2026年1月15日，《中华人民共和国原子能法》将正式施行，该法明确鼓励和支持受控热核聚变研究， 为聚变能创新划定了边界并提供了制度保障。 中信证券认为，核聚变被誉为人类终极能源，远期成长空间广阔，短期国内外已进入催化密集释放期， 行业目前主要由重大事件驱动。国内capex有序落地，海外进展有望超预期，基于大国竞争视角，行业 的长期成长趋势已经确立，国际及国内装置加速建设下，零部件企业订单有望得到充分释放。据国际能 源署测算，2030年全球聚变市场规模有望超千亿美元。 公司方面，据上证报表示， 新风光：依托自身在电力电子，特别是大功率，高可靠性，精密控制电源领域的核心技术优势和深厚积 淀，积极投身于核聚变产业链相关环节的准备与研究工作。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 东方电气：为中国新一代核聚变实验装置中国环流器二号M(HL-2M)装置制造的主机磁体线圈中心柱在 成都成功交付。 ...

Core Insights - The company has a 3.5% stake in Fusion New Energy (Anhui) Co., Ltd. through its partnership with Anhui Wan Energy Fenghe Fusion Technology Partnership [1] - The company aims to deepen collaboration with Fusion New Energy, focusing on the application of fusion energy in power generation [1] - The company is actively promoting the commercialization of fusion energy [1]

Core Viewpoint - The A-share market experienced a collective pullback, with major indices declining, while the new energy sector, particularly wind power and controlled nuclear fusion, showed strong performance [1] Market Performance - The Shanghai Composite Index fell by 0.7% - The Shenzhen Component Index decreased by 1.27% - The ChiNext Index dropped by 1.41% - The North Stock 50 Index increased by 3.84% - Total market turnover was approximately 1.88 trillion yuan, with nearly 4,400 stocks declining [1] Sector Highlights - New energy concept stocks were active, with the wind power equipment sector leading in gains - Companies such as Goldwind Technology (002202), Tianli Composite, Yongding Co. (600105), and Hezhu Intelligent (603011) reached their daily limit up [1] Industry Insights - According to Everbright Securities, fusion energy is regarded as "the ultimate energy for humanity" and holds significant strategic value - Major AI companies are increasingly investing in fusion energy - The controlled nuclear fusion industry is expected to have long-term growth potential due to the restructuring of electricity consumption driven by future AI industry developments - As the controlled nuclear fusion industry progresses, related companies are likely to continue benefiting [1]

Core Insights - The Chinese government is prioritizing the development of advanced industries such as quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications as new economic growth points, aiming to reshape the high-tech industry over the next decade [1] Industry Developments - The controlled nuclear fusion sector is gaining significant attention from capital markets, with a growing confidence that fusion energy could be harnessed for power generation by the middle of this century [1][2] - The International Atomic Energy Agency (IAEA) reported that global commercial funding for fusion energy is expected to exceed $10 billion by 2025, with an unprecedented number of operational fusion devices [2] - The U.S. National Ignition Facility achieved a significant milestone in 2022 by demonstrating energy gain (Q>1), which is a critical step in proving the feasibility of controlled nuclear fusion [2] Technological Advancements - High-temperature superconducting magnets are identified as a transformative technology for the next generation of magnetic confinement fusion devices, enabling higher magnetic field strengths in more compact geometries [2] - China's new artificial sun, the "China Circulation No. 3" (HL-3), achieved significant temperature milestones, with atomic nuclei reaching 117 million degrees Celsius and electron temperatures at 160 million degrees Celsius [3] Company Initiatives - Various companies, including China Fusion Energy Co., Fusion New Energy, New Hope Group, Energy Singularity, and Star Ring Fusion, are exploring different technological pathways in the fusion energy sector, contributing to a diverse support structure for the nuclear fusion industry [3] - New Hope Group is pursuing a hydrogen-boron fusion reaction, which is non-radioactive and has abundant resources, although it presents greater technical challenges compared to deuterium-tritium fusion [5] Investment and Collaboration - The establishment of the China Fusion Energy Co. by China National Nuclear Corporation aims to focus on large scientific experiments and fusion reactor materials, with an expanding collaborative network involving 38 member units from state-owned enterprises, private companies, universities, and research institutions [6] - The fusion energy sector is experiencing increased competition and vitality due to the influx of commercial capital, which is expected to enhance technological breakthroughs and innovation [6] Global Cooperation - The IAEA emphasizes the importance of international collaboration in achieving commercial viability for fusion energy, advocating for shared scientific research, technology development, and engineering experiments [9] - China is actively integrating into the global fusion research network while accelerating its own innovations, contributing to the collective effort to realize fusion energy as a sustainable power source [8]

