Core Viewpoint - The article emphasizes the significant advancements and potential of China's controllable nuclear fusion industry, highlighting its strategic importance in the global energy landscape and the country's commitment to supporting this technology through various policies and initiatives [3][4]. Group 1: Industry Development - The Shanghai Stock Exchange hosted a salon on controllable nuclear fusion, with over 20 companies and nearly 30 financial institutions participating, focusing on the future of the industry and its technological breakthroughs [1]. - China's controllable nuclear fusion industry has gained a first-mover advantage, particularly in high-temperature superconducting materials and Tokamak devices, due to overall technological progress and collaboration among industry, academia, and research [3][4]. - The industry encompasses multiple segments, including materials, main engines, systems, and applications, with significant policy support from the government to promote research and international cooperation [3]. Group 2: Key Players and Innovations - 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 [4]. - On the Sci-Tech Innovation Board, Guoguang Electric has developed the first heat helium leak detection device meeting nuclear industry standards, while Aikesaibo's power supply technologies have been applied in controllable nuclear fusion [4]. Group 3: Commercialization and Investment - The commercialization of controllable nuclear fusion is accelerating, with upstream companies experiencing steady growth in order and production capacity, indicating a potential earlier timeline for generating the "first degree of electricity" [7]. - Investment institutions are calling for government support to facilitate discussions on common technical issues and to create a collaborative ecosystem within the industry [6][7]. - Recent policies from the China Securities Regulatory Commission aim to enhance the Sci-Tech Innovation Board's support for high-quality tech companies with significant breakthroughs and commercial prospects [8].

Group 1 - The controllable nuclear fusion technology is regarded as the ultimate solution to human energy problems, attracting significant market attention [1] - The controllable nuclear fusion industry encompasses multiple segments, including materials, main engines, systems, and applications, with China holding a certain position in high-temperature superconducting materials and Tokamak devices [1] - There is a consensus in the industry on the development model driven by Tokamak and the cross-validation of multiple technological routes, with suggestions for enhanced technical collaboration among domestic fusion supply chains and main engine manufacturers [1] Group 2 - The commercial viability of controllable nuclear fusion is accelerating, as evidenced by the steady growth in order and production capacity from upstream enterprises, with the timeline for generating the "first degree of electricity" expected to be advanced [2] - The transition from "experimental pile" to "demonstration pile" and then to "commercial pile" still relies on cost reduction by upstream material component manufacturers and technological breakthroughs by midstream main engine manufacturers, indicating a longer cycle before definitive commercialization [2] - Investment institutions are calling for government support to facilitate diverse financing channels for enterprises, while venture capital feedback suggests that investments should focus on capital expenditure and key parameter improvements [2]

Summary of Key Points from the Conference Call on Controlled Nuclear Fusion Industry Overview - The conference focuses on the controlled nuclear fusion industry, highlighting advancements and investment opportunities in China and abroad [3][5][6][22]. Core Insights and Arguments - **Emerging Companies**: Numerous companies are emerging in China's controlled nuclear fusion sector, such as Energy Origin and China International Electric Power, supported by investments from funds like Shanghai Future Industry Fund, indicating accelerated development in this field [3][6]. - **Technological Breakthroughs**: Significant breakthroughs in domestic nuclear fusion technology include the high-temperature superconducting and the one-second H-mode of the Circulator No. 3, while international focus is on enhancing the Q value, with the Spring Tower device aiming to achieve Q1 this year [3][8]. - **Project Budgets and Bidding**: Major projects like BEST and Corraft are expected to undergo large-scale bidding this year, with total budgets reaching tens of billions. Energy Origin's Honghuang 170 plan is also set to raise funds for construction [3][9][10]. - **Commercialization Timeline**: The industry anticipates achieving grid-connected nuclear fusion power by 2030-2035, with companies like Heliogen and CFS making significant progress towards this goal [3][11][12]. - **Investment Plans**: China plans to invest hundreds of billions annually in nuclear fusion R&D from 2025 to 2027, with potential increases if breakthroughs occur [3][42]. - **High-Temperature Superconductors**: The application of high-temperature superconductors in fusion reactors is increasing, with companies like Lianchuang Optoelectronics demonstrating mass production capabilities [3][45]. Additional Important Content - **Challenges in Tokamak Devices**: Tokamak devices face challenges such as fuel cycle issues and tritium breeding ratios, while linear devices need to address pulse frequency problems. The competition among different technological routes is intense [3][16][17]. - **Government Support**: The Chinese government has shown strong support for nuclear fusion, with plans for substantial investments and policy backing, indicating a commitment to advancing this technology [3][26][27]. - **Global Comparison**: The U.S. is seen as lagging in nuclear fusion advancements compared to China, primarily due to the latter's substantial government funding and support for mainstream routes [3][52]. - **Future Energy Landscape**: Controlled nuclear fusion is positioned as a crucial future energy source, expected to provide stable, efficient, and environmentally friendly energy solutions, complementing renewable energy sources [3][22][23]. This summary encapsulates the key points discussed in the conference call regarding the current state and future prospects of the controlled nuclear fusion industry.