Core Viewpoint - The article emphasizes the importance of building a strong energy nation in China, highlighting the need for comprehensive improvements in energy technology, industrial chains, and system capabilities to enhance international competitiveness and support sustainable economic development [2]. Group 1: New Energy System Construction - The new energy system is a central theme in the transition to an energy powerhouse, with a focus on accelerating the construction of this system and achieving carbon peak goals [3]. - The development of non-fossil energy sources will be prioritized, with significant expansions in wind and solar power capacity, aiming for an additional 200 million kilowatts of installed capacity by 2026 [3]. - The integration of various energy sources, including biomass, geothermal, and marine energy, will complement the new energy system [3]. Group 2: Clean and Efficient Use of Fossil Fuels - The transition to cleaner and more efficient use of fossil fuels is essential during the period when new energy sources are not yet dominant [4]. - Coal power will be transformed into a flexible and clean energy source through technological upgrades and innovative mechanisms, ensuring energy supply security [4]. - By 2026, initiatives will be implemented to promote carbon capture and utilization in the oil and gas sector, facilitating the integration of fossil fuels with new energy [5]. Group 3: New Power System Development - A new power system must be established to ensure the efficient transmission and management of clean energy, requiring the construction of high-voltage transmission lines and smart grid systems [5]. - By 2026, a power supply alert mechanism will be established to enhance the interconnection of power grids and improve user-side responsiveness [5]. Group 4: Overcoming Bottlenecks in New Energy Development - China aims to lead global energy transformation, with a target of achieving a total installed capacity of wind and solar power reaching six times that of 2020 by 2035 [6]. - The challenges faced by the power system, such as the inability to transmit green energy from the west to the east and the volatility of renewable energy generation, need to be addressed through integrated and innovative development [6][7]. - The focus will shift from mere scale expansion to value creation through system collaboration, enhancing the reliability and market competitiveness of new energy [7]. Group 5: Coal Consumption Trends - Coal consumption in China has shown signs of decline, with a notable negative growth for the first time since 2017, but short-term demand remains resilient due to various factors [10]. - The long-term trend indicates a gradual reduction in coal consumption, with a peak expected around 2027, transitioning coal's role from a primary energy source to a backup energy source [11]. - The integration of coal and new energy will be emphasized, promoting the development of clean energy alternatives in coal mining areas [12][13]. Group 6: Future Industry Development - The "14th Five-Year Plan" outlines the need to cultivate future industries such as quantum technology, hydrogen energy, and nuclear fusion, which are crucial for energy security and sustainable development [15]. - Hydrogen energy is seen as a key component of the future energy system, with efforts to promote its commercialization and integration into the energy landscape [16]. - Nuclear fusion is positioned as a long-term solution for energy challenges, with significant investments and research expected to accelerate its development [17].

更多内容 扫码观看 点亮一盏电灯、驱动一台机器、激活一项技术……经济社会运行中，能源的身影无处不在。能源的发展 状况，影响着一个国家的发展走势。"十五五"规划建议提出，建设能源强国。能源强国首次出现在五年 规划里，意味着我国经济社会发展对能源的需求，已不仅是保障供应那么简单，更要通过能源技术、产 业链和系统能力的全面提升，增强国际竞争力，支撑经济社会可持续发展。 我们需要一个什么样的能源强国？怎么建设能源强国？从新能源规模扩张到化石能源清洁转型，从新型 电力系统搭建完善到新能源集成融合发展，从煤炭与新能源协同共生到氢能、核聚变能等未来产业前瞻 布局，一系列关键举措落地实施，将推动我国能源发展实现质的有效提升和量的合理增长，为社会主义 现代化强国建设注入强劲动力。 新型能源体系如何建 在能源强国这台"大戏"里，新型能源体系是主角。 建设能源强国，新能源是主力。过去一年，随着新能源占比越来越高，电力系统面临的挑战也在加大： 西部地区的绿电难送出，东部城市的绿电不够用，风光发电"看天吃饭"的波动性让电网承压，市场化竞 争力不足，这些"成长的烦恼"成为制约新能源高质量发展的瓶颈。 党的二十届四中全会提出，加快建设新型 ...

