可控核聚变系列 - 电源专题：多技术路线共同发展，电源 价值量在膨胀 20250903 摘要 托克马克装置是主流核聚变路线，需求集中在磁体电源和辅助加热系统， 价值量占比高，技术格局清晰。FRC 和类钴说路线核心在于快控开关和 脉冲电容，技术壁垒高，需求快速增长，需处理大电流、高压环境。 托克马克装置关键点包括稳态功率（辅助加热、电网、低温及水冷系 统）与脉冲功率（辅助加热、磁力及无功补偿与滤波系统）。磁力电源 为超导磁体供电，激发、约束并调整等离子体，实现稳定聚变，需求特 点是大电流、小纹波、快速响应。 无功补偿系统在核聚变装置中至关重要，用于平滑无功功率，避免因无 功波动对系统产生冲击，确保装置运行的稳定性和可靠性，并保护设备 和电网安全。 辅助加热电源用于实现从 3,000 度到 1 亿度以上的高温条件，核心需求 包括大容量、高电压、快速响应、保护时间短以及释放能量小。主流辅 助加热系统分为中性束加热和射频加热（电子回旋、离子回旋、低杂 波）。 Q&A 可控核聚变电源的核心要求是什么？ 可控核聚变电源是磁体、加热系统和辅助系统供电的核心装置，其要求包括高 容量、耐高压、大电流和低纹波等。以托克马克装置为 ...

Summary of Key Points from the Conference Call Industry Overview - The controlled nuclear fusion industry is experiencing rapid development globally, with increased capital and policy support from various countries, particularly China and the United States [1][3][7] - Significant advancements have been made in Tokamak, stellarator, and Field-Reversed Configuration (FRC) technologies, with superconducting materials and AI playing a crucial role in accelerating fusion development [1][4] Core Insights and Arguments - China has made notable progress in controlled nuclear fusion, with the EAST device and the Chinese Circulator No. 3 achieving record-breaking results [1][5] - As of July 2024, global investment in controlled nuclear fusion has increased by 57.2% year-on-year, reaching $7.1 billion, with private companies like Helion Energy receiving significant funding [1][7] - The core challenges in controlled nuclear fusion include achieving sufficient temperature, density, and time accumulation, necessitating the use of magnetic confinement to avoid wall corrosion [1][6] Technological Developments - AI is significantly enhancing nuclear fusion research through simulation, data analysis, and optimization of reactor parameters, potentially accelerating development timelines from 2045-2050 to 2030-2035 [4][10] - The FRC technology is gaining traction, with companies like Tae Technologies and Nova Fusion adopting this route due to its simplicity and cost-effectiveness [9] Important Developments in China - In 2025, the Chinese Academy of Sciences and other institutions have made breakthroughs, such as the EAST device achieving 100 million degrees Celsius for 1,066 seconds [5][12] - The Chinese government is expediting project tenders, with significant investments in core equipment and materials [5][13] Challenges Facing the Industry - The primary challenge remains the ability to maintain high temperatures and pressures for extended periods, which requires advanced materials that can withstand extreme conditions [6] - Turbulence phenomena in magnetic confinement systems pose additional risks to maintaining stable plasma conditions [6] Policy Support and Investment Landscape - Major countries, including China, the U.S., Germany, and Japan, are committing substantial investments to advance controlled nuclear fusion, with a clear timeline for development [7][14] - Helion Energy's recent funding round of $425 million highlights the growing interest and investment in private fusion companies [7] Future Outlook - The overall investment outlook for both nuclear fission and fusion is strong, with significant growth expected in the coming years, particularly in the third and fourth generation reactors [22][23] - The fusion sector is anticipated to have higher valuation and performance elasticity due to technological breakthroughs and application prospects [23] Additional Noteworthy Points - The ITER project, while slower in development compared to private initiatives, remains a critical international collaboration in fusion technology [14] - The nuclear fusion supply chain is complex, with superconducting materials accounting for over 40% of total project costs, highlighting the importance of companies like Western Superconducting and Jingda Co. [16] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future prospects of the controlled nuclear fusion industry.