Industry and Company Summary Industry Overview - The copper connection industry is experiencing heightened market attention, particularly with the recent performance of APH stock reaching new highs. Concerns regarding the impact of the Rubin iteration on copper cable demand have been alleviated as the speed upgrade of Rubin is expected to stimulate a demand for 448G. Leading manufacturers are anticipated to benefit from product structure upgrades [1][1]. Key Companies 1.沃尔核材 (Wolong Materials) - The company has doubled its high-speed wire production capacity in Q4, with effective capacity projected to correspond to 15 billion in 2026 [2]. - Currently, the company operates 16 Rosen Tai devices, up from 7 at the end of Q3 2025, with plans to add over 10 more devices by April 2026, leading to a total of 30 devices with a projected output value of 45 billion [2]. - Q4 revenue from high-speed wires is expected to continue growing, with a turning point in income and profitability anticipated after the GB series transition period ends. The estimated performance for 2026 is 25 billion, based on a calculation of 11 billion from the main business and 60 billion from copper cables, with a 25% contribution [2]. - The valuation is considered attractive at approximately 15 times earnings, which is lower than current valuations in the domestic PCB and optical module sectors [2]. - Technologically, the GB300 is expected to increase copper cable usage compared to the GB200, indicating a product upgrade with the Rubin solution [2]. - The outlook for 2026 remains optimistic with anticipated shipments of ASIC and NV [2]. 2. 精达股份 (Jingda Co.) - The company is benefiting from a surge in domestic and international demand for high-speed wires, significantly enhancing its profitability [2]. - The rise in copper prices is driving terminal demand, coupled with the trend of replacing copper with aluminum in home appliances, leading to strong performance in Q4 [2]. - Attention is also drawn to the upcoming IPO progress of its subsidiary, Shanghai Superconductor, which could serve as a catalyst for growth [2].

Investment Rating - The report maintains a "Recommended" rating for the controllable nuclear fusion industry, indicating an expectation of significant growth in the sector over the next 3-6 months [3][49]. Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference held in Hefei is expected to accelerate the industrialization of nuclear fusion, with major procurement projects and collaborative laboratory projects being signed [1][8]. - Star Ring Fusion has completed a 1 billion yuan Series A financing round, which will expedite the commercialization of nuclear fusion technology, with plans to complete engineering validation by 2028 and establish a demonstration reactor by around 2032 [9][1]. - The report anticipates that the domestic nuclear fusion projects will see a total investment of approximately 146.5 billion yuan, with capital expenditures expected to enter an expansion phase from 2025 to 2028, leading to increased orders in the industry chain [8][1]. Summary by Sections Industry Overview - The report highlights the significant participation of over 1,500 attendees from various sectors, including government, academia, and finance, at the 2026 Nuclear Fusion Energy Technology and Industry Conference [8]. - The conference aims to foster collaboration across innovation, industry, finance, and talent chains to build a synergistic nuclear fusion energy ecosystem [8]. Financing and Investment - Star Ring Fusion's 1 billion yuan financing round was led by Shanghai Guotou and other investment groups, focusing on developing a unique high-temperature superconducting spherical tokamak technology [9][1]. - The report notes that the nuclear fusion industry is entering a capital expenditure upcycle, with significant investments expected to drive order volumes in the supply chain [1][8]. Market Performance - The report provides a performance review of the nuclear fusion sector, noting that several companies have seen substantial stock price increases, with top performers including New Wind Power (+42%) and China Nuclear Construction (+27%) [22][26]. - The report also tracks bidding activities, indicating a total bidding amount of 1.28 billion yuan in early January 2026, with several high-value projects being awarded [12][15]. Recommended Companies - The report continues to recommend companies such as Hezhong Intelligent and Lianchuang Optoelectronics, while suggesting attention to Guoguang Electric [3][23]. - It emphasizes the importance of the magnet segment, recommending companies like Western Superconducting and Yongding Co., which have significant value contributions in the nuclear fusion supply chain [33][3].

Core Viewpoint - The news highlights a significant increase in the power equipment sector, with a notable rise in stock prices for several companies, particularly XinFengGuang, which led the gains with a 15.55% increase [1]. Group 1: Market Performance - The power equipment sector rose by 1.87% on the trading day, while the Shanghai Composite Index fell by 0.26% to close at 4101.91, and the Shenzhen Component Index decreased by 0.18% to 14281.08 [1]. - XinFengGuang (688663) closed at 55.00, up 15.55%, with a trading volume of 117,200 shares and a transaction value of 608 million yuan [1]. - Other notable gainers included Hongxiang Co. (300427) with an 11.33% increase, Hanlan Co. (002498) and Guangdian Electric (601616) both up by 10.10%, and several others showing increases around 10% [1]. Group 2: Fund Flow Analysis - The power equipment sector experienced a net outflow of 3.512 billion yuan from institutional investors, while retail investors saw a net inflow of 2.207 billion yuan [2]. - The data indicates that speculative funds had a net inflow of 1.305 billion yuan into the sector [2]. - Specific stocks like SiYuan Electric (002028) and Guangdian Electric (601616) showed varying levels of net inflow and outflow from different investor types, with SiYuan Electric having a net inflow of 2.57 billion yuan from institutional investors [3].

