7月23日早盘，可控核聚变板块走高，收盘，浙富控股、雪人集团、中国能建涨停，中国核电、浙能电 力也纷纷跟涨。 中信建投指出，随着技术的持续突破、项目融资的持续开展、政策层面重视程度的持续提升，我国可控 核聚变产业进入发展快车道。目前相关项目的招标采购正在加速开展，预计将对产业链产生积极影响。 消息面上，22日中国聚变能源有限公司正式挂牌成立。与此同时，中核集团、中国核电、昆仑资本、上 海聚变、国绿基金、浙能电力及四川聚变七家公司还签署了增资扩股协议。将以1.0019元/注册资本的 价格，共同向聚变公司投资约114.92亿元，认购后者新增注册资本114.69亿元。相应地，聚变公司的注 册资本也将由35.31亿元升至150亿元。 其中，中核集团作为控股股东，以现金和知识产权作价入股，出资40.29亿元，增资后持有中国聚变公 司50.35%股份。中核集团持股50.35%，中国核电持股6.65%，昆仑资本持股20.00%，上海聚变持股 11.81%，剩余股份由国绿基金、浙能电力和四川聚变分别持有。 但本次增资完成后，聚变公司将成为推进我国聚变工程化、商业化的创新主体，重点布局总体设计、技 术验证、数字化研发等业务，并 ...

Core Viewpoint - The article highlights the significant investment and strategic importance of controlled nuclear fusion technology in China's energy landscape, emphasizing the establishment of the China Fusion Energy Company and the involvement of major state-owned enterprises in funding this initiative [2][4][5]. Investment and Company Formation - On July 22, 2023, the China Fusion Energy Company was officially established, with major stakeholders including China National Nuclear Corporation and China Nuclear Power announcing a joint investment of approximately 11.49 billion yuan [2][3]. - China Nuclear Power plans to invest 1 billion yuan for a 6.65% stake in the fusion company, which is currently a wholly-owned subsidiary of the China National Nuclear Corporation [2][3]. Financial Overview - As of December 31, 2024, the total assets of the fusion company are reported at approximately 611.56 million yuan, with owner equity at about 611.03 million yuan. The company has not generated any revenue and reported a net loss of approximately 202.60 million yuan for the same period [3]. - For the first half of 2025, the company is projected to have total assets of around 5.37 billion yuan, with a net loss of approximately 4.33 million yuan [3]. Strategic Importance - The investment in the fusion company aligns with China's national energy strategy and aims to solidify the position of state-owned enterprises in the nuclear fusion industry, which is seen as crucial for energy security and environmental protection [4][5]. - The controlled nuclear fusion technology is regarded as a key solution to global energy challenges and is positioned as a competitive frontier in international technology [5]. Market Trends and Future Outlook - The global investment in the fusion sector is expected to accelerate, with significant funding from both China and the United States, indicating a growing interest in fusion research and development [6]. - The article notes that the nuclear power sector in China is set for expansion, with projections indicating that installed nuclear capacity could reach 110 million kW by 2030 and 150 million kW by 2035 [8]. Uranium Market Dynamics - The article discusses the increasing demand for uranium, with projections indicating a compound annual growth rate of over 4% from 2024 to 2040, driven by the global nuclear power revival [9]. - The supply of uranium is expected to tighten due to high resource concentration and declining exploration investments, which may lead to sustained high prices in the long term [9].

