Group 1 - The core point of the article is that Xuguang Electronics announced the approval of a proposal to use real estate as collateral for project loans during its second extraordinary general meeting of shareholders in 2025 [2] Group 2 - The company held its second extraordinary general meeting of shareholders on July 29 [2] - The proposal regarding the mortgage of real estate for project loan guarantees was successfully passed [2]

证券代码：600353 证券简称：旭光电子 公告编号：2025-035 成都旭光电子股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 07 月 29 日 (二)股东大会召开的地点：成都市新都区新工大道 318 号旭光电子办公楼三楼会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 934 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 355,318,722 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.8107 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长刘卫东主持会议，采用现场记名投 票和网络投票相结合，表决方式符合《公司法》及《公司章 ...

北京市天元（成都）律师事务所 关于成都旭光电子股份有限公司 2025 年第二次临时股东大会的法律意见 致：成都旭光电子股份有限公司 成都旭光电子股份有限公司（以下简称"公司"）2025 年第二次临时股东大 会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会 议于 2025 年 7 月 29 日（星期二）14:30 于四川省成都市新都区新工大道 318 号旭 光电子办公楼三楼会议室召开。北京市天元（成都）律师事务所（以下简称"本所"） 接受公司聘任，指派律师参加本次股东大会现场会议，并根据《中华人民共和国公 司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）以及《成都旭光电子股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、 出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法 律意见。 为出具本法律意见，本所律师审查了《成都旭光电子股份有限公司第十一届董 事会第十次会议决议公告》《成都旭光电子股份有限公司关于召开 2025 年第二次 临时股东大会的通知》（以下简称" ...

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

Group 1 - The lithography machine concept sector rose by 2.79%, ranking second in concept sector gains, with 31 stocks increasing in value, including Zhangjiang Hi-Tech and Haili Shares hitting the daily limit, while Maolai Optics, Meiyetech, and Hongtian Shares saw significant increases of 11.18%, 9.10%, and 6.30% respectively [1] - The main capital inflow into the lithography machine concept sector was 587 million yuan, with 15 stocks receiving net inflows, and 9 stocks seeing inflows exceeding 10 million yuan, led by Zhangjiang Hi-Tech with a net inflow of 743 million yuan [2][3] - The top stocks by net inflow ratio included Zhangjiang Hi-Tech at 19.13%, Guolin Technology at 9.58%, and *ST He at 8.12% [3][4] Group 2 - The top gainers in the lithography machine concept included Zhangjiang Hi-Tech with a 10.00% increase, Haili Shares at 9.99%, and Blue Eagle Equipment at 5.59% [3][4] - The stocks with the largest declines included Xuguang Electronics down by 2.75%, Dazhu Laser down by 1.67%, and Zhongci Electronics down by 1.36% [5] - The trading volume and turnover rates for the top stocks indicated significant activity, with Zhangjiang Hi-Tech having a turnover rate of 8.56% and Haili Shares at 22.03% [3][4]

Summary of Key Points from the Conference Call of Xuguang Electronics Industry and Company Overview - **Company**: Xuguang Electronics - **Industry**: Power Equipment, Military, and Aluminum Nitride Materials Core Insights and Arguments - **Product Value Enhancement**: Xuguang Electronics enhances product value through processes like pyrolytic graphite sedimentation and laser precision processing, particularly in the controllable nuclear fusion sector, collaborating on vacuum switches with enterprises, leading to rapid iteration and high value proportion [2][3] - **Power Equipment Business Growth**: The power equipment segment is a major revenue source, with an expected CAGR of approximately 10% from 2024 to 2027, contributing around 50% to total revenue. The company has successfully tested and launched a 126 kW vacuum circuit breaker and completed major tests for 145 kW and 252 kW products, winning a bid for the Southern Power Grid project [2][4][5] - **Military Business Expansion**: The military segment has shown an average growth rate of about 20% over the past three years, with future growth expected to reach 20%-30%, contributing approximately 23% to total revenue by 2024. The company is strategically positioned in the missile-based ship sector [2][6][10] - **Aluminum Nitride Materials Growth**: This emerging segment benefits from domestic substitution policies, with increasing production capacity. It is anticipated to become a significant growth driver in the coming years, contributing notably to overall performance [2][7][12] - **Strategic Acquisitions**: Xuguang Electronics has completed a triad layout in power equipment, military, and aluminum nitride through acquisitions of Xuci New Materials and Yige Machinery, leading to a decline in traditional vacuum device contributions while military and aluminum nitride sectors gain momentum [2][8] Additional Important Insights - **Market Trends for Vacuum Circuit Breakers**: The growth of the vacuum circuit breaker market is closely tied to electricity demand and grid investment, with a projected CAGR of 10% over the next five years. The domestic market is highly concentrated, with major players including Xuguang Electronics and Baoguang [2][9] - **Revenue and Profit Forecast**: Future revenue projections are 1.9 billion, 2.4 billion, and 3.0 billion RMB for the next three years, with profits of 170 million, 210 million, and 270 million RMB respectively. The company is expected to maintain robust growth in its main business while also benefiting from emerging sectors [2][14] - **Technological Advancements in Aluminum Nitride**: The company has achieved significant breakthroughs, including the successful production of the first domestic high-temperature continuous sintering furnace for aluminum nitride powder, which reduces costs and improves production consistency. New high-performance substrates have also been developed for various applications [2][13] This summary encapsulates the key points from the conference call, highlighting the strategic positioning and growth prospects of Xuguang Electronics across its various business segments.

