| 股票名称 | 调入季度 | 调出季度 | 持有期间公司业绩增长 | | 收益率估算 | | --- | --- | --- | --- | --- | --- | | 天合光能 | 21年2季度 | 21年3季度 | | 51.20% | 141.89% | | 通威股份 | 20年2季度 | 20年4季度 | | 36.95% | 120.32% | | 火炬电子 | 20年3季度 | 21年3季度 | | 56.83% | 101.79% | | 天孚通信 | 23年2季度 | 24年2季度 | | 84.07% | 96.16% | | 晶盛机电 | 21年1季度 | 21年4季度 | | 99.46% | 94.45% | | 胜宏科技 | 23年3季度 | 24年4季度 | | 71.96% | 89.28% | | 新易营 | 24年1季度 | 25年1季度 | | 312.26% | 86.51% | | 沪电股份 | 23年3季度 | 24年4季度 | | 71.05% | 81.64% | 证券之星消息，截止2025年二季度末，基金经理吴昊旗下共管理2只基金，本季度表现最佳的为华夏高端制 ...

每经记者｜朱成祥 每经编辑｜杨夏 人类的"终极能源"真的要来了吗？ 7月18日，瀚海聚能（成都）科技有限公司HHMAX-901主机建设完成暨等离子体点亮仪式在公司聚变 装置基地举行。中国首台商业化直线型场反位形聚变装置成功实现等离子体点亮，标志着我国在可控核 聚变商业化探索上取得了重大突破。 "人造太阳"的风也刮到了资本市场。7月17日，上交所举办"可控核聚变"产业沙龙，有超过20家产业链 上下游企业到场交流，涵盖产业链上下游核心部件、系统装置、工程应用等领域。 参会企业普遍强调，国内核聚变供应链、主机厂间应当进一步加强技术协同。 "可控核聚变"为什么是终极能源？ 当下，国内拥有大批火电、水电，光伏、风电等新能源也在快速发展。那么，我们为什么还需要发 展"可控核聚变"呢？ 安全可靠方面，核聚变能是内在安全的能源。燃烧等离子体一旦形成，任何运行故障都能使等离子体迅 速冷却，从而使聚变反应在短时间内自动停止，这意味着核聚变反应堆本身具有内在的安全性。此外， 核聚变能源可按需提供，不受天气等环境因素影响，可靠性更强。 其中，中国核电深度参与CFETR（中国聚变工程实验堆）项目，推动核聚变从实验室向商业化应用迈 进。 ...

证券代码：688776 证券简称：国光电气 公告编号：2025-030 成都国光电气股份有限公司 股东减持股份结果公告 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： ? 大股东持股的基本情况 本次减持计划实施前，股东隆成（深圳）资产管理有限公司－成都天翊创业 股权投资基金合伙企业（有限合伙）（以下简称"天翊创投"）共计持有公司 天翊创投持有公司的上述股份均为公司首次公开发行前取得股份与公司 ? 减持计划的实施结果情况 计划公告》 | 资基金合伙企业（有限合伙） 控股股东、实控人及一致行动人 | | □是 | √否 | | --- | --- | --- | --- | | 直接持股 5%以上股东 | √是 | □否 | | 股东身份 | | 其他：无 | | | | --- | --- | --- | --- | | 持股数量 | 董事、监事和高级管理人员 5,870,693股 | □是 | √否 | （公告编号：2025-009）。因自身资金需要，股东天翊创投拟通过集中 竞价交易与大宗交易相 ...

证券代码：688776 证券简称：国光电气 公告编号：2025-030 成都国光电气股份有限公司 股东减持股份结果公告 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： 大股东持股的基本情况 本次减持计划实施前，股东隆成（深圳）资产管理有限公司－成都天翊创业 股权投资基金合伙企业（有限合伙）（以下简称"天翊创投"）共计持有公司 5,870,693 股股份，占总股本的 5.42%。 天翊创投持有公司的上述股份均为公司首次公开发行前取得股份与公司 2022 年度权益分派暨资本公积金转增股本取得的股份，该部分股份已于 2024 年 9 月 2 日全部解除限售并上市流通。 减持计划的实施结果情况 注："其他方式取得"为公司于 2023 年 6 月实施完成 2022 年年度权益分派，以资本公积金 向全体股东每 10 股转增 4 股取得的股份。 上述减持主体无一致行动人。 2 二、减持计划的实施结果 2025 年 3 月 19 日，公司披露了《成都国光电气股份有限公司股东减持股份 计划公告》（公告编号：202 ...