Core Insights - The Chinese government is prioritizing the development of advanced industries such as quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications as new economic growth points, aiming to reshape the high-tech industry over the next decade [1] - The controlled nuclear fusion sector is experiencing significant investment and technological advancements, with a focus on transitioning from research to engineering and commercial applications [2][3] - The global commercial interest in fusion energy has surged, with over $10 billion in funding expected by 2025, driven by recent technological breakthroughs [2][3] Industry Developments - The International Atomic Energy Agency (IAEA) has indicated that the global fusion energy exploration is entering a decisive new phase, with commercial funding in the fusion sector exceeding $10 billion by 2025 [2] - The U.S. Federal Fusion Systems Company has successfully tested high-temperature superconducting magnets, enhancing confidence in the engineering and commercialization of fusion energy [3] - China's fusion energy commercialization is accelerating, with various companies like China Fusion Energy Co., Fusion New Energy, and New Energy Group exploring different technological pathways [3][4] Technological Advancements - The Tokamak magnetic confinement method is recognized as the most mature technology for achieving controllable nuclear fusion, with significant progress made in China's artificial sun project [4] - The "Kua Fu Qi Ming" compact fusion energy experimental device is set to be completed by the end of 2027, utilizing advanced superconducting magnets and deuterium-tritium fusion fuel [4] - New Energy Group is pursuing a hydrogen-boron fusion reaction, which is less radioactive and has abundant resources, although it presents greater technical challenges [5][6] Investment and Collaboration - The establishment of the China Fusion Energy Co. by China National Nuclear Corporation aims to focus on large-scale experiments and fusion reactor materials, with a growing number of participants in the fusion innovation consortium [6] - The consortium has expanded to 38 members, including state-owned enterprises, private companies, and research institutions, fostering collaboration between academia and industry [6] - The need for talent in the fusion energy sector is critical, with a significant gap in skilled professionals due to the interdisciplinary nature of the field [7] Global Cooperation - The development of fusion energy is not only a challenge for China but a global issue, necessitating open innovation and international collaboration [8] - The IAEA emphasizes the importance of broad international cooperation to achieve commercial viability in fusion energy, including shared research and technology development [8]

Core Insights - The concept of creating a "man-made sun" for limitless clean energy is a significant human aspiration, but achieving controlled nuclear fusion remains a complex challenge due to the extreme conditions required for fusion reactions [1][2]. Group 1: Challenges of Nuclear Fusion - Nuclear fusion requires creating conditions similar to those in the sun, specifically heating deuterium-tritium plasma to over 100 million degrees Celsius, which is 6 to 7 times the temperature at the sun's core [2]. - The complexity of controlled nuclear fusion encompasses various scientific fields, including plasma physics, nuclear engineering, and materials science, making it one of the most intricate energy systems conceived by humanity [2]. Group 2: Current Global Developments - Global research on fusion energy has entered a new phase characterized by parallel pathways and rapid iterations, with two main technological routes: magnetic confinement and inertial confinement [3]. - The International Thermonuclear Experimental Reactor (ITER) is the largest global fusion research project, aiming to demonstrate the feasibility of magnetic confinement fusion by 2040 to 2050 [3]. Group 3: China's Role in Fusion Energy - China has established itself as a significant player in the fusion energy sector, with the International Atomic Energy Agency's fusion research and training collaboration center recently established in Chengdu [4]. - The "Chinese Circulation No. 3" project aims to achieve temperatures exceeding 100 million degrees Celsius by 2025, marking a major advancement in China's controlled nuclear fusion technology [4][5]. - The EAST facility in Hefei has set a world record by achieving 1000 seconds of high-quality burning at 100 million degrees Celsius, indicating progress in fusion research [5].

