Group 1 - Nuclear power concept stocks are active, with significant gains observed in several companies [1] - Degu Technology reached the daily limit increase, indicating strong market interest [1] - Other companies such as New Lai Fu, He Duan Intelligent, An Tai Technology, Chu Jiang New Materials, and China Nuclear Construction also hit the daily limit increase [1] Group 2 - Additional companies including China Electric Xilong, China Electric Research Institute, Jiu Sheng Electric, Western Superconducting, Wu Jin Stainless Steel, and Tian Gang Co., Ltd. experienced upward movement in their stock prices [1]

可控核聚变概念14日盘中再度活跃，截至发稿，安泰科技、合锻智能涨停，分别斩获4连板和5连板，楚 江新材、中国核建亦涨停，西部超导涨约8%逼近历史高点。 10月13日上午，聚变堆主机关键系统综合研究设施"夸父"（CRAFT）取得重要进展——偏滤器原型部 件顺利通过专家组测试与验收。测试结果显示，该部件稳态热负荷能力达到20兆瓦/平方米，靶板面向 等离子体表面邻接误差小于1毫米，标志着我国自主设计的国际尺寸最大、热负荷最高的偏滤器原型部 件研制成功。 机构表示，可控核聚变已成为全球主要国家未来能源战略布局的重点方向，在海外头部经济体的政策持 续加码下，我国陆续出台相关政策，共同引领可控核聚变行业发展建设提速。BEST核聚变项目招标加 速推进，资本开支有望提速，高温超导、第一壁材料、低温系统、热交换器、真空室等一系列材料和零 部件市场，有望迎来发展机遇。 方正证券指出，聚变行业催化明显较7月—8月更加密集，国际原子能聚变能大会或有重大国家和国际进 展公布，且国内BEST项目在四季度有望开启第二次密集招标（包括第一壁、偏滤器、电源等高价值量 产品），其它聚变装置也有望启动；巨头入局与海外装置点火重大进展。聚变年内第二 ...

两融数据显示，该股最新（10月13日）两融余额为13.41亿元，其中，融资余额为13.25亿元，近10日增 加5.15亿元，环比增长63.49%。 公司发布的半年报数据显示，上半年公司共实现营业收入27.23亿元，同比增长34.76%，实现净利润 5.46亿元，同比增长56.72%，基本每股收益为0.8407元，加权平均净资产收益率7.85%。（数据宝） （文章来源：证券时报网） 西部超导股价创出历史新高，截至10:46，该股上涨8.66%，股价报82.96元，成交量3701.10万股，成交 金额28.93亿元，换手率5.70%，该股最新A股总市值达538.96亿元，该股A股流通市值538.96亿元。 证券时报·数据宝统计显示，西部超导所属的国防军工行业，目前整体跌幅为0.22%，行业内，目前股价 上涨的有47只，涨停的有*ST万方、*ST大立等3只。股价下跌的有89只，跌幅居前的有捷强装备、理工 导航、佳驰科技等，跌幅分别为5.68%、4.59%、3.99%。 ...

资金面上看，今日超导概念板块获主力资金净流入2.39亿元，其中，12股获主力资金净流入，5股主力 资金净流入超亿元，净流入资金居首的是联创光电，今日主力资金净流入2.75亿元，净流入资金居前的 还有西部超导、安泰科技、永鼎股份等，主力资金分别净流入2.09亿元、1.24亿元、1.08亿元。 资金流入比率方面，安泰科技、联创光电、东方钽业等流入比率居前，主力资金净流入率分别为 26.50%、11.70%、10.17%。（数据宝） 截至10月13日收盘，超导概念上涨2.87%，位居概念板块涨幅第8，板块内，19股上涨，白银有色、联 创光电、东方钽业等涨停，宁波韵升、宇邦新材、西高院等涨幅居前，分别上涨6.73%、4.25%、 3.97%。跌幅居前的有远东股份、沃尔核材、万东医疗等，分别下跌2.93%、2.60%、2.03%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 稀土永磁 | 6.92 | 同花顺果指数 | -3.67 | | 兵装重组概念 | 3.51 | 短剧游戏 | -2.02 | | 光刻机 | ...

