证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 14 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 投资评级： 看好（维持） BEST 项目招投标密集公示 关注核聚 变供应链发展 ——大能源行业 2025 年第 50 周周报（20251214） 投资要点： 核聚变：BEST 项目招投标密集公示 关注核聚变供应链发展 2025 年四季度以来，核聚变领域国内重点项目——合肥 BEST 项目招标规模放量明 显： 2025Q4 至今单季度招标规模达到约 26.2 亿元，较 2025Q3 招标规模约 6.2 亿 元、2025Q2 中标规模 0.52 亿元、2025Q1 中标规模 2.63 亿元等数据明显放量（注： 2025Q1 和 2025Q2 采用中标规模数据是 ...

《九院中标 5 亿氚工厂项目，NIF 完 成第十次点火—可控核聚变行业周 报》-2025.12.7 《BEST 研究计划首次发布，美国启动 创世纪计划—可控核聚变行业周报》 -2025.11.30 电力 2025 年 12 月 13 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-12 2025-04 2025-08 电力 沪深300 相关研究报告 《电改加速深化，预期有望趋稳—电 力行业 2026 年度投资策略》 -2025.11.27 日本首份聚变供电协议签署，BEST 订单持续释放 ——行业周报 | 周磊（分析师） | 黄懿轩（联系人） | | --- | --- | | zhoulei1@kysec.cn | huangyixuan1@kysec.cn | | 证书编号：S0790524090002 | 证书编号：S0790125070014 | 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251208-20251212）可控核聚变板块下，个股涨多跌少。具体来看，涨 幅前五标的分别为爱科赛博（+34.3%）、永鼎股份（+2 ...

Market Performance - On October 28, the nuclear fusion sector strengthened again, with companies such as Antai Technology and Dongfang Tanye achieving consecutive gains, while Western Superconducting and Yongding shares also rose [1] - Antai Technology's stock price reached 22.98, with a 10.00% increase, and it is a core supplier for global controllable nuclear fusion devices [2] - Western Superconducting, the only Chinese supplier of low-temperature superconducting wire for the ITER project, saw its stock rise by 8.28% to 83.16 [2] - Yongding shares increased by 7.86% to 16.20, with its subsidiary being the only mass producer of second-generation high-temperature superconducting tape in China [2] Domestic and International Developments - Helical Fusion, a Tokyo-based startup, announced progress in developing high-temperature superconducting magnets crucial for fusion reactors, marking a significant step towards commercial fusion energy [3] - Helion Energy received conditional use permits for its fusion generator facility in Washington, clearing obstacles for construction [4] - In China, a research team from the Institute of Metal Research successfully industrialized high-purity ton-level Hastelloy (C276) metal substrates for second-generation high-temperature superconducting tapes [5] - The compact fusion energy experimental device in Hefei is expected to be completed by 2027, potentially becoming the first facility to achieve fusion power generation [5] Industry Insights - The controllable nuclear fusion industry in China is entering a phase of significant capital expenditure, with over 150 billion yuan planned or under construction by September 2025 [6] - The industry is diversifying its technological routes, with the Tokamak being the most mature. Key components such as magnets and vacuum chambers constitute major costs [6] - The global nuclear fusion market is projected to reach approximately $843.46 billion by 2040, with a compound annual growth rate (CAGR) of about 6% from 2030 to 2040. China's market is expected to grow to around $53.68 billion by 2040, with a CAGR of 6.4%, slightly higher than the global average [6] Project Updates - The EAST project has reached a mature stage, with core component tenders nearly complete, while the BEST project is in mid-construction with key component tenders ongoing [7] - The CFEDR project is still in the research phase, with concentrated tendering expected between 2027 and 2029 [7] - The CRAFT project has completed some tenders and is advancing in the procurement of magnets, power supplies, and diagnostic systems [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]