Core Viewpoint - The development of a strong energy nation is crucial for China's economic and social progress, emphasizing the need for comprehensive enhancement of energy technology, industrial chains, and system capabilities to boost international competitiveness and support sustainable development [1]. Group 1: New Energy System Construction - The new energy system is the main focus in building a strong energy nation, with a shift from top-level design to comprehensive construction during the "15th Five-Year Plan" period [2]. - The goal is to significantly increase the share of non-fossil energy, with plans to add over 200 million kilowatts of wind and solar power capacity annually by 2026 [2]. - The integration of various energy sources, including biomass, geothermal, and marine energy, will complement the new energy system [2]. Group 2: Clean and Efficient Use of Fossil Energy - The transition to cleaner and more flexible coal power is essential during the transition period, with coal power expected to act as a stabilizer for energy supply [3]. - By 2026, efforts will focus on upgrading coal power technology and promoting carbon capture and utilization in the oil and gas sector [3]. - The construction of a new power system will require the establishment of high-voltage lines and smart grids to ensure efficient energy distribution [3]. Group 3: Overcoming Bottlenecks in New Energy Development - China aims to lead global energy transformation, with a target of achieving six times the wind and solar power capacity by 2035 compared to 2020 levels [5]. - Challenges such as the inability to transmit green electricity from western regions to eastern cities and the volatility of renewable energy generation need to be addressed [6]. - The focus will shift from simple capacity expansion to system collaboration and value creation in new energy development [6]. Group 4: Coal Consumption Trends - Coal consumption in China has shown signs of decline, with a negative growth rate for the first time since 2017, but short-term demand is expected to remain resilient [9]. - The long-term trend indicates a gradual reduction in coal consumption, with a peak expected around 2027, after which a more significant decline is anticipated [10]. - The integration of coal and new energy is essential for the sustainable development of the coal industry, with initiatives to develop renewable energy in coal mining areas [11]. Group 5: Future Industry Development - The "15th Five-Year Plan" emphasizes the need to cultivate future industries such as hydrogen energy and nuclear fusion, which are critical for energy security and sustainable development [14]. - Hydrogen energy is seen as a key component of the future energy system, with efforts to support pilot projects and promote large-scale applications [15]. - Nuclear fusion is positioned as a long-term solution for energy challenges, with significant investments and research needed to overcome commercialization hurdles [16][17].

证券研究报告 2026.01.19 核聚变之光 04：聚焦 2026 核聚变能科技与 产业大会 郭威秀 分析员 刘中玉 分析员 SAC 执证编号：S0080521120004 SFC CE Ref：BSI157 weixiu.guo@cicc.com.cn SAC 执证编号：S0080521060003 SFC CE Ref：BSP722 zhongyu.liu@cicc.com.cn 纵轴：相对值（%） 84 100 116 132 148 164 2025-01 2025-04 2025-07 2025-10 2026-01 沪深300 中金机械 中金一级行业：工业 资料来源：Wind，彭博资讯，中金公司研究部 行业动态 行业近况 2026 年 1 月 16-17 日，由安徽聚变产业联合会、中国科学院合 肥物质科学研究院、聚变新能（安徽）有限公司联合举办的 "2026 核聚变能科技与产业大会"在安徽省合肥市庐阳区 CRAFT园区顺利开幕，本次大会重点围绕BEST、CRAFT等项 目的核心材料及关键设备技术突破进行主题汇报。 评论 政策确定性强，战略红利持续释放。聚变能源作为国家"十五 五"规划明确的新经济 ...

从实验室走向工程化应用 核电作为构建新型能源体系的重要途径之一，是保障能源安全、优化能源结构的重要组成部分，承载着 推动能源高质量发展的重要使命。国家"十五五"规划建议明确提出，前瞻布局未来产业，将核聚变能定 位为未来新的经济增长点，为产业发展指明了方向。 此次大会以"聚核之力创见未来"为主题，集科技前瞻、产业协同、资本对接与生态构建于一体，汇聚了 政、产、学、研、金等领域的代表，共同描绘中国核聚变能发展蓝图。 "全球聚变产业正步入快速发展阶段，我国也展现出强劲发展势头。"在1月16日至17日于安徽合肥聚变 堆园区举行的2026核聚变能科技与产业大会上，聚变产业联合会秘书长刘志宏如是说。 2023年10月，国内首个聚变产业联盟在合肥成立。2025年，该联盟升级为聚变产业联合会，逐步构建起 覆盖材料、研发、制造、推广的全链条产业生态。成立以来，联合会持续探索国内聚变产业发展进路。 为攻克聚变堆核心技术难题，联合会设立了14个专业工作组，聚焦磁体、真空、偏滤器等关键系统协同 攻关，目前已取得一系列重要成果，包括完成230吨极端环境耐受材料CHSN01的量化生产、实现聚变 堆关键部件超级螺栓的国产化替代等，为产业自 ...

