[CITIC Securities: Investment Logic in Controlled Nuclear Fusion Industry is Shifting from Thematic Narrative to Industry Trend Investment] A research report from CITIC Securities states that the investment logic in the controlled nuclear fusion industry is shifting from a distant "ultimate energy" theme narrative to industry trend investment driven by engineering implementation. The core driving force stems from the anticipated surge in demand and technological breakthroughs on the supply side. The growing contradiction between the long-term power supply gap caused by the booming development of artificial intelligence and big data industries is becoming increasingly prominent. The application of high-temperature superconductivity and AI technology in the field of nuclear fusion has greatly reduced the construction cost of fusion devices and accelerated the iteration speed of devices, jointly spurring massive capital expenditures for the construction of experimental and demonstration reactors, bringing a certain volume of orders to upstream materials and midstream equipment companies in the industrial chain. Before fusion energy "generates its first kilowatt-hour of electricity," upstream and midstream companies providing core materials, key equipment, and systems for experimental and demonstration reactors will be the first to benefit and continue to benefit, sharing the huge growth dividend of the industry from 0 to 1. It is recommended to invest in core suppliers of fusion devices in various regions, as well as key links with a high value proportion in various fusion devices.
