Market Performance - On October 28, the nuclear fusion sector strengthened again, with companies such as Antai Technology and Dongfang Tanye achieving consecutive gains, while Western Superconducting and Yongding shares also rose [1] - Antai Technology's stock price reached 22.98, with a 10.00% increase, and it is a core supplier for global controllable nuclear fusion devices [2] - Western Superconducting, the only Chinese supplier of low-temperature superconducting wire for the ITER project, saw its stock rise by 8.28% to 83.16 [2] - Yongding shares increased by 7.86% to 16.20, with its subsidiary being the only mass producer of second-generation high-temperature superconducting tape in China [2] Domestic and International Developments - Helical Fusion, a Tokyo-based startup, announced progress in developing high-temperature superconducting magnets crucial for fusion reactors, marking a significant step towards commercial fusion energy [3] - Helion Energy received conditional use permits for its fusion generator facility in Washington, clearing obstacles for construction [4] - In China, a research team from the Institute of Metal Research successfully industrialized high-purity ton-level Hastelloy (C276) metal substrates for second-generation high-temperature superconducting tapes [5] - The compact fusion energy experimental device in Hefei is expected to be completed by 2027, potentially becoming the first facility to achieve fusion power generation [5] Industry Insights - The controllable nuclear fusion industry in China is entering a phase of significant capital expenditure, with over 150 billion yuan planned or under construction by September 2025 [6] - The industry is diversifying its technological routes, with the Tokamak being the most mature. Key components such as magnets and vacuum chambers constitute major costs [6] - The global nuclear fusion market is projected to reach approximately $843.46 billion by 2040, with a compound annual growth rate (CAGR) of about 6% from 2030 to 2040. China's market is expected to grow to around $53.68 billion by 2040, with a CAGR of 6.4%, slightly higher than the global average [6] Project Updates - The EAST project has reached a mature stage, with core component tenders nearly complete, while the BEST project is in mid-construction with key component tenders ongoing [7] - The CFEDR project is still in the research phase, with concentrated tendering expected between 2027 and 2029 [7] - The CRAFT project has completed some tenders and is advancing in the procurement of magnets, power supplies, and diagnostic systems [7]

Summary of Key Points from the Conference Call on Controlled Nuclear Fusion Power Supply Industry Overview - The conference focuses on the controlled nuclear fusion industry, specifically the power supply systems for various fusion devices such as Tokamak, FRC (Field-Reversed Configuration), and Z-pinch technology [1][4][16]. Core Insights and Arguments - **Tokamak Dominance**: The Tokamak device is the mainstream nuclear fusion route, with high demand for magnet power supplies and auxiliary heating systems, which constitute a significant portion of the value [1][4]. - **FRC and Z-Pinch Technology**: FRC and Z-pinch technologies have high technical barriers and rapidly growing demand, particularly for fast-switching and pulse capacitor technologies [1][4][16]. - **Power Supply Requirements**: Controlled nuclear fusion power supplies require high capacity, high voltage, large current, and low ripple. For Tokamak devices, ripple must be maintained below 1% to 2% [2][11]. - **Auxiliary Heating Systems**: The main auxiliary heating systems are neutral beam heating and radio frequency heating, which require specific power supply types based on their voltage needs [10][12]. Technical Specifications - **Key Components of Tokamak**: The critical aspects of Tokamak devices include steady-state power (auxiliary heating, grid, low-temperature, and water cooling systems) and pulse power (auxiliary heating, magnetic power, and reactive power compensation) [5][9]. - **Reactive Power Compensation**: This system is essential for stabilizing the operation of fusion devices by managing reactive power fluctuations, ensuring reliability and safety [6][8]. - **FRC Device Characteristics**: FRC devices do not require complex magnetic fields or superconducting magnets, but they demand high instantaneous power pulse capabilities, leading to increased power supply value [13][15]. Market Opportunities and Risks - **Investment Potential**: Companies such as PSM, Sifang Electronics, Yingjie Electric, Aikexibo, and Xinfengguang are highlighted as having competitive advantages in the nuclear fusion sector, particularly in FRC-related equipment [18]. - **Upcoming Tender Activities**: The recent tender activities related to the CAS BEST project for magnet procurement are expected to expand into power supply-related tenders, presenting new market opportunities for suppliers [19]. Additional Important Content - **Key Components to Watch**: The demand for switches and supercapacitors is expected to rise significantly in the development of FRC and Z-pinch technologies, along with attention to MOSFETs as critical components [17]. - **Response Time Requirements**: FRC devices require nanosecond-level response times for power supplies, indicating a significant increase in power supply value, potentially exceeding 15% to 50% growth [15][16].

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]