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]

research.95579.com 1 行业研究丨深度报告丨电气设备 [Table_Title] 核聚变加速发展，配套电源迎来新机遇 %% %% %% %% 丨证券研究报告丨 报告要点 [Table_Summary] 近期核聚变得到了资本市场的高度关注，一方面是核聚变技术取得了突破，另一方面是行业资 本支出大幅增长。世界主要国家出台了支持政策，社会资本大量涌入，核聚变发展有望迎来拐 点。电源设备价值量占比高，而且技术壁垒突出。其中，磁体电源参数高，变流器是核心设备； 辅助加热系统分为四类，PSM 电源是主流路线。相关企业率先开展配套电源研发，并且中标大 科学工程采购项目，已经初步建立起护城河，有望充分受益于核聚变景气赛道。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BVD284 王耀 申浩树 SAC：S0490524120006 SAC：S0490525060004 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% re ...

旭光电子 20250718 摘要 旭光电子真空灭弧室业务稳定增长，受益于输配电领域需求，并在 126 千伏及以上高压等级产品上取得突破，预计国内市场需求达 2000 亿元， 公司投资 3.5 亿元启动一期项目以替代传统硫化技术。 军工业务通过内生和外延拓展，构建软硬一体化产品布局，近年来保持 20%-30%稳健增长，预计 2025 年增量超 30%，形成从芯片到成套设 备的国产化体系，涵盖弹药点火装置、雷达引爆电子对抗等领域。 电子材料业务聚焦陶瓷金属化技术，攻克氮化铝材料难题，2024 年氮 化铝粉体年产能达 500 吨，制品端通过客户验证并部分实现主供， 2025 年为该业务放量拐点，未来几年预计成倍增长。 核聚变领域，大功率电子管性能参数达国际先进水平，与法国泰勒兹共 同占据全球市场，前期出口德国用于通快激光切割，国内应用于大功率 广播等，并积极拓展核聚变和 EUV 光刻机等前沿应用。 新型电力成套设备业务受益于国家对新型电力推进，柔直技术相关旁路 开关和快速机械开关迎来高速增长期，公司与国内交流为主的客户避免 冲突，专注技术创新。 Q&A 旭光电子的主要业务板块有哪些？各自的发展情况如何？ 旭光电子目 ...

Core Viewpoint - Chengdu Xuguang Electronics Co., Ltd. is holding its second extraordinary general meeting of shareholders in 2025 to discuss key matters including a project loan secured by real estate [2][3]. Group 1: Meeting Details - The second extraordinary general meeting of shareholders is scheduled for July 29, 2025, at 14:30, with both on-site and online voting options available [3]. - The meeting will be presided over by the chairman, and the voting will combine results from both on-site and online platforms [3]. - Shareholders must register in advance to speak, with each speaker limited to five minutes [2][3]. Group 2: Loan and Project Details - The company plans to invest up to 355 million yuan in the first phase of the high-voltage vacuum extinguishing chamber industrialization project, funded through self-owned funds and bank loans [3][5]. - A loan of 279 million yuan has been applied for from CITIC Bank, secured by the company's real estate located at 1088 Puhua Road, Xindu District, Chengdu [3][5]. - The loan interest rate will be adjusted every three months based on the loan market quotation rate [3][5]. Group 3: Impact on the Company - The project loan is expected to align with the company's development interests, and the company currently has a good overall operating condition and debt repayment capability [5]. - The loan will not significantly impact the company's current profits or pose major financial risks [5].

2025 年 7 月 旭光电子 2025 年第二次临时股东大会会议资料 成都旭光电子股份有限公司股东大会 会议须知 为了保障公司股东的利益，确保公司2025年第二次临时股东大会的正常有序 召开，根据《公司法》、《上市公司股东大会规则》等法律法规和《公司章程》 等相关规定，现就会议须知通知如下： 一、公司证券投资部具体负责股东大会有关程序和秩序方面的事宜。 二、董事会在股东大会召开过程中，应当认真履行法定职责，维护股东合法 权益。 三、股东参加股东大会，依法享有《公司章程》规定的各项权利，并认真履 行法定义务，确保会议正常进行。 成都旭光电子股份有限公司 2025年第二次临时股东大会会议资料 四、与会人员应听从大会工作人员指引，遵守会议规则，维护会议秩序。 五、拟发言股东须在会议召开以前在会议秘书处办理发言登记手续，由会议 主持人根据会议程序和时间条件按照登记顺序安排发言。每位发言人发言不超过 五分钟，发言主题应与本次股东大会的表决事项相关。 六、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或代理人） 的合法权益，除出席会议的股东（或代理人）、公司董事、监事、董事会秘书、 高级管理人员、见证律师及董事会 ...

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 ...