证券日报网讯 1月27日，中国西电（601179）在互动平台回答投资者提问时表示，公司控股上市公司西 安高压电器研究院股份有限公司（西高院）具备隔离开关、避雷器以及部分整流变压器的实验能力。 ...

对话核聚变电源专家：电源环节梳理与核聚变前景展望 20260115 摘要 托卡马克装置电源系统主要包括加热电源、磁体电源和稳定电源，其中 加热电源需具备高功率调速能力，常配置大功率脉冲调制器（PSM）， 磁体电源和加热电源主要由脉冲高压电源构成，稳定电源则需配备应急 供电系统。 核聚变装置中，高价值部件包括交流换直流转换器、整流变压器、电流 引线、电抗器、无功补偿设备、大功率电子管和四极管、电容器及功率 控制器，其中整流变压器和无功补偿设备占比较大，超导线圈需应用高 温超导材料。 国内核聚变电源环节主要供应商包括西电、保变、阿尔斯通、中科海奥 等，分别在整流变压器、主变压器、断路器和磁体电源等方面提供产品 或研发支持，通过参与大科学工程项目提升技术能力。 未来核聚变领域竞争将加剧，新入局者可通过与科研机构或现有投资方 联合研发，逐步适应技术要求，并在大型项目如 CFE DR、环球 4 号、 星火 1 号等中进行功率、电压等方面的调整与设计。 中国供应商在大功率变流器、磁体电源及无功补偿领域已达全球领先水 平，拥有完整成熟的产业链，且相关产品出口到美国不存在核心技术管 控限制，未来出口需求依然明显。 星火 1 ...

Core Insights - Four major companies, namely Dongfang Electric, Shanghai Electric, China XD Electric, and Zhongtian Technology, are positioning themselves in the field of controllable nuclear fusion, with varying strengths and strategies [1][12] - Dongfang Electric leads in return on equity (ROE) at 6.67%, primarily due to high financial leverage, while Zhongtian Technology follows closely with an ROE of 6.39% and the best asset turnover [3][12] - The assessment of a company's leadership in the nuclear fusion sector raises questions about whether to prioritize current profitability or future potential [4][12] Company Summaries - **Dongfang Electric**: Recognized as one of the largest power generation equipment manufacturers globally, it has a comprehensive portfolio covering various energy sources. It plays a crucial role in manufacturing key components for China's nuclear fusion experimental device and the ITER project [5][12] - **Shanghai Electric**: Dominates the traditional nuclear power sector and aims to be a comprehensive supplier for nuclear fusion systems. It has secured key orders for major projects, emphasizing its capability in producing complete systems rather than just components [7][8][9] - **China XD Electric**: A leader in electrical equipment, it focuses on power transmission and transformation. Its role in the ITER project involves providing essential equipment to ensure the safe and controllable output of energy from fusion devices [9][10] - **Zhongtian Technology**: Known for its expertise in optical fiber and cable, it contributes to nuclear fusion at the material level, specifically in developing superconducting cables essential for magnetic confinement in fusion reactors [10][12] Financial Performance - **Return on Equity**: Dongfang Electric leads with 6.67%, while Zhongtian Technology follows with 6.39% [3][12] - **Asset Turnover**: Dongfang Electric and China XD Electric both have an asset turnover rate of 0.36, while Shanghai Electric lags at 0.27 [4] - **Net Profit Margin**: China XD Electric has the highest sales net profit margin at 6.95%, followed by Dongfang Electric at 5.67% [6] Strategic Positioning - Each company approaches the nuclear fusion challenge from different angles: Dongfang Electric focuses on heavy manufacturing, Shanghai Electric on system integration, China XD Electric on power output, and Zhongtian Technology on advanced materials [12][14] - The competition among these companies is ongoing, with each holding unique advantages that contribute to their roles in the evolving energy landscape [14]