日前，国际能源署预测，到2030年，全球核聚变市场规模有望接近5000亿美元(3.5万亿元人民币)。 近年来，无论是追求"稳态运行"的托卡马克，还是探索"快速点火"的激光装置，可控核聚变在研发层面 都取得了诸多实质进展。 中国在推动可控核聚变行业发展上更是集中发力：《"十四五"现代能源体系规划》强调了对受控核聚变 前期研发的支持，《关于推动未来产业创新发展的实施意见》等文件也明确提出，要聚焦核聚变等未来 能源领域，打造全链条的未来能源装备体系。同时，在"双碳"的推动下，各省市可控核聚变产业发展目 标主要是技术攻关，为实现碳达峰和能源安全，推动核聚变能量增益实现工程化突破。 聚变行业协会数据显示，截至2024年，全球共有23家聚变企业计划在2031年至2040年间建成首座商业化 聚变电站，其中约70%的企业预计在2035年前实现首台示范堆的并网发电。 展望后市，可控核聚变有望撬动万亿蓝海市场。FIA调查显示，高温超导、第一壁材料、低温系统、热 交换器、真空室等一系列材料和零部件被视为核聚变装置的关键部分。国内核聚变链主企业的招标建设 将带动上游材料及中游加工企业共享高增长的红利，行业"卖铲人"将率先受益。 具体 ...

Core Insights - The recent breakthroughs in the construction of the compact fusion energy experimental device (BEST) in Hefei, Anhui, have sparked significant enthusiasm in the capital market for controllable nuclear fusion [1][5] - The controllable nuclear fusion industry chain has begun to take shape, consisting of upstream raw materials, midstream equipment and engineering construction, and downstream nuclear power plant operations [1] - The International Energy Agency predicts that the global nuclear fusion market could reach $496.55 billion by 2030, with a compound annual growth rate of 7.4% from 2024 to 2030, indicating substantial market potential [1] Market Performance - As of October 13, 2025, leading controllable nuclear fusion concept stock, Hezhong Intelligent, achieved a four-day consecutive increase, closing at 26.16 yuan per share [2] - The nuclear fusion index (8841917.WI) rose by 3.44%, with 39 out of 41 constituent stocks showing positive growth since October 9, and 11 companies doubling their stock prices year-to-date, resulting in a cumulative index increase of 66.14% [2] Company Highlights - Zhongzhou Special Materials (300963.SZ) led the market with a 13.84% increase, securing a 180 million yuan order for high-temperature alloy materials for the BEST nuclear fusion vacuum chamber [4] - Hezhong Intelligent has seen six trading days with price limits in the last ten days, having delivered the first batch of gravity supports for the BEST vacuum chamber and achieved 100% independent research and development of Inconel718 super bolts [4] - Despite an 8.23% year-on-year increase in total revenue to 982 million yuan, Hezhong Intelligent reported a decline in net profit by 11.39% to 9.51 million yuan in the first half of 2025 [4] Technological Advancements - The core driver of the current market rally is the substantial technological breakthroughs in nuclear fusion research, transitioning from basic science to engineering practice [5] - The EAST device set a world record for "high-quality burning" at 1 million degrees Celsius for 1000 seconds, and the BEST project has entered a new phase with the successful placement of its core component [6] Policy Support - Continuous policy support has contributed to the steady growth of the nuclear fusion industry, with the Ministry of Industry and Information Technology and other departments emphasizing nuclear fusion as a key area for innovation [7] - The introduction of regulations for radiation safety management of fusion devices fills a regulatory gap and promotes safe construction and operation [7] Future Market Potential - If nuclear fusion is fully commercialized, it is expected to become a trillion-dollar market by 2050, with superconducting magnets alone potentially exceeding $100 billion [8] - The global investment in the fusion industry has surged from $1.9 billion in 2021 to $9.7 billion in 2025, indicating explosive growth [8] - Companies with core technological barriers and clear orders are expected to receive valuation premiums as projects like BEST progress towards completion [8]

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

Core Viewpoint - The concept of controllable nuclear fusion is gaining significant attention in the market, with Bai Li Electric (600468) experiencing a strong surge, hitting the daily limit and driving the entire sector upward [1] Industry Overview - The surge in controllable nuclear fusion stocks has led to a noticeable increase in related sectors, with multiple stocks in the sector rising, including Ha Han Hua Tong with a 20% increase and Rong Fa Nuclear Power also hitting the limit [1] - The upstream materials sector is poised for opportunities, particularly in superconducting materials, as the era of large-scale application of high-temperature superconducting tape materials like REBCO begins, which can provide stronger magnetic fields for nuclear fusion reactions [1] - Tungsten and tungsten-based alloys are identified as ideal first-wall materials due to their high melting points and thermal conductivity, with China holding the world's largest tungsten resource reserves, potentially leading to growth in this industry [1] Midstream Equipment Manufacturing - The midstream equipment manufacturing sector is a direct beneficiary, with superconducting magnets being core components of the devices, where high-temperature superconducting magnets can significantly enhance magnetic field strength, accounting for 40%-50% of total investment costs [1] - The first wall, located at the innermost part of the fusion device, plays a crucial role in protecting device components, indicating potential growth for related manufacturing sectors [1] - The偏滤器, typically located at the top and bottom of the vacuum chamber, controls the interaction between plasma and the chamber walls, reducing thermal load and particle bombardment, benefiting related manufacturing enterprises as the industry develops [1] Downstream Applications - The power generation sector is expected to be the first to benefit, as nuclear fusion's thermal energy can be converted into electricity through nuclear power plants, providing a large amount of clean and sustainable energy [1] - The medical field may also see growth through the use of isotopes produced by nuclear fusion for diagnostic and therapeutic purposes, contingent on technological maturity [1] Market Outlook - The construction of the "Kua Fu" project, the world's first domestically designed and built key system for fusion reactor mainframe, is entering a critical phase, alongside the early launch of domestic compact fusion energy experimental device engineering, indicating a faster transition from laboratory to engineering [1] - With dual support from policy and technology, the market prospects for this field are broad, likely attracting more capital into the related industry chain, and the activity of related concept stocks is expected to continue to rise [1]