行业走势图 -14% -7% 0% 7% 14% 22% 29% 2025-03 2025-07 2025-11 2026-03 电力 沪深300 数据来源：聚源 相关研究报告 《算电协同塑造行业新生态，绿电环 境溢价有望提升—行业点评报告》 -2026.3.14 《电改持续深化，电力设备需求有望 延续高景气—电力行业 2026 春季策 略》-2026.3.2 《电改持续深化，电力设备需求有望 延续高景气—电力行业 2026 春季策 略》-2026.2.22 政策护航核电可持续发展，核能出海有望提速 电力 2026 年 03 月 27 日 投资评级：看好（维持） ——行业投资策略 王高展（分析师） 黄懿轩（联系人） wanggaozhan@kysec.cn huangyixuan1@kysec.cn 证书编号：S0790125070014 我国加入三倍核能宣言，核能出海有望实现 1-10 3 月 10 日，我国宣布加入《三倍核能宣言》，助力 2050 年全球核能装机增至 2020 年的至少三倍。1970s 美欧苏日主导第一轮全球核电建设（二代堆），全球核电 装机由 18.1GW 增长至 364.2GW；199 ...

红土创新科技创新股票型证券投资基金(LOF)（简称：红土创新科技创新股票(LOF)A，代码 501201）公布3月20日最新净值，上涨3.41%。 红土创新科技创新股票(LOF)A成立于2020年7月23日，业绩比较基准为中国战略新兴产业成分指数 收益率×50%+中证全债指数收益率×50%。该基金成立以来收益95.73%，今年以来收益29.92%，近一月 收益9.33%，近一年收益90.97%，近三年收益27.54%。近一年，该基金排名同类52/4411。 基金经理为盖俊龙。盖俊龙自2021年8月3日管理（或拟管理）该基金，任职期内收益-11.96%。 最新定期报告显示，该基金前十大重仓股如下： | 股票代码 | 股票名称 | 持仓占比 | 持仓股数（股） | 持仓市值（元） | | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 9.60% | 20200 | 870.38万 | | 300308 | 中际旭创 | 9.56% | 14200 | 866.2万 | | 688498 | 源杰科技 | 8.75% | 12349 | 792.79万 | | 300 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Nuclear fusion is considered one of humanity's ultimate energy solutions, currently in the engineering verification stage, characterized by its infinite resources, high energy density, safety, and cleanliness [1][15] - The D-T (deuterium-tritium) reaction is the most feasible fusion reaction on Earth, with global research primarily focused on magnetic confinement fusion and inertial confinement fusion technologies [2][22] - The global fusion industry is experiencing active financing, with a total of $9.766 billion raised by 2025, and 78% of companies expect to have their first commercial demonstration plant operational between 2030 and 2035 [3][4] Summary by Sections 1. Transition from Laboratory to Engineering in Controlled Nuclear Fusion - Controlled nuclear fusion is viewed as the ultimate energy solution, with characteristics such as infinite resources, high energy density, safety, and cleanliness [1][15] - Achieving fusion ignition requires meeting the Lawson criteria, with energy balance being a crucial indicator for commercial viability [17][20] - The main technical paths for achieving fusion include magnetic confinement and inertial confinement [25] 2. Magnetic Confinement Fusion: Tokamak as the Main Pathway - The Tokamak is recognized as the most promising method for achieving controlled nuclear fusion, with ITER being the largest experimental Tokamak reactor [27][29] - The core components of the Tokamak include superconducting magnet systems, vacuum chambers, and blanket systems, which are critical for maintaining plasma stability and achieving fusion [42][43] 3. Global Acceleration of Nuclear Fusion Commercialization - The fusion industry is seeing a surge in financing, with a total of $9.766 billion raised by 2025, and a fivefold increase in new financing from 2024 to 2025 [3][4] - In China, a dual-driven model involving state-owned enterprises and private companies is emerging, with significant milestones such as the establishment of China Fusion Energy Co., which is pivotal for commercialization [3][4][11] 4. Investment Recommendations - Focus on companies involved in materials and equipment manufacturing that have received validation or orders from large scientific installations in the short term [11] - Long-term attention should be directed towards operational companies in the fusion energy sector [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Shanghai Minhang District has accelerated the commercialization of fusion energy, establishing a comprehensive industrial ecosystem that includes R&D, manufacturing, and services [1] - The industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing power demand from AI computing and the growing importance of controlled nuclear fusion as a "ultimate energy" source [2] - The global nuclear fusion equipment market is projected to reach an average annual scale of 266 billion yuan by 2035 [2] Summary by Sections Industry Development - The Shanghai government has identified fusion energy as one of the four key future energy developments, focusing on a three-step development approach: pilot experimental reactors, demonstration reactors, and commercial reactors [1] - The industry aims to create a complete ecosystem that includes core R&D, supporting manufacturing, and service support, while encouraging the application of fusion technology in fields such as healthcare, new materials, and high-end equipment [1] Market Outlook - The industry is expected to see a surge in orders for upstream materials and midstream core equipment suppliers as it moves into the "engineering feasibility verification" stage [2] - Multiple technical paths are being explored, with magnetic confinement and inertial confinement technologies advancing simultaneously [2] Investment Focus - Investment strategies should focus on high-value segments of the Tokamak device cost structure, with significant cost components including the magnetic system (28%), vacuum chamber components (17%), and power supply (8%) [3] - Key "chain leader" companies in the nuclear fusion sector include China Fusion Energy Company and Jiangxi Fusion New Energy, with major devices such as HL-3, HL-4, and Spark One [3] - Midstream equipment companies to watch include Lianchuang Optoelectronics, Xuguang Electronics, and others [4][5]

