（图：国光电气历史营收按单季度看） （图：国光电气历史归母净利润按单季度看） 对此，该公司董事长张亚在回复《科创板日报》记者提问时称，目前，随着行业发展，核聚变相关项目已经逐步通过终评并进入招标采购阶段。 张亚提到，目前国光电气立足自身丰富的真空与核工业专用器件研制与项目经验积累，跟进的核聚变项目包括向"ITER"装置供应偏滤器、第一壁等部件， 并成功为"EAST""HL"系列等国内知名核聚变科学装置配套关键专用部件与设备，并正在积极跟进"BEST""HL-3""Z箍缩混合堆"等国内重大核聚变项目。 《科创板日报》12月5日讯（记者 黄修眉） "公司已关注到ITER等项目相关订单的招标信息，并正积极结合自身技术研发优势及既有项目经验进行跟 进。"国光电气董事长张亚在今日（12月5日）举行的2025年第三季度业绩说明会上表示。 作为国内核聚变产业链龙头企业，国光电气2025年业绩因多种因素而大幅下滑。 该公司董事长张亚在业绩说明会上表示，"公司前三季度业绩变化主要系核工业设备受ITER项目在设计领域的技术更改，国内总体单位处于设计阶段，暂未 下发采购订单，同时微波器件产品因总体单位项目推进节点未达预期，部分订单 ...

两融数据显示，该股最新融资余额为4.62亿元，近5日增加217.81万元，增幅为0.47%。 国光电气12月4日大宗交易平台共发生3笔成交，合计成交量11.50万股，成交金额920.00万元。成交价格 均为80.00元，相对今日收盘价折价13.20%。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为6111.80万元。 证券时报·数据宝统计显示，国光电气今日收盘价为92.17元，上涨5.28%，日换手率为3.86%，成交额为 3.77亿元，全天主力资金净流入1483.30万元，近5日该股累计上涨4.98%，近5日资金合计净流出100.21 万元。 据天眼查APP显示，成都国光电气股份有限公司成立于1981年10月08日，注册资本10838.3419万人民 币。（数据宝） 12月4日国光电气大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 5.00 | 40 ...

Group 1 - On December 4, Guoguang Electric conducted a block trade of 115,000 shares, with a transaction amount of 9.2 million yuan, accounting for 2.38% of the total transaction volume for the day [1] - The transaction price was 80 yuan, which represents a discount of 13.2% compared to the market closing price of 92.17 yuan [1] Group 2 - The block trade involved multiple buying departments, indicating a diverse interest in the shares [2] - The transaction details include a price of 80 yuan and a total transaction amount of 400,000 yuan for one of the buying departments [2]

Core Viewpoint - As of December 3, a total of 113 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Aucma, which has seen net buying for 17 consecutive trading days [1] - Other notable stocks with significant net buying days include Sourcefly Pet, Hangxiao Steel Structure, New Natural Gas, Jindi Group, Juhe Shun, Guoguang Electric, Longxing Technology, and Hefeng Co., Ltd. [1]

国光电气12月1日大宗交易平台出现一笔成交，成交量2.50万股，成交金额200.00万元，大宗交易成交价 为80.00元，相对今日收盘价折价7.83%。该笔交易的买方营业部为华泰证券股份有限公司深圳深南大道 基金大厦证券营业部，卖方营业部为华泰证券股份有限公司成都锦晖西二街证券营业部。 进一步统计，近3个月内该股累计发生14笔大宗交易，合计成交金额为5191.80万元。 两融数据显示，该股最新融资余额为4.46亿元，近5日减少320.84万元，降幅为0.71%。 据天眼查APP显示，成都国光电气股份有限公司成立于1981年10月08日，注册资本10838.3419万人民 币。（数据宝） 12月1日国光电气大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 2.50 | 200.00 | 80.00 | -7.83 | 华泰证券股份有限公司深圳 深南大道基金大厦证券营业 | ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

12月1日，国光电气大宗交易成交2.5万股，成交额200万元，占当日总成交额的1.14%，成交价80元，较 市场收盘价86.8元折价7.83%。 | 民派委英提官 交易日期 | 证券商除 | 证券代码 | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 025-12-01 | 国光电气 | 688776 | 80 - | 200 2.5 | 續購購 | 茶園酒店哪裡買屋 | ка | ...