Core Insights - The development of fusion energy is progressing towards a new stage, with multiple pathways and rapid iterations being explored globally [4][5] - Achieving controlled nuclear fusion is considered one of the most complex energy systems conceived by humanity, requiring extreme conditions that are difficult to replicate on Earth [3][5] Industry Developments - The main technological routes for fusion energy are magnetic confinement and inertial confinement, with devices like Tokamaks and stellarators being key to magnetic confinement [5] - The International Thermonuclear Experimental Reactor (ITER) is the largest global fusion research project, aiming to demonstrate the feasibility of magnetic confinement fusion by 2040 to 2050 [5] China's Role - China has significantly enhanced its international standing in fusion energy, establishing a research and training collaboration center in Chengdu under the International Atomic Energy Agency [7] - The country has made notable advancements in controlled nuclear fusion technology, including achieving temperatures exceeding 100 million degrees Celsius in its "Chinese Circulation No. 3" project [8] - China is committed to international collaboration in advancing sustainable energy innovation and aims to contribute to a cleaner and more sustainable world [8]

Core Points - The World Fusion Energy Group's second ministerial meeting and the 30th International Atomic Energy Agency (IAEA) Fusion Energy Conference opened in Chengdu, Sichuan Province, highlighting China's commitment to fusion energy development [1][3] - The IAEA designated the China National Nuclear Corporation's Southwest Institute of Physics as its first "Fusion Energy Research and Training Collaboration Center," emphasizing international collaboration in fusion energy [1][3] Group 1 - The theme of the ministerial meeting is "Fusion Energy: The Future of Clean Energy," with participation from approximately 150 representatives from 27 countries and 6 international organizations [4] - Discussions will focus on three main topics: "Current Status of Fusion Energy: Bridging the Gap," "Fusion Energy Regulation: Global Debate," and "Fusion Energy Supply Chain: From Research to Industrialization" [4] - The meeting will release the "Fusion Energy Outlook 2025" report and the "Chengdu Declaration of the World Fusion Energy Group" [4] Group 2 - The IAEA's 30th Fusion Energy Conference will last for five days, covering themes such as "Innovation and Future of Fusion Energy—Technology, Cooperation, and Sustainable Development" [4] - The conference will include keynote speeches, specialized meetings, and technical exhibitions, addressing various fields including magnetic confinement fusion experiments, theoretical simulations, and other innovative fusion concepts [4] - Side events like "Nuclear Future - Nuclear Energy 'Three-Step' Innovation Progress" will also be held during the conference [4]

Core Insights - The establishment of the world's first International Atomic Energy Agency (IAEA) Fusion Energy Research and Training Collaboration Center in Chengdu, Sichuan Province, signifies a substantial enhancement of China's international status and influence in the field of fusion energy [1] - The center aims to contribute to Chengdu's development as a global hub for fusion energy innovation and accelerate the commercialization process of controlled nuclear fusion [1] Group 1: China's Commitment to Fusion Energy - China places high importance on the development of fusion energy, having built multiple large scientific facilities and actively promoting deep integration of industry, academia, and research along with international cooperation [1] - Fusion energy is recognized as a crucial direction for the peaceful use of nuclear energy, offering significant advantages over fission energy, including high energy density, abundant raw materials, low radioactive pollution, and inherent safety [1] Group 2: International Collaboration and Future Outlook - The World Fusion Energy Group, initiated by the IAEA in October 2023, aims to strengthen international consensus and encourage increased investment from both public and private sectors in nuclear technology to expedite the demonstration and commercial application of fusion energy [2] - The second ministerial meeting of the World Fusion Energy Group released the Fusion Energy Outlook 2025 report and issued the Chengdu Declaration [2]

Investment Rating - The report maintains a "Buy" rating for the controlled nuclear fusion industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [7]. Core Insights - The successful installation of the BEST Dewar base marks a significant milestone in the controlled nuclear fusion industry, signaling the commencement of a concentrated bidding period for various projects [1][2]. - The domestic fusion industry is progressing positively, with multiple projects advancing and new initiatives being announced, suggesting an upcoming phase of intensive bidding [3]. - The strategic value of fusion energy is highlighted by increasing electricity demands driven by AI and cloud computing, with major tech companies entering the fusion energy market [4]. Summary by Sections Project Developments - The BEST project has accelerated its timeline, with the main assembly starting two months ahead of schedule. Recent announcements indicate multiple tenders related to the project components [2][3]. - Other projects, such as "Xinghuo No. 1" and "China Circulation No. 4," are also progressing, with significant milestones achieved in environmental assessments and approvals [3]. Technological Advancements - Key technological breakthroughs have been reported, including the introduction of new superconducting materials and advancements in plasma control systems, which are crucial for the development of fusion energy [3][4]. Market Potential - The report emphasizes the long-term growth potential of the controlled nuclear fusion industry, particularly in high-value segments such as magnet systems, vacuum chambers, and power systems, which are expected to benefit from ongoing industry advancements [4][5].