Core Insights - The article discusses the development of SPARC, a soft robot designed for precise movement in three-dimensional environments, overcoming challenges faced by traditional soft robots [2][6]. Group 1: SPARC Development and Design - SPARC is a soft, proprioceptive, agile robot capable of climbing and exploring in 3D environments, utilizing a unique origami structure for movement on both horizontal and vertical surfaces [2][3]. - The robot integrates three parallel Kresling origami actuators and suction cup structures, allowing for three-dimensional driving and adhesion on various surfaces [5][9]. - SPARC can carry a payload of 500 grams, which is more than twice its own weight of 210 grams, demonstrating significant load-bearing capabilities [5][17]. Group 2: Technical Innovations - The Kresling origami actuators provide a 60% contraction rate and a driving force of 3 kilograms under -80 kPa vacuum conditions, with a lifespan exceeding 20,000 cycles [7][8]. - The robot employs a dual closed-loop control system for precise posture management and global positioning adjustments, enhancing trajectory tracking accuracy [5][14]. - SPARC's tracking control algorithm has shown low tracking errors of approximately 0.5% on horizontal surfaces and under 3% on vertical paths, indicating robust performance [17]. Group 3: Motion Strategies and Testing - The research team conducted systematic tests to evaluate SPARC's performance in various conditions, including carrying a 500-gram load and navigating complex paths [16][19]. - A modular configuration of SPARC was explored, allowing for enhanced bending angles and step lengths, facilitating smoother transitions from ground to vertical surfaces [19][20]. - The robot's climbing strategy was optimized for vertical environments, reducing collision risks and improving safety during operation [20].

Core Insights - Commonwealth Fusion Systems (CFS) has raised $863 million in a Series B2 fundraising round, moving closer to commercializing fusion power [1][2] - This fundraising round is the largest among deep tech and energy companies since CFS' $1.8 billion Series B round in 2021, bringing total capital raised by CFS to nearly $3 billion, which is about one-third of the total capital invested in private fusion companies globally [2][8] - CFS aims to complete its fusion demonstration machine, SPARC, and advance the development of its first ARC power plant in Virginia with the new funds [2][8] Investment and Investor Landscape - The oversubscribed funding round attracted a diverse range of international investors, including venture capitalists, private equity firms, sovereign wealth funds, and industrial companies [3][8] - New investors include notable names such as Brevan Howard Macro Venture Fund, Counterpoint Global (Morgan Stanley), and NVIDIA's venture capital arm, NVentures [4][6] - A consortium of 12 Japanese companies, led by Mitsui & Co. and Mitsubishi Corporation, also participated in the funding round [5] Strategic Partnerships and Future Plans - CFS is advancing plans to build the world's first grid-scale fusion power plant, ARC, in Chesterfield County, Virginia, with the goal of putting power on the grid in the early 2030s [7][8] - The company has established strategic partnerships with Dominion Energy and Google, which has agreed to purchase half the power produced at the plant [9] Industry Impact and Vision - CFS is positioned as a leader in the fusion industry, with its advancements in high-temperature superconducting magnets and rapid execution in constructing SPARC [7][8] - The company is seen as offering a clear path to commercial fusion, which could provide a reliable source of clean energy and improve global energy access [7][10] - Investors express confidence in CFS's potential to reshape the global energy landscape and contribute to energy independence and security [10][11]

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a significant step in the domestic nuclear fusion industry, with a registered capital of 11.469 billion yuan. The company aims to transition nuclear fusion technology from research to engineering applications [1] - The global investment landscape in nuclear fusion is heating up, with the US and China leading in equity financing. As of July 2025, US fusion companies have attracted approximately $6.28 billion, while Chinese companies have secured around $2.79 billion [2] - Various companies are making substantial investments in nuclear fusion technology, including New Hope Group, which has invested about 4 billion yuan since 2017, and several startups collaborating with public channels for funding [2] Summary by Sections Section 1: Company Establishment - China Fusion Energy Co., Ltd. was officially established on July 22 in Shanghai, with significant backing from state-owned enterprises and private capital [1] - The company will focus on overall design, technology validation, and digital R&D, aiming to build a technology research platform and a capital operation platform [1] Section 2: Investment Trends - The report highlights a surge in investments in nuclear fusion, with notable contributions from both state-owned and private enterprises in China [2] - Key players in the US, such as Helion and Commonwealth Fusion Systems, have also secured significant funding, indicating a competitive landscape [2] Section 3: Recommended Companies - The report suggests monitoring several companies involved in the nuclear fusion supply chain, including: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets - Yongding Co., a major supplier of high-temperature superconducting strips - Guoguang Electric, which provides various components for controllable nuclear fusion devices [3]

Investment Rating - The report maintains a "Recommended" rating for the nuclear fusion industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Insights - The commercialization of nuclear fusion is accelerating, highlighted by the record agreement between Commonwealth Fusion Systems (CFS) and Google to supply 200MW of power from the first commercial fusion power plant, ARC, in the early 2030s [1]. - CFS has raised over $2 billion since its inception in 2018 and is currently leading in funding within the nuclear fusion sector, with significant investments from notable entities such as Tiger Global Management, Bill Gates, and Google [2]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate (CAGR) of 8.1% reaching $479.5 billion by 2029 [2]. Summary by Sections Financing Situation - From 2010 to 2024, U.S. nuclear fusion companies have accumulated $5.63 billion in funding, leading globally, followed by China with $2.49 billion and Canada with $321 million [3]. Investment Recommendations - The report suggests continuous monitoring of the nuclear fusion industry, particularly focusing on companies involved in vacuum chambers, high-power electronic tubes, superconducting materials, and capacitors, including Guoguang Electric, Hexagon Intelligent, and Yongding Co., among others [3].