Group 1 - The communication index increased by 0.73% as of May 26, 2025, with notable stock performances from Wuhan Fangu, Yongding Co., Wanma Technology, Haige Communication, and Shenglu Communication [1] - The communication ETF (159695) rose by 0.88%, with a 3.09% increase over the past month, ranking first among comparable funds [1] - The communication ETF recorded a trading volume of 1.0157 million yuan during the session, with an average daily trading volume of 8.9962 million yuan over the past year [4] Group 2 - The communication ETF's scale grew by 13.1801 million yuan in the past six months, leading in growth among comparable funds [4] - The ETF's shares increased by 13 million units in the last six months, also ranking first in new share growth among comparable funds [4] - The Ministry of Industry and Information Technology plans to accelerate the development of 5G-A and 6G technologies, enhancing modern industrial systems [4] Group 3 - The top ten weighted stocks in the communication index include China Telecom, ZTE, China Mobile, and China Unicom, accounting for 58.92% of the index [4] - Investors can access opportunities in optical communication under the AI transformation through the communication ETF linked fund (019072) [4]

Group 1 - The controllable nuclear fusion index has risen by 2.38% on May 23, leading the concept index gains, with a year-to-date increase of 31.05% [1] - U.S. President Trump is expected to sign an executive order to simplify reactor approval processes and strengthen fuel supply chains, boosting the nuclear energy sector [1] - In China, significant contracts have been signed in the nuclear fusion sector, indicating a robust development in controllable nuclear fusion research and commercialization [1] Group 2 - In the first quarter, 20 controllable nuclear fusion concept stocks reported net profits exceeding 100 million yuan, with China Nuclear Power leading at 3.137 billion yuan [2] - China Nuclear Power's revenue from nuclear power business grew by 10.46% year-on-year, with a net profit increase of 11.52% [2] - The net profit growth rates for companies like Yongding Co., Oriental Precision, and Shanghai Electric were exceptionally high, at 960.55%, 517.55%, and 145.69% respectively [3][4] Group 3 - Public fund holdings in controllable nuclear fusion concept stocks include significant shares in China Nuclear Power and China Energy Construction, with holdings of 549 million shares and 483 million shares respectively [4]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and specialized equipment sectors [5]. Core Insights - The global nuclear fusion industry is accelerating, with significant advancements expected in the coming years, particularly with the BEST project set to demonstrate fusion energy generation [17][21]. - Over 70% of surveyed fusion companies believe that commercial applications of fusion energy can be achieved between 2031 and 2040, indicating a positive outlook for the industry [2][25]. - The Tokamak technology is considered the most mature among various fusion technology paths and is expected to lead the commercialization of fusion energy [18][34]. Summary by Sections Industry Overview - The nuclear fusion industry is experiencing robust growth, driven by policy support and technological advancements. Countries like the US, China, Europe, and Japan have established detailed strategic plans for fusion development [17][21]. - The BEST project in China is expected to be completed by 2027 and will be the first to demonstrate fusion energy generation, marking a significant milestone for China's fusion energy development [29][30]. Market Potential - The market for Tokamak devices is projected to exceed 90 billion yuan, with high-value components such as magnetic coils, first wall components, and vacuum parts being key beneficiaries [19][4]. - As of April 2025, there are 80 Tokamak devices globally, with 57 operational and 23 under construction, indicating a growing demand for fusion experimental reactors [19][4]. Technological Advancements - The Tokamak device operates by creating a closed helical magnetic field to confine high-temperature plasma, which is essential for achieving fusion reactions. The EAST device in China has already achieved a plasma confinement time of 403 seconds [18][34]. - The report highlights that advancements in high-temperature superconductors will enhance plasma stability and contribute to the commercialization of Tokamak technology [18][34]. Future Outlook - The report emphasizes that the nuclear fusion sector is on a path to commercialization, with ongoing projects and technological innovations paving the way for practical applications of fusion energy [20][21]. - The anticipated completion of the ITER project by 2025 will further solidify the foundation for future fusion energy developments [21][22].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, anticipating a significant increase in capital expenditure and related equipment orders [4]. Core Insights - Controllable nuclear fusion is highlighted as a preferred future energy source due to its high energy density, easy-to-obtain raw materials, flexible layout, and environmental safety [1][13]. - The Q value, a critical indicator for the commercialization of nuclear fusion, has been consistently improving, surpassing 1, indicating energy balance [1][16]. - The industry is experiencing rapid international advancements, with a notable increase in financing, exceeding $7.1 billion in 2024, up by $900 million from 2023 [1][31]. Summary by Sections Section 1: Controllable Nuclear Fusion - Nuclear fusion offers significant advantages over other energy sources, including a million-fold increase in energy density compared to current systems [13]. - The Q value is essential for assessing the feasibility of nuclear fusion, with recent advancements showing a positive trend in its growth [16][20]. - Magnetic confinement is expected to become the mainstream approach for controllable nuclear fusion, currently holding a 62% market share [22]. Section 2: Technological Breakthroughs and Accelerated Bidding - The industry is currently in the experimental reactor construction phase, primarily led by the Chinese Academy of Sciences and China Nuclear Group [36]. - Significant breakthroughs in high-temperature superconductors are expected to accelerate the commercialization of nuclear fusion [45]. - The BEST project is advancing rapidly, with expectations to achieve significant milestones by 2027 [51][57]. Section 3: Core Value in the Midstream Equipment - The nuclear fusion industry chain consists of upstream materials, midstream equipment, and downstream nuclear applications, with midstream equipment currently seeing increased capital expenditure [62]. - The magnetic component represents the highest value segment within the nuclear fusion industry chain, accounting for 28% of the total costs in projects like ITER [63][66]. Section 4: Investment Recommendations - Companies such as Hezhong Intelligent are expected to benefit from the capital expenditure associated with the BEST project, with projected revenue growth [69]. - Lianchuang Optoelectronics is positioned as a key player in high-temperature superconductors, with a strong market advantage [76]. - Guoguang Electric is recognized as a core supplier of critical components like the first wall and divertor in nuclear fusion applications [83].

