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，有"人造太阳"之称的全超 导托卡马克核聚变实验装置（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。相关研究成果发表在国际学术期刊《科学 进展》上。 可控核聚变或成终极能源，全球能源体系有望重构，中美在核聚变领域竞逐加速。我国"十五五"规划建 议明确提出将核聚变作为新的经济增长点，此前国家发改委、国家能源局、工信部等均有表态支持核聚 变发展。与此同时，上海、四川、安徽、江西等地方层面也均有政策支持及装置规划，有望形成核聚变 产业集群。 证券时报表示，资本开支加速提升，叠加政策强力驱动，可控核聚变发展望全面提速。机构预测，未来 3-5年将是核聚变项目投招标的高峰时期，统计国内主要核聚变项目预计投入达到1460亿元，关注价值 量占比高以及具备先发优势的标的。 公司方面，据证券时报表示， 国光电气：公司是偏滤器、第一壁等核心部件供应商，国内唯一具备偏滤器整体研制能力，中标 CFETR项目包层系统订单，真空室制造技术国产化率100%。 四创电子：子公司华耀电源作为国内少数掌握核 ...

3、特种电源与储能板块：聚变反应需要瞬时大功率脉冲电源，对特种电源、大功率电容器等需求激 增，相关电源与储能设备供应商迎来市场扩张机遇。 4、关键材料与部件板块：钨基偏滤器、第一壁、耐高温合金等核心部件是装置稳定运行的基础，材料 与部件供应商有望持续获得高价值订单。 5、工程建设与系统集成板块：随着示范堆和商业堆建设加速，具备核能工程经验与总包能力的公司将 深度参与聚变电站建设，产业链分工进一步明确。 相关上市公司梳理 据东方财富研究中心12月19日消息，今日可控核聚变概念股再度爆发，宏微科技涨超12%，王子新材、 百利电气、雪人集团等多股涨停。 消息面上，当地时间周四，特朗普媒体与科技集团(DJT)已同意与一家获得Alphabet支持的核聚变能源 公司进行全股票交易合并，交易总价值超过60亿美元。此次合并将使双方共同建设一系列大型聚变发电 厂，以满足人工智能(AI)浪潮带来的能源需求。周四，DJT股价大幅飙升，涨幅超过40%。 申万宏源研报指出，随着技术的持续突破、政策不断落地以及国内相关装置建设加速，核聚变技术的工 程化与商业化进程有望加快。国际能源署则预测，到2030年，全球核聚变市场规模有望接近500 ...

（图：国光电气历史营收按单季度看） （图：国光电气历史归母净利润按单季度看） 对此，该公司董事长张亚在回复《科创板日报》记者提问时称，目前，随着行业发展，核聚变相关项目已经逐步通过终评并进入招标采购阶段。 张亚提到，目前国光电气立足自身丰富的真空与核工业专用器件研制与项目经验积累，跟进的核聚变项目包括向"ITER"装置供应偏滤器、第一壁等部件， 并成功为"EAST""HL"系列等国内知名核聚变科学装置配套关键专用部件与设备，并正在积极跟进"BEST""HL-3""Z箍缩混合堆"等国内重大核聚变项目。 《科创板日报》12月5日讯（记者 黄修眉） "公司已关注到ITER等项目相关订单的招标信息，并正积极结合自身技术研发优势及既有项目经验进行跟 进。"国光电气董事长张亚在今日（12月5日）举行的2025年第三季度业绩说明会上表示。 作为国内核聚变产业链龙头企业，国光电气2025年业绩因多种因素而大幅下滑。 该公司董事长张亚在业绩说明会上表示，"公司前三季度业绩变化主要系核工业设备受ITER项目在设计领域的技术更改，国内总体单位处于设计阶段，暂未 下发采购订单，同时微波器件产品因总体单位项目推进节点未达预期，部分订单 ...

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]

Core Viewpoint - Shanghai Electric (02727) has seen a significant stock increase of over 8%, with its A-shares hitting the daily limit, attributed to positive developments in the controllable nuclear fusion sector [1] Group 1: Stock Performance - Shanghai Electric's stock rose by 8.18%, reaching HKD 5.16, with a trading volume of HKD 1.014 billion [1] Group 2: Industry Developments - Recent favorable news in the nuclear fusion sector includes a key breakthrough in the BEST project in Hefei, Anhui, with the successful delivery and installation of the main component, marking a new phase in the project's construction [1] - The fusion industry is experiencing increased activity compared to July and August, with expectations of significant announcements at the International Atomic Energy Fusion Energy Conference and a second round of intensive bidding for the BEST project in Q4 [1][1] - Major players entering the market and significant progress in overseas fusion projects are anticipated to drive a second wave of market activity in the fusion sector this year [1] Group 3: Company Positioning - Since 2000, Shanghai Electric has been involved in the "artificial sun" nuclear fusion project, becoming one of the leading suppliers of core equipment for nuclear fusion systems in China [1] - According to Everbright Securities, the company is expected to leverage its leading position to enhance its market share in traditional businesses while also exploring new growth areas in energy storage, hydrogen energy, and robotics, supported by its technological research and development advantages [1]

Group 1 - Nuclear power stocks experienced a significant increase in early trading, with China National Nuclear Corporation International (02302) rising by 12.99% to HKD 6.96, China General Nuclear Power Corporation Mining (01164) up by 8.38% to HKD 3.88, and China General Nuclear Power Corporation (01816) increasing by 0.34% to HKD 2.93 [1] - The International Atomic Energy Fusion Energy Conference (FEC2025) is scheduled to take place in Chengdu from October 13 to 18, which is expected to catalyze developments in the fusion industry [1] - According to Founder Securities, the fusion industry is seeing intensified activity compared to July and August, with potential major national and international advancements to be announced at the conference [1] Group 2 - The domestic BEST project is anticipated to initiate a second round of intensive bidding in Q4, covering high-value products such as the first wall, divertor, and power supply [1] - Other fusion devices are also expected to commence operations, indicating a broader industry momentum [1] - The entry of major players and significant progress in overseas device ignition may lead to a second wave of market activity in the fusion sector within the year [1]

Core Viewpoint - Nuclear power stocks have seen a significant rise, driven by upcoming events in the fusion energy sector and potential advancements in domestic projects [1] Group 1: Stock Performance - China National Nuclear Power International (02302) increased by 12.99%, reaching HKD 6.96 [1] - China General Nuclear Power Corporation Mining (01164) rose by 8.38%, reaching HKD 3.88 [1] - China General Nuclear Power Corporation (01816) saw a slight increase of 0.34%, reaching HKD 2.93 [1] Group 2: Industry Developments - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18, which is expected to announce significant national and international progress [1] - According to Founder Securities, the fusion industry is experiencing a more intense catalytic phase compared to July and August, with expectations for a second round of intensive bidding for the domestic BEST project in Q4 [1] - Other fusion devices are also anticipated to initiate, alongside major players entering the market and significant progress in overseas ignition [1] - A second market rally in the fusion sector is expected to commence within the year [1]

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].