海水中的原料，如何点亮万家灯火？ 月球上建造基地、供应生活用水，能否就地取材？ 这些充满科技感的想象，在安徽，都能看得真切： 在他看来，BEST装置本身就是一个巨大的商业应用场景，零部件数量以百万计。"我们早早布局产业链 国产化能力，走通从基础研究'最先一公里'到成果转化'最后一公里'的创新路径，在合肥及周边孵化多 家核聚变相关企业，部分已经上市。"严建文说。 稳态强磁场实验装置多次刷新世界纪录，"聚变堆主机关键系统"牵引前沿探索……聚木成林，合肥布局 建设的13个大科学装置集群形成独特引力场，累计孵化科技型企业近50家，带动相关未来产业蓬勃发 展。 输入一句话，等待片刻，人工智能初创企业智象未来开发的人工智能大模型，就能"变"出一段画质清晰 的视频；高分通过国家执业医师资格考试医学综合笔试，科大讯飞开发的智医助理，已为基层医疗机构 提供超10亿次人工智能辅诊建议；转动"手臂"，电子眼"环视"工件一圈，只用3分钟，埃夫特智能机器 人公司研发的免编程焊接机器人就能自动完成焊接…… 解放生产力，释放想象力，人工智能企业从大众日常生活中找需求，以场景为牵引，让创新科技赋能千 行百业。围绕工业、教育、医疗等领域，安徽 ...

Core Insights - The article highlights the rapid development of major scientific infrastructure in Anhui during the 14th Five-Year Plan period, focusing on cutting-edge technologies such as nuclear fusion, quantum information, and deep space exploration [1][10]. Group 1: Major Scientific Achievements - The Anhui Hefei fusion reactor park is home to various laboratories working on key components for the "artificial sun," with significant progress in the integration testing of components [1][3]. - The "artificial sun" mimics the sun's principles, where hydrogen atoms fuse under extreme conditions, releasing energy equivalent to 300 liters of gasoline from one liter of seawater [5][7]. - The park aims to be the most advanced and comprehensive research and testing platform in the international fusion field, with the compact fusion energy experimental device BEST expected to be completed by the end of 2027 [7][8]. Group 2: Industry Chain Development - The construction of controllable nuclear fusion projects is accelerating, driving the development of the entire industry chain from materials to key components and systems [15][17]. - A preliminary estimate suggests that an investment of 10 billion yuan in controllable nuclear fusion could lead to an industry chain upgrade worth 100 billion yuan, highlighting its potential impact on the national industrial system [17]. Group 3: Technology Transfer Challenges - Despite the rapid development of new technologies, transferring these innovations from the laboratory to the market remains challenging [18][20]. - The Anhui government has established a Scene Innovation Promotion Office to address the issue of insufficient application scenarios for technology transfer, facilitating connections between large enterprises and small tech firms [26][28]. Group 4: Funding and Support Mechanisms - Anhui has set up a technology achievement transformation guidance fund, with 18 sub-funds established by mid-2025, investing nearly 2.4 billion yuan in 137 projects, some of which have successfully gone public [30][32]. - The province also hosts technology innovation achievement transformation fairs, with over 1,800 participating companies and more than 400 projects launched, involving over 26 billion yuan in funding [32].

Group 1 - Hefei is becoming a global hub for nuclear fusion research, with major scientific facilities like EAST, BEST, and CRAFT concentrated in the area [1][3] - The BEST device, weighing approximately 6000 tons, is expected to demonstrate the world's first fusion energy generation by 2027 [3][5] - Nuclear fusion, which combines lighter atomic nuclei to release energy, is considered a safe and clean energy source, with the potential to meet 80% of the world's energy needs in the future [5][6] Group 2 - The company Fusion Energy (Anhui) Co., Ltd. is a key player in the commercialization of nuclear fusion energy in China, with plans for a three-step strategy leading to the first commercial fusion reactor [3][6] - Hefei's development strategy includes transforming scientific research results into industrial applications, with nearly 60 companies in the fusion energy industry chain [8] - International collaboration is being strengthened through agreements with organizations like ITER, enhancing China's position in fusion energy technology development [8]

