Investment Rating - The report maintains an investment rating of "Outperform" for the power equipment industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes the acceleration of the commercialization process of controllable nuclear fusion, highlighting the diverse technological routes and the increasing industrial catalysis [5]. - It identifies Tokamak and Field-Reversed Configuration (FRC) as reliable paths for achieving nuclear fusion, with Tokamak being the mainstream route and FRC gaining attention for its potential faster commercialization [13][40]. Summary by Sections 1. Controllable Nuclear Fusion - Nuclear fusion is defined as the process where lighter atomic nuclei combine under extreme temperature and pressure to form heavier nuclei, releasing significant energy, similar to the energy generation mechanism of the sun [13][14]. - Compared to nuclear fission, nuclear fusion offers advantages such as high energy density, safety, cleanliness, and abundant raw materials [18][19]. 2. Tokamak: A Mainstream Route - The Tokamak, developed in the 1950s, utilizes a toroidal vacuum chamber and magnetic fields to confine high-temperature plasma necessary for fusion reactions [49]. - The report outlines the complexity of Tokamak components, emphasizing that the magnet system is crucial for maintaining plasma stability and achieving fusion conditions [52][59]. 3. FRC: A Simpler and Cost-Effective Approach - FRC is noted for its simpler structure and lower investment costs compared to Tokamak, with a potentially faster commercialization timeline [5][18]. 4. Global Fusion Projects - As of December 2025, there are 179 controllable nuclear fusion devices globally, with 82 being Tokamak devices, indicating a robust international effort towards fusion energy [40]. - The report highlights various national projects, including China's BEST and CFEDR, which aim to achieve significant milestones in fusion energy by 2027 and 2030, respectively [43][50]. 5. Key Companies in the Industry - The report suggests focusing on companies with capabilities in critical components for nuclear fusion, such as 合锻智能 (Hefei Intelligent), 联创光电 (Lianchuang Optoelectronics), and 国光电气 (Guoguang Electric), among others [5][44].

市场期待在以托卡马克装置为主基础上探索更多元路线。 也因此，在此次对接活动中，除了整机项目外，离子源部件、抗辐照核心材料、加热系统、密封阀门等 产业链配套企业同样获得资本关注。刘佳表示，从核心装置到配套部件，国内核聚变产业链已形成明确 的投资机会。 当前，资本对多元技术路线的投入持续提速。《2025年全球聚变产业报告》数据显示，过去五年，全球 核聚变领域总投资额从2021年的19亿美元增至如今的97亿美元，相关企业数量达53家，较2023年增长 143%。 国内市场同样动作频繁。今年7月，中核集团牵头成立的中国聚变获得昆仑资本、浙能电力等股东共同 增资近115亿元；8月民营公司诺瓦聚变完成5亿元天使轮融资；10月末，Z箍缩聚变商业公司安东聚变 宣布完成联想之星、水木清华校友基金等投资的近亿元首轮融资。 核聚变科技成果转化对接活动近日在京举办，中金公司、顺为资本等多家投资机构，以及星能玄光、瀚 海智能、合肥星核聚变能源等行业17家产业链公司悉数到场。 庞大的产业链规模是资本涌入的重要原因。仅11月中上旬，中国科学院等离子体物理研究所公开的招标 项目累计招标金额就接近14亿元，覆盖内燃料循环平台、氚安全防护平台、 ...

Summary of Fusion Energy Conference Call Industry Overview - The fusion energy industry is experiencing significant growth in 2025, driven by policies, capital, and technological advancements, with a notable emphasis on domestic production characteristics and deep participation across the entire industry chain [1][2][3] - The Field-Reversed Configuration (FRC) technology is gaining attention due to its advantages in miniaturization and modularity, alongside substantial financing [1][3] - The mainstream technology remains the Tokamak device, with related components such as magnets and superconducting materials being key areas of focus [1][3] Key Developments - Internationally, devices like W7-X and ITER have made progress, with multiple countries releasing fusion innovation strategies [1][5] - In China, fusion has been identified as a future industry, with procurement budgets exceeding 100 million yuan [1][5] - Cumulatively, global fusion financing has approached 10 billion USD, with private capital accounting for over 90%, primarily concentrated in the US and Europe, while China is rapidly catching up [1][7] Policy Support - Strong policy support for fusion development is evident, with major countries like the US, Japan, the UK, and Germany releasing comprehensive innovation strategies [8] - In China, the 20th Central Committee has defined fusion as a key future industry, with significant procurement activities underway [8] Technological Insights - FRC devices exhibit high beta values and low energy consumption, with applications in both pulsed (e.g., Helion) and steady-state (e.g., TAE) configurations [1][10] - Hydrogen-boron fusion offers advantages over traditional deuterium-tritium fusion, including no neutron release, which eliminates the need for complex shielding and reduces radioactive waste [11] Company Highlights - Helion and TAE are leading private companies in the FRC space, with Helion planning to commercialize fusion power by 2028 [10][13] - TAE has raised 1.355 billion USD in funding, focusing on hydrogen-boron fuel [16] - Domestic companies like Hanhai Fusion and Nova Fusion are actively participating in the FRC field, with Nova Fusion recently securing 500 million yuan in angel funding [1][18] Emerging Technologies - The Shena Nova-1 device developed by the Sun Xuan team at the University of Science and Technology of China is designed for low-cost, small-scale fusion applications, with plans for a 200 MW fusion power station by 2035 [17] - The FRC system requires a high degree of precision in its pulse power supply, which constitutes over 50% of the system's components [12] Market Dynamics - The investment landscape shows a strong preference for FRC technology, with significant funding directed towards this area, indicating a shift in focus from traditional fusion methods [7][20] - Companies like Xuguang Electronics and Guoguang Electric are also involved in various fusion projects, contributing to the overall ecosystem [19] Conclusion - The fusion energy sector is poised for rapid advancement, supported by robust policy frameworks, significant capital inflows, and innovative technological developments, particularly in the FRC domain, which presents a promising alternative to traditional fusion approaches [1][2][8][20]