Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

Core Conclusion - By 2026, China's commercial aerospace industry is expected to reach a turning point in cost reduction for launch capacity, driven by the concentrated deployment of low Earth orbit (LEO) constellations and the normalization of high-frequency launches, with reusable rockets nearing breakthroughs in reducing unit launch costs. The industry's business model will shift from state-driven tasks to market-driven profitability, with a valuation logic transitioning towards "space infrastructure" as application scenarios and business models are restructured [3]. Market Outlook - 2026 is anticipated to be a prosperous year for China's commercial aerospace sector, with an accelerated pace of multi-constellation launches transitioning to large-scale deployment, leading to a rapid increase in rocket launch frequency. The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, corresponding to a CAGR of approximately 35.8%, primarily driven by high-frequency launch demand from dense deployment of LEO constellations [4][11]. - The industry is expected to maintain medium to long-term growth, with over 237,000 satellites needing to be deployed in accordance with ITU regulations by 2039. Starlink currently has over 9,000 satellites in orbit, and the demand for subsequent launches remains robust due to tightening frequency resources [4][11]. Cost Reduction Pathways - The essence of commercial rockets is a "space logistics" business, where core variables include efficiency improvements and cost reductions in launch capacity. Key pathways for cost reduction include breakthroughs in full-flow engine technology, high-frequency reuse capabilities, and industrialization in manufacturing [5]. - The unit cost of launching rockets is expected to decrease significantly through various stages: 1. Initial launch cost is approximately 55,000 yuan/kg 2. By around 2026, after achieving first-stage reuse, costs may drop to about 25,000 yuan/kg 3. Upgrading from aluminum to stainless steel structures could further reduce costs to approximately 19,000 yuan/kg 4. With the maturation of recovery methods, costs may decline to around 13,000 yuan/kg 5. Long-term, achieving second-stage reuse could bring costs close to 5,000 yuan/kg [5]. Industry Structure and Investment Opportunities - The commercial rocket industry is still in its early growth and valuation evolution phase. Key catalysts for valuation uplift in China's commercial aerospace sector include the realization of reusable rockets for large-scale LEO satellite networking and the transition from customized to standardized launches through long-term batch tasks [7][8]. - The valuation logic for commercial aerospace companies is shifting from manufacturing-oriented to platform and infrastructure-oriented technology enterprises, covering diverse long-term space mission needs such as manned flights and deep space exploration [8]. Key Players and Market Segments - The core technical barriers in rocket engines are concentrated in critical components such as thrust chambers and turbine pumps. The value in satellite manufacturing is primarily found in communication payloads [9]. - Key companies involved in the aerospace supply chain include: - Power Systems: Yingliu Co., Srey New Materials, Guoji Precision Engineering - Satellite Communication Systems: Shanghai Hantong, Aerospace Electronics, Guobo Electronics - Materials and Structural Components: Western Materials, Parker New Materials, Guoji Heavy Industry, Huazhuo High-Tech - Testing and Verification: Xicai Testing, Su Testing [9][10].

Investment Rating - The report rates the industry as "stronger than the market" [1] Core Insights - The report concludes that 2026 will mark a turning point for China's commercial aerospace industry, with a shift from state-driven missions to market-driven profitability, driven by the deployment of low-orbit satellite constellations and advancements in reusable rocket technology [1][6] - The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, with a CAGR of approximately 35.8% [1][12] - The report emphasizes that the core components of rocket launch services are engines (54%) and structural components (24%), which together account for 78% of the value in the launch service segment [1][12] Summary by Sections Industry Overview - The commercial aerospace industry is defined as activities that provide aerospace products and services through social capital investment under national policy guidance, including the R&D, manufacturing, launch, and operation of spacecraft and rockets [6][7] - The global aerospace economy is expected to reach $612 billion by 2024, with commercial aerospace revenues accounting for approximately $480 billion, representing about 78% of the total [6][7] Market Dynamics - The demand for satellite launches is expected to surge as China enters a concentrated deployment phase for low-orbit satellite constellations, with over 200,000 satellites planned for deployment [18][19] - The report highlights that the competition for low-orbit frequency resources is intensifying, necessitating faster deployment of satellite constellations [19][21] Cost Structure and Efficiency - The report breaks down the cost structure of rockets, indicating that engines and structural components dominate the value chain [1][12] - It outlines a pathway for reducing launch costs, projecting that the unit cost of launching payloads could decrease significantly as technology advances [1][12] Investment Recommendations - The report suggests focusing on companies involved in key segments such as propulsion systems, satellite communication systems, materials and structural components, and testing and validation services [2][4] - Specific companies to watch include 应流股份 (603308), 斯瑞新材 (688102), and 上海瀚讯 (300762), among others [2][4]

Group 1 - The company has appointed Guo Chunjue as the new securities affairs representative, replacing Wu Chengqi due to work changes [1][2][3] - Guo Chunjue has the necessary qualifications, including a master's degree in engineering and a CPA certification, and has been with the company since 2012 [3] Group 2 - The company plans to apply for a total credit limit of up to RMB 8.298 billion from several banks, including Sinomach Finance, Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China [5][6] - This credit application is considered a related party transaction due to the relationships between the company and the banks involved [6][15] - The independent directors have approved the proposal, emphasizing that it will enhance the company's financing channels and operational efficiency [19][20] Group 3 - The company will hold its first extraordinary shareholders' meeting on February 6, 2026, to discuss the credit application and other matters [24][25] - The meeting will allow for both on-site and online voting, with specific procedures outlined for shareholders [29][30]