Summary of Key Points from the Conference Call on Controlled Nuclear Fusion Power Supply Industry Overview - The conference focuses on the controlled nuclear fusion industry, specifically the power supply systems for various fusion devices such as Tokamak, FRC (Field-Reversed Configuration), and Z-pinch technology [1][4][16]. Core Insights and Arguments - **Tokamak Dominance**: The Tokamak device is the mainstream nuclear fusion route, with high demand for magnet power supplies and auxiliary heating systems, which constitute a significant portion of the value [1][4]. - **FRC and Z-Pinch Technology**: FRC and Z-pinch technologies have high technical barriers and rapidly growing demand, particularly for fast-switching and pulse capacitor technologies [1][4][16]. - **Power Supply Requirements**: Controlled nuclear fusion power supplies require high capacity, high voltage, large current, and low ripple. For Tokamak devices, ripple must be maintained below 1% to 2% [2][11]. - **Auxiliary Heating Systems**: The main auxiliary heating systems are neutral beam heating and radio frequency heating, which require specific power supply types based on their voltage needs [10][12]. Technical Specifications - **Key Components of Tokamak**: The critical aspects of Tokamak devices include steady-state power (auxiliary heating, grid, low-temperature, and water cooling systems) and pulse power (auxiliary heating, magnetic power, and reactive power compensation) [5][9]. - **Reactive Power Compensation**: This system is essential for stabilizing the operation of fusion devices by managing reactive power fluctuations, ensuring reliability and safety [6][8]. - **FRC Device Characteristics**: FRC devices do not require complex magnetic fields or superconducting magnets, but they demand high instantaneous power pulse capabilities, leading to increased power supply value [13][15]. Market Opportunities and Risks - **Investment Potential**: Companies such as PSM, Sifang Electronics, Yingjie Electric, Aikexibo, and Xinfengguang are highlighted as having competitive advantages in the nuclear fusion sector, particularly in FRC-related equipment [18]. - **Upcoming Tender Activities**: The recent tender activities related to the CAS BEST project for magnet procurement are expected to expand into power supply-related tenders, presenting new market opportunities for suppliers [19]. Additional Important Content - **Key Components to Watch**: The demand for switches and supercapacitors is expected to rise significantly in the development of FRC and Z-pinch technologies, along with attention to MOSFETs as critical components [17]. - **Response Time Requirements**: FRC devices require nanosecond-level response times for power supplies, indicating a significant increase in power supply value, potentially exceeding 15% to 50% growth [15][16].

Core Insights - The controlled nuclear fusion industry is entering a rapid incubation phase, with significant advancements in various technical routes such as magnetic confinement, Z-pinch, and FRC, indicating a potential move towards commercialization [1][2] Group 1: Industry Developments - The diversification of controlled nuclear fusion technology routes is evident, with public funding leading current projects and private capital driving future initiatives, resulting in a global fusion race with increased financing activities from major tech companies like Google, Amazon, and Microsoft [2] - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [3] Group 2: Project and Investment Opportunities - Domestic Z-pinch hybrid reactors are anticipated to accelerate in development, with private capital showing interest in FRC devices, which have seen significant funding and advancements in recent years [4] - The potential annual investment in nuclear fusion power stations could reach several hundred billion yuan if commercialization is successful, based on current construction rates of fission reactors [2] Group 3: Beneficiary Companies - Beneficiary companies in the magnetic materials sector include Western Superconducting (low-temperature superconductors), Yongding Co. (high-temperature superconductors), and Shanghai Superconductor (high-temperature superconductors) [5] - Companies involved in vacuum chambers and internal components include Hezhong Intelligent (vacuum chambers), Guoguang Electric (first wall components), and Antai Technology (first wall components) [5] - In the power supply assembly sector, beneficiaries include Yingjie Electric (magnet power supply), Aike Saibo (magnet power supply), and Sichuang Electronics (PSM power supply) [5]

Group 1 - The core component of fusion devices is the fusion power supply, which enhances the fusion "triple product" by optimizing heating temperature and energy confinement time, thus promoting fusion ignition [1][2] - The overall technical and customer barriers for power supply are high, with power supply costs accounting for 30%-50% of the total device cost [1][5] - The investment climate for fusion in China is improving, and the demand for fusion power supply is expected to be fully released as multiple technical routes progress simultaneously [1][5] Group 2 - The power supply plays a crucial role in assisting plasma heating and controlling plasma position, with strict requirements for precision to avoid electromagnetic radiation hazards [2][3] - Different fusion routes, such as linear, Z-pinch, and stellarator, have stringent requirements for power supply, with costs for linear devices reaching about 50% and Z-pinch devices around 30% of total costs [4][5] - Domestic capabilities for core components of power supplies have been established, reducing reliance on imports for critical components like electron tubes [3][5] Group 3 - Recommended stocks include Aikesaibo (688719.SH), with attention to Yingjie Electric (300820.SZ), Guoguang Electric (688776.SH), Xuguang Electronics (600353.SH), Hongxun Technology (603015.SH), and Wangzi New Materials (002735.SZ) [6]

