据悉，上海电气自2000年起参与"人造太阳"核聚变项目，至今已成为国内核聚变主机系统核心装备供货 业绩最全面的装备制造企业之一。光大证券此前研报指出，在我国能源结构转型、产业结构调整的背景 下公司有望利用龙头优势进一步提升传统优势业务市占率，同时在公司技术研发优势的支撑下储能、氢 能和机器人等新兴业务也有望成为公司新的业绩增长点。 消息面上，近期，可控核聚变赛道利好频出。据央视新闻报道，10月1日，位于安徽合肥的紧凑型聚变 能实验装置BEST项目建设取得关键突破。BEST装置主机关键部件——杜瓦底座研制成功并顺利完成交 付，成功精准落位安装在BEST装置主机大厅内，标志着项目主体工程建设步入新阶段。方正证券认 为，聚变行业催化明显较7-8月份更加密集，国际原子能聚变能大会或有重大国家和国际进展公布，且 国内BEST项目在Q4有望再次开启第二次密集招标（包括第一壁、偏滤器、电源等高价值量产品），其 它聚变装置也有望启动；巨头入局与海外装置点火重大进展。聚变年内第二次行情有望启动。 智通财经APP获悉，上海电气(02727)涨超8%，公司A股涨停，截至发稿，涨8.18%，报5.16港元，成交 额10.14亿港元。 ...

消息面上，10月13至18日，国际原子能聚变能大会(FEC2025)将在成都举办。方正证券指出，聚变行业 催化明显较7-8月份更加密集，国际原子能聚变能大会或有重大国家和国际进展公布，且国内BEST项目 在Q4有望再次开启第二次密集招标（包括第一壁、偏滤器、电源等高价值量产品），其它聚变装置也 有望启动；巨头入局与海外装置点火重大进展。聚变年内第二次行情有望启动。 智通财经APP获悉，核电股早盘走高，截至发稿，中核国际(02302)涨12.99%，报6.96港元；中广核矿业 (01164)涨8.38%，报3.88港元；中广核电力(01816)涨0.34%，报2.93港元。 ...

消息面上，10月13至18日，国际原子能聚变能大会(FEC2025)将在成都举办。方正证券指出，聚变行业 催化明显较7-8月份更加密集，国际原子能聚变能大会或有重大国家和国际进展公布，且国内BEST项目 在Q4有望再次开启第二次密集招标(包括第一壁、偏滤器、电源等高价值量产品)，其它聚变装置也有望 启动；巨头入局与海外装置点火重大进展。聚变年内第二次行情有望启动。 核电股早盘走高，截至发稿，中核国际(02302)涨12.99%，报6.96港元；中广核矿业(01164)涨8.38%，报 3.88港元；中广核电力(01816)涨0.34%，报2.93港元。 ...

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, anticipating a significant increase in capital expenditure and related equipment orders [4]. Core Insights - Controllable nuclear fusion is highlighted as a preferred future energy source due to its high energy density, easy-to-obtain raw materials, flexible layout, and environmental safety [1][13]. - The Q value, a critical indicator for the commercialization of nuclear fusion, has been consistently improving, surpassing 1, indicating energy balance [1][16]. - The industry is experiencing rapid international advancements, with a notable increase in financing, exceeding $7.1 billion in 2024, up by $900 million from 2023 [1][31]. Summary by Sections Section 1: Controllable Nuclear Fusion - Nuclear fusion offers significant advantages over other energy sources, including a million-fold increase in energy density compared to current systems [13]. - The Q value is essential for assessing the feasibility of nuclear fusion, with recent advancements showing a positive trend in its growth [16][20]. - Magnetic confinement is expected to become the mainstream approach for controllable nuclear fusion, currently holding a 62% market share [22]. Section 2: Technological Breakthroughs and Accelerated Bidding - The industry is currently in the experimental reactor construction phase, primarily led by the Chinese Academy of Sciences and China Nuclear Group [36]. - Significant breakthroughs in high-temperature superconductors are expected to accelerate the commercialization of nuclear fusion [45]. - The BEST project is advancing rapidly, with expectations to achieve significant milestones by 2027 [51][57]. Section 3: Core Value in the Midstream Equipment - The nuclear fusion industry chain consists of upstream materials, midstream equipment, and downstream nuclear applications, with midstream equipment currently seeing increased capital expenditure [62]. - The magnetic component represents the highest value segment within the nuclear fusion industry chain, accounting for 28% of the total costs in projects like ITER [63][66]. Section 4: Investment Recommendations - Companies such as Hezhong Intelligent are expected to benefit from the capital expenditure associated with the BEST project, with projected revenue growth [69]. - Lianchuang Optoelectronics is positioned as a key player in high-temperature superconductors, with a strong market advantage [76]. - Guoguang Electric is recognized as a core supplier of critical components like the first wall and divertor in nuclear fusion applications [83].