安徽新闻联播消息，8月25日，安徽省省长王清宪在合肥市调研聚变能源未来产业。他强调，抢抓聚变 能源技术突破关键窗口期，坚持以科技创新引领产业创新，加快聚变能源工程化、产业化、商业化步 伐。 调研中，王清宪主持召开座谈会，听取院士专家、企业家意见建议。他指出，要深刻把握聚变能源全球 竞争格局，立足安徽优势，建强用好国家战略科技力量，持续推进关键技术攻关，形成体系化竞争优 势。要推动政产学研金服用深度融合，构建全链条孵化转化创新载体，更大力度集聚创新和产业资源。 要着力培育聚变能源产业集群，系统梳理"沿途下蛋"技术项目，精准开展场景对接和"双招双引"，加快 形成产业集聚效应。要深化体制机制创新，以改革激发市场活力，吸引更多社会资本参与，促进科技、 产业、资本相互赋能。 此前，安徽明确要积极打造"量子信息、聚变能源、深空探测"三大科创引领高地。在合肥"6+5+X"产业 集群中，聚变能源正是合肥重点布局的未来产业新赛道。目前，合肥已汇集聚变能源产业链企业70余 户，涵盖上游超导线材等生产，中游主机设备制造、工程建设，下游设计运营商的全产业链。 随着聚变能源迎来发展窗口期，安徽已经开始期待，"点亮聚变能源第一盏灯"。 ...

每经记者｜刘艳美 每经编辑｜杨欢 安徽新闻联播消息，8月25日，安徽省省长王清宪在合肥市调研聚变能源未来产业。他强调，抢抓聚变能源技术突破关键窗口期，坚持以科技创新引领产 业创新，加快聚变能源工程化、产业化、商业化步伐。 调研中，王清宪主持召开座谈会，听取院士专家、企业家意见建议。他指出，要深刻把握聚变能源全球竞争格局，立足安徽优势，建强用好国家战略科技 力量，持续推进关键技术攻关，形成体系化竞争优势。要推动政产学研金服用深度融合，构建全链条孵化转化创新载体，更大力度集聚创新和产业资源。 要着力培育聚变能源产业集群，系统梳理"沿途下蛋"技术项目，精准开展场景对接和"双招双引"，加快形成产业集聚效应。要深化体制机制创新，以改革 激发市场活力，吸引更多社会资本参与，促进科技、产业、资本相互赋能。 解读：素有"人造太阳"之称的聚变能源，具有燃料丰富、安全可靠、清洁环保、能量密度高、经济性明显等诸多优点，被视为人类最理想的"终极能源"。 当前，全球各主要国家都已开始积极推动可控核聚变商业化发展。根据聚变工业协会（FIA）今年7月发布的《2025年全球聚变行业报告》全球聚变行业 总投资额截至目前已达到97.66亿美元， ...

Core Insights - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, with over 10 billion yuan in investments from major energy firms and capital institutions [2][11] - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021, indicating strong investor confidence and technological advancements [4] - The competition in the fusion energy sector is intensifying, with significant breakthroughs in China's fusion projects and international collaborations accelerating the path to commercialization [5][7] Investment and Market Dynamics - China Fusion Energy Company is positioned as a national strategic player, with investments from key state-owned enterprises and private capital, reflecting a robust investment structure [11][12] - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the supply chain, indicating a growing interest in the fusion energy sector [14][15] - The fusion industry is expected to enter a critical decade, with many companies planning to operate commercial demonstration plants by 2035 [8][10] Technological Advancements - Major advancements in China's fusion devices have been reported, including record plasma confinement times and temperature achievements, positioning the country as a leader in plasma technology [5][6] - Internationally, significant projects like ITER and commercial agreements for fusion energy procurement are paving the way for the practical application of fusion technology [7][8] Future Outlook - The timeline for commercial fusion energy is becoming clearer, with expectations that the first fusion power plant could be operational by 2030 [7][8] - The integration of AI and high-temperature superconductors is expected to further accelerate the development of fusion technology, enhancing feasibility and cost-effectiveness [16]

Core Viewpoint - The establishment of China Fusion Energy Company marks a significant milestone in advancing nuclear fusion commercialization in China, supported by major state-owned and private enterprises [2][10]. Group 1: Industry Growth and Investment - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021 [3][4]. - The investment surge indicates increased investor confidence, technological advancements, and a maturing supply chain in the fusion sector [3][4]. Group 2: Technological Advancements - Major breakthroughs in China's nuclear fusion projects include the EAST achieving 1 million degrees Celsius for 1066 seconds, and the "China Circulation No. 3" reaching dual billion-degree operation [5][6]. - The international ITER project has completed all components for its superconducting magnet system, marking significant progress in global fusion efforts [6]. Group 3: Commercialization Timeline - The industry anticipates that the first commercial fusion power plants will begin operations between 2030 and 2035, with 35 companies planning to operate net energy gain demonstration plants by this timeframe [7][8]. Group 4: Capital and Investment Structure - The fusion industry in China is characterized by a collaborative structure involving national strategic capital, local industrial capital, and private innovation capital [10][11]. - The establishment of China Fusion Company, with over 11.469 billion yuan in registered capital, reflects a strategic move to solidify the central enterprises' role in the fusion sector [10]. Group 5: Supply Chain Development - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the sector, including Antai Technology and West Superconducting [12][13]. - The fusion industry is expected to drive demand across various supply chain segments as it transitions from technology validation to engineering implementation [13].

