航天晨光在互动平台表示，公司作为中国航天型号产品用金属软管定点研制生产单位，陆续为国家多项 航天工程提供配套产品。包含核聚变业务在内的特种装备产业是公司主营业务板块之一，目前公司已参 与国际热核聚变实验堆（ITER）计划、紧凑型聚变能实验装置（BEST）等一批国内外核聚变重点项 目，后续将持续关注核聚变工程市场需求，力争实现业务规模和效益的持续提升。 ...

Core Viewpoint - The A-share market is witnessing strong performance in controllable nuclear fusion concept stocks, driven by recent policy developments and research advancements in nuclear technology [1] Group 1: Stock Performance - Changguang Huaxin has reached a 20% limit up, while Juguang Technology and Sry New Materials have increased by over 11% [1] - Yongding Co. and Guoji Heavy Industry have also hit a 10% limit up, with other stocks like Ice Wheel Environment and several others showing gains of over 5% [1][2] - The year-to-date performance of key stocks includes Changguang Huaxin at 230.39%, Juguang Technology at 126.45%, and Sry New Materials at 185.61% [2] Group 2: Policy and Research Developments - The 15th cooperation protocol between the China National Atomic Energy Agency and the French Atomic Energy and Alternative Energies Commission emphasizes strengthening cooperation in nuclear research and technology applications [1] - CICC's report indicates that the 14th Five-Year Plan has officially included controllable nuclear fusion in the national future industrial system, marking its transition from frontier scientific exploration to a strategic technological focus [1] Group 3: Investment Opportunities - Controllable nuclear fusion is highlighted as a clean base-load energy source that can support carbon reduction in high-energy-consuming industries and has potential applications across multiple fields [1] - The report suggests focusing on investment opportunities in the upstream and downstream industrial chain, particularly in superconducting cables, lasers, and sensor monitoring and control systems [1]

华泰证券指出，随着我国可回收火箭逐渐成熟，发射运力提升的同时带来发射成本持续下降，有利于卫 星公司提升产能进而加速组网进度，缩短卫星的生产和发射入轨周期，因此卫星产业链相关标的有望迎 来快速成长期。 航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新材料等关键 产业链环节，商业航天概念权重占比高达56.5%。前十大重仓股中包含了航天发展、中国卫星、航天电 子、中航机载、中航高科等行业龙头。是全市场规模最大的商业航天相关ETF。 截至2025年12月5日 10:37，国证航天航空行业指数(CN5082)上涨0.94%，成分股广联航空(300900)上涨 11.95%，海特高新(002023)上涨6.35%，航宇科技(688239)上涨5.00%，航天晨光(600501)上涨3.76%，中 国卫星(600118)上涨3.26%。航空航天ETF(159227)上涨0.87%，最新价报1.16元。 消息面上，在12月3日至4日举行的2025商业航天论坛上，多家商业航天公司展示了火箭发射、星座测控 管理、空间在轨服务等产业链上各环节的最新进展。多名业内人士表示，无论是政策、技术还是 ...

谁都没想到，就在散户们疯狂抛售可控核聚变概念股的时候，外资却在悄悄做一件完全相反的事。 上海电气跌了25.85%，西部超导从90块砸到65块，海陆 重工、中国核建也都跌超25%，整个板块一片哀嚎。 就在这场暴跌中，北向资金和外资机构不仅没有逃跑，反而在2025年三季度新进了五家小盘央国企。 这些公司的市值大多在30亿到90亿之间，看似不起 眼，却藏着外资的深意。 让人意外的是，这些被外资看中的企业，有一个共同特点：它们不是那些被游资爆炒的"概念股"，而是实打实参与国家重大科技项目的企业。 比如中核科 技，它正在为聚变堆研发阀门；比如理工光科，它的传感器用在了"中国环流三号"装置上。 外资这一次的选股思路，和普通散户完全相反。 哈焊华通更受外资青睐，巴克莱、J.P摩根、美林三家机构一起重仓。 这家公司做的是熔焊材料，听起来传统，但它的产品已经用在了可控核聚变项目上。 三季度以来，它的股价逆势涨了17%。 理工光科的市值只有33亿，但它提供的传感器是"中国环流三号"的核心部件。 J.P摩根新进了66万股，位列第六大股东。 这种小市值的科技型央企，正好符 合外资"低位布局"的口味。 百利电气的情况有点特殊。 它的子 ...

