技术突破与资本赋能助力核聚变产业化提速，聚焦中上游 投资机会 - 可控核聚变深度报告 20260108 摘要 商业聚变堆技术快速发展，中美均取得突破性进展，能量奇点公司洪荒 170 实现 120 秒稳态长脉冲等离子体运行，超出市场预期，标志着可控 核聚变技术商业化加速。 自 2025 年以来，可控核聚变行业在需求、供给、技术、政策和资金端 均发生显著变化。能源需求和中美技术竞争驱动需求，高温超导材料和 人工智能技术进步催化供给，国家级和民间投资形成竞争格局，推动 A 股市场板块上涨。 当前可控核聚变领域的投资机会主要集中在中上游环节，包括高温超导 材料、面向等离子体的材料、超导磁体、真空室、偏滤器等核心设备以 及冷却、加热、电源等辅机系统。下游应用场景尚未成熟，投资机会相 对较少。 2025 年可控核聚变板块经历了三个上涨阶段：技术突破推动、下游工 程总装机和一级市场融资项目推动、以及 BEPCII 装置杜瓦建成后的大额 招标和媒体报道推动。 Q&A 可控核聚变行业在全球范围内的最新进展是什么？ 最近，可控核聚变行业在全球范围内取得了显著进展。特朗普传媒集团宣布可 能与 TAE 合并，并计划在 2026 年启 ...

据《东方财富研究中心》1月8日消息，近日，中国科学院合肥物质科学研究院等离子体物理研究所宣 布，有"人造太阳"之称的全超导托卡马克核聚变实验装置（EAST）实验证实托卡马克密度自由区的存 在，找到突破密度极限的方法，为磁约束核聚变装置高密度运行提供了重要的物理依据。 中信建投分析称，当前可控核聚变行业聚焦技术工程化与商业可行性突破，建设大科学装置及实验堆催 生大额订单，高价值量投资机会集中于中上游环节；光大证券则认为，当前，可控核聚变行业已到资本 开支扩张阶段，且高价值量环节多具备高技术壁垒特征；伴随项目招投标进展，产业链上核心公司将深 度受益。 中金公司分析称，全球碳中和共识正激发对稳定、清洁、高能量密度能源的迫切需求，推动可控核聚变 成为能源转型的核心方向。资本投入的规模化与多元化正加速可控核聚变从实验室研究走向商业应用。 截至2024年，全球私营聚变企业数量已增至45家，累计融资额达到71.2亿美元，风险投资成为推动技术 迭代的重要力量。 相关市场领域梳理 1、超导材料与磁体系统领域：直接受益的基础环节。托卡马克装置需要极强的磁场来约束高温等离子 体，而高温超导材料是实现强磁场的关键。全球聚变产业供应链 ...

广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划（2024—2035年）》。其中提到，开 展铜氧化物超导体、铁基超导体等高温超导材料研究，建设集超导材料制备、低温保障系统、特殊超导 材料制造设备于一体的大型超导材料制备与表征研发平台。开展实用化超导材料的规模化制备工艺研 究，拓展低温超导材料应用场景，推动高温超导材料在可控核聚变、电力传输、医疗器械、电子通信、 国防军事等领域应用。 (本文来自第一财经) ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **controlled nuclear fusion industry**, specifically the **magnet segment** which holds a significant value share in the overall investment landscape. The ITER project allocates approximately **30%** of its total investment to magnets, with potential increases to **40%** for high-temperature superconducting (HTS) technologies [1][3]. Core Insights and Arguments - **Investment Potential**: 2025 is anticipated to be a pivotal year for investments in controlled nuclear fusion, with capital expenditures expected to expand rapidly from **2025 to 2028**. This will lead to active bidding across the entire industry chain, benefiting companies with secured orders [1][5]. - **Technological Advancements**: Low-temperature superconducting (LTS) technology is currently mature, while HTS is viewed as the future direction, with companies like **West Superconductor** and **Shanghai Superconductor** leading in their respective fields. HTS is expected to reduce device size and costs significantly [1][3][4]. - **Market Dynamics**: The recent bidding activity has been robust, with a notable **$4 billion** project in November, indicating that market expectations are being met and the industry is progressing steadily [6]. Company-Specific Insights - **West Superconductor**: This company has established a leading position in the LTS sector, maintaining a gross margin above **30%** and benefiting from substantial orders due to the BEST project. Their products have been certified internationally and are crucial for nuclear fusion applications [7][8]. - **Shanghai Superconductor**: Recognized as a global leader in HTS wire production, the company has a production capacity exceeding **1,000 meters** and has secured contracts for significant international fusion projects, achieving a gross margin over **60%**. Plans for further capacity expansion are underway [13][14][15]. Risks and Challenges - The controlled nuclear fusion industry faces uncertainties, including project advancement risks, policy changes, and insufficient funding. Investors are advised to closely monitor these variables as they could significantly impact industry development [2][17]. Additional Noteworthy Content - The transition from first-generation copper oxide to second-generation rare earth metal oxides in HTS materials is noted for its higher critical temperatures and stronger current-carrying capabilities, indicating a promising future for these materials in fusion applications [10][12]. - The competitive landscape includes other companies like **Yongding Co.** and **Lianchuang Optoelectronics**, which are also making strides in HTS and LTS technologies, respectively [16]. This comprehensive overview highlights the significant investment opportunities and technological advancements within the controlled nuclear fusion industry, while also addressing the inherent risks that investors should consider.

