洪荒 70 实现百秒级稳态长脉冲等离子体运行，核聚变工程可行性验证提速 证券研究报告 2026 年 01 月 09 日 可控核聚变行业动态点评 事件：能量奇点宣布其在运的全球首台全高温超导托卡马克核聚变实验装置 洪荒 70 实现了 120 秒稳态长脉冲等离子体运行。 高温超导托卡马克装置洪荒 70 近期成功实现 120 秒稳态长脉冲等离子体运 行，技术路线工程可行性验证持续推进。1 月 6 日下午，能量奇点正在运行 的全球首台全高温超导托卡马克核聚变实验装置洪荒 70 取得重要进展，在 第 5319 次实验中成功实现了 120 秒稳态长脉冲等离子体运行。此为全球首 次由一家商业公司研发建造的核聚变装置成功实现百秒量级的等离子体电 流长脉冲运行，对洪荒 70 可靠长脉冲运行及高温超导托卡马克的工程可靠 性及运行稳定性形成有力印证。自 24M6 首次运行并获得第一等离子体以来， 洪荒 70 装置持续在低温系统、第一壁、磁体电源等环节取得有力进展，硬 件性能及运行能力持续提升。后续公司将在洪荒 70 试验中启动基于 AI 的等 离子体实时控制系统。 行业动态跟踪 | 机械设备 EAST 迎来重要突破，核聚变大会近期 ...

智通财经见习记者｜蒋习 核聚变领域再现最新动向。 据商业核聚变公司能量奇点1月7日发布的消息，1月6日下午，全球首台全高温超导托卡马克核聚变实验 装置洪荒70，在第5319次实验中成功实现了120秒稳态长脉冲等离子体运行。 能量奇点称，这一实验结果标志着洪荒70已经具备可靠的长脉冲运行能力，进一步验证了高温超导托卡 马克的工程可靠性和运行稳定性。 这也是全球首个商业公司研发建造的核聚变装置，成功实现了百秒量级的等离子体电流长脉冲运行。 1月8日晚间，北京大学应用物理与技术研究中心研究员康炜告诉智通财经，这项实验主要是长脉冲实 验，达到了验证高温超导托卡马克的工程可靠性和运行稳定性的目标。 "技术上说明洪荒70装置已完成的调试部分工作正常，可以继续往设计参数目标迈进，商业化则要等洪 荒70装置在设计参数下稳定运行一段再评估比较合适。"康炜对智通财经称。 百秒量级的等离子体电流长脉冲运行，标志着该装置从"瞬间演示"迈向了"持续运行"的关键阶段。 但这不是当前核聚变装置的最高纪录。 此前，位于安徽合肥的全超导托卡马克核聚变(EAST)实验装置，多次实现 "百秒量级"甚至"千秒量级" 的长脉冲高参数运行。 2025年 ...

以下文章来源于科创板日报 ，作者张真 科创板日报 . 公开资料显示，能量奇点成立于2021年，是国内第一家聚变能源商业公司，曾获米哈游投资。其聚焦于有商业发电潜力的高磁场、高参 数、紧凑型高温超导托卡马克装置及其运行控制软件系统研发。自2024年6月洪荒70首次运实现放电以来，已实现硬件性能和运行能力稳 步提升。 近期以来，国内核聚变领域进展不断：1月2日中国科学院合肥物质科学研究院等离子体物理研究所科研团队宣布，EAST实验证实托卡马克 密度自由区的存在，找到突破密度极限的方法，为磁约束核聚变装置高密度运行提供了重要的物理依据。 此外，2026核聚变能科技与产业大会将于1月16日至17日在安徽合肥举办，旨在促进核聚变产业链上下游协同创新与成果转化。会议指导 单位为中国物理学会、安徽省发展改革委、合肥市政府，拟邀国家部委、省市相关部门领导，国内外知名科学家，以及全球核聚变领域顶尖 科研机构、重点高校、产业链上下游龙头企业、知名金融机构及行业媒体负责人参与。 在海外，产业突破亦纷纷到来：TAE与特朗普媒体科技集团官宣合并，核聚变第一家装置上市公司诞生，目标于2026年选址并启动公用事 业规模聚变发电厂的建设。H ...

Core Viewpoint - The article emphasizes China's significant role in the international collaboration for the commercialization of fusion energy, highlighting its advancements in fusion technology and partnerships with over 140 research institutions across more than 50 countries [2][3]. Group 1: Fusion Energy Development - Fusion energy is recognized as a crucial direction for clean energy development due to its high energy density, abundant raw materials, low radioactive pollution, and inherent safety [3]. - China has established a "three-step" strategy for nuclear energy development since the 1980s, which includes the construction of major scientific facilities like the China Fusion Engineering Test Reactor [4]. Group 2: Technological Advancements - The Eastern Super Ring achieved a world record with a plasma steady-state operation at 100 million degrees Celsius for 1,066 seconds, while the China Circulation No. 3 reached a dual temperature of 160 million degrees Celsius [4]. - Ongoing projects include the development of smaller fusion experimental devices and key systems for fusion reactors, such as the "Kua Fu" facility and the compact fusion energy experimental device BEST [4]. Group 3: International Collaboration - The establishment of the IAEA's first "Fusion Energy Research and Training Collaboration Center" in Chengdu signifies China's growing international influence in fusion energy [2]. - The World Fusion Energy Group, initiated by the IAEA, aims to enhance international consensus and accelerate the engineering demonstration and commercial application of fusion energy [6]. Group 4: Challenges and Opportunities - Despite the advancements, challenges remain in achieving plasma steady-state combustion, developing high-temperature materials, and ensuring the economic viability of fusion energy [5]. - China aims to foster global cooperation in addressing these challenges and promoting sustainable energy development [6].

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].

