Open-source Securities: Increase efforts in nuclear fusion technology research, optimistic about the long-term development prospects of the sector.

Open Source Securities released a research report stating that the research and development of controllable nuclear fusion devices is steadily progressing. Projects such as BEST, Spark-1, Premonition Fusion Energy, and Circulation-4 are expected to start one after another, and orders for core components are expected to continue to be released. TMTG's acquisition of TAE aims to create the world's first commercial fusion public company, which is expected to boost the sentiment of the FRC sector. Helion has previously announced that it will achieve power generation validation by 2025. If the feasibility of the FRC technology route is verified, related domestic start-up company projects are expected to accelerate. The 15th Five-Year Plan suggests forward-looking layout in the field of nuclear fusion energy; the bank is optimistic about the long-term development prospects of the sector and suggests focusing on core components such as magnets, mainframe, and power supply. The main points of Open Source Securities are as follows: Sector review: all sub-links rise, more stocks rise than fall This week (20251222-20251226), in the controllable nuclear fusion sector, more stocks rose than fell. Specifically, this week Jiangsu Etern (+28.1%), Sufa Technology Industry (+23.7%), Wuxi Paike New Materials Technology (+16.7%) led the gains; CHENGUANG MEDICAL (-4.5%), Xi'an Actionpower Electric (-4.5%), Kunshan GLVAC Electronic Technology (-3.2%) led the declines. In December, Jiangsu Etern and Fujian Snowman Group accumulated gains of over 50%, Wuxi Paike New Materials Technology accumulated gains of over 40%, and Sun Create Electronics, Sufa Technology Industry, Macmic Science & Technology, and Aerosun Corporation accumulated gains of over 20%. In terms of sub-links, all sub-links within the controllable nuclear fusion sector rose this week, with magnets (+11.1%) leading the gains. Domestic developments: NDRC issued a document to accelerate the construction of a modern infrastructure system, and BEST orders continue to be released On December 25, the Infrastructure Development Department of the National Development and Reform Commission issued an article "Accelerating the Construction of a Modern Infrastructure System," proposing to increase R&D efforts in long-term energy storage, green hydrogen and ammonia production, and nuclear fusion technologies. Plasma Institute and Fusion New Energy have recently released/updated multiple procurements, and core components such as tritium factories and low-temperature systems that were previously tendered have gradually opened bids and announced the winning situation. The Materials Research Institute of the China Academy of Engineering Physics (formerly known as "Institute of Nine") won all 4 projects of the tritium breeding system of the Plasma Institute with a total amount of approximately 11.4 billion yuan. The Hefei Institute of Physical Science is expected to win the low-temperature system's key components (with a budget of 7.28 billion yuan); the Hefei Institute of Physical Science and other alliances won BEST device TF magnet project with 8.885 billion yuan; Western Superconducting Technologies and Shanghai Superconductor won orders in the tens of millions. Overseas developments: US and Germany collaborate to develop a 15Hz laser driver to support the commercialization of laser fusion On December 18, Lawrence Livermore National Laboratory (LLNL) in the United States and the Fraunhofer Institute for Laser Technology in Germany officially launched an international cooperation project aimed at developing high-energy laser systems that can support the round-the-clock operation of fusion power stations. In December 2022, LLNL's National Ignition Facility (NIF) achieved the fusion output energy greater than the laser input energy for the first time, with an energy gain of 1.5 times, verifying the scientific feasibility of inertial confinemen...