核聚变年底迎来密集招投标释放 20251214 摘要 国家将可控核聚变列为未来产业，能源安全背景下，其燃料氘和氚的丰 富储量及可再生性，使其成为构建自主可控能源体系的关键，有助于降 低对石油和天然气的依赖，保障国家能源安全。 全球可控核聚变投资激增，2021 至 2025 年增长超五倍，总融资额达 97.66 亿美元。美国、欧盟积极推进相关项目，中国成立中国聚变能源 有限公司，加速市场化进程，合肥、上海等地积极布局相关产业。 近期可控核聚变招标活动显著增加，11 月单月招标金额达 39 亿元，远 超前三季度总和。中科院合肥等离子体研究所中标金额巨大，显示出国 家对该领域的投入力度正在加大。 国内可控核聚变发展由综合系（如 CFETR、星火 1 号）、中科院系列 （EAST、BEST）及商业公司（能量基点等）共同推动。BEST 项目投 资增至 150-200 亿元，CFEDR 预计资本开支也将增加至千亿以上。 中国在可控核聚变领域取得技术突破，如 35.1 特斯拉中心稳态磁场世 界纪录，并计划在 2030 年建成 CFETR 示范堆，2040-2045 年实现商 业发电。清华大学新环聚能项目预计 2027 年完 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [5][10]. Core Insights - The optical isolator is a critical passive device in optical communication systems, relying on the combination of polarizers and Faraday plates. There is a significant technological dependency and supply gap in the upstream manufacturing of these core components, particularly in high-end Faraday magnetic optical materials, which has become a bottleneck for industry development [1][19]. - The report highlights the low domestic production rate of core materials for polarizers, which are monopolized by Japanese and Korean suppliers, indicating a need for increased localization [3][21]. - The global shortage of Faraday plates is a critical issue, as their complex material growth and precision processing are dominated by a few companies in the US and Japan, leading to supply constraints that hinder the expansion of isolators and high-speed optical modules [4][22][23]. Summary by Sections Investment Strategy - The report suggests focusing on the upstream gaps in isolators, particularly polarizers and Faraday plates, and recommends companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for investment [8][24]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth [15][18]. Supply Chain Dynamics - In 2024, China's production capacity for polarizers is expected to account for approximately 73% of the global market, yet the localization rate of core materials remains below 10%, posing challenges to supply chain stability [6][7][24]. Key Companies to Watch - The report identifies several key companies to monitor within the optical communication and related sectors, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others involved in the supply chain [8][9][24].

《九院中标 5 亿氚工厂项目，NIF 完 成第十次点火—可控核聚变行业周 报》-2025.12.7 《BEST 研究计划首次发布，美国启动 创世纪计划—可控核聚变行业周报》 -2025.11.30 电力 2025 年 12 月 13 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-12 2025-04 2025-08 电力 沪深300 相关研究报告 《电改加速深化，预期有望趋稳—电 力行业 2026 年度投资策略》 -2025.11.27 日本首份聚变供电协议签署，BEST 订单持续释放 ——行业周报 | 周磊（分析师） | 黄懿轩（联系人） | | --- | --- | | zhoulei1@kysec.cn | huangyixuan1@kysec.cn | | 证书编号：S0790524090002 | 证书编号：S0790125070014 | 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251208-20251212）可控核聚变板块下，个股涨多跌少。具体来看，涨 幅前五标的分别为爱科赛博（+34.3%）、永鼎股份（+2 ...

Group 1: Company Announcements - Yongding Co., Ltd. does not directly manufacture controllable nuclear fusion devices but provides materials for the winding magnets of such devices [1] - Aerospace Power's main business does not involve commercial aerospace, nor does it have any commercial aerospace-related assets for external investment [1] - Zhibang Home intends to repurchase company shares worth between 80 million to 110 million yuan [3] Group 2: Investment Projects - Jiangsu Longsheng Weirui plans to invest approximately 350 million yuan to establish an intelligent robot innovation center [1] - Hainan Development's Zhuhai Sanxin plans to invest in the second phase of its production base project in Zhuhai [2] - New Fengming intends to invest 280 million USD to build a 360,000 tons/year functional fiber project in Egypt [2] Group 3: Contracts and Bids - Dayu Irrigation has pre-won the construction project for high-standard farmland in Inner Mongolia's Chifeng City for 2025 [1] - Dayu Irrigation has also pre-won the construction project for high-standard farmland in Inner Mongolia's Tongliao City for 2025 [2] - *ST Zhisheng has won the bid for the smart city governance (Phase IV) project [1] Group 4: Equity Transactions - Rongzi Technology plans to acquire 54.9688% of Guizhou Xinren's shares for 342 million yuan and will also increase its capital [3] - Tiankang Biological intends to purchase 51% equity of Qiangdu Livestock [2] - Binhai Energy plans to acquire 51% equity of Xingtai New Energy [3] Group 5: Share Buybacks and Holdings - Maide Medical plans to spend between 20 million to 40 million yuan to repurchase shares [3] - Tianli Technology's Qian Yongyao intends to reduce his holdings by no more than 3% [3] - Haichuan Intelligent's Wu Guifang and Zheng Xuefen plan to collectively reduce their holdings by no more than 5.98% [3] Group 6: Fundraising Activities - Tianshun Wind Power plans to raise no more than 1.95 billion yuan through a private placement [3] - Leisai Intelligent plans to raise no more than 1.144 billion yuan through a private placement [3]

