Group 1 - The core viewpoint of the news is the significant surge in military stocks in the A-share market, with multiple stocks hitting the daily limit up [1] - A press conference is scheduled by the State Council Information Office on August 20, 2025, to discuss preparations for a military parade, which may influence investor sentiment towards military-related stocks [1] Group 2 - Notable stocks that reached the daily limit include Gaolan Co., Zhongke Haixun, Lingyun Co., Tiantong Co., and several others, indicating strong market interest in the defense sector [1] - The table lists various companies with their respective stock performance, showing significant year-to-date gains, such as Kesh Technology with a 335.85% increase and Gaolan Co. with a 53.47% increase [2] - The MACD golden cross signal formation suggests a positive trend for these stocks, reinforcing the bullish sentiment in the military sector [2]

Group 1 - The core concept of low-altitude economy refers to economic activities involving manned and unmanned aerial vehicles operating below 1000 meters, aimed at alleviating ground traffic pressure and enhancing operational efficiency in various scenarios [9][10] - The low-altitude economy has been recognized as a strategic emerging industry by the Chinese government, with significant policy support and a coherent implementation framework established [11][14] - The market size of China's low-altitude economy reached 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is expected to exceed 1 trillion yuan by 2026 [2][30] Group 2 - The low-altitude economy is characterized by over 8000 companies, with a significant focus on drone and eVTOL sectors, which are attracting substantial capital investments [2][36] - In 2024, there were 139 financing events in the low-altitude economy, totaling 32.104 billion yuan, with eVTOL financing increasing by 310% year-on-year [2][36] - The development of low-altitude economy is supported by a multi-tiered legislative framework, including the implementation of regulations for unmanned aerial vehicles and the establishment of dedicated government agencies [15][16] Group 3 - Local governments across 30 provinces have prioritized the low-altitude economy, with initiatives such as the launch of interprovincial low-altitude passenger routes and the establishment of urban air traffic demonstration centers [19][20] - The low-altitude economy is expected to drive new economic growth points, with applications in logistics, emergency rescue, and urban transportation becoming increasingly prominent [10][30] - The integration of advanced technologies such as AI and 5G is anticipated to further enhance the development of the low-altitude economy, leading to a more robust and innovative industry landscape [11][12]

天眼查商业履历信息显示，四创电子股份有限公司，成立于2000年，位于合肥市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本27328.9812万人民币，实缴资本27328.9812 万人民币。公司法定代表人为张成伟。 通过天眼查大数据分析，四创电子股份有限公司共对外投资了7家企业，参与招投标项目5000次，知识 产权方面有商标信息10条，专利信息1174条，此外企业还拥有行政许可40个。 金融界消息 截至2025年8月6日收盘，四创电子（600990）报收于28.76元，上涨3.49%，换手率8.77%， 成交量23.59万手，成交金额6.74亿元。 资金流向方面，今日主力资金净流入7107.61万元，占比成交额10.55%。其中，超大单净流入8035.12万 元、占成交额11.93%，大单净流出927.50万元、占成交额1.38%，中单净流出流出2528.22万元、占成交 额3.75%，小单净流出4579.39万元、占成交额6.8%。 四创电子最新一期业绩显示，截至2025一季报，公司营业总收入2.93亿元、同比减少13.67%，归属净利 润2112.98万元，同比减少178.96% ...

Investment Rating - The report maintains an investment recommendation for the controllable nuclear fusion sector, indicating a positive outlook for future developments in this area [1]. Core Insights - The report emphasizes that controllable nuclear fusion is seen as a potential ultimate energy solution, with significant advancements expected in the coming years as the industry transitions from experimental to engineering phases [4][14]. - Domestic projects are progressing beyond expectations, with increased capital investment from various sectors, indicating a robust growth trajectory for the industry [18][22]. - Internationally, countries like the United States are accelerating their nuclear fusion initiatives, which could further enhance the global market for fusion energy [23][24]. Summary by Sections 1. Controllable Nuclear Fusion: A Frontier Technology - Controllable nuclear fusion is highlighted as a solution to energy challenges, with abundant fuel reserves and sustainability potential [14][15]. - The report outlines the four key stages of nuclear fusion development: scientific feasibility verification, engineering feasibility verification, demonstration reactors, and commercial application reactors [27][30]. 2. Investment Opportunities - The report forecasts a capital expenditure exceeding 145.5 billion yuan in the next 3-5 years, with annual investments potentially reaching close to 10 billion yuan [6][45]. - Key components of the nuclear fusion technology, such as magnets, vacuum chambers, and power systems, are identified as high-value segments within the industry [7][49]. 3. Industry Chain Analysis - The industry chain is segmented into upstream strategic materials, midstream high-end manufacturing, and downstream operational management [8]. - Specific companies are recommended for investment, including China Nuclear Power, Lianchuang Optoelectronics, and Sihua Electronics, which are involved in various aspects of nuclear fusion technology [8][46]. 4. Key Company Introductions - China Nuclear Power is noted for its investment in China Fusion Energy Company, positioning itself for long-term growth in the nuclear sector [8]. - Lianchuang Optoelectronics is recognized for its advancements in high-temperature superconducting magnets and participation in significant projects like the Spark-1 [8]. - Sihua Electronics is highlighted for its successful bids in key projects, indicating strong market positioning in the nuclear fusion space [8].

