Investment Rating - The report maintains a positive investment outlook for the controllable nuclear fusion industry, particularly focusing on Z-pinch technology and its commercialization potential by 2030 [4]. Core Insights - The controllable nuclear fusion era is accelerating, with significant growth in global investment, rising from $1.9 billion in 2021 to $9.7 billion in 2025, indicating strong investor confidence and technological breakthroughs [1][20]. - Z-pinch technology is gaining traction due to its safety, economic efficiency, and environmental friendliness, positioning it as a viable alternative in the fusion technology landscape [2][3]. - The 2030s are recognized as a critical period for the commercialization of fusion energy, with many companies planning to operate demonstration power plants during this timeframe [26]. Summary by Sections 1. Accelerating Towards Controllable Nuclear Fusion - The controllable nuclear fusion industry is experiencing robust policy support and investment growth, with a projected commercialization period starting in 2030 [1][10]. - The report highlights the establishment of a multi-level policy framework in China to promote fusion energy development, including regulatory, industrial, and capital support [12][15]. 2. Inertial Confinement Technology and Z-Pinch Advancements - Z-pinch technology is emerging as a prominent method in inertial confinement fusion, with significant advancements in safety and economic viability [2][3]. - The report outlines the development stages for Z-pinch technology, including key technical challenges and milestones expected by 2040 [3][51]. 3. Global Investment Trends in Fusion Energy - The fusion industry has seen a surge in investment, with a notable increase in public funding and a diverse range of investors entering the market [21][22]. - The report emphasizes the growing interest from various sectors, including technology venture capital, industrial giants, and sovereign funds, reflecting the industry's broad appeal [21][22]. 4. Investment Recommendations - The report suggests focusing on companies involved in Z-pinch technology components, such as drivers, fusion targets, and subcritical fission blankets, with specific companies highlighted for potential investment [4].