可控核聚变行业深度 聚变时代加速到来，Z 箍缩路线走进主流视野 2025 年 09 月 10 日 ➢ 可控核聚变时代加速到来，2030 年为商业化时期。可控核聚变因为原料丰 富、清节高效、安全性高等优势，被公认为人类的终极能源。但鉴于其技术要求 苛刻，给人遥不可及的感觉，业内曾戏称，核聚变距离商业实现永远有 50 年， 也就是"50 年悖论"。但 2025 年 7 月聚变工业协会（FIA）发布《2025 年全球聚 变行业》报告显示，过去 5 年全球聚变行业呈爆发式增长，总投资额从 2021 年 的 19 亿美元飙升至 97 亿美元，仅去年一年就新增 26 亿美元。这一增长态势， 充分彰显了投资者信心的成熟、聚变技术的突破以及供应链的快速整合。同时， 2030 年代被行业普遍视为聚变商业化关键期。 ➢ 惯性约束技术进展飞快，尤其是 Z 箍缩技术凭借安全性、经济性、持久性和 环境友好性等方面的优势表现亮眼。我国聚变技术过往以磁约束托卡马克为主， 惯性约束较少进入公众视野。但根据《2025 年全球聚变行业》数据显示，惯性 约束成为仅次于磁约束的技术路线，其中 Z 箍缩技术凭借安全性、经济性、持久 性和环境友好性等方 ...

证券之星消息，9月10日其他电子板块较上一交易日上涨0.26%，伊戈尔领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。其他电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001287 | 中电港 | 19.71 | -3.38% | 23.59万 | | 4.63亿 | | 688103 | 国力股份 | 65.40 | -3.10% | 1.57万 | | 1.04亿 | | 300131 | 英唐智控 | 10.03 | -2.62% | 71.72万 | | 7.31亿 | | 301328 | 维峰电子 | 48.20 | -2.21% | 2.23万 | | 1.09亿 | | 300650 | 太龙股份 | 15.63 | -1.94% | 6.72万 | | 1.06亿 | | 600353 | 旭光电子 | 16.80 | -1.93% | 38.30万 | | 6.54亿 | | ...

从资金流向上来看，当日其他电子板块主力资金净流入1416.97万元，游资资金净流出1.17亿元，散户资 金净流入1.03亿元。其他电子板块个股资金流向见下表： 证券之星消息，9月9日其他电子板块较上一交易日下跌0.82%，旭光电子领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。其他电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300475 | 香农芯创 | 53.50 | 6.09% | 57.22万 | | 30.12亿 | | 000062 | 深圳华强 | 30.69 | 3.72% | 45.39万 | | 13.76亿 | | 300184 | 力源信息 | 11.43 | 1.06% | 75.40万 | | 8.61亿 | | 002388 | ST新亚 | 5.34 | 0.75% | 16.26万 | | 8598.21万 | | 301328 | 维修电子 | 49.29 | ...

9月9日，旭光电子跌5.02%，截至发稿，报17.20元/股，成交6.24亿元，换手率4.28%，总市值142.76亿 元。 李严累计任职时间1年260天，现任基金资产总规模126.11亿元，任职期间最佳基金回报60.46%， 任职 期间最差基金回报14.52%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 平安中证2000增强策略ETF（159556）成立日期2023年12月27日，最新规模2872.67万。今年以来收益 26.86%，同类排名1520/4222；近一年收益66.16%，同类排名1224/3798；成立以来收益17.19%。 平安中证2000增强策略ETF（159556）基金经理为俞瑶、李严。 截至发稿，俞瑶累计任职时间3年311天，现任基金资产总规模1.31亿元，任职期间最佳基金回报 15.69%， 任职期间最差基金回报-20.06%。 资料显示，成都旭光电子股份有限公司位于四川省成都市新都区新工大道318号，成立日期1994年 ...

Group 1 - The stock price of Xuguang Electronics dropped by 2.03% on September 4, reaching 18.31 CNY per share, with a trading volume of 291 million CNY and a market capitalization of 15.197 billion CNY [1] - Year-to-date, the stock price has increased by 155.73%, with a 3.39% rise over the last five trading days, 30.88% over the last 20 days, and 39.03% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on June 13, where it recorded a net purchase of 58.3767 million CNY [1] Group 2 - Xuguang Electronics, established on February 28, 1994, and listed on November 20, 2002, is located in Chengdu, Sichuan Province, and specializes in metal ceramic vacuum devices, high and low voltage power distribution equipment, and optoelectronic devices [2] - The main revenue sources include vacuum arc extinguishing chambers (44.56%), aerospace (13.28%), and smart embedded computers (8.63%) [2] - As of June 30, 2025, the company reported a revenue of 784 million CNY, a year-on-year increase of 0.47%, and a net profit of 63.8403 million CNY, up 13.52% year-on-year [2] Group 3 - Xuguang Electronics has distributed a total of 327 million CNY in dividends since its A-share listing, with 83.0442 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Huaxia High-end Manufacturing Mixed A, which increased its holdings by 3.5783 million shares to 5.806 million shares [3]

