【12月26日消息，可控核聚变投资逻辑转向产业趋势投资】可控核聚变行业投资逻辑正转变，从"终极 能源"主题叙事转向工程化落地驱动的产业趋势投资。核心驱动力是需求端爆发预期与供给端技术突 破。 人工智能和大数据产业发展使远期供电缺口矛盾凸显，高温超导与AI技术在核聚变领域应用，降 低聚变装置建造成本、加快迭代速度。 这催生实验堆和示范堆建设资本开支，为产业链中上游企业带 来订单放量。在聚变能源发电前，中上游企业将率先持续受益。 建议布局各地聚变装置核心供应商， 以及各类聚变装置中价值量占比高的关键环节。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 F TO hexun.com 扫码查看原文 和讯财经 和而不同 迅达天下 ...

人民财讯12月26日电，中信建投（601066）研报称，可控核聚变行业的投资逻辑，正从遥远的"终极能 源"主题叙事，转变为由工程化落地驱动的产业趋势投资。其核心驱动力源于需求端的爆发预期与供给 端的技术突破，人工智能和大数据产业蓬勃发展带来的远期供电缺口矛盾日益凸显，高温超导与AI技 术在核聚变领域的应用极大降低了聚变装置建造成本、加快了装置迭代速度，共同催生了实验堆和示范 堆建设的庞大资本开支，为产业链上游材料和中游设备企业带来了确定性的订单放量。在聚变能源"发 出第一度电"之前，为实验堆和示范堆提供核心材料、关键设备和系统的中上游企业将率先并持续受 益，分享产业从0到1的巨大增长红利。建议布局各地聚变装置核心供应商，以及各类聚变装置中价值量 占比较高的关键环节。 ...

Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].