Investment Rating - The report assigns an "Overweight" rating for the nuclear fusion industry [20]. Core Insights - The nuclear fusion sector is experiencing increased procurement demand, particularly for critical components such as magnets and power supplies, with significant bidding activity reported [20]. - OpenAI is in preliminary discussions with Helion Energy to secure a long-term supply of clean electricity for its AI computing needs, indicating a shift from technological narratives to commercial narratives in the fusion energy sector [16][18]. - The European Union plans to invest over €330 million to support nuclear innovation, with €222 million allocated specifically for fusion research, aiming to enhance energy independence and support the growth of innovative startups [18][19]. Summary by Sections Investment Highlights - The report emphasizes the importance of focusing on key manufacturers in the nuclear fusion supply chain, including: 1. Magnets: Key companies include Lianchuang Optoelectronics and Yongding Co., Ltd. 2. Power Supplies: Relevant companies are Wangzi New Materials, Xuguang Electronics, Aike Saibo, and Sichuan Chuang Electronics. 3. Structural components and subsystems: Recommended companies include Hangyang Co., Ltd., with related companies being Hezhu Intelligent, Guoguang Electric, and Antai Technology [20]. Market Performance - During the week of March 23-27, the nuclear fusion index increased by 0.12%, outperforming the Shanghai Composite Index by 1.22 percentage points [8][9]. Bidding Information - Significant bidding activities were reported, with total procurement amounts reaching several hundred million yuan, focusing on critical components such as magnets and structural parts [10][12]. Domestic and International News - The appointment of Bob Mumgaard, CEO of Commonwealth Fusion Systems, to the President's Council of Advisors on Science and Technology (PCAST) signals the strategic importance of fusion energy in U.S. national competitiveness [13]. - The "Chinese Circulation No. 3" advanced tokamak device has been recognized as one of the "Top Ten Scientific Advances in China," highlighting China's leadership in fusion research [14]. Financing Dynamics - OpenAI's potential agreement with Helion Energy aims to secure up to 5 GW of power by 2030 and 50 GW by 2035, reflecting the growing energy demands of AI technologies [16][17]. - The EU's investment strategy includes establishing public-private partnerships to develop commercially viable fusion technologies and support the growth of startups in the sector [19].

Investment Rating - The report assigns an "Overweight" rating to the nuclear fusion industry, indicating a positive outlook for investment opportunities in this sector [20]. Core Insights - The nuclear fusion industry is experiencing increased procurement demand, particularly for critical components such as magnets and power supplies, with significant tendering activity reported [20]. - OpenAI is in preliminary discussions with Helion Energy to secure a long-term supply of clean electricity for its AI computing needs, marking a shift from technological narratives to commercial narratives in the fusion energy sector [16][18]. - The European Union plans to invest over €330 million to support nuclear innovation, with €222 million allocated specifically for fusion research, aiming to enhance energy independence and foster the growth of innovative startups [18][19]. Summary by Sections Market Performance - During the week of March 23-27, the nuclear fusion index increased by 0.12%, outperforming the Shanghai Composite Index, which fell by 1.10% [8][9]. Tender Information - Significant tender activities were reported, including a procurement project for a fuel cycle system with a budget of 47 million RMB and various other projects totaling several million RMB [10][12]. Domestic and International News - The appointment of Bob Mumgaard, CEO of Commonwealth Fusion Systems, to the President's Council of Advisors on Science and Technology (PCAST) signals the strategic importance of fusion energy in U.S. national competitiveness [13]. - The "China Circulation No. 3" advanced tokamak device was recognized as one of the "Top Ten Scientific Advances in China," highlighting China's leadership in fusion research [14]. Investment Dynamics - OpenAI's potential agreement with Helion Energy aims for a supply of up to 5 GW of power by 2030 and 50 GW by 2035, reflecting the growing energy demands of AI technologies [16][17]. - The EU's investment strategy includes establishing public-private partnerships to develop commercially viable fusion technologies and support the growth of small and medium enterprises in the sector [19]. Investment Recommendations - The report emphasizes focusing on key suppliers in the nuclear fusion sector, particularly in magnets, power supplies, and structural components, with specific companies highlighted for their potential long-term benefits [20].

证券代码：600990 证券简称：四创电子 公告编号：临 2026-015 四创电子股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：鉴于首次授予激励对象任小伟先生因工作调动不再符合 激励条件，四创电子股份有限公司（以下简称"公司"）拟回购注销其已获 授但尚未解除限售的限制性股票 23,731 股。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 23,731 | 23,731 | 2026 | 年 3 | 月 | 31 日 | 一、本次限制性股票回购注销的决策与信息披露 2026 年 1 月 7 日，四创电子股份有限公司（以下简称"公司"）召开八届 十二次董事会，并于 2026 年 1 月 27 日召开 2026 年第一次临时股东会，审议并 通过了《关于回购注销部分限制性股票的公告》。本次涉及的限制性股票回购数 量为 23,73 ...