作为报告公布者，新质生产力与创新战略研究院执行院长、浙江大学中国科教战略研究院副研究员李飞 指出，中国在基础研究数量上实现引领，但在核心高价值专利布局上仍处于追赶态势。 通过比较全球在新材料领域的政策，报告指出，全球竞争呈现"趋同竞争下的差异化布局"。在半导体、 电池和关键磁体等战略焦点领域，各国政策高度集中，形成主赛道竞争；而在细分方向选择上，则充分 体现本国的产业基因和战略意图，如法国深耕核能材料，英国发力石墨烯等前沿基础研究。 报告还发布十大未来新材料清单，包括碳纤维复合材料、宽禁带半导体材料、固态电解质材料、生物基 可降解高分子材料、柔性电子材料、纳米药物载体材料、高温超导材料、陶瓷基复合材料、高熵合金材 料、光子晶体材料。(完) 中新社杭州12月19日电 (鲍梦妮)《面向未来产业的工程科技2025(新材料)》报告(下称报告)19日在浙江 杭州公布。报告指出，根据2021年至2025年QS世界大学学科排名数据，全球材料科学高等教育呈现出 鲜明的"美中双极主导"格局。 报告显示，美国以91所上榜高校位居全球首位，彰显其完善的教育体系与雄厚的人才基础，中国内地以 66所上榜高校位列第二，显示了在该领域学科 ...

核聚变年底迎来密集招投标释放 20251214 摘要 国家将可控核聚变列为未来产业，能源安全背景下，其燃料氘和氚的丰 富储量及可再生性，使其成为构建自主可控能源体系的关键，有助于降 低对石油和天然气的依赖，保障国家能源安全。 全球可控核聚变投资激增，2021 至 2025 年增长超五倍，总融资额达 97.66 亿美元。美国、欧盟积极推进相关项目，中国成立中国聚变能源 有限公司，加速市场化进程，合肥、上海等地积极布局相关产业。 近期可控核聚变招标活动显著增加，11 月单月招标金额达 39 亿元，远 超前三季度总和。中科院合肥等离子体研究所中标金额巨大，显示出国 家对该领域的投入力度正在加大。 国内可控核聚变发展由综合系（如 CFETR、星火 1 号）、中科院系列 （EAST、BEST）及商业公司（能量基点等）共同推动。BEST 项目投 资增至 150-200 亿元，CFEDR 预计资本开支也将增加至千亿以上。 中国在可控核聚变领域取得技术突破，如 35.1 特斯拉中心稳态磁场世 界纪录，并计划在 2030 年建成 CFETR 示范堆，2040-2045 年实现商 业发电。清华大学新环聚能项目预计 2027 年完 ...

Group 1: Policy and Economic Developments - The State Council approved the "Yangtze River Delta Land Space Planning (2023-2035)", aiming to maintain arable land at no less than 161.48 million acres by 2035, with ecological protection areas and water usage limits specified [2] - The Ministry of Commerce reported that from January to November, the trade-in of consumer goods generated over 2.5 trillion yuan in sales, benefiting over 360 million people [2] Group 2: Aerospace and Technology Advancements - The Zhuque-3 rocket successfully launched on December 3, completing its mission and entering the designated orbit [3] - The 2025 Commercial Space Forum opened in Wuhan, highlighting the strategic importance of aerospace as a key emerging industry, with plans to develop a "China Star Valley" for commercial space innovation [4] - Chinese scientists developed a new nickel-based superconductor, achieving the highest superconducting transition temperature for this material, which could pave the way for room-temperature superconductors [5] Group 3: Company News - Moer Thread's stock is set to be listed on the Sci-Tech Innovation Board on December 5 [6] - Muxi Co., Ltd. has set its initial public offering price at 104.66 yuan per share [7] - Grinda participated in the strategic placement of Muxi's initial public offering with an investment of approximately 80 million yuan [8] - Aerospace Electromechanical's stock price has shown significant deviation from its fundamentals [9] - Xingyu Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange [10] - Wanlong Optoelectronics is planning to acquire control of Zhongkong Information, leading to a stock suspension starting December 4 [11] - Tencent Holdings repurchased 1.04 million shares for 636 million HKD on December 3 [12] - Pulutong is planning an asset acquisition, resulting in a stock suspension starting December 4 [13] - *ST Songfa signed a shipbuilding contract valued between 70 million to 100 million USD [14] - New Media Co. plans to distribute 11 yuan per 10 shares (including tax) before the third quarter of 2025 [15] - *ST Chuntian's main business and operational scope remain unchanged [16]

