Core Insights - Controlled nuclear fusion is a strong thematic direction with ongoing catalysts in the short term, representing the ultimate form of human energy and significant for AI, industrial production, and deep space exploration [1] - The global nuclear fusion projects are accelerating, with China leading through state initiatives focusing on Tokamak, while the U.S. is driven by private enterprises with diversified fusion routes [1][2] Group 1: Fusion Technology Development - The fusion technology landscape is diverse, with 168 operational, under construction, and planned fusion devices globally, nearly 50% of which are Tokamak [2] - Tokamak devices are favored for their "steady-state, high energy gain" characteristics, while linear devices like Helion are noted for their compactness and high power density, suitable for distributed or special scenario power sources [2] Group 2: Tokamak Route - The Tokamak route is a key focus for industrialization, with commercial viability approaching; international projects like ITER have completed major components, and domestic projects like BEST are advancing ahead of schedule [3] - The cost structure of Tokamak devices shows that magnets represent the highest cost, with high-temperature superconducting magnets being more expensive than low-temperature ones [3] Group 3: Helion and FRC Route - Helion is expected to be the first to achieve commercialization, having signed the world's first fusion power purchase agreement with Microsoft, promising to start power generation by 2028 [4] - Helion's power system costs account for about 50% of the total device cost, with the pulse capacitor being a significant component [4][5] - The development of fast control switches using IGBT technology is crucial for Helion's power system, promising high reliability and longevity [5]