Recent reports indicate that China has included nuclear fusion as a key focus for its 15th Five-Year Plan and future industrial development. Meanwhile, countries such as the U.S., Japan, and the U.K. are accelerating implementation through specialized legislation and funding, forming a comprehensive support system from policy design to industrial practice.
Taking the ITER project as an example, the core value of nuclear fusion devices lies in four major systems: magnets, blankets, vacuum chambers, and divertors. Among these, the magnet system, internal vessel components, structural elements, and vacuum chambers account for the highest cost shares at 28%, 17%, 14%, and 8%, respectively. In the short term, the advancement of domestic production for core components will drive industry momentum, making it crucial to monitor the key window for industrial deployment.
**Key Insights from CICC:** 1. **Global Momentum for Clean Nuclear Technology** Nuclear fusion offers advantages such as environmental friendliness, abundant resources, high energy density, and self-limiting reaction mechanisms. China’s recent inclusion of fusion in its long-term industrial strategy, alongside legislative and financial support from the U.S., Japan, and the U.K., highlights a global push toward establishing a full-chain support framework.
2. **Diverse Global Fusion Demonstration Projects** According to the *World Fusion Outlook 2024*, tokamak devices account for 50% of global fusion projects, with alternative approaches (stellarators, laser-based systems, etc.) also gaining traction. Europe leads with the ITER-centered international collaboration, while China pursues independent R&D, and North America relies on private-sector initiatives. FIA data shows that global commercial fusion funding reached $9.77 billion by mid-2025, marking the highest annual growth in three years.
3. **Transition from Lab to Industrial Scale** The industry is entering a critical phase of engineering-scale deployment. Cost control and interdisciplinary integration (e.g., AI-driven plasma control) will ultimately determine fusion’s role in the global energy mix.
**Recommended Stocks:** Key players in the nuclear fusion supply chain include: - Sufa Technology Industry Co., Ltd. (000777.SZ) - Lanzhou LS Heavy Equipment Co., Ltd. (603169.SH) - Hangzhou Boomy Intelligent Technology Co., Ltd. (688290.SH) - Western Superconducting Technologies Co., Ltd. (688122.SH) - Sichuan Kexin Mechanical and Electrical Equipment Co., Ltd. (300092.SZ) as a secondary watch.
**Risk Factors:** Delays in fusion project progress or postponed ignition timelines may pose challenges.
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