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [10]. Core Insights - Recent advancements in nuclear fusion technology have garnered significant attention from the capital markets, driven by breakthroughs such as China's "East Super Ring" achieving high-confinement plasma operation and substantial increases in industry capital expenditures [4][7]. - Major countries have introduced supportive policies, leading to a surge in social capital inflow, indicating that the nuclear fusion sector is approaching a pivotal point [4][30]. - The value proportion of power supply equipment is high, with significant technical barriers, particularly in magnet power supply parameters and converters being core devices [4][8]. Summary by Sections Nuclear Fusion Progress and Commercialization - The nuclear fusion sector is witnessing positive developments, with commercial viability becoming increasingly attainable. Key milestones include the successful operation of high-confinement plasma and increased capital expenditures in the industry [7][26]. - The plasma physics research institutes have reported a significant year-on-year increase in contract amounts since 2024, indicating a robust growth trajectory [29]. Importance of Power Supply in Fusion - Achieving a certain threshold in fusion triple product is crucial for effective power output, highlighting the importance of providing sufficient energy input [8]. - The power supply for tokamak devices is categorized into pulsed and steady-state loads, with pulsed loads having higher value proportions and technical requirements [8]. Competitive Landscape and Early Mover Advantage - The nuclear fusion development is still exploratory, with no unified standards for power supply parameters, creating high technical barriers [9]. - Companies that have been deeply involved in this field for years are likely to benefit from their early mover advantages as more capital flows into the nuclear fusion sector [9][30]. Investment Trends and Policy Support - The investment in nuclear fusion has seen a turning point since 2020, with the U.S. leading globally, followed closely by China. The cumulative investment in private fusion companies has surged from €1.5 billion to €9.9 billion [35]. - Various countries, including the U.S., Germany, the U.K., and China, have launched initiatives to support nuclear fusion technology development, reflecting a global commitment to advancing this field [30][31]. Focus on High-Value Equipment - The report emphasizes the need to focus on high-value equipment in the nuclear fusion sector, particularly in the context of the ITER project, where core equipment constitutes a significant portion of the investment cost structure [47][48].

Core Insights - The Shanghai Stock Exchange hosted a salon focused on "Controlled Nuclear Fusion," with over 20 companies and nearly 30 financial institutions participating to discuss the industry's future and capital market support [1][2] Industry Development - China's controlled nuclear fusion industry has gained a first-mover advantage, particularly in high-temperature superconducting materials and Tokamak devices, due to overall technological advancements and collaboration between academia and industry [2] - Leading companies in the Shanghai main board include China National Nuclear Corporation, which is deeply involved in the CFETR project, and China Nuclear Engineering Corporation, which supports the ITER project [2] Technology and Commercialization - There is a consensus on the development model that combines various technological routes, with a focus on enhancing energy Q value and creating commercially viable products [3] - The commercial viability of nuclear fusion is accelerating, as evidenced by the increasing order and production capacity from upstream companies, although significant breakthroughs and cost reductions are still needed for full commercialization [3] Investment and Financial Support - Investment institutions are currently focusing on capital expenditure and key parameter improvements, suggesting companies adopt differentiated competition strategies to attract funding [4] - The Shanghai Stock Exchange plans to enhance the adaptability of the Sci-Tech Innovation Board to better serve technological innovation and support the real economy [5]

Group 1 - The successful plasma ignition of the HHMAX-901 fusion device marks a significant breakthrough in China's exploration of commercial nuclear fusion [1] - The "controlled nuclear fusion" industry is gaining traction in the capital market, with over 20 companies participating in discussions about the supply chain and technological collaboration [1][4] - Controlled nuclear fusion is considered the ultimate energy source due to its abundant fuel, safety, environmental cleanliness, high energy density, and economic advantages [2] Group 2 - China is leading in nuclear fusion research, with significant achievements in various national scientific devices and projects like CFETR [3] - The controlled nuclear fusion industry in China includes multiple segments such as materials, main engines, systems, and applications, benefiting from technological advancements and collaborative innovation [4] - Companies like China Nuclear Power and Xibu Superconductor are playing crucial roles in the development and supply of materials and components for nuclear fusion projects [4][5] Group 3 - The focus on commercializing nuclear fusion technology requires overcoming challenges related to material costs and technological breakthroughs [5] - There is a strong emphasis on the need for financial support from the capital market and local governments to facilitate the expansion of production capacity and technological validation [5]