Core Viewpoint - Jingda Co., Ltd. has shown significant stock performance with a year-to-date increase of 22.69% and a recent surge in trading volume, indicating strong investor interest and potential growth in the electric wire and cable manufacturing sector [1][2]. Financial Performance - For the period from January to September 2025, Jingda Co., Ltd. achieved a revenue of 17.776 billion yuan, reflecting a year-on-year growth of 10.50% [2]. - The net profit attributable to shareholders for the same period was 451 million yuan, representing an increase of 8.42% compared to the previous year [2]. Stock Market Activity - As of January 16, 2025, the stock price of Jingda Co., Ltd. was 15.25 yuan per share, with a market capitalization of 32.776 billion yuan [1]. - The stock experienced a trading volume of 1.19 billion yuan, with a turnover rate of 3.69% [1]. - The net inflow of main funds was 69.92 million yuan, indicating positive market sentiment [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jingda Co., Ltd. was 103,300, a decrease of 5.70% from the previous period [2]. - The average number of circulating shares per shareholder increased by 6.04% to 20,799 shares [2]. - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 25.46 million shares [3]. Dividend Distribution - Since its A-share listing, Jingda Co., Ltd. has distributed a total of 1.971 billion yuan in dividends, with 777.6 million yuan distributed over the past three years [3]. Business Overview - Jingda Co., Ltd. specializes in the manufacturing and sales of enameled wire, bare copper wire, electric wires and cables, and drawing dies [1]. - The main revenue sources include enameled wire (72.24%), automotive and electronic wires (14.36%), and special conductors (4.85%) [1].

Core Viewpoint - Jingda Co., Ltd. experienced significant trading activity on January 15, with a total of 5 block trades amounting to 5.88 million shares and a total transaction value of 74.26 million yuan, reflecting a discount of 15.01% compared to the closing price of the day [2] Trading Activity Summary - The stock had a closing price of 14.86 yuan, marking an increase of 5.92% for the day, with a turnover rate of 7.00% and a total trading volume of 2.164 billion yuan, resulting in a net inflow of 209 million yuan from main funds [2] - Over the past 5 days, the stock has increased by 7.06%, while the total net outflow of funds during this period was 625 million yuan [2] Financing Data - The latest margin financing balance for the stock is 2.066 billion yuan, which has increased by 44.97 million yuan over the past 5 days, representing a growth rate of 2.22% [2]

Group 1 - The core viewpoint of the news is that the power equipment sector experienced a rise of 1.35% on the previous trading day, with Baobian Electric leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Baobian Electric's stock price increased by 10.00% to 13.86, with a trading volume of 2.0946 million shares and a transaction value of 2.679 billion [1] Group 2 - The power equipment sector saw significant individual stock movements, with Sanbian Technology and Xinlian Electronics also showing strong gains of 9.98% and 9.97% respectively [1] - The sector's main funds experienced a net outflow of 1.692 billion, while retail investors saw a net inflow of 1.771 billion [2] - The table of individual stock performances indicates that stocks like Kelu Electronics and Jinda Co. also had notable trading activity, with Kelu Electronics seeing a net inflow of 316 million from main funds [3]

Group 1 - The A-share market showed mixed performance on January 15, with the electric grid equipment sector experiencing a strong rally, particularly the electric grid equipment ETF (159326), which rose by 1.79% and achieved a trading volume of 9.04 billion yuan [1] - The electric grid equipment ETF has seen a net inflow of funds for five consecutive trading days, totaling over 1.9 billion yuan, reaching a new high of 6.216 billion yuan, making it the largest power-related ETF in the market [1] - Elon Musk highlighted the explosive growth in power demand for AI supercomputing clusters and data centers, emphasizing the critical role of high-performance transformers in energy conversion, with current supply shortages exceeding expectations [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, and cable components [2] - The smart grid sector holds a significant weight of 88% in the index, while ultra-high voltage equipment accounts for 65%, both being the highest in the market [2] Group 3 - China's electric grid equipment companies possess technological and cost advantages, positioning them to benefit directly from the urgent need for upgrades in aging power grid systems in Europe and the U.S. [1] - According to the General Administration of Customs, the export performance of power equipment has been stable, with a cumulative export value of 65.596 billion yuan from January to September, reflecting a year-on-year growth of 36.33% [1]

Core Viewpoint - Jingda Co., Ltd. has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the electrical equipment sector [1][2]. Financial Performance - For the period from January to September 2025, Jingda Co., Ltd. achieved a revenue of 17.776 billion yuan, representing a year-on-year growth of 10.50% [2]. - The net profit attributable to shareholders for the same period was 451 million yuan, reflecting an increase of 8.42% year-on-year [2]. Stock Performance - As of January 15, 2025, Jingda's stock price increased by 15.29% year-to-date, with a 3.24% rise over the last five trading days, 36.09% over the last 20 days, and 41.74% over the last 60 days [1]. - The stock was trading at 14.33 yuan per share, with a total market capitalization of 30.799 billion yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 5.70% to 103,300, while the average number of circulating shares per person increased by 6.04% to 20,799 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.4626 million shares, and Southern CSI 1000 ETF, which entered the top ten with 15.7245 million shares [3]. Business Overview - Jingda Co., Ltd. specializes in the manufacturing and sales of enameled wire, bare copper wire, electrical cables, and drawing dies, with the main revenue sources being enameled wire (72.24%), automotive and electronic wires (14.36%), and special conductors (4.85%) [1]. - The company is classified under the electrical equipment industry, specifically in cable components and other related sectors [1].