Investment Rating - The report maintains an "Accumulate" investment rating for the military materials sector [2] Core Insights - The military materials sector is expected to gradually recover, driven by energy demand and advancements in controlled nuclear fusion technology [7][8] - The report highlights significant developments in the controlled nuclear fusion industry, which is anticipated to accelerate the application of materials [23][24] - The performance of military materials companies in Q3 2025 showed mixed results, with some companies experiencing profit declines due to order fluctuations and payment schedules [1][31] Summary by Sections Industry Analysis - The military materials industry is witnessing important events, including breakthroughs in controlled nuclear fusion projects, which are expected to enhance material applications [16][23] - The report discusses the cost of raw materials, noting fluctuations in prices for high-temperature alloys and titanium alloys, impacting overall profitability [25][46] Capital Market Status - The military materials sector's monthly performance showed a decline in some areas, with a notable drop in profits for high-temperature alloy companies [28][46] - Q3 2025 financial results indicate a revenue increase of 9.50% for the military materials sector, but a decline in net profit margins [31][32] Key Investment Logic - The report suggests focusing on companies involved in advanced materials and manufacturing processes, such as composite materials and additive manufacturing [11][12] - The emergence of new markets for high-end materials in civilian applications is seen as a potential growth driver for military materials companies [12]

Core Viewpoint - The article emphasizes that nuclear fusion is entering a critical phase of "engineering verification" and "demonstration reactor introduction," suggesting a focus on the key window for industrialization configuration [1]. Group 1: Global Nuclear Fusion Landscape - Nuclear fusion is recognized for its environmental friendliness, abundant resources, high energy density, and self-limiting reaction mechanisms, making it a key focus in future energy strategies globally [3][4]. - Major economies, including China, the US, Japan, and the UK, are accelerating the development of nuclear fusion through legislative support and funding, establishing a comprehensive support system from top-level design to industrial practice [3][9]. - By mid-2025, the cumulative financing for the global commercial nuclear fusion industry is expected to reach $9.766 billion, marking the highest annual increase in three years [3][12]. Group 2: Technological Advancements and Cost Structure - The core value of nuclear fusion devices, such as the ITER project, is concentrated in four major systems: magnets, blanket, vacuum chamber, and divertor, with the highest cost shares being 28%, 17%, 14%, and 8% respectively [3][39]. - The transition to high-temperature superconductors is crucial for enhancing fusion power density and reducing the overall size of fusion reactors, significantly impacting the commercialization process [19][22]. - The cost of nuclear fusion plants is a decisive factor for their penetration in future power systems, with potential construction costs ranging from $11,300/kW to $2,800/kW influencing their market share [22]. Group 3: International Collaboration and Domestic Development - The ITER project represents a significant international collaboration, with China contributing to key components and systems, highlighting the global effort in nuclear fusion research [25][29]. - The US National Ignition Facility (NIF) serves as a representative platform for inertial confinement fusion research, showcasing advancements in energy release and control [27][31]. - China's nuclear fusion technology roadmap aims to establish a fusion engineering test reactor by 2025 and a commercial demonstration plant by 2050, indicating a structured approach to domestic development [37][41].

Core Viewpoint - The recent breakthroughs in nuclear energy technology in China, specifically in thorium fuel and high-temperature superconductors, are expected to accelerate the industrialization of the nuclear energy sector, benefiting companies like Yongding Co., Ltd. [1][2] Group 1: Nuclear Energy Breakthroughs - China's 2 MW liquid fuel thorium molten salt experimental reactor successfully completed its first thorium-uranium fuel conversion, making it the only molten salt reactor globally to achieve this milestone [1] - A research institute in China has overcome technical bottlenecks in the second-generation high-temperature superconducting metal-based tape for controlled nuclear fusion [1][2] Group 2: Yongding Co., Ltd. Performance - Yongding Co., Ltd. reported a revenue of 3.63 billion yuan for the first three quarters of 2025, a year-on-year increase of 22.13%, and a net profit of 329 million yuan, a significant increase of 474.3% [2] - The substantial growth in net profit was primarily driven by investment income, with 317 million yuan from equity method investments, mainly from real estate disposals, accounting for 96.35% of the net profit [5] Group 3: Business Challenges - In Q3 2025, Yongding Co., Ltd. experienced a net profit decline of 59.35% year-on-year, indicating pressure on core business segments [6] - The company's power engineering segment faced challenges due to contract changes in the Bangladesh national grid project, leading to a decrease in gross margin [8] - The gross margin for the power engineering segment was only 9.55% in the first half of 2025, down 12.39 percentage points year-on-year, significantly impacting overall profitability [8] Group 4: Strategic Focus on Advanced Technologies - Yongding Co., Ltd. is strategically positioning itself in high-temperature superconductors and optical communication, which are seen as future growth areas [9][20] - The company controls a key player in high-temperature superconductors, which are essential for controlled nuclear fusion, with a market potential projected to reach 4.9 billion yuan by 2030, growing at a compound annual growth rate of 59% from 2024 to 2030 [18] - In optical communication, Yongding Co., Ltd. has established a complete industry chain, enhancing its profit margins through vertical integration, with the gross margin for this segment increasing from 13.34% in 2023 to 19.50% in the first half of 2025 [22][23] Group 5: Future Outlook - Despite current challenges, Yongding Co., Ltd. is positioned for potential value re-evaluation as research achievements in superconductors and optical communication begin to materialize [24]