洪荒 70 实现百秒级稳态长脉冲等离子体运行，核聚变工程可行性验证提速 证券研究报告 2026 年 01 月 09 日 可控核聚变行业动态点评 事件：能量奇点宣布其在运的全球首台全高温超导托卡马克核聚变实验装置 洪荒 70 实现了 120 秒稳态长脉冲等离子体运行。 高温超导托卡马克装置洪荒 70 近期成功实现 120 秒稳态长脉冲等离子体运 行，技术路线工程可行性验证持续推进。1 月 6 日下午，能量奇点正在运行 的全球首台全高温超导托卡马克核聚变实验装置洪荒 70 取得重要进展，在 第 5319 次实验中成功实现了 120 秒稳态长脉冲等离子体运行。此为全球首 次由一家商业公司研发建造的核聚变装置成功实现百秒量级的等离子体电 流长脉冲运行，对洪荒 70 可靠长脉冲运行及高温超导托卡马克的工程可靠 性及运行稳定性形成有力印证。自 24M6 首次运行并获得第一等离子体以来， 洪荒 70 装置持续在低温系统、第一壁、磁体电源等环节取得有力进展，硬 件性能及运行能力持续提升。后续公司将在洪荒 70 试验中启动基于 AI 的等 离子体实时控制系统。 行业动态跟踪 | 机械设备 EAST 迎来重要突破，核聚变大会近期 ...

西部证券（002673）发布研报称，全球主要经济体均战略重视核聚变前景并围绕政策、资金等方面进行 支持，呵护产业化进程提速。据The Business Research Company统计，2024年全球可控核聚变市场规模 约3315亿美元，市场空间广阔。BEST等代表性装置处于规划/在建状态，招标接续推出，核聚变产业接 续发展，板块投资机会值得重视。 西部证券主要观点如下： 事件 能量奇点宣布其在运的全球首台全高温超导托卡马克核聚变实验装置洪荒70实现了120秒稳态长脉冲等 离子体运行。 高温超导托卡马克装置洪荒70近期成功实现120秒稳态长脉冲等离子体运行，技术路线工程可行性验证 持续推进 1月6日下午，能量奇点正在运行的全球首台全高温超导托卡马克核聚变实验装置洪荒70取得重要进展， 在第5319次实验中成功实现了120秒稳态长脉冲等离子体运行。此为全球首次由一家商业公司研发建造 的核聚变装置成功实现百秒量级的等离子体电流长脉冲运行，对洪荒70可靠长脉冲运行及高温超导托卡 马克的工程可靠性及运行稳定性形成有力印证。自24M6首次运行并获得第一等离子体以来，洪荒70装 置持续在低温系统、第一壁、磁体电源等环 ...

人工智能大模型你追我赶，芯片自主研发有了新突破，我国成为创新力上升最快的经济体之一。天问二号开启"追星"之旅，雅下水电工程开工建 设，首艘电磁弹射型航母正式入列。人形机器人亮出"功夫模式"，无人机演绎绚丽"烟花"……回眸2025，科技与产业深度融合，创新成果竞相涌 现。 走进2026，从微观到宏观、从基础到应用，重大成果正由"点状突破"迈向"系统爆发"，"硬核实力"与"民生温度"共同勾勒出中国科技新答卷的鲜 明底色。 深空深海齐发力 向深远空间与海洋不断挺进，中国探索的足迹拓展至前所未及之境。 首次揭示月球背面约28亿年前仍存在年轻的岩浆活动；获取人类首份月背古磁场信息；系统阐释了月壤的独特黏聚行为……2025年，嫦娥六号带 回的1935.3克月壤样品持续产出成果，为未来月球探测任务提供重要科学依据。 中国空间站步入常态化运营，不仅作为航天员的"太空家园"，更化身为产出重大科学成果的"太空实验室"：舱内"太空炼丹炉"突破3100℃超高温 纪录，为材料科学研究开辟新平台；四只"太空鼠"完成两周太空实验，为深空生命保障技术积累宝贵数据。 深海探测同样捷报频传。"奋斗者"号载人潜水器完成我国首次北极密集冰区载人深潜 ...

岁末回望，星河璀璨。2025年，中国科技以"极限"为尺，丈量认知疆域。 我们不仅是凝视星空的梦想家，更是重构物质、对话幽灵粒子、破译生命密码的创造者。这 一年，中国智慧以一系列原创性、颠覆性的重大突破，在宇宙、物质、生命与信息的秩序 中，刻下了鲜明的中国印记。不仅为中国高质量发展注入澎湃动能，也为全人类的文明进步 贡献不可磨灭的东方力量。 星辰大海，逐梦前行。 ——编者 回望2025年，"人造太阳"的束流瞬间点亮，承载起人类探索"终极能源"的梦想；光电融合通信芯片问 世，为6G奠定了硬件基础；航天员安全往返天地间、国家太空实验室运行良好，飞天逐梦步履不停； 大桥飞架、高铁奔驰，远程手术隔空"操刀"、"云端教室"赋能山村课堂，民生保障更加有力；人工智 能、生物医药、机器人等一批标志性科技产品惊艳世界，24个全球创新集群入围全球百强，中国的创新 实力、综合竞争力得到越来越多的认可…… 放眼神州大地，以创新为主要引领和支撑的经济体系和发展模式正在形成，以科技创新为核心的全面创 新正在加快推进。这一年，在科技强国的征程上，我们又交出了一份令人满意的答卷。 原始创新标志性成果涌现，拓展认知边界 人们常用"薄如蝉翼"来形 ...

