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].

Core Viewpoint - The stock of Sichuan Electronics has experienced fluctuations, with a year-to-date increase of 22.46% but a recent decline over the past five trading days by 5.58% [1] Company Overview - Sichuan Electronics, established on August 18, 2000, and listed on May 10, 2004, is located in Hefei, Anhui Province. The company primarily engages in radar, smart industry, and energy sectors, including meteorological radar, air traffic control radar, and various related products [2] - The revenue composition of Sichuan Electronics includes radar and related products (53.16%), public safety products (26.24%), power products (15.10%), mobile support equipment (4.68%), and others (0.83%) [2] - The company is classified under the defense and military industry, specifically in military electronics [2] Financial Performance - For the period from January to September 2025, Sichuan Electronics reported a revenue of 1.041 billion yuan, a year-on-year decrease of 4.64%. The net profit attributable to shareholders was -90.20 million yuan, reflecting a significant decline of 123.05% [2] - The company has distributed a total of 276 million yuan in dividends since its A-share listing, with 19.97 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Sichuan Electronics was 33,500, a decrease of 0.25% from the previous period. The average circulating shares per person increased by 0.25% to 8,035 shares [2] - Notable changes in institutional holdings include a decrease in shares held by major shareholders, with new entries from two funds [3]

Core Insights - Four Creation Electronics (stock code: 600990) experienced a net financing purchase of 3.07 million yuan on November 3, 2025, with a financing balance of 532 million yuan, indicating a positive market sentiment towards the stock [1][3]. Financing Activity Summary - On November 3, 2025, the financing buy-in was 16.59 million yuan, while financing repayment amounted to 13.52 million yuan, resulting in a net financing purchase of 3.07 million yuan [1]. - The financing balance increased to 532 million yuan, reflecting a 0.58% rise compared to the previous day [3][4]. - Over the past three trading days, the cumulative net financing purchase reached 7.45 million yuan [1]. Financing Balance Trends - The financing balance on November 3, 2025, was 532 million yuan, with a slight increase of 307.50 thousand yuan from the previous day [4]. - The financing balance has shown fluctuations over the past few trading days, with a decrease noted on October 28 and 29, followed by a recovery in the subsequent days [4].

Core Insights - A total of 490 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 29 [1] - The stock with the longest continuous net outflow is Zhongju Gaoxin, with 31 days of outflows, followed by Hengshen New Materials with 21 days [1] - The largest total net outflow amount is from China Merchants Bank, with a cumulative outflow of 3.093 billion yuan over 12 days [1] Group 1: Stocks with Longest Net Outflows - Zhongju Gaoxin has seen net outflows for 31 days, with a total outflow of 559 million yuan and a cumulative decline of 6.91% [1] - Hengshen New Materials has recorded net outflows for 21 days, totaling 197 million yuan, with a decline of 9.80% [3] - China Merchants Bank has the highest net outflow amount of 3.093 billion yuan over 12 days, with a net outflow ratio of 6.98% and a cumulative increase of 1.65% [1] Group 2: Other Notable Stocks - Guotai Junan has experienced net outflows for 10 days, amounting to 1.877 billion yuan, with a net outflow ratio of 7.89% and a cumulative increase of 2.70% [1] - Shengbang Co. has seen net outflows for 12 days, totaling 1.826 billion yuan, with a net outflow ratio of 9.52% and a cumulative decline of 10.65% [1] - Huajian Group has recorded net outflows for 6 days, with a total outflow of 1.713 billion yuan and a significant decline of 40.29% [1] Group 3: Stocks with Significant Outflow Ratios - Jianan Intelligent has the highest net outflow ratio at 14.74%, with a decline of 2.98% over the past 5 days [1] - Other notable stocks with high outflow ratios include Huayi Development at 11.91% and Pianzaihuang at 11.84% [1] - The overall trend indicates a significant outflow of funds from various sectors, reflecting investor sentiment and market conditions [1]