Group 1 - The mechanical equipment sector is expected to outperform the market, driven by a combination of cyclical recovery and growth potential, with engineering machinery and rail transit equipment showing significant profit recovery and low valuations [3][10] - The commercial aerospace sector is anticipated to reach a critical turning point in 2026, with advancements in reusable rocket technology and an increase in launch frequency, leading to a projected 197% year-on-year growth in payload quality [3][4] - The humanoid robotics industry is transitioning towards large-scale production, with significant cost reductions and improved capabilities expected, particularly with the launch of the Optimus V3 model [3][4] Group 2 - The semiconductor equipment sector is poised for growth due to increased demand from storage expansion and advanced packaging upgrades, with key players expected to benefit from ongoing capital expenditure recovery [3][4] - The PCB equipment market is experiencing a shift towards high-end products, driven by the penetration of AI servers and HPC architectures, leading to increased demand for new capacity and upgrades of existing production lines [3][4] - The controllable nuclear fusion sector is advancing with the construction of experimental devices and the bidding for key equipment, with high-temperature superconducting materials expected to become a core beneficiary of technological evolution [3][4] Group 3 - The mechanical equipment sector has shown a significant recovery in profitability, with 17 out of 19 sub-industries reporting improved net profit margins, indicating a broad-based recovery [12][33] - The sector's valuation has rebounded to a historically high level, with the current PE ratio at 35.42, reflecting a strong market preference for growth-oriented manufacturing assets [13][26] - The demand side remains weak but is stabilizing, with high-tech manufacturing and equipment manufacturing showing better performance compared to traditional sectors, indicating a gradual recovery in the overall manufacturing landscape [34][38]