之 法律意见书 地址：中国合肥濉溪路 278 号财富广场 B 座东 16 楼 电话：（0551）62642792 传真：（0551）62620450 安徽天禾律师事务所 关于四创电子股份有限公司 长期股权激励计划暨首期实施方案 回购注销部分限制性股票 法律意见书 安徽天禾律师事务所 关于四创电子股份有限公司 长期股权激励计划暨首期实施方案回购注销部分限制性股 票之法律意见书 天律意 2026 第 00784 号 致：四创电子股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》（以下简称"《证券法》"）《上市公司股权激励管理办法》（以 下简称"《管理办法》"）《国有控股上市公司（境内）实施股权激励试行办法》 （以下简称"《试行办法》"）《中央企业控股上市公司实施股权激励工作指引》 （以下简称"《工作指引》"）等有关法律、法规及规范性文件和《四创电子股 份有限公司章程》（以下简称"《公司章程》"）的规定，本所接受四创电子股 份有限公司（以下简称"四创电子"或"公司"）的委托，作为四创电子长期股 权激励计划暨首期实施方案（以下简称"本激励计划"）的专项法律顾问，指派 本所马 ...

四创电子股份有限公司（以下简称"公司"）于 2026 年 3 月 11 日召开八届 十四次董事会，审议通过了《关于选举公司第八届董事会董事长的议案》。具体 内容详见公司 2026 年 3 月 12 日披露于上海证券交易所网站（www.sse.com.cn） 《关于选举公司董事长的公告》（公告编号：临 2026-013）。 证券代码：600990 股票简称：四创电子 编号：临 2026-014 四创电子股份有限公司 关于完成法定代表人变更登记 并换发营业执照的公告 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。 2026 年 3 月 20 日，公司完成工商变更登记手续，并取得安徽省市场监督管 理局换发的《营业执照》。公司法定代表人由张成伟变更为任小伟，换发后的《营 业执照》基本信息如下： 名称：四创电子股份有限公司 统一社会信用代码：91340000719986552R 注册资本：贰亿柒仟壹佰零柒万伍仟零陆拾贰圆整 类型：其他股份有限公司（上市） 成立日期：2000 年 08 月 18 日 信设备销售；移动电话机及移动通信终端的 ...

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]

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].

证券代码：600990 证券简称：四创电子 公告编号：临 2026-012 | | | | | | 是否继续在 | 具体 职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期到期日 | 离任 | 上市公司及 | | | | | | | | 原因 | 其控股子公 | （如 | 毕的公开 | | | | | | | 司任职 | 适用） | 承诺 | | 张成伟 | 董事长、董事、董事会战略委员 | 2026 年 3 月 11 日 | 2027 年 7 月 17 日 | 工作调整 | 否 | - | 否 | | | 会主任委员、薪酬委员会委员 | | | | | | | 一、离任的基本情况 二、离任对公司的影响 根据《公司法》《公司章程》等有关规定，张成伟先生的辞职报告自送达董 事会之日起生效，将按照公司相关规定做好离任交接工作。张成伟先生的辞职未 导致公司董事会成员低于法定最低人数，不会对公司的日常生产经营产生不利影 响，不存在应当履行而未履行的承诺事项。本公司将按照法定程序补选董事 ...

证券代码：600990 证券简称：四创电子 公告编号：临 2026-013 四创电子股份有限公司 关于选举公司董事长的公告 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。 2026 年 3 月 11 日，四创电子股份有限公司（以下简称"公司"）八届十四 次董事会审议通过了《关于选举公司第八届董事会董事长的议案》，选举任小伟 先生担任公司第八届董事会董事长，任期自本次董事会审议通过之日起至第八届 董事会届满之日止。 根据《公司章程》的规定，董事长为公司的法定代表人，因此公司法定代表 人将变更为任小伟先生。公司将尽快办理企业信息变更登记事宜。 董事长任小伟先生的简历详见附件。 特此公告。 四创电子股份有限公司董事会 2026 年 3 月 12 日 附件：任小伟董事长简历 任小伟，男，中国籍，汉族，1976 年 8 月出生，本科学历，中共党员，研 究员级高级工程师。全国导航设备标准化技术委员会副主任委员兼秘书长，中国 电子学会导航分会常务委员，陕西省"三秦学者创新团队"带头人。曾获中国电 子科技集团科技进步一等奖 2 项，国防科学技 ...

Group 1 - Meituan has launched the OpenClaw remote deployment service in collaboration with Lenovo's IT service brand, Lenovo Baiying, providing a one-stop remote deployment solution for users nationwide [1][3] - According to Meituan's data, the search volume for "OpenClaw" has increased by over 300% compared to the previous period [1][3] - The service allows consumers to search for "lobster installation" on the Meituan app to access the service page, where professional engineers will remotely deploy the service, eliminating the need for users to set up environments or perform complex debugging [1][3] Group 2 - The deployment service is designed to be transparent, secure, and controllable, enabling users to complete configuration from home with a single click [1][3] - The group buying service is currently available nationwide, aimed at reducing the barriers for individuals and small teams to use AI agents, facilitating the one-click configuration of OpenClaw [1][3] - Meituan plans to continue expanding quality supply to better meet user needs and support more brands and merchants in launching AI agent deployment services [1][3]