ESG热点周聚焦（7月第1期） 核聚变商用迈入新阶段 策略研究 · 策略专题 证券分析师：王开 证券分析师：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn S0980521030001 S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 2025年7月6日 证券研究报告 | 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 海外ESG热点事件：全球ESG发展下大量的机构和企业通过绿色债券、融资、可持续发展业务等方式共同助力能源结构转型应对气候变化，多项政策和 法律进入修改、意见征询阶段。在绿色金融方面，拉丁美洲和加勒比开发银行批准为10个国家的16项可持续发展业务提供52亿美元资金；欧盟和欧洲 投资银行推出50亿欧元灵活担保，旨在促进清洁能源和绿色基础设施项目；瑞银为专注于可持续发展目标的混合金融基金筹集1亿美元。在碳中和方 面，欧盟委员会提出税收优惠措施以加速清洁工业转型；摩根大通Kinexys在碳市场试点区块链，开发基于区块链的应用程序代币化全球碳信用；欧 洲首 ...

| [table_Authors] 肖群稀(分析师) | 黄龙(研究助理) | | --- | --- | | 021-38676666 | 021-38676666 [Table_subIndustry] | | 登记编号 S0880522120001 | S0880123070154 | 本报告导读： 6 月 30 日，谷歌与 CFS 达成 200MW 聚变能购电协议，不仅标志着谷歌能源战略向 终极能源的重要迈进，更以技术突破、资本注入加速核聚变商业化进程。此次合作 或将成为撬动全球能源结构转型的关键支点，驱动可控核聚变行业加速发展。 200MW售电协议落定，可控核聚变商业化进程加 [Table_Industry] 机械制造业 --"CFS 与谷歌达成售电协议"事件点评 投资要点： 请务必阅读正文之后的免责条款部分 证 券 研 究 报 告 股票研究 /[Table_Date] 2025.07.03 [Table_Invest] 评级： 增持 [Table_Summary] 投资建议：重点关注高温超导磁体、电源、检测系统等细分领域。 受益标的：1）中游设备：联创光电（高温超导磁体），国光电气（偏 滤器、包层 ...

证券研究报告：国防军工|点评报告 发布时间：2025-07-03 行业投资评级 强于大市|维持 近期研究报告 《中邮军工周报 6 月第 4 周：9 月 3 日 天安门将举行阅兵，传统主战力量和新 域新质力量均将参阅》 - 2025.07.01 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1662.32 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现（相对值） -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 谷歌与 CFS 签署 200MW 购电协议，聚变能源加速商 业化 ⚫ 事件 6 月 30 日，美国聚变能源初创企 ...

Core Insights - The article discusses the advancements in controlled nuclear fusion technology, highlighting its potential as a clean and virtually limitless energy source for humanity [3][5][6]. Group 1: Nuclear Fusion Technology - Controlled nuclear fusion mimics the sun's energy production by fusing hydrogen isotopes deuterium and tritium, which can be extracted from seawater [5][6]. - One liter of seawater can produce fusion fuel deuterium, releasing energy equivalent to 300 liters of gasoline during nuclear fusion [5]. - Nuclear fusion is considered safer than nuclear fission, as the reaction stops immediately if conditions fail, eliminating risks of nuclear leakage or radiation [6]. Group 2: Recent Achievements - The Experimental Advanced Superconducting Tokamak (EAST) has achieved significant milestones, including a world record of 1 billion degrees Celsius for 1066 seconds in January [6][11]. - The new compact fusion energy experimental device (BEST) focuses on energy output, aiming to exceed input energy, which is crucial for commercialization [8][9]. Group 3: Industry Development - Over 30 small to medium-sized tech companies related to nuclear fusion have been established in Hefei, with some already listed [9]. - Hefei has nearly 60 companies covering the entire nuclear fusion energy industry chain, from superconducting materials to operational design [9][11]. - The establishment of the Fusion Industry Alliance in Hefei in 2023 has gathered over 200 member companies, enhancing collaboration across the industry [9]. Group 4: Future Prospects - The BEST device is expected to be completed by 2027, with the first demonstration of fusion energy generation planned for 2030, and a demonstration fusion engineering pile by 2035 [11]. - The industry anticipates a transition to a clean energy era, where fossil fuels will primarily serve as chemical raw materials, and fusion energy will play a central role [11].