Investment Rating - The report suggests a positive outlook for the controllable nuclear fusion industry, particularly focusing on the FRC (Field-reversed Configuration) technology path, which is expected to lead to commercial viability sooner than other methods [5][10]. Core Insights - FRC technology is highlighted as a "dark horse" in the nuclear fusion sector due to its simpler structure and lower costs, making it more likely to achieve commercialization first [10][13]. - The report emphasizes the importance of semiconductor switches in the power systems of FRC devices, which are crucial for stable operation and energy recovery [5][31]. - Investment opportunities are identified in companies that are leading in technology and have established core customer relationships, particularly in the context of the rising domestic fusion industry [7][14]. Summary by Sections Short-term Opportunities - Domestic startups like Nova Fusion, Xingneng Xuanguang, and Hanhai Fusion are rapidly emerging, increasing investment demand for core components such as vacuum switches and capacitors [7]. - Key companies benefiting from this trend include Xuguang Electronics, Guoguang Electric, Wangzi New Materials, and Shengye Electric [7]. Long-term Prospects - Helion is projected to be the first company to achieve commercial fusion power sales, with plans to provide 50MW of fusion power to Microsoft by 2028 [7]. - Helion's technology combines FRC with a magnetic energy recovery system, enhancing efficiency and reducing costs [7]. - The report notes that semiconductor switches are expected to have a longer lifespan and higher reliability, making them essential for large drivers in the future [7][35]. Industry Trends - The report discusses the increasing number of startups focusing on FRC technology, indicating a growing market interest and investment [14]. - The semiconductor switch technology is identified as a key trend for large driver applications, with advantages over traditional gas switches [35][37]. Relevant Companies - Sijingt Technology (0580.HK) has secured orders for pulse power switches from TAE, a leading US fusion company, indicating its strong position in the market [39][42]. - Hongwei Technology is recognized as a leading domestic semiconductor power device company, with expectations of turning profitable by 2025 [53]. - Xuguang Electronics is noted for its strategic partnership with Hanhai Fusion, enhancing its position in the nuclear fusion sector [57].

Core Viewpoint - China's investment in controllable nuclear fusion projects has reached a total scale of 136.2 billion yuan, with the next 3-5 years being a critical bidding window for infrastructure construction [1][7]. Group 1: Investment Background - As of July 22, 2025, China Nuclear Power (601985.SH) announced a planned investment of 1 billion yuan to acquire a 6.65% stake in China Fusion Energy Co., marking an acceleration in the commercialization of nuclear fusion in China [4][7]. - Zhejiang Energy Power (600023.SH) also announced an investment of 751 million yuan for a 5% stake in the same company, further indicating the momentum in the nuclear fusion sector [4][13]. - Currently, there are 14 major controllable nuclear fusion projects under construction in China, with a total investment scale of 136.2 billion yuan [1][7]. Group 2: Key Participants - China Nuclear Power is a core participant, investing 1 billion yuan and holding a 6.65% stake in China Fusion Energy Co., which is under the China National Nuclear Corporation [11][12]. - Zhejiang Energy Power, as a traditional power enterprise, is leveraging its background to promote the commercialization of fusion technology through its 751 million yuan investment [14]. - West Superconducting Technologies (688122) is the only domestic supplier of low-temperature superconducting wire for the ITER project, breaking international monopolies in this technology [15][16]. Group 3: Strategic Significance - The investments by state-owned enterprises respond to national strategic requirements for future industries and aim to solidify their core positions in the nuclear fusion sector [12][14]. - The focus on nuclear fusion aligns with the country's energy transition goals, emphasizing the importance of clean energy development [14].

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]