Core Viewpoint - The market is experiencing significant fluctuations with various stocks showing notable price movements, particularly in sectors such as venture capital, consumer goods, and nuclear technology [1] Group 1: Stock Performance - Hezhong Intelligent opened high at 5.13%, marking its fifth consecutive trading day of gains [1] - Dazhong Public Utilities opened low at 3.66%, also experiencing its fifth consecutive trading day of gains [1] - Lianmei Holdings opened low at 5.03%, continuing its trend of five consecutive days of gains [1] Group 2: Sector Highlights - The consumer goods sector saw Yangyuan Beverage open low at 5.29%, while Zhuangyuan Pasture reached a limit up on its second consecutive trading day [1] - In the controllable nuclear fusion sector, Antai Technology achieved a limit up on its second consecutive trading day, and China Nuclear Engineering opened high at 1.87% [1] - The MOFs concept stock Yueyang Xinchang opened low at 3.03%, while the Lighthouse Factory concept stock Haiou Zhigong opened low at 4.98% [1] - The non-ferrous metals sector saw Baiyin Nonferrous open low at 0.39%, and the infrastructure stock Xinjiang Jiaojian opened low at 5.13% [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]

Core Insights - The concept of nuclear fusion is gaining traction in the stock market, with several stocks in the sector doubling in price since the beginning of the year, with the highest increase reaching 271.94% [2][5] - Recent developments in nuclear fusion engineering and commercialization have heightened market interest, particularly following progress on the BEST nuclear fusion device in Hefei [2][5] - Despite the excitement, industry insiders caution that current projects are primarily experimental and not yet commercially viable, indicating that significant advancements are still needed before practical applications can be realized [2][5] Market Performance - As of October 10, the nuclear fusion sector has seen an overall increase of 60.62% this year, with net inflows of 2.041 billion yuan, ranking it among the top sectors in the A-share market [5][6] - Individual stocks have shown remarkable performance, with Zhongzhou Special Materials rising by 271.94%, Hezhong Intelligent by 247.15%, and Yongding Co. by 200.39% [5][6] Technological Developments - The nuclear fusion technology aims to replicate the sun's energy production through extreme conditions, primarily using magnetic confinement methods like the Tokamak [7] - Significant breakthroughs have been achieved in China's nuclear fusion research, including the successful operation of the China Circulation No. 3 device, which reached temperatures exceeding 100 million degrees Celsius [7][8] Investment and Funding - Major state-owned enterprises and private capital are increasingly investing in nuclear fusion projects, with plans for new experimental facilities and significant funding commitments exceeding 10 billion yuan [8][9] - The construction of the BEST device is progressing, with key components being installed, marking a significant step towards demonstrating fusion energy generation [8][9] Industry Outlook - The nuclear fusion sector is expected to continue attracting investment due to the growing demand for clean and renewable energy sources, particularly in the context of increasing energy needs driven by advancements in artificial intelligence [6][8] - The current phase of nuclear fusion development is characterized by experimental setups, with substantial investments required for future commercial viability [9]

Key Points - The revenue from products used for controlled nuclear fusion at Ha Huan Huatong accounts for less than 1% of total revenue [1] - Dongyangguang expects a net profit increase of 171.08% to 199.88% in the first three quarters [2] - Lianhua Holdings anticipates a net profit increase of 51.39% to 69.55% in the first three quarters [5] - Allwinner Technology projects a net profit growth of 72.2% to 92.06% year-on-year for the first three quarters [5] - Northern Rare Earth expects a net profit increase of 272.54% to 287.34% in the first three quarters [5] - Strong瑞 Technology's controlling shareholder and its concerted parties plan to reduce their holdings by no more than 3% [5] - East China Airlines Logistics' shareholder Tianjin Ruiyuan intends to reduce holdings by no more than 15.8756 million shares [5] - New Light Optoelectronics' actual controller and director Kang Lixin plans to increase holdings by 5 million to 10 million yuan [5] - Jiulian Technology plans to raise no more than 182 million yuan through a private placement [5] - Jingu Co. signed a strategic cooperation agreement with Ninebot [5]

Group 1: Government and Regulatory Updates - The State Council Information Office will hold a press conference on October 11 to discuss the achievements in high-quality development during the 14th Five-Year Plan period, focusing on urban and rural construction [1] - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on a draft notice to conduct commercial trials for satellite IoT services, aimed at supporting the healthy development of emerging industries like commercial aerospace and low-altitude economy [3] - The Financial Regulatory Bureau has issued a notice to strengthen the regulation of non-auto insurance businesses, focusing on issues like optimizing assessment mechanisms and improving underwriting and claims services [2] Group 2: Company News and Financial Performance - New Lai Fu plans to acquire 100% equity of Jin Nan Magnetic Materials for 1.054 billion yuan, which is expected to constitute a major asset restructuring [5] - Jin Ling Mining reported a net profit of 220 million yuan for the first three quarters, a year-on-year increase of 47.09% [6] - North Rare Earth expects a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters, representing a year-on-year growth of 272.54% to 287.34% [6] - China Energy Construction announced that its joint venture has signed three renewable energy contracts worth approximately 2.745 billion USD, equivalent to about 19.554 billion yuan [8] - China Power Construction has signed contracts for two solar projects in Saudi Arabia, with a total contract value of approximately 117.19 billion yuan [8]

