能源 / 聚变 · A 股ENERGY · FUSION · A-shares
核聚变 / SMR 小堆。A 股卡位：电网/变压器、铀、储能材料、超导磁体。Fusion / SMR. A-share chokepoints: Grid / transformers, Uranium, Storage materials, Superconducting magnets.
成品 / 应用End Product / App· 25 子节点sub-nodes能源 / 聚变ENERGY · FUSIONENERGY · FUSION能源 / 聚变算力越猛、电越卡 — 大家盯着聚变堆和 SMR 整机,真正稀缺的价值藏在电网/变压器、铀燃料、储能材料、超导磁体这些盲区里The more compute we need, the tighter the power constraint — while everyone watches fusion reactors and SMR units, the real scarcity lies in blind spots: grid / transformers, uranium fuel, energy storage materials, and superconducting magnets
中国核电China National Nuclear PowerA-1.19%¥9.13 · ¥187.8B中广核电力CGN PowerA¥4.37 · ¥220.7B东方电气Dongfang ElectricA+1.78%¥30.84 · ¥106.7B国电南瑞NARI TechnologyA+0.73%¥23.41 · ¥188.0B特变电工TBEAA+3.26%¥23.78 · ¥120.2B宁德时代CATLA+0.04%¥395.01 · ¥1.83T阳光电源Sungrow PowerA-1.14%¥147.07 · ¥304.9B西部超导Western SuperconductingA+3.40%¥56.26 · ¥36.5B
算力越猛、电越卡 — 大家盯着聚变堆和 SMR 整机,真正稀缺的价值藏在电网/变压器、铀燃料、储能材料、超导磁体这些盲区里The more compute we need, the tighter the power constraint — while everyone watches fusion reactors and SMR units, the real scarcity lies in blind spots: grid / transformers, uranium fuel, energy storage materials, and superconducting magnets
子系统Subsystem· 8 子节点sub-nodes聚变路线 (Fusion)Fusion PathwaysFusion Pathways聚变路线 (Fusion)无限清洁能源的圣杯 — 主流玩家几乎全是私企,二级市场只能买卖铲子(磁体/激光/真空)The holy grail of unlimited clean energy — nearly all leading players are private; public markets can only invest in the picks-and-shovels (magnets / lasers / vacuum)
无限清洁能源的圣杯 — 主流玩家几乎全是私企,二级市场只能买卖铲子(磁体/激光/真空)The holy grail of unlimited clean energy — nearly all leading players are private; public markets can only invest in the picks-and-shovels (magnets / lasers / vacuum)
部件Component· 3 子节点sub-nodes磁约束聚变 (托卡马克 / 仿星器)Magnetic Confinement Fusion (Tokamak / Stellarator)Magnetic Confinement Fusion (Tokamak / Stellarator)磁约束聚变 (托卡马克 / 仿星器)用强磁场约束等离子体,高温超导磁体是命门Plasma confined by strong magnetic fields; high-temperature superconducting magnets are the critical bottleneck
用强磁场约束等离子体,高温超导磁体是命门Plasma confined by strong magnetic fields; high-temperature superconducting magnets are the critical bottleneck
材料Material· 1 子节点sub-nodes高温超导磁体 / 特种导体(盲区) ●High-Temperature Superconducting Magnets / Specialty Conductors (blind spot) ●High-Temperature Superconducting Magnets / Specialty Conductors (blind spot) ●高温超导磁体 / 特种导体(盲区) ●ReBCO/YBCO 高温超导带材是磁约束聚变的物理瓶颈 — 没有它强场托卡马克根本建不起来ReBCO/YBCO HTS tape is the physical bottleneck of magnetic confinement fusion — high-field tokamaks cannot be built without it
ReBCO/YBCO 高温超导带材是磁约束聚变的物理瓶颈 — 没有它强场托卡马克根本建不起来ReBCO/YBCO HTS tape is the physical bottleneck of magnetic confinement fusion — high-field tokamaks cannot be built without it
低温超导(NbTi/Nb3Sn)与 HTS 带材原料(钇/钆/银)Raw materials for low-temperature superconductors (NbTi/Nb3Sn) and HTS tape (yttrium / gadolinium / silver)
