CITIC Securities research report pointed out that under the background of carbon neutrality, nuclear energy will become a key pole of the future energy structure. Controlled fusion is the ultimate solution to the energy problem of mankind, and its commercialisation process has been accelerated with the breakthroughs in related technologies and the influx of capital. Looking ahead, we believe that more fusion experimental devices will achieve net energy gain globally, and with the synergistic efforts of basic research and top-level design, China will also maintain a leading position in the field of controlled nuclear fusion in the long term. From the application point of view, we are optimistic about the fusion - fission hybrid reactor programme, as well as AI and high-temperature superconductivity will continue to develop in the short term or significantly accelerate the fusion technology landing. In the field of nuclear power, in China's nuclear power approval tempo into the normalisation of the accelerated period of background, it is expected that in 2024 the total investment scale of the domestic nuclear power industry will be close to 400 billion yuan, the cumulative power generation of nuclear power is expected to reach 5.5%. Technical end, China's four generations of high-temperature gas-cooled reactor nuclear power technology has made a major breakthrough, the back end of the spent fuel treatment link will also continue to improve, nuclear energy in hydrogen production and industrial and other new areas of the application of accelerated landing, nuclear power is expected to usher in a high rate of growth overseas.