Investment Rating - The report suggests a focus on key manufacturers in the controllable nuclear fusion sector, particularly in components such as magnets, power supplies, and other subsystems [6][26]. Core Insights - The demand for procurement in the nuclear fusion sector is increasing, with significant bidding activity observed in components like magnets and power supplies, leading to a notable acceleration in industry contracts [4][26]. - China has joined the "Triple Nuclear Energy Declaration," which aims to triple global nuclear energy capacity by 2050, enhancing the momentum for sustainable nuclear energy development [2][13]. - Recent breakthroughs in superconductivity, achieving a transition temperature of 151K under normal pressure, could significantly impact the efficiency and cost of fusion reactors [12][17]. - The European Union has announced a new strategy for small modular reactors (SMRs) with a €200 million guarantee fund to support nuclear energy projects, addressing the strategic importance of nuclear energy in the current geopolitical landscape [24][25]. Summary by Sections Market Performance - During the week of March 9-13, the nuclear fusion index rose by 0.51%, outperforming the broader market indices [7][10]. Bidding Information - Significant procurement activities were reported, including projects with budgets exceeding 50 million RMB, focusing on critical components for nuclear fusion [9][10]. Domestic and International News - The announcement of China's participation in the "Triple Nuclear Energy Declaration" and the establishment of a technical seminar on tritium factory engineering highlight the country's commitment to advancing nuclear energy [13][18]. Investment Dynamics - The collaboration between Jinchuang Group and Huazhong University of Science and Technology aims to develop predictive technologies for plasma disruptions, indicating a strategic move towards enhancing nuclear fusion technology [4][22]. - The EU's new strategy for SMRs, including a financial guarantee mechanism, aims to revitalize nuclear energy's role in Europe, reflecting a shift in energy policy [24][25]. Investment Recommendations - Key companies to watch include: - For magnets: Lianchuang Optoelectronics, Yongding Co. - For power supplies: Wangzi New Materials, Xuguang Electronics, Aike Saibo, and Sichuan Chuangxin Electronics. - For structural components: Hangyang Co., with related companies including Hezhu Intelligent, Guoguang Electric, and Antai Technology [26][27].

Summary of the Conference Call for Yongding Co., Ltd. Industry Overview - The optical fiber and cable industry is experiencing a supply-demand mismatch, driving prices upward. The price for G.652.D has risen to 80-90 RMB per core kilometer, while A2 optical fiber has increased to 260 RMB. This price increase cycle is expected to last for 24-36 months, extending until June 2028 [2][5]. - The demand for optical fibers is projected to increase tenfold year-on-year by 2026, driven by major internet companies like Alibaba [2]. Company Insights Business Segments - Yongding Co., Ltd. has established a comprehensive industrial chain in the optical communication sector, covering everything from optical preform, fiber, cable, to modules and laser chips. The company also operates in the electric sector, focusing on traditional communication cables, automotive wiring harnesses, overseas power engineering, and superconducting power [3]. - The company plans to double its optical preform capacity from 450 tons to 950 tons by Q3 2026 and increase its optical chip production from 40 million to 70 million units by the end of 2026 [2][3]. Market Position and Trends - The company is one of the few in China that masters four major processes for optical preforms (MCVD, PCVD, VAD, OVD) and has a strong R&D capability for various specialty fibers [4]. - The demand for G.652.D and G.654.E (A2) fibers is robust, with the latter expected to dominate the company's output structure, currently at over 70% [4][16]. Future Outlook - The company is optimistic about the profitability of its optical communication business, especially with the rise of AI technologies and new demands from sectors like drones. The superconducting business is also expected to see significant growth due to increasing demand for controlled nuclear fusion projects [3][12]. - The company anticipates that the current price increase cycle will be sustained, with G.652.D prices stabilizing around 100 RMB per kilometer and A2 prices slightly increasing to around 260 RMB [4][5]. Production and Capacity Expansion - The company is executing an expansion plan for its optical preform capacity, which is expected to be completed by Q3 2026. The production is currently prioritized towards higher-margin products for data centers and drones [11]. - The optical chip business has gained significant attention, with plans to expand production capacity to 70 million units by the end of 2026. The company has successfully entered the supply chains of major domestic optical module manufacturers [6][20]. Challenges and Strategic Responses - Supply chain challenges are evident, particularly with the rising costs of raw materials like silicon tetrachloride and germanium tetrachloride, although the impact on production costs is manageable [16][19]. - The company is actively addressing potential bottlenecks in equipment supply, particularly for auxiliary testing devices, while ensuring that core production equipment is sufficient for its expansion plans [9][20]. Conclusion - Yongding Co., Ltd. is well-positioned in the optical fiber and cable industry, with a strong focus on expanding its production capacity and enhancing its market position through strategic investments and product development. The company is optimistic about future growth driven by technological advancements and increasing market demand.