Core Viewpoint - The company, Sichuan Electronic Co., Ltd., has announced its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information disclosed [6][14]. Financial Data - The third-quarter financial report for 2025 has not been audited [3]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the documents [3][4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are to be disclosed, but specific details are not provided [4]. Investor Communication - An investor briefing session is scheduled for November 28, 2025, from 14:00 to 15:00, to discuss the third-quarter results and address investor questions [7][9]. - Investors can submit questions from November 21 to November 27, 2025, through the designated online platform or via email [11]. Audit Firm Appointment - The company plans to renew its appointment of Dahua Accounting Firm as its financial and internal control auditor for 2025, pending shareholder approval [20][28]. - The audit fees are set at RMB 530,000 for financial reporting and RMB 200,000 for internal control audits, with no change from the previous period [27][29].

Core Viewpoint - The company reported a decline in revenue and an increase in net loss for the third quarter of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 was 1.041 billion yuan, representing a year-on-year decrease of 4.64% [1] - The net profit attributable to shareholders of the parent company was -90.2003 million yuan, which is a deterioration of 49.76 million yuan compared to the same period last year [1] - The basic earnings per share were -0.3353 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Sichuan Chuang Electronics, which reported a revenue decline and a significant net loss for the third quarter of 2025 [1] - The company's revenue for the first three quarters of 2025 was approximately 1.041 billion yuan, representing a year-on-year decrease of 4.64% [1] - The net profit attributable to shareholders was a loss of approximately 90.2 million yuan, with basic earnings per share reflecting a loss of 0.3353 yuan [1] Group 2 - As of the report, Sichuan Chuang Electronics has a market capitalization of 7.5 billion yuan [1] - The article also notes a broader market context, indicating that the A-share market has surpassed 4000 points, marking a significant resurgence in the technology sector and the emergence of a "slow bull" market pattern [1]

证券代码：600990 证券简称：四创电子 公告编号：临 2025-030 四创电子股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 21 日（星期五）至 11 月 27 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 scdz600990@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 三、参加人员 公司出席本次业绩说明会的人员有：董事长张成伟先生，董事、总经理任小 伟先生，独立董事杨模荣先生，副总经理、董事会秘书王向新先生，财务总监潘 洁女士（如遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 四创电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解 ...

证券代码：600990 证券简称：四创电子 公告编号：临 2025-029 四创电子股份有限公司 关于续聘 2025 年度会计师事务所公告 公司于 2025 年 10 月 28 日召开了八届十次董事会，审议通过了《关于续 聘 2025 年度财务审计机构的议案》、《关于续聘 2025 年度内部控制审计机构的议 案》，同意续聘大华所为公司 2025 年度财务审计机构和内部控制审计机构，本议 案尚需提交公司股东会审议。现将有关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 机构名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日成立（由大华会计师事务所有限公司转制为特 殊普通合伙企业） 组织形式：特殊普通合伙 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 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： 拟续聘的会计师事务所名称：大华会计师事务所（特殊普通合伙）（以下 简称"大华所"） 2024 年度上市公司年报审计收费总额：12,475.47 万元 本公 ...

四创电子股份有限公司（以下简称"公司"）八届十次董事会于2025年10月 28日以通讯方式召开。会议应到董事8人，实到董事8人。会议的召集和召开符合 《公司法》《公司章程》的有关规定，会议审议并通过了以下事项： 一、审议通过《2025年第三季度报告》 《2025年第三季度报告》已经公司董事会审计委员会2025年第七次会议审议 通过，并同意提交董事会审议。 同意8票，反对0票，弃权0票。具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的《2025年第三季度报告》。 二、审议通过《关于续聘2025年度财务审计机构的议案》 证券代码：600990 证券简称：四创电子 公告编号：临 2025-027 四创电子股份有限公司 八届十次董事会决议公告 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。 同意 8 票，反对 0 票，弃权 0 票。本议案尚需提交公司股东会审议。具体内 容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于续聘 2025 年度会计师事务所的公告》（编号：临 2025-02 ...