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A | In recent months, the prices of all basic products in Israel as well as fuel and real estate have gone through the roof, and Israelis have already started voicing their concerns. They've set up tents in the center of Tel Aviv and are planning to take to the streets on Saturday evening to vent anger at the government for failing to address their economic concerns.,A similar phenomenon is also being seen in the West Bank. In early June, Palestinians started demonstrating in several locations across the West Bank, demanding that their government tackle the soaring food prices that have gone up by 30 percent since March.,Not Able to Make Ends Meet,Nizar Nobani, a Palestinian employee of the PA security forces, is just one of many who have been feeling the sting of soaring prices.,The 49-year-old father of six rents an apartment in the West Bank city of Nablus, where he pays about $450 per month, and he says he can barely make ends meet.,"I receive some 4,000 shekels per month [roughly $1,200]. Half of my salary goes to pay for rent and various bills. The other half goes to provide food, education and clothes to my family, and this is definitely not enough," he complained.,Not long ago, the situation had not been that bad for Nobani. Before the price hikes, he admits his economic situation was bearable. He provided for his family and even managed to save some money from his monthly salary.,Now his savings are all gone. Local authorities have tried to explain to the masses that the spiraling prices were triggered by the raging hostilities between Russia and Ukraine, something that influenced the export of grain. But Nobani is certain it is only a small piece of the puzzle.,"I started noticing that the prices were going up a year ago, long before the eruption of the hostilities in Ukraine," he recalled.,"Of course, whatever is happening in the world affects us. But our financial situation has been bad even before. Part of the problem was the coronavirus pandemic. Another one was the lack of any strategic economic plan put forward by the PA. And that has made us vulnerable to new crises," he added.,Government to the Rescue?,The outbreak of COVID-19 in the Palestinian territories in March 2020 has shattered the already fragile Palestinian economy. In 2021, the PA reported that 34 percent of its population was unemployed. Poverty reached 29 percent, an eight point spike from 2016.,Israeli Parliament Rejects Bill Extending Country's Law in West Bank, Reports Say7 June, 07:07 GMT,The PA has been struggling to cope with the crisis, partially because it lacked the necessary funds; and partially due to the fact that no economic assistance has been offered to the population. The result was that people like Nobani felt helpless.,"The only thing I am getting from the government is my salary. As I am considered a government employee I am not allowed to take any odd jobs, but the government doesn't lift our salaries either, so there is a gap between what we are earning and the daily expenses that continue to rise," he lamented.,Nobani is supportive of the protests now taking place across the West Bank. Just like hundreds of thousands of other Palestinians, he wants to live in dignity. But looking at the situation now, he says his hope for a better future are slowly vanishing.,"If it continues like this, I doubt we will see an improvement. And this means that we will continue to become poorer."。过去几年，一级市场围绕核聚变掀起投资热潮。如今，另一条路线正在浮出水面核裂变SMR（Small Modular Reactor，小型模块化反应堆）。标志性一幕是，今日（7月23日），上海钧合原子科技有限公司（简称“钧合原子”）宣布完成数亿元天使轮系列融资：据工商信息显示，此系列融资由红杉中国领投，上海未来产业基金、上海颠覆性技术基金、临港科创、国泰海通等国资与金融力量参与；远景碳中和基金等产业资本加入；中科创星、厚实资本、东方富海、聚合资本、德联资本、金沙江联合、启迪裕麟、达武创投、允泰资本、光跃投资等市场化硬科技机构共同下注。泰合资本担任后续财务顾问。如此天使轮阵容，并不多见。退休老将掌舵上海崛起一家核裂变新秀钧合原子的故事，始于一位核电老兵。田佳树，曾在核工业体系工作近四十年他先后担任核工业第二研究设计院副院长、总工程师，中广核集团副总工程师，原环境保护部核与辐射安全中心主任，中核集团副总工程师，并曾任“玲龙一号”项目开发公司董事长。可以说，他经历了一座核电站从设计、建设到商业运营的完整链条。崭新起点是2025年，已经退休的田佳树选择再次创业在上海组建钧合原子，希望探索一个新方向：当大型核电站之外出现越来越多分散而高强度的用能需求，核能能否从一项大型国家工程，变成更标准化、更灵活的能源产品？很快，他组建起一支豪华团队，多位来自中广核、国家电投、华能、法国电力等体系的资深人士加入。用投资人的话来说，这是一支“懂设计、懂建造、懂审评、懂运营、懂项目开发”的成建制“全明星”团队。于核能产业而言，这种工程经验尤为重要相比互联网等快速迭代行业，核能创业更考验长期积累和产业协同能力。

