Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

11月4日，联创光电盘中下跌2.05%，截至10:41，报60.32元/股，成交3.26亿元，换手率1.18%，总市值 273.56亿元。 资料显示，江西联创光电科技股份有限公司位于江西省南昌市高新技术产业开发区京东大道168号，成 立日期1999年6月30日，上市日期2001年3月29日，公司主营业务涉及半导体激光系列及微电子元器件系 列、高温超导感应设备系列产品、智能控制系列产品、背光源系列产品、光电通信与智能装备线缆及金 属材料产品的研发、生产和销售。主营业务收入构成为：智能控制49.81%，背光源及应用36.15%，激 光系列及传统LED芯片产品7.77%，光电通信与智能装备线缆及金属材料4.45%，其他(补充)1.83%。 联创光电所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：核聚变、超导 概念、航天军工、光伏玻璃、增持回购等。 截至9月30日，联创光电股东户数4.87万，较上期增加9.19%；人均流通股9314股，较上期减少8.41%。 2025年1月-9月，联创光电实现营业收入25.03亿元，同比增长2.85%；归母净利润4.00亿元，同比增长 19.37%。 分红方面 ...

Group 1 - An international research team has developed a germanium material with superconducting properties, enabling zero-resistance conductivity and lossless current flow, paving the way for scalable quantum devices based on existing semiconductor technologies [1] - The realization of superconductivity in semiconductors is expected to enhance the performance of computer chips and solar cells, driving advancements in quantum technology [1] - The application of this new material could lead to significant improvements in the operational speed of smart devices and more efficient zero-loss transmission in power grids and renewable energy systems, potentially triggering technological revolutions across various industries [1] Group 2 - High-temperature superconductors offer advantages over low-temperature superconductors, including higher critical temperatures, currents, and magnetic fields, expanding the application space for superconducting materials [2] - The A-share market has 27 stocks related to superconductors, with a total market capitalization of 619.1 billion yuan as of November 3, and these stocks have averaged a 57.75% increase this year, significantly outperforming the Shanghai Composite Index [2] - Notable stocks with substantial profit growth include Yongding Co., which reported a net profit of 329 million yuan for the first three quarters, a year-on-year increase of 474.3% [2] Group 3 - Ice Wheel Environment has been the most frequently researched stock by institutions this year, with 65 institutional surveys, highlighting its technological advantages in providing cooling equipment for data centers and liquid cooling systems [3]

Core Viewpoint - Lianchuang Optoelectronics (600363) announced on November 3 that it has not repurchased any shares as of October 2025 and will implement the buyback plan based on market conditions in the future [1] Company Summary - Lianchuang Optoelectronics has not executed any share repurchases by October 2025 [1] - The company plans to assess market conditions before proceeding with the buyback plan [1]

证券代码：600363 证券简称：联创光电 公告编号：2025-084 江西联创光电科技股份有限公司 关于股份回购进展公告 江西联创光电科技股份有限公司（以下简称"公司"）于 2025 年 1 月 23 日召开 第八届董事会第十九次临时会议，并于 2025 年 2 月 10 日召开 2025 年第一次临时 股东大会，分别审议通过了关于《以集中竞价交易方式回购股份方案》的议案， 同意公司使用自有资金或自筹资金通过上海证券交易所以集中竞价交易方式回购 公司发行的人民币普通股 A 股股票，回购资金不低于人民币 10,000 万元（含）， 不超过人民币 15,000 万元（含），本次回购的股份将全部用于注销并减少公司注册 资本，回购价格不超过人民币 70.00 元/股（含）；回购股份的实施期限为自公司 2025 年第一次临时股东大会审议通过回购方案之日起 12 个月内。2025 年 6 月 25 日， 因公司实施 2024 年年度权益分派，本次回购股份价格上限由不超过人民币 70.00 元/股（含）调整为不超过人民币 69.95 元/股（含）。具体内容详见公司分别于 2025 年 1 月 24 日与 2025 年 2 ...

Core Viewpoint - Lianchuang Optoelectronics (600363.SH) has announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 1.8634 million shares, which represents 0.4109% of its current total share capital [1] - The highest purchase price was 62.00 CNY per share, while the lowest was 53.44 CNY per share [1] - The total amount paid for the buyback reached 105 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Core Insights - Jiangxi Lianchuang Display Technology Co., Ltd. has increased its registered capital from approximately 590 million RMB to about 830 million RMB, representing a growth of around 41% [1][1][1] - The company has also undergone changes in its executive management [1] Company Overview - Jiangxi Lianchuang Display Technology Co., Ltd. was established in August 2020 and is legally represented by Song Ronghua [1] - The company's business scope includes manufacturing electronic components, selling electronic specialized materials, and wholesale of electronic components [1] - Lianchuang Display is wholly owned by Lianchuang Optoelectronics (600363) [1]

Core Insights - Jiangxi Lianchuang Display Technology Co., Ltd. has increased its registered capital from approximately 590 million RMB to about 830 million RMB, representing a growth of around 41% [1] - The company has also undergone changes in its executive management [1] Company Overview - Jiangxi Lianchuang Display Technology Co., Ltd. was established in August 2020 and is legally represented by Song Ronghua [1] - The company's business scope includes manufacturing electronic components, selling electronic specialized materials, and wholesale of electronic components [1] - The company is wholly owned by Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. [1]

Group 1 - The core point of the article is that Jiangxi Lianchuang Display Technology Co., Ltd. has increased its registered capital from approximately 590 million RMB to about 830 million RMB, along with changes in its executive management [1] - Jiangxi Lianchuang Display Technology Co., Ltd. was established in August 2020 and is wholly owned by Lianchuang Optoelectronics [1] - The company's business scope includes manufacturing electronic components, selling electronic specialized materials, and wholesale of electronic components [1]

Group 1 - The company reported a revenue of 860 million in Q3 2025, a year-on-year decrease of 3.5%, while the net profit attributable to shareholders was 140 million, an increase of 28.3% [1] - For the first three quarters of 2025, the company achieved a total revenue of 2.5 billion, a year-on-year increase of 2.9%, and a net profit of 400 million, up 19.4% year-on-year [1] - The gross profit margin improved to 19.7% for the first three quarters, an increase of 0.7 percentage points, and the net profit margin reached 18.2%, up 2.6 percentage points [1] Group 2 - The Chinese government has identified nuclear fusion as a key direction for the 14th Five-Year Plan, which is expected to drive significant growth in the industry chain [2] - The company has completed the design and verification of key components for the Spark One project, with an expected total order volume of 5 billion, indicating potential for substantial growth [2] Group 3 - The commercial space launch market is projected to exceed several hundred billion by 2030, with significant growth expected in high-temperature superconducting magnet technology during the 14th Five-Year Plan [3] - The company has secured a project for the development of a high-power low-temperature refrigeration system, which will support low-cost commercial space launches [3] Group 4 - The company is expected to see positive developments in its traditional business management and structural adjustments, while the laser industry shows promising future prospects [4] - The net profit forecasts for 2025 to 2027 have been slightly adjusted to 565 million, 693 million, and 827 million respectively, reflecting year-on-year growth rates of 134.5%, 22.6%, and 19.3% [4]