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Analysis of Securities Research Report: Power Equipment

Date: July 30, 2025
Stronger than Large Cap

This report is part of a series on controlled nuclear fusion. It analyzes the role of power equipment in nuclear fusion technology, focusing on power supply systems as core components for fusion devices. The analysis highlights key players and market trends in this emerging sector.

Key Findings:

1. Critical Role of Power Supplies in Fusion
   Power supplies are essential for controlling plasma position, heating, and system stability in nuclear fusion devices. For instance, Tokamak systems require high-power, high-frequency RF technology in heating systems, while devices like linear fusion and Z-pinch demand specially designed high-voltage power systems. Power supplies account for 30%-50% of a fusion device’s overall cost.

2. Challenges and Requirements

   • Tokamak-based fusion systems (e.g., EAST, HL-2M) require high-precision power supplies with fast response times (e.g., <0.3ms for RMP systems) and stable current output.
   • Heating systems increasingly rely on high-power RF components, such as klystrons and gyrotrons, which face import dependency issues in the past but are seeing domestic breakthroughs (e.g., 1.5MW high-power klystrons).
   • Alternative routes like linear fusion and Z-pinch demand even stricter power performance due to their unique operating mechanisms.

3. Domestic Breakthroughs in Components/Suppliers
   China has made progress in the R&D of high-power electronic components. Companies like Xiugong Electronics (600353.SH) have developed robust diodes capable of supplying 1-10MW for fusion applications. Tech firms direct efforts toward sustained pulse power supplies and supercapacitor integration, offering better energy stability during fusion operations.

4. Market Outlook and Investment
   With global investment in fusion energy rising, the power supply market is projected to reach CNY 5Bn by 2030. Companies like Aikecaibao (688719.SH) are leading in this space due to their experience in fusion projects (EAST, HL-2M). Other players include Yingjie Electric (300820.SZ) and Xingzhi Union.

Recommendations:
Recommend Aikec
ao for investment, with monitoring recommended for companies including Yingjie Electric, Guoguang Electrical, Xugong Electronics, H弘讯科技 (603015.SH), and 王子新材 (002735.SZ).

Key Risks:

• Undiluted Poly
  A瓶颈 in fusion development, policy shifts, lower-than-expect investment in fusion, and trade barriers.