证 券 研 究 报 告 华创交运公用可控核聚变双周报（第 4 期） 发改委发文明确加大核聚变等技术攻关，中 推荐（维持） 美聚变领域竞逐加速 ❑ 近期发改委发文明确加大核聚变等技术攻关，特朗普媒体科技集团与核聚变 公司 TAE 达成合并协议。 1、发改委发文明确加大核聚变等技术攻关：12 月 25 日，国家发改委基础设 施发展司发布文章《加快构建现代化基础设施体系》，提出"……加大长时储 能、绿电制氢氨醇、核聚变等技术攻关，持续推进煤电超超临界、灵活性改造 等技术应用"，表明我国对核聚变的战略定位已从基础研究转向工程化、产业 化攻关，体现了国家层面对于核聚变能源发展的高度重视。 2、特朗普媒体科技集团（DJT）与核聚变公司 TAE 达成合并协议：12 月 18 日，特朗普媒体科技集团（DJT）与核聚变初创公司 TAE Technologies，这项 全股票交易的估值超过 60 亿美元，交易完成后，双方股东将各持有新公司约 50%的股份。该交易预计 2026 年中期完成，新公司或将在 2026 年启动全球首 座 50MW 商用级核聚变发电站的建设工作。 3、成都准环对称仿星器项目主体工程顺利封顶：2025 年 ...

Market Overview - The A-share market experienced a slight rise, with the Shanghai Composite Index and the Shanghai 50 Index increasing for the third consecutive day, while the Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation 50 also opened strong [1] - Over 4,400 stocks rose, and trading volume remained stable [1] - The Japanese central bank raised its policy interest rate from 0.5% to 0.75%, the highest level in 30 years [1] - The Asia-Pacific stock markets showed positive performance, with the Nikkei 225 Index rising over 1% and the Korean Composite Index increasing by more than 0.7% [1] Nuclear Fusion Sector - The nuclear fusion concept stocks surged, with the sector index initially rising over 3%, reaching a historical high [5] - Trump Media & Technology Group agreed to merge with TAE Technologies in a deal valued at over $6 billion, expected to close by mid-2026 [7] - The merger aims to integrate capital channels and nuclear fusion technology to support the growth of the artificial intelligence industry [7] - A 50 MW commercial nuclear fusion power plant is set to begin construction next year, with plans for additional plants to achieve a total power supply capacity of 350 to 500 MW [7] - The global nuclear fusion market is projected to approach $500 billion by 2030, equivalent to approximately 3.5 trillion yuan [8] - The commercialization path for nuclear fusion technology is becoming clearer, with expectations for accelerated capital expenditure during the 14th Five-Year Plan period [8] Autonomous Driving Sector - The automotive industry saw a broad rally, particularly in the autonomous driving sector, which rose over 2% [9] - Zhejiang Shibao hit its daily limit for the fourth consecutive day, reaching a new annual high, while Huati Technology also achieved a daily limit for the second day [11] - The Ministry of Industry and Information Technology announced the first batch of L3 conditional autonomous driving vehicle approvals, with Changan Automobile and BAIC Arcfox being the first companies to receive permits [11] - This approval indicates a shift from mere technological demonstrations to regulatory compliance and operational deployment in designated areas [11]

Group 1: Core Developments in Fusion Energy - The BEST project in Hefei, Anhui, has achieved a significant breakthrough with the successful development and installation of the Dewar base, marking a new phase in the construction of the fusion energy experimental device [1] - The BEST device utilizes compact high-field superconducting tokamak technology and aims to demonstrate nuclear fusion power generation for the first time internationally by 2027 [1] - Germany's government has approved an action plan to build the world's first nuclear fusion power plant, with over €2 billion allocated for research and infrastructure by 2029 [1] Group 2: Policy Support and Market Outlook - The newly passed Atomic Energy Law in China encourages and supports controlled thermonuclear fusion research and technology development, effective from January 15, 2026 [2] - The law establishes a management system tailored to fusion characteristics, promoting the application of fusion technology [2] - Analysts from CITIC Securities and Open Source Securities express optimism about the long-term growth of the controlled fusion industry, citing increased financing and accelerated construction of facilities [2] Group 3: Financial Performance of Related Companies - Shanghai Electric leads in net financing buy-ins among fusion-related stocks, with a total of ¥16.38 billion, followed by companies like Western Superconducting and Yongding Co., which also show significant buy-ins [3] - Predictions indicate substantial profit growth for several companies in the fusion sector, with Yongding Co. expected to see a 451.02% increase in net profit by 2025 [6][3] - Companies like Western Superconducting and Shanghai Electric are also projected to experience over 40% growth in net profits, reflecting strong market interest and institutional support [6][3] Group 4: Technological Contributions and Innovations - Shanghai Electric has been involved in the "artificial sun" fusion project since 2000, showcasing its core equipment at the recent Industrial Expo [5] - Western Superconducting is actively engaging with major domestic fusion projects, leveraging its superconducting materials for fusion applications [5] - Hezhong Intelligent has contributed to the development of the vacuum chamber, a critical component of the BEST fusion device [7]