证券代码：688167 证券简称：炬光科技 公告编号：2025-067 西安炬光科技股份有限公司 关于召开2025年第四次临时股东大会的通知 本公司董事会及全体董事保证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： 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第四次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 （四）现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 29 日 14 点 00 分 召开地点：陕西省西安市高新区丈八六路 56 号西安炬光科技股份有限公司 华山会议室 （五）网络投票的系统、起止日期和投票时间。 二、会议审议事项 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 29 日 至2025 年 9 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年9月29日 本次股东大会采用的网络投票系统：上海证券交易所股 ...

西安炬光科技股份有限公司 第四届监事会第十三次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 证券代码：688167 证券简称：炬光科技 公告编号：2025-065 西安炬光科技股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日以现场 与通讯相结合的方式召开了第四届监事会第十三次会议（以下简称"本次会议"）， 本次会议的通知已于 2025 年 9 月 6 日送达全体监事。本次会议由公司监事会主 席王晨光先生召集并主持，会议应出席监事 3 名，实际出席监事 3 名，本次会议 的召集、召开程序和方式符合《中华人民共和国公司法》（以下简称"《公司法》"） 等法律法规及《西安炬光科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，会议决议合法、有效。 二、监事会会议审议情况 会议经与会监事审议并书面表决通过了如下议案： （一）审议通过《关于<西安炬光科技股份有限公司 2025 年限制性股票激 励计划（草案）>及其摘要的议案》 经审议，监事会认为：《西安炬光科技股份有 ...

炬光科技(688167.SH)公告称，2025年9月1日～2025年9月11日，公司股东延绥斌通过集中竞价、大宗交 易方式合计减持公司股份62,956股，减持计划已实施完毕。减持价格区间为110.00～141.69元/股。减持 完成后，延绥斌持有公司股份80,128股，占公司总股本的0.0892%。 ...

Group 1 - The article discusses the performance and characteristics of various ETFs tracking the STAR Market indices, highlighting their focus on high-tech sectors such as semiconductors, medical devices, and software development [2][3][5] - The STAR 50 ETF tracks the STAR 50 Index, which consists of 50 large-cap stocks with a significant focus on "hard technology," particularly semiconductors, which account for over 60% of the index [2] - The STAR 100 ETF focuses on medium-cap stocks, with over 80% of its composition in electronic, pharmaceutical, and computer industries, indicating a strong emphasis on small and medium-sized innovative enterprises [2][3] Group 2 - The STAR Comprehensive Index ETF covers the entire STAR Market, focusing on core industries such as artificial intelligence, semiconductors, and new energy, and includes all 17 primary industries listed on the STAR Market [3] - The STAR Growth 50 ETF is composed of 50 stocks with high growth rates in revenue and net profit, with nearly 75% of its composition in the electronic and pharmaceutical sectors, showcasing a strong growth style [5] - The rolling price-to-earnings (P/E) ratios for these indices indicate varying levels of valuation, with the STAR 50 ETF at 173.6 times, the STAR 100 ETF at 218.9 times, and the STAR Growth 50 ETF at 200.3 times, reflecting the growth potential and market expectations for these sectors [2][3][5]

Core Viewpoint - The photolithography concept sector has seen a significant increase, with a rise of 4.47% as of the market close on September 11, 2023, ranking it ninth among concept sectors [1] Group 1: Market Performance - Within the photolithography concept sector, 39 stocks experienced gains, with notable performers including Juguang Technology and Tengjing Technology, both reaching a 20% limit up [1] - Major gainers also included Dazhu Laser, which hit the limit up, and companies like Tongfei Co., Xinqi Microelectronics, and Sitake, which saw increases of 15.73%, 10.87%, and 10.42% respectively [1] - Conversely, stocks such as Jiuri New Materials, *ST He, and United Chemicals faced declines of 1.26%, 0.67%, and 0.57% respectively [1] Group 2: Capital Flow - The photolithography concept sector attracted a net inflow of 1.112 billion yuan from main funds today, with 25 stocks receiving net inflows [2] - Dazhu Laser led the sector with a net inflow of 426 million yuan, followed by Tengjing Technology and Zhangjiang Hi-Tech, each with net inflows of 163 million yuan [2] - The net inflow ratios for Dazhu Laser, Juguang Technology, and Tengjing Technology were 14.21%, 9.11%, and 9.00% respectively [3] Group 3: Stock Performance Metrics - Dazhu Laser recorded a daily increase of 10.00% with a turnover rate of 8.31% and a main fund flow of approximately 425.65 million yuan [3] - Tengjing Technology also saw a significant rise of 20.00% with a turnover rate of 15.04% and main fund flow of about 163.12 million yuan [3] - Other notable stocks included Zhangjiang Hi-Tech with a 5.56% increase and a turnover rate of 4.34%, and Juguang Technology with a 20.00% increase and a turnover rate of 10.77% [3]

