Investment Rating - The report suggests a positive outlook for the controllable nuclear fusion industry, particularly focusing on the FRC (Field-reversed Configuration) technology path, which is expected to lead to commercial viability sooner than other methods [5][10]. Core Insights - FRC technology is highlighted as a "dark horse" in the nuclear fusion sector due to its simpler structure and lower costs, making it more likely to achieve commercialization first [10][13]. - The report emphasizes the importance of semiconductor switches in the power systems of FRC devices, which are crucial for stable operation and energy recovery [5][31]. - Investment opportunities are identified in companies that are leading in technology and have established core customer relationships, particularly in the context of the rising domestic fusion industry [7][14]. Summary by Sections Short-term Opportunities - Domestic startups like Nova Fusion, Xingneng Xuanguang, and Hanhai Fusion are rapidly emerging, increasing investment demand for core components such as vacuum switches and capacitors [7]. - Key companies benefiting from this trend include Xuguang Electronics, Guoguang Electric, Wangzi New Materials, and Shengye Electric [7]. Long-term Prospects - Helion is projected to be the first company to achieve commercial fusion power sales, with plans to provide 50MW of fusion power to Microsoft by 2028 [7]. - Helion's technology combines FRC with a magnetic energy recovery system, enhancing efficiency and reducing costs [7]. - The report notes that semiconductor switches are expected to have a longer lifespan and higher reliability, making them essential for large drivers in the future [7][35]. Industry Trends - The report discusses the increasing number of startups focusing on FRC technology, indicating a growing market interest and investment [14]. - The semiconductor switch technology is identified as a key trend for large driver applications, with advantages over traditional gas switches [35][37]. Relevant Companies - Sijingt Technology (0580.HK) has secured orders for pulse power switches from TAE, a leading US fusion company, indicating its strong position in the market [39][42]. - Hongwei Technology is recognized as a leading domestic semiconductor power device company, with expectations of turning profitable by 2025 [53]. - Xuguang Electronics is noted for its strategic partnership with Hanhai Fusion, enhancing its position in the nuclear fusion sector [57].

Trading Information Summary - On July 18, 2025, Hongwei Technology (688711) closed at 20.72 yuan, down 0.67%, with a turnover rate of 6.4%, trading volume of 136,200 shares, and a transaction amount of 284 million yuan [1] - On the same day, the net inflow of main funds was 1.55 million yuan, while retail investors had a net inflow of 8.17 million yuan, and speculative funds had a net outflow of 9.72 million yuan [4] Company Announcement Summary - Jiangsu Hongwei Technology Co., Ltd. announced the issuance of "Hongwei Convertible Bonds" on July 25, 2023, with a total of 4.3 million bonds issued, each with a face value of 100 yuan, raising a total of 430 million yuan [2] - The bond has a six-year term and will be listed on the Shanghai Stock Exchange starting August 14, 2023, with a bond code of 118040 and a short name of "Hongwei Convertible Bonds" [2] - The conversion price was adjusted to 28.52 yuan per share after the 2023 annual equity distribution, effective from January 31, 2024 [2] - The second interest payment for the "Hongwei Convertible Bonds" will occur on July 25, 2025, with an interest rate of 0.70%, resulting in a payment of 0.70 yuan per bond (including tax) [3][4] - The interest payment record date is July 24, 2025, with the ex-dividend and payment date also on July 25, 2025 [3]

Core Points - Jiangsu Hongwei Technology Co., Ltd. announced the interest payment schedule for its convertible bonds, with the interest payment date set for July 25, 2025 [1][6] - The company issued 4.3 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 43 million, with a maturity period of six years [2] - The coupon rate for the bonds is 0.70% per annum, resulting in an interest payment of RMB 0.70 per bond (before tax) [5][8] Summary by Sections Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue convertible bonds [2] - The bonds were listed on the Shanghai Stock Exchange starting August 14, 2023, under the name "Hongwei Convertible Bonds" with the code "118040" [2] Interest Payment Details - The interest payment period for the bonds is from July 25, 2024, to July 24, 2025, with the interest payment date on July 25, 2025 [4][6] - The interest calculation formula is defined as I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the annual coupon rate [5] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of RMB 0.56 per bond after tax [7][8] - Non-resident enterprises holding the bonds are exempt from corporate income tax on interest income until December 31, 2025 [8] Contact Information - The company provides contact details for inquiries related to the bond issuance and interest payments [9]

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 关于"宏微转债"2025 年付息的公告 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： 江苏宏微科技股份有限公司（以下简称"公司"）于 2023 年 7 月 25 日发行 的可转换公司债券将于 2025 年 7 月 25 日开始支付自 2024 年 7 月 25 日至 2025 年 7 月 24 日期间的利息。根据《江苏宏微科技股份有限公司向不特定对象发行 可转换公司债券证券募集说明书》（以下简称《募集说明书》）有关条款的规定， 现将有关事项公告如下： 一、可转换公司债券发行上市概况 （一）基本情况 根据中国证券监督管理委员会出具的《关于同意江苏宏微科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1092 号），公司 于 2023 年 7 月 25 日向不特定对象 ...

