CITIC Securities: Technological Breakthroughs and Capital Empowerment Accelerate the Commercialization of Nuclear Fusion Industry, Focusing on Opportunities for Investment in the Middle and Upper Reaches.

CICC research report states that controlled nuclear fusion, due to its advantages such as sufficient fuel, environmental friendliness, high energy density, and relative safety, is considered to be the ultimate solution for energy revolution. It has also become a new focus of strategic competition in the energy sector among major countries such as China, the United States, and Europe. With breakthroughs in high-temperature superconductors and AI technology, policy dividends and capital support continue to be released, making the construction of large scientific facilities a key focus for countries, and commercial fusion projects are also sought after by the capital market. Currently, the focus of the controlled nuclear fusion industry is on technological engineering and breakthroughs in commercial feasibility, with the construction of large scientific facilities and experimental reactors leading to large orders. High-value investment opportunities are concentrated in the upstream and midstream sectors.