Core Viewpoint - The article discusses the ongoing AI bubble concerns and the impact of various negative news on the AI technology sector, while emphasizing that the fundamental logic and trends of the global AI industry remain unchanged in the long term [2][5]. Group 1: Investment Opportunities in Key Technology Directions - Commercial Space: The "strong nation in space" goal in the 14th Five-Year Plan, along with policies, demand, and technology, creates a robust investment opportunity in commercial space [2][3]. - Demand for low-orbit satellite resources is urgent, with China's GW and Qianfan constellations planning over 10,000 satellites, of which less than 1% are currently in orbit [3]. - The successful launch of the Zhuque-3 and the upcoming Long March 12 rocket are expected to significantly reduce launch costs, which is crucial for satellite networking [3]. Group 2: Specific Technology Areas - Autonomous Driving: The recent approval of L3 autonomous vehicle licenses marks a critical transition from testing to commercialization, with a projected market size of 270 billion for Robotaxi by 2030 [5]. - Nuclear Fusion: While still in the experimental phase, nuclear fusion is recognized as a future key industry, with significant investment opportunities tied to technological breakthroughs [6]. - Artificial Intelligence: The focus has shifted from speculative investments to practical applications, with the 14th Five-Year Plan promoting AI integration across various industries [6][7]. Group 3: Market Dynamics and Trends - The commercial space sector has shown resilience despite recent launch delays, indicating strong market recognition and investment potential [9][11]. - The core logic of commercial space revolves around the urgent need for satellite networking and decreasing costs, with various companies positioned to benefit from this trend [11]. - The article highlights the importance of selecting the right sectors and companies for sustained investment, particularly in the context of the 14th Five-Year Plan's long-term technological focus [15].

Core Viewpoint - The article discusses the launch of the BEST research plan by the Chinese Academy of Sciences, aimed at developing controlled nuclear fusion technology, often referred to as the "artificial sun," which promises to provide nearly limitless clean energy and could potentially enable interstellar travel in the future [4][12]. Group 1: Advantages of Controlled Nuclear Fusion - Abundant Fuel: The primary fuels for controlled nuclear fusion, deuterium and tritium, are plentiful on Earth. One liter of seawater can yield deuterium that releases energy equivalent to burning 300 liters of gasoline during complete fusion [4]. - Clean and Environmentally Friendly: The byproducts of controlled nuclear fusion are helium and neutrons, which do not emit harmful gases and have minimal radioactive pollution, making it an environmentally friendly energy source [4]. - High Safety: The plasma of deuterium and tritium is contained within a vacuum chamber by magnetic fields, significantly reducing the risk of explosions or leakage incidents due to low density and low fuel content [5]. Group 2: Development of Fusion Energy in China - China has designed and constructed several controlled nuclear fusion devices, including EAST, BEST, and CRAFT, which are considered key national assets in the field of nuclear fusion [9]. - The BEST project is set to be completed by the end of 2027 and aims to demonstrate fusion energy generation, potentially leading to the first operational nuclear fusion power source [12]. - The advancements in fusion technology reflect China's strong capabilities in independent innovation within high-tech fields, showcasing the progress from conceptualization to realization of the "artificial sun" [14].