Core Insights - The 20th "China Optics Valley" International Optoelectronics Expo opened in Wuhan, integrating the "International Light Day" global series of events, attracting 390 renowned companies from 12 countries and regions to showcase nearly 100 cutting-edge technologies in the optoelectronics field [1][2] - The expo resulted in the signing of 20 major investment projects in Hubei, totaling 19.52 billion yuan, covering areas such as optical communication, integrated circuits, compound semiconductors, new displays, and artificial intelligence [1] - Notable product launches included China's first 5 million pixel infrared detector and the world's most advanced 1.6T single-mode optical module, among others [1] Industry Highlights - The expo featured key players in the laser and optics sector, including local leaders like Huagong Technology and Ruike Laser, as well as international giants from France, the USA, and Russia [2] - The optical communication sector showcased major companies such as Huawei and China Information Communication Technologies, highlighting the expanding demand for optical communication in the AI era [2] - The "Light + Intelligent Terminal Applications" section allowed attendees to experience laser radar-enabled autonomous vehicles and robots, demonstrating the practical applications of optoelectronic technology in smart transportation [2] International Engagement - The event attracted 73 foreign guests from countries like Gambia and Malaysia, who expressed a desire to collaborate with Chinese companies, particularly in semiconductor materials [3] - The expo has a history of facilitating international dialogue, with 19 previous events attracting over 6,800 top enterprises from more than 30 countries [3] - This year's event is expected to draw 60,000 professional visitors and host over 20 meetings and special activities across six application areas [3]

证券代码: 600105 证券简称: 永鼎股份 公告编号：临 2025-032 江苏永鼎股份有限公司 第十一届董事会第一次会议决议公告 表决结果：同意 5 票；反对 0 票；弃权 0 票。 选举莫思铭先生为公司第十一届董事会董事长，任期自本次董事会审议通过 之日起至第十一届董事会届满之日止。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《关于董事会完成换届选举及聘任高级管理人员、证券事务代表的公告》（临 （二）审议通过《关于选举第十一届董事会各专门委员会委员的议案》； 本公司董事会及全体董事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个别及连带责任。 一、董事会会议召开情况 （一）江苏永鼎股份有限公司（以下简称"公司"）第十一届董事会第一次 会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 （二）本次会议通知和资料于 2025 年 5 月 6 日以专人送达和电子邮件的方 式向全体董事发出。 （三）本次会议于 2025 年 5 月 16 日在公司二楼会议室召开。 （四）本次会议应出席的董事 5 人，实际出 ...

