1月26日，由中国科学院、中国工程院主办，中国科学院学部工作局、中国科学报社承办，中国科学院院士和中国工程院院士投票评选的2025年中国十大 科技进展新闻、世界十大科技进展新闻在北京揭晓。 中国科学院副院长、党组副书记吴朝晖，中国工程院党组成员、副院长李仲平出席会议并致辞。中国科学院学部工作局局长王笃金、中国工程院办公厅副 主任于泽华为2025年中国十大科技进展新闻入选团队颁发纪念证书及纪念牌。 北京大学和中国科学技术大学分别有两项成果入选中国十大科技进展，复旦大学则有一项成果入选。两院院士评选的2025年中国十大科技进展新闻分别 是： 1.中国"人造太阳"EAST创造"亿度千秒"世界纪录 1月20日，我国有"人造太阳"之称的全超导托卡马克核聚变实验装置（EAST）在安徽合肥创造新世界纪录，首次完成1亿摄氏度1066秒"高质量燃烧"，标 志着我国聚变能源研究实现从基础科学向工程实践的重大跨越，对人类加快实现聚变发电具有重要意义。EAST形如"巨罐"，集"超高温""超低温""超高真 空""超强磁场""超大电流"等尖端技术于一体，近百万个零部件协同工作，拥有专利近2000项。十余年来，EAST历经15万多次实验， ...

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The controllable nuclear fusion industry is gaining momentum with significant technological advancements, such as the successful operation of the "Honghuang 70" superconducting tokamak achieving 120 seconds of steady-state long-pulse plasma operation, marking a milestone for commercial nuclear fusion development [1] - The global controllable nuclear fusion market is projected to reach approximately $331.5 billion by 2024, indicating a vast market potential [3] - Major economies are strategically prioritizing the future of nuclear fusion, providing support through policies and funding to accelerate the industrialization process [3] Summary by Sections - **Technological Developments**: The "Honghuang 70" device has made significant progress in achieving reliable long-pulse operation, with ongoing improvements in hardware performance and operational capabilities [1] - **Upcoming Events**: The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, China, aimed at promoting collaborative innovation and results transformation within the industry [2] - **Investment Opportunities**: The report highlights several companies to watch, including those involved in low-temperature superconducting magnets, vacuum chambers, and power supply systems, indicating a diverse range of investment opportunities within the nuclear fusion sector [3]

Group 1 - The global fusion energy market is projected to reach approximately $331.5 billion by 2024, indicating significant market potential [1][3] - Major economies are strategically emphasizing the prospects of nuclear fusion, providing support through policies and funding to accelerate industrialization [1][3] - The EAST experiment confirmed the existence of a density-free zone in tokamaks, providing a physical basis for high-density operation in magnetic confinement fusion devices [2] Group 2 - The Energy Singularity's high-temperature superconducting tokamak, Honghuan 70, achieved a significant milestone by successfully maintaining a steady-state long pulse plasma operation for 120 seconds [1] - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, aiming to promote collaborative innovation and results transformation across the industry chain [2] - Investment opportunities in the fusion sector are highlighted, with recommendations to focus on companies involved in low-temperature superconducting magnets, vacuum chambers, and power supply systems [3]

Group 1: Technological Advancements - China's AI large models are rapidly advancing, with breakthroughs in chip self-research, positioning the country as one of the fastest-growing economies in innovation [1] - The "Tianwen-2" mission has commenced its journey to explore celestial bodies, while significant infrastructure projects like the Yaxia hydropower project and the commissioning of the first electromagnetic catapult aircraft carrier are underway [1] - Major scientific achievements are transitioning from "point breakthroughs" to "systematic explosions," showcasing a blend of "hardcore strength" and "people's livelihood" [1] Group 2: Space Exploration - China is expanding its exploration into deep space and deep sea, revealing young volcanic activity on the moon's far side and providing critical data for future lunar missions [2] - The Chinese space station is now operational, serving as a "space laboratory" that produces significant scientific results, including high-temperature experiments and valuable data from space experiments [2][3] Group 3: Fundamental Research - China maintains its position as the global leader in high-quality scientific research output, with significant advancements in fusion energy and agricultural biotechnology [5] - The EAST nuclear fusion experiment achieved a milestone of 1 million degrees Celsius for 1000 seconds, marking a significant leap from basic science to engineering practice [5] - Breakthroughs in seed research have led to the development of high-yield crop varieties, with a cumulative promotion of 14.48 million acres [5] Group 4: Material Science Innovations - The successful creation of five types of two-dimensional metals using a novel "van der Waals compression technology" marks a significant achievement in material science [6] Group 5: National Scientific Instruments - The FAST telescope has discovered over 1,170 pulsars, surpassing the total number found by other international telescopes during the same period [7] - Researchers in Jiangmen have improved the precision of neutrino oscillation parameters by 1.5 to 1.8 times compared to previous experiments [7] - The Guo Shoujing telescope has published over 28 million spectral data, maintaining the world's largest data volume [7] Group 6: Artificial Intelligence Integration - The introduction of the DeepSeek-R1 model has achieved significant results at lower training costs, indicating a shift in AI's role from a standalone tool to an integral part of daily life and production [9] - Upgrades in computing power and advancements in multimodal integration are reshaping human-computer interaction and accelerating the growth of the humanoid robot industry [9]

Core Insights - In 2025, China made significant technological breakthroughs across various fields, contributing to high-quality development and global progress [1][3][4] Group 1: Technological Innovations - The "artificial sun" achieved a world record of 1 million degrees Celsius for 1066 seconds, marking a major step in nuclear fusion research [10] - The first large-area two-dimensional metal material was successfully produced, opening new avenues in material science [4] - The DeepSeek AI model broke traditional paths by optimizing algorithms, allowing for high performance with limited computational resources [8] Group 2: Space Exploration - The Tianwen-2 probe was launched for China's first asteroid exploration mission, enhancing capabilities in deep space exploration [11] - The Chang'e 6 mission returned samples from the moon's far side, providing groundbreaking insights into lunar geology [5] Group 3: Healthcare and AI - The first invasive brain-computer interface clinical trial in China demonstrated the ability to control devices through thought, showcasing advancements in neurotechnology [9] - AI applications in healthcare, such as the "Xiao Yi" system, improved diagnostic capabilities in community health services [13] Group 4: Economic Impact - The integration of AI and other innovations is driving high-quality development across various sectors, including transportation and healthcare [15] - The approval of 69 innovative drugs in 2025 surpassed the previous year's total, indicating a robust growth in the pharmaceutical sector [14] Group 5: Strategic Developments - China's R&D investment intensity is nearing the OECD average, with a leading position in high-level international publications and patents [16] - The establishment of a comprehensive innovation ecosystem is fostering new industries and economic models, positioning China as a leader in technological advancement [12][16]

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].