Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].

Core Insights - A total of 11 companies listed on the Sci-Tech Innovation Board have released their performance forecasts for the first half of the year, with 10 companies expecting profit increases, resulting in a positive forecast ratio of 90.91% [1][3] Company Performance Forecasts - The company with the highest expected net profit increase is Guangda Special Materials, with a median expected increase of 367.51% [2] - Shengnuo Biological and Tailin Microelectronics follow, with median expected net profit increases of 292.82% and 267.00%, respectively [2] - Other companies with significant expected profit increases include: - Xindong Lianke: 171.92% - Guoli Co., Ltd.: 144.50% - Xinpeng Microelectronics: 104.00% - Lexin Technology: 71.50% - Nuotai Biological: 38.67% - C Yitang: 30.64% - Daotong Technology: 22.88% [2] Industry Overview - The majority of the companies with positive forecasts are in the electronic and medical sectors, indicating strong performance expectations in these industries [1][2]

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.94%, Nasdaq down 0.92%, and S&P 500 down 0.79%. Notable declines included Tesla at 6.79%, Apple at 1.69%, and Google A at 1.53%, while Amazon saw a slight increase of 0.03% [1] International Trade and Policy - The first wave of tax letters from Trump will affect 14 countries, including Japan and South Korea, with tax rates ranging from 25% to 40%, effective from August 1. The EU is reportedly close to reaching an agreement [2] - An EU spokesperson indicated that negotiations for a US-EU trade agreement have made progress, with a principle agreement expected [3] Company Developments - OpenAI is incurring high costs for talent retention, with equity compensation accounting for 119% of its revenue. Meanwhile, Meta is actively recruiting talent, with a senior AI executive from Apple set to join [4] - Samsung Electronics is expected to see a 39% decline in operating profit for Q2 due to weak AI chip sales [5] - Figure's CEO stated that humanoid robots are key to AGI and plans to deploy 100,000 units within four years [6] - Colin Murdoch, Chief Business Officer of Google DeepMind, announced that Isomorphic Labs, which designs drugs using AI, is preparing for its first human trials [7] Economic Forecasts - Goldman Sachs has revised its expectations for the Federal Reserve's interest rate cuts, now anticipating a potential cut in September, with a terminal rate of 3% to 3.25% [8] Domestic Industry Highlights DRAM Industry - Changxin Storage, a major domestic DRAM manufacturer, has initiated its IPO counseling, with a registered capital of 601.9 billion yuan and a valuation of 140 billion yuan. The success of Changxin and Yangtze Memory is expected to significantly impact the domestic semiconductor industry [11] Photovoltaic Industry - Major polysilicon manufacturers have raised prices for certain orders to 37 yuan per kilogram due to recent policy changes and industry self-discipline. The overall production of polysilicon is projected to increase, albeit at a limited rate [12] Petrochemical Industry - The price of butanone has risen by 4.54% to 8,267 yuan per ton, with a month-on-month increase of 28.51%. Supply disruptions due to maintenance at major production facilities are contributing to price increases [13] Automotive Components - A new mandatory national standard for passenger car brake systems will take effect on January 1, 2026, introducing new requirements for electric transmission brake systems and single-pedal braking [15] Company Earnings Forecasts - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for the first half of 2025, a year-on-year increase of 47.72% to 52.11%, driven by growth in cloud computing [16] - Rockchip anticipates a net profit of 520 million to 540 million yuan, a year-on-year increase of 185% to 195%, supported by AIoT product demand [17] - Loxin Technology projects a net profit of 250 million to 270 million yuan, a year-on-year increase of 65% to 78% [17] - China Power expects a net profit of 800 million to 1.15 billion yuan, a year-on-year increase of 68.28% to 141.90% [17]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant developments, including management changes, stock trading fluctuations, and major contracts, which may present investment opportunities and risks for investors [2]. Group 1: Management Changes and Legal Issues - Scanda's chairman and general manager, Li Yuejie, along with director Zhu Chuncheng, have been subjected to criminal coercive measures due to alleged violations related to information disclosure [3]. - Longhong High-Tech is planning to acquire 100% equity of Guangxi Changke, leading to a stock suspension for up to 10 trading days [6]. Group 2: Stock Trading and Performance - New Asia Electronics reported abnormal stock trading with a cumulative price deviation exceeding 20% over three days, while confirming that its operations are normal and consistent with previously disclosed share reduction plans [5]. - ST Tiexin announced the removal of risk warnings and a name change, which will increase the trading limit from 5% to 10% [8]. Group 3: Financial Performance Forecasts - Industrial Fulian expects a net profit increase of 36.84% to 39.12% year-on-year for the first half of 2025, driven by a surge in AI-related business [18]. - Huayou Cobalt anticipates a net profit increase of 55.62% to 67.59% for the same period, benefiting from integrated operations and rising cobalt prices [19]. - Guoli Co. forecasts a staggering net profit increase of 130.91% to 158.08% for the first half of 2025, attributed to new product and market expansions [20]. - Bangji Technology expects a net profit increase of 166.77% to 200.91%, driven by increased sales from direct sales channels [21]. - Lier Chemical predicts a net profit increase of 185.24% to 196% due to rising product sales and cost reduction efforts [25]. Group 4: Major Contracts and Projects - Huadian Science and Technology signed significant contracts worth approximately RMB 25.16 billion for coal handling and transportation systems [41]. - Aerospace Engineering is the first candidate for a project with a bid of RMB 23.92 billion for a coal gasification facility [43].

