Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The development of nuclear fusion devices is progressing steadily, with continuous order releases, indicating a positive long-term outlook for the sector [8][36] - The report highlights the potential for significant advancements in laser fusion technology, aiming for commercial operation by 2045 with a target cost of electricity below 0.2 yuan per kilowatt-hour [20][21] Summary by Sections Sector Review - In the week of September 22-26, 2025, the controllable nuclear fusion sector saw most sub-segments rise, with notable individual stock performances including HaHuan HuTong (+24.2%), YongDing Co. (+23.9%), and Shanghai Electric (+16.3%) [5][15] - The sub-segments that performed well included vacuum chambers and metal forgings (+10.7%), magnets (+9.1%), and power assemblies (+5.8%) [17][18] Industry Dynamics - China's laser fusion aims for ignition by 2028 and commercial operation by 2045, with a target cost of electricity below 0.2 yuan per kilowatt-hour [20] - The U.S. company CFS has secured a power sales agreement for its ARC power station, which is expected to be operational by 2030 with a capacity of 400 MW [23] - The China Fusion Energy Company has publicly launched its operations, focusing on the development of the HL-4 device in Shanghai, targeting commercial fusion energy by 2050 [25][28] Company Developments - Shanghai Electric has officially shipped the TF coil box for the CRAFT project, which will serve as a comprehensive research platform for superconducting magnet systems and other critical components [7][33] Weekly Insights - The report emphasizes the steady progress in the development and construction of fusion devices, with a focus on core components such as magnets, main engines, and power supplies [36] - Beneficiary companies include those involved in superconducting materials, vacuum chambers, and power assembly components, which are expected to continue receiving orders due to their technological expertise [36]