Investment Rating - The report does not explicitly state an investment rating for the industry [34] Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 19.0 billion yuan, a decrease of 10.9% week-on-week [8][17] - The North Certificate 50 index fell by 1.42% during the week, with an average turnover rate of 2.3% [8][17] - The top five gainers for the week included Aomisen (349.8%), Changfu Co. (29.9%), Lingge Technology (29.8%), Jiuling Technology (15.1%), and Tonghui Electronics (12.1%) [17][18] - The top five losers were Luqiao Information (-12.6%), Tianhong Lithium Battery (-11.8%), Tonghui Information (-10.6%), Digital Human (-8.6%), and Yuanhang Precision (-8.5%) [17][19] Market Overview - The market experienced a significant decline in trading volume, with only two trading days during the week, leading to a synchronized pullback in major indices [3][27] - New stock listings performed well, indicating a structural divergence in market performance [3][27] - Over 40% of the 278 stocks in the market saw an increase, reflecting a pattern of "few active, many stable" [3][27] Key News and Policies - The Shanghai biopharmaceutical industry is expected to exceed 1 trillion yuan this year, with state-owned funds accelerating their layout across the entire chain ecosystem [21] - The Ministry of Industry and Information Technology and other departments adjusted the technical requirements for tax exemptions on new energy vehicles, raising the range threshold for plug-in hybrids and extended-range electric vehicles to 100 km [20][21] Core Driving Factors Analysis - Macro liquidity remains ample, with the central bank conducting a 110 billion yuan reverse repurchase operation, providing a stable liquidity environment for the capital market [23] - The release of long-term benefits from industrial policies, particularly in the biomedical field, is expected to accelerate industry standardization and promote specialized enterprises with core technologies [24][26] Investment Recommendations and Strategies - Short-term impacts from international trade tensions may enhance risk aversion, putting pressure on risk assets [30] - The expectation of supply chain restructuring is rising, with companies possessing supply chain autonomy likely to attract funding [30] - Traditional safe-haven assets such as U.S. Treasuries and gold may see increased demand in the short term [30] - Focus on companies with high R&D investment, leading market share in niche sectors, and capabilities for import substitution [32]

Core Viewpoint - Changfu Co., Ltd. (920396) experienced a significant increase of 10.22% in stock price, with a trading volume of 5.04 billion yuan and a turnover rate of 26.02% on the day of reporting [2] Trading Activity - The stock was listed on the龙虎榜 due to its high turnover rate, with institutional investors net selling 5.08 million yuan while the total net buying from brokerage seats amounted to 12.25 million yuan [2] - The top five brokerage seats accounted for a total transaction volume of 90.69 million yuan, with a net buying of 7.18 million yuan after a buying amount of 48.93 million yuan and a selling amount of 41.76 million yuan [2] - Over the past six months, the stock has appeared on the龙虎榜 six times, with an average price increase of 2.18% the day after being listed and an average increase of 0.97% over the following five days [2] Specific Brokerage Activity - The top buying and selling brokerage seats included: - Buy One: Dongfang Caifu Securities, Lhasa Tuanjie Road Second Securities Office, buying 8.34 million yuan and selling 5.09 million yuan - Buy Two: Institutional Special Seat, buying 7.38 million yuan and selling 2.92 million yuan - Sell One: Institutional Special Seat, buying 0.43 million yuan and selling 9.96 million yuan [2]

Core Points - Changfu Co., Ltd. (stock code: 920396) was listed on the Longhu list on October 13, 2025, with a closing price of 41 yuan [1] - The stock experienced a turnover rate of 26.02%, with a trading volume of 13.22 million shares and a transaction value of 504 million yuan [1] Trading Details - The top buying seat was from Dongfang Caifu Securities Co., Ltd. Lhasa Tuanjie Road Second Securities Business Department, with a purchase amount of approximately 8.34 million yuan [2] - The top selling seat was an institutional special account, selling approximately 9.96 million yuan [2] - Other notable buying and selling activities included: - Institutional special account buying 7.38 million yuan and selling 2.92 million yuan [2] - Guojin Securities Co., Ltd. Shenzhen Branch buying 6.75 million yuan and selling 1.84 million yuan [2]

Core Points - Changfu Co., Ltd. (stock code: 920396) experienced a slight decline of 0.08% today, with a turnover rate of 33.55% and a trading volume of 656 million yuan, indicating significant trading activity [2] - Institutional investors net sold 1.39 million yuan, while total net selling from brokerage seats reached 53.21 million yuan, reflecting a bearish sentiment among institutional players [2] - The stock was listed on the "Dragon and Tiger List" due to its high turnover rate, with the top five brokerage seats contributing to a total transaction volume of 147 million yuan, where buying amounted to 46.19 million yuan and selling reached 101 million yuan, resulting in a net selling of 54.60 million yuan [2] Trading Data - The top buying and selling brokerage seats included two institutional specialized seats, with a total buying amount of 10.84 million yuan and selling amount of 12.23 million yuan, leading to a net selling of 1.39 million yuan [2] - Over the past six months, the stock has appeared on the "Dragon and Tiger List" five times, with an average price increase of 0.17% the day after being listed and an average decline of 3.89% over the following five days [2] - Detailed trading data for October 10 shows significant activity from various brokerage firms, with the top buying seat being an institutional specialized seat and the top selling seat being Guotai Haitong Securities, which sold 22.56 million yuan [2]

民生证券在研报中指出，近年来中国可控核聚变逐渐开启了商业化道路，民营企业和民间资本陆续进入 聚变能源这条赛道。其中，能量奇点、星能玄光和星环聚能等多家公司分别宣布完成两轮融资。尽管融 资额有限，但不乏红杉资本、昆仑资本等明星机构的身影浮现。 （文章来源：21世纪经济报道） 10月9日，三大股指集体收涨，沪指站上3900点创十年新高。板块上，可控核聚变板块上演涨停潮，常 辅股份、英杰电气、西部超导等19股涨停，其中常辅股份30cm封板。 消息面上，据央视新闻报道，10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST项目建设取得关键 突破。BEST装置主机关键部件——杜瓦底座研制成功并顺利完成交付，为BEST装置后续核心部件的安 装和调试奠定了坚实基础，也是我国聚变研究工程应用研究道路上的重要进展。根据计划，BEST将于 2027年底建成，并在全球范围内首次实现聚变能发电演示。到2030年，有望通过核聚变点亮第一盏灯。 ...

