Core Insights - On September 15, Guoguang Electric experienced a decline of 2.33% with a trading volume of 264 million yuan [1] - The company reported a financing buy-in amount of 33.85 million yuan and a net financing buy of 7.54 million yuan on the same day [1][2] - As of September 15, the total financing and securities lending balance for Guoguang Electric was 251 million yuan, indicating a high level of financing activity [1] Financing Summary - On September 15, Guoguang Electric had a financing buy-in of 33.85 million yuan, with a current financing balance of 250 million yuan, accounting for 2.68% of its market capitalization [1] - The financing balance is above the 70th percentile level for the past year, indicating a relatively high position [1] - The company had a securities lending repayment of 1,700 shares with no shares sold on that day, resulting in a securities lending balance of 80,790 yuan, also above the 70th percentile level for the past year [1] Business Performance - As of June 30, Guoguang Electric had 5,713 shareholders, an increase of 26.09% from the previous period, while the average circulating shares per person decreased by 20.69% [2] - For the first half of 2025, the company reported a revenue of 231 million yuan, a year-on-year decrease of 34.21%, and a net profit attributable to shareholders of -12.25 million yuan, a decrease of 124.06% year-on-year [2] Dividend and Shareholding Information - Since its A-share listing, Guoguang Electric has distributed a total of 91.72 million yuan in dividends, with 41.73 million yuan distributed in the last three years [3] - As of June 30, 2025, among the top ten circulating shareholders, Huaxia High-end Manufacturing Mixed A (002345) ranked sixth with an increase of 98,600 shares, while Hong Kong Central Clearing Limited ranked ninth with a decrease of 20.85% in holdings [3]

Core Viewpoint - Guoguang Electric (688776.SH) has been awarded the First Prize of the 2024 Sichuan Provincial Science and Technology Progress Award for its project "Research and Development of the Next Generation Chinese Tokamak" in collaboration with the Southwest Institute of Physics and other units, highlighting the company's research strength and technological innovation in the nuclear fusion field [1] Group 1 - The Sichuan Provincial Science and Technology Award is established by the Sichuan Provincial People's Government and is one of the most authoritative and influential technology award systems in the province, covering various categories such as natural sciences, technological inventions, and technological progress [1] - The company previously won the same award in 2023 for its project on "Research and Application of High Sensitivity Leak Detection Technology for Large and Complex Components in Fusion Reactors," indicating a consistent recognition of its technological innovation and R&D capabilities [1] - The continuous recognition through different projects serves as a strong testament to the company's commitment to technological innovation and long-term R&D efforts [1] Group 2 - The company plans to continue implementing its existing technology development strategy, increasing investment in R&D and product innovation, and deepening its industry engagement [1] - The focus will be on accelerating the research and manufacturing of new products, promoting the development of new productive forces, and enhancing the capability for transforming R&D achievements [1] - These efforts aim to establish a reliable technological guarantee for the company's sustainable development and create more value for shareholders [1]

证券代码：688776 证券简称：国光电气 公告编号：2025-036 成都国光电气股份有限公司 关于荣获 2024 年度四川省科学技术进步奖一等奖的 自愿性披露公告 本公司董事会及除李泞先生外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。 近日，成都国光电气股份有限公司（以下简称"公司"）收到四川省人民政 府颁发的《四川省科学技术进步奖证书》，公司与核工业西南物理研究院等单位 联合申报项目"新一代中国环流器工程研制"荣获 2024 年度四川省科学技术进 步奖一等奖。 四川省科学技术奖由四川省人民政府设立，是四川省内最具权威和影响力的 科技奖励体系之一，涵盖了自然科学、技术发明、科技进步等多个类别。 本次获奖体现了公司在核聚变领域的科研实力和技术创新能力。此前，公司 亦凭借"聚变堆大型复杂部件高温下超高灵敏度检漏技术研究及应用"项目荣获 2023 年度该奖项。连续凭借不同的项目获得该奖项，是对公司技术创新及研发 能力的高度认可，也是对公司长期坚持科技创新的有力证明。公司将继续贯彻现 有的技术发展战略，加大科技研发和产品创新力度，持续深 ...

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].

Market Overview - The military electronics sector increased by 1.21% on September 8, with Guoguang Electric leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Top Gainers in Military Electronics - Guoguang Electric (688776) closed at 87.36, up 16.67% with a trading volume of 93,600 shares and a transaction value of 778 million [1] - Huali Chuangtong (300045) closed at 24.86, up 7.81% with a trading volume of 800,100 shares and a transaction value of 1.926 billion [1] - Xice Testing (301306) closed at 56.40, up 4.54% with a trading volume of 38,000 shares and a transaction value of 211 million [1] Other Notable Performers - Shanghai Jianxun (300762) closed at 25.62, up 4.49% with a trading volume of 437,500 shares and a transaction value of 1.104 billion [1] - Shaanxi Huada (301517) closed at 47.20, up 4.29% with a trading volume of 56,200 shares and a transaction value of 261 million [1] - Beidou Xingtong (002151) closed at 30.51, up 4.13% with a trading volume of 226,000 shares and a transaction value of 677 million [1] Market Capital Flow - The military electronics sector experienced a net outflow of 530 million from institutional investors, while retail investors saw a net inflow of 166 million [2] - Speculative funds had a net inflow of 363 million into the sector [2] Individual Stock Capital Flow - Huali Chuangtong had a net inflow of 98.2 million from institutional investors, but a net outflow of 84.8 million from retail investors [3] - Guoguang Electric saw a net inflow of 61.96 million from institutional investors, with a net outflow of 11.62 million from retail investors [3] - Xice Testing had a net inflow of 20.5 million from institutional investors, with a net outflow of 1.79 million from retail investors [3]

Group 1 - The concept of controllable nuclear fusion has gained strength in the afternoon, with Guoguang Electric rising over 10% and Hezhuan Intelligent approaching the daily limit [1] - Other companies such as Jingye Intelligent, Dongfang Tantalum, Wangzi New Materials, and Rongfa Nuclear Power also experienced gains [1] - Recently, China Fusion Energy Co., Ltd. has added new shareholders including China National Petroleum Group Kunlun Capital, China Nuclear Power, and Zhejiang Energy Power, increasing its registered capital from approximately 3.531 billion RMB to 15 billion RMB, a growth of about 325% [1]

（文章来源：证券日报） 证券日报网讯国光电气9月5日在互动平台回答投资者提问时表示，公司目前经营运作正常，不存在退市 情形。股价表现受宏观经济、行业环境及市场情绪等多重因素影响。 ...

Group 1 - The company will hold a half-year performance briefing on September 9, 2025, from 16:00 to 17:00 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions from September 2 to September 8, 2025, through the Roadshow Center website or via the company's email [2][5] Group 2 - The company aims to provide a comprehensive understanding of its half-year operating results and financial status during the briefing [2][3] - The board of directors, including the chairman and other key executives, will be present to address investor inquiries [4][5] - After the briefing, investors can access the main content and details of the event through the Roadshow Center [5]

Group 1 - The company Guoguang Electric announced that it will hold a half-year performance briefing on September 9, 2025 [1]

会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 02 日（星期二）至 09 月 08 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tzzgx@chinaguoguang.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 成都国光电气股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 09 日（星期二）16:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：688776 证券简称：国光电气 公告编号：2025-035 成都国光电气股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及除李泞先生之外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： 会议召开时间：2025 年 09 月 09 日 ...