China's nuclear fusion sector has received positive developments, with related nuclear power and nuclear energy concept stocks rising against the market trend!
On October 1st, a giant steel structure located on Science Island in Hefei, Anhui Province reached a critical construction milestone - the successful development and installation of the dewar base, a core component of the Compact Fusion Energy Experimental Device (BEST) project. This marks BEST project's main construction entering a new phase of accelerated component development and engineering installation.
On May 1st, 2025, the assembly work for the BEST project officially commenced. The assembly work represents one of the most important phases in the BEST project construction process, requiring precise installation of fusion reactor components including superconducting magnet systems, magnet feeder systems, dewars, cold screens, blankets, and divertors into the main reactor pit.
According to reports, in the BEST project's main hall, six hydraulic jacks working with laser tracking instruments achieved millimeter-level precision positioning of the 400-ton dewar base. The research team revealed that the significance of this installation process lies in its use of aerospace-grade attitude control systems, where every 0.1-millimeter adjustment requires simultaneous verification of force data from 12 support points. This not only sets a new record in the field of ultra-large component installation but also lays the foundation for the stable operation of the subsequent 6,700-ton main reactor.
Fusion energy is known as the "artificial sun." According to previous reports, over the past five years, the global fusion industry has experienced explosive growth, with total investment amounts now approaching $10 billion.
Controlled nuclear fusion technology routes mainly include magnetic confinement fusion and inertial confinement fusion. Among these, magnetic confinement fusion is widely considered by the industry as the nuclear fusion power generation technology route most likely to achieve experimental success first, with its main focus being tokamak devices. The BEST device in Hefei, Anhui is one such project.
A review reveals that China's nuclear fusion industrialization process this year has demonstrated "dual-wheel drive" progress with major scientific breakthroughs and core engineering advancement.
Among them, China's three major nuclear fusion devices have all achieved milestone results - In January 2025, the fully superconducting tokamak device "Experimental Advanced Superconducting Tokamak" (EAST) achieved high-confinement mode plasma operation for 1,066 seconds at 100 million degrees Celsius, setting a new record for steady-state operation duration. This marks China reaching a globally leading level in plasma long-term confinement technology, providing crucial validation for fusion reactor steady-state operation.
In March 2025, China National Nuclear Corporation's new-generation tokamak device "China Circulation Tokamak-3" achieved "double hundred million degree" operation with atomic nucleus temperature reaching 117 million°C and electron temperature reaching 160 million°C, with comprehensive parameters reaching internationally advanced levels, officially entering the fusion burning experimental phase.
In October this year, the BEST project successfully achieved dewar base positioning and is accelerating toward the goal of completing construction and demonstrating fusion power generation for the first time by 2027.
Additionally, China's private enterprises have also made breakthroughs in nuclear fusion exploration.
In April 2025, ENN's "Xuanlong-50U" spherical tokamak hydrogen-boron fusion device experiment achieved high-temperature, high-density million-ampere (megampere) plasma current. This represents the first international achievement of million-ampere hydrogen-boron plasma discharge, marking ENN's "Xuanlong-50U" device joining the international advanced spherical tokamak ranks and taking an important step toward hydrogen-boron fusion commercialization.
It's noted that with continued capital influx and technological engineering progress, the industry's timeline for nuclear fusion commercialization is becoming increasingly clear. Li Jiangang, academician of the Chinese Academy of Engineering and vice president of the Chinese Physical Society, previously stated at a nuclear fusion event this year: "I believe that by 2030 at the latest, we will definitely light the first 'nuclear fusion lamp' in China."
In fact, the "lighting" target timeline for the aforementioned BEST project is also 2030. This means the fusion industry has now entered a critical decade.
Currently, China has accumulated 15 main controlled nuclear fusion devices, distributed across provinces and cities including Anhui, Sichuan, Jiangxi, Shanghai, Hebei, Hubei, and Shaanxi. Behind China's accelerating nuclear fusion industry development, a structure driven by "national strategic capital + local industrial capital + private innovation capital" is forming.
Taking the BEST project as an example, Fusion Energy (Anhui) Co., Ltd., one of the project's leading construction entities, was established in May 2023 with initial registered capital of 5 billion yuan, increased to 14.5 billion yuan in June 2024. Shareholders include Anhui Province and Hefei City state-owned platforms, central enterprises, Chinese Academy of Sciences, and social capital. The central enterprise is China National Petroleum Corporation's Kunlun Capital, while social capital includes NIO's capital arm.
Currently, China's fusion supply chain system has been initially established, with two major fusion energy research institutions represented by China National Nuclear Corporation and Chinese Academy of Sciences respectively leading the establishment of industrial alliances.
According to research by Minsheng Securities, the Controlled Nuclear Fusion Innovation Consortium led by China National Nuclear Corporation includes 33 central enterprises, research institutes, universities, and private enterprises. Its goal is to grasp key aspects of future industries, explore fusion energy innovation system capacity building, and complete fusion industry ecosystem cultivation and full industrial chain system construction. The Fusion Industry Alliance led by Chinese Academy of Sciences' Institute of Plasma Physics unites relevant enterprises, research institutions, and service organizations including Hefei Forging Machine, China First Heavy Industries, Shanghai Electric Group Company Limited, and Western Superconducting Technologies Co.,Ltd., aiming to coordinate and accelerate core technology research in fusion energy.
The supply chain for the aforementioned BEST device consists of 16 A-share listed companies. Among them, Shanghai Electric Group Company Limited supplied the project's TF coil boxes, Western Superconducting Technologies Co.,Ltd. provided bulk superconducting wire materials for the BEST project, Tianjin Benefo Tejing Electric Co.,Ltd. participated in the BEST project's dewar structure research and manufacturing, and Advanced Technology&Materials Co.,Ltd.'s subsidiary developed tungsten-copper composite sheets for the BEST project.
On October 3rd, Hong Kong's three major indices adjusted downward, while nuclear power and nuclear energy concept stocks collectively surged against the trend. By market close, CNNC International rose 21.30%, Shanghai Electric rose 14.19%, China Nuclear Energy Technology rose 13.79%, with Harbin Electric and Dongfang Electric following suit.
Notably, CNNC International has gained nearly 81% since September 16th. According to reports, on September 15th local time, the International Atomic Energy Agency convened its 69th General Conference, raising nuclear power expansion forecasts for the fifth consecutive year. It predicts that global nuclear power operating capacity will more than double by 2050, reaching 2.6 times the 2024 level.
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