证券日报网讯12月17日，派克新材（605123）在互动平台回答投资者提问时表示，公司始终坚持以国家 政策为导向，积极响应国家发展商业航天的号召，持续加强研发，提升产品性能与可靠性，深化商业航 天领域的业务布局。公司已经与多家行业领先企业建立了稳定合作的关系，并始终严格按照监管法规、 信披要求和保密规定等法律法规和商业准则履行信息披露义务。公司高度关注全球商业航天领域的先进 技术与发展趋势，积极拓展国内外市场。未来，公司将在合法合规的前提下，持续推进国际化市场开 拓。 ...

Group 1 - The company, Parker New Materials (605123.SH), primarily provides specialized alloy precision ring forgings and precision die forgings for high-end equipment such as gas turbines [1]

Group 1 - The company, Parker New Materials (605123.SH), primarily provides specialized alloy precision ring forgings and precision die forgings for high-end equipment such as gas turbines [1]

Group 1 - The mechanical sector has shown strong performance in 2025, with the Shenwan Mechanical Equipment Index rising by 36.11%, outperforming the Shanghai Composite Index by 19.74 percentage points and the Shenzhen Component Index by 8.78 percentage points [4][16][19] - In the first three quarters of 2025, the mechanical industry reported revenues of 15,135.34 billion yuan, a year-on-year increase of 7.35%, and a net profit attributable to shareholders of 1,080.76 billion yuan, up 16.80% year-on-year [4][22][27] - The public fund allocation ratio for the mechanical equipment sector increased by 0.25 percentage points in Q3 2025 compared to Q3 2024, indicating improved fundamentals and positive policy impacts [29] Group 2 - The equipment manufacturing industry has maintained export resilience, with significant growth in new overseas markets. From January to October 2025, the export delivery value of general equipment, specialized equipment, and transportation equipment reached 6,173.20 billion yuan, 5,319.30 billion yuan, and 4,124 billion yuan respectively, with year-on-year growth rates of 5.5%, 9.3%, and 24.20% [5][33][36] - The overseas sales of engineering machinery continued to grow, with a year-on-year increase of 11.84% in export value from January to October 2025, driven by technological innovation and diversified market strategies [37][41] - The motorcycle industry has established a strong competitive advantage in overseas markets, with exports reaching 1,101.85 million units and 7.278 billion USD in value from January to October 2025, reflecting a year-on-year increase of 22.28% and 28.2% respectively [42][43] Group 3 - The emergence of new manufacturing scenarios signifies a profound transformation from "single technology upgrades" to "systematic ecological restructuring," enhancing production efficiency, product quality, and innovation capabilities [5][46] - Human-shaped robots are expected to address customization challenges in traditional manufacturing, with a market space projected to expand significantly as they transition from industrial applications to household use [47][54] - The intelligent logistics equipment market in China is expected to grow rapidly, with a projected market size of 1,261 billion yuan in 2025, driven by advancements in IoT and AI technologies [64][72]

Group 1 - Controlled nuclear fusion is crucial for national energy security and technological independence, with its industrialization progressing from experimental validation to engineering demonstration stages [1] - The domestic production rate of key nuclear fusion equipment has exceeded 96%, with core components like tungsten-based divertors and high-temperature superconducting materials now being produced independently [1] - The nuclear fusion industry is entering a new phase characterized by competition among multiple technological routes and concentrated capital investment, driven by advancements in projects like the BEST device and the EAST device [1][3] Group 2 - The capital market has shown significant interest in the controlled nuclear fusion sector, with a continuous rise in stock prices since 2025, indicating the potential for a new market cycle [3] - The nuclear fusion industry is currently in the experimental phase, with a three-step development plan outlined: experimental pile, demonstration pile, and commercial pile, aiming for completion of the experimental pile by 2035 and commercial demonstration by 2050 [4] - Global investments in nuclear fusion research are increasing, with many countries advancing their demonstration pile plans and accelerating the commercialization process [7] Group 3 - The industry anticipates that nuclear fusion could achieve commercial power supply within the next decade, with 2031-2035 being a widely accepted timeframe for this milestone [8] - AI technology is playing a significant role in advancing nuclear fusion development by optimizing reaction conditions and predicting plasma behavior, thus accelerating commercialization [8][12] - Material innovation is critical for overcoming bottlenecks in the nuclear fusion industry, focusing on surface and structural innovations, optimizing superconducting materials, and material modification [13] Group 4 - Superconducting materials are essential for controlled nuclear fusion devices, directly impacting the efficiency of energy production and plasma confinement [14] - Leading companies in the nuclear fusion sector are making significant progress in developing core components, with a clear path toward industrialization in areas such as superconductors and divertor materials [15][17] - Key companies include: - Four Creation Electronics, the only domestic company to achieve localization of superconducting magnet power modules for fusion devices [18] - Parker New Materials, the only company capable of mass-producing core components for nuclear fusion [19] - Antai Technology, a global supplier of core materials for controlled nuclear fusion devices [20]

