Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Nuclear fusion is considered one of humanity's ultimate energy solutions, currently in the engineering verification stage, characterized by its infinite resources, high energy density, safety, and cleanliness [1][15] - The D-T (deuterium-tritium) reaction is the most feasible fusion reaction on Earth, with global research primarily focused on magnetic confinement fusion and inertial confinement fusion technologies [2][22] - The global fusion industry is experiencing active financing, with a total of $9.766 billion raised by 2025, and 78% of companies expect to have their first commercial demonstration plant operational between 2030 and 2035 [3][4] Summary by Sections 1. Transition from Laboratory to Engineering in Controlled Nuclear Fusion - Controlled nuclear fusion is viewed as the ultimate energy solution, with characteristics such as infinite resources, high energy density, safety, and cleanliness [1][15] - Achieving fusion ignition requires meeting the Lawson criteria, with energy balance being a crucial indicator for commercial viability [17][20] - The main technical paths for achieving fusion include magnetic confinement and inertial confinement [25] 2. Magnetic Confinement Fusion: Tokamak as the Main Pathway - The Tokamak is recognized as the most promising method for achieving controlled nuclear fusion, with ITER being the largest experimental Tokamak reactor [27][29] - The core components of the Tokamak include superconducting magnet systems, vacuum chambers, and blanket systems, which are critical for maintaining plasma stability and achieving fusion [42][43] 3. Global Acceleration of Nuclear Fusion Commercialization - The fusion industry is seeing a surge in financing, with a total of $9.766 billion raised by 2025, and a fivefold increase in new financing from 2024 to 2025 [3][4] - In China, a dual-driven model involving state-owned enterprises and private companies is emerging, with significant milestones such as the establishment of China Fusion Energy Co., which is pivotal for commercialization [3][4][11] 4. Investment Recommendations - Focus on companies involved in materials and equipment manufacturing that have received validation or orders from large scientific installations in the short term [11] - Long-term attention should be directed towards operational companies in the fusion energy sector [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Shanghai Minhang District has accelerated the commercialization of fusion energy, establishing a comprehensive industrial ecosystem that includes R&D, manufacturing, and services [1] - The industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing power demand from AI computing and the growing importance of controlled nuclear fusion as a "ultimate energy" source [2] - The global nuclear fusion equipment market is projected to reach an average annual scale of 266 billion yuan by 2035 [2] Summary by Sections Industry Development - The Shanghai government has identified fusion energy as one of the four key future energy developments, focusing on a three-step development approach: pilot experimental reactors, demonstration reactors, and commercial reactors [1] - The industry aims to create a complete ecosystem that includes core R&D, supporting manufacturing, and service support, while encouraging the application of fusion technology in fields such as healthcare, new materials, and high-end equipment [1] Market Outlook - The industry is expected to see a surge in orders for upstream materials and midstream core equipment suppliers as it moves into the "engineering feasibility verification" stage [2] - Multiple technical paths are being explored, with magnetic confinement and inertial confinement technologies advancing simultaneously [2] Investment Focus - Investment strategies should focus on high-value segments of the Tokamak device cost structure, with significant cost components including the magnetic system (28%), vacuum chamber components (17%), and power supply (8%) [3] - Key "chain leader" companies in the nuclear fusion sector include China Fusion Energy Company and Jiangxi Fusion New Energy, with major devices such as HL-3, HL-4, and Spark One [3] - Midstream equipment companies to watch include Lianchuang Optoelectronics, Xuguang Electronics, and others [4][5]

证券代码：600363 证券简称：联创光电 编号：2026-012 1 本次授信金额：江西联创光电科技股份有限公司（以下简称"公司"）及子公 司拟向上海银行股份有限公司浦东分行申请增加人民币 2 亿元（敞口类额度） 银行综合授信额度。 审议程序：公司于 2026 年 3 月 16 日召开第九届董事会第二次临时会议，审 议通过了关于《公司增加 2025 年度银行综合授信额度》的议案，该议案在 董事会审议范围内，无需提交公司股东会审议。 | 5 | 中国光大银行股份有限公司南昌分行 | 70,000 | | 70,000 | | --- | --- | --- | --- | --- | | 6 | 上海浦东发展银行股份有限公司南昌分行 | 30,000 | | 30,000 | | 7 | 中国民生银行股份有限公司南昌分行 | 20,000 | | 20,000 | | 8 | 兴业银行股份有限公司南昌分行 | 30,000 | | 30,000 | | 9 | 中国邮政储蓄银行股份有限公司南昌市分行 | 15,000 | | 15,000 | | 10 | 平安银行股份有限公司南昌分行 | 10,000 | ...

