CITIC Securities: Currently in the intensive bidding stage of the fusion industry chain, core components are fully benefiting.

CITIC Securities research report believes that nuclear fusion is currently in the process of accelerating investment, with both China and the United States vigorously developing it, and nuclear fusion will usher in a new round of accelerated development. From an investment logic perspective, magnets and internal components account for 28% and 17% of the reactor cost, respectively, and are core links in capital expenditures. CITIC Securities believes that the current fusion industry chain is in a phase of intense bidding, and core components will benefit fully, recommending companies in the superconducting magnets and internal components segments.