Group 1 - The A-share semiconductor sector showed strong performance during trading, with significant gains in various stocks [1] - Hongwei Technology surged over 16%, while Cambricon, Xiangjie Technology, and Dongwei Semiconductor all increased by over 7% [1] - Other companies such as Chipone Technology and Chipsea Technology also saw gains exceeding 4% [1]

证券代码：688711 证券简称：宏微科技 公告编号：2025-043 转债代码：118040 债券简称：宏微转债 江苏宏微科技股份有限公司 关于收到二审判决结果的公告 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： ●案件所处的诉讼阶段：二审终审判决； ●上市公司所处的当事人地位：一审原告，二审被上诉人 ●涉案的金额：约 2,100 万元人民币 ●二审判决结果：1、驳回常州能量方舟新材料有限公司（以下简称"能量方 舟"）的上诉，维持原判。2、二审案件受理费 146,800 元，由上诉人能量方舟负 担。 ●是否会对上市公司损益产生负面影响：公司已对相关股权投资计提减值准 备，本次判决结果不会对公司损益产生负面影响。 近日，江苏宏微科技股份有限公司（以下简称"公司"）收到了江苏省常州 市中级人民法院签发的《民事判决书》<（2025）苏 04 民终 2535 号>（以下简 称"民事判决书"）。现将有关情况公告如下： 一、本次诉讼案件的基本情况 书》<（2024）苏 0402 民初 973 号>，进入与能量方舟、 ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 关于收到二审判决结果的公告 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： ●案件所处的诉讼阶段：二审终审判决； ●上市公司所处的当事人地位：一审原告，二审被上诉人 ●涉案的金额：约 2,100 万元人民币 ●二审判决结果：1、驳回常州能量方舟新材料有限公司（以下简称"能量方 舟"）的上诉，维持原判。2、二审案件受理费 146,800 元，由上诉人能量方舟负 担。 ●是否会对上市公司损益产生负面影响：公司已对相关股权投资计提减值准 备，本次判决结果不会对公司损益产生负面影响。 近日，江苏宏微科技股份有限公司（以下简称"公司"）收到了江苏省常州 市中级人民法院签发的《民事判决书》<（2025）苏 04 民终 2535 号>（以下简 称"民事判决书"）。现将有关情况公告如下： 庭审理后，被告提出管辖权 ...

Group 1 - The company has approved a plan to repurchase its shares using its own funds and a special loan for share repurchase, with a total amount between RMB 25 million and RMB 50 million [2] - The repurchase price will not exceed RMB 30.12 per share, and the repurchase period is set for up to 12 months from the board's approval date [2] - As of June 2025, the company has repurchased a total of 1,197,939 shares, representing 0.5627% of the total share capital, with a total expenditure of approximately RMB 19.996 million [3] Group 2 - As of June 30, 2025, a total of RMB 22,000 has been converted into company shares from the convertible bonds, amounting to 710 shares, which is 0.00047% of the total shares before conversion [9] - The total amount of unconverted convertible bonds stands at RMB 429,978,000, which is 99.99488% of the total issuance [9] - The current conversion price for the convertible bonds is RMB 28.52 per share [13]

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 关于第二期以集中竞价方式回购公司股份的进展公告 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 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 2025 年 6 月，公司通过集中竞价交易方式累计回购股份 0 股。 截至 2025 年 6 月月底，公司已累计回购股份 1,197,939 股，占公司总股本 212,884,185 股的比例为 0.5627%，购买的最高价为 19.00 元/股、最低价为 13.00 元/股，已支付的总金额为 19,996,064.74 元（不含交易佣金等费用）。 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 | 2024/12/ ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2025 年 6 月 30 日，"宏微转债"累计有人民币 22,000 元已转换为江苏宏微科技股份有限公司（以下简称"公司"）股票，转股数量为 710 股，占"宏微转债"转股前公司已发行股份总额的 0.00047%。 未转股可转债情况：截至 2025 年 6 月 30 日，"宏微转债"尚未转股的可 转债金额为 429,978,000 元，占"宏微转债"发行总量的 99.99488%。 本季度转股情况："宏微转债"自 2024 年 1 月 31 日开始转股。自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"宏微转债"共有人民币 0 元已转换为公司 股票，转股数量为 0 股，占"宏 ...