Huachuang Securities: Looking ahead to the layout of the fusion field, the progress of the industry in the "Fifteenth Five-Year Plan" period may accelerate.

Hua Chuang Securities research report stated that the prospective layout in the field of nuclear fusion may accelerate industrial progress during the "15th Five-Year Plan" period. 1. We believe that nuclear fusion may be the ultimate energy solution, and it is clearly defined as one of the future industries in the "15th Five-Year Plan". 2. Global competition in the fusion field is intensifying, and we expect 2026 to 2028 to be a period of expansion in industry capital expenditure. Based on our incomplete statistics, it is expected that the investment in China's major nuclear fusion projects will reach 147.7 billion yuan. 3. Grasp the core investment clues: Clue one: The value proportion of magnets, vacuum chambers, and power systems is relatively high. We recommend Western Superconductor and suggest paying attention to companies such as Yongding shares and Jingda shares. Clue two: Key enterprises participating in domestic nuclear fusion projects: We continue to recommend Welding Intelligent and Lianchuang Optoelectronics, and focus on Guan Light Electric. Clue three: Actively lay out participants in the core structural components of the reactor. We continue to strongly recommend Jiuli Special Material and Wanye Technology, recommend Sichuang Electronics, and pay attention to Antai Technology, and so on.