10月9日，三大股指集体收涨，沪指站上3900点创十年新高。板块上，可控核聚变板块上演涨停潮，常 辅股份、英杰电气、西部超导等19股涨停，其中常辅股份30cm封板。 0:00 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 消息面上，据央视新闻报道，10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST项目建设取得关键 突破。BEST装置主机关键部件——杜瓦底座研制成功并顺利完成交付，为BEST装置后续核心部件的安 装和调试奠定了坚实基础，也是我国聚变研究工程应用研究道路上的重要进展。根据计划，BEST将于 2027年底建成，并在全球范围内首次实现聚变能发电演示。到2030年，有望通过核聚变点亮第一盏灯。 民生证券在研报中指出，近年来中国可控核聚变逐渐开启了商业化道路，民营企业和民间资本陆续进入 聚变能源这条赛道。其中，能量奇点、星能玄光和星环聚能等多家公司分别宣布完成两轮融资。尽管融 资额有限，但不乏红杉资本、昆仑资本等明星机构的身影浮现。 ...

Group 1 - Changfu Co., Ltd. (stock code: 920396) experienced a daily limit increase of 29.99% with a turnover rate of 29.25%, resulting in a transaction volume of 521 million yuan [1][2] - Institutional investors net bought 11.55 million yuan, while total net buying from brokerage seats reached 25.93 million yuan [1][2] - The top five brokerage seats accounted for a total transaction volume of 129 million yuan, with a net buying amount of 37.48 million yuan [2] Group 2 - The leading buying brokerage seat was Guotai Junan Securities, which purchased 22.33 million yuan, while the top selling seat was CITIC Securities, which sold 1.23 million yuan [2] - The stock's performance is tracked by the China Securities Digital Economy Theme Index, which has seen a 4.66% change over the past five days [5] - The fund's price-to-earnings ratio stands at 81.54 times, with a recent net inflow of 2.66 million yuan [5]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688097 | 博众精工 | 34.91 | -6.51% | 11.22万 | 3.98亿 | | 301112 | 信邦智能 | 50.48 | -4.70% | 3.56万 | 1.83亿 | | 688686 | 奧普特 | 140.00 | -4.46% | 2.02万 | 2.87亿 | | 300486 | 东杰智能 | 20.74 | -4.42% | - 35.56万 | 7.53亿 | | 000988 | 华 科技 | 88.41 | -4.40% | 97.05万 | 86.76 Z | | 688310 | 迈得医疗 | 19.17 | -4.39% | 4.42万 | 8604.06万 | | 688688 | XD伟创电 | 91.21 | -4.19% | 6.53万 | 6.15亿 | | 688329 | 艾隆科技 | 20.38 | -3.50% | 3.50万 | 7213.63万 | | 300400 | ...

Core Viewpoint - The controlled nuclear fusion concept has seen a significant surge in stock prices, with companies like Changfu Co., Ltd. rising over 25% and others like Hahuan Huaton and Zhongzhou Special Materials hitting a 20% limit up, indicating strong market interest and optimism in the fusion energy sector [1] Industry Developments - On October 1, a key breakthrough was achieved in the construction of the compact fusion energy experimental device BEST in Hefei, Anhui, with the successful development and delivery of the main component, the Dewar base, marking a new phase in the project's main engineering construction [1] - The upcoming International Atomic Energy Fusion Energy Conference (FEC2025) scheduled for October 13-18 in Chengdu is expected to attract around 2,000 participants, highlighting the global interest in fusion energy and the potential for significant announcements regarding national and international advancements [1] Market Outlook - According to Founder Securities, the fusion industry is experiencing a noticeable increase in activity compared to July and August, with the FEC2025 conference likely to announce major developments. The domestic BEST project is anticipated to initiate a second round of intensive bidding in the fourth quarter for high-value products such as the first wall, divertor, and power supply [1] - There is optimism for a second market rally in the fusion sector within the year, driven by the entry of major players and significant progress in overseas fusion devices [1]

Market Overview - The Shanghai Composite Index is at 3854.14 points, slightly above the five-day moving average, with a change of 0.01% [1] - The total trading volume of A-shares is 1,140.591 billion yuan [1] Stocks Performance - A total of 796 A-shares have surpassed the five-day moving average today [1] - Stocks with significant deviation rates include: - HaHuanHuaTong (15.31% deviation) with a price increase of 19.99% and a turnover rate of 11.08% [1] - NaiPuMiner (15.09% deviation) with a price increase of 19.99% and a turnover rate of 11.23% [1] - YiWangYiChuang (12.15% deviation) with a price increase of 18.36% and a turnover rate of 14.41% [1] Additional Notable Stocks - HengErDa shows a 9.05% deviation with a price increase of 12.27% [1] - NingBoJianGong has a deviation of 8.35% with a price increase of 9.96% [1] - Other stocks with notable performance include JiaZeXinNeng (7.69% deviation) and GuangDianDianQi (7.67% deviation) [1]