Group 1 - The core point of the article highlights that Jingda Co., Ltd. has achieved a record trading volume of 2.865 billion yuan, marking a new high since its listing [2] - The latest stock price of Jingda Co., Ltd. has decreased by 5.34%, with a turnover rate of 9.36% [2] - The trading volume on the previous trading day was reported at 2.601 billion yuan [2]

Group 1 - Guodian NARI (600406) is a state-owned enterprise based in Nanjing, recognized as a benchmark for scientific reform among central enterprises, with a strong research and development system and significant achievements in grid technology [1] - The company has a market share of over 75% in dispatch automation systems and over 50% in UHV converter valves, with its products addressing grid stability issues caused by renewable energy generation [1] - The demand for AI computing power and electricity is driving the construction of new power systems, and the company is expanding its overseas business, exporting products like distribution transformers to multiple countries [1] Group 2 - Suyuan Electric (002028) is a comprehensive supplier of power transmission and distribution based in Shanghai, focusing on UHV and energy storage sectors, and is the largest manufacturer of high-voltage packages and coils in China [2] - The company expects 60% of its overseas revenue in 2024 to come from transformers, with overseas orders growing over 50% and a remarkable 89% growth in the first half of 2025 [2] - The surge in demand for high-voltage transmission and distribution equipment driven by AI computing centers and new energy projects presents significant growth opportunities for the company [2] Group 3 - China XD Electric (601179) is a state-owned enterprise based in Xi'an, specializing in high and ultra-high voltage transformers and power transmission and distribution equipment, capable of producing products across a voltage range of 10kV to 1000kV [3] - The company has a significant market share in UHV projects and has seen an increase in exports to Europe, with its technology reaching international advanced levels [3] - The demand for UHV technology is increasing due to the need for long-distance power transmission, and the company is well-positioned to meet both domestic and international market needs [3] Group 4 - Baobian Electric (600550) is a core supplier of UHV DC transformers based in Baoding, with a strong position in high-end transformers and a market share of 30% in UHV products [4] - The company has unique technologies that reduce material costs and has participated in major projects, exporting to over 40 countries [4] - The urgent demand for high-reliability transformers driven by AI computing centers and new energy power stations positions the company to benefit from both domestic and international projects [4] Group 5 - Jinpan Technology (688676) is a leading global manufacturer of dry-type transformers based in Haikou, focusing on wind and solar energy applications, with 98% of its products supporting renewable energy [5] - The company has a significant order backlog of 2.85 billion yuan for 2025, reflecting a substantial year-on-year growth of 180% [5] - The increasing demand for efficient dry-type transformers from AI computing centers and the proliferation of renewable energy generation presents a strong growth opportunity for the company [5] Group 6 - Mingyang Electric (301291) is a leader in offshore wind power transformers based in Zhongshan, specializing in dry-type transformers and prefabricated substations [6] - The company has developed products that meet the extreme conditions of offshore environments and is expected to achieve significant sales in North America by 2026 [6] - The growing demand for offshore wind power and the urgent need for grid upgrades in North America provide ample order support for the company [6] Group 7 - Teruid (300001) is a pioneer in outdoor box-type power equipment based in Qingdao, recognized as a champion enterprise in manufacturing [7] - The company has a complete technology system for modular prefabricated substations and has a leading market share in the new energy sector [7] - The demand for modular products from AI computing centers and the need for grid upgrades position the company to capture significant market growth [7] Group 8 - XJ Electric (000400) is a high-tech enterprise based in Xuchang, focusing on UHV and smart grid technologies, with a comprehensive industrial chain covering all aspects of power transmission and distribution [8] - The company has participated in all domestic UHV DC transmission projects and has a strong patent portfolio [8] - The growth in AI computing and electricity demand is accelerating the construction of smart grids, providing competitive advantages for the company [8] Group 9 - Sifang Co., Ltd. (601126) is based in Beijing and has a strong advantage in smart distribution networks, providing a full range of products for self-healing control and primary and secondary integration [9] - The company has implemented its products in over 30 provinces and cities, significantly improving efficiency in power distribution [9] - The demand for reliable power supply from AI computing centers and the ongoing digital transformation of distribution networks present broad development opportunities for the company [9] Group 10 - Samsung Medical (601567) is based in Ningbo and operates in both smart power distribution and medical services, covering a wide range of products in the power equipment sector [10] - The company has established manufacturing bases in multiple locations and has a marketing presence in over 70 countries [10] - The construction of AI computing centers and new energy projects requires substantial power distribution equipment, positioning the company to benefit from global demand growth [10]