Investment Rating - The report assigns an "Outperform" rating for the general equipment industry, marking its first rating change [2]. Core Insights - The nuclear power sector is at a turning point, with a sustained high level of activity expected due to continuous approvals exceeding expectations. The number of approved nuclear power units from 2021 to 2025 is projected to be 5, 10, 10, 11, and 10 respectively, totaling 46 units during the "14th Five-Year Plan" period [6][18]. - The investment in nuclear power construction is expected to reach a historical high, with 146.9 billion yuan completed in 2024, an increase of 52 billion yuan from the previous year, reflecting a growth rate of 54.79% [6][25]. - The domestic nuclear power industry is shifting towards self-sufficiency, with significant progress in the localization of key equipment, particularly in the midstream sector, where core equipment is increasingly being replaced by domestic alternatives [6][44]. Summary by Sections Section 1: Nuclear Power Growth Potential - The nuclear power sector is entering a rapid development phase, with the government emphasizing the need for safe and orderly growth. The target for operational nuclear capacity is set to reach 70 million kW by 2025 [11][14]. - The long-term outlook suggests that by 2060, nuclear power capacity could reach 400 million kW, necessitating an average annual addition of approximately 9.4 million kW over the next 36 years [14][15]. Section 2: Sustained Nuclear Power Demand - The demand for nuclear power is expected to remain robust, driven by the need for stable and clean energy sources amid increasing reliance on renewable energy [11][12]. - The "Hualong One" technology has matured, and the domestic nuclear equipment manufacturing process is accelerating, with a significant portion of the supply chain now localized [32][44]. Section 3: Key Companies in the Sector - Jiangsu Shentong is highlighted as a key player focusing on nuclear valves, with a strong outlook for growth supported by recent capital increases [6][7]. - Other notable companies include Zhongke Technology, which specializes in nuclear fuel transportation containers, and Jingye Intelligent, which focuses on nuclear industrial robots, both benefiting from the domestic demand for nuclear fuel processing [6][7][8]. Section 4: Investment Recommendations - The report recommends focusing on companies with established delivery capabilities in the nuclear sector, such as Jiangsu Shentong, Zhongke Technology, and Jingye Intelligent, as they are well-positioned to capitalize on the growing domestic market [6][7][8].

Group 1: Industry Developments - The China National Nuclear Corporation announced that the new generation artificial sun "China Circulation No. 3" achieved a record of 1 million amperes and 100 million degrees Celsius in plasma current and ion temperature, respectively [2] - The Hefei compact fusion energy experimental device (BEST) project commenced two months ahead of schedule, aiming to demonstrate fusion energy generation and contribute to the development of fusion energy in China [4] - Controlled nuclear fusion is viewed as the "ultimate solution for energy," with deuterium fuel theoretically available for human use for hundreds of billions of years [4] Group 2: Company Initiatives - New Hope Group began exploring compact nuclear fusion technology in 2017 and announced plans to build a small nuclear fusion experimental device, becoming the first private Chinese company to develop fusion energy [6] - Energy Singularity Energy Technology (Shanghai) Co., Ltd. was established in 2021 and is developing the Honghuang 70 device, which is the world's first fully high-temperature superconducting tokamak device [7] - Star Ring Energy, founded in October 2021, aims to build China's first commercial controllable fusion reactor, focusing on miniaturization and rapid iteration of fusion energy devices [8] Group 3: Investment and Funding - China National Nuclear Power and Zhejiang Energy Power increased their investments in China Fusion Energy Co., Ltd., marking significant financial support from leading nuclear and power enterprises [10] - China National Petroleum Corporation entered the fusion sector by increasing the registered capital of Fusion New Energy (Anhui) Co., Ltd. from 5 billion to 14.5 billion yuan, indicating strong financial backing for nuclear fusion initiatives [11]

原理早已清楚，工程充满挑战。 文丨 贺乾明 编辑丨黄俊杰 2022 年夏天，数亿元风险资金投向两家中国的核聚变创业公司，我们在 科技专栏发文 介绍了可控核聚变的技术进展、投融资情况。 两年后，一座核聚变实验装置在上海临港建成，完成初步技术验证。它看上去并不宏伟，主体部分只有 3 米高，周围插满各种管道，用于输送实验 用的气体、冷却剂和电等 "原料"。 启动它之前，要花几周时间把空气从装置中抽走，在内部创造出真空环境。然后周围的设施再花几周向真空室外的区域注入液氮和液氦，把它们的 温度降低到零下 240 度左右，再给位于其中的超导体注入电流，形成强力的螺旋磁场。维持这样的环境，每个月要花 30 万元电费。 它的主要功能是实验，看造出来的设施能否成功点亮等离子体——气体、液体和固体之外的第四种物质形态——这是实现核聚变的最基础条件。 工程师点击 "开始实验" 按钮后一瞬间，大量电子会沿着螺旋磁场轰击提前注入真空室中的氦气，把它们变成高速旋转的等离子体。同时，周围的装 置向等离子体发射与其旋转频率相同的电磁波，把它加热到 500 万度。 整个测试过程只持续了几十毫秒——还没有人眨眼一次的时间长。但为了实现这一瞬间的 ...