证券研究报告 2025年7月9日 行业：机械 增持 （维持） 主要观点 风险提示：全球和国内经济环境不及预期、产业政策不及预期、市场竞争加剧的风险、原材料价格剧烈波动、技术发展不及预期、国际贸易摩 擦和争端加剧等。 2 价值守正，成长出奇 ——机械行业下半年投资策略 分析师：刘阳东 SAC编号：S0870523070002 分析师：王亚琪 SAC编号：S0870523060007 ◼ 工程机械：行业周期景气复苏，看好内外需共振下企业盈利改善。国内市场，工程机械行业筑底向好趋势有望持续；出口市场，受益于东 南亚、非洲、中东等新兴市场景气持续，工程机械出口规模持续提升，国产厂家全球市占率仍有提升空间。工程机械板块或受益于国内外 需求共振，工程机械企业盈利水平有望持续提升。 ◼ 半导体设备：国产核心设备有望加速验证，自主可控趋势明确。终端需求发展叠加大陆晶圆厂产能扩张，为国内半导体设备产业的扩张和 升级提供机遇，据SEMI预测，2025-2027年中国300mm晶圆厂设备投资预计超过1000亿美元。同时，在半导体产业逆全球化趋势背景下， 国内半导体产业链自主可控势不可挡，随着下游晶圆厂扩产以及国产设备验证进程持续推 ...

Group 1 - The controlled nuclear fusion concept sector experienced a decline of 4.07%, ranking among the top declines in concept sectors, with major stocks like Hezhong Intelligent hitting the limit down [1][2] - Within the controlled nuclear fusion sector, 57 stocks saw net outflows of main funds, totaling 2.774 billion yuan, with Hezhong Intelligent leading the outflow at 314.47 million yuan [2][4] - The top gainers in the sector included Zhongyou Engineering and *ST Xinyan, which rose by 4.12% and 1.81% respectively [1][4] Group 2 - The controlled nuclear fusion sector was among the worst performers today, alongside superconducting concepts and nuclear pollution prevention, which also saw significant declines [2][3] - The main funds saw a net inflow into stocks like Xue Ren Co., Bai Li Electric, and Zhongyou Engineering, with inflows of 39.50 million yuan, 23.15 million yuan, and 18.57 million yuan respectively [2][4] - The stocks with the largest net outflows included Hezhong Intelligent, Xuguang Electronics, and Jingda Co., with outflows of 314.47 million yuan, 247.22 million yuan, and 220.13 million yuan respectively [2][3]

Market Performance - The controllable nuclear fusion concept declined by 0.80%, ranking among the top declines in the concept sector, with notable declines in stocks such as Baile Electric, Shun Sodium, and Xue Ren [1] - In contrast, 23 stocks within the sector experienced price increases, with Pan-Asia Micro-Transparent, Xuguang Electronics, and Chujian New Materials leading the gains at 6.13%, 5.12%, and 3.62% respectively [1] Capital Flow - The controllable nuclear fusion concept saw a net outflow of 1.297 billion yuan, with 43 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [2] - Baile Electric led the net outflow with 414.37 million yuan, followed by Xue Ren, Yongding, and Shun Sodium with net outflows of 136.02 million yuan, 120.57 million yuan, and 87.58 million yuan respectively [2] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept included stocks like Xiamen Tungsten, Xuguang Electronics, and Guoguang Electric, with net inflows of 82.02 million yuan, 33.49 million yuan, and 28.84 million yuan respectively [2][4] - The stocks with the largest declines included Baile Electric at -9.87%, Xue Ren at -6.96%, and Shun Sodium at -8.93% [2][3]

行业报告 | 行业研究周报 2025 年 06 月 02 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 周新宇 分析师 SAC 执业证书编号：S1110524070007 zhouxinyu@tfzq.com 行业走势图 -12% -7% -2% 3% 8% 13% 18% 2024-06 2024-10 2025-02 中小市值 沪深300 资料来源：聚源数据 相关报告 吴立 分析师 SAC 执业证书编号：S1110517010002 wuli1@tfzq.com 1 《新兴产业-行业研究周报:《2024 年 世界烟草发展报告》发布，新型烟草市 场规模保持增长！》 2025-05-25 2 《新兴产业-行业研究周报:25Q1 日本 烟草 PloomX 收入增长 44%；奥驰亚旗 下 Njoy 市场份额增至 6.6% 》 2025-05-11 新兴产业 证券研究报告 中国可控核聚变技术持续取得重大突破，重点关注核聚变产业链！ 我国可控核聚变装置取得重大突破，综合参数聚变三乘积达到 10 的 20 次方量级。近日，中核 集 ...

