Investment Rating - The report suggests a positive outlook on the commercialization of the nuclear fusion industry, recommending continuous attention to the sector [3]. Core Insights - Nuclear fusion is viewed as the ultimate solution to humanity's energy problems, with the potential for significant advancements in commercialization by 2025 [1][2]. - The report highlights the diverse technological pathways in nuclear fusion research, primarily focusing on magnetic confinement and inertial confinement methods [1][66]. - A detailed overview of both international and domestic nuclear fusion projects is provided, showcasing the collaborative efforts in advancing fusion technology [2][35]. Summary by Sections 1. Nuclear Fusion: The Ultimate Solution to Energy Problems - Controlled nuclear fusion aims to replicate the sun's energy production on Earth, primarily through the fusion of hydrogen isotopes deuterium and tritium [1][8]. - Achieving nuclear fusion requires meeting three critical conditions: high temperature, sufficient density, and adequate energy confinement time, collectively known as the fusion triple product [18][22]. 2. Diverse Technological Pathways - The report outlines two main research directions: - Magnetic confinement, which utilizes strong magnetic fields to contain high-temperature plasma, with devices like Tokamaks and Stellarators [66]. - Inertial confinement, which relies on the inertia of fuel pellets compressed by powerful lasers or particle beams [66]. 3. Overview of Nuclear Fusion Projects - International projects include ITER, SPARC, and the Orion device, while domestic efforts are led by institutions like the China National Nuclear Corporation and various universities [2][35]. - The report details several key projects in China, such as the BEST project and the Jiangxi "Spark" project, highlighting the collaborative landscape of fusion energy development [2][35]. 4. Investment Recommendations - The report recommends focusing on companies involved in high-power electronic tubes, vacuum switches, superconducting materials, and other components critical to the nuclear fusion supply chain [3]. - Specific companies highlighted for investment include Xuguang Electronics, Yingjie Electric, and Guoguang Electric, among others [3][4].

Core Insights - The consumer electronics sector experienced a 2.4% increase on September 29, with Yunzhong Technology leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Yunzhong Technology (688260) saw a closing price of 31.96, with a significant increase of 15.25% and a trading volume of 92,500 shares, amounting to a transaction value of 285 million [1] - Xiechuang Data (300857) closed at 181.17, up 12.25%, with a trading volume of 233,100 shares and a transaction value of 4.071 billion [1] - Changying Precision (300115) closed at 41.46, up 10.47%, with a trading volume of 1,913,300 shares and a transaction value of 7.671 billion [1] - Other notable performers include Yingqu Technology (002925) with a 10.03% increase and Lingyi Technology (002600) with a 9.99% increase [1] Capital Flow - The consumer electronics sector saw a net inflow of 2.367 billion in main funds, while retail funds experienced a net outflow of 1.518 billion [2] - The sector's individual stocks showed varied capital flows, with some stocks like Lingyi Technology (002600) having a net inflow of 343.1 million from main funds [3] - Xiechuang Data (300857) had a net inflow of 287 million from main funds, but also saw significant outflows from retail investors [3]

（文章来源：每日经济新闻） 每经AI快讯，9月25日，超导指数盘中涨超2%，成分股中百利电气涨6.80%、沃尔核材涨4.53%、国缆 检测涨4.43%、西部超导涨4.02%、联创光电涨3.82%。 ...

Group 1 - The core point of the article highlights the recent performance of Lianchuang Optoelectronics, which saw a 6.42% increase in stock price, reaching 66.01 CNY per share, with a trading volume of 328 million CNY and a turnover rate of 1.12%, resulting in a total market capitalization of 29.936 billion CNY [1] - Lianchuang Optoelectronics, established on June 30, 1999, and listed on March 29, 2001, is located in Nanchang, Jiangxi Province. The company specializes in the research, production, and sales of semiconductor laser series, microelectronic components, high-temperature superconducting induction equipment, intelligent control products, backlight source products, optoelectronic communication, and intelligent equipment cables, as well as metal materials [1] - The revenue composition of Lianchuang Optoelectronics includes intelligent control at 49.81%, backlight sources and applications at 36.15%, laser series and traditional LED chip products at 7.77%, optoelectronic communication and intelligent equipment cables and metal materials at 4.45%, and other supplementary sources at 1.83% [1] Group 2 - From the perspective of fund holdings, data shows that one fund under Jiashi Fund has a significant position in Lianchuang Optoelectronics. Jiashi Runze Quantitative Regular Mixed Fund (005167) held 5,000 shares in the second quarter, accounting for 0.97% of the fund's net value, making it the fourth-largest holding [2] - The Jiashi Runze Quantitative Regular Mixed Fund (005167) was established on January 19, 2018, with a latest scale of 30.0684 million CNY. Year-to-date returns are at 16.67%, ranking 5001 out of 8173 in its category, while the one-year return is 28.99%, ranking 4922 out of 8003. Since its inception, the fund has achieved a return of 16.23% [2]

