Core Insights - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the nuclear fusion index rising by 12.91% so far in January 2026, and monthly trading volume approaching 780 billion yuan [1] - Several companies, including Zhongji HuanKe and Antai Technology, are actively involved in the nuclear fusion business, while others are clarifying their limited involvement to manage market expectations [1] Industry Developments - The nuclear fusion industry in China has entered a rapid development phase, with significant progress reported in the compact fusion energy experimental device (BEST) located in Hefei, expected to be completed by 2027 [2] - The fundamental principle of controllable nuclear fusion mimics the sun's energy production, requiring extreme conditions to sustain the fusion reaction safely [2] - The implementation of controllable nuclear fusion typically involves magnetic confinement methods, with abundant and easily obtainable raw materials like deuterium from seawater [2] Market Participation - A-share market participants are focusing on the upstream, midstream, and downstream sectors of the Tokamak equipment supply chain, including superconducting materials and power plant operations [3] - The implementation of the "Atomic Energy Law" in China on January 15, 2026, supports the development of controlled thermonuclear fusion, laying a foundation for the emerging industry [3] Investment Trends - Over the past five years, approximately 6.5 billion USD has been invested in the commercialization of fusion energy, with around 70% of companies expecting to achieve their first commercial demonstration by 2035 [4] - Star Ring Fusion recently completed a record 1 billion yuan Series A financing, with plans to start commercial demonstration pile construction by around 2032 [5] - Companies like Zhongji HuanKe are exploring partnerships in the nuclear fusion sector, investing 30 million yuan in Star Ring Fusion while leveraging their expertise in high-tech fields [5] Corporate Activities - Antai Technology has engaged in significant projects related to nuclear fusion, including a partnership with the Hefei Comprehensive National Science Center for advanced filter development [6] - Tian Gong International has made breakthroughs in new materials for nuclear fusion devices, while Western Superconducting is involved in producing superconducting materials for international fusion projects [6]