Core Viewpoint - Jiangsu Yongding Co., Ltd. experienced a significant stock price fluctuation, with a cumulative increase of 20% over three consecutive trading days, prompting an announcement regarding abnormal trading conditions [2][4]. Group 1: Stock Trading Abnormalities - The company's stock price increased by a cumulative 20% over three trading days: December 10, 11, and 12, 2025, which is classified as an abnormal trading situation according to Shanghai Stock Exchange regulations [2][4]. - The trading volume during these days was notably higher than usual, with turnover rates of 14.86%, 11.27%, and 25.66% respectively [9]. Group 2: Company Operations and Major Events - The company confirmed that its production and operational activities are normal, with no significant changes in its business environment [5]. - There are no undisclosed major events or information that could impact the stock's trading, including significant asset restructuring, share issuance, or major business collaborations [6]. Group 3: Market Perception and Related Information - The company has been identified as a related stock in the controllable nuclear fusion sector, but its subsidiary, Dongbu Superconductor Technology (Suzhou) Co., Ltd., only contributes less than 1% to the overall revenue and is currently operating at a loss [7]. - During the abnormal trading period, the controlling shareholder, Yongding Group, reduced its stake by 1,336,000 shares, representing 0.091% of the total share capital [8]. Group 4: Financial Metrics - As of December 11, 2025, the company's static and rolling price-to-earnings ratios were 500.87 and 92.32, respectively, which are significantly higher than the industry averages of 26.97 and 23.90 [9].

业绩方面，机构净买入个股中，公布2025年业绩预告的共有1只，业绩预告类型来看，预增有1只。以净 利润增幅中值来看，净利润增幅最高的是中国铀业，预计净利润中值为16.25亿元，同比增幅为 11.42%。 （原标题：龙虎榜机构新动向：净买入15股 净卖出16股） 12月12日沪指上涨0.41%，盘后龙虎榜数据显示，机构现身31只个股龙虎榜，净买入15只，净卖出16 只。深沪股通席位出现在18只个股龙虎榜。 证券时报•数据宝统计显示，12月12日机构专用席位现身31只个股龙虎榜，合计净买入2.00亿元。个股 来看，净买入15只，净卖出16只。 机构龙虎榜净买卖个股 机构专用席位净买入金额最多的是国瓷材料，该股今日收盘涨停，全天换手率为13.75%，成交额为 31.16亿元。因日收盘价涨幅达20.00%上榜龙虎榜，前五大买卖营业部中有5家机构专用席位，为买二、 买三、买四、买五、卖五，合计净买入15314.19万元。同时上榜的还有深股通专用席位，净买入8327.84 万元，营业部席位合计净卖出1.32亿元。资金流向方面，该股全天资金净流入2.23亿元。 中能电气，今日收盘涨停，全天换手率为27.68%，成交额为12 ...

今日焦点 恒瑞医药：HRS9531注射液临床试验获批准，针对MASH适应症全球暂无同类药物获批上市 恒瑞医药公告称，子公司福建盛迪医药有限公司收到国家药监局核准签发的HRS9531注射液的《药物临 床试验批准通知书》，将于近期开展临床试验。HRS9531注射液是具有全球自主知识产权的新型靶向抑 胃肽受体（GIPR）和胰高血糖素样肽-1受体（GLP-1R）的双激动剂，可在体内调节糖脂代谢、抑制食 欲和增强胰岛素敏感性，从而起到改善血糖和减轻体重的效果。对于代谢功能障碍相关脂肪性肝炎 （MASH）患者，HRS9531注射液有望通过改善肝脏脂质堆积、减轻炎症反应及潜在改善肝纤维化带来 综合获益。针对MASH适应症，全球范围内暂无同类药物获批上市。截至目前，HRS9531相关项目累计 研发投入约5.19亿元。 青岛港：终止现金收购油品公司100%股权及日照实华50%股权 2连板亚翔集成：股东EVER CREATIVE于12月11日减持41.4万股 亚翔集成公告称，公司股票于2025年12月11日、12月12日连续两个交易日内日收盘价格涨幅偏离值累计 超过20%，属于股票交易异常波动情形。公司于2025年9月2日披露了 ...