Core Viewpoint - The A-share market is witnessing strong performance in controllable nuclear fusion concept stocks, driven by the announcement of a new high-temperature superconducting fusion device named "Circulation No. 4" to be built in Shanghai by the national team in nuclear fusion [1] Group 1: Stock Performance - Hezhong Intelligent has reached the daily limit increase [1] - Changfu Co., Ltd. has increased by over 9% [1] - Jintian Co., Ltd. has increased by over 7% [1] - Gaolan Co., Ltd. has increased by over 6% [1] - Xuguang Electronics, Lianchuang Optoelectronics, and Hongwei Technology have all increased by over 5% [1] - Baili Electric, Western Superconducting, Tianli Composite, Aikesibo, and Antai Technology have all increased by over 4% [1]

Core Viewpoint - The Chinese Navy has successfully conducted the first catapult takeoff and landing training of the J-35 and two other types of carrier-based aircraft on the Fujian aircraft carrier, marking a significant advancement in naval aviation technology [1] Group 1: Military Aviation - The J-35 and two other types of carrier-based aircraft have completed their first catapult takeoff and landing training on the Fujian aircraft carrier [1] - The use of electromagnetic catapults for launching carrier-based aircraft represents a technological leap for the Chinese Navy [1] Group 2: Commercial Space Industry - Chinese companies are planning to utilize electromagnetic catapult technology to launch rockets into space, transitioning from laboratory experiments to commercialization [1] - Listed company Lianchuang Optoelectronics has announced plans to establish a commercial space industry operation company in collaboration with Sichuan Yizhong State-owned Assets and other parties [1] - The goal is to achieve the world's first electromagnetic catapult rocket launch by 2028 [1]

Core Viewpoint - Lianchuang Optoelectronics has shown a positive stock performance with a year-to-date increase of 26.86%, despite a recent decline over the past 20 days [1][2]. Group 1: Stock Performance - On September 22, Lianchuang Optoelectronics' stock rose by 2.02%, reaching 60.67 CNY per share, with a trading volume of 1.62 billion CNY and a turnover rate of 0.60% [1]. - The company has experienced a net inflow of main funds amounting to 25.97 million CNY, with significant buying from large orders [1]. - The stock has fluctuated with a 5-day increase of 1.86%, a 20-day decrease of 5.35%, and a 60-day increase of 4.01% [1]. Group 2: Financial Performance - For the first half of 2025, Lianchuang Optoelectronics reported a revenue of 1.648 billion CNY, reflecting a year-on-year growth of 6.51%, and a net profit attributable to shareholders of 263 million CNY, up by 15.18% [2]. - The company has distributed a total of 408 million CNY in dividends since its A-share listing, with 85.46 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Lianchuang Optoelectronics was 44,600, a slight decrease of 0.08% from the previous period [2]. - The top circulating shareholders include Southern CSI 500 ETF, which is the third-largest shareholder with 5.4028 million shares, and Guotai CSI Military Industry ETF, which increased its holdings by 657,800 shares [3].

Core Viewpoint - Lianchuang Optoelectronics has shown a mixed performance in stock price and financial results, with a notable increase in revenue and net profit year-on-year, while also experiencing fluctuations in stock price over recent trading periods [1][2]. Financial Performance - As of June 30, 2025, Lianchuang Optoelectronics achieved a revenue of 1.648 billion yuan, representing a year-on-year growth of 6.51% [2]. - The net profit attributable to the parent company for the same period was 263 million yuan, reflecting a year-on-year increase of 15.18% [2]. - The company has distributed a total of 408 million yuan in dividends since its A-share listing, with 85.46 million yuan distributed over the past three years [3]. Stock Market Activity - On September 18, the stock price of Lianchuang Optoelectronics rose by 2.01%, reaching 60.81 yuan per share, with a trading volume of 311 million yuan and a turnover rate of 1.14% [1]. - The stock has increased by 27.15% year-to-date, but has seen a decline of 0.67% over the last five trading days and 4.24% over the last 20 days [1]. - The company had a total market capitalization of 27.578 billion yuan as of the latest trading session [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Lianchuang Optoelectronics was 44,600, a slight decrease of 0.08% from the previous period [2]. - The average number of tradable shares per shareholder increased by 0.08% to 10,169 shares [2]. - Notable institutional shareholders include the Southern CSI 500 ETF, which is the third-largest shareholder, and the Guotai CSI Military Industry ETF, which increased its holdings by 657,800 shares [3].

