证券研究报告 | 行业简评报告 2026 年 1 月 4 日 可控核聚变行业简评报告 大国能源必争之地，静待产业进展 中游制造/机械 本篇报告回顾了可控核聚变板块 2025 年以来的行情，梳理了相关事件催化，并 对 2026 年的行情做出了展望。整体来看，核聚变已成为我国重要战略发展方向， 目前，我国各聚变装置建设正稳步推进中。我们认为，2027 年我国 BEST 装置 点火、2028 年美国 Helion 装置接入电网交付微软、2030 年代谷歌与 CFS 的 200 兆瓦购电协议等事件有望重振板块关注度，产业链相关公司仍值得重视。 ❑ 风险提示：产业进展不及预期、政策不及预期。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 476 | 9.2 | | 总市值（十亿元） | 5003.4 | 4.6 | | 流通市值（十亿元） | 4322.6 | 4.4 | fangjiamin@cmschina.com.cn 行业指数 敬请阅读末页的重要说明 % 1m 6m 12m 绝对表现 8.0 29.1 45.2 相对表现 4.9 11.1 28. ...

Group 1 - Jiangsu Yongding Co., Ltd. has obtained a patent for a method of preparing data connection harnesses for new energy vehicles, with the authorization announcement number CN120663502B and an application date of August 2025 [1] - Jiangsu Yongding Co., Ltd. was established in 1994, located in Suzhou, and primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 1,461.994802 million RMB [1] - The company has invested in 35 enterprises, participated in 283 bidding projects, and holds 729 patent records, along with 90 administrative licenses [1] Group 2 - Jinting Automotive Harness (Suzhou) Co., Ltd. was established in 2018, located in Suzhou, and also focuses on the manufacturing of electrical machinery and equipment, with a registered capital of 100 million RMB [1] - This company has participated in 1 bidding project, holds 173 patent records, and has 11 administrative licenses [1] - Shanghai Jinting Automotive Harness Co., Ltd. was established in 1997, located in Shanghai, and primarily engages in the automotive manufacturing industry, with a registered capital of 150 million RMB [1] - The company has invested in 7 enterprises, participated in 2 bidding projects, holds 1 trademark record, 271 patent records, and has 39 administrative licenses [1] Group 3 - Jinting Automotive Harness (Wuhan) Co., Ltd. was established in 2017, located in Wuhan, and focuses on automotive manufacturing, with a registered capital of 20 million RMB [2] - This company has participated in 5 bidding projects, holds 68 patent records, and has 9 administrative licenses [2]

Core Insights - The communication cable industry in China is experiencing steady growth driven by the increasing demand for 5G networks, gigabit optical networks, and the development of the "dual-gigabit" network [1][12] - The market size of China's communication cable industry is projected to grow from 794.8 billion yuan in 2018 to 1200 billion yuan by 2025, with a compound annual growth rate (CAGR) of 5% [1][13] Industry Overview - Communication cables are essential for transmitting telecommunication signals and are categorized into various types based on their structure and application [4] - The industry is supported by government policies aimed at promoting the development of communication cables, including initiatives for advanced technology applications [4][5] Market Demand - As of October 2025, the total number of fixed internet broadband users in China is expected to reach 697 million, with a net increase of 27.01 million users from 2024 [1] - The number of mobile IoT terminal users is projected to reach 2.89 billion, reflecting a net increase of 23.4 million users from 2024 [1] Industry Growth Factors - The exponential growth in data traffic due to the increasing number of internet users and the proliferation of mobile internet is driving the demand for communication infrastructure and cables [1] - The large-scale commercialization of 5G technology requires a vast amount of communication cables to support dense base station construction and extensive network deployment [1] Application Areas - The traditional communication sector remains dominant, accounting for 58.5% of total revenue, while high-speed communication devices are expected to capture 14.8% of the market by 2024 [10] - Emerging applications in smart manufacturing, smart cities, and the Internet of Things (IoT) are expanding the use of communication cables in diverse scenarios [1][10] Industry Structure - The communication cable industry features a competitive landscape with a mix of leading national enterprises and numerous small to medium-sized companies focusing on niche markets [13] - Key players in the industry include companies like Walden Materials, Wanma Co., Hengtong Optic-electric, and Tongding Interconnection Information [2][13] Future Trends - The industry is expected to evolve towards higher speeds, integration of functionalities, and sustainability, with a focus on developing multi-functional cables that can handle data transmission, power supply, and sensing [15][16][18] - The shift towards green practices will involve the use of eco-friendly materials and the establishment of efficient recycling systems throughout the cable lifecycle [18]

