可控核聚变系列 - 电源专题：多技术路线共同发展，电源 价值量在膨胀 20250903 摘要 托克马克装置是主流核聚变路线，需求集中在磁体电源和辅助加热系统， 价值量占比高，技术格局清晰。FRC 和类钴说路线核心在于快控开关和 脉冲电容，技术壁垒高，需求快速增长，需处理大电流、高压环境。 托克马克装置关键点包括稳态功率（辅助加热、电网、低温及水冷系 统）与脉冲功率（辅助加热、磁力及无功补偿与滤波系统）。磁力电源 为超导磁体供电，激发、约束并调整等离子体，实现稳定聚变，需求特 点是大电流、小纹波、快速响应。 无功补偿系统在核聚变装置中至关重要，用于平滑无功功率，避免因无 功波动对系统产生冲击，确保装置运行的稳定性和可靠性，并保护设备 和电网安全。 辅助加热电源用于实现从 3,000 度到 1 亿度以上的高温条件，核心需求 包括大容量、高电压、快速响应、保护时间短以及释放能量小。主流辅 助加热系统分为中性束加热和射频加热（电子回旋、离子回旋、低杂 波）。 Q&A 可控核聚变电源的核心要求是什么？ 可控核聚变电源是磁体、加热系统和辅助系统供电的核心装置，其要求包括高 容量、耐高压、大电流和低纹波等。以托克马克装置为 ...

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]

Group 1 - The successful plasma ignition of the HHMAX-901 fusion device marks a significant breakthrough in China's exploration of commercial nuclear fusion [1] - The "controlled nuclear fusion" industry is gaining traction in the capital market, with over 20 companies participating in discussions about the supply chain and technological collaboration [1][4] - Controlled nuclear fusion is considered the ultimate energy source due to its abundant fuel, safety, environmental cleanliness, high energy density, and economic advantages [2] Group 2 - China is leading in nuclear fusion research, with significant achievements in various national scientific devices and projects like CFETR [3] - The controlled nuclear fusion industry in China includes multiple segments such as materials, main engines, systems, and applications, benefiting from technological advancements and collaborative innovation [4] - Companies like China Nuclear Power and Xibu Superconductor are playing crucial roles in the development and supply of materials and components for nuclear fusion projects [4][5] Group 3 - The focus on commercializing nuclear fusion technology requires overcoming challenges related to material costs and technological breakthroughs [5] - There is a strong emphasis on the need for financial support from the capital market and local governments to facilitate the expansion of production capacity and technological validation [5]