证券代码：600363 证券简称：联创光电 公告编号：2026-011 江西联创光电科技股份有限公司 关于控股子公司回购公司所持其部分股份用于 股权激励及公司签署《一致行动协议》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法律责任。 重要内容提示： 江西联创光电科技股份有限公司（以下简称"公司"或"联创光电"）控股 子公司厦门华联电子股份有限公司（以下简称"华联电子"）拟以自有或自筹资金 16,699.10 万元为对价回购公司所持的 2,585 万股股份（占华联电子总股份 19.9938%）专项用于员工股权激励计划（以下简称"本次股权激励"）。本次股权 激励对象为在华联电子技术、研发、销售、生产、质量、管理条线等副总监级以 上管理层及更前沿高端应用领域中高级经理核心骨干人员，不含公司或公司控股 股东江西省电子集团有限公司（以下简称"电子集团"）的董事、监事和高级管 理人员。 华联电子拟将本次交易回购的 2,585 万股股份分批次于 2026 年 6 月 30 日之前全部授予给已成立的两个员工持股平台厦门华轩投资合伙企业（有限合 ...

证券代码：600363 证券简称：联创光电 编号：2026-010 江西联创光电科技股份有限公司 第九届董事会第二次临时会议决议公告 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个别及连带责任。 一、董事会会议召开情况 2026 年 3 月 13 日，江西联创光电科技股份有限公司（以下简称"公司"）以 书面形式发出《关于召开第九届董事会第二次临时会议的通知和材料》，并以邮 件、直接呈送等方式送达各位董事和高级管理人员。 本议案已经公司第九届董事会战略与可持续发展委员会第一次临时会议审 议通过。 2、审议通过了关于《厦门华联电子股份有限公司实施股权激励》的议案 华联电子拟将本次交易回购的 2,585 万股股份通过已成立的两个员工持股平 台厦门华轩投资合伙企业（有限合伙）（以下简称"华轩投资"）、厦门华炬投资 合伙企业（有限合伙）（以下简称"华炬投资"）实施本次股权激励。首批授予华 轩投资 1,292.50 万股；第二批授予华炬投资 800.00 万股；第三批授予华炬投资 492.50 万股。第三批授予将于 2026 年 6 月 30 日 ...

Investment Rating - The report suggests a focus on key manufacturers in the controllable nuclear fusion sector, particularly in components such as magnets, power supplies, and other subsystems [6][26]. Core Insights - The demand for procurement in the nuclear fusion sector is increasing, with significant bidding activity observed in components like magnets and power supplies, leading to a notable acceleration in industry contracts [4][26]. - China has joined the "Triple Nuclear Energy Declaration," which aims to triple global nuclear energy capacity by 2050, enhancing the momentum for sustainable nuclear energy development [2][13]. - Recent breakthroughs in superconductivity, achieving a transition temperature of 151K under normal pressure, could significantly impact the efficiency and cost of fusion reactors [12][17]. - The European Union has announced a new strategy for small modular reactors (SMRs) with a €200 million guarantee fund to support nuclear energy projects, addressing the strategic importance of nuclear energy in the current geopolitical landscape [24][25]. Summary by Sections Market Performance - During the week of March 9-13, the nuclear fusion index rose by 0.51%, outperforming the broader market indices [7][10]. Bidding Information - Significant procurement activities were reported, including projects with budgets exceeding 50 million RMB, focusing on critical components for nuclear fusion [9][10]. Domestic and International News - The announcement of China's participation in the "Triple Nuclear Energy Declaration" and the establishment of a technical seminar on tritium factory engineering highlight the country's commitment to advancing nuclear energy [13][18]. Investment Dynamics - The collaboration between Jinchuang Group and Huazhong University of Science and Technology aims to develop predictive technologies for plasma disruptions, indicating a strategic move towards enhancing nuclear fusion technology [4][22]. - The EU's new strategy for SMRs, including a financial guarantee mechanism, aims to revitalize nuclear energy's role in Europe, reflecting a shift in energy policy [24][25]. Investment Recommendations - Key companies to watch include: - For magnets: Lianchuang Optoelectronics, Yongding Co. - For power supplies: Wangzi New Materials, Xuguang Electronics, Aike Saibo, and Sichuan Chuangxin Electronics. - For structural components: Hangyang Co., with related companies including Hezhu Intelligent, Guoguang Electric, and Antai Technology [26][27].

