（记者 曾健辉） 皖能电力（000543.SZ）1月8日在投资者互动平台表示，目前，公司通过安徽皖能丰禾聚变科技合伙企 业（有限合伙）间接持有聚变新能（安徽）有限公司3.5%（3.4482%）股权，后续公司将通过安徽皖能 丰禾聚变科技合伙企业（有限合伙）深化与聚变新能公司合作，重点突破聚变能在发电领域技术场景化 落地，积极推动聚变能商业化应用。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司怎么规划成为国内第一家核聚变发电公 司？谢谢！ ...

Trump Media & Technology Group和TAE Technologies同意以全股票交易方式合并，交易价值超过60亿美 元。周四公告显示，此次交易将打造全球首批公开上市的核聚变公司之一。公司计划明年开工建设世界 上第一座公用事业规模的核聚变发电厂，仍需获得必要审批。交易完成后，以完全稀释后的股权比例计 算，每家公司的股东将持有合并后公司约50%的股份。（智通财经） ...

消息面上，12月15日，马斯克在社交平台上公开唱衰核聚变发电。他写道："在地球上建造小型核聚变 反应堆简直愚蠢至极。"马斯克指出，太阳本身已是天空中一个巨大的、免费的核聚变反应堆。在最新 的太空AI设想中，马斯克计划每年部署100GW的太阳能AI卫星，规模堪比美国全国电力的四分之一。 此外，哈萨克斯坦近期提出新政策，要求哈原工在与合资企业续签合同时，将会持有90%的合资企业股 份。招银国际发布研报称，新政策对中广核矿业的储量所有权影响轻微。但可能会给该行的目标倍数带 来不确定性。暂时维持目标估值不变，但将持续关注政策变化的进展。 中广核矿业(01164)午后跌近7%，截至发稿，跌6.51%，报2.87港元，成交额1.22亿港元。 ...

Group 1 - The nuclear power sector experienced a general decline, with China National Nuclear Power (02302) down 6.63% to HKD 4.79, Dongfang Electric (01072) down 5.79% to HKD 22.8, and Shanghai Electric (02727) down 4.84% to HKD 3.93 [1] - Elon Musk publicly criticized nuclear fusion power, stating that building small nuclear fusion reactors on Earth is economically foolish, as the Sun itself is a massive, free nuclear fusion reactor capable of meeting all energy needs in the solar system [1] - Nvidia is set to hold an AI power shortage summit, highlighting global electricity supply and demand issues, with a focus on long-term opportunities in power-related assets [1] Group 2 - The report from Guotai Junan pointed out that the current challenges facing the U.S. power system, driven by increasing electricity demand from AI and extreme weather, create a "trilemma" of decarbonization goals, grid reliability requirements, and cost-speed demands from AI data centers [1]

Core Insights - The global energy market is facing a dual crisis with increased volatility in fossil fuel prices and the intermittent nature of renewable energy sources, highlighting the significance of China's "artificial sun" nuclear fusion project, which is expected to achieve a critical "ignition" in two years and be completed by the end of 2027, paving the way for commercial power generation [1][12] Group 1: Nuclear Fusion Technology - The core advantage of nuclear fusion lies in its fuel efficiency and the abundance of its primary fuels, deuterium and tritium, with deuterium being virtually limitless in seawater, where extracting energy equivalent to 1 ton of gasoline can be achieved from just 30 liters of seawater [3][4] - Tritium can be produced through lithium, which is abundant in regions like Qinghai and Sichuan in China, allowing for a self-sustaining fuel supply chain, making nuclear fusion fuel acquisition costs significantly lower compared to fossil fuels and other renewable sources [3][4] Group 2: Cost and Efficiency - The "ignition" goal of the BEST device is a critical technological milestone that will break down cost barriers, enabling the plasma to reach a state where it can sustain itself through its own fusion energy, thus achieving net energy output without continuous external energy input [4][6] - Once operational, nuclear fusion is expected to have minimal fuel consumption costs, with the primary expenses being related to device maintenance and energy conversion, contrasting sharply with traditional fossil fuel and renewable energy costs [4][6] Group 3: Global Impact and Cooperation - China's advancements in nuclear fusion technology are set to provide affordable clean energy globally through a dual approach of "technology export and cost demonstration," with the BEST device's design aimed at commercial viability and long-duration energy output [6][9] - The successful validation of the BEST device could allow China to assist developing countries in bypassing fossil fuel dependency, while also pressuring developed nations to accelerate their energy transitions due to the cost advantages of Chinese nuclear fusion technology [6][9] Group 4: Future Prospects - The commercialization of nuclear fusion could revolutionize energy usage, particularly in high-energy-consuming industries, potentially reducing electricity costs to one-fifth of current coal-fired power prices, thus facilitating a green transition and lowering production costs [7][10] - The rapid progress of the BEST device, including the successful domestic production of key components, suggests that the world's first nuclear fusion power plant could be operational in China by around 2040, with electricity prices potentially dropping below 0.1 yuan per kilowatt-hour [10][12]