Core Insights - The article discusses the rapid advancements in China's private nuclear fusion projects, highlighting the shift from state-controlled nuclear energy to private sector involvement, exemplified by companies like Energy Singularity and New Energy Group [3][5][12]. Group 1: Industry Developments - China's private nuclear fusion projects have gained momentum in the past two years, with significant breakthroughs in technology and engineering capabilities [3][5]. - Energy Singularity's "Honghuang 70" device is set to become the world's first fully high-temperature superconducting tokamak, achieving a magnetic field of 22.4 Tesla, breaking previous records held by U.S. companies [5][19]. - New Energy Group's "Xuanlong-50U" spherical ring hydrogen-boron fusion device has also made significant progress, achieving high-temperature, high-density plasma currents [5][21]. Group 2: Impact of U.S. Export Restrictions - In June, the U.S. Department of Commerce announced a suspension of export licenses for critical nuclear power components to China, affecting major suppliers like Westinghouse and Emerson [8][10]. - This restriction has inadvertently benefited private fusion companies in China, allowing them to bypass reliance on traditional nuclear fission components and focus on fusion technologies that can be developed domestically [11][12]. Group 3: Technological Advancements - The precision required for components in nuclear fusion, such as high-temperature superconducting magnets, has improved significantly, allowing Chinese companies to produce these parts domestically at lower costs and higher speeds [15][28]. - The article emphasizes the importance of engineering efficiency and cost-effectiveness in the current climate, where the urgency for clean energy solutions is increasing due to climate change [22][25]. Group 4: Competitive Landscape - The article compares the progress of Chinese private companies in nuclear fusion with that of U.S. firms, noting that while both are making strides, Chinese companies are currently ahead in terms of technological breakthroughs and project timelines [35][37]. - The main fusion routes being explored include tokamak and inertial confinement fusion, with various sub-paths being tested by different companies, leading to a competitive "race" in the industry [19][40].

Core Insights - The article draws a parallel between the historical achievement of laying the transatlantic cable and the current pursuit of controlled nuclear fusion, highlighting the strategic vision and determination required in both endeavors [9][10]. Historical Context - In 1854, an American businessman named Field aimed to lay a transatlantic cable, which was deemed impossible due to the technological limitations of the time [3][4]. - After multiple failed attempts, including a significant setback in 1865, Field finally succeeded in 1866, enabling communication between the UK and the US, which was celebrated as a monumental achievement [5][6][7]. Current Industry Focus - Controlled nuclear fusion is emerging as a critical area of competition among nations, with significant investments and research efforts directed towards making it a viable energy source [10][11]. - The raw materials for nuclear fusion, such as deuterium and tritium, are abundant, with deuterium found in seawater, making it a potentially limitless energy source [12]. Investment and Development - The International Thermonuclear Experimental Reactor (ITER) project in France represents a significant global effort in nuclear fusion research, with various countries, including China, actively participating [14]. - Chinese private enterprises, such as New Hope Group, are increasingly involved in nuclear fusion projects, marking a shift from state-dominated initiatives to private sector participation [19][21]. Technological Milestones - New Hope Group's "Xuanlong-50U" device achieved its first plasma discharge in January 2024, marking a significant step in the development of controlled nuclear fusion technology [21]. - The project is notable for being the first privately initiated controlled nuclear fusion project in China, focusing on the hydrogen-boron fusion route, which is less common than the deuterium-tritium approach [21][22]. Challenges Ahead - The path to achieving practical nuclear fusion is fraught with challenges, including the need for extremely high temperatures and effective plasma confinement [31]. - The hydrogen-boron fusion route presents additional difficulties, requiring temperatures around 3 billion degrees Celsius, which have never been achieved [31]. Market Dynamics - The global investment landscape for nuclear fusion has seen a surge, with approximately $6.5 billion invested in commercial fusion startups over the past five years, indicating a growing interest from private capital [41]. - The flexibility and rapid decision-making capabilities of private enterprises may lead to faster advancements in nuclear fusion technology compared to government-led initiatives [42]. Future Outlook - The article concludes that while significant progress has been made, the journey towards commercial nuclear fusion is still in its early stages, with many hurdles to overcome before it can become a practical energy source [46].

Core Viewpoint - China's private enterprises in controllable nuclear fusion are leveraging diverse technological routes, rapid development, and relatively low costs to complement state-led efforts in scientific innovation, aiming to ignite their own "small sun" [2][3] Group 1: Technological Development - The controllable nuclear fusion technology aims to replicate the energy reactions occurring in the sun under extreme conditions, providing a clean and sustainable energy source [2][3] - Various private companies have emerged in the past three to four years, exploring multiple technological routes, with some achieving significant breakthroughs [6][7] - The main technological routes for controllable nuclear fusion include inertial confinement fusion and magnetic confinement fusion, with the latter being the global mainstream approach [4][5] Group 2: Advantages of Private Enterprises - Private enterprises in China are characterized by their diverse technological routes, speed, and flexibility, allowing them to complement the efforts of state institutions [7][8] - Companies like Energy Singularity have achieved rapid development, completing the construction of their "Honghuang 70" device in just two years, setting a record for superconducting tokamak development [8] - The use of new materials, such as rare earth barium copper oxide (REBCO), has made it feasible for commercial companies to enter the field, reducing construction costs significantly [5][8] Group 3: Current Challenges and Future Potential - Despite the rapid advancements, the industry is still in the early stages of development, with significant technical challenges remaining before commercial viability can be achieved [9][10] - Key challenges include achieving long-duration stable operation, enhancing energy gain and system efficiency, and improving the reliability of materials and components [10][11] - Increased funding and public awareness are essential for overcoming these challenges and fostering collaboration between state and private sectors in nuclear fusion research [11]

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 ...