Core Viewpoint - The article emphasizes the accelerating industrialization of controlled nuclear fusion, highlighting its importance for national energy security and technological independence. The industry is transitioning from experimental validation to engineering demonstration, with significant advancements in material performance and domestic production capabilities [5][11][14]. Industry Overview - Controlled nuclear fusion is entering a new phase characterized by multiple competitive technological routes and concentrated capital investment, with key equipment's domestic production rate exceeding 96% [5][8]. - The nuclear fusion industry is expected to achieve commercial power generation within the next decade, with 2031-2035 being the widely recognized timeframe for commercialization [15]. Investment Opportunities - The capital market has shown sustained interest in the controlled nuclear fusion sector, with stock performance indicating a potential new market cycle. Recent trading activity has seen significant gains in related stocks, suggesting a bullish trend [8][30]. - Investors are encouraged to focus on core enterprises within the nuclear fusion sector to seize investment opportunities as the industry progresses towards commercialization [9]. Technological Development - The development of controlled nuclear fusion is structured into five stages: scientific theory, scientific feasibility, engineering feasibility, commercial feasibility, and commercial reactor. The industry is currently advancing towards engineering feasibility [10]. - AI technology is playing a crucial role in accelerating the commercialization of nuclear fusion by optimizing reaction conditions and predicting plasma behavior, significantly enhancing research efficiency [15][19]. Material Innovation - Material innovation is critical for overcoming bottlenecks in the nuclear fusion industry, with research focusing on surface and structural innovations, superconducting materials optimization, and material modification [22][28]. - Superconducting materials are essential for the operation of controlled nuclear fusion devices, directly impacting energy efficiency and plasma confinement capabilities [25][26]. Key Enterprises - Several leading companies are making significant strides in the nuclear fusion sector, including: - **Sichuan Four Creation Electronics (四创电子)**: The only domestic company to achieve the localization of superconducting magnet power supply modules for fusion devices [36]. - **Parker New Materials (派克新材)**: The only company capable of mass-producing core components for nuclear fusion, continuously enhancing its technological advantages [38]. - **Antai Technology (安泰科技)**: A global supplier of core components for controlled nuclear fusion, providing a range of tungsten-related products for nuclear power technologies [39].