证券日报网讯12月12日晚间，永鼎股份（600105）发布公告称，公司股票于2025年12月10日、12月11 日、12月12日连续三个交易日内日收盘价格涨幅偏离值累计达到20%，属于股票交易异常波动情况；经 公司自查并向控股股东、实际控制人书面发函查证，截至本公告披露日，不存在应披露而未披露的重大 事项或重大信息。 ...

Group 1 - Moer Thread plans to use up to 7.5 billion yuan of idle raised funds for cash management, with a usage period of 12 months [1] - O-film plans to purchase 8.46% equity of its subsidiary Anhui Che Lian for a total of 3.64 billion yuan, increasing its ownership from 78.54% to 87% [2] - ST Lian Shi applies to revoke the delisting risk warning as its restructuring plan has been completed [3] Group 2 - Weirli signs a strategic cooperation framework agreement with Primech Holdings to build an industrial robot cooperation platform [4] - Race Intelligent plans to raise no more than 1.144 billion yuan through a private placement for core components of intelligent equipment [5] - Renfu Pharmaceutical's stock will be subject to other risk warnings and will be suspended for one day starting December 15 [6] Group 3 - Yongding Co. clarifies that its subsidiary Dongbu Superconductor does not directly manufacture controllable nuclear fusion devices [7] - Rongbai Technology plans to acquire part of Guizhou Xinren's equity and increase its capital to achieve control [9] - ST Hu Ke is under investigation by the Securities Regulatory Commission for suspected information disclosure violations [10] Group 4 - Yunnan Ge Industry plans to establish a subsidiary focused on organic germanium-related products [11] - Greenme intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [12] - Jiangzhong Pharmaceutical plans to change its name to China Resources Jiangzhong Pharmaceutical [13] Group 5 - Jiangsu Guoxin's subsidiary Ma Zhou Power has completed the trial operation of a 1,000 MW coal-fired power generation unit [16] - Longsheng Technology plans to invest in a center for embodied intelligent robots [18] - Guangzhou Development has received approval for the registration of 8 billion yuan medium-term notes and 6 billion yuan short-term financing notes [19] Group 6 - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [20] - Tianma Technology reported a total eel output of approximately 11,415.87 tons from January to November [21] Group 7 - Xilong Science plans to reduce its stake by up to 1% [22] - Xicet Testing's actual controller plans to transfer 5% of the company's shares [23] - Oppein Home's actual controller plans to increase its stake by 50 million to 100 million yuan [24] Group 8 - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [25] - Baicheng Pharmaceutical's major shareholder increased its stake by 0.85% [26] - Mengbaihe's major shareholder plans to reduce its stake by up to 1% [27] Group 9 - Xian Dao Ji Dian's shareholder has reduced its stake by 1.70% [28] - Yaxiang Integration's shareholder reduced its stake by 41,400 shares [29] - Zhiwei Intelligent's actual controller has reduced its stake, bringing the total holding to 69% [30] Group 10 - Jincheng Co.'s actual controller plans to reduce its stake by up to 0.97% [31] - Jianghua Micro's chairman has reduced his stake by 1.09% [32] - COSCO Shipping Energy signed a shipbuilding contract worth 7.882 billion yuan [33] Group 11 - Dayu Water Saving's subsidiary is expected to win two high-standard farmland construction projects [34] - Guorui Technology's subsidiary is a candidate for the GXLF project [36] - ST Zhisheng has won a smart city governance project worth 104 million yuan [37]

永鼎股份（600105）(600105.SH)发布公告，公司股票于2025年12月10日、12月11日、12月12日连续三 个交易日内日收盘价格涨幅偏离值累计达到20%。根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动情况。公司关注到近期公司被列为可控核聚变相关概念股，经自查，公司下属控股子 公司东部超导科技(苏州)有限公司(以下简称"东部超导")主营产品是第二代高温超导带材及超导应用产 品，公司不直接生产制造可控核聚变装置，仅为绕制装置的磁体提供材料。2025年1-9月营业收入占公 司整体收入比重不足1%，且亏损，不会对公司业绩产生重大影响。 ...