该联盟的宗旨是"产融共生、聚力创新"。据科大硅谷公司董事长吴海龙介绍，联盟将计划通过定期沙 龙、专题研讨、项目路演、企业调研等常态化活动，促进信息共享与精准对接。其首次项目路演将于1 月17日在中国科学院合肥物质科学研究院等离子体物理研究所举行。 安徽依托EAST、BEST等大科学装置，打造科研产业一条龙集群；四川凭借中国环流系列装置，深耕硬 装备制造；上海则利用资本和国际化优势，攻坚高温超导磁体等核心技术，布局未来产业标准……当 前，我国核聚变产业高地正在竞逐生态化发展，它们共同勾勒出核聚变商业化的早期版图。 "十五五"规划建议提出，推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移 动通信等成为新的经济增长点。这意味着核聚变不仅是能源安全的远景保障，更是驱动高质量发展、塑 造新质生产力的重要抓手。2026年1月15日，《中华人民共和国原子能法》正式施行，从法律层面明确 支持聚变能源发展。 【纠错】 【责任编辑:马俊卿】 聚变新能（安徽）有限公司董事长严建文说，核聚变行业技术壁垒高、商业化周期长，仅靠科研经费和 初期投资难以支撑其走向商业应用。而这正是聚变金融机构联盟要解决的核心命题。 新 ...

Group 1: Emerging and Future Industries - Various provinces are focusing on emerging and future industries, with specific emphasis on sectors like integrated circuits, robotics, and advanced energy storage [1][6] - Jiangsu aims to deepen integration into the Yangtze River Delta's aircraft manufacturing cluster and emphasizes atomic-level manufacturing [6] - Provinces like Shandong and Guangdong are prioritizing sectors such as quantum technology and hydrogen energy, indicating a trend towards high-tech and sustainable industries [1][7] Group 2: Digital Development - Provinces are actively developing digital infrastructure, with Liaoning focusing on data annotation industries and integrating AI into traditional industries [2][9] - Beijing aims to become a global benchmark city for digital economy, emphasizing core technologies like high-end chips and software [2][9] - Guangdong is enhancing its data trading platforms to foster industrial clusters, showcasing a strong market-driven approach [2][9] Group 3: Marine Economy - Coastal provinces are shifting their focus to marine economies, with Guangdong and Shandong aiming to create comprehensive marine industry ecosystems [8][19] - Liaoning and Jiangsu are leveraging their industrial bases to upgrade traditional marine industries towards high-end and green solutions [8][19] - The emphasis on marine economic development reflects a strategic pivot towards utilizing ocean resources for economic growth [8][19] Group 4: Consumption and Economic Growth - Guangdong is promoting the establishment of international consumption centers, aiming to enhance service industry standards and consumer environments [10][11] - Provinces like Beijing and Jiangsu are emphasizing high-energy consumption innovations, focusing on cultural and tourism integration to stimulate local economies [11][15] - The strategies aim to release local market potential and enhance consumer confidence through improved infrastructure and services [11][15] Group 5: Strategic Technology and Talent Development - Provinces are prioritizing the establishment of national laboratories and major scientific facilities to strengthen strategic technological capabilities [12][14] - There is a focus on integrating education, technology, and talent development to foster innovation and address regional needs [13][14] - Collaborative efforts across provinces aim to enhance the overall effectiveness and resilience of the national innovation system [12][14]

Core Insights - Hydrogen energy and nuclear fusion are identified as key future industries in China's "14th Five-Year Plan" [1] - Nuclear fusion is described as a clean, safe, and virtually limitless energy source, often referred to as humanity's "ultimate energy" [1] - China is making significant advancements in nuclear fusion research, with notable achievements expected by 2025 [3][5] Group 1: Nuclear Fusion Research Developments - The "East" (EAST) facility in Hefei has set a world record for plasma operation at 1 billion degrees Celsius for 1066 seconds [3] - The construction of the next-generation compact fusion experimental device (BEST) has officially begun, with the Comprehensive Research Facility for Fusion Reactor (CRAFT) expected to be completed by the end of 2025 [3][5] - The CRAFT facility consists of 19 systems, including the "Chixiao" subsystem, which is crucial for material testing under extreme conditions [5] Group 2: Material Innovations - The development of tungsten-copper composite materials is essential for the core components of fusion devices, capable of withstanding extreme heat and radiation [5][8] - The successful creation of these materials has been a significant milestone in China's nuclear fusion research, showcasing the country's progress from following to leading in this field [5][11] Group 3: Advantages of Nuclear Fusion - Nuclear fusion offers several advantages over nuclear fission, including an almost limitless fuel supply from seawater and a lack of nuclear waste [13] - The energy density of fusion is significantly higher, with just 1 gram of fuel releasing energy equivalent to burning 8 tons of oil [13] Group 4: Collaborative Efforts and Industry Development - The development of nuclear fusion in China involves a collaborative approach, integrating national laboratories, research institutions, universities, and private enterprises [15] - The establishment of the Anhui Province Fusion Industry Alliance aims to bridge the gap between research and industry, facilitating collaboration among over 200 member organizations [15][17] - The evolving industrial ecosystem is expected to create opportunities for new entrants in the fusion sector, potentially leading to breakthroughs in clean and affordable energy [17]

