Group 1 - China Fusion Energy Co., Ltd. was established on July 22, with a focus on nuclear fusion energy [1] - China National Nuclear Power plans to invest 1 billion yuan for a 6.65% stake in China Fusion Energy Co., Ltd. [1] - Zhejiang Energy Power intends to invest 751 million yuan for a 5% stake in the same company, contributing to a total investment of approximately 11.49 billion yuan from multiple entities [2] Group 2 - The global landscape for controllable nuclear fusion technology is diverse, with significant developments in Tokamak and FRC technology routes [2] - Major companies like Google and Microsoft are engaging in agreements to purchase fusion energy, indicating a growing interest in this sector [2] - The Chinese Academy of Sciences and China National Nuclear Corporation are focusing on Tokamak technology for their fusion projects [2] Group 3 - Breakthroughs in Tokamak technology are expected from projects like EAST and the HL-3, with the BEST project by Fusion New Energy already in the early stages [3] - The power systems for Tokamak devices are crucial, with the value of core components being significant, particularly the magnetic power systems [3]

智通财经APP获悉，招商证券发布研报称，2025年以来以EAST、环流3号为代表的托卡马克装置技术不 断突破，聚变新能运营的BEST项目提前启动总装，陆续开启招标。同时，多家民企先后下场，除前几 年启动的新奥、联创、能量奇点、星环、瀚海，2024年以来又涌现出星能玄光、诺瓦、先觉等初创公 司，也得到部委或地方政府、互联网资本的资本支持。相比传统工业电源，可控核聚变电源系统要求极 苛刻，壁垒高，且需定制化开发，有相关技术积累的公司将受益。 托卡马克电源系统主要由磁体电源和加热电源构成，为实现等离子体的激发、位形保持及聚变条件提供 电能保障，在整个聚变系统核心部件的价值量占比仅次于磁体系统；而场反路线下电源系统以磁体电源 为主，在整个系统中的价值量占比可能更高，估算可能接近40%左右。 电源系统壁垒高，有长期积累的公司将受益 不同电源系统的技术平台差异大，磁体电源要求大电流、高控制精度，而加热电源是大功率、高电压系 统。不同技术路线要求也不同，就磁体电源而言，托卡马克采用以稳态电源为主、脉冲电源为辅的架 构，而场反装置主要采用高压脉冲电源，其电压等级更高，对电路设计及器件的寿命、耐压绝缘、响应 时间要求都更高。相 ...