聚变燃料(氘从海水、氚靠锂增殖)与回收 — 锂资源是隐性卡点Fusion fuel sourcing (deuterium from seawater, tritium bred from lithium) and recovery — lithium supply is the hidden bottleneck
部件Component· 1 子节点sub-nodes惯性约束聚变 (ICF / 激光点火)Inertial Confinement Fusion (ICF / Laser Ignition)Inertial Confinement Fusion (ICF / Laser Ignition)惯性约束聚变 (ICF / 激光点火)NIF 路线,巨型激光阵列瞬间压缩靶丸 — 光学/激光器是横向受益NIF approach using massive laser arrays to instantaneously compress fuel pellets — optics and laser manufacturers are indirect beneficiaries
NIF 路线,巨型激光阵列瞬间压缩靶丸 — 光学/激光器是横向受益NIF approach using massive laser arrays to instantaneously compress fuel pellets — optics and laser manufacturers are indirect beneficiaries
ICF 与诊断系统全靠大功率激光和精密光学,聚变热度直接传导到光学龙头ICF and diagnostic systems depend entirely on high-power lasers and precision optics; fusion momentum flows directly to optics leaders
脉冲式、场反位形等差异化路线,多为高估值私企Differentiated approaches including pulsed and field-reversed configuration designs; most are high-valuation private companies
面向等离子体的极端材料(钨/铍)与高真空系统 — 工程地狱级难点Extreme plasma-facing materials (tungsten / beryllium) and high-vacuum systems — an engineering grand challenge
子系统Subsystem· 3 子节点sub-nodes裂变 SMR / 微堆 (近期可落地)Fission SMR / Microreactors (Near-Term Grid-Ready)Fission SMR / Microreactors (Near-Term Grid-Ready)裂变 SMR / 微堆 (近期可落地)2030 前真正能并网供电的是 SMR/微堆,公开股最多、最可买SMRs and microreactors are the only nuclear designs realistically capable of grid connection before 2030; most publicly investable options in nuclear
2030 前真正能并网供电的是 SMR/微堆,公开股最多、最可买SMRs and microreactors are the only nuclear designs realistically capable of grid connection before 2030; most publicly investable options in nuclear
反应堆主设备制造与锻件 — 核级供应链门槛极高Manufacturing of primary reactor components and forgings — nuclear-grade supply chain has extremely high barriers to entry
设计、工程、总承包 — SMR 落地的施工瓶颈Design, engineering, and general contracting — the construction bottleneck for SMR deployment
无论裂变聚变,最后都要烧水推汽轮机发电 — 散热与动力岛是被忽略的横向受益Whether fission or fusion, electricity is ultimately generated by steam turbines — thermal management and the power block are overlooked cross-sector beneficiaries
子系统Subsystem· 3 子节点sub-nodes铀燃料 / 浓缩(盲区) ●Uranium Fuel / Enrichment (blind spot) ●Uranium Fuel / Enrichment (blind spot) ●铀燃料 / 浓缩(盲区) ●所有裂变路线的咽喉 — SMR 多用 HALEU(高丰度低浓铀),目前西方产能几乎为零,卡点中的卡点The chokepoint for all fission pathways — SMRs largely require HALEU (high-assay low-enriched uranium), and Western production capacity is nearly zero: the ultimate bottleneck
所有裂变路线的咽喉 — SMR 多用 HALEU(高丰度低浓铀),目前西方产能几乎为零,卡点中的卡点The chokepoint for all fission pathways — SMRs largely require HALEU (high-assay low-enriched uranium), and Western production capacity is nearly zero: the ultimate bottleneck
上游采矿,商品属性强,价格随现货铀波动Upstream mining; strong commodity characteristics, price tracks spot uranium
把铀变成可用燃料 — 离心浓缩是技术与地缘双重壁垒Converting uranium into usable fuel — centrifuge enrichment is a dual technology and geopolitical barrier
