Core Insights - The global fusion industry has experienced explosive growth over the past five years, with total investment rising from $1.9 billion in 2021 to $9.7 billion, including an increase of $2.6 billion in the last year alone, reflecting mature investor confidence, technological breakthroughs, and rapid supply chain integration [1][2] - The era of controllable nuclear fusion is accelerating, with 2030 seen as a critical period for commercialization, driven by the advantages of abundant raw materials, high efficiency, and safety [2][3] Investment Opportunities - Companies involved in Z-pinch drivers, fusion targets, and deep subcritical fission blankets are recommended for investment, as Z-pinch technology is rapidly developing and its commercialization path is becoming clearer [1][4] - The Z-pinch technology is expected to significantly boost investments in key areas such as drivers, fusion targets, and deep subcritical fission blankets, with a focus on critical technologies like high-yield fusion target design and large current driver design [4][5] Technological Developments - Inertial confinement technology, particularly Z-pinch technology, is gaining recognition for its safety, economic viability, durability, and environmental friendliness, with significant advancements being made [3][4] - The U.S. Lawrence Livermore National Laboratory achieved a historic milestone by producing 3.15 megajoules of fusion energy output, surpassing the fusion ignition threshold, marking a significant step towards the fusion energy era [3] Future Projections - The development of Z-pinch technology is expected to progress through three phases: critical technology breakthroughs (2024-2030), engineering demonstration (2031-2040), and commercial power generation (post-2040), with specific milestones set for each phase [5]

Z箍缩技术落地有望大幅拉动驱动器、聚变靶与爆室、深次临界裂变包层等领域的投 资。Z箍缩主要由驱动器、聚变靶与爆室、深次临界裂变包层等构成，驱动器选择直线变压 器（LTD）技术路线，采用"分而治之"的设计思想，合理降低了器件的功率要求。涉及的关 键技术主要包括高产额聚变靶设计技术、重复频率大电流驱动器设计技术、次临界能源堆设 计技术以及换靶机构和爆室设计技术。彭先觉院士提出3个发展阶段的任务目标，预计2040 年实现Z箍缩技术的商业化发电。1）关键技术攻关阶段（2024—2030年）。针对Z箍缩的3 项关键技术同步开展攻关，主要是聚变点火、长寿命重频驱动器和深度次临界能源包层； 2）工程演示阶段（2031—2040年）。2035年建成1000兆瓦级热功率的池式综合试验堆，采 民生证券近日发布可控核聚变行业深度：2025年7月聚变工业协会（FIA）发布《2025年 全球聚变行业》报告显示，过去5年全球聚变行业呈爆发式增长，总投资额从2021年的19亿 美元飙升至97亿美元，仅去年一年就新增26亿美元。这一增长态势，充分彰显了投资者信心 的成熟、聚变技术的突破以及供应链的快速整合。同时，2030年代被行业普遍视为聚 ...