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

Core Viewpoint - China's investment in controllable nuclear fusion projects has reached a total scale of 136.2 billion yuan, with the next 3-5 years being a critical bidding window for infrastructure construction [1][7]. Group 1: Investment Background - As of July 22, 2025, China Nuclear Power (601985.SH) announced a planned investment of 1 billion yuan to acquire a 6.65% stake in China Fusion Energy Co., marking an acceleration in the commercialization of nuclear fusion in China [4][7]. - Zhejiang Energy Power (600023.SH) also announced an investment of 751 million yuan for a 5% stake in the same company, further indicating the momentum in the nuclear fusion sector [4][13]. - Currently, there are 14 major controllable nuclear fusion projects under construction in China, with a total investment scale of 136.2 billion yuan [1][7]. Group 2: Key Participants - China Nuclear Power is a core participant, investing 1 billion yuan and holding a 6.65% stake in China Fusion Energy Co., which is under the China National Nuclear Corporation [11][12]. - Zhejiang Energy Power, as a traditional power enterprise, is leveraging its background to promote the commercialization of fusion technology through its 751 million yuan investment [14]. - West Superconducting Technologies (688122) is the only domestic supplier of low-temperature superconducting wire for the ITER project, breaking international monopolies in this technology [15][16]. Group 3: Strategic Significance - The investments by state-owned enterprises respond to national strategic requirements for future industries and aim to solidify their core positions in the nuclear fusion sector [12][14]. - The focus on nuclear fusion aligns with the country's energy transition goals, emphasizing the importance of clean energy development [14].

安徽天禾律师事务所 关于四创电子股份有限公司 第二个解除限售期条件未成就 暨回购注销部分限制性股票 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 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 第二个解除限售期条件未成就 暨回购注销部分限制性股票 之法律意见书 天律意 2025 第 01009 号 致：四创电子股份有限公司 《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、《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》（以下简称"《首期实施方案》或激励计划"）和《四创电子股 份有限公司章程》（以下简称"《公司章程》"）的相关规定，对激励计划所涉 及的相关事项出具本法律意见书。 为出具本法律意见书，本所律师谨作如下承诺声明： 实作出的。 子提供的与出具法律意见书有关的所有文件资料及证言进行了审查判断，保证本 法律意见书不存在虚假记载、误导性陈述及重大遗漏。 法律意见书 实、完整、有效的原始书面材料、副本材料或者口头证言，并无隐瞒、虚假和重 ...

证券代码：600990 证券简称：四创电子 公告编号：临 2025-019 四创电子股份有限公司 关于 2021 年限制性股票激励计划 部分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：因首次和预留授予激励对象中 17 名激励对象已离职、退 休，拟回购注销其已获授但尚未解除限售的限制性股票 213,105 股；因 2024 年度业绩水平未达到业绩考核目标条件，拟回购注销 316 名激励对象对应的 已获授但尚未解除限售的限制性股票 2,001,645 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 一、本次限制性股票回购注销的决策与信息披露 七次董事会和八届六次监事会，并于 2025 年 5 月 28 日召开 2024 年年度股东大 会，审议并通过了《关于 2021 年限制性股票激励计划第二个解除限售期条件未 成就暨回购注销部分限制性股票的议案》。本次涉及的限制性股票回购数量为 元/股。其中，鉴于授予激励对象中 17 名激励对象因离职、退休等原因而 ...

证券代码：600990 证券简称：四创电子 公告编号：临 2025-019 四创电子股份有限公司 关于 2021 年限制性股票激励计划 部分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：因首次和预留授予激励对象中 17 名激励对象已离职、退 休，拟回购注销其已获授但尚未解除限售的限制性股票 213,105 股；因 2024 年度业绩水平未达到业绩考核目标条件，拟回购注销 316 名激励对象对应的 已获授但尚未解除限售的限制性股票 2,001,645 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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2,214,750 | 股 | 2,214,750 | 股 | 2025 | 年 7 28 | 月 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 4 月 28 日，四创电子股份有限公司（以下简称"公司 ...