可控核聚变或迎产业化加速推进

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the controlled nuclear fusion industry, particularly focusing on the BEST project and its implications for the market. The industry is entering a new phase with accelerated bidding for key components like power supplies and superconducting materials in the second half of the year [1][2][3]. Core Insights and Arguments - The BEST project has made significant progress, with the successful installation of the Dewar base into the main device, marking a new stage for the project [2][3]. - Other notable projects in the controlled nuclear fusion sector include those by China Nuclear Group and Chengdu and Jiuyuan, which are expected to have more bidding activities next year, impacting the market from 2026 onwards [1][4]. - The controlled nuclear fusion supply chain is centered around structural components such as vacuum chambers, divertors, blanket cold screens, magnets, and Dewars, along with upstream materials like low-temperature superconducting wires and tungsten materials [1][5]. - The module power supply industry is benefiting from the recovery of defense demand and the growth of AI applications, with the military market projected to reach 59 billion RMB by 2028 [1][12][13]. - The demand for AI servers has significantly increased power consumption, leading to a need for high-performance, high-density, and reliable power supply systems, which in turn accelerates the application of modular and integrated power systems [1][14][16]. Additional Important Insights - The magnet system is crucial in controlled nuclear fusion, accounting for approximately 28% of the experimental pile's value, with a shift towards high-temperature superconductors expected to reduce cooling requirements and costs [1][7]. - The power supply system plays a significant role, comprising about 8% of the overall system, with domestic and international companies likely to secure contracts in upcoming bidding processes [1][8]. - The controlled nuclear fusion supply chain includes upstream materials, midstream equipment, and downstream research institutions, with key players identified in each segment [1][9]. - West Superconducting is a key supplier of low-temperature superconducting wires, with a projected market value of 500 million RMB in 2025, despite currently lower market attention [1][10][11]. - The module power supply industry is expected to enter a high-growth cycle, driven by defense and AI applications, with the military module power supply market projected to exceed 10 billion RMB by 2025 and 15 billion RMB by 2028 [1][12][13]. - The global AI market is anticipated to exceed 11 trillion USD by 2030, with related supply equipment markets growing even faster, indicating significant investment opportunities [1][17][18]. Conclusion - The controlled nuclear fusion industry is poised for growth with ongoing projects and increasing demand for related technologies. The module power supply sector is also expected to thrive due to rising defense and AI needs, presenting various investment opportunities in the coming years [1][12][13][17].