Core Insights - China's self-developed nuclear fusion device (BEST) has achieved a significant milestone with the successful installation of its first key component, marking a new phase in its construction, with plans for completion by the end of 2027 and potential commercialization by 2030 [1] - The nuclear fusion index reached a historical high, with a cumulative increase of 116.67% since last year's "9·24" market surge, and an 81.61% rise this year [1] - Fund managers believe controlled nuclear fusion could become the ultimate form of energy for humanity, with a market potential reaching trillions of yuan [1][2] Industry Developments - Rapid advancements in high-temperature superconducting materials and artificial intelligence are accelerating the realization of controlled nuclear fusion, positioning it as a new battleground for major powers [2] - Controlled nuclear fusion is seen as a key pathway to achieving clean, safe, and nearly limitless energy, offering advantages over traditional nuclear fission, including higher energy density and reduced radioactive waste [2][3] - The global nuclear fusion market is projected to exceed $40 trillion by 2050, with the number of fusion companies increasing from 33 in 2022 to 45 in 2024, attracting $7.1 billion in investments [4] Investment Landscape - China has invested approximately 145.5 billion yuan in major nuclear fusion projects, with expected annual capital expenditures nearing 10 billion yuan over the next 3-5 years [5] - The commercial viability of nuclear fusion power plants is crucial, as high initial development costs must be significantly reduced to scale up fusion energy [6] - Public funds focusing on nuclear fusion themes have seen significant gains, indicating a growing interest in this sector, with potential for substantial market growth as commercialization progresses [7] Key Investment Opportunities - The most valuable segments of the controlled nuclear fusion supply chain include materials such as magnets and first-wall components, with significant investment opportunities in upstream suppliers [8] - Investors are advised to track national-level experimental projects in Hefei and Chengdu, as well as private sector investments in linear fusion devices, to identify growth potential in the industry [7][8]