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 11.57% during trading, with a transaction volume of 359 million yuan, indicating active market trading [3] - The latest scale of the Rare Metal ETF reached 3.08 billion yuan, marking a new high since its inception and ranking first among comparable funds [3] - The ETF's share reached 3.67 billion shares, also a new high since inception, and ranks first among comparable funds [3] - Over the past three days, the Rare Metal ETF has seen continuous net inflows, with a maximum single-day net inflow of 358 million yuan, totaling 551 million yuan [3] - As of October 10, the net value of the Rare Metal ETF has increased by 17.31% over the past three years [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25%, averaging a monthly return of 8.60% [3] Group 2: Cobalt Export Quotas and Market Dynamics - According to CITIC Construction Investment, cobalt export quotas for Congo (Kinshasa) have been finalized, with Luoyang Molybdenum, Glencore, and Eurasian Resources holding the top three shares at 35.9%, 27.3%, and 21.6% respectively [4] - The total quota for 2026 and 2027 is set at 96,600 tons, which includes a basic quota of 87,000 tons allocated to production enterprises and a strategic quota of 9,600 tons [4] - Under the quota system, only about 44% of production can be exported, resulting in a reduction of over 100,000 tons [4] - Based on estimates for 2024, with a supply of 270,000 tons and demand of 230,000 tons, the market is expected to shift from a surplus of about 70,000 tons to a shortage of about 30,000 tons, potentially driving cobalt prices higher [4] Group 3: Rare Earth Export Controls - The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earths to the export control list [4] - The controls also extend to the entire industrial chain, including equipment, technology, and raw materials, with additional regulations on overseas military and high-end semiconductor demands [4] - The strategic position of rare earths has been further reinforced through these measures [4] Group 4: Rare Metal Index and Investment Opportunities - As of September 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others, collectively accounting for 59.91% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [6] Core Views - China's military trade market is expected to achieve new breakthroughs, with the successful establishment of a reusable rocket factory accelerating the low-orbit satellite network [2][11] - The procurement of 20 J-10CE fighter jets by Bangladesh for $2.2 billion signifies the growing recognition of Chinese military products and the potential for market expansion [10][15] - The completion of the first reusable rocket factory in Wenchang, Hainan, marks a significant advancement in commercial aerospace infrastructure, paving the way for scalable and reusable rocket development [10][17] Summary by Sections Military Trade Developments - Bangladesh plans to invest $2.2 billion to purchase 20 J-10CE fighter jets, with the total procurement cost including training and logistics expected to reach $2.2 billion [10][15] - The international competitiveness of Chinese military equipment is increasing due to enhanced technology performance and cost-effectiveness, transitioning from a focus on individual product advantages to comprehensive solution capabilities [16] Commercial Aerospace Advancements - The first reusable rocket assembly and testing factory in Wenchang, Hainan, has been completed, which will significantly enhance the production capacity and testing capabilities for reusable rockets [10][17] - The factory is expected to lower launch costs and accelerate the progress of commercial low-orbit satellite networks [17] Current Market Outlook - The military industry has stabilized recently, with a focus on domestic demand and military trade developments as key growth drivers [20] - The report highlights the importance of upstream components and key materials in supporting the lifecycle of various military equipment, indicating potential benefits from demand amplification effects [20] - The report suggests continued optimism for the military sector, with specific investment recommendations for various companies within the industry [10][20]

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]

"人造太阳"尚未照进现实，但核聚变概念已经在股市发光发热。年初至今，截至10月10日收盘，中洲特 材（300963.SZ）、合锻智能（603011.SH）、永鼎股份（600105.SH）等10只成分股股价翻倍，最高涨 幅达271.94%。 9月下旬以来，核聚变工程化与商业化加速的消息持续发酵，带升板块热度。近日，位于合肥的核聚变 装置——BEST的建设进展也给二级市场加了一把火。10月10日，A股震荡调整之际，核聚变个股依旧 活跃，合锻智能在近9个交易日收获5个涨停板，公司有关人士告诉《华夏时报》记者，"我们只承接了 合肥BEST项目一半的真空室（聚变反应发生装置）研制，订单接得比较早，目前真空室已在制造并逐 步交付中。" 据了解，国内外已有的核聚变项目主要属于科学实验装置，旨在验证聚变发电的科学和工程可行性，并 不在商业示范或应用范畴。合锻智能有关人士也表示，"虽然目前频繁出现新闻和招标项目，但（核聚 变）并没有结论性或实质性的进展，二级市场投的可能是预期。目前能源紧缺是迫在眉睫的问题，核聚 变是未来的必然方向，至于要像风电一样成熟应用，应该需要很长时间。" 核电个股活跃 国庆节后首个交易日，核聚变、核电概 ...

Core Viewpoint - The company has successfully achieved mass production of practical MgB₂ high-temperature superconducting wire using powder-in-tube (PIT) technology, with lengths exceeding 20,000 meters and performance indicators reaching international leading levels [1] Group 1: Production Achievements - The company has produced over 250 kilometers of MgB₂ wire, providing strong technical support for the superconducting magnetic energy storage device of the Southern Power Grid [1] - The company has also achieved a milestone by preparing kilometer-level multi-core MgB₂ wire through the center magnesium diffusion method, marking a first in the international superconducting materials field [1] Group 2: Application Potential - The MgB₂ wire exhibits significant application potential in fields such as magnetic resonance imaging, superconducting magnetic energy storage, power cables, and high-field magnets, making it a key material for efficient and compact superconducting devices [1] Group 3: Market Performance - On the day of the announcement, the company's stock price fell by 2.98%, despite a recent one-month increase of 28.75% [1]

Core Insights - The recent breakthrough in China's compact fusion energy experimental device (BEST) marks a significant advancement, paving the way for the world's first fusion energy demonstration in 2027 [3] - Controlled nuclear fusion is considered the "ultimate energy solution," comparable to historical revolutions like the steam engine and electrification, with the potential to transform the global energy landscape [3] - The fusion reactor market is projected to be a trillion-dollar opportunity, with upstream materials and key components expected to benefit first [3] Company Highlights - **Ingeteam**: This company has been providing critical power supply services for national fusion projects, covering essential systems such as magnetic field and heating power supplies, successfully applied in multiple key national projects [4] - **Xiamen Tungsten**: The first domestic company to develop and produce ITER filter tungsten probe components, possessing precision processing capabilities for large-scale ITER-grade tungsten materials, supplying core tungsten components for various fusion devices [5] - **China Nuclear Technology**: Supplies 80% of the vacuum sealing valves and connectors for the Chinese Circulation III project, with products capable of withstanding plasma impacts of 160 million degrees and a lifespan of 100,000 hours, breaking the technical monopoly of France's Framatome [6] - **Western Superconducting Technologies**: Achieved significant breakthroughs in NbTi superconducting wire for nuclear fusion, developing engineering production technology that produces superconducting wire lengths of up to 90,000 meters, meeting ITER project requirements [7] - **Potential Leading Company**: The only global company capable of full industrial chain manufacturing for fusion reactors, securing orders for core components like ITER superconducting coils and vacuum chambers, with proprietary micron-level precision vacuum chamber welding technology [8]