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]

对于各方普遍关注的核聚变商业化问题，从产业链上游企业近年订单规模、产能规模稳步增长可以看 出，我国可控核聚变商业化已在加速推进，发出"第一度电"的时间表有望提前。 7月17日，上交所举办"可控核聚变"产业沙龙，超过20家产业链上下游企业参加，涵盖产业链上下游核 心部件、系统装置、工程应用等领域。同时，近30家创投机构、公募基金、证券公司、银行等金融机构 参会。在产业沙龙上，各方深入探讨我国高温超导带材、聚变实验堆、装置部件和材料等产业发展前 景、技术突破时间表、国家战略方向、资本市场支持重点等事项。 可控核聚变技术被誉为人类能源问题的终极解决方案，不仅是推动新一轮全球能源革命、促进碳中和的 关键力量，更是世界各国科技竞争的前沿阵地。 在沪市公司中，已涌现出一批实力强劲的链主型龙头企业。例如，中国核电（601985）作为国内核能龙 头"国家队"，深度参与CFETR(中国聚变工程实验堆)项目，推动核聚变从实验室向商业化应用迈进。中 国核建（601611）承担了国际热核聚变实验堆(ITER)核心部件制造与安装，为环流三号装置改造提供工 程支持，在核聚变装置建造领域技术壁垒显著。在材料端，西部超导作为我国唯一承担IT ...

智通财经记者获悉，7月17日，上交所举办"可控核聚变"产业沙龙，超过20家产业链上下游企业到场交 流，涵盖产业链上下游核心部件、系统装置、工程应用等领域。同时，近30家创投机构、公募基金、证 券公司、银行等金融机构出席参会。本次沙龙主题为"可控核聚变：未来终极能源'核'心"，与会各方深 入探讨我国高温超导带材、聚变实验堆、装置部件和材料等产业发展前景、技术突破时间表、国家战略 方向、资本市场支持重点等事项。（智通财经记者 崔铭） 上交所举办可控核聚变产业沙龙 ...

Group 1 - China National Petroleum Corporation (CNPC) Capital announced an investment of 655 million yuan in Kunlun Capital for a total capital increase of 3.275 billion yuan, aimed at investing in controllable nuclear fusion projects [1] - This is not CNPC's first venture into nuclear fusion; last year, Kunlun Capital and Hefei Science Island Holdings became shareholders in a fusion energy company, each investing 2.9 billion yuan for a 20% stake [1] - Controllable nuclear fusion is referred to as the "ultimate energy" source, with the potential to provide limitless energy without high-level radioactive waste [3][4] Group 2 - The principle of nuclear fusion mimics the sun's energy production, utilizing isotopes of hydrogen (deuterium and tritium) to release significant energy [4] - The key technologies for achieving controllable nuclear fusion are magnetic confinement fusion and inertial confinement fusion, with the tokamak device being the most mainstream approach [4] - China has made significant advancements in nuclear fusion research, transitioning from a follower to a core player in the field, with projects like the EAST tokamak and participation in the ITER project [3][8] Group 3 - The ITER project, initiated in 1985, aims to create a large-scale fusion reactor through international collaboration, with China joining in 2006 and taking on a significant portion of the research tasks [9][10] - The CFEDR (China Fusion Engineering Demonstration Reactor) project is a strategic initiative to develop a demonstration reactor, with plans to achieve commercial fusion energy by 2050 [11][12] - The CRAFT (Comprehensive Research Facility for Fusion Technology) project is set to be completed by 2025, providing a platform for high-parameter testing and supporting the CFEDR project [12]