Core Viewpoint - The A-share market's commercial aerospace stocks experienced significant activity, driven by the successful launch of the Zhuque-3 Yao-1 rocket, marking a milestone in China's private aerospace sector [1] Group 1: Market Activity - Commercial aerospace stocks collectively surged, with Longxi Co. hitting the daily limit up, and other stocks like Zhaobiao Co. and Aerospace Hanyu rising over 8% [1] - Notable stock performances include: - Longxi Co. increased by 10% with a market cap of 10.9 billion - Zhaobiao Co. rose by 8.63% with a market cap of 6.583 billion - Aerospace Hanyu gained 8.27% with a market cap of 17 billion [1][1][1] Group 2: Rocket Launch Details - The Zhuque-3 Yao-1 rocket successfully completed its flight mission, achieving a significant milestone as it is the first domestic application of a nine-engine parallel liquid oxygen-methane propulsion system [1] - Despite the failure of the first stage recovery, the successful launch is expected to facilitate the acceleration of satellite networking [1][1] Group 3: Company Insights - Blue Arrow Aerospace, the developer of the Zhuque-3 rocket, initiated guidance for a Sci-Tech Innovation Board listing in July [1] - Zhang Chi, founder of New Ding Capital and investor in Blue Arrow Aerospace, stated that the successful launch would not hinder the company's listing process [1] - The rocket's design is considered one of the leading capabilities in the private commercial aerospace sector [1]

Group 1 - The commercial aerospace sector is experiencing a downturn, with significant declines in stock prices [1] - Aerospace Power has hit the daily limit down, indicating severe market pressure [1] - Other companies in the sector, including Qianzhao Optoelectronics, Aerospace Hongtu, Shanghai Port Bay, Aerospace Huanyu, Aerospace Technology, Aerospace Morning Light, Leike Defense, and Tianyi New Materials, have also seen declines, with Qianzhao Optoelectronics dropping over 9% [1]

Group 1 - The core viewpoint of the news is that Aerospace Morning Glory's stock has shown fluctuations in price and trading volume, with a notable increase of 20.67% year-to-date, despite recent declines over the past 20 and 60 days [1] - As of December 2, the stock price reached 21.89 CNY per share, with a market capitalization of 9.365 billion CNY and a trading volume of 1.44 billion CNY [1] - The company has experienced a net inflow of main funds amounting to 3.7005 million CNY, with significant buying and selling activity from large orders [1] Group 2 - Aerospace Morning Glory, established on September 30, 1999, and listed on June 15, 2001, operates in various sectors including military and nuclear non-standard equipment, environmental protection equipment, and energy equipment [2] - The company's revenue composition includes flexible pipe industry (51.73%), pressure vessel industry (23.44%), logistics support industry (15.98%), and others [2] - As of September 30, 2025, the company reported a revenue of 1.172 billion CNY, a year-on-year decrease of 10%, while the net profit attributable to shareholders was -113 million CNY, reflecting a year-on-year increase of 30.77% [2] Group 3 - Aerospace Morning Glory has distributed a total of 307 million CNY in dividends since its A-share listing, with 38.8548 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 851,500 shares [3]

Core Points - On December 2, a total of 4 companies had their restricted shares unlocked, with a total unlock volume of 63.6645 million shares, amounting to a market value of 2.802 billion yuan based on the latest closing price [1] Summary by Category Unlock Volume - One company had an unlock volume exceeding 10 million shares, specifically Sanwei Xinan with 62.7703 million shares, followed by Yiwei Lithium Energy with 0.7559 million shares and Aerospace Morning Light with 0.122 million shares [1] Unlock Market Value - One company had an unlock market value exceeding 100 million yuan, with Sanwei Xinan leading at 2.741 billion yuan, followed by Yiwei Lithium Energy at 54.7147 million yuan and Huitai Medical at 0.003924 million yuan [1] Unlock Ratio - One company had an unlock ratio exceeding 10% of its total share capital, with Sanwei Xinan at 54.48%, Yiwei Lithium Energy at 0.04%, and Aerospace Morning Light at 0.03% [1]

Group 1 - The company, Aerospace Morning Light, is a designated supplier of industrial components for the civil nuclear power sector [2] - The company provides supporting products such as metal expansion joints and nuclear-grade metal hoses to the Hualong One nuclear power unit [2]

Core Viewpoint - Aerospace Morning Glory is designated as a supplier of industrial components in the civil nuclear power sector, providing essential products for the Hualong One nuclear power unit [1] Group 1 - The company supplies metal expansion joints and nuclear-grade metal hoses as part of its offerings [1]