Core Viewpoint - The performance of the Zhongzheng 2000 ETF Enhanced (159556) has shown a decline of 2.20% as of the midday close on September 2, with a trading volume of 2.0863 million yuan [1] Group 1: Fund Performance - The Zhongzheng 2000 ETF Enhanced (159556) has a performance benchmark based on the Zhongzheng 2000 Index return [1] - Since its establishment on December 27, 2023, the fund has achieved a return of 18.85% [1] - The fund's return over the past month is reported at 9.45% [1] Group 2: Major Holdings - Major stocks in the fund include: - Zhenhua New Materials, down 1.72% - Hengbao Co., down 8.57% - Yongding Co., down 6.21% - Yong'an Pharmaceutical, down 2.03% - Xuguang Electronics, down 1.07% - Zhongke Technology, down 1.89% - Juguang Technology, down 3.61% - Huitong Energy, down 2.42% - Xinke Materials, down 2.41% - Batian Co., down 3.71% [1]

Company Performance - The stock price of Xuguang Electronics has reached a historical high, with the stock increasing by 8.74% to 21.40 yuan, and a total trading volume of 21.58 million shares, amounting to 449 million yuan in transaction value [2] - The company reported a revenue of 784 million yuan for the first half of the year, representing a year-on-year growth of 0.47%, and a net profit of 63.84 million yuan, which is a 13.52% increase year-on-year [2] Industry Overview - The overall electronic industry has seen a slight increase of 0.38%, with 103 stocks rising, including notable performers such as Chengdu Huamei, Saiwei Electronics, and Liyang Chip, which rose by 16.25%, 11.48%, and 10.12% respectively [2] - Conversely, 374 stocks in the industry experienced declines, with the largest drops seen in Aibisen, Huahong Company, and Longyang Electronics, which fell by 7.09%, 6.57%, and 5.04% respectively [2] Financing Data - As of September 1, the margin trading balance for Xuguang Electronics was 548 million yuan, with a financing balance of 548 million yuan, reflecting a decrease of 177 million yuan over the past 10 days, a decline of 24.45% [2]

Core Insights - The controlled nuclear fusion technology landscape is diversifying, with significant developments in magnetic confinement, Z-pinch, and FRC technologies [1][2] - Current nuclear fusion projects are primarily funded by public capital, while planned projects are increasingly driven by private investment, indicating a shift towards a more varied technological approach [2] - Major tech companies like Google, Amazon, and Microsoft are actively investing in nuclear fusion companies, highlighting the growing interest and competition in the global fusion race [1][2] Group 1: Technological Developments - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [3] - The performance of Tokamak devices is significantly influenced by the strength of the toroidal magnetic field, with a theoretical increase in fusion power by an order of magnitude for every 1.8 times increase in magnetic field strength [3] - The emergence of new fusion companies utilizing high-temperature superconducting solutions, such as CFS and TokamakEnergy, indicates a shift in technological capabilities [3] Group 2: Investment and Market Dynamics - The domestic Z-pinch hybrid reactor is anticipated to accelerate its development, with significant private capital interest in FRC devices [4] - Helion's FRC device has seen substantial funding, totaling approximately $96 million from 2021 to the first half of 2025, indicating strong investor confidence [4] - The potential for commercial nuclear fusion plants could lead to annual investments reaching several hundred billion yuan if successful [2] Group 3: Industry Growth and Opportunities - The controlled nuclear fusion industry is entering a rapid incubation phase, moving towards commercialization [5] - Increased technological advancements and funding are driving the industry forward, creating investment opportunities in upstream equipment and materials [6] - Key beneficiaries of this growth include companies involved in superconducting materials, vacuum chambers, power systems, and detection equipment [6]

Core Viewpoint - As of August 27, 2025, 30 institutional investors hold a total of 393 million shares of Xuguang Electronics (600353.SH), representing 47.31% of the company's total equity, indicating strong institutional interest in the company [1] Institutional Holdings - The top ten institutional investors collectively own 46.29% of Xuguang Electronics, with a 2.34 percentage point increase compared to the previous quarter [1] - Notable top investors include New Group Limited, Chengdu Xintianyi Investment Co., Ltd., and China International Capital Corporation [1] Public Fund Activity - One public fund, Huaxia High-end Manufacturing Mixed A, increased its holdings, accounting for a 0.43% rise [1] - Two new public funds disclosed their holdings this quarter: Galaxy Core Advantage Mixed A and Ping An CSI 2000 Enhanced Strategy ETF [1]

Core Insights - The company reported a main revenue of 784 million yuan for the first half of 2025, reflecting a year-on-year increase of 0.47% [1] - The net profit attributable to shareholders reached 63.84 million yuan, up 13.52% year-on-year [1] - The non-recurring net profit was 60.26 million yuan, showing a significant increase of 21.94% year-on-year [1] Financial Performance - In Q2 2025, the company achieved a single-quarter main revenue of 441 million yuan, which is a 12.11% increase compared to the same quarter last year [1] - The single-quarter net profit attributable to shareholders for Q2 2025 was 33.70 million yuan, marking an 8.77% year-on-year growth [1] - The single-quarter non-recurring net profit for Q2 2025 was 32.62 million yuan, up 12.32% year-on-year [1] Profitability and Efficiency - The company's debt ratio stands at 43.13% [1] - Investment income recorded a loss of 2.89 million yuan [1] - Financial expenses amounted to 5.67 million yuan [1] - The gross profit margin is reported at 23.09%, reflecting a year-on-year increase of 1.11% [6] Earnings Metrics - Return on equity (ROE) is at 3.47%, which is an increase of 9.46% year-on-year [6] - Earnings per share (EPS) is 0.08 yuan, up 13.58% year-on-year [6] - The operating cash flow per share is 0.07 yuan, showing a remarkable increase of 985.49% year-on-year [6]