B | 落在产品方面，钧合原子选择了一条相对务实的路线。所谓SMR，按照国际通行定义，是指单机电功率不超过300MWe、采用模块化设计和建造的反应堆。相比传统大型核电站，SMR可先形成标准化堆型，再根据客户负荷部署一个或多个模块，分期扩容。由此降低建设门槛，并服务数据中心、工业园区等更加分散的能源需求。在全球主要的SMR技术路线中，钧合原子选择押注小型压水堆。原因在于，压水堆是全球应用最广泛的商用核电技术之一，拥有成熟的设计经验、燃料体系、设备供应链和安全规范。于一家创业公司而言，技术路线越接近成熟工程体系，就越有机会把资源集中在集成设计、非能动安全、模块化制造和场景适配上。目前，钧合原子正全力推进核心产品“钧合一号”规划电功率100MWe、热功率305MWt，设计寿命60年，换料周期24个月，采用无主泵自然循环、一体化池式设计以及全非能动安全系统。在钧合原子看来，无泵化可以说是小型压水堆的“灵魂”：如果说模块化决定SMR能不能复制，无泵化就决定它有没有真正摆脱大堆逻辑。

C | 对一家小型压水堆公司而言，无泵化不是一道选配题，而是一道产品分水岭。这正是“钧合一号”最鲜明的特点，也是它的核心优势。投资界AI获悉，“钧合一号”已完成概念设计，公司正在推进堆芯物理、热工水力和主系统优化，并围绕一体化压力容器、稳压器、蒸汽发生器、安全壳等关键设备开展研发。

D | 此外，钧合原子未来还计划布局50MWe高温气冷小堆“钧合二号”和5MWe移动式微堆“钧合三号”，覆盖更多应用场景。 AI的尽头是能源 AI浪潮滚滚而来，核能意外热闹起来。尤其是随着大模型训练和推理需求快速增长，一个问题困扰着整个行业：未来支撑AI发展的电力从哪里来？根据国际能源署发布的《Energy and AI》，全球数据中心用电量预计将从2024年的约415TWh增长至2030年的约945TWh。AI模型可以快速迭代，数据中心可以在两三年内建成，但电网扩容、发电设施建设和装备交付往往需要更长时间。这意味着，未来AI不仅是模型的竞争，也将逐渐演变为能源的竞争。相比传统能源，核能具备稳定、低碳、长周期运行等特点，因此重新进入科技巨头和资本市场的视野。

E | 但不同技术路线正在争夺不同时间窗口。

F | 过去几年，一级市场掀起了一场核聚变投资热潮，涌现出一批知名核聚变创业项目。背后原因在于，核聚变代表着人类对终极能源的探索，也承载着未来能源革命的巨大想象空间。不过现实问题是，核聚变距离商业化仍需要跨越科学验证和工程化挑战。

G | 随着AI产业进入规模化发展阶段，资本开始寻找距离商业化和实际供能更近的路径。硅谷最先感受到这种时间压力。英伟达CEO黄仁勋曾判断，未来数年会出现“一大批小型核反应堆”，以数百兆瓦规模就近服务具体企业，并投资SMR企业泰拉能源（TerraPower）；OpenAI CEO Sam Altman投资并参与SMR公司Oklo的发展，并把先进裂变视为满足AI等关键产业能源需求的重要路径。我们将视线拉回国内，投资人也开始集体下注核裂变SMR。正如钧合原子此轮融资，就颇具风向标意味市场化硬科技VC、上海各级国资以及产业资本共同下注。如此多元且庞大的资本阵容背后，是一种全新的趋势判断：探索终极能源的核聚变之外，SMR正在凭借更明确的商业化路径，成为资本寻找“未来十年能源答案”的重要方向。每一次产业革命背后，都伴随着能源体系的重构。如果说核聚变解决的是人类终极能源需求，那么SMR争夺的是AI时代下一个十年的工程窗口，它们同等重要。于钧合原子而言，真正的考验是能否把核工业数十年的经验压缩进一个更小、更标准化的反应堆，再把第一座示范堆变成可以复制的产品。