Shanghai to put commercialization of fusion energy on the agenda; China National Nuclear Corporation, China State Grid Corporation and others hit daily limit at closing

(Source: Caixin)

According to the National Defense Science and Technology Industry Bureau, at the recent Second Nuclear Energy Summit held in Paris, China announced its participation in the “Triple Nuclear Energy Declaration,” initiated by 22 countries at the 28th United Nations Climate Change Conference.

On March 13, the controlled nuclear fusion sector saw repeated activity. By the close of trading, several stocks such as China Nuclear Construction (601611.SH), Jiangsu Shentong (002438.SZ), Lanzhou Heavy Equipment (603169.SH), Shaoguan Hongxing (600307.SH), and China Power Construction (601669.SH) hit the daily limit. Others like China National Nuclear Technology (000777.SZ), Fuhuang Steel Structure (002743.SZ), and Hailu Heavy Industry (002255.SZ) also rose along with the market.

In terms of news, the sector received continuous updates in the afternoon. The National Defense Science and Technology Industry Bureau announced that at the Second Nuclear Energy Summit in Paris, China declared its participation in the “Triple Nuclear Energy Declaration,” initiated by 22 countries at the 28th UN Climate Change Conference. The core goal of the declaration is to triple the global nuclear capacity by 2050 compared to 2020, supporting the achievement of net-zero emissions around mid-century and the global temperature control targets set by the Paris Agreement.

Additionally, according to recent reports, the Minhang District Government of Shanghai issued the “Action Plan for Building an Advanced Energy Equipment Industry Cluster in Shanghai.” The plan emphasizes achieving innovative breakthroughs in fusion energy. Using magnetic confinement tokamak as the technical route, it follows a three-step development process: pilot experimental reactors, demonstration reactors, and commercial reactors. The plan aims to overcome key technologies such as large-scale, high-current-density, and strong magnetic field high-temperature superconducting magnets, accelerating progress toward commercial fusion energy.

Furthermore, the government work report this year explicitly mentions the cultivation and development of future energy. This is the first time “future energy” has appeared in such a report. Future energy refers to a broad category of strategic energy sources aimed at green, low-carbon, and sustainable development, mainly including solar, wind, hydro, and nuclear energy. Wang Qi, a National People’s Congress delegate and chairman of Qiyang Group, stated that controlled nuclear fusion is regarded as “humanity’s ultimate energy,” and global competition in this field has become increasingly intense.

According to incomplete statistics, since 2026, controlled nuclear fusion projects such as Xinghuan Energy, Zhongke Qingneng, Dongsheng Fusion, and Shuyuan Juchuang have successively reported progress in financing. Meanwhile, investment institutions betting on this sector have evolved from a few “all-in” players a few years ago to now seeing state-owned capital, industrial capital, and market-oriented funds entering the market and accelerating their deployment.

Guosheng Securities pointed out that China’s fusion industry is expected to accelerate unexpectedly in 2026, with the total order bidding amount for multiple fusion projects potentially increasing about fivefold. The “14th Five-Year Plan” will be a golden period for China’s fusion industry, with orders and industry development accelerating, leading to a series of disruptive energy paradigm shifts driven by fusion technology.