Market Overview - The market experienced a downward trend with all three major indices declining, with the Shanghai Composite Index falling nearly 1% and closing below 3900 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.52 trillion yuan, a decrease of 137.6 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index closed down 0.94%, the Shenzhen Component Index down 2.70%, and the ChiNext Index down 4.55% [1] Stock Performance - A total of 56 stocks hit the daily limit, while 27 stocks faced limit breaks, resulting in a limit-up rate of 67% [1] - Notable stocks included Hezhong Intelligent with three consecutive limit-ups, Dazhong Public Utilities and Lianmei Holdings with five limit-ups in nine days, and Yangyuan Beverage with four limit-ups in seven days [1][3] Sector Analysis - The gas and coal sectors showed the highest gains, while the semiconductor, battery, and precious metals sectors experienced significant declines [1] - The recent advancements in the controllable nuclear fusion industry have led to strong interest in related stocks, with Hezhong Intelligent and other companies in this sector seeing substantial price increases [5][6] Investment Trends - The rate of stocks advancing to consecutive limit-ups has decreased to 11.11%, with all stocks that had three or more consecutive limit-ups failing to advance today [3] - The semiconductor sector faced a broad sell-off, particularly affecting major stocks like SMIC and Huahong Semiconductor, which contributed to the decline in the ChiNext Index [3][8] Future Outlook - The market is expected to remain volatile, particularly in the semiconductor sector, as liquidity issues may persist due to the recent adjustments in margin trading ratios for key technology stocks [8] - The upcoming 30th International Atomic Energy Agency Fusion Energy Conference is anticipated to keep the controllable nuclear fusion sector active, with potential for continued investment interest [5]

Core Viewpoint - The nuclear fusion sector is experiencing significant stock market activity, with several companies seeing their stock prices double or more due to increasing expectations around nuclear fusion commercialization and engineering advancements [2][4]. Group 1: Stock Market Performance - As of October 10, 2023, the nuclear fusion sector has seen an overall increase of 60.62% since the beginning of the year, with a net inflow of 2.041 billion yuan [4]. - Individual stocks have shown remarkable gains, with Zhongzhou Special Materials up 271.94%, Hezhong Intelligent up 247.15%, and Yongding Co. up 200.39% [4]. - On October 9, 2023, the Wande Nuclear Fusion Index rose by 7.82%, while the Nuclear Power Index increased by 6.46%, indicating strong market interest [3]. Group 2: Project Developments - The BEST nuclear fusion device in Hefei is progressing, contributing to heightened market enthusiasm [2]. - The construction of the BEST device's key vacuum component has been successfully installed, marking a significant milestone [6]. - The Chinese Academy of Sciences and other institutions are leading nuclear fusion technology advancements, with the China Circulation No. 3 device achieving significant temperature breakthroughs [5][6]. Group 3: Industry Insights - Current nuclear fusion projects are primarily experimental, focusing on validating the feasibility of fusion power generation rather than commercial applications [3]. - The demand for energy, particularly from AI technologies, is driving interest in nuclear fusion as a future energy source [4]. - The cost structure of nuclear fusion reactors is heavily influenced by components such as building structures, magnets, and vacuum chambers, with magnets representing the largest value segment [7].

Group 1 - The core business of the company is high-end forming machine tools and intelligent optoelectronic sorting equipment [1] - The company has not generated any revenue related to the highly discussed nuclear fusion concept [1]

Group 1 - The core business of the company is high-end forming machine tools and intelligent optoelectronic sorting equipment [1] - The company has not generated any revenue related to the highly discussed nuclear fusion concept [1]

证券代码：603011 证券简称：合锻智能 公告编号：2025-042 ●公司 2025 年半年度实现营业收入为 982,291,903.84 元，归属于上市公司 股东的净利润为 9,513,077.66 元，与上年同期相比减少 11.39%。敬请广大投资 者关注经营业绩下滑风险，理性决策，审慎投资。 ●经公司自查并向控股股东及实际控制人书面征询，截至本公告披露日，不 存在应披露而未披露的重大信息。 ●敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 合肥合锻智能制造股份有限公司 股票交易异常波动公告 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个别及连带责任。 重要内容提示： ●合肥合锻智能制造股份有限公司（以下简称"公司"）股票交易连续三个 交易日内日收盘价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》 的有关规定，属于股票交易异常波动。 ●公司主营业务为高端成形机床和智能光电分选设备，针对近期市场关注较 高的核聚变概念，公司未取得相关业务收入。 公司股票交易连续三个交易日内（ ...