Core Insights - China's nuclear power company has strategically invested in a domestic fusion energy enterprise, marking its entry into the "artificial sun" sector, which is seen as a significant move in the clean energy landscape [2][5] - Fusion energy is recognized as a potential ultimate solution for energy needs, offering advantages such as near-unlimited fuel supply and high safety, but faces substantial technical and economic challenges before commercialization [4][6] Group 1: China's Nuclear Power Involvement - The fusion energy company that China’s nuclear power has invested in is one of the few in the country with comprehensive R&D capabilities, with a team comprising members from national research institutions [5] - The collaboration is viewed as a dual approach where traditional nuclear energy expertise supports the engineering of fusion devices, while advancements in fusion technology can enhance existing nuclear operations [5][6] - This strategic move is seen as a proactive response to the global shift towards cleaner energy, positioning China’s nuclear power to avoid falling behind in the next generation of energy competition [5][6] Group 2: Global Context and Collaboration - The fusion energy sector is entering a new phase characterized by collaboration among governments, enterprises, and capital, with significant international efforts underway, including projects in the US and Europe [6] - China's nuclear power's investment highlights the unique advantages of the country's system, integrating state and market mechanisms to accelerate the transition from laboratory research to industrial application [6] - The partnership aims to focus on the development of key components for fusion reactors and the construction of demonstration facilities, with a target to achieve sustained fusion ignition by 2030 [6] Group 3: Challenges and Future Outlook - Despite the promising outlook, the commercialization of fusion energy must overcome significant hurdles, including reducing the costs of superconducting magnets and improving plasma confinement efficiency [6] - Initial investments for fusion energy projects may reach hundreds of billions, necessitating diverse financing models involving government funds, social capital, and international cooperation [6] - Public perception and acceptance of nuclear technology will also play a crucial role in the advancement of fusion energy [6][7] - The entry of China's nuclear power is expected to accelerate the development cycle of fusion technology, potentially transforming the country from a participant to a rule-maker in the global energy transition [7]

Market Overview - The stock indices in the two markets rose again, driven by sectors such as resources and liquor, with the Shanghai Composite Index increasing by 0.62% to 3581.86 points, and the Shenzhen Component Index rising by 0.84% to 11099.83 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 192.90 billion yuan, an increase of over 20 billion yuan compared to the previous day [1] - The market sentiment has improved following the breakthrough of the 3500-point mark, with significant increases in capital activity and a rapid rotation among sectors [1] Coal Industry Insights - The National Energy Administration plans to conduct inspections on coal mine production, which may lead to a decline in output in some major coal-producing provinces if policies are strictly enforced [2] - The price of thermal coal has rebounded over 6% from its year-to-date low, with demand expected to expand due to high temperatures and seasonal demand [2] - Coking coal prices have increased by 15% since mid-June, benefiting from improved steel prices and market sentiment [2][3] Cement Demand in Tibet - The cement market in Tibet has shown a compound annual growth rate of 14.56% over the past decade, driven by infrastructure projects [4] - The demand for cement in Tibet is expected to increase by 25%-30% by 2026, supported by ongoing hydropower projects [4] State-Owned Enterprises Initiatives - The State-owned Assets Supervision and Administration Commission emphasized that central enterprises should actively participate in urban development and construction of high-quality buildings [5] - The National Grid is focusing on accelerating the establishment of a unified national electricity market to enhance operational efficiency [6] Healthcare and Elderly Care Projects - The National Health Commission has launched a project to create demonstration sites for integrated medical and elderly care, aiming to improve healthcare services for the elderly [7] Technology and Semiconductor Development - Shanghai's economic and information technology committee has released a plan to support the development of next-generation display technology, including smart glasses and display driver chips [8] Gaming Industry Updates - A total of 127 domestic games and 7 imported games have been approved for release, indicating a positive trend in the gaming sector [9] Fusion Energy Developments - China Fusion Energy Company has been established to focus on the commercialization of fusion energy, with significant investments from various stakeholders [10][11] - China National Nuclear Power plans to invest 1 billion yuan in the new fusion energy company, acquiring a 6.65% stake [11]

Core Viewpoint - The first fourth-generation commercial fast reactor in China, CFR1000, has completed its preliminary design, showcasing advancements in safety, sustainability, and economic efficiency in nuclear energy [1] Group 1: Project Overview - The CFR1000 fast reactor will have a total installed capacity of 1.2 million kilowatts [1] - Fast reactors utilize fast neutrons for nuclear reactions to generate heat for electricity production, recognized as a preferred reactor type in the fourth-generation advanced nuclear energy systems [1] Group 2: Technical Characteristics - Among the six reactor types classified as fourth-generation internationally, three are fast reactors: sodium-cooled fast reactor, gas-cooled fast reactor, and lead-cooled fast reactor [1] - The sodium-cooled fast reactor is favored due to its high breeding ratio, long-lived radioactive nuclide transmutation capability, and inherent safety features [1]