第1笔成交价格为80.00元，成交2.50万股，成交金额200.00万元，溢价率为-7.83%，买方营业部为华泰 证券股份有限公司深圳深南大道基金大厦证券营业部，卖方营业部为华泰证券股份有限公司成都锦晖西 二街证券营业部。 进一步统计，近3个月内该股累计发生14笔大宗交易，合计成交金额为5191.8万元。该股近5个交易日累 计上涨0.56%，主力资金合计净流出2361.42万元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月1日，国光电气收跌1.12%，收盘价为86.80元，发生1笔大宗交易，合计成交量2.5万股，成交金额 200万元。 ...

Investment Rating - The report maintains a recommendation for investment in the nuclear fusion sector, indicating a positive outlook for the industry [1]. Core Insights - China's launch of the international scientific program in the fusion field is expected to enhance the country's capabilities and foster global collaboration in overcoming challenges in fusion combustion physics [8][9]. - The ITER project has reached a significant milestone with the completion of the installation of the fifth vacuum chamber sector, which is crucial for the project's timeline and future stability [9]. - The development of ship-based fusion reactors by Maritime Fusion could revolutionize the shipping energy landscape, aligning with global decarbonization goals [15]. - An Tai Technology has secured significant contracts, showcasing its strong technical capabilities in the fusion component sector [16]. Summary by Sections Industry Developments - The international scientific program for fusion initiated by the Chinese Academy of Sciences aims to consolidate global scientific efforts and enhance China's leadership in superconducting tokamak research [8]. - The ITER project is on track to complete all nine sectors by 2027, with recent successful installations marking key progress [9]. Technological Advancements - Maritime Fusion's initiative to develop a ship-mounted fusion reactor represents a potential shift in maritime energy sources, targeting zero emissions and significant market disruption [15]. Company-Level Insights - An Tai Technology has won contracts worth 70 million yuan for key fusion components, indicating its competitive edge in the market [16]. - The report highlights several companies for investment, including Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting attention to Guoguang Electric [3][35]. Market Trends - The report notes a significant increase in bidding activities for fusion projects, with November alone seeing a total bidding amount of 2.58 billion yuan, indicating a robust growth trajectory for the sector [25][30]. - The overall market for controlled nuclear fusion is projected to reach 146.5 billion yuan in the next 3-5 years, marking a peak in project tenders [7].

Core Viewpoint - The company is optimizing its fundraising investment projects by terminating certain projects and focusing on high-potential areas such as special vacuum components and nuclear industry-specific parts, while extending the project construction period to 2028 [2][4]. Fundraising and Investment Adjustments - The company announced a total fundraising amount of 995.62 million yuan, with a net amount of 906.15 million yuan from its initial public offering in August 2021. As of the announcement date, 314.46 million yuan has been invested, leaving 591.69 million yuan uninvested [2]. - The total amount of fundraising involved in the changes is 127.92 million yuan, accounting for 14.12% of the net fundraising amount [2]. Project Termination and Reallocation - The company plans to terminate the "Pressure Vessel Safety Accessories Industrialization Construction Project," reallocating 12.55 million yuan to the "Special Vacuum Components and Hollow Cathode Production Line Construction Project," while the remaining 100 million yuan will be kept in the fundraising account for future investment projects [3]. - The project previously known as "Non-standard Equipment and CHZ Valve Industrialization Construction Project" has been renamed to "Tritium Factory and Nuclear Industry-Specific Parts Industrialization Construction Project," with funds being redirected to the special vacuum components project and the "Research and Production Comprehensive Building and Aerospace Communication Technology R&D Center Construction Project" [3]. New Project Focus and Timeline - The three core projects are expected to have a construction period of three years, with the "Research and Production Comprehensive Building and Aerospace Communication Technology R&D Center" projected to be operational by November 2028, requiring an investment of 186.70 million yuan; the "Special Vacuum Components and Hollow Cathode Production Line" expected to meet standards by December 2028, with an investment of 326.44 million yuan; and the "Tritium Factory and Nuclear Industry-Specific Parts Industrialization Project" also expected to meet standards by December 2028, with an investment of 232.64 million yuan [3][4]. Reasons for Adjustment - The company cited market changes, increased competition, and slowing demand in the civilian pressure vessel industry as reasons for terminating the pressure vessel project, which has seen compressed profit margins with no immediate signs of improvement [4]. - The company aims to optimize its capacity layout in response to technological breakthroughs and policy support in fields such as controlled nuclear fusion and commercial aerospace, which are entering a rapid development phase [4]. - Additionally, planning adjustments to the building housing the original four fundraising projects have led to extended construction periods and reduced approved areas, prompting the company to adjust investment scales and project implementation content [4].