登录新浪财经APP 搜索【信披】查看更多考评等级 长江商报消息 ●长江商报记者 汪静 再次涨停，上市28年的老牌上市公司永鼎股份（600105.SH）成为近期市场关注的焦点。 光通信与可控核聚变概念加身，12月26日，永鼎股份股价创下25.88元/股的历史新高，较1月低点累计 上涨503%，最新市值378亿元。 长江商报记者注意到，永鼎股份并非在一夜之间成为市场焦点。经历祖孙三代人的开拓、守业、扩张， 如今，在家族第三代接班人莫思铭的带领下，从电缆到光缆再到产业上游的光芯片、前沿领域的高温超 导，这家公司正经历着从传统制造业到高科技前沿的深刻转型。 从"规模扩张"转向"技术引领"之路并不容易，永鼎股份正面临业绩与财务的双重挑战。 莫思铭依然坚定。永鼎股份的研发投入不放松，2021年至2025年前三季度研发费用累计超过10亿元规 模，加快推进技术的商业化落地。 从开拓到守业 转折发生在1980年。面对农村兴起的建房热潮和建材短缺的市场，顾云奎敏锐地将目光转向电线生产， 他用"拼命三郎"的精神，让作坊式的工厂蜕变为像模像样的"吴江电缆二厂"，此后，又凭借过人的目光 带领企业转向通信电缆，成为国内最早涉足该领域的乡 ...

Group 1 - The National Venture Capital Guiding Fund has officially launched with a government investment of 100 billion yuan, expected to leverage over 1 trillion yuan in social capital for strategic emerging industries such as integrated circuits, artificial intelligence, and quantum technology [3] - The People's Bank of China (PBOC) emphasizes the need to improve the policy environment for long-term investments, aiming to increase the scale and proportion of medium- and long-term funds invested in A-shares [4] - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies, allowing them to list on the Sci-Tech Innovation Board under specific conditions [3] Group 2 - The Ministry of Industry and Information Technology has outlined ten key tasks for 2026, including addressing "involution" competition and supporting artificial intelligence initiatives [4] - The industrial economy is projected to grow by 5.9% in 2025, with digital industry revenue expected to increase by around 9% [4] - The National Bureau of Statistics has confirmed that China's GDP for 2024 is 13.48 trillion yuan, with a year-on-year growth of 5.0% [4] Group 3 - The A-share market experienced a slight increase, with the Shanghai Composite Index rising by 0.10% to 3963.68 points, marking an eight-day winning streak [6] - The PBOC and the State Administration of Foreign Exchange have clarified that funds raised from overseas listings can be repatriated in foreign currency or RMB [7] - The China Securities Regulatory Commission is taking strict measures against *ST Chang Pharmaceutical for serious financial fraud, proposing fines and initiating delisting procedures [7] Group 4 - The first batch of national-level zero-carbon parks has been announced, with 52 parks expected to generate a total output value of 3.54 trillion yuan [5] - The Ministry of Finance and other departments have issued guidelines to enhance the role of government financing guarantee systems in supporting labor-intensive small and micro enterprises [5] - The PBOC has included agricultural facilities and clearly owned livestock in the scope of agricultural rural mortgage financing to promote rural revitalization [5]

Group 1 - The A-share index increased from 3300 to 3900 points, a 20% overall rise, while many retail investors experienced account shrinkage, highlighting a disparity between the index bull market and retail bear market [1] - The National Social Security Fund (NSSF) successfully identified 59 stocks that doubled in value, with 16 stocks rising over 200%, and the highest increase reaching 430% [1] - NSSF's holdings include Yongding Co., which saw a 430% increase, and other stocks like Chaojie Co. and Beifang Changlong with increases of 370% and 325% respectively, demonstrating NSSF's strategic focus on high-growth sectors [1][2] Group 2 - NSSF's investment strategy is characterized by a balanced approach, combining high-growth sectors with low-valuation defensive stocks, as evidenced by their significant investments in consumer leaders like Chengde Lulu and Gu Yue Long Shan [5] - In the technology sector, NSSF maintained substantial positions in companies like Transsion Holdings and Yilian Network, with a total market value exceeding 46.9 billion yuan, marking a 61% increase from the previous year [7][6] - NSSF's recent investments include 63 new positions in listed companies, with a focus on resource sectors and high-end manufacturing, reflecting a proactive stance on economic trends [10] Group 3 - Yongding Co.'s surge is driven by AI computing power in optical communication and energy superconductivity, with significant orders from international clients [2] - Chaojie Co. capitalized on the commercial aerospace and humanoid robot sectors, holding over 40% market share in rocket body structures [4] - NSSF's long-term investment strategy is evident in its continuous holdings in companies like Hualu Hengsheng for over 51 quarters, allowing it to benefit from corporate growth over time [11]