Group 1 - The State Administration of Foreign Exchange reported that the RMB exchange rate remained stable in the first half of 2025, appreciating by 1.9% against the USD [1] - The People's Bank of China indicated that as of the end of Q2 2025, the balance of real estate loans in RMB was 53.33 trillion yuan, a year-on-year increase of 0.4% [1] - Bloomberg reported that U.S. regulators plan to modify a controversial rule to ease day trading restrictions for retail investors, which is expected to attract more retail participation in the U.S. stock market [1] Group 2 - U.S. Treasury Secretary stated that the next round of U.S.-China tariff negotiations may include discussions on China's purchases of oil from Russia and Iran [2] - The Chinese Foreign Ministry emphasized the importance of dialogue and cooperation to stabilize U.S.-China relations [2] Group 3 - The United Nations reported that over 93,000 people have been displaced due to conflict in Syria's Suweida province, with significant disruptions to healthcare and basic supplies [3] - Shenzhen's authorities are enhancing communication with central ministries to support the capital market and facilitate the listing of companies in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4 - The National Energy Administration is rumored to have issued a notice to regulate coal mine production and ensure stable coal supply, although this has not been officially confirmed [4] - The World Health Organization is developing new guidelines for GLP-1 therapies for adult obesity, expected to be released in September 2025 [4] Group 5 - Hive Energy plans to begin trial production of its first-generation semi-solid battery with a capacity of 140Ah in Q4 2025, aimed at supplying BMW's next-generation models [6] - The company is also set to produce semi-solid batteries with an energy density of 300Wh/kg this year, with plans for a second generation reaching 360Wh/kg [6] Group 6 - China Nuclear Power plans to invest 1 billion yuan in China Fusion Energy Co., which is a subsidiary of China National Nuclear Corporation [9] - Zhejiang Energy intends to invest 751 million yuan for a 5% stake in China Fusion Energy Co. as part of its strategy in the nuclear fusion energy sector [9] Group 7 - Sichuan Chengyu is part of a consortium that has been selected as the first candidate for the G5 Jingkun Expressway expansion project, with an estimated total investment of approximately 28.55 billion yuan [10] - Gotion High-Tech received a development notice from GAC Group for battery pack assembly, indicating increased market recognition for its SPS battery products [10] Group 8 - GoerTek is in preliminary discussions to acquire 100% equity of Hong Kong Mia and Changhong Limited for approximately 10.4 billion HKD (about 9.5 billion yuan) [11] - Hunan YN plans to establish an investment company in Singapore to invest in a lithium battery cathode material project in Malaysia, with a total investment of about 9.5 billion yuan [11]

Group 1: Market Overview - Investors are awaiting earnings reports from major tech companies like Google and Tesla, while digesting tariff-related news, leading to a decline in semiconductor and AI sectors, which ended the Nasdaq's seven-day rally [1] - The S&P 500 index rose by 0.06%, and the Dow Jones increased by 0.40%, while the Nasdaq fell by 0.39% [2] - Nvidia dropped over 2.5%, while Google A shares rose by 0.65%, marking the longest consecutive rise since the end of 2010 [2] Group 2: Commodity and Currency Movements - U.S. Treasury yields fell across the board, with the 10-year yield dropping nearly 3 basis points [3] - The U.S. dollar experienced a three-day decline, decreasing by nearly 0.5% [3] - Gold prices surged over 1%, reaching $3,400, marking a one-month high [4] Group 3: Sector Developments - The global first Tesla restaurant opened, featuring "Cybertruck" and humanoid robots for food delivery, with some customers waiting 13 hours [6] - The UK approved a £38 billion project for the Sizewell C nuclear power station [7] - OpenAI announced a partnership with Oracle to expand a 4.5 GW data center, accelerating AI infrastructure [8] Group 4: Investment Trends - The State-owned Assets Supervision and Administration Commission emphasized the role of state-owned enterprises in supporting high-quality development in Tibet, focusing on infrastructure investment [11] - A report indicated that the lithium carbonate futures rose over 2.7%, with a 13% increase over the past seven trading days, driven by regulatory actions in lithium resource production [15] - The Hainan Free Trade Port is expected to release positive policy signals regarding its construction and operation, which could significantly boost the regional economy [16] Group 5: Aging Population and Healthcare - The National Health Commission released a plan to promote integrated medical and elderly care services, responding to the growing demand for elderly health services [17] - The elderly population in China is projected to exceed 300 million by 2025, with the market size for elderly care expected to grow to ¥16.1 trillion, reflecting a growth rate of over 15% [17]