Investment Rating - The report assigns an "Outperform" rating for the general equipment industry, marking its first rating change [2]. Core Insights - The nuclear power sector is at a turning point, with a sustained high level of activity expected due to continuous approvals exceeding expectations. The number of approved nuclear power units from 2021 to 2025 is projected to be 5, 10, 10, 11, and 10 respectively, totaling 46 units during the "14th Five-Year Plan" period [6][18]. - The investment in nuclear power construction is expected to reach a historical high, with 146.9 billion yuan completed in 2024, an increase of 52 billion yuan from the previous year, reflecting a growth rate of 54.79% [6][25]. - The domestic nuclear power industry is shifting towards self-sufficiency, with significant progress in the localization of key equipment, particularly in the midstream sector, where core equipment is increasingly being replaced by domestic alternatives [6][44]. Summary by Sections Section 1: Nuclear Power Growth Potential - The nuclear power sector is entering a rapid development phase, with the government emphasizing the need for safe and orderly growth. The target for operational nuclear capacity is set to reach 70 million kW by 2025 [11][14]. - The long-term outlook suggests that by 2060, nuclear power capacity could reach 400 million kW, necessitating an average annual addition of approximately 9.4 million kW over the next 36 years [14][15]. Section 2: Sustained Nuclear Power Demand - The demand for nuclear power is expected to remain robust, driven by the need for stable and clean energy sources amid increasing reliance on renewable energy [11][12]. - The "Hualong One" technology has matured, and the domestic nuclear equipment manufacturing process is accelerating, with a significant portion of the supply chain now localized [32][44]. Section 3: Key Companies in the Sector - Jiangsu Shentong is highlighted as a key player focusing on nuclear valves, with a strong outlook for growth supported by recent capital increases [6][7]. - Other notable companies include Zhongke Technology, which specializes in nuclear fuel transportation containers, and Jingye Intelligent, which focuses on nuclear industrial robots, both benefiting from the domestic demand for nuclear fuel processing [6][7][8]. Section 4: Investment Recommendations - The report recommends focusing on companies with established delivery capabilities in the nuclear sector, such as Jiangsu Shentong, Zhongke Technology, and Jingye Intelligent, as they are well-positioned to capitalize on the growing domestic market [6][7][8].

Core Viewpoint - China National Petroleum Corporation (CNPC) and its subsidiaries are increasing their investment in Kunlun Capital to support controlled nuclear fusion projects, indicating a strategic shift towards emerging industries and energy transformation opportunities [1] Group 1: Investment and Financials - Kunlun Capital's three major shareholders will invest a total of 3.275 billion yuan (approximately 0.47 billion USD) in the company, with CNPC contributing 1.6705 billion yuan, China Petroleum contributing 949.5 million yuan, and China Oil Capital contributing 655 million yuan [1] - The investment aims to enhance Kunlun Capital's competitive advantage and potential profitability in the energy and chemical sectors [1] Group 2: Technological Developments - Controlled nuclear fusion is recognized as a long-term energy solution, offering abundant energy, zero emissions, and high safety, with 1 gram of deuterium-tritium fusion releasing energy equivalent to 11.2 tons of standard coal [2] - China has achieved international leadership in controlled nuclear fusion, with significant advancements in the "Chinese Circulation No. 3" device, which has set multiple operational records since its completion in December 2020 [2][5] Group 3: Market Outlook and Trends - The global nuclear fusion market is expected to reach 2.26 trillion yuan (approximately 0.33 trillion USD) by 2030-2035, driven by ongoing research and development efforts [7] - Investment in controlled nuclear fusion is increasing, with the U.S. private market alone raising over 12 billion USD since 2024, accounting for 62% of global funding [3][4] Group 4: Industry Structure - The nuclear fusion industry in China is characterized by a dual structure, with state-led initiatives and rapidly emerging commercial companies complementing each other [4][6] - Major state-owned enterprises like China National Nuclear Corporation and the Chinese Academy of Sciences are leading the charge, while private companies are innovating with smaller, modular fusion reactors [6][7]

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, indicating a strong belief in the investment opportunities across the entire industry chain [3][4]. Core Insights - The controllable nuclear fusion technology is transitioning from laboratory research to engineering verification, with significant advancements in China and international collaboration through the ITER project [3][5]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $479.5 billion by 2029, with a substantial construction phase expected between 2025 and 2035 [3][4]. - The report emphasizes the importance of high-barrier and high-value segments within the industry chain, recommending specific companies for investment [4][5]. Summary by Sections 1. Controllable Nuclear Fusion: Progress Towards the "Eternal" 50 Years - The D-T reaction is identified as the mainstream approach for nuclear fusion, offering high energy density and sustainability compared to traditional nuclear fission [14][21]. - The magnetic confinement route is confirmed as the dominant technical pathway, with significant research and development efforts in China [26][27]. 2. Global Fusion Landscape: ITER and International Cooperation - The ITER project is highlighted as the largest international scientific collaboration aimed at developing a self-sustaining nuclear fusion reactor, with China playing a crucial role [48][51]. - Various countries are increasing their investments in fusion energy, with significant funding allocated to projects like ITER and national initiatives [61][63]. 3. China's Rise in Fusion Technology - China is advancing rapidly in nuclear fusion technology, with multiple research institutions and private companies contributing to the development of various fusion routes [3][5]. - The BEST project in China has commenced ahead of schedule, indicating a robust pace in fusion technology development [3][5]. 4. Market Potential and Investment Opportunities - The report forecasts a market space of approximately $203.5 billion for controllable nuclear fusion from 2025 to 2035, with a focus on high-value segments such as superconducting materials and core components [3][4]. - Recommended companies for investment include Lianchuang Optoelectronics, Guoguang Electric, and others involved in the high-barrier segments of the industry [4][5].