| | 被担保人名称 | 金亭汽车线束（苏州）有限公司（以 下简称"苏州金亭"） | | --- | --- | --- | | | 本次担保金额 | 4,000.00 万元 | | 担 保 象一 | 对 实际为其提供的担保余额 | 40,600.00 万元 | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | 是 否 □不适用：_________ | | 担保对 | 被担保人名称 | 江苏永鼎光电子技术有限公司（以 下简称"江苏光电子"） | | | 本次担保金额 | 2,000.00 万元 | | 象二 | 实际为其提供的担保余额 | 5,799.00 万元 | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | □不适用：_________ 是 否 | | 担保对 | 被担保人名称 | 江苏永鼎泰富工程有限公司（以下 简称"永鼎泰富"） | | 象三 | 本次担保金额 | 238.32 万元 | | | 实际为其提供的担保余额 | 49,331.94 万元 | 1 | 是 ...

Summary of Conference Call Notes on Yongding Co., Ltd. Company Overview - Yongding Co., Ltd. is the first privately listed company in China's optical cable industry, having established a complete vertically integrated industrial chain from optical rods to optical fibers and optical cables [4] Key Points and Arguments Shareholder Reduction Plan - The controlling shareholder, Yongding Group, plans to reduce its holdings by up to 14,619,900 shares, which is not more than 1% of the total share capital, due to personal funding needs [1][2] Long-term Business Impact - The shareholder reduction is not expected to impact the long-term development of the company [3] Subsidiary Developments - Subsidiary Dingxin Optoelectronics is expanding its product lineup to include EML and CW light source chips, with existing customer agreements in place, indicating potential for increased order volumes [3] - Dingxin Optoelectronics is expected to double its production capacity by 2026 and again by 2027, with recent capital increases from external investors [3] High-Temperature Superconducting Materials - Subsidiary Dongbu Superconductor is focusing on high-temperature superconducting materials using unique domestic technology, with applications in controlled nuclear fusion and other fields [3] - The company plans to expand production by 50,000 kilometers to meet growing downstream demand [3] Optical Fiber and Cable Industry Trends - The optical fiber and cable industry is experiencing significant changes in supply and demand, driven by AI and drone applications, leading to increased operational rates for fiber manufacturers [3] - Recent bidding failures in China's telecom fiber and cable procurement indicate previously low pricing, suggesting future price increases for operators [3] Production Capacity Expansion - The company is actively expanding production capacity, with projections to reach 9.5 million tons for optical rods and 36 million core kilometers for optical fibers by the end of 2026, which is expected to contribute to flexible profits [4] Automotive Wire Business Growth - The automotive wire business is anticipated to maintain rapid growth, with significant orders already secured [5] Dual-Driving Growth Strategy - The company is leveraging a dual-driving strategy of "Optical Communication + Superconductors" for future growth, with strong overseas demand for optical modules and a supply-demand gap in optical chips [6] Future Growth Potential - The high-temperature superconducting materials are expected to benefit from the rapid development of controlled nuclear fusion, and the company's expansion in optical fiber and cable production is projected to contribute to flexible profits [7] - The company has broad growth potential, and investors are encouraged to maintain interest [7]

控股股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600105 证券简称：永鼎股份 公告编号：2026-005 江苏永鼎股份有限公司 重要内容提示： 控股股东持股的基本情况 截至本公告披露日，江苏永鼎股份有限公司（以下简称"公司"）控股股东 永鼎集团有限公司（以下简称"永鼎集团"）持有公司无限售条件流通股 363,651,672 股，占公司总股本的 24.874%。 减持计划的主要内容 永鼎集团因自身资金需求，计划自本公告披露之日起 15 个交易日后的 3 个 月内（即 2026 年 3 月 24 日至 2026 年 6 月 23 日），拟通过集中竞价交易方式减 持公司股份不超过 14,619,900 股，即不超过公司总股本的 1%。减持价格按照减 持实施时的市场价格确定。若减持计划实施期间公司有送股、资本公积金转增股 本等股份变动事项，上述减持股份数量将相应进行调整。 公司于近日收到公司控股股东永鼎集团的《股份减持计划告知函》，现将有 关减持计划情况公告如下： | 股东名称 ...