江西联创光电科技股份有限公司（以下简称"公司"）分别于2025年4月27日和 2025年5月19日召开第八届董事会第二十次会议和2024年年度股东大会，审议通过 了关于《续聘公司2025年度会计师事务所》的议案，同意续聘众华会计师事务所 （特殊普通合伙）（以下简称"众华所"）为公司2025年度财务及内控审计机构， 聘期为一年。具体内容详见公司分别于2025年4月29日、2025年5月20日在上海证 券交易所网站（www.sse.com.cn）披露的《第八届董事会第二十次会议决议公告》 《关于续聘公司2025年度会计师事务所的公告》《2024年年度股东大会决议公告》 （公告编号：2025-018、2025-028、2025-045）。 近日，公司收到众华所出具的《关于变更项目合伙人的告知函》，现将具体 情况公告如下： 一、本次审计项目合伙人变更情况 众华所作为公司 2025 年度财务报告审计机构与内部控制审计机构，原委派钟 美玲女士为项目合伙人。由于众华所内部工作调整，现委派张世盛先生接替钟美 玲女士作为项目合伙人，继续完成公司 2025 年度审计相关工作。本次变更后，为 公司提供 2025 年度审计服务的项目 ...

江西联创光电科技股份有限公司 关于控股股东部分股权解除质押并再质押的公告 证券代码：600363 证券简称：联创光电 编号：2026-008 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： 江西联创光电科技股份有限公司（以下简称"公司"或"本公司"）控股股 东江西省电子集团有限公司（以下简称"电子集团"）持有公司股份数量为 90,177,692 股，占公司总股本比例为 20.00%；本次解除质押并再质押后，累计质 押股份数量为 67,050,672 股，占其所持有公司股份总数的 74.35%，占公司总股 本的 14.87%。 公司于近日接到控股股东电子集团通知，获悉其将所持有本公司的部分股份 解除质押并再质押，具体事项如下： | 股东名称 | 江西省电子集团有限公司 | | --- | --- | | 本次解除质押股份（股） | 5,959,600 | | 占其所持股份比例 | 6.61% | | 占公司总股本比例 | 1.32% | | 解除质押时间 | 2026/3/3 | | 持股数量（股） | 9 ...

证券代码：600363 证券简称：联创光电 编号：2026-007 江西联创光电科技股份有限公司 关于完成回购股份注销减少注册资本工商登记的公告 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。 经营范围： 1 许可项目：电线、电缆制造（依法须经批准的项目，经相关部门批准后在许可 有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可 证件为准）。 一般项目：电线、电缆经营，半导体器件专用设备制造，半导体器件专用设备 销售，工业自动控制系统装置制造，工业自动控制系统装置销售，技术进出口，技 术服务、技术开发、技术咨询、技术交流、技术转让、技术推广，工程和技术研究 和试验发展，光电子器件制造，光电子器件销售，电子元器件制造，电子元器件批 发，半导体照明器件制造，半导体照明器件销售，显示器件制造，显示器件销售， 其他电子器件制造，通信设备制造，电子产品销售，机械设备研发，节能管理服务， 发电机及发电机组制造，发电机及发电机组销售，发电技术服务，工业控制计算机 及系统制造，工业控制计算机及系统销售，物业管理，住 ...

Core Insights - The report highlights a positive outlook for various industries in March 2026, driven by domestic demand policies and sector-specific growth opportunities [2][3] - Key stocks recommended across different sectors are expected to show significant profit growth and favorable valuations, indicating potential investment opportunities [2][3] Industry Summaries Social Services - China Oriental Education is positioned to benefit from the growth in new service consumption, with a projected net profit of 1.1 billion yuan in 2026, reflecting a 40% increase and a PE ratio of approximately 11 times [2][3] Construction - Yaxin Integration is expected to gain from significant investments in the cleanroom industry, with orders and performance not fully anticipated, particularly from major clients like Micron and TSMC [2][3] Non-Bank Financials - CITIC Securities is recommended as a leading brokerage benefiting from market recovery and favorable policy environments, with valuations not reflecting the improving profit trends [2][3] Agriculture - Youran Dairy, a leader in dairy farming, is set to benefit from rising beef and milk prices, with expectations of high earnings recovery due to favorable market conditions [2][3] Power Equipment and New Energy - Delijia is expanding its capacity in wind power gearbox projects, with a strong order backlog and projected profit growth of 55% in 2025 [2][3] - Sifang Co. is actively expanding its overseas presence and has secured multiple projects, with a focus on cutting-edge technologies like solid-state transformers [2][3] Automotive - Xingyu Co. is positioned in a high-growth segment of automotive lighting, with a focus on smart products and expanding its global customer base, projecting revenues of 16 billion yuan in 2025 [2][3] Home Appliances - Haier Smart Home is benefiting from domestic policies promoting appliance upgrades and is enhancing operational efficiency through digital transformation, with a stable increase in market share [2][3] Basic Chemicals - Chuanheng Co. is expected to increase its phosphate mining capacity significantly by 2028, with a strong dividend payout history and high-quality product offerings [2][3] Military Industry - Lianchuang Optoelectronics is experiencing substantial growth in laser products and is entering the commercial space launch market, indicating a broad market potential [2][3]