Market Overview - A-shares experienced a strong rally on September 11, with the Shanghai Composite Index rising over 1.5% and the ChiNext Index surging over 5%, breaking the 3000-point barrier, doubling from last year's low [1] - The total trading volume in the Shanghai and Shenzhen markets reached 24.649 billion yuan, an increase of over 4.6 billion yuan compared to the previous day [1] Sector Performance - Nearly 100 stocks hit the daily limit, with over 4200 stocks in the green, particularly in the semiconductor and AI sectors, which saw significant gains [2] - The brokerage sector also saw strong performance, with Guohai Securities hitting the limit and Changjiang Securities rising nearly 7% [7] AI Industry Chain - AI-related stocks experienced a collective surge, with companies like Haiguang Information and Tengjing Technology hitting the daily limit, and Industrial Fulian achieving consecutive limit-ups [3][4] - Oracle's impressive earnings report and stock performance have sparked enthusiasm for investments in the AI industry chain [4][5] Brokerage Sector Insights - The brokerage sector showed strong upward movement, with several firms reporting significant gains, indicating a recovery in market sentiment and trading activity [7][9] - Citic Securities projected that the average daily trading volume in A-shares will reach 1.61 trillion yuan in the first half of 2025, reflecting a year-on-year increase of 62.5% [9] Pharmaceutical Sector Trends - The innovative drug sector in Hong Kong faced a significant downturn, with major companies like Hansoh Pharmaceutical and BeiGene experiencing substantial declines [10] - Concerns over potential regulatory changes in the U.S. regarding Chinese pharmaceuticals have contributed to market volatility in this sector [10][11]

Market Overview - The market experienced a significant rally, with major indices such as the Shanghai Composite Index rising by 1.65%, the Shenzhen Component Index by 3.36%, and the ChiNext Index by 5.15% on September 11 [4][5] - A total of 4,221 stocks rose, with 94 hitting the daily limit up, while 1,047 stocks declined [5][6] Sector Performance - The computing hardware sector showed strong performance, with companies like Industrial Fulian achieving a two-day limit up and reaching historical highs [7] - Notable stocks in the computing hardware sector included Shenghong Technology, Zhongji Xuchuang, and Xinyi Technology, all of which rose over 10% [7] Semiconductor Sector - The semiconductor stocks surged, with companies like Haiguang Information, Xinxing Micro, and Juguang Technology hitting the daily limit up [9][10] - The overall sentiment in the semiconductor sector was buoyed by the strong performance of AI-related stocks [11] Key Drivers - The primary catalyst for the market's surge was Oracle Corporation, whose stock price soared by 43% after announcing a projected $455 billion in unconfirmed contract revenue for the recent fiscal quarter, more than quadrupling year-over-year [11] - Oracle's CEO indicated that several large contracts were signed, with expectations of additional contracts pushing revenue projections above $500 billion [11] - A significant contract between OpenAI and Oracle, valued at $300 billion over five years for computing power, further fueled optimism in the AI sector [11][12] Market Sentiment - The news from Oracle reinforced positive sentiment towards AI, highlighting the high demand for AI computing power and shifting market focus back to AI-related themes [12]

