Investment Rating - The report maintains a "Buy" rating for Lianchuang Optoelectronics (600363.SH) and an "Increase" rating for Xinyuan Technology (688521.SH) [15][33]. Core Insights - China's new generation artificial sun, "China Circulation No. 3," has achieved a record of one million amperes and one billion degrees H mode, indicating significant progress in controlled nuclear fusion technology [4][13]. - Siemens' EDA division may suspend support for mainland China, which highlights the increasing importance of domestic EDA and IP service providers in the face of geopolitical tensions [5][14][6]. Market Performance - From May 26 to May 30, the electronic industry rose by 0.17%, ranking 24th among the primary industries, with a P/E ratio of 57.64 [23][26]. - The semiconductor sector is experiencing a mixed performance, with passive components, printed circuit boards, and integrated circuit manufacturing showing the highest gains [26][30]. Company Focus - Key companies to watch in the controlled nuclear fusion equipment and components supply chain include Lianchuang Optoelectronics, Yongding Co., Hefei BEST, Guoguang Electric, and others [4][13]. - In the EDA sector, domestic companies such as Huada Jiutian, Guangliwei, and others are recommended for attention due to the potential supply disruptions from major EDA providers [5][6][14]. Valuation and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (P/E) ratios for various companies, indicating significant variations in valuation across the sector [15][33]. - For instance, Lianchuang Optoelectronics is projected to have an EPS of 1.37 in 2025 with a P/E of 44.50, while Xinyuan Technology is expected to have an EPS of 0.02 with a P/E of 4365.50 [15][33].

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Insights - The report highlights significant breakthroughs in China's controllable nuclear fusion technology, with the "Chinese Circulation No. 3" achieving a plasma current of one million amperes and ion temperature reaching 100 million degrees, marking a new high in fusion parameters [3][6] - The advancements in nuclear fusion technology position China as a leader in the field, paving the way for future commercialization and potential growth opportunities for related upstream and downstream enterprises [3] Summary by Sections Industry Overview - The report discusses the continuous progress in controllable nuclear fusion technology in China, with key projects like the "Xuanlong-50U" achieving critical engineering breakthroughs [3][4] - The comprehensive parameters of fusion triple product have reached the order of 10^20, indicating significant advancements in the field [3] Key Companies to Watch - Recommended companies include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets, which are crucial for compact tokamak devices [4] - Yongding Co., a major supplier of high-temperature superconducting strips [4] - Guoguang Electric, which provides various components for controllable nuclear fusion devices [4]

Core Insights - The controlled nuclear fusion industry in China is characterized by high technical barriers and limited participation from companies, with significant involvement from research institutions like the Hefei Institute of Physical Science and the Southwest Institute of Physics [1][4] Industry Overview - The industry is still in the technological breakthrough phase, with commercialization being insufficient. Key players include China Nuclear Engineering and Construction Corporation (CNEC) and China National Nuclear Power, which are leading the development of controlled nuclear fusion technology [1][4] - The industry is supported by various companies that supply critical components and materials, including superconducting materials and radiation-resistant materials [4][6] Market Competition Landscape - As of March 25, 2025, there are 170 institutions related to controlled nuclear fusion in China, with the highest concentration in Anhui Province (24 institutions), followed by Guangdong (19), and Beijing (17) [3] - The distribution of these institutions indicates a focus on regions rich in research resources and complete supporting industries [3] Company Contributions - Key companies involved in the controlled nuclear fusion sector include: - **Orient Lithium**: Specializes in superconducting materials essential for controlled nuclear fusion [6] - **Tianli Composite**: Supplies thermal barrier coatings for fusion reactors [6] - **Yongding Co.**: Provides superconducting magnets and is actively involved in the ITER project [6] - **Baotai Co.**: Produces nuclear-grade aluminum materials critical for nuclear power applications [6] Regional Distribution of Companies - The distribution of listed companies in the controlled nuclear fusion sector shows a concentration in Jiangsu Province (8 companies), followed by Sichuan (7) and Shaanxi (6) [4][7] - The industry is centered around Hefei and Shanghai, forming a key industrial circle, with significant facilities located in these areas [7]