Core Viewpoint - Chengdu is strategically planning its economic and social development for the "15th Five-Year Plan" period, focusing on innovation-driven growth and the establishment of five key centers and areas to enhance its competitive advantage in urban development [1]. Group 1: Economic Development Strategy - Chengdu aims to accelerate the construction of a national advanced manufacturing base, with industrial investment growth reaching an annual average of 30.4%, leading among 20 key cities in China [2]. - The city will implement the "circle-chain integration" project to enhance the resilience of industrial chains and elevate the global competitiveness of key industries such as electronic information and equipment manufacturing [2]. - Chengdu's "15th Five-Year Plan" emphasizes the integration of science and industry as a critical path to seizing opportunities from the new technological revolution and industrial transformation [7]. Group 2: Cultural and Creative Industry - The city plans to establish itself as a national cultural and creative center, with the digital cultural and creative industry expected to exceed 410 billion yuan by 2025, aiming for over 600 billion yuan by 2030 [6]. - Chengdu will enhance the development capabilities of cultural and creative industry parks, attracting major projects and quality enterprises to foster a collaborative ecosystem [6]. Group 3: International Engagement and Open Economy - Chengdu is set to become a national center for foreign exchanges and a new high ground for reform and opening up, enhancing its global resource allocation capabilities [8]. - The city will support the construction of the Asia-Europe International Railway Hub and develop a logistics hub system to strengthen international cooperation and expand its global outreach [8][9]. - Chengdu aims to improve its "Invest in Chengdu" brand and establish a comprehensive service system for foreign investment, facilitating enterprises in expanding overseas markets [9]. Group 4: Infrastructure and Connectivity - The city will promote urban agglomeration development and enhance transportation infrastructure, including the construction of high-speed railways and urban rail lines to improve connectivity [10]. - Chengdu plans to initiate the second phase of the Tianfu International Airport project and develop various economic corridors to support regional collaboration and growth [9][10].

Core Insights - Hydrogen energy and nuclear fusion are identified as future industries in the "14th Five-Year Plan," expected to become new economic growth points and accelerate the transition from laboratory to industrial application, contributing to the "dual carbon" goals [1] Hydrogen Energy - Hydrogen energy is produced through the chemical reaction of hydrogen and oxygen, utilizing primary energy sources like wind, solar, coal, and natural gas, making it a secondary clean energy source [2] - The hydrogen industry is emerging, with hydrogen fuel cell vehicles offering longer ranges and faster refueling; hydrogen is also being used in steelmaking to replace coke, significantly reducing carbon emissions [2] - By the end of 2024, national hydrogen production capacity is expected to exceed 50 million tons per year, with a year-on-year growth of approximately 1.6%; over 600 renewable energy electrolysis hydrogen production projects are planned nationwide [2] - The development of the hydrogen industry is crucial for accelerating the construction of a new energy system and achieving carbon peak and carbon neutrality goals [2] Nuclear Fusion Energy - Nuclear fusion is likened to the ultimate energy dream, where hydrogen atoms fuse into helium under extreme temperatures and pressures, releasing vast amounts of energy [3] - The raw materials for nuclear fusion are abundant, derived from isotopes of hydrogen found in seawater, and it is considered a clean and safe energy source [3] - For instance, the energy produced from 1 liter of seawater's deuterium is equivalent to that from 300 liters of gasoline [3] - Significant advancements in nuclear fusion research have been reported in China, including breakthroughs in temperature and duration of high-quality burning, bringing the "artificial sun" closer to reality [3] - The technology of fusion energy is transitioning from scientific research to engineering practice and commercial application [3]