Core Insights - The ITER project, involving over 30 countries, has completed the construction of the world's largest and strongest pulsed superconducting magnet system, marking a significant milestone towards achieving controllable nuclear fusion energy [1][2] Group 1: Project Overview - ITER is a tokamak device designed to produce large-scale nuclear fusion reactions, simulating the fusion process that powers the sun, with funding from the EU, China, the US, Japan, South Korea, India, and Russia [2] - The fusion process involves combining hydrogen isotopes to form helium, releasing vast amounts of energy, and unlike current nuclear power, fusion does not produce long-lived radioactive waste and uses fuel abundantly found in seawater [2] Group 2: Technical Achievements - The newly completed pulsed magnet system is referred to as the "electromagnetic heart" of the tokamak, essential for magnetic confinement fusion [2] - The central solenoid is a cylindrical magnet measuring 18 meters in height and 4.25 meters in diameter, with a magnetic field strength of 13 teslas, equivalent to 280,000 times the Earth's magnetic field, capable of lifting an aircraft carrier [2] - The total weight of the assembled pulsed magnet system will be close to 3,000 tons, with superconducting magnetic rings produced in collaboration with China [2] Group 3: International Collaboration - ITER is recognized as a model of international cooperation, having maintained its collaborative framework despite geopolitical changes, with thousands of scientists and engineers from multiple countries working together [3] - The project has evolved from its inception in 1985 to the current stage, with significant milestones achieved in construction and installation [3] Group 4: Commercialization Prospects - The fusion energy sector is experiencing a surge in private investment, with a growing number of companies pursuing fusion technology [4] - Predictions for the commercialization of fusion energy vary widely among private enterprises, with timelines ranging from 2028 to 2040 or beyond, reflecting differences in technological approaches and engineering challenges [4]

Core Points - The ITER project, involving over 30 countries, has achieved a significant milestone by completing the construction of the world's largest and strongest pulsed superconducting magnet system, marking a crucial step towards controllable nuclear fusion energy [1][2] - ITER aims to simulate the nuclear fusion process of the sun, exploring the commercial viability of fusion technology, with a focus on using hydrogen isotopes to produce helium and release vast amounts of energy [1][2] Group 1: Technical Achievements - The newly completed pulsed magnet system is referred to as the "electromagnetic heart" of the tokamak device, essential for magnetic confinement fusion [2][3] - The central solenoid of the magnet system is 18 meters tall and 4.25 meters in diameter, with a magnetic field strength of 13 teslas, capable of lifting an aircraft carrier [2] - The entire pulsed magnet system will weigh nearly 3,000 tons, showcasing the scale and complexity of the project [2] Group 2: Global Collaboration - ITER is recognized as a model of international cooperation, having maintained its collaborative framework despite geopolitical changes, involving contributions from the EU, China, the US, Japan, South Korea, India, and Russia [3][4] - The project has seen thousands of scientists and engineers from hundreds of factories across three continents working together, with over 100,000 kilometers of superconducting wire produced by nine factories in six countries [3][4] Group 3: Commercial Prospects - The past five years have seen a surge in private investment in fusion energy research, with ITER encouraging collaboration between member states and the private sector to accelerate the realization of fusion energy [4][5] - Predictions for the commercialization of fusion energy vary widely among private sector representatives, ranging from 2028 to 2040 or even longer, due to differing technological pathways and foundational engineering challenges [4][5]

Core Insights - The integration of artificial intelligence (AI) is significantly empowering fusion research, aiming to reshape the ecosystem of nuclear fusion studies through deep collaboration among academia, industry, and policy [1][4] - Nuclear fusion, often referred to as the "artificial sun," simulates the energy release mechanism of the sun, requiring extreme conditions to fuse light atomic nuclei into heavier ones, thus providing a virtually limitless energy source [1][2] Group 1: Current Developments in Fusion Research - The International Thermonuclear Experimental Reactor (ITER) project involves resources from 35 countries globally, while China's Experimental Advanced Superconducting Tokamak (EAST) collaborates with ITER, creating an innovative network covering approximately 70 countries and over 150 research institutions [2] - China's "Circulation Three" project is set to open for international collaboration by the end of 2023, with the first round of joint experiments in 2024 attracting participation from 17 global institutions, research institutes, and universities [2] Group 2: AI's Role in Fusion Research - AI has demonstrated significant advantages in handling complex data related to nuclear fusion, enabling precise predictions and intelligent control, transforming plasma data analysis from "hours of modeling" to "milliseconds for solutions" [3] - The introduction of AI allows for 300 milliseconds of advance prediction, effectively preventing interruptions in fusion reactions due to plasma instability, a feat traditional commercial software cannot achieve [3] - AI models can integrate specialized knowledge, expert experience, and experimental records, potentially leading to the establishment of a cross-device database, fundamentally revolutionizing fusion research paradigms [3] Group 3: Future Implications - The deepening integration of AI and fusion research is expected to pave the way for an open-source ecosystem, breaking down data barriers and enhancing resource integration to lower research and development risks [3] - This collaboration will also reduce the marginal costs of knowledge integration, promoting cross-disciplinary cooperation and accelerating the fusion research process [3][4] - The combination of AI and nuclear fusion represents a pinnacle challenge in science and engineering, serving as a test of human collaborative intelligence [3][4]