以下文章来源于峰瑞资本 ，作者李罡 峰瑞资本 . 峰瑞资本致力于调动所有可能的资金、技术和资源，投资优秀创业公司，并帮助它们成长为具有长期社 会价值和商业价值的伟大企业。峰瑞坚持投早、投小、投科技，重点投资方向包括消费/TMT、硬科 技、生物医药，超过1/2的已投项目属于交叉学科创新。 本文来自微信公众号： 峰瑞资本 （ID：freesvc） ，作者：李罡（峰瑞资本副总裁），原文标题： 《"人造太阳"有多难？揭秘可控核聚变的核心技术和创业机会 | 峰瑞报告》，头图来自：AI生成 "AI与核能利用，是两件可以改变21世纪人类生活面貌的伟大事物。"OpenAI首席执行官山姆·阿尔特 曼曾断言。 人工智能与核能，就像是通向未来文明的两条轨道——一条正在重塑智能的本质，另一条则试图驯服 来自宇宙本源的能量。 更重要的是，这两条轨道正在交汇协同。一方面，AI发展迅猛，算力需求暴增，进而引发能源消耗 的问题。而核能，尤其是可控核聚变，被视为解决这一挑战的关键。另一方面，AI或许将助力核能 发展，不仅可以把控核反应系统，或许还能参与到反应本身的实时控制。2025年6月，核电公司泰拉 能源 （TerraPower） 宣布完成 ...

Group 1 - China National Petroleum Corporation (CNPC) Capital announced an investment of 655 million yuan in Kunlun Capital for a total capital increase of 3.275 billion yuan, aimed at investing in controllable nuclear fusion projects [1] - This is not CNPC's first venture into nuclear fusion; last year, Kunlun Capital and Hefei Science Island Holdings became shareholders in a fusion energy company, each investing 2.9 billion yuan for a 20% stake [1] - Controllable nuclear fusion is referred to as the "ultimate energy" source, with the potential to provide limitless energy without high-level radioactive waste [3][4] Group 2 - The principle of nuclear fusion mimics the sun's energy production, utilizing isotopes of hydrogen (deuterium and tritium) to release significant energy [4] - The key technologies for achieving controllable nuclear fusion are magnetic confinement fusion and inertial confinement fusion, with the tokamak device being the most mainstream approach [4] - China has made significant advancements in nuclear fusion research, transitioning from a follower to a core player in the field, with projects like the EAST tokamak and participation in the ITER project [3][8] Group 3 - The ITER project, initiated in 1985, aims to create a large-scale fusion reactor through international collaboration, with China joining in 2006 and taking on a significant portion of the research tasks [9][10] - The CFEDR (China Fusion Engineering Demonstration Reactor) project is a strategic initiative to develop a demonstration reactor, with plans to achieve commercial fusion energy by 2050 [11][12] - The CRAFT (Comprehensive Research Facility for Fusion Technology) project is set to be completed by 2025, providing a platform for high-parameter testing and supporting the CFEDR project [12]

Core Viewpoint - The article emphasizes the accelerating development and investment in controllable nuclear fusion technology, which is seen as a "ultimate energy" solution amid geopolitical tensions and energy security concerns in China [1][7]. Group 1: Energy Security and Nuclear Fusion - China's energy import dependency is at 20%, with oil strategic reserves only sufficient for 24 days, highlighting severe energy security issues [1]. - Controllable nuclear fusion offers significant advantages, such as the energy released from 1 gram of deuterium-tritium fuel being equivalent to 8 tons of oil, and the cost of generating electricity can be controlled below 0.005 yuan per kilowatt-hour [1][6]. - The Chinese government has included nuclear fusion in its "Top Ten Future Industries" initiative, planning over 300 billion yuan investment by 2030 [1]. Group 2: Investment and Commercialization - Social capital is actively investing in nuclear fusion projects, with notable investments like the 3.275 billion yuan increase in Kunlun Capital aimed at controllable nuclear fusion [2]. - The establishment of Fusion New Energy, a core platform for commercializing nuclear fusion technology, has attracted significant investment, with registered capital reaching 14.5 billion yuan [2]. Group 3: Technological Advancements - The CRAFT project, a key system for fusion reactors, achieved full domestic production of its low-noise current drive system, marking a significant technological milestone [3]. - The HL-3, China's largest and most advanced nuclear fusion experimental device, achieved new operational records, indicating rapid progress in fusion technology [3]. Group 4: Market Potential and Future Outlook - The global controllable nuclear fusion market is projected to reach $496.5 billion by 2030 and may exceed $1 trillion by 2050 [6]. - The article notes a decline in China's crude oil imports for the first time in 20 years, reflecting a strategic shift towards reducing oil dependency and increasing focus on nuclear fusion as a viable energy solution [6][7].

