Core Viewpoint - The recent public fund reports reveal that high-performing funds have achieved impressive returns by focusing on sectors like innovative pharmaceuticals and new consumption, while also highlighting a trend towards thematic funds targeting niche markets [1][2][5]. Fund Performance and Holdings - High-performing funds have seen significant returns, with the Changcheng Pharmaceutical Industry Fund achieving a return rate of 102.52% this year, driven primarily by its focus on innovative pharmaceuticals [2]. - Many top-performing funds in the first half of the year are pharmaceutical-themed, including Zhongyin Hong Kong Stock Connect Pharmaceutical and Huashan Pharmaceutical Biotechnology [2][3]. - The top holdings of several funds have shifted towards technology and pharmaceuticals, with notable new additions like Zhongji Xuchuang and Xin Yisheng in the top ten holdings of the China Europe Digital Economy Mixed Fund [3]. Thematic Funds and Sector Focus - Some actively managed funds have undergone significant portfolio changes, with a complete overhaul of their top holdings to focus on emerging sectors like robotics and short dramas [4]. - The Tongtai Industry Upgrade Mixed Fund increased its stock position from 30% to 90% and shifted its focus to robotics, while the Tongtai Huile Mixed Fund transitioned to short drama and gaming stocks [4]. - Fund companies are launching numerous thematic products targeting specific high-growth sectors, such as controllable nuclear fusion and deep-sea technology, indicating a trend towards specialized investment strategies [5]. Market Outlook - Fund managers maintain a positive outlook for the equity market in the third quarter, with confidence in the performance of related sectors [6]. - The Changcheng Pharmaceutical Industry Fund manager anticipates growth in innovative pharmaceuticals driven by overseas licensing and domestic sales, while the Tongtai Industry Upgrade Fund manager expects significant opportunities in the robotics sector due to increased production and technological advancements [6].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].

| 中 | 股份中 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | (万股) | | 例（%） | | 押数量 | | 比例 | | 比例 | | | | | | | | | | 数量 | | | | 限售股 | 冻结股 | | 限售 | | 股 | 冻结股 | | | (万股) | | (%) | (%) | | | | | | | | | | | | (万股) | | | | 份数量 | 份数量 | | 份数 | | 量 | 份数量 | | | | | | | | | | | | | 新的 | | | | | | | | | | | | | | 集团 | | | | | | | | | | | | | | 有限 | | | | | | | | | | | | | | 公司 | | | | | | | | | | | | | | 合计 | 23,276.1142 | 28.04 | | 9,972.2306 | 5914 | 25.41 ...

证券代码：600353 证券简称：旭光电子 公告编号：2025-034 成都旭光电子股份有限公司 关于控股股东部分股票解除质押及质押的公告 重要内容提示： ●截至公告披露日，新的集团有限公司（简称"新的集团"）持有成都旭光 电子股份有限公司（简称"公司"或"本公司"）股份232,761,142股，占本公 司总股本的28.04%，新的集团累计质押公司股份数量为59,140,000股，占其所持 股份数的25.41%，占公司总股本的7.13%。 公司于 2025 年 7 月 9 日接到控股股东关于部分股票解除质押及质押的通知， 具体情况如下： 一、上市公司股份解除质押的情况 1、提前解除 2025 年 7 月 13 日到期的 1,694.9153 万股情况 | 股东名称 | 新的集团有限公司 | | --- | --- | | 本次解质（解冻）股份 | 16,949,153 股 | | 占其所持股份比例 | 7.28% | | 占公司总股本比例 | 2.04% | | 解质（解冻）时间 | 2025 年 7 月 4 日 | | 持股数量 | 232,761,142 股 | | 持股比例 | 28.04% | | 剩 ...

Core Viewpoint - The A-share market has seen a significant rise in military stocks, with multiple companies reaching their daily limit up, indicating strong investor interest and potential growth in the defense sector [1][2]. Group 1: Stock Performance - Companies such as Youyan Powder Materials, Changchun Yidong, Xuguang Electronics, and Julisi have all hit the daily limit up, showcasing a robust performance in the military sector [1]. - Notable stock increases include: - Youyan Powder Materials: up 10.10%, market cap of 4.146 billion [2] - Changchun Yidong: up 10.02%, market cap of 3.544 billion [2] - Xuguang Electronics: up 9.99%, market cap of 11.5 billion [2] - Julisi: up 9.99%, market cap of 7.718 billion [2] - Other companies like Jialiqi and Jingpin Special Equipment also saw increases exceeding 9% [1]. Group 2: Market Context - There are reports of discussions between some countries and China regarding weapon procurement plans, including the J-10 fighter jet, which may further stimulate the military stock market [2]. - The Ministry of Defense has expressed a cautious and responsible attitude towards military exports, indicating a willingness to share China's defense technology with friendly nations [2].