微堆/高温气冷堆用的 TRISO 包覆颗粒燃料制造Manufacturing of TRISO coated-particle fuel for microreactors and high-temperature gas-cooled reactors
子系统Subsystem· 3 子节点sub-nodes电网 / 变压器 / 接入(盲区) ●Grid / Transformers / Grid Interconnection (blind spot) ●Grid / Transformers / Grid Interconnection (blind spot) ●电网 / 变压器 / 接入(盲区) ●再多的发电也得接进电网才能卖电 — AI 算力 + 新能源双爆发,变压器/输配电设备是确定性最高的瓶颈All generated power must connect to the grid to be sold — the dual surge of AI computing and renewable energy makes transformers and T&D equipment the highest-conviction bottleneck
再多的发电也得接进电网才能卖电 — AI 算力 + 新能源双爆发,变压器/输配电设备是确定性最高的瓶颈All generated power must connect to the grid to be sold — the dual surge of AI computing and renewable energy makes transformers and T&D equipment the highest-conviction bottleneck
部件Component· 1 子节点sub-nodes变压器 / 开关设备Transformers / SwitchgearTransformers / Switchgear变压器 / 开关设备电压变换与配电核心 — 北美交期已排到数年后,实打实的短缺Core voltage transformation and power distribution — North American lead times now stretch years out, a genuine shortage
电压变换与配电核心 — 北美交期已排到数年后,实打实的短缺Core voltage transformation and power distribution — North American lead times now stretch years out, a genuine shortage
变压器铁芯与绕组原料 — 取向硅钢全球产能极度集中Raw materials for transformer cores and windings — global grain-oriented silicon steel capacity is extremely concentrated
长距离输电与海缆 — 数据中心/新能源接入的物理通道Long-distance transmission and subsea cables — the physical conduit for data center and renewable energy grid connections
子系统Subsystem· 3 子节点sub-nodes储能材料(盲区) ●Energy Storage Materials (blind spot) ●Energy Storage Materials (blind spot) ●储能材料(盲区) ●聚变/SMR 是基荷,但电网调峰、消纳波动靠储能 — 锂/钒/电池材料是新能源系统的隐形地基Fusion and SMR provide baseload power, but grid peaking and variability smoothing require storage — lithium / vanadium / battery materials are the invisible foundation of the new energy system
聚变/SMR 是基荷,但电网调峰、消纳波动靠储能 — 锂/钒/电池材料是新能源系统的隐形地基Fusion and SMR provide baseload power, but grid peaking and variability smoothing require storage — lithium / vanadium / battery materials are the invisible foundation of the new energy system
部件Component· 1 子节点sub-nodes锂离子电池 / 材料Lithium-Ion Batteries / MaterialsLithium-Ion Batteries / Materials锂离子电池 / 材料当前主流储能,正负极材料与电芯The dominant storage technology today; cathode/anode materials and cell manufacturing
当前主流储能,正负极材料与电芯The dominant storage technology today; cathode/anode materials and cell manufacturing
电池关键金属与负极原料,商品属性强Critical battery metals and anode feedstock; strong commodity characteristics
电网级 4 小时以上储能新路线 — 钒液流脱离锂依赖Emerging grid-scale storage pathways for 4+ hour discharge — vanadium flow batteries eliminate lithium dependency
数据来源：沪深快照 2026-06-15（导入自原站）。akshare 实时刷新待接入。仅供研究 · 非投资建议。Source: Shanghai/Shenzhen snapshot 2026-06-15 (imported from origin). Live akshare refresh pending. Research only · not investment advice.