Core Insights - Recent advancements in controllable nuclear fusion technology indicate a shift from laboratory breakthroughs to engineering applications, providing clear value anchors for the capital market [1][2][11] Group 1: Technological Developments - The first domestic compact fusion energy experimental device (BEST) has successfully installed its core component, and the key systems of the fusion reactor main facility "Kua Fu" have passed acceptance tests [1][2] - China aims to build and operate its first commercial fusion power plant in Shanghai by 2045, with significant milestones expected by 2027 and 2030 for fusion energy demonstration and power generation, respectively [2][10] - High-temperature superconducting technology is becoming a crucial driver for compact and economical fusion reactors, significantly reducing construction costs and time [6][7] Group 2: Policy and Investment Landscape - The introduction of the "Atomic Energy Law" in September 2023 marks a significant policy shift, with the establishment of a 20 billion yuan fusion industry fund and local subsidies up to 50 million yuan [3][10] - The nuclear fusion industry has attracted over $7.1 billion in global investments, with 45 companies involved in fusion-related activities [5][10] - The capital expenditure for fusion technology development is expected to exceed 10 billion yuan annually, with total existing facility investments around 136.2 billion yuan [3][10] Group 3: Market Dynamics and Future Outlook - The nuclear fusion index has seen a year-to-date increase of 63.79%, reflecting strong market interest and institutional investment inflows [11][12] - Major Chinese companies, such as China Nuclear Power and China Nuclear Engineering, are deeply involved in key fusion projects, indicating a robust domestic industry capable of supporting global fusion initiatives [12][13] - The global fusion device market is projected to reach 2.26 trillion yuan by 2030-2035, with China expected to play a leading role in constructing 12 commercial reactors [10][12]