Major Announcements - Daye Co., Ltd. states that its robotic tendon products are not yet in mass production and have not generated substantial revenue [9] - Shandong Road and Bridge's subsidiary won a construction project for the Yiyuan to Zoucheng expressway with a total bid price of approximately 94.02 billion yuan [14][15] - ST Chang Pharmaceutical's stock will be subject to a delisting risk warning starting December 29, 2025, due to negative net assets and false reporting in annual reports from 2021 to 2023 [8] Company Specific Updates - Yongding Co., Ltd. clarifies that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils; its revenue from related activities is less than 1% of total revenue and is currently unprofitable [1] - Reascend Technology reports that it has no current orders for high-silicon oxide fiber products, and future order acquisition is highly uncertain; revenue from aerospace-related products is only about 0.5% of total revenue [2] - China Duty Free Group's subsidiary won a bid for the Beijing Capital International Airport duty-free project with a guaranteed operating fee of 480 million yuan for the first year [3] - XWANDA's subsidiary is involved in a lawsuit with a claim amount of approximately 2.314 billion yuan related to quality issues in battery cells delivered between June 2021 and December 2023 [4] - Zhejiang Rongtai plans to establish a joint venture in Thailand with Weichuang Electric to develop mechatronic systems for smart robots [5] - Defu Technology extends the deadline for acquiring shares in a Luxembourg copper foil company to January 9, 2026 [6][7] - Xinke Mobile states that its revenue from satellite internet is minimal and does not significantly impact overall performance [10] - Daya Intelligent received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations [11] Investment and Financial Updates - Guangdong Construction's subsidiary signed a framework agreement for a green methanol project with an estimated total investment of about 6 billion yuan [13] - XCMG Machinery's controlling shareholder plans to increase its stake by no less than 80 million yuan [18] - ST Guohua's major shareholder increased its stake to 26% without triggering mandatory tender offer obligations [19] - ST Zhanggu's stock will resume trading on December 29, 2025, following a capital increase from a restructuring plan [20] - Tianchuang Fashion's controlling shareholder will change to Anhui Xianrui, with stock resuming trading on December 29, 2025 [21]

Group 1 - *ST Changyao received a warning for potential delisting due to three consecutive years of inflated revenue and profits, with a proposed fine of 10 million yuan for the company and 31 million yuan for 14 individuals involved [2] - Newquan Co. plans to issue H-shares and list on the Hong Kong Stock Exchange [3] - State Grid Yingda intends to sell 100% equity of Yingda Futures for 1.129 billion yuan [4] Group 2 - Baihua Pharmaceutical's controlling shareholders are planning a transfer of shares that may lead to a change in control, with trading suspension starting December 29 [5] - China Duty Free Group's subsidiary won a bid for the Beijing Capital International Airport duty-free project, with a guaranteed operating fee of 480 million yuan for the first year [6] - Yongding Co. clarified that it does not manufacture controlled nuclear fusion devices but provides materials for the magnetic coils, with minimal impact on its revenue [7] Group 3 - Zaiseng Technology reported no current orders for its high-silica fiber products, which have a negligible impact on overall revenue [8] - Hongxing Development announced the relocation and suspension of its subsidiary Dazuhongdie, with production equipment being transferred to another subsidiary [9] Group 4 - Meilixin received a supplier designation from a global commercial vehicle company, expecting total sales of approximately 640 million yuan over the next seven years [11] - Jianghe Group's subsidiary won a contract for a project worth about 112 million yuan, representing 0.5% of the company's projected revenue for 2024 [12] Group 5 - Xugong Machinery's controlling shareholder plans to increase its stake in the company by investing between 80 million and 160 million yuan [14] - Tengjing Technology's shareholder, Longyao Investment, intends to reduce its stake by up to 1.902% through block trading [15]

重要内容提示： 江苏永鼎股份有限公司（以下简称"公司"）股票于 2025 年 12 月 24 日、12 月 25 日、12 月 26 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。 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。 江苏永鼎股份有限公司 股票交易异常波动公告 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。 公司敬请广大投资者关注本公告正文第三部分提示的相关风险，理性决 策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 12 月 24 日、12 月 25 日、12 月 26 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。 二、公司关注并核实的相关情况 证券代码：600105 证券简称：永鼎股份 公告编号：临 2025-074 （一）生产经营情况 经公司自查，公司目 ...

Market Overview - The communication equipment sector experienced a decline of 0.68% on December 26, with Shijia Photon leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Notable gainers in the communication equipment sector included: - Tongyu Communication (002792) with a closing price of 42.00, up 10.01% [1] - Changjiang Communication (600345) at 36.00, up 9.99% [1] - Yongding Co. (600105) at 25.88, up 9.99% [1] - Conversely, significant decliners included: - Shijia Photon (688313) at 91.19, down 5.46% [2] - Wanlong Optoelectronics (300710) at 65.62, down 5.37% [2] - Lian Te Technology (301205) at 169.40, down 5.04% [2] Capital Flow - The communication equipment sector saw a net outflow of 5.757 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.965 billion yuan [2] - The capital flow for key stocks included: - Yongding Co. (600105) with a net inflow of 5.93 billion yuan from institutional investors [3] - Fenghuo Communication (600498) with a net inflow of 4.48 billion yuan [3] - Tongyu Communication (002792) with a net inflow of 1.55 billion yuan [3]