Core Insights - Controlled nuclear fusion is crucial for national energy security and technological independence, with its industrialization progressing from experimental validation to engineering demonstration stages [1] - The domestic production rate of key nuclear fusion equipment has exceeded 96%, indicating significant advancements in self-sufficiency for core components [1] - The industry is entering a new phase characterized by multiple competitive technological routes and concentrated capital investment, particularly with the advancement of the BEST device's power generation demonstration work and the EAST device's long pulse operation records [1] Capital Market Trends - The controlled nuclear fusion sector has attracted significant capital market attention, with a continuous rise in stock prices since 2025, indicating the potential for a new market cycle [3] - Recent trading activity shows strong performance among stocks in this sector, with notable gains from companies like Hualing Cable and Xue Ren Group, and a doubling in stock price for Tianli Composite on the Beijing Stock Exchange [3] Development Stages of Nuclear Fusion - The development of nuclear fusion can be categorized into five stages: scientific theory, scientific feasibility, engineering feasibility, commercial feasibility, and commercial reactors, currently progressing towards engineering feasibility [4] - China's nuclear fusion engineering plan outlines a three-step development strategy: experimental reactors, demonstration reactors, and commercial reactors, with the experimental phase serving as the foundation for commercialization [4] Global R&D Investments - Countries and major enterprises are increasing their R&D investments in controlled nuclear fusion, with many demonstration reactor plans advancing steadily, and a consensus that commercial power generation could be achieved within the next decade [7] - AI technology is playing a significant role in accelerating the commercialization of nuclear fusion by optimizing reaction conditions and predicting plasma behavior [7] Material Innovations - Material innovation is critical for overcoming bottlenecks in the nuclear fusion industry, focusing on surface and structural innovations, optimization of superconducting materials, and material modification techniques [12] - Superconducting materials are essential for the operation of controlled nuclear fusion devices, with domestic companies making strides in the industrialization of high-temperature superconducting magnets [14] Opportunities in the Nuclear Fusion Supply Chain - Leading energy equipment companies have established a foothold in the nuclear fusion sector, with clear paths for industrialization and ongoing development in core components [15] - Companies like Hailu Heavy Industry and others are enhancing their core competitiveness through increased R&D investments and strategic collaborations [17] Key Companies in the Sector - Four Creation Electronics is the only domestic company to achieve the localization of superconducting magnet power supply modules for nuclear fusion devices, holding a significant market position [19] - Parker New Materials is the sole company capable of mass-producing core components for nuclear fusion, continuously strengthening its technological advantages [20] - Antai Technology is a global supplier of core materials for controlled nuclear fusion devices, providing a range of tungsten-related products for nuclear power technologies [21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the continuous release of BEST orders and the long-term development prospects of the controlled nuclear fusion sector, with significant projects expected to commence soon [7][21] - The signing of Japan's first fusion power purchase agreement by Helical Fusion with Aoki Super marks a significant milestone in the industry [6][18] - The report emphasizes the steady progress in the research and construction of controlled nuclear fusion devices, with key components expected to see ongoing demand [21][22] Summary by Sections Sector Review - All segments within the controlled nuclear fusion sector experienced price increases, with notable stock performances including Aikoseibo (+34.3%), Yongding Co. (+27.8%), and Hahan Huaton (+22.2%) [5][14] - The overall sector saw a positive trend, with all sub-segments rising, particularly magnets (+15.4%), power assemblies (+9.9%), and upstream metal materials (+8.0%) [16][18] Industry Dynamics - Helical Fusion announced the signing of Japan's first fusion energy power purchase agreement, aiming to establish a commercially viable fusion demonstration plant by the 2030s [6][18] - Recent procurement updates indicate ongoing demand for key components, with significant projects awarded, including a total of approximately 9.32 billion yuan for various projects by the China Engineering Physics Research Institute [19][20] Weekly Perspective - The report expresses optimism regarding the long-term prospects of the sector, driven by the expected release of core component orders and advancements in technology [21][22] - Beneficiary stocks identified include those involved in magnets, vacuum chambers, power assemblies, and other critical components [22][23]

Core Viewpoint - The commercial aerospace sector in the A-share market has experienced a significant surge, driven by the establishment of new companies and the introduction of a three-year development plan, indicating strong governmental support for the industry [1] Group 1: Stock Performance - Tianli Composite saw a 30% increase, reaching a market capitalization of 6.629 billion [2] - Chaojie Co. experienced a 20% rise, with a total market value of 13 billion [2] - Chuangyuan Xinke rose by 18.56%, with a market cap of 4.691 billion [2] - Guoci Materials increased by 15.73%, totaling a market value of 26.9 billion [2] - Aerospace Huanyu grew by 14.74%, with a market capitalization of 18.2 billion [2] - Xice Testing and Tianyi New Materials both saw increases of over 10% [1][2] Group 2: Industry Outlook - The recent establishment of commercial aerospace companies and the development plan highlights the government's commitment to the sector [1] - The commercial aerospace ecosystem in China is developing a comprehensive chain that includes upstream manufacturing, midstream launch and operation, and downstream application services [1] - There is a strong positive outlook for investment opportunities within the commercial aerospace sector [1]

风险提示：基金有风险，投资需谨慎。 分析指出，巨头资本化与前沿技术突破，共同构成了本轮卫星产业投资热的坚实底座。 当SpaceX的IPO 为行业树立起前所未有的价值标杆，当"太空AI"打开从千亿到万亿的崭新想象空间，当国内火箭与卫星 制造能力迈入"低成本、高频次"新阶段，卫星产业ETF(159218)作为一揽子投资这些核心趋势的金融产 品，其受到资金的持续追逐与重仓，便成为顺理成章的市场选择。 12月12日，卫星板块再走强。截至10时17分，表征板块的卫星产业ETF(159218)涨1.35%，一度涨1.42% 冲击四连阳；成分股天银机电、西部超导、派克新材涨幅居前。 ...