次世代新能源：核聚变催化梳理及产业链拆分 20250702 Q&A 核聚变领域的投资机会和市场前景如何？ CFS 与 Alphabet 达成电力购买协议，标志着核聚变能源商业化迈出重 要一步，为市场注入信心，预示北美商业资本对核电站落地并网发电的 认可。 CFS 作为 MIT 衍生公司，融资超 20 亿美元，估值达 80 亿，其 Spark 项目预计 2027 年实现点火，为 ARC 电站提供物理参数验证，加速核聚 变技术商业化进程。 ARC 项目计划投资 10 亿美元，发电功率 400 兆瓦，已启动审批流程， 谷歌购买 200 兆瓦电力，表明项目进展迅速且确定性高，有望在 21 世 纪 30 年代提供稳定电力。 谷歌与 CFS 深度合作，不仅签订供电协议，还将进一步投资，反映其对 核聚变长期潜力看好，旨在降低整体能源组合成本，保障数据中心全年 全天候运行。 国内核聚变领域参与者众多，包括中科院、中核集团等国家队，以及联 创光电、新奥股份等商业公司，实验堆和工程示范堆总投资约 1,620 亿 元，每年资本开支约 200 亿元。 核聚变目前正在从科学实验堆向工程验证堆转型，尽管距离商业实际应用还有 一定距离，但 ...

7月首个交易日，A股迎来"开门红"，沪指在银行、电力等板块的带动下强势上扬，全A成交额维持在1.5万亿元左右。港股今日因香港特别行政区成立纪 念日休市一日。 | 代码 | 名称 | � | 涨幅% | 现价 | 张跌 | 买价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002966 苏州银行 | | R | 5.13 | 9.23 | 0.45 | 9.23 | 9.24 | 805680 | | 601187 厦门银行 | | | 3.98 | 7.06 | 0.27 | 7.05 | 7.06 | 320844 | | 600926 杭州银行 | | R | 3.03 | 17.33 | 0.51 | 17.33 | 17.34 | 739693 | | 801939 | 建设银行 | R | 2.86 | 9.71 | 0.27 | 9.70 | | 9.71 139.27 | | 601665 齐鲁银行 | | R | 2.85 | 6.50 | 0.18 | 6.49 | 6.50 | 961480 | ...

能源，一直是人类文明发展的 "燃料"，从钻木取火到煤炭、石油的大规模使用，每一次能源变革都 推动着人类社会向前迈进。 试想，如果人类能像太阳那样，造出一个 "能量源泉"，那人类的能源难题不就迎刃而解了？在合 肥，科研人员们正朝着这个看似遥不可及的梦想大步迈进。 2025 年 1 月，合肥科学岛上的世界首个全超导托卡马克实验装置（ EAST ）传来振奋人心的消息 —— 成功实现了 1 亿摄氏度 1066 秒稳态长脉冲高约束模等离子体运行，再次把托卡马克装置高约 束模运行的世界纪录刷新。 6月18日，据《合肥日报》报道，CRAFT（夸父）低杂波电流驱动系统已通过专家组测试与验收， 且实现全系统国产化。该系统由中国科学院合肥物质科学研究院等离子体物理研究所负责研发。 在"人造太阳"实验装置中，聚变等离子体温度可达1亿度，而低杂波电流驱动系统作为三大辅助加热 波之一，对将等离子体加热至这一极端温度起着关键作用。 照亮未来能源这条路，人类又向前迈了一大步。 01 "人造太阳"的最新进度 中国科学院合肥物质科学研究院副院长宋云涛在《焦点访谈》中曾说： "总书记说过，世界已经进入 了大科学时代，大科学就是要探索人类的未知世 ...