Market Overview - The specialized equipment sector experienced a slight decline of 0.11% on September 25, with Zhongchuang Zhiling leading the losses [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index rose by 0.67% to 13445.9 [1] Top Performers - The following companies showed significant gains: - Diweier (688377) increased by 11.59% to a closing price of 38.72, with a trading volume of 85,400 shares and a transaction value of 317 million [1] - Zhongjie Resources (002021) rose by 10.14% to 3.04, with a trading volume of 548,500 shares and a transaction value of 163 million [1] - Hezhuan Intelligent (603011) gained 9.98% to 20.05, with a trading volume of 311,400 shares and a transaction value of 621 million [1] Underperformers - The following companies faced notable declines: - Zhongchuang Zhiling (601717) fell by 6.86% to 25.79, with a trading volume of 852,500 shares and a transaction value of 224.5 million [2] - Kexin Electromechanical (300092) decreased by 6.53% to 18.18, with a trading volume of 350,000 shares and a transaction value of 648 million [2] - Lihexing (301013) dropped by 5.59% to 26.70, with a trading volume of 442,000 shares and a transaction value of 1.209 billion [2] Capital Flow - The specialized equipment sector saw a net outflow of 775 million from institutional investors, while retail investors contributed a net inflow of 1.075 billion [2][3] - Notable capital movements included: - Yingweike (002837) had a net inflow of 453 million from institutional investors, while it faced a net outflow of 493 million from speculative funds [3] - Hezhuan Intelligent (603011) experienced a net inflow of 232 million from institutional investors, but a net outflow of 124 million from speculative funds [3]

每经AI快讯，9月25日，中国聚变能源有限公司首次公开亮相，核电板块大涨，合锻智能、法尔胜先后 涨停，哈焊华通、中洲特材涨超10%，上海电气、沃尔核材、融发核电集体走强。 ...

Group 1 - The concept of controllable nuclear fusion has gained momentum, with significant stock price increases for companies such as Hanhua Tong (20% limit up), Zhongzhou Special Materials (over 10% increase), and others [1] - China Fusion Energy Co. showcased its technology and business layout at the 25th China International Industry Fair, announcing plans to build a fusion experimental device in Shanghai named "China Circulation No. 4 (HL-4)" [1] - The National Development and Reform Commission and the National Energy Administration released implementation opinions on promoting "Artificial Intelligence + Energy" for high-quality development, focusing on intelligent control systems for controllable nuclear fusion [1] Group 2 - The global nuclear fusion timeline has accelerated, with Japan's Cabinet Office releasing a revised "Fusion Energy Innovation Strategy" and the U.S. Helion signing a commercial agreement with Microsoft for power purchase starting in 2028 [2] - China's BEST project has commenced assembly two months ahead of schedule, indicating a competitive race in the fusion industry [2] - According to Founder Securities, controllable nuclear fusion may be the ultimate energy solution for humanity, with a promising commercial development outlook and ongoing advancements in domestic and international projects [2]

机构观点 中国银河证券：海外下半年促销旺季即将到来，面板采购呈现积极信号：面板采购量是电视需求的前瞻 指标。上半年韩国品牌销售较差，面板一度大力去库存，影响面部采购需求，当前去库存结束迎来转 机。奥维睿沃数据，25年8月全球电视面板出货量达22.3百万片，同比+7.6%、环比+4.9%，延续了7月 以来的积极态势，反应了市场周期性的库存回补需求，全球电视品牌商正为下半年海外黑五、圣诞促销 旺季积极备货。从全球角度看，下半年海外电视需求走向短期高峰，或将平抑国内国补退坡的部分影 响。 中信证券：通过复盘2010年以来影视剧行业面临的政策，以及其对于内容制作公司和平台的业绩影响， 中信证券认为广电总局《进一步丰富电视大屏内容促进广电视听内容供给的若干举措》有望在多方面给 长视频行业带来实质性利好。看好后续长视频平台及优质内容制作公司提高产能、提升内容周转效率和 资金使用效率以及剧集IP商业化空间打开带来的业绩改善和增长潜力。 华泰证券：电子布是PCB-CCL产业链的关键增强材料，AI产业趋势推动高端PCB及其相关上游材料升 级，特种电子布有三大产品升级趋势。市场担忧龙头公司大规模扩产造成特种电子布供给格局恶化，但 ...

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]

来源：上海证券报·中国证券网 上证报中国证券网讯 9月25日，可控核聚变概念走强，截至9时33分，合锻智能涨停，常辅股份涨超 9%，百利电气、金田股份、旭光电子等跟涨。 ...

Core Viewpoint - The stocks of Hezhuan Intelligent and Changfu Co., Ltd. have seen significant increases, with Hezhuan Intelligent hitting the daily limit and Changfu Co., Ltd. rising over 8% [1] Company Performance - Hezhuan Intelligent experienced a direct limit increase in its stock price [1] - Changfu Co., Ltd. saw its stock price increase by more than 8% [1] - Other companies such as Baili Electric, Jintian Co., Ltd., Rongfa Nuclear Power, and Xuguang Electronics also experienced stock price increases [1]

Group 1 - The nuclear fusion index rose over 2% during intraday trading, indicating strong market interest in the sector [1] - Notable performers among the constituent stocks included Hezhong Intelligent, which hit the daily limit, and Hahai Huaton, which increased by 9.65% [1] - Other significant gainers included Baili Electric, up 7.26%, Zhongzhou Special Materials, up 7.00%, and Tianli Composite, which rose by 4.17% [1]

Core Viewpoint - The A-share market is witnessing strong performance in controllable nuclear fusion concept stocks, driven by the announcement of a new high-temperature superconducting fusion device named "Circulation No. 4" to be built in Shanghai by the national team in nuclear fusion [1] Group 1: Stock Performance - Hezhong Intelligent has reached the daily limit increase [1] - Changfu Co., Ltd. has increased by over 9% [1] - Jintian Co., Ltd. has increased by over 7% [1] - Gaolan Co., Ltd. has increased by over 6% [1] - Xuguang Electronics, Lianchuang Optoelectronics, and Hongwei Technology have all increased by over 5% [1] - Baili Electric, Western Superconducting, Tianli Composite, Aikesibo, and Antai Technology have all increased by over 4% [1]

可控核聚变板块盘初拉升，合锻智能涨停，哈焊华通、常辅股份、久盛电气、中洲特材、百利电气跟 涨。 ...