Core Viewpoint - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, supported by major state-owned and private enterprises, indicating a shift from speculative interest to long-term industrial investment in fusion energy [1][7]. Investment and Market Growth - The global fusion industry has seen explosive growth over the past five years, with total investments reaching $9.766 billion, a 414% increase since 2021, reflecting heightened investor confidence and technological advancements [2]. - The report indicates that the fusion industry is attractive due to its potential for energy security and clean energy, despite historical challenges in technology investment [2]. Technological Advancements - Significant breakthroughs in China's nuclear fusion technology have been achieved, with major devices like EAST and the Chinese Circulation No. 3 reaching record operational parameters, positioning China as a leader in plasma confinement technology [3]. - The first compact fusion energy experimental device, BEST, is set to complete construction by 2027, aiming to demonstrate fusion power generation [3]. Private Sector Involvement - Private enterprises in China, such as New Hope, have made notable advancements in fusion technology, achieving high-density plasma discharge, marking a step towards commercializing hydrogen-boron fusion [4]. - Internationally, projects like ITER and agreements between tech giants and fusion startups indicate a global acceleration in fusion commercialization [5]. Future Projections - The period from 2030 to 2035 is recognized as critical for the commercialization of fusion energy, with many companies planning to operate demonstration power plants during this timeframe [5][6]. - Industry experts predict that the first fusion power generation could occur in China by 2030, highlighting the urgency and potential of fusion energy [5]. Capital and Structural Support - The fusion industry in China is supported by a combination of national strategic capital, local industrial capital, and private innovation capital, with significant investments made by major state-owned enterprises [7][8]. - Local investments in projects like BEST have increased the capital scale significantly, indicating strong regional support for fusion energy initiatives [8]. Supply Chain Development - The maturation of the fusion supply chain is seen as a crucial factor in advancing fusion energy projects, with several companies entering the supply chain and contributing to the development of essential components [10]. - The focus on upstream materials and equipment is expected to drive demand across the industry as fusion technology progresses from validation to engineering implementation [11]. Synergistic Technologies - The convergence of AI and high-temperature superconductors with fusion technology is anticipated to accelerate the development of fusion energy, enhancing both feasibility and economic viability [11].

Group 1 - The establishment of China Fusion Energy Co., Ltd. in Shanghai marks a significant step in the commercialization of China's "artificial sun" project, with a total investment of 11.492 billion yuan from seven state-owned enterprises [1] - The global competition in the controllable nuclear fusion industry is accelerating, with countries like Germany, Japan, and the UK making substantial investments in fusion energy research [3][4] - Nuclear fusion is considered a potential ultimate energy source, with the energy released from fusion of deuterium in seawater being equivalent to the total energy of all oil on Earth [4][6] Group 2 - The fuel for fusion energy, such as deuterium from seawater, is abundant and poses minimal radioactive hazards, making it a promising energy source for the future [7] - The potential of fusion energy could reshape various sectors, including industry, agriculture, and even address freshwater scarcity through cost-effective desalination [9][11] - The global race for fusion energy has seen significant advancements, with countries like the US and China making notable progress in their respective fusion projects [17][20] Group 3 - The formation of China Fusion Energy Co. is a strategic move in the national energy strategy, transitioning from a laboratory-based approach to a market-oriented model [23] - The company has a registered capital of 15 billion yuan, with investments from major state-owned enterprises, indicating a comprehensive support system for the commercialization of fusion energy [23][29] - Shanghai's role as a financial and trade center, along with its existing industrial ecosystem, positions it as a crucial hub for the development of fusion energy technologies [25][26]

Group 1 - The urgency of fusion research is emphasized as a critical solution for developing zero-carbon sustainable energy to combat climate change [2][3] - Current renewable energy solutions are fundamentally limited and cannot significantly reduce existing carbon dioxide levels in the atmosphere [2][4] - Fusion energy is proposed as a necessary advancement to meet the growing energy demands of civilization while achieving carbon reduction goals [4][5] Group 2 - Fusion energy could lead to a transformative change in energy costs, potentially reducing electricity prices to mere cents per kilowatt-hour, which would revolutionize water resource management and agriculture [3][5] - The commercial viability of fusion energy is seen as a key factor in addressing environmental challenges and supporting sustainable development [3][6] - The focus of the New Energy Research Institute is on developing compact fusion technology to achieve low-cost electricity generation, aiming to surpass wind and solar energy in competitiveness [6]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The report highlights the acceleration of commercialized fusion energy, with Google signing a 200MW power purchase agreement with Commonwealth Fusion Systems (CFS), marking the largest fusion energy purchase agreement in history [5][6] - The report notes significant capital inflow into the domestic fusion energy sector, with multiple companies receiving substantial funding, indicating a potential increase in capital expenditures in this field [7] - Domestic fusion energy research has entered the engineering practice phase, with advancements in radiation safety management for fusion devices [8][9] - The application of new materials and technologies, such as high-temperature superconductors and AI, is expected to accelerate breakthroughs in controlled nuclear fusion [9] - Relevant listed companies in the fusion energy sector include Guoguang Electric, Lianchuang Optoelectronics, and others [10]