Summary of Controlled Nuclear Fusion Industry Conference Call Industry Overview - The controlled nuclear fusion technology is accelerating globally, with multiple countries actively promoting policies and industrial development. The U.S. Tokamak Energy plans to commercialize power generation by 2028, creating pressure for domestic research and development [1][2][3] - China has made significant progress in controlled nuclear fusion technology, with the Chinese Academy of Sciences' EAST device achieving 100 million degrees Celsius for 1,000 seconds, marking a new phase in combustion testing [1][4] Key Points and Arguments - **Technological Advancements**: AI technology enhances magnetic confinement control, accelerating the design iteration of Tokamak devices. Second-generation high-temperature superconducting materials significantly increase magnetic field strength by approximately 4 to 5 times while reducing construction costs [1][5] - **Global Project Progress**: Several global controlled nuclear fusion projects are advancing, including the U.S. Helion's plans to demonstrate gain effects, and the Spark project expected to achieve Q greater than one by 2025-2026. The ARC project by the Daejeon company is anticipated to start before 2030 [1][6][7] - **Investment and Market Impact**: The controlled nuclear fusion technology breakthroughs have led to rising stock prices for related companies, reflecting high capital market interest. However, the industry remains in its early commercial stage, with uncertainties in technology [3][12] - **Future Development Trends**: The controlled nuclear fusion industry is expected to transition from scientific research to engineering validation, indicating a shift towards practical application and construction phases [8][9][14] Important but Overlooked Content - **Key Projects and Investments**: The ITER project is set to be completed by 2027 with a total investment of approximately $15 billion, and the Spark project is expected to be completed by 2025-2026. The total investment in the controlled nuclear fusion industry is projected to account for about 70% of overall investments [3][11][9] - **Challenges and Risks**: The industry faces challenges such as technological uncertainties and the need for commercial applications. Key time nodes and catalytic factors, such as major technological breakthroughs or policy support, could present both risks and opportunities [13][14] - **Competitive Landscape**: Companies like Shanhai Intelligent and Yanjing Co. are positioned advantageously in the controlled nuclear fusion supply chain, with significant orders and technological collaborations [19] Conclusion The controlled nuclear fusion industry is poised for rapid development, driven by technological advancements and increasing investments. Stakeholders should monitor key projects, technological breakthroughs, and market dynamics to identify potential investment opportunities and risks in this evolving sector [20][21]