（记者 曾健辉） 每经AI快讯，国机重装1月19日晚间发布公告称，公司第六届第五次董事会会议于2026年1月19日以现 场方式召开。会议审议了《关于2026年度重大经营风险预测评估报告的议案》等文件。 每经头条（nbdtoutiao）——短剧大爆发，吸纳69万人就业！一度送外卖的演员也找到工作：收入还算 可观但太累，剧组常备速效救心丸，拍睡觉戏真能睡着 ...

Group 1 - The company Guo Chunjie has been appointed as the new securities representative, replacing Wu Chengqi due to work changes [1] Group 2 - The short drama industry has seen a significant boom, creating 690,000 jobs, with actors who previously worked as delivery personnel finding new opportunities [1] - The income for these actors is reported to be decent, although the work is described as exhausting, with production teams keeping emergency medical supplies on hand [1] - There are mentions of actors being able to sleep during filming of sleep scenes, indicating the demanding nature of the work [1]

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： 国机重型装备集团股份有限公司（以下简称"公司"）拟向国机财务有限责 任公司（以下简称"国机财务"）、中国农业银行股份有限公司（以下简称"农业银 行"）、中国银行股份有限公司（以下简称"中国银行"）、中国工商银行股份有限公 司（以下简称"工商银行"）申请总额不超过人民币 82.98 亿元的综合授信额度。 在审议该关联交易事项时，关联董事韩晓军、王晖球、王先胜、刘兴盛、 陈飞翔分项回避表决。 国机重型装备集团股份有限公司 证券代码：601399 证券简称：国机重装 公告编号：临 2026-004 国机重型装备集团股份有限公司 关于向国机财务、农业银行、中国银行、 工商银行申请综合授信额度暨关联交易的公告 公司独立董事专门会议审议通过了该议案。该关联交易议案尚需提交公司 2026 年第一次临时股东会审议。 一、关联交易概述 为满足公司及所属企业生产经营活动资金需求，提高资金使用效益，公司及所 属企业拟向国机财务、农业银行、中国银行、工商银行申请总额不超过人民币 82.9 ...

国机重型装备集团股份有限公司 证券代码：601399 证券简称：国机重装 公告编号：临 2026-005 国机重型装备集团股份有限公司 关于变更公司证券事务代表的公告 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。 国机重型装备集团股份有限公司（以下简称"公司"）于2026年1月19日召开第 六届董事会第五次会议，审议通过了《关于变更公司证券事务代表的议案》，鉴于 吴成柒先生因工作变动不再担任公司证券事务代表，同意聘任郭春桔女士为公司证 券事务代表。 郭春桔女士具备担任上市公司证券事务代表所必需的专业知识及任职条件，无 《公司法》《上海证券交易所股票上市规则》中规定不得担任证券事务代表的情形。 证券事务代表联系方式如下： 联系电话：0838-6159209 传真号码：0838-6159215 吴成柒先生在担任公司证券事务代表期间勤勉尽责、恪尽职守，公司及公司董 事会对吴成柒先生在任职期间为公司发展做出的突出贡献表示衷心的感谢！ 特此公告。 国机重型装备集团股份有限公司董事会 2026 年 1 月 20 日 1 国机重型装备集团 ...

国机重型装备集团股份有限公司 证券代码：601399 证券简称：国机重装 公告编号：2026-006 国机重型装备集团股份有限公司 关于召开2026年第一次临时股东会的通知 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： 股东会召开日期：2026年2月6日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 2026年第一次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2026 年 2 月 6 日 9 点 30 分 召开地点：国机重型装备集团股份有限公司第三会议室（四川省德阳市珠江东 路 99 号） (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 6 日 至2026 年 2 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 ...

国机重型装备集团股份有限公司 证券代码：601399 证券简称：国机重装 公告编号：临 2026-002 国机重型装备集团股份有限公司 第六届董事会第五次会议决议公告 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。 公司董事会薪酬与考核委员会就上述议案提出建议，认为符合公司经营发展实 际情况，与行业、地区薪酬水平相符。因本议案涉及全体董事薪酬，全体董事回避 表决，本议案直接提交股东会审议。 二、审议通过《关于公司经理层成员薪酬的议案》 本议案在董事会审议前已经公司董事会薪酬与考核委员会审议通过。 议案表决结果：同意 9 票，反对 0 票，弃权 0 票。关联董事王晖球回避表决。 通过本议案。 三、审议通过《关于国机重装 2024 年度工资总额清算的议案》 本议案在董事会审议前已经公司董事会薪酬与考核委员会审议通过。 议案表决结果：同意 10 票，反对 0 票，弃权 0 票。通过本议案。 四、审议通过《关于向银行金融机构申请综合授信额度的议案》 1 国机重型装备集团股份有限公司（以下简称"公司"）第六届董事会第五次会 议通知及相关 ...