交易所数据显示，可控核聚变（886065）指数19日高开。 消息面上，12月18日，特朗普媒体与科技集团与核聚变能源企业TAE科技达成合并协议，交易估值超过 60亿美元。该交易为全股票交易，预计在2026年年中完成。根据公司公告，合并旨在整合前者的资本渠 道与后者的聚变技术，为人工智能发展提供能源支持。合并后的公司计划于2026年开始建设全球首座公 用事业规模的聚变发电厂。TAE是一家成立于1998年的私营科技公司，已建成并运营5座核聚变反应 堆。 受全球产业加速趋势及国内重大工程设备采购进入高峰期的推动，可控核聚变行业近期利好频现。根据 华源证券数据，2025年第四季度以来，仅合肥BEST项目的招标规模就达到约26.2亿元，较前期数据明 显放量。同时，中信证券年初发布的研报预计，2030至2035年间，全球核聚变装置市场规模有望达到 2.26万亿元。 核心部件与材料板块 可控核聚变装置涉及大量高精尖的核心部件与特种材料。磁体电源系统、真空室、第一壁、偏滤器等关 键部件的性能直接决定了装置的稳定运行能力。随着国内外多个聚变项目进入工程化建设阶段，对高性 能超导材料、特种合金、耐高温材料以及精密制造部件的需求将 ...

Investment Rating - The report gives a strong recommendation for Hewei Electric (禾望电气) with a market capitalization of 15.4 billion and a projected EPS of 1.54 for 2025, resulting in a PE ratio of 22.0 [2]. Core Insights - The report highlights the acceleration of the commercialization of controlled nuclear fusion, emphasizing the importance of power systems in midstream manufacturing, power equipment, and renewable energy [1]. - The global nuclear fusion industry is experiencing significant investment and technological advancements, with various countries and private companies increasing their efforts in this field [9][18]. - The power system is identified as a critical component of controlled nuclear fusion devices, with high barriers to entry, suggesting that companies with established technology will benefit [24]. Summary by Sections Section 1: Acceleration of Overseas Nuclear Fusion Commercialization - The report notes that controlled nuclear fusion is nearing the critical stages of combustion and engineering trials, with significant government and private sector investments in the U.S., U.K., Japan, and the EU [9][11]. - Various technological routes for nuclear fusion are being explored, including magnetic confinement and inertial confinement, with the tokamak being the most mature technology [12][14]. Section 2: China's Concurrent Efforts - China is ramping up its nuclear fusion research, with state-owned enterprises and private companies collaborating to accelerate project implementation [18][19]. - The report mentions the establishment of new companies and projects, such as Fusion New Energy (聚变新能) and China Fusion Energy Co., which aim to attract investment and expedite development [19][23]. Section 3: Importance of Power Systems in Nuclear Fusion - Power systems are crucial for providing energy to controlled nuclear fusion devices, with significant cost implications, especially in the field-reversed configuration (FRC) route where power systems may account for nearly 40% of costs [24][39]. - The report details the complexity and high standards required for power systems, particularly in tokamak and FRC technologies, highlighting the need for companies with relevant technological expertise [30][40]. Section 4: Company Analysis - The report provides financial metrics for key companies in the nuclear fusion sector, including Hewei Electric, which is strongly recommended for investment due to its promising financial outlook [2]. - Other companies mentioned include Aikesaibo (爱科赛博) and Xuguang Electronics (旭光电子), which are also involved in the nuclear fusion supply chain but do not have specific ratings [2][24].