Group 1 - CPO concept stocks experienced a significant upward trend, with Xuguang Electronics (600353) hitting the daily limit increase [1] - Huagong Technology (000988), Dongshan Precision (002384), Dongtian Micro (301183), and Shengyi Technology (600183) also saw gains [1]

证券代码：600353 证券简称：旭光电子 公告编号：2025-032 成都旭光电子股份有限公司 关于抵押不动产为项目贷款提供担保的公告 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。 重要内容提示： ●成都旭光电子股份有限公司（简称"公司"或"本公司"）以自有的成都 市新都区普河路1088号的不动产（土地及房屋）抵押，为公司向中信银行申请的 项目贷款27,900万元提供担保。 ●本议案尚需提请股东大会审议。 一、概述 （一）基本情况 公司于 2025 年 4 月 28 日召开了第十一届董事会第八次会议及 5 月 15 日召 开的 2025 年第一次临时股东大会，审议通过了《关于投资建设高压真空灭弧室 产业化（一期）项目的议案》，同意公司投资不超过 3.55 亿元建设高压真空灭 弧室产业化（一期）项目，资金来源于自有资金和银行贷款。为满足项目资金的 需求，公司向中信银行申请项目贷款 27,900 万元，以自有的成都市新都区普河 路 1088 号的不动产（土地及房屋）为本次项目贷款提供担保。 （二）审议程序 2025 年 ...

(四)现场会议召开的日期、时间和地点 证券代码：600353 证券简称：旭光电子 公告编号：2025-033 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 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： 一、 召开会议的基本情况 召开的日期时间：2025 年 7 月 29 日 14 点 30 分 召开地点：成都市新都区新工大道 318 号旭光电子办公楼三楼会议室 股东大会召开日期：2025年7月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 29 日 至2025 年 7 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开 ...

证券代码：600353 证券简称：旭光电子 公告编号：2025-031 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 （三）本次董事会会议于 2025 年 7 月 7 日以现场及通讯表决方式在成都旭光电 子股份有限公司（以下简称"公司"）办公楼三楼会议室召开。 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。 一、董事会会议召开情况 （四）本次董事会会议应到董事 9 人，实到董事 9 人。 （五）本次会议由刘卫东董事长主持，公司监事、高级管理人员列席了会议。 二、董事会会议审议情况 （一）关于抵押不动产为项目贷款提供担保的议案 （一）本次董事会会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 9 票赞成、0 票反对、0 票弃权通过《关于抵押不动产为项目贷款提供担保的议 案》。具体内容见公司同日在上海证券报、证券日报、上海证券交易所网站披露的《关 于抵押不动产为项目贷款提供担保的公告》（编号：2025-032）。 （二）本次董事会会议通知和材料于 2025 年 7 月 1 日以电子邮件、传真、 ...

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder of Chengdu Xuguang Electronics Co., Ltd., indicating a significant portion of shares is pledged while also highlighting the company's financial stability and risk management measures [2][3]. Group 1: Shareholding and Pledge Details - As of the announcement date, New Group holds 232,761,142 shares of Chengdu Xuguang Electronics, accounting for 28.04% of the total share capital [2]. - New Group has pledged a total of 99,722,306 shares, which represents 42.84% of its holdings and 12.02% of the company's total share capital [2]. - The company received notifications regarding the early release of several tranches of pledged shares, including 12.2052 million shares and 4.743953 million shares, among others [2]. Group 2: Financial Stability and Risk Management - New Group is reported to have a good credit status and sufficient debt repayment capability, with repayment sources including operational cash flow and bank financing [3]. - The company has outlined that any potential pledge risks are manageable, and in case of margin call risks, New Group will take measures such as additional pledges, margin increases, or early repayments [3]. - The company commits to timely information disclosure based on the actual situation of share pledges [3].