Market Overview - On the first trading day of October, the A-share market achieved a "good start," with technology and cyclical hotspots driving all three major indices upward, with the Shanghai Composite Index returning to 3900 points for the first time in ten years [1] - The Shanghai Composite Index closed at 3933.97 points, up 1.32%, marking a new high since August 2015; the Shenzhen Component Index closed at 13725.56 points, up 1.47%, a new high since February 2022; and the ChiNext Index closed at 3261.82 points, up 0.73%, a new high since January 2022 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 26,718 billion yuan, an increase of 4,746 billion yuan from the previous trading day, marking the 36th consecutive trading day with a volume exceeding 20 trillion yuan [1] Sector Performance - The non-ferrous metals sector led the market with an overall increase of 7.60%, the highest among all industries, with both precious and industrial metal stocks showing significant strength [3] - Key stocks such as Tongling Nonferrous Metals, Northern Copper, Yunnan Copper, and Silver Lead (rights protection) saw their prices hit the daily limit [3] Notable Stocks - The newly listed stock C Yunhan (Yunhan Chip City) experienced significant volatility, triggering two trading halts due to price increases of 30% and 60% during the day, with a peak price of 199 yuan per share, corresponding to a rise of over 70% [2][9] - By the end of the day, C Yunhan closed at 164.56 yuan per share, with a rise of 40.89% and a trading volume of 1.691 billion yuan, achieving a turnover rate of 83.79% [10] Commodity Prices - During the National Day holiday, overseas prices for precious and industrial metals surged, with spot gold breaking the 4000 USD per ounce mark for the first time in history, and a cumulative increase of over 50% this year [4] - Domestic futures saw all non-ferrous metal varieties rebound, with the main contracts for gold and copper rising by 4.82% and 4.19%, respectively [5] Future Outlook - Goldman Sachs predicts that the demand for metals, particularly copper, will significantly increase due to the aging power grid in Western countries, with copper prices expected to reach 10,750 USD per ton by 2027 [5] - The report indicates that by the end of 2030, infrastructure upgrades will drive approximately 60% of global copper demand growth, equivalent to adding the consumption of an entire United States [5] Emerging Technologies - The controllable nuclear fusion concept saw about 20 stocks hit the daily limit, with significant gains in companies like Changpu Co., Yinjie Electric, and West Superconducting [6][7] - A recent breakthrough in China's nuclear fusion device BEST was reported, marking a significant step towards demonstrating nuclear fusion power generation by 2030 [8]

Investment Rating - The report suggests a positive outlook on the commercialization of the nuclear fusion industry, recommending continuous attention to the sector [3]. Core Insights - Nuclear fusion is viewed as the ultimate solution to humanity's energy problems, with the potential for significant advancements in commercialization by 2025 [1][2]. - The report highlights the diverse technological pathways in nuclear fusion research, primarily focusing on magnetic confinement and inertial confinement methods [1][66]. - A detailed overview of both international and domestic nuclear fusion projects is provided, showcasing the collaborative efforts in advancing fusion technology [2][35]. Summary by Sections 1. Nuclear Fusion: The Ultimate Solution to Energy Problems - Controlled nuclear fusion aims to replicate the sun's energy production on Earth, primarily through the fusion of hydrogen isotopes deuterium and tritium [1][8]. - Achieving nuclear fusion requires meeting three critical conditions: high temperature, sufficient density, and adequate energy confinement time, collectively known as the fusion triple product [18][22]. 2. Diverse Technological Pathways - The report outlines two main research directions: - Magnetic confinement, which utilizes strong magnetic fields to contain high-temperature plasma, with devices like Tokamaks and Stellarators [66]. - Inertial confinement, which relies on the inertia of fuel pellets compressed by powerful lasers or particle beams [66]. 3. Overview of Nuclear Fusion Projects - International projects include ITER, SPARC, and the Orion device, while domestic efforts are led by institutions like the China National Nuclear Corporation and various universities [2][35]. - The report details several key projects in China, such as the BEST project and the Jiangxi "Spark" project, highlighting the collaborative landscape of fusion energy development [2][35]. 4. Investment Recommendations - The report recommends focusing on companies involved in high-power electronic tubes, vacuum switches, superconducting materials, and other components critical to the nuclear fusion supply chain [3]. - Specific companies highlighted for investment include Xuguang Electronics, Yingjie Electric, and Guoguang Electric, among others [3][4].

