Hong Kong stock concept surged up | Huanliu 4 debuted for the Controlled Nuclear Fusion National Team and added a new army (with concept stocks)

China Fusion Energy Corporation was established in Shanghai on July 22, with a registered capital of 15 billion dollars. At the beginning of September, CNNC organized separate meetings at the “15th Five-Year Plan” Nuclear Power Institute and China's fusion plans in Chengdu.

The Zhitong Finance App learned that at the 25th China International Industry Fair being held in Shanghai, China Fusion made its first public appearance, showcasing its technology route and business layout. The company is aiming for fusion energy commercial goals in 2050 and is jointly developing in Shanghai and Chengdu;

China Fusion has set up its headquarters and R&D base in Shanghai, mainly focusing on fusion engineering related businesses, focusing on the three major businesses: overall design of fusion reactors, R&D and verification of high-temperature superconducting magnet technology, and digital fusion reactor research and development;

An engineering verification platform for research and development of key equipment and materials for fusion reactors was laid out at the fusion R&D base in Chengdu.

At the same time, China Fusion will build a new fusion test device in Shanghai to verify the high-temperature superconducting magnets it has developed in Shanghai. The device will be temporarily named “China Circulation 4 (HL-4)”;

Zhang Libo, general manager of China Fusion Company, recently explained in a public speech that the company uses a compact magnetically constrained fusion route using high-temperature superconducting materials.

In addition to the current “HL-4” national team, three new teams are scheduled to debut at the Pujiang Innovation Forum on September 21:

1) Academician Zhang Jie, director of the Li Zhengdao Research Institute, proposed the construction of a million-kilowatt laser fusion power plant (breakthrough technology before 2030, verification engineering demonstration reactor in 2035, and commercial reactor built in 2045;

2) Dongsheng fusion relies on Fudan University to develop miniaturized fusion power plant technology with a strong magnetic field using “deuterium-helium-3” as fuel;

3) Honghu Fusion is the first in China to develop a high-temperature superconducting simulator as a technical route for future fusion power plants. It plans to build the world's first high-temperature superconducting simulators within four years.

The nuclear fusion industry “has a story, can be implemented, has performance, and accelerated development” There are two logics for the development of the nuclear fusion industry:

1) Installation construction is accelerated, corresponding to the acceleration of tendering and implementation performance, and there is support for the performance of listed companies;

2) The industry's CAPX continues to rise, and the continuous increase in the number of “national teams+private enterprises+university teams” has increased the industry CAPX. Looking at the acceleration of the “national team” project and the addition of new teams, the dual logic of the industry has been implemented one after another. The nuclear fusion industry beta, which “has a story, can be implemented, has performance, and accelerated development”, continues to grow.

Open Source Securities released a research report stating that the technology routes for controlled nuclear fusion are in full bloom, and technical routes such as magnetic restraint, Z constriction, and FRC have all ushered in important changes. The controlled nuclear fusion industry has entered a rapid incubation stage and is expected to gradually move towards commercialization. Technological progress and capital investment are jointly driving the industry into a rapid incubation stage. It is recommended to focus on investment opportunities in upstream equipment, materials, etc. brought about by the acceleration of capital expenditure for fusion projects.

Hong Kong stocks in the controlled nuclear fusion related industrial chain:

Shanghai Electric (02727): The only domestic technology route covering all four generations of nuclear power, leading the development of secondary molten salt heat transfer devices for thorium reactors, breaking through 700℃ high temperature molten salt corrosion protection technology. The equipment complies with ASME nuclear safety standards. Nuclear power orders of 4.7 billion yuan were added in 2025, accounting for 35% of thorium-based equipment, an increase of 210% over the previous year. It participated in the construction of a 2 MWt test reactor in Wuwei, Gansu and a 600,000 kilowatt demonstration reactor in Fujian. According to the Everbright Securities Research Report, in the field of nuclear fusion, Shanghai Electric successfully delivered the world's first magnetic cold state test Dewar for the ITER project, and will also later deliver various core components of host systems, such as the CRAFT project and the compact fusion test device BEST project, which is a major national science and technology infrastructure project.

Tiangong International (00826): Societe Generale Securities believes that in the medium to long term, the company has plenty of room for growth in the fields of titanium alloys, nuclear fusion materials, and humanoid robots. The bank pointed out that materials are one of the main technical bottlenecks limiting the development of fusion reactors. RAFM steel and high-boron steel have good radiation resistance and are one of the main candidate structural materials for fusion reactor shells. Single-seat nuclear fusion reactors require 4,000-7,000 tons of RAFM steel and 400-1,000 tons of high-boron steel, and the market for nuclear fusion materials is broad. Using the advantages of powder metallurgy, the company can greatly increase beneficial alloying elements without macroscopic segregation, and at the same time achieve dispersion distribution of nanoscale reinforced phases. It is expected that the key properties of fusion reactor materials will be greatly improved in the future and help the development of new structural materials for nuclear fusion.