技术突破与资本赋能助力核聚变产业化提速-聚焦中上游投资机会-可控核聚变深度报告

Summary of Key Points from the Conference Call on Controlled Nuclear Fusion Industry Overview - The conference focuses on the controlled nuclear fusion industry, highlighting significant advancements in both the US and China, particularly with the Energy Singularity Company achieving a 120-second steady-state long-pulse plasma operation with its Honghuang 170 device, exceeding market expectations [1][2]. Core Insights and Arguments - Rapid Development: The controlled nuclear fusion sector has seen substantial changes since 2025, driven by energy demand, US-China technological competition, advancements in high-temperature superconductors and AI, and a competitive investment landscape [1][4]. - Investment Opportunities: Current investment opportunities are primarily concentrated in the midstream and upstream segments, including high-temperature superconductors, plasma-facing materials, superconducting magnets, vacuum chambers, and auxiliary systems like cooling and heating systems [1][5][18]. - Market Dynamics: The controlled nuclear fusion sector experienced three phases of growth in 2025: driven by technological breakthroughs, downstream engineering installations, and significant tenders following the completion of the BEPCII device [6]. Important Developments and Catalysts - 2026 Catalysts: Key factors expected to catalyze the controlled nuclear fusion sector in 2026 include national funding support, major device tenders, and project launches such as Best Craft and Jiangxi Xinghuo No. 1 [3][7]. - Global Progress: The announcement of a potential merger between Trump Media Group and TAE to build the world's largest commercial fusion power plant by 2026 signifies rapid advancements in the US commercial fusion sector [2][19]. Challenges and Considerations - Technical Challenges: The industry faces significant challenges, including the need for extremely high temperatures and collision probabilities, as well as the efficient confinement and utilization of high-temperature plasma [12][16]. - Investment Focus: Investors are advised to focus on upstream raw material suppliers and midstream equipment manufacturers, particularly those producing superconducting materials and key components for fusion devices [20]. Additional Insights - Government Support: Governments worldwide are prioritizing controlled nuclear fusion as a strategic energy solution due to its potential to address energy shortages with clean, high-density energy sources [8][9]. - Research Resurgence: Renewed interest in controlled nuclear fusion research is attributed to breakthroughs in high-temperature superconductors and AI technologies, which enhance the feasibility and efficiency of fusion experiments [16][17]. Conclusion - The controlled nuclear fusion industry is poised for significant growth, driven by technological advancements, government support, and increasing investment opportunities, particularly in the midstream and upstream segments. Investors should remain vigilant for emerging trends and key players in this rapidly evolving sector [1][20].