Group 1: Market Overview - The market has seen an increase, surpassing 4200, driven by a court ruling invalidating tariffs imposed by the US, which has boosted global risk appetite [1] - The strongest sectors today include autonomous driving and stablecoins, indicating a shift in investor focus [1] Group 2: Nuclear Fusion Research - The Southwestern Institute of Physics has achieved a new operational record for fusion devices in China, highlighting advancements in nuclear fusion research [2][1] - This development raises questions about the potential for this niche sector to gain traction and attract investment [2] Group 3: Company Involvement in Nuclear Fusion - Yongding Co., Ltd. has achieved leading performance in wire rod length and low-temperature strong magnetic field applications, with products used in superconducting induction heating and fusion magnets, maintaining close cooperation with the Southwestern Institute of Physics [6] - Chenguang Medical has ongoing technical communication with the Southwestern Institute regarding the supply of superconducting magnets, contingent on specific procurement needs [7] - Qiaoyuan Co. has established a reputation in the medical sector and maintains relationships with military research institutions, including the Southwestern Institute [8] - Lansi Heavy Industry is involved in the development of nuclear fusion-related products and has successfully applied a new type of heat exchanger in a fusion engineering project [9][10] - Guoguang Electric has received a provincial science and technology award for a project in collaboration with the Southwestern Institute focused on high-sensitivity leak detection technology for fusion components [10] - Antai Technology is at the forefront of research and manufacturing in fusion filter components, collaborating with the Southwestern Institute [11] - Hekang New Energy provides operational and maintenance services for high-voltage water-cooled variable frequency systems used by the Southwestern Institute [11] - Jingye Intelligent is exploring cooperation in remote operation and maintenance technology for fusion reactors with the Southwestern Institute [12] - Yingjie Electric serves various research institutions, including the Southwestern Institute, providing power supplies for scientific research and experimental testing [13]

Group 1: Company Highlights - Yongding Co., Ltd. has seen a significant increase in stock price due to multiple favorable factors, including a comprehensive layout in the optical communication field and a recent breakthrough in high-temperature superconducting business, which is expected to contribute to long-term profit growth [3] - Suzhou Longjie has achieved 12涨停 in 8 days, driven by expectations of military materials and asset injection, benefiting from frequent state-owned enterprise reforms and policy incentives for mergers and acquisitions [3] - Nuo Puxin's stock price increase is attributed to a 253% growth in its fresh food business last year, leading to a doubling of profits, with a recent upgrade from brokers indicating potential for valuation recovery [3] Group 2: Industry Trends - The yellow wine sector is experiencing a transformation, with Kuaijishan reaching a historical high, driven by the China Alcoholic Drinks Association's strategy to attract younger consumers, indicating a significant shift in market dynamics [4] - The overall market sentiment shows that despite a net outflow of 3 billion from northbound funds, there was a late rebound with 1.8 billion flowing back into leading technology stocks like Ningde Times, reflecting foreign investors' confidence in the technology sector and consumer recovery [4] Group 3: Investment Insights - Today's涨停 stocks are primarily focused on three areas: policy-driven technological breakthroughs (such as nuclear fusion and superconductors), consumer recovery in niche markets (yellow wine and fresh food), and expectations of restructuring in state-owned enterprises [4] - The investment strategy emphasizes the importance of selecting the right stocks and being patient, as these sectors and companies have both short-term catalysts and long-term logic worth monitoring [4]

Core Points - The company announced a cash dividend of 0.05 CNY per share for the fiscal year 2024, totaling approximately 73.1 million CNY based on a total share capital of 1,461,994,802 shares [1][2] - The dividend distribution plan was approved at the annual general meeting held on May 16, 2025 [1] - Key dates for the dividend distribution include the record date on June 3, 2025, and the ex-dividend date on June 4, 2025 [2] Dividend Distribution Details - The cash dividends will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [2] - Shareholders who have completed designated transactions can receive their cash dividends on the payment date at their designated securities firms [2] - For shareholders holding unrestricted circulating shares, the actual cash dividend received will be subject to personal income tax regulations based on the holding period [3][4] Tax Implications - Individual shareholders holding shares for more than one year will not be subject to personal income tax on the dividend income, while those holding for one year or less will have a tax burden of 20% for holdings of one month or less, and 10% for holdings between one month and one year [4] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.045 CNY per share [5][7] - For investors from the Hong Kong Stock Exchange, a similar 10% withholding tax will apply, leading to a net cash dividend of 0.045 CNY per share [6][7]

证券代码：600105 证券简称：永鼎股份 公告编号：2025-034 江苏永鼎股份有限公司2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.05元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/3 | － | 2025/6/4 | 2025/6/4 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 三、 相关日期 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,461,994,802股为基数，每股派发现金红利 0.05元（含税），共计 ...

Group 1 - The superconducting concept sector rose by 3.12%, ranking third among concept sectors, with 21 stocks increasing in value, including Yongding Co. and Baili Electric, which hit the daily limit, and Jinbei Electric, Chenguang Medical, and Antai Technology showing significant gains of 7.26%, 6.39%, and 6.17% respectively [1] - The leading stocks in terms of net inflow of main funds included Yongding Co. with a net inflow of 273 million yuan, followed by Baili Electric and Jingda Co. with net inflows of 192 million yuan and 94.95 million yuan respectively [2][3] - The main fund inflow rates for Baili Electric, Jingda Co., and Yongding Co. were 18.10%, 10.04%, and 9.57% respectively, indicating strong investor interest in these stocks [3] Group 2 - The superconducting concept sector attracted a net inflow of 773 million yuan today, with 14 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 30 million yuan [2] - The top stocks by net inflow in the superconducting concept sector included Yongding Co., Baili Electric, and Wolong Nuclear Materials, with respective net inflows of 273 million yuan, 192 million yuan, and 73.71 million yuan [2][3] - The overall performance of the superconducting concept sector reflects a positive market sentiment, with significant gains in several key stocks [1][2]

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]