Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [10]. Core Insights - Recent advancements in nuclear fusion technology have garnered significant attention from the capital markets, driven by breakthroughs such as China's "East Super Ring" achieving high-confinement plasma operation and substantial increases in industry capital expenditures [4][7]. - Major countries have introduced supportive policies, leading to a surge in social capital inflow, indicating that the nuclear fusion sector is approaching a pivotal point [4][30]. - The value proportion of power supply equipment is high, with significant technical barriers, particularly in magnet power supply parameters and converters being core devices [4][8]. Summary by Sections Nuclear Fusion Progress and Commercialization - The nuclear fusion sector is witnessing positive developments, with commercial viability becoming increasingly attainable. Key milestones include the successful operation of high-confinement plasma and increased capital expenditures in the industry [7][26]. - The plasma physics research institutes have reported a significant year-on-year increase in contract amounts since 2024, indicating a robust growth trajectory [29]. Importance of Power Supply in Fusion - Achieving a certain threshold in fusion triple product is crucial for effective power output, highlighting the importance of providing sufficient energy input [8]. - The power supply for tokamak devices is categorized into pulsed and steady-state loads, with pulsed loads having higher value proportions and technical requirements [8]. Competitive Landscape and Early Mover Advantage - The nuclear fusion development is still exploratory, with no unified standards for power supply parameters, creating high technical barriers [9]. - Companies that have been deeply involved in this field for years are likely to benefit from their early mover advantages as more capital flows into the nuclear fusion sector [9][30]. Investment Trends and Policy Support - The investment in nuclear fusion has seen a turning point since 2020, with the U.S. leading globally, followed closely by China. The cumulative investment in private fusion companies has surged from €1.5 billion to €9.9 billion [35]. - Various countries, including the U.S., Germany, the U.K., and China, have launched initiatives to support nuclear fusion technology development, reflecting a global commitment to advancing this field [30][31]. Focus on High-Value Equipment - The report emphasizes the need to focus on high-value equipment in the nuclear fusion sector, particularly in the context of the ITER project, where core equipment constitutes a significant portion of the investment cost structure [47][48].

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].

Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall strategy emphasizes the evolution of the supply side in the new energy sector, focusing on innovation and avoiding "involution" in the market [3][5]. - The new energy vehicle supply chain is entering a new cycle, with companies like CATL benefiting from collaborations with tech giants like Xiaomi and Huawei [3][21]. - The lithium battery sector is expected to see a positive outlook, with production forecasted to exceed 130 GWh in July, marking a nearly 40% year-on-year increase [4][35]. - The photovoltaic industry is facing challenges due to overcapacity and competition, but recent government measures aim to optimize supply and stabilize the market [5][25]. Summary by Sections New Energy Vehicle Supply Chain - The downstream landscape is evolving, with companies like CATL collaborating with automakers to enhance production efficiency and shorten delivery times [3][27]. - The launch of Xiaomi's YU7 has exceeded expectations, indicating a shift in consumer behavior towards valuing emotional and intelligent experiences in vehicles [21][22]. Lithium Battery Sector - The lithium battery production is projected to grow, with significant investments in high-end products and solid-state technologies [4][35]. - Companies like Fulin Precision and Enjie are expanding their production capabilities, focusing on high-performance lithium iron phosphate and solid-state battery materials [4][31]. Photovoltaic Industry - The photovoltaic sector is expected to confirm a mid-term bottom as supply-side optimization measures are implemented [5][25]. - Major glass manufacturers in the photovoltaic industry plan to reduce production by 30% starting in July to address overcapacity issues [5][25]. Offshore Market Opportunities - Leading companies like EVE Energy are investing in overseas projects, such as a new energy storage project in Malaysia worth up to 8.654 billion yuan [4][22]. - The establishment of independent pricing systems and production capacities in overseas markets is seen as a strategy to enhance profitability [4][22]. AI and New Energy Integration - The integration of AI with new energy sectors is highlighted, with companies exploring innovative applications and market breakthroughs [8][21]. - The report notes the acceleration of controlled nuclear fusion technology, with companies like CFS partnering with Google for future energy supply [8][34].

