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]

Market Overview - The A-share market opened lower on September 25, with the Shanghai Composite Index slightly up by 0.16% and the ChiNext Index rising by 2.22%, reaching a three-year high [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.54 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day [1] Key Stocks - Contemporary Amperex Technology Co., Limited (CATL) saw a rise of approximately 5%, surpassing Kweichow Moutai in total market capitalization. A brokerage report indicated that CATL's battery production capacity could reach 1000 GWh by 2026, a 43% increase from 2025, exceeding market expectations [1] - Morgan Stanley raised its profit forecast for CATL by about 10% for 2025-2026 due to higher-than-expected demand for energy storage batteries, leading to supply tightness and price increases [1] Sector Performance - AI hardware and applications sectors experienced significant gains, with Inspur Information hitting a historical high and Huqin Technology reaching its limit up [1] - The controllable nuclear fusion concept stocks also saw a surge, with Hezhong Intelligent Technology achieving two consecutive limit-ups in four days [1] - The non-ferrous metals sector was active, with stocks like Northern Copper and Luoyang Molybdenum hitting their limit-ups [1] - Conversely, the port shipping sector faced collective declines, with Nanjing Port dropping over 8%, and the real estate sector also saw a downturn, with Dalong Real Estate hitting its limit down [1][3] Institutional Insights - China Galaxy Securities noted that the upcoming overseas promotional season could boost panel procurement, which is a leading indicator of TV demand. The global TV panel shipment volume reached 22.3 million units in August 2025, a year-on-year increase of 7.6% [4] - CITIC Securities expressed optimism regarding the long video industry, anticipating substantial benefits from new regulations aimed at enriching TV content, which could enhance the performance of long video platforms and quality content production companies [4] - Huatai Securities highlighted that electronic cloth is a key material in the PCB-CCL industry chain, with AI trends driving upgrades in high-end PCBs and related materials. They predict a supply shortage for various special electronic cloth products until 2026 [5] Global Steel Production - The World Steel Association reported that global crude steel production in August reached 145.3 million tons, a year-on-year increase of 0.3%. Notably, production in the Middle East rose by 21.5% [6] Corporate Developments - Changjiang Storage's parent company, Changcun Group, completed its share reform, indicating a comprehensive upgrade in corporate governance structure [7] - JD.com's CEO Xu Ran announced plans for continued investment in artificial intelligence over the next three years, aiming to create a trillion-yuan AI ecosystem [8]

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。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leading player in high-end forming machine tools and ranks second in the domestic color sorting machine market, with a revenue CAGR of 24% from 2019 to 2024 [2][20] - The company has a significant first-mover advantage in the nuclear fusion sector, particularly in the manufacturing of vacuum chambers, and is well-positioned to benefit from the burgeoning fusion industry [4][5] - The company’s revenue forecast for 2025-2027 is projected at 2.4 billion, 3.0 billion, and 3.8 billion yuan respectively, with net profits of 113 million, 156 million, and 208 million yuan [5][12] Summary by Sections Company Overview - The company specializes in high-end forming machine tools and intelligent sorting equipment, with a revenue breakdown in 2024 of approximately 57% from color sorting machines, 29% from hydraulic machines, and 13% from mechanical presses [2][26] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and is a key player in the automotive hot forming equipment sector, competing with global leaders [20][63] Industry Position - The high-end forming machine tool market is expected to grow at a CAGR of 5-7% from 2024 to 2030, with the total market size projected to reach approximately 1.59 to 1.96 trillion yuan by 2030 [2][63] - The color sorting machine market is anticipated to grow at a CAGR of 4% from 2024 to 2031, with a market size of 7.17 billion yuan in 2024 [3] Nuclear Fusion Sector - The company is strategically positioned in the nuclear fusion industry, having participated in the preliminary research of vacuum chambers since 2021, and has secured contracts worth 209 million yuan for the BEST vacuum chamber project [4][5] - The total market space for global Tokamak devices is estimated to exceed 250 billion yuan, with significant demand expected to materialize in the next 3-5 years [4][59] Financial Projections - The company’s revenue is projected to increase from 2.07 billion yuan in 2024 to 3.76 billion yuan in 2027, with a corresponding improvement in net profit from a loss of 89 million yuan in 2024 to a profit of 208 million yuan in 2027 [5][12] - The company’s P/E ratios are forecasted to decrease from 82 in 2025 to 44 in 2027, indicating an improving valuation as profitability increases [5][12]