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Central Financial Committee has issued opinions to support the accelerated construction of Shanghai as an international financial center [4] - The China Securities Regulatory Commission (CSRC) is working to build a capital market ecosystem that is more conducive to comprehensive innovation [4] - The CSRC has released opinions on establishing a growth tier in the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability [4] Industry Updates - The China International Solid-State Battery Technology Conference is set to accelerate the industrialization of solid-state batteries, with related stocks including Putailai (603659) and Liyuanheng (688499) [5] - Cainiao's new unmanned vehicle has started pre-sales, indicating rapid growth in the commercial use of logistics unmanned vehicles, with related stocks including Xingwang Yuda (002829) and Xiangyou Technology (600476) [5] - Significant breakthroughs have been achieved in key systems of China's fusion reactor, marking an acceleration in nuclear fusion technology development, with related stocks including Xuguang Electronics (600353) and Nanfeng Co., Ltd. (300004) [5] Company Focus - Huayi Group (600623) has signed a strategic cooperation framework agreement with Zhenhua Heavy Industries [6] - Chongqing Department Store (600729) has seen a continuous increase in related deposits, with consumer finance yields significantly exceeding peers [6] - Kewei Medical (301087) has reached strategic cooperation with Zhihuiyan and Laolai Health to build a new ecosystem in healthcare [6] - Bank of China (601988) emphasizes the role of finance in supporting new productive forces, particularly in technology finance [6] Market Review and Outlook - On June 19, the market opened lower and continued to decline, with the ChiNext Index leading the drop. The total trading volume in the Shanghai and Shenzhen markets was 1.25 trillion, an increase of 596 billion from the previous trading day [7] - The report notes that the macro economy is expected to maintain a mild recovery, with policies emphasizing stability and activity in the capital market providing support [7] - Different sectors such as technology, consumption, and finance are highlighted for their respective advantages and development prospects, indicating potential for structural differentiation in the market [7] - The mid-term trend suggests that the market center may rise in Q4 2025, with potential for a bull market from 2025 to 2027 [7] - The report indicates that a phase of bottoming in the A-share market may have occurred, with attention needed on structural and rhythm changes in the second half of the year [7]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 目录 1、多技术路线:磁约束与惯性约束为主流 请务必阅读正文之后的免责条款部分 t 本法班薪 聚变基本原理 1.1 聚变反应原理是轻原子核如荒、疯在超 1 亿℃高温高压下克服库仓斥力聚合成较重原子核，如意并释放巨大能量，能级 在 17.6MeV / 次反应之上。 选择危 (D) - 点(T) 聚变因二者反应裁面大、所需点火温度相对最低,约 1.5 亿℃,且负可从海水提取,1 升海水含 30mg 允, 危能通过摆吸收中子再生,燃料获取便捷、能量密度极高(1kg 元危聚变能量≥400 万吨石油)。 图表1:聚变原理图 图表2:几种主要的聚变反应截面以及最大反应截面所对应的温度 D.T D-3He n-IIR 10- 10-3 10 10- 500 1000 10 50 100 રે Center-of-Mass Energy (keV) 资料来源:中国科学院等离子体物理研究所、太平洋证券 资料来源:可控核聚变科学技术前沿问题和进展、太平洋证券 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 P3 守 ...

核心结论：中美核聚变投资加速，磁体和堆内构件是核心环节 中信证券主要观点如下： 该行认为，核聚变技术是能源领域重大技术革命，中美等核能强国均重点发力可控核聚变。根据 Sightline Climate统计，全球共13家聚变企业设定了2030年前反应堆Q>1的目标。根据F4E Fusion Observatory统计，2020年以来，全球聚变公司累计投资加速提升，可控核聚变迎来新一轮加速发展期。 从投资规模来看，聚变实验堆堆投资规模百亿量级，反应堆投资占比约40%。根据Neil Mitchell对ITER 成本测算，磁体、堆内构件占反应堆成本分别为28%/17%，是聚变堆资本开支的核心环节。 核聚变清洁高效，有望成为人类的终极能源 智通财经APP获悉，中信证券发布研报称，核聚变技术是能源领域重大技术革命，中美等核能强国均重 点发力可控核聚变。其中托卡马克运行稳定性较高，制造难度相对较低，成为目前最主流路线。核聚变 当前正处于投资加速的过程中，中美均大力发展聚变研发，核聚变将迎来新一轮加速发展期。从投资逻 辑看，磁体、堆内构件占反应堆成本分别为28%/17%，属于资本开支的核心环节。该行认为当前处于聚 变产业链密 ...

