According to media reports, U.S. fusion energy developer Helion Energy recently officially obtained a Conditional Use Permit (CUP) issued by Chelan County, Washington State. This has cleared the way for securing subsequent permits and commencing construction of its "Orion" fusion generator plant in Malaga, Washington State.
The global race for fusion energy is continuously heating up. According to projections by the International Atomic Energy Agency (IAEA), the global fusion energy market size is expected to exceed $40 trillion by 2050. A research report from Changjiang Securities points out that new fusion technology routes are gaining attention, further enhancing the value of power supply. Tokamak devices are the mainstream choice but require massive investment; inertial confinement has continuously achieved technological breakthroughs, yet there is significant energy loss when converting electrical energy into laser energy. Considering cost and feasibility, the market will gradually focus on technical routes with lower costs and higher feasibility. Field-reversed configurations (FRC) represent a new path for small modular reactors, boasting advantages such as low investment costs and short construction cycles, with rapid iterations of device parameters. Hybrid reactors, a new direction that combines the advantages of fission and fusion, avoid the technical difficulties of fusion reactors and are cleaner and more environmentally friendly than fission reactors. For these two technical routes, the importance of power supplies is significantly elevated, and it is recommended to pay attention to investment opportunities in links such as power supplies, capacitors, and switches.
Recently, China successfully launched the Gaofen-14 02 satellite from the Xichang Satellite Launch Center using a Long March 3B carrier rocket. The satellite entered the predetermined orbit smoothly, marking the complete success of the launch mission. This mission was the 603rd flight of the Long March series carrier rockets. In addition, Xinghe Power recently completed the listing counseling and registration with the Beijing Securities Regulatory Bureau and currently plans to list on the Science and Technology Innovation Board or the ChiNext Board. Since the beginning of this year, five leading commercial rocket companies, including Xinghe Power, Tianbing Technology, LandSpace, and CAS Space, have intensively initiated their listing processes.
In recent years, the number of space launches in China has increased rapidly. From 2018 to 2024, the number of carrier rocket launches in China rose from 39 to 68. The aerospace and defense team of Minsheng Securities believes that the development path of the satellite internet industry is continuously clarifying. On the manufacturing side, technological innovation has laid the foundation for large-scale production; on the launch side, the commissioning of commercial space launch sites and the development of reusable rocket technology will significantly reduce launch costs and improve transport capacity.