Meeting Details - The shareholders' meeting was held on May 16, 2025, at the company's headquarters in Suzhou, Jiangsu Province [1] - A total of 30.13% of the shares were represented at the meeting [1] - The meeting was conducted in accordance with the Company Law and the Articles of Association, using a combination of on-site and online voting [1] Voting Results - All non-cumulative voting proposals were approved with 100% support from A-shareholders, totaling 440,502,467 votes [1][2] - Specific voting results included: - Proposal 1: 440,502,467 votes in favor (100%) [1] - Proposal 2: 440,502,467 votes in favor (100%) [1] - Proposal 3: 440,494,467 votes in favor (100%) with 8,000 votes against (0%) [1] - Proposal 4: 440,502,467 votes in favor (100%) [1] Shareholder Participation - Major shareholders holding more than 5% of shares voted 86.86% in favor of the cash dividend proposal [3] - Shareholders holding between 1% to 5% voted 10.92% in favor, while those holding less than 1% voted 2.22% in favor [3] Legal Compliance - The meeting's procedures were confirmed to comply with relevant laws and regulations, with legal opinions provided by attorneys [4]

Group 1 - The legal opinion is based on the compliance with relevant laws and regulations regarding the 2024 annual general meeting of Jiangsu Yongding Co., Ltd [1][2] - The company announced the meeting details, including the time, location, and agenda, in accordance with legal requirements [2][3] - The meeting will be held on May 16, 2025, with both on-site and online voting options available for shareholders [3][4] Group 2 - The meeting was convened by the company's board of directors, and the attendance of shareholders was verified [3][4] - A total of 4 shareholders participated in the on-site meeting, representing 56,847,602 shares, which is 3.8884% of the total voting shares [3][4] - The voting process was conducted according to legal and regulatory standards, and the results were deemed valid [4] Group 3 - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results are all in compliance with applicable laws and the company's articles of association [4]

证券代码: 600105 证券简称: 永鼎股份 公告编号：临 2025-033 江苏永鼎股份有限公司 本公司董事会及全体董事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个别及连带责任。 江苏永鼎股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过《关于公司董事会换届选举董事的议案》《关于公司 董事会换届选举独立董事的议案》。同日，公司召开第十一届董事会第一次会议， 审议通过《关于选举公司第十一届董事会董事长的议案》《关于选举第十一届董 事会各专门委员会委员的议案》《关于聘任公司总经理的议案》《关于聘任公司 副总经理的议案》《关于聘任公司财务总监的议案》《关于聘任公司董事会秘书 的议案》《关于聘任公司证券事务代表的议案》。现将具体情况公告如下： 一、公司第十一届董事会组成情况 关于董事会完成换届选举及聘任高级管理人员、证券 事务代表的公告 雪辉先生、韩坚先生。其中，莫思铭先生为董事长，蔡雪辉先生、韩坚先生为独 立董事。 第十一届董事会任期自公司 2024 年年度股东大会审议通过之日起三年，董 事长任期自本 ...

证券代码: 600105 证券简称: 永鼎股份 公告编号：临 2025-033 江苏永鼎股份有限公司 关于董事会完成换届选举及聘任高级管理人员、证券 事务代表的公告 本公司董事会及全体董事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个别及连带责任。 江苏永鼎股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过《关于公司董事会换届选举董事的议案》《关于公司 董事会换届选举独立董事的议案》。同日，公司召开第十一届董事会第一次会议， 审议通过《关于选举公司第十一届董事会董事长的议案》《关于选举第十一届董 事会各专门委员会委员的议案》《关于聘任公司总经理的议案》《关于聘任公司 副总经理的议案》《关于聘任公司财务总监的议案》《关于聘任公司董事会秘书 的议案》《关于聘任公司证券事务代表的议案》。现将具体情况公告如下： 一、公司第十一届董事会组成情况 1、公司第十一届董事会成员：莫思铭先生、张功军先生、张国栋先生、蔡 雪辉先生、韩坚先生。其中，莫思铭先生为董事长，蔡雪辉先生、韩坚先生为独 立董事。 第十一届董事会任期 ...