Group 1 - The State Administration of Foreign Exchange reported that foreign capital's investment in RMB assets remains stable, with foreign holdings of domestic RMB bonds exceeding $600 billion [2] - In the first half of the year, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions [2] - The Central Huijin Investment Company significantly increased its holdings in ETFs by over $200 billion in Q2 2025, aligning with policy directions to stabilize market expectations [6] Group 2 - The People's Bank of China reported a year-on-year increase of 7.1% in the total balance of RMB loans, reaching 268.56 trillion yuan by the end of Q2 2025 [3] - The balance of loans to enterprises and institutions in both RMB and foreign currencies reached 182.47 trillion yuan, with a year-on-year growth of 8.6% [3] - Fixed asset loans increased by 7.8% year-on-year, totaling 76.82 trillion yuan, indicating a positive trend in investment [3] Group 3 - The establishment of China Fusion Energy Company aims to advance the commercialization of fusion energy, with significant capital involvement from various state-owned enterprises [7] - The recent surge in industrial commodity futures, including coal and silicon, reflects a strong market response to government policies aimed at reducing overproduction [8] Group 4 - The 2025 Fortune China 500 list revealed that the total revenue of the listed companies was $14.2 trillion, a decrease of approximately 2.7% from the previous year, while net profits increased by about 7% [13] - State Grid Corporation topped the list with a revenue of $548.4 billion, followed by China Petroleum and Sinopec [13]

Group 1 - China Fusion Energy Co., Ltd. was established on July 22, with a focus on nuclear fusion energy [1] - China National Nuclear Power plans to invest 1 billion yuan for a 6.65% stake in China Fusion Energy Co., Ltd. [1] - Zhejiang Energy Power intends to invest 751 million yuan for a 5% stake in the same company, contributing to a total investment of approximately 11.49 billion yuan from multiple entities [2] Group 2 - The global landscape for controllable nuclear fusion technology is diverse, with significant developments in Tokamak and FRC technology routes [2] - Major companies like Google and Microsoft are engaging in agreements to purchase fusion energy, indicating a growing interest in this sector [2] - The Chinese Academy of Sciences and China National Nuclear Corporation are focusing on Tokamak technology for their fusion projects [2] Group 3 - Breakthroughs in Tokamak technology are expected from projects like EAST and the HL-3, with the BEST project by Fusion New Energy already in the early stages [3] - The power systems for Tokamak devices are crucial, with the value of core components being significant, particularly the magnetic power systems [3]

Core Viewpoint - The article highlights the increasing investment in controlled nuclear fusion by China's national team, emphasizing the strategic importance of this sector for future energy solutions and environmental goals [1][5][6]. Investment and Company Formation - On July 22, China Fusion Energy Co., Ltd. was officially established in Shanghai, with significant participation from key government and industry leaders [2]. - China National Nuclear Power Co. plans to invest 1 billion yuan in the fusion company, acquiring a 6.65% stake, as part of a broader investment of approximately 11.49 billion yuan from multiple entities [3][4]. Financial Overview - As of December 31, 2024, the fusion company reported total assets of 611.56 million yuan and a net loss of 202.60 million yuan. By June 30, 2025, total assets are projected to be 5.37 billion yuan with a reduced net loss of 43.26 million yuan [4]. Strategic Importance - The investment aligns with national strategies for energy transition and aims to solidify the central enterprises' leading role in the nuclear fusion industry, supporting the commercialization of fusion technology [5][6]. Industry Development - Controlled nuclear fusion is recognized as a key solution for global energy challenges and is a focal point of technological competition among nations. China has integrated support for this industry into its top-level design, with various policies promoting research and development [7][8]. - The global investment in the fusion sector is projected to reach approximately 1.74 billion USD by 2024, with significant contributions from China and the U.S. [9]. Nuclear Power Expansion - The Chinese government has approved several new nuclear power projects, maintaining a steady pace of approvals, which is expected to continue supporting the growth of nuclear energy as a clean power source [10][11]. - The demand for natural uranium is anticipated to grow at an annual rate of over 4% from 2024 to 2040, indicating a tightening supply situation that could benefit companies in the uranium sector [12].