Group 1: Company Performance - Jiangxi Lianchuang Optoelectronics reported a revenue of 1.648 billion yuan for the first half of the year, representing a year-on-year increase of 6.51% [1] - The company's net profit attributable to shareholders was 263 million yuan, up 15.18% year-on-year, while the net profit after deducting non-recurring gains and losses was 237 million yuan, reflecting a growth of 14.01% [1] - The company has successfully entered the emerging field of high-temperature superconducting electromagnetic catapults, attracting significant market attention [1] Group 2: Technological Advancements - The company plans to establish a joint venture for commercial aerospace operations, focusing on electromagnetic launch technology, which utilizes electromagnetic thrust for high-speed acceleration [2] - High-temperature superconducting technology is a key component of electromagnetic catapults, offering advantages such as increased launch efficiency, reduced costs, and improved launch window utilization [2] - The technology aims to significantly lower manufacturing costs by minimizing the need for first-stage rockets and associated components [2] Group 3: Industry Context - The city of Ziyang in Sichuan Province is prioritizing the development of commercial aerospace, having previously established a solid rocket development base that has successfully launched three rockets [3] - The joint venture's electromagnetic launch project is expected to integrate well with local market resources, contributing to a comprehensive commercial aerospace ecosystem [3] - There is a significant shortfall in China's commercial rocket capacity, with projected demand reaching 7,353 tons from 2025 to 2030, while current capacity is below 250 tons [4] Group 4: Future Prospects - The joint venture aims to enhance launch capabilities and reduce costs, promoting a low-cost, frequent launch model for aerospace operations [5] - The high-temperature superconducting technology is anticipated to experience substantial growth during the 14th Five-Year Plan period, with applications expanding into areas such as controlled nuclear fusion [5] - The "Spark No. 1" project has transitioned from planning to operational phases, with environmental assessments and approvals underway [5]

Investment Rating - The report maintains a positive investment outlook for the controllable nuclear fusion industry, particularly focusing on Z-pinch technology and its commercialization potential by 2030 [4]. Core Insights - The controllable nuclear fusion era is accelerating, with significant growth in global investment, rising from $1.9 billion in 2021 to $9.7 billion in 2025, indicating strong investor confidence and technological breakthroughs [1][20]. - Z-pinch technology is gaining traction due to its safety, economic efficiency, and environmental friendliness, positioning it as a viable alternative in the fusion technology landscape [2][3]. - The 2030s are recognized as a critical period for the commercialization of fusion energy, with many companies planning to operate demonstration power plants during this timeframe [26]. Summary by Sections 1. Accelerating Towards Controllable Nuclear Fusion - The controllable nuclear fusion industry is experiencing robust policy support and investment growth, with a projected commercialization period starting in 2030 [1][10]. - The report highlights the establishment of a multi-level policy framework in China to promote fusion energy development, including regulatory, industrial, and capital support [12][15]. 2. Inertial Confinement Technology and Z-Pinch Advancements - Z-pinch technology is emerging as a prominent method in inertial confinement fusion, with significant advancements in safety and economic viability [2][3]. - The report outlines the development stages for Z-pinch technology, including key technical challenges and milestones expected by 2040 [3][51]. 3. Global Investment Trends in Fusion Energy - The fusion industry has seen a surge in investment, with a notable increase in public funding and a diverse range of investors entering the market [21][22]. - The report emphasizes the growing interest from various sectors, including technology venture capital, industrial giants, and sovereign funds, reflecting the industry's broad appeal [21][22]. 4. Investment Recommendations - The report suggests focusing on companies involved in Z-pinch technology components, such as drivers, fusion targets, and subcritical fission blankets, with specific companies highlighted for potential investment [4].