高端制造专场 - 中信建投证券 2025 年中期资本市场投资 峰会 20250617 自动驾驶技术的发展历程及未来前景如何？ 自动驾驶技术经历了十年的快速发展，目前 L2 级自动驾驶已经开始普及。在 2015 年时，有许多创业公司进入该领域，并取得了一定成果。如今，一些车 企通过自动驾驶技术获得了显著收益，例如某公司已成功部署千台级别的自动 驾驶车辆并建立实验室流量。 尽管如此，自动驾驶仍面临许多挑战，包括定价、 市场接受度以及法律法规等问题。随着时间推移，这些问题逐渐得到解决，使 得自动驾驶技术更加成熟稳定。从长远来看，自动驾驶将继续推动交通运输行 业的发展，并带来更多创新机会。 摘要 工业机器人应用快速增长，2024 年全球数量达 50 万台，中国市场约 3 万台，但相对于全球人口仍有巨大潜力，统一管理技术提升部署效率， 某平台 2025 年已部署 2000 台并计划扩展至 1 万台。 自动驾驶技术 L2 级已普及，但定价、市场接受度和法规仍是挑战。L3 技术在动态环境中的多任务处理能力不断提升，F2 技术取得突破，预计 L2 技术将大规模部署，L3 技术需时日，但迭代能力良好。 机器人及传感器技术提升制 ...

2025.06.13 1、以色列对伊朗发动袭击，国际油价暴涨 2、可控核聚变技术持续突破，商业化进程有望加速 1、以色列对伊朗发动袭击，国际油价暴涨 导读 ： 国际油价暴涨；可控核聚变商业化进程有望加速 ； 解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 2、可控核聚变技术持续突破，商业化进程有望加速 日前，国际热核聚变实验堆（ITER）组织官网宣布，其已完成反应堆"电磁心脏"——世界最大、最强的脉冲超导电磁体系统的全部组件建造，这是可控核 聚变技术领域的一项里程碑式成就。 其中，ITER磁体馈线系统由中国科学院合肥物质科学研究院等离子体物理研究所研制，被称为ITER磁体系统的"生命线"。作为ITER中国工作组重要单位 之一，等离子体物理研究所承担了超导体、校正场线圈、磁体馈线、电源、诊断等众多采购包，占中国承担ITER采购包任务的大部分。 6月1 3日，国际油价大幅飙升，美油一度涨超1 0 %，刷新2月以来新高。 据央视新闻，以色列国防部长卡茨表示，由于以色列对伊朗发动袭击，他已宣布以色列全国进入紧急状 ...

【九点特供】德国核聚变初创公司获创纪录融资+美股核电 板块大涨近10%，分析师看好全球核聚变时间点有望提前; 17家重点车企承诺支付账期不超过60天，机构看好账期缩短 对零部件企业资金压力的释放 九点特供 2025.06.12 08:24 星期四 【市场主线】 周三市场全天震荡反弹,创业板指领涨,沪指涨0.52%再度站上3400点。盘面上,汽车零部件概念股表现活跃,此后稀土永磁钢 念股集体走强，券商等金融股一度冲高，而前期活跃的核电、医药、饮料制造等板块则展开调整。指数层面, 昨日属于预期内的 修复和承压，这次由于周二本身就跌得不多，所以三大指数基本上都在一天内修复完了，但由于各有各的压力位（上证为344 0，深成指和创业板指则为上方均线），所以三大指数基本上前半小时上冲完就涨不动了。从量能上看特别明显，如图所示9：5 4的预估成交额还在1.47万亿,但收盘反倒较上个交易日缩量1599亿(前半小时的预估额会有误差,但不至于会误差1000多 亿）,而结果看9：54的确差不多就是昨天的日内高点。最后,昨天宁德时代终于等来了一次像样的反弹且没有回落,但更重要 的是要看持续性如何，还是以去年10月的迈瑞医疗为例，8连 ...

近期，国内可控核聚变领域成果集中亮相，无论是合肥紧凑型聚变能实验装置（BEST）项目工程总装工作比原计划提前 两个月启动，还是中国核工业集团有限公司（以下简称"中核集团"）核工业西南物理研究院的新一代"中国环流三号"，达成百 万安培亿度H模运行，都意味着我国在可控核聚变赛道上取得了重大突破。 天风证券6月2日发布的研报显示，这些成果表明我国在可控核聚变技术上已经处于国际领先地位，可控核聚变项目陆续成 功落地将为未来商业化奠定技术基础，或为相关上下游企业带来新的发展机遇。 北京科方得科技发展有限公司研究负责人张新原在接受《证券日报》记者采访时表示，可控核聚变相关行业近期政策信号 明确、装置建设加速、项目进展与招标提速并行，多重利好促进行业加速发展，商业化进程有望加快。 未来能源解决方案之一 核聚变是两个较轻的原子核结合成一个较重的核，同时释放巨大能量的核反应形式。可控核聚变则是指在人工控制条件 下，通过持续、稳定的核聚变反应释放能量的技术。其核心目标是将太阳内部的聚变原理转化为可控制的能源输出，具备清洁 和安全的特性，被视为人类未来理想的清洁能源解决方案之一。 浙商证券的研报显示，中国核能正面向"热堆—快堆—聚 ...