文 | 张冰冰 编辑 | 阿至 36氪获悉，安东聚变（北京）科技有限公司（以下简称「安东聚变」）近期宣布完成近亿元首轮融资，由联想之星、啟赋资本、盘古创富、道翼资 本、水木清华校友基金投资，资金将用于前沿人才梯队组建、聚变驱动器系统研发、实验系统与测试平台建设等方面。 「安东聚变」成立于2022年11月，作为国内首家Z箍缩聚变商业化团队，致力于加快推动Z箍缩能源技术方案，开发可控核聚变驱动技术装备及系 统，为后期设计、建设及商业化发电提供强力支持。 「安东聚变」首席科学家彭先觉是中国工程院院士、核能专家，长期从事核聚变研究，在全球范围内首次提出"Z箍缩聚变裂变混合堆"能源技术方 案。Z箍缩驱动器是其能源方案的核心组成部分，直接关系能源方案的可应用性。 「安东聚变」团队成员来自国家电网、中国核工业集团、清华大学等，当前正在进行聚变驱动器系统装备（长寿命重复频率运行）的研发攻关，目 标是三年左右建成四路演示系统（重复运行寿命百万次级），五年左右具备建60MA级大型驱动器的能力。未来目标是驱动器重复运行寿命千万次 以上，为2035年建设Z箍缩能源示范项目，2040年实现并网发电提供关键支撑。 一、可控核聚变，迈入商 ...

Investment Rating - The report maintains a positive investment outlook for the controllable nuclear fusion industry, particularly focusing on Z-pinch technology and its commercialization potential by 2030 [4]. Core Insights - The controllable nuclear fusion era is accelerating, with significant growth in global investment, rising from $1.9 billion in 2021 to $9.7 billion in 2025, indicating strong investor confidence and technological breakthroughs [1][20]. - Z-pinch technology is gaining traction due to its safety, economic efficiency, and environmental friendliness, positioning it as a viable alternative in the fusion technology landscape [2][3]. - The 2030s are recognized as a critical period for the commercialization of fusion energy, with many companies planning to operate demonstration power plants during this timeframe [26]. Summary by Sections 1. Accelerating Towards Controllable Nuclear Fusion - The controllable nuclear fusion industry is experiencing robust policy support and investment growth, with a projected commercialization period starting in 2030 [1][10]. - The report highlights the establishment of a multi-level policy framework in China to promote fusion energy development, including regulatory, industrial, and capital support [12][15]. 2. Inertial Confinement Technology and Z-Pinch Advancements - Z-pinch technology is emerging as a prominent method in inertial confinement fusion, with significant advancements in safety and economic viability [2][3]. - The report outlines the development stages for Z-pinch technology, including key technical challenges and milestones expected by 2040 [3][51]. 3. Global Investment Trends in Fusion Energy - The fusion industry has seen a surge in investment, with a notable increase in public funding and a diverse range of investors entering the market [21][22]. - The report emphasizes the growing interest from various sectors, including technology venture capital, industrial giants, and sovereign funds, reflecting the industry's broad appeal [21][22]. 4. Investment Recommendations - The report suggests focusing on companies involved in Z-pinch technology components, such as drivers, fusion targets, and subcritical fission blankets, with specific companies highlighted for potential investment [4].