Core Viewpoint - The company, Xi'an Aike Saibo Electric Co., Ltd., has announced the progress and results of its second phase of share repurchase plan for 2024, indicating a commitment to enhancing shareholder value through stock buybacks [1][2]. Summary by Sections Share Repurchase Plan - The repurchase plan was first disclosed on November 29, 2024, with an implementation period from November 27, 2024, to November 26, 2025 [1]. - The company plans to repurchase between 2 million to 4 million shares, with an estimated total repurchase amount ranging from 83.34 million yuan to 166.68 million yuan, based on a maximum repurchase price of 41.51 yuan per share [1]. - The actual repurchased shares totaled 3,523,378, accounting for 3.0536% of the total share capital, with a total expenditure of 102.49 million yuan [3][4]. Implementation Details - The first repurchase was executed on December 24, 2024, and the company has been disclosing the progress of the repurchase in accordance with relevant regulations [2]. - The repurchase price ranged from 23.37 yuan to 34.14 yuan per share, with an average price of 29.09 yuan per share [4]. Shareholder Structure and Changes - The repurchase will not significantly impact the company's daily operations, financial status, or future development, and will not alter the control of the company [4]. - The shareholding structure post-repurchase shows a decrease in limited circulation shares from 41,885,480 (36.30%) to 28,217,840 (24.46%) and an increase in unrestricted circulation shares from 73,499,938 (63.70%) to 85,203,003 (73.84%) [5]. Future Plans for Repurchased Shares - Out of the total repurchased shares, 1,558,803 shares have been allocated to the company's first employee stock ownership plan, while 1,964,575 shares remain for future use in employee stock plans or equity incentives [6]. - If the remaining shares are not transferred within three years, they will be canceled, leading to a corresponding reduction in the total share capital [6].

证券代码：688719 证券简称：爱科赛博 公告编号：2025-048 西安爱科赛博电气股份有限公司 关于 2024 年第二期以集中竞价交易方式回购股份进展 及实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/11/29 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2024 27 11 | 11 | 日~2025 | 年 | 月 | 26 | 日 | | 回购股份数量 | 万股~400 万股 200 | | | | | | | | 预计回购金额（依照回购价格 上限测算，实际回购金额以后 | 8,334.00万元~16,668.00万元 | | | | | | | | 续实施情况为准） | | | | | | | | | 回购价格上限 | 41.51元/股 | | | | | | | | | □减少注册资本 √用于员工持股计划或股权激励 ...

Group 1 - The stock of Aikesaibo (688719.SH) closed at 41.13 yuan, with a decline of 6.52%, currently in a state of breaking issue [1] - Aikesaibo was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 28, 2023, with an issuance of 20.62 million shares at a price of 69.98 yuan per share [1] - The highest price reached on the first day of listing was 75.39 yuan, marking the peak since its listing [1] - The total amount of funds raised by Aikesaibo was 1.442 billion yuan, with a net amount of 1.318 billion yuan, exceeding the original plan by 937.694 million yuan [1] - The funds are intended for various projects, including the industrialization of precision special power supplies and the upgrade of the R&D center [1] Group 2 - The underwriter's subsidiary, Changjiang Innovation, received 824,800 shares, accounting for 4.00% of the issuance, with an allocation amount of 57.719 million yuan, subject to a 24-month lock-up period [2] - Aikesaibo announced a cash dividend of 0.51134 yuan per share and a bonus issue of 0.4 shares per share, with the record date on June 20, 2024 [2] - The ex-dividend date is set for June 21, 2024, with the new shares listed on the same day and cash dividends distributed [2]

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]

证券代码：688719 证券简称：爱科赛博 公告编号：2025-047 西安爱科赛博电气股份有限公司 股东减持计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，西安爱科赛博电气股份有限公司（以下简称"公司"） 股东深圳市达晨创通股权投资企业(有限合伙)（以下简称"达晨创通"）持有公司 股份数 6,543,033 股，占公司股份总数的 5.671%；深圳市达晨创鸿私募股权投资 企业(有限合伙)（以下简称"达晨创鸿"）目前持有公司股份数 1,611,799 股，占公 司股份总数的 1.397%。达晨创通和达晨创鸿作为一致行动人合计持有公司 8,154,832 股，占总股本的 7.067%。上述股份为公司首次公开发行上市前及资本 公积转增股本取得的股份，已于 2024 年 9 月 30 日起上市流通。 减持计划的实施结果情况 公司于 2025 年 3 月 8 日在上海证券交易所网站（www.sse.com.cn）披露了 《西安爱科赛 ...