Macro Dynamics - As of June 2025, China's foreign exchange reserves reached $331.74 billion, an increase of $32.2 billion from May, representing a growth rate of 0.98% [1] Company Dynamics - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, a year-on-year increase of 47.72% to 52.11%, and for the first half of 2025, a net profit of 11.958 billion to 12.158 billion yuan, up 36.84% to 39.12% [12][13] - Guoli Co. anticipates a net profit of 34 million to 38 million yuan for the first half of 2025, reflecting a year-on-year growth of 130.91% to 158.08%, driven by the booming electric vehicle industry and effective cost management [14] - Changhong High-Tech is planning to acquire 100% equity of Guangxi Changke New Materials Co., Ltd., with the transaction expected to constitute a major asset restructuring [15] - Chuanjinno expects a net profit of 168 million to 188 million yuan for the first half of 2025, a year-on-year increase of 152.25% to 182.28%, supported by strong market demand and optimized production plans [16]

Group 1 - The company expects to achieve operating revenue between 540 million and 580 million yuan for the first half of 2025, representing an increase of 206.145 million to 246.145 million yuan, or a year-on-year growth of 61.75% to 73.73% [1][2] - The projected net profit attributable to the parent company for the first half of 2025 is estimated to be between 34 million and 38 million yuan, showing a significant increase compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 28 million and 32 million yuan, reflecting an increase of 14.2508 million to 18.2508 million yuan, or a year-on-year growth of 103.65% to 132.50% [1][2] Group 2 - The growth in performance is attributed to the company's continuous exploration of new products, customers, and markets, supported by long-term R&D investment and technological accumulation [2] - The high demand in the new energy vehicle industry has significantly boosted the company's order volume [2] - Core product sales, such as control boxes and relays, have experienced rapid revenue growth, enhancing profitability [2] - The company has optimized cost and expense management, leading to improved operational efficiency and further profit growth [2]

（一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 （1）经财务部门初步测算，预计昆山国力电子科技股份有限公司（以下简 称"公司"）2025 年半年度实现营业收入 54,000 万元到 58,000 万元，与上年 同期（法定披露数据）相比，将增加 20,614.50 万元到 24,614.50 万元，同比增 加 61.75%到 73.73%。 | 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 关于2025年半年度业绩预告的自愿性披露公告 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （3）经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的 扣除非经常性损益的净利润为 2,800 万元到 3,200 万元，与上年同期（法定披露 数据）相比，将增加 1,425.08 万 ...

Key Points - The company has adjusted the upper limit of the share repurchase price from RMB 73.47 per share to RMB 73.26 per share following the implementation of the 2024 annual equity distribution [1][2] - The adjustment of the repurchase price limit will take effect from July 2, 2025, which is the ex-dividend date for the 2024 annual equity distribution [1][2] - The total amount for the share repurchase is set to be no less than RMB 30 million and no more than RMB 50 million within 12 months from the date of the repurchase plan [2][3] Share Repurchase Details - The company will use its own funds and repurchase special loans to buy back shares through centralized bidding [1][2] - The cash dividend per share is set at RMB 0.21047, with a total cash dividend amount of RMB 20,016,200.65 [1][2] - The total share capital as of June 25, 2025, is 95,315,536 shares, with 213,143 shares in the repurchase special securities account, resulting in 95,102,393 shares eligible for distribution [2][3] Calculation of Adjusted Repurchase Price - The adjusted upper limit for the repurchase price is calculated as (73.47 - 0.21000) / (1 + 0) = 73.26 RMB per share [3] - Based on the adjusted repurchase price limit of RMB 73.26, the estimated number of shares to be repurchased is approximately 409,500 shares, which represents about 0.4296% of the total share capital after the equity distribution [3][4] Other Matters - Other aspects of the share repurchase plan remain unchanged, and the company will comply with relevant regulations during the repurchase period [4]

| 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 关于2024年年度权益分派实施后 调整回购价格上限的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 回购价格调整起始日：2025 年 7 月 2 日（2024 年年度权益分派除权除息 日） 一、回购股份的基本情况 2025 年 3 月 24 日，昆山国力电子科技股份有限公司（以下简称"公司"） 召开第三届董事会第十七次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用自有资金和回购专项贷款以集中竞价交易方 式回购公司股份，回购资金总额不低于人民币 3,000 万元（含），不超过人民币 5,000 万元（含），回购价格不超过 73.47 元/股，回购期限自董事会审议通过 本次回购方案之日起 12 个月内。具体内容详见公司于 2025 年 3 月 26 日在上海 ...

二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 | 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/3/26 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 3 月 | 3 | 月 | 24 | 日~2026 | 年 | 23 日 | | 预计回购金额 | 3,000万元~5,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维 ...