Group 1 - The U.S. Secretary of Energy, Chris Wright, expressed an overly optimistic timeline for nuclear fusion energy, claiming it could power the global grid within 8 to 15 years, despite skepticism from experts [1][2] - Wright defended the Trump administration's cuts to renewable energy subsidies, arguing that wind and solar energy have received sufficient support over the years and should now be able to stand on their own [6][9] - The U.S. government has halted multiple wind energy projects and cut federal funding for offshore wind initiatives, which may weaken its competitiveness in the clean energy sector [6][9] Group 2 - Wright urged the UK to lift its ban on hydraulic fracturing, suggesting it could significantly impact the economy by lowering energy prices and creating jobs [4][5] - The UK government, under Prime Minister Truss, supports hydraulic fracturing as a means to enhance domestic natural gas supply, despite environmental concerns and previous bans [4][5] - The international context highlights China's dominance in renewable energy technology, with claims that it controls a significant portion of the global clean technology job market [5][6] Group 3 - Wright's comments reflect a broader U.S. concern about European reliance on Chinese renewable energy technology, framing it as a potential threat to energy security [5][6] - The ongoing international nuclear fusion project, ITER, is not expected to achieve commercial viability until at least 2034, indicating a long road ahead for fusion energy [2] - Wright's stance on climate change downplays its urgency, suggesting that the threats have been exaggerated and that significant decarbonization will take generations [8][10]

Group 1 - Central enterprises are accelerating their layout in the new energy sector, with significant actions taken recently [2][6] - The State Grid's new energy holding company raised 36.5 billion yuan through equity expansion, marking the largest cash fundraising in state asset transactions [2] - The establishment of China Fusion Energy Co., a new national team focusing on nuclear fusion, highlights the strategic direction of state-owned enterprises in future energy [3] Group 2 - Huadian New Energy successfully listed on the Shanghai Stock Exchange, aiming to enhance its valuation and support green low-carbon transformation [4][5] - China Energy Construction signed new contracts worth 717 billion yuan in the first half of 2025, with a notable increase in new energy projects [8] - The National Grid plans to increase its pumped storage capacity significantly, with a target of over 59 million kilowatts in operation [9] Group 3 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of talent training in the new energy sector for the modernization of state-owned enterprises [1][6] - Multiple central enterprises are restructuring and integrating their assets to enhance their presence in the new energy market [1][4] - The focus on high-quality development in the new energy sector is evident from the recent meetings and performance reports of major energy state-owned enterprises [6][9]

Core Insights - Marathon Fusion claims to have developed a method to convert mercury into gold using nuclear fusion reactions, potentially doubling revenue for future fusion power plants [1][4] - The technology is based on existing fusion principles and involves neutron bombardment to achieve nuclear transmutation [5][7] - The company estimates that each gigawatt of fusion power generated could produce approximately 5,000 kilograms of gold, equating the value of gold produced to the power generation revenue [1][8] Industry Context - The nuclear fusion sector has seen significant investment, with $2.6 billion raised in the past year, bringing total investments to $9.8 billion [4] - The global annual gold production is around 3,500 tons, and Marathon believes that the gold produced from fusion reactions can be absorbed by the market without affecting gold prices [8] Technical Details - The proposed method involves introducing mercury-198 isotopes into the fusion reactor's breeding blanket, where high-energy neutrons convert it into mercury-197, which decays into stable gold-197 [5][9] - The technology does not compromise the power output or tritium breeding capabilities of the fusion reactor [7] Commercial Potential - The potential for doubling revenue from fusion power plants has garnered attention, with experts expressing excitement about the theoretical feasibility of the technology [4][8] - Marathon Fusion was founded in 2023 and has raised $5.9 million, including approximately $4 million in government grants [8] Challenges - The main challenge involves the potential radioactivity of the produced gold due to the presence of other mercury isotopes, requiring a storage period of 14 to 18 years for safety [9] - While particle accelerators have previously synthesized gold, the yield has been minimal and costly, highlighting the uniqueness of Marathon's approach [9]