HuaJin Securities: The global nuclear fusion field shows a trend of diversified and collaborative advancement, focusing on the potential and opportunities of FRC technology

According to the Zhitong Finance APP, Huajin Securities released a research report stating that in 2025, the global nuclear fusion sector will show a trend of coordinated advancement in policy, technology, and capital, with private capital leading the way. The United States and Europe will be the core regions, while China accelerates its catch-up efforts. There will be significant capital inclination towards magnetic confinement technology, and the potential of emerging paths such as FRC is becoming apparent. The FRC principle is a simple magnetic confinement system without toroidal field coils, where a linear structure forms a self-enclosed magnetic field to confine plasma. The power supply system is the core support, requiring matching with pulsed discharge characteristics, which incurs high costs. Several companies have planned timelines for the implementation of non-power generation fields such as power generation and nuclear medicine, demonstrating diverse application potential. The main viewpoints of Huajin Securities are as follows: Nuclear Fusion Industry: In 2025, the global nuclear fusion sector will show a trend of coordinated advancement in policy, technology, and capital. Overseas, countries like Germany and the UK have made breakthroughs in plasma duration and commercial tritium production technologies, with multiple countries launching investment plans and financing to accelerate commercialization. Domestically, devices like "China's HL-3" continue to achieve technological breakthroughs, with financing exceeding 10 billion yuan, setting records. In terms of policy, overseas efforts have shifted from technological competition to industrial layout, while domestically a model of "national direction, local implementation" has formed, providing full-chain support for technology landing. The global investment scale is exploding, with private capital leading the way, the United States and Europe as core regions, and China accelerating its catch-up efforts, with significant capital inclination towards magnetic confinement technology and the emerging potential of paths like FRC. New Forces in Magnetic Confinement Nuclear Fusion: FRC, as an emerging path in magnetic confinement nuclear fusion, has unique value in principle, advantages, and commercialization. The FRC principle is a simple magnetic confinement system without toroidal field coils, where a linear structure forms a self-enclosed magnetic field to confine plasma. Compared to traditional technologies, its advantages are significant: it eliminates dependence on external heating sources, suppresses macro-instabilities, has high energy efficiency (fusion power output is 100-1000 times that of tokamaks), is easier to engineer, and has construction costs only 1/5 to 1/10 of that of tokamaks. The power supply system is the core support, requiring matching with pulsed discharge characteristics, which incurs high costs. Several companies have planned timelines for the implementation of non-power generation fields such as power generation and nuclear medicine, demonstrating diverse application potential. FRC Industry Ecosystem: Global FRC technology companies are making progress. Among overseas benchmarks, TAE Technologies has simplified technology to reduce system costs, accumulating $1.35 billion in financing and planning to advance prototype reactors and power plants; Helion has built the Trenta device and is constructing Polaris, planning to supply power to Microsoft by 2028, with cumulative financing exceeding $1 billion. Among domestic pioneering companies, Hanhai Juheng has built the HHMAX-901 device, focusing on commercialization in power generation and non-power generation fields; Xingneng Xuanguang's Xeonova-1 device has rapidly landed, planning to build a large power station by 2035; there are also Nova Fusion and related university devices, jointly promoting FRC technology research and application. Regarding targets It is recommended to pay attention to core component suppliers in nuclear fusion such as GGECO (688776.SH), Xuguang Electronics (600353.SH), Guoli Co., Ltd. (688103.SH), as well as new power supply companies like New Wind Power (688663.SH), Yingjie Electric (300820.SZ), Aike Saibo (688719.SH), capacitor companies like Wangzi New Materials (002735.SZ), Jiuxin Technology, and others Risk Warning The implementation of policies may fall short of expectations, risks of technological iteration, and risks of safety incidents