According to the report released by Minsheng Securities, based on the announcement from the Nuclear Fusion Industry Alliance on July 10, 2025, Fusion New Energy (Anhui) Co., Ltd. has recently issued procurement projects, of which the procurement and integration of the BEST equipment water cooling system accounts for 72% of the total bid amount. Currently, China has deep technical experience in controllable nuclear fusion water cooling systems. As early as 2017, the Institute of Plasma Physics of the Chinese Academy of Sciences independently developed the superconducting tokamak experimental device EAST, achieving a major breakthrough by realizing a steady-state high-confinement operation mode for over a hundred seconds for the first time globally. This system has a power consumption of over 13MW, with a very high power density. Considering factors such as space and safety, the water cooling system is the best heat dissipation solution.

The main viewpoints of Minsheng Securities are as follows:

Controllable nuclear fusion bids a large order of 320 million yuan

According to the announcement from the Nuclear Fusion Industry Alliance on July 10, 2025, Fusion New Energy (Anhui) Co., Ltd. has recently issued procurement projects. Based on business needs, this procurement involves the FDU switch equipment for the power system of the compact fusion energy experimental device, high current density Nb3Sn superconducting wire, the development of PF magnets for the compact fusion energy experimental device, the development of CC magnets for the compact fusion energy experimental device, the development of magnet feeder lines for the compact fusion energy experimental device, and the procurement and integration of the BEST equipment water cooling system, of which the procurement and integration of the BEST equipment water cooling system accounts for 72% of the total bid amount.

Controllable nuclear fusion has entered a period of intensive infrastructure construction

According to the sorting of advanced energy materials, the total investment scale of the 14 major projects currently under construction in China has reached 136.2 billion yuan. The current projects are mainly in the planning stage, indicating that the next 3-5 years will be a key window period for bidding. The investment entities are diversified, covering research institutions (Hefei Institute of Physical Science, Tsinghua University, China National Nuclear Corporation), state-owned enterprises (New Energy, Lianovation, China Fusion Energy), and private enterprises (New Horizon, Energy Singularity, Star Ring, Hanhai Energy, Nova Fusion, Star Energy Xuanlight).

The water cooling system is a core component of the low-temperature and cooling system in controllable nuclear fusion devices

In the investment proportion of ITER (International Thermonuclear Experimental Reactor), when the reactor is officially operational, the system that maintains stable balance accounts for the highest proportion, reaching 25%, followed by low-temperature devices and cooling water systems, accounting for about 16%.

Currently, China has deep technical experience in controllable nuclear fusion water cooling systems. As early as 2017, the Institute of Plasma Physics of the Chinese Academy of Sciences independently developed the superconducting tokamak experimental device EAST, achieving a major breakthrough by realizing a steady-state high-confinement operation mode for over a hundred seconds for the first time globally. This system has a power consumption of over 13MW, with a very high power density. Considering factors such as space and safety, the water cooling system is the best heat dissipation solution. The water cooling system designed by HighLan for this system has a rated cooling capacity of up to 13.12MW, which is equivalent to twice the cooling capacity of a single valve at a ±1100kV ultra-high voltage direct current converter station, making it the largest cooling system with the highest heat dissipation capacity that HighLan has ever developed.

Investment suggestion

Minsheng Securities believes that controllable nuclear fusion devices need to maintain an extremely low-temperature environment (-269°C liquid helium temperature zone) for both plasma and superconducting magnets during operation, making the temperature control system a core link to ensure the continuity of the reaction and the safety of the equipment Its technical barriers are high, demand is clearly rigid, and it possesses the dual attributes of "scientific research first + commercialization extension." Currently, controllable nuclear fusion temperature control technology is mainly divided into three categories: liquid cooling temperature control, low-temperature refrigeration, and special cooling.

Target Aspects

Relevant industry chain companies mainly include Gaolan Co., Ltd. (300499.SZ): with a deep accumulation of nuclear physics experimental temperature control technology, participated in the construction of the EAST device, and the liquid cooling solution is compatible with the heat exchange system of the fusion reactor; Xue Ren Co., Ltd. (002639.SZ): breakthrough in megawatt-level helium compressor technology, providing a stable low-temperature environment for superconducting magnets, already applied in domestic fusion experimental projects; Lan Shi Heavy Industry (603169.SH): helium-cooled solid-state cladding technology verified in high-temperature gas-cooled reactors, microchannel welded heat exchangers adapted to the needs of the CFETR project.

Risk Warning

Policy support may be less than expected; financing and investment may be less than expected; technical bottlenecks may be difficult to overcome