Kaiyuan Securities highlights that the majority of nuclear fusion projects currently in operation and under construction globally are funded primarily by public sources, predominantly utilizing magnetic confinement technology. In contrast, the projects in the planning stages are often dominated by private capital, showcasing a more diversified array of technological approaches. The global fusion sector is witnessing a quiet but intense competition, marked by frequent financing activities among fusion companies and active participation from technology giants such as Google in investing in nuclear fusion ventures. Given the domestic pace of constructing 10GW-level fission reactors annually, if nuclear fusion power stations successfully transition to commercialization, the subsequent mass construction could potentially attract hundreds of billions of yuan in investments each year. This convergence of technological advancements and capital influx is significantly accelerating the industry's incubation process. Therefore, it is advisable to keep a keen eye on the investment opportunities emerging in upstream equipment, materials, and other related sectors, spurred by the increasing capital expenditure in fusion projects.