Core Insights - The nuclear fusion industry is expected to see a collaborative push in policy, technology, and capital by 2025, with significant breakthroughs in plasma duration and commercial tritium production in countries like Germany and the UK [2] - The global investment scale is set to explode, with private capital leading the way, particularly in the US and Europe, while China accelerates its efforts [2] Group 1: Industry Developments - TAE Technologies has simplified its technology to reduce system costs, raising a total of $1.35 billion and planning to advance prototype reactors and power plants [3] - Helion has completed its Trenta device and is currently building the Polaris, with plans to supply power to Microsoft by 2028, having raised over $1 billion [3] - Domestic pioneers like Hanhai Energy have built the HHMAX-901 device, focusing on commercialization in both power generation and non-power sectors [3] Group 2: FRC Technology - FRC (Field-Reversed Configuration) is emerging as a new path in magnetic confinement fusion, offering unique advantages such as high energy efficiency and lower construction costs compared to traditional technologies [2] - The engineering realization of FRC is simpler, with construction costs estimated to be only 1/5 to 1/10 of that of Tokamak systems [2] Group 3: Investment Recommendations - Companies to watch in the nuclear fusion sector include core component suppliers like Guoguang Electric (688776.SH), Xuguang Electronics (600353.SH), and Guoli Co. (688103.SH), as well as power supply firms like Xinfengguang (688663.SH) and Yingjie Electric (300820.SZ) [3]

Core Viewpoint - The article discusses the emerging Field-Reversed Configuration (FRC) technology in the field of controlled nuclear fusion, highlighting its potential as a leading candidate for commercialization due to its simplicity, lower costs, and operational advantages compared to traditional magnetic confinement methods [4][6][7]. Group 1: FRC Technology Overview - Controlled nuclear fusion can be categorized into magnetic confinement and inertial confinement, with magnetic confinement being the dominant approach, including FRC as a promising technology [4]. - FRC is a compact toroidal structure that utilizes the interaction between plasma and magnetic fields to confine plasma, offering advantages such as high beta ratio, ease of transfer, and direct electricity generation [4][6]. - The operational mechanism of FRC involves forming a self-sustaining plasma ring and compressing it for fusion, with ongoing research focused on optimizing magnetic field configurations and plasma transport [6][7]. Group 2: Advantages of FRC - FRC technology does not rely on external heating sources, which simplifies the system and reduces engineering challenges [7][8]. - It effectively maintains plasma stability and extends controlled time, making it easier to engineer and reducing overall system size and costs [8]. Group 3: FRC Technical Routes - There are two main technical routes for achieving fusion with FRC: magnetized target FRC and quasi-steady-state FRC, each with its own challenges and advancements [13]. - The magnetized target FRC involves pulsing compression to achieve fusion conditions, while the quasi-steady-state FRC uses neutral beam injection to maintain stability [13][14]. Group 4: Applications of FRC Technology - TAE Technologies and Helion Energy are leading companies utilizing FRC technology, with TAE focusing on stable plasma generation and Helion aiming to create a commercial fusion power plant by 2028 [18][21]. - LINEA Innovations in Japan is also developing FRC technology, targeting commercial fusion by the early 2030s [22][28]. - The Chinese company Hanhai Fusion is working on linear FRC technology, emphasizing low-cost and rapid iteration for future commercial fusion power [29].