Market Overview - The A-share market experienced a significant rally on September 11, with major indices such as the ChiNext Index and the Sci-Tech Innovation 50 Index rising over 5% [2] - The Shanghai Composite Index increased by 1.65%, while the Shenzhen Component Index rose by 3.36% [2] - A total of 4,221 stocks rose, with 94 hitting the daily limit up, while 1,047 stocks declined [2][3] Trading Statistics - The total trading volume reached approximately 24,645.93 billion [3] - The number of stocks that increased was 4,221, representing a 55.47% increase in rising stocks [3] - The overall number of stocks traded was 5,430, with 162 stocks suspended [3] Sector Performance - The computing hardware sector showed strong performance, with companies like Industrial Fulian (601138) achieving a "two consecutive limit up" and reaching a historical high [4] - Other computing hardware stocks such as Shenghong Technology (300476), Zhongji Xuchuang (300308), and Xinyi Sheng (300502) all surged over 10% [4] Semiconductor Sector - Semiconductor stocks also saw a broad increase, with companies like Haiguang Information, New Xiangwei, and Juguang Technology hitting the daily limit up [6][7] Catalyst for Market Movement - The primary driver for the surge in technology stocks was Oracle Corporation, whose stock price soared by 43% after announcing an expected $455 billion in unconfirmed contract revenue for the recent fiscal quarter [9] - Oracle's CEO indicated that the company signed four large contracts with three clients, with expectations of additional large contracts in the coming months, potentially pushing contract revenue above $500 billion [9] - A significant contract between OpenAI and Oracle, valued at $300 billion over five years, was also disclosed, highlighting the increasing demand for AI computing power [9][10] Implications for AI and Cloud Computing - The deal with OpenAI is noted as one of the largest cloud contracts in history, reflecting a robust spending trend in AI data centers despite concerns about potential market bubbles [10] - The optimistic sentiment surrounding AI was reinforced by Oracle's announcements, indicating a high demand for AI computing power and shifting market focus back to AI-related themes [10]

Group 1 - The core point of the article is the recent block trade of Juguang Technology, which involved a transaction of 16,900 shares at a price of 118.38 yuan, representing a 2% discount compared to the closing price on the same day [2] - The buyer of the block trade was Yintai Securities, while the seller was CITIC Securities, indicating active trading between these firms [2] - Over the past three months, Juguang Technology has seen a total of 21 block trades, with a cumulative transaction amount of 63.58 million yuan [2] Group 2 - On the day of the block trade, Juguang Technology's closing price was 120.80 yuan, reflecting a decrease of 0.41% and a turnover rate of 4.45% [2] - The total trading volume for the day was 491 million yuan, with a net inflow of 15.64 million yuan from main funds [2] - In the past five days, the stock has declined by 8.95%, with a total net outflow of 105 million yuan [2] Group 3 - The latest margin financing balance for Juguang Technology is 630 million yuan, which has decreased by 18.26 million yuan over the past five days, representing a decline of 2.82% [2]

Investment Rating - The report maintains a positive investment outlook for the controllable nuclear fusion industry, particularly focusing on Z-pinch technology and its commercialization potential by 2030 [4]. Core Insights - The controllable nuclear fusion era is accelerating, with significant growth in global investment, rising from $1.9 billion in 2021 to $9.7 billion in 2025, indicating strong investor confidence and technological breakthroughs [1][20]. - Z-pinch technology is gaining traction due to its safety, economic efficiency, and environmental friendliness, positioning it as a viable alternative in the fusion technology landscape [2][3]. - The 2030s are recognized as a critical period for the commercialization of fusion energy, with many companies planning to operate demonstration power plants during this timeframe [26]. Summary by Sections 1. Accelerating Towards Controllable Nuclear Fusion - The controllable nuclear fusion industry is experiencing robust policy support and investment growth, with a projected commercialization period starting in 2030 [1][10]. - The report highlights the establishment of a multi-level policy framework in China to promote fusion energy development, including regulatory, industrial, and capital support [12][15]. 2. Inertial Confinement Technology and Z-Pinch Advancements - Z-pinch technology is emerging as a prominent method in inertial confinement fusion, with significant advancements in safety and economic viability [2][3]. - The report outlines the development stages for Z-pinch technology, including key technical challenges and milestones expected by 2040 [3][51]. 3. Global Investment Trends in Fusion Energy - The fusion industry has seen a surge in investment, with a notable increase in public funding and a diverse range of investors entering the market [21][22]. - The report emphasizes the growing interest from various sectors, including technology venture capital, industrial giants, and sovereign funds, reflecting the industry's broad appeal [21][22]. 4. Investment Recommendations - The report suggests focusing on companies involved in Z-pinch technology components, such as drivers, fusion targets, and subcritical fission blankets, with specific companies highlighted for potential investment [4].