Group 1: Market Overview - The market has seen an increase, surpassing 4200, driven by a court ruling invalidating tariffs imposed by the US, which has boosted global risk appetite [1] - The strongest sectors today include autonomous driving and stablecoins, indicating a shift in investor focus [1] Group 2: Nuclear Fusion Research - The Southwestern Institute of Physics has achieved a new operational record for fusion devices in China, highlighting advancements in nuclear fusion research [2][1] - This development raises questions about the potential for this niche sector to gain traction and attract investment [2] Group 3: Company Involvement in Nuclear Fusion - Yongding Co., Ltd. has achieved leading performance in wire rod length and low-temperature strong magnetic field applications, with products used in superconducting induction heating and fusion magnets, maintaining close cooperation with the Southwestern Institute of Physics [6] - Chenguang Medical has ongoing technical communication with the Southwestern Institute regarding the supply of superconducting magnets, contingent on specific procurement needs [7] - Qiaoyuan Co. has established a reputation in the medical sector and maintains relationships with military research institutions, including the Southwestern Institute [8] - Lansi Heavy Industry is involved in the development of nuclear fusion-related products and has successfully applied a new type of heat exchanger in a fusion engineering project [9][10] - Guoguang Electric has received a provincial science and technology award for a project in collaboration with the Southwestern Institute focused on high-sensitivity leak detection technology for fusion components [10] - Antai Technology is at the forefront of research and manufacturing in fusion filter components, collaborating with the Southwestern Institute [11] - Hekang New Energy provides operational and maintenance services for high-voltage water-cooled variable frequency systems used by the Southwestern Institute [11] - Jingye Intelligent is exploring cooperation in remote operation and maintenance technology for fusion reactors with the Southwestern Institute [12] - Yingjie Electric serves various research institutions, including the Southwestern Institute, providing power supplies for scientific research and experimental testing [13]

Core Viewpoint - The satellite ETF (159206) is experiencing significant activity, driven by the recent announcement from the FCC to expand satellite communication frequency spectrum, which is expected to enhance the satellite communication industry and stimulate competition [1][2][3]. Group 1: Market Activity - As of May 29, the satellite ETF (159206) rose by 1.52% in early trading, with key component stocks such as Xinyisheng increasing by over 5% [1]. - The top-performing stocks within the ETF include: - Xinyisheng: +5.85%, trading volume of 30.34 million, market cap of 26.72 billion - Hangyuwei: +4.44%, trading volume of 15.80 million, market cap of 1.96 billion - Zhongji Xuchuang: +4.20%, trading volume of 21.36 million, market cap of 20.35 billion - Xinyu Communication: +3.94%, trading volume of 12.19 million, market cap of 2.68 billion - Shanghai Huanxun: +3.54%, trading volume of 9.87 million, market cap of 2.09 billion [2]. Group 2: Industry Developments - The FCC plans to release over 20,000 MHz of frequency resources to support the development of low Earth orbit (LEO) satellites and next-generation satellite broadband services, addressing the spectrum shortage faced by the commercial space and satellite internet sectors [3]. - Recent advancements in ground communication technology have achieved a record communication speed of 2100 Mbps in the X-band, marking a 75% increase in microwave communication code rate [3]. - The satellite internet sector is rapidly evolving, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like direct satellite connections for mobile broadband and intelligent driving systems [3]. Group 3: Future Outlook - The satellite communication industry is positioned as a foundational technology for the development of 6G, vehicle networking, and the Internet of Things (IoT) [3]. - The Chinese satellite industry is expected to enter a phase of mass satellite deployment by 2025, with both state-owned and private enterprises collaborating on low-cost satellite manufacturing [3].