and projects like CFETR [3] - The controlled nuclear fusion industry in China includes multiple segments such as materials, main engines, systems, and applications, benefiting from technological advancements and collaborative innovation [4] - Companies like China Nuclear Power and Xibu Superconductor are playing crucial roles in the development and supply of materials and components for nuclear fusion projects [4][5] Group 3 - The focus on commercializing nuclear fusion technology requires overcoming challenges related to material costs and technological breakthroughs [5] - There is a strong emphasis on the need for financial support from the capital market and local governments to facilitate the expansion of production capacity and technological validation [5]

Investment Rating - Industry rating is maintained at "Outperform the Market" [2] Core Insights - The report highlights the Sichuan provincial government's implementation plan to promote the controllable nuclear fusion industry, emphasizing significant engineering breakthroughs in magnetic confinement and inertial confinement fusion technologies [3] - Sichuan has established a comprehensive layout in the nuclear fusion field, covering both magnetic and inertial confinement routes, and is actively pursuing international collaborations to enhance its technological capabilities [4] - The report suggests focusing on companies within the nuclear fusion supply chain, including leading suppliers of high-temperature superconducting magnets and materials essential for fusion devices [5] Summary by Sections Government Support - The Sichuan provincial government has explicitly supported the controllable nuclear fusion industry, marking a significant policy shift compared to other regions [3] - The plan includes the construction of key facilities and the acceleration of technology transfer to foster innovation [3] Technological Developments - Sichuan has achieved notable breakthroughs in nuclear fusion technology, including reaching a temperature of 100 million degrees Celsius and significant advancements in fusion product metrics [9] - The establishment of the electromagnetic-driven fusion large scientific device aims to validate the feasibility of fusion ignition [4] Investment Opportunities - Recommended companies for investment include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets - Yongding Co., a major supplier of high-temperature superconducting materials - Guoguang Electric, which provides essential components for controllable nuclear fusion devices [5]

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Insights - The World Bank has lifted a decades-long ban on nuclear energy financing to accelerate the development of low-emission technologies, aiming to meet the growing electricity demand in developing countries. This policy shift is expected to provide significant funding support for the international nuclear energy industry [3][4] - Governments in Europe and the U.S. are increasingly supporting the nuclear energy sector, with policies that may have influenced the World Bank's decision. For instance, the U.S. aims to quadruple nuclear power output in the next 25 years, while the UK plans to invest £2.5 billion in nuclear fusion over the next five years [4] - Recent financing records in the nuclear fusion sector indicate strong financial backing, with U.S. company TAE Technologies raising over $150 million and German startup Proxima Fusion securing €130 million (approximately $150 million) in funding, which will accelerate the commercialization of nuclear fusion technology [5] Summary by Sections Section: Industry Overview - The nuclear energy sector is experiencing a policy shift with increased government support in the U.S. and Europe, which is expected to drive growth in the industry [4] - The World Bank's new financing policy is aimed at supporting the extension of existing nuclear reactor lifespans and the development of small modular reactors [3] Section: Investment Opportunities - Companies to watch include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets - Yongding Co., a major supplier of high-temperature superconducting strips - Guoguang Electric, which provides various components for controllable nuclear fusion devices [6]

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Insights - The report highlights significant breakthroughs in China's controllable nuclear fusion technology, with the "Chinese Circulation No. 3" achieving a plasma current of one million amperes and ion temperature reaching 100 million degrees, marking a new high in fusion parameters [3][6] - The advancements in nuclear fusion technology position China as a leader in the field, paving the way for future commercialization and potential growth opportunities for related upstream and downstream enterprises [3] Summary by Sections Industry Overview - The report discusses the continuous progress in controllable nuclear fusion technology in China, with key projects like the "Xuanlong-50U" achieving critical engineering breakthroughs [3][4] - The comprehensive parameters of fusion triple product have reached the order of 10^20, indicating significant advancements in the field [3] Key Companies to Watch - Recommended companies include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets, which are crucial for compact tokamak devices [4] - Yongding Co., a major supplier of high-temperature superconducting strips [4] - Guoguang Electric, which provides various components for controllable nuclear fusion devices [4]