Founder Securities released a research report saying that controllable nuclear fusion or the ultimate solution for human energy has broad prospects for commercial development in the future. In recent years, controllable nuclear fusion projects at home and abroad have continued to advance, and the commercialization process is expected to accelerate. It is recommended to pay attention to the relevant supporting suppliers of controllable nuclear fusion-tokamak devices. Guoguang Electric (688776.SH)-Tokamak Unit First Wall Plate, Divertor, Cladding System, etc. Western Superconducting (688122.SH)-Controlled Nuclear Fusion Superconducting Wire; Aerospace Chenguang (600501.SH)-Dewar Expansion Joint Complete System for Thermonuclear Fusion; Lianchuang Optoelectronics (600363.SH)-High Temperature Superconducting Magnet Induction Equipment; Yongding Stock (600105.SH)-High Temperature Superconducting tape.

▍ Founder Securities main point of view is as follows:

JT-60SA ignition success, continue to provide the experimental basis for fusion reactor operation

The JT-60SA is a joint international nuclear fusion experiment built and operated by Japan and Europe in Japan. It is located in the Japan Atomic Energy Research and Development Agency (JAEA) in Ibaraki Prefecture. It is specifically developed by the European Fusion Energy Organization (F4E), the European implementing agency of the ITER program, and the Japanese Quantum Science and Technology Research Institute (QST). The JT-60SA aims to support the operation of ITER by following a supplementary research and development programme and to examine how best to optimize the operation of fusion power plants built after ITER.

However, project leaders say it will take another two years for the JT-60SA to run more sustainably for meaningful physics experiments. It is expected that by 2050, Japan hopes to build a demonstration power plant-DEMO, which will be a stepping stone for future commercial operation of JT-60SA and ITER.

Nuclear fusion energy has many advantages, or is the ultimate energy solution for mankind

Compared with other energy sources, nuclear fusion has many advantages, including abundant raw material resources, large energy release, low radiation hazard, and high safety. Seawater contains a large amount of nuclear fusion fuel hydrogen isotope deuterium. According to statistics, every 1 liter of seawater contains 30 mg of deuterium, which produces energy equivalent to 300 liters of gasoline. According to preliminary estimates, if deuterium in 1 cubic kilometer of seawater is used for fusion reaction, the energy released is equivalent to the energy burned by global oil reserves. According to the energy consumed by the world at present, the fusion energy of deuterium in global seawater can be used by human beings for tens of billions of years.

Unlike ITER, JT-60SA does not operate by fusing deuterium and tritium, but first uses hydrogen and then deuterium to explore plasma behavior. This allows the machine to have minimal radioactivity during its service life, thus allowing greater flexibility in the way it can be reconfigured after acquiring experimental knowledge. Since nuclear fusion is a self-limiting process, a fission-type accident or nuclear meltdown based on a chain reaction is unlikely to occur, so safety is high.

China keeps up with the pace of world scientific research and has made many advances in controllable nuclear fusion technology

Fusion reactor is one of the three steps of the "thermal reactor-fast reactor-fusion reactor" strategy for the development of nuclear energy in China, and domestic research focuses on magnetic confinement-tokamak devices. The EAST device is the world's first fully superconducting tokamak device designed and developed by my country. Its successful construction and physical experiments have made China enter the forefront of the world in the field of magnetic confinement fusion research.

In August 2023, China's new generation of artificial sun "China Circulation 3" realized the high confinement mode operation under 1 million ampere plasma current for the first time. The practical application of a number of scientific research technologies has attracted startups and IT big data giants to join the war, and the commercialization of nuclear fusion power generation is likely to be accelerated.

Risk:

controlled nuclear fusion technology development is less than expected, ITER project progress is less than expected, domestic controlled nuclear fusion project progress is less than expected.