Core Viewpoint - The implementation of the "Encouragement and Support for Controlled Nuclear Fusion" in the Atomic Energy Law of China is expected to drive investment and interest in the nuclear fusion sector, marking a potential shift in market focus from commercial aerospace and AI applications to nuclear fusion technology [2][3]. Investment and Market Dynamics - The A-share market experienced a style switch, with funds moving away from previously favored sectors like commercial aerospace and AI applications towards the "controlled nuclear fusion" sector, driven by recent positive industry news [2]. - Significant investments have been made in the nuclear fusion sector, including a record A-round financing of 1 billion yuan by Shanghai Xinghuan Fusion Technology Co., which indicates strong investor interest [2][14]. - Companies like China First Heavy Industries and China Nuclear Engineering have seen their stock prices surge, reflecting market enthusiasm for nuclear fusion concepts, despite these companies warning of limited current revenue from related projects [3][21]. Technological Advancements - The nuclear fusion industry is witnessing breakthroughs in technology, such as the successful excitation of high-temperature superconducting magnets to 20.8 Tesla, which is crucial for enhancing fusion power density [2][16]. - The development of high-temperature superconductors is making commercial nuclear fusion more feasible by allowing for smaller and more cost-effective fusion devices [9][10]. Energy Demand and Supply - The increasing demand for energy, particularly driven by AI and data centers, is creating a sense of urgency for alternative energy sources like nuclear fusion, which is seen as a potential solution to the looming energy supply challenges [4][5]. - The energy density of nuclear fusion is significantly higher than that of traditional fossil fuels and nuclear fission, making it an attractive option for future energy needs [6][12]. Market Projections - The global nuclear fusion equipment market is projected to reach an annual scale of 266 billion yuan by 2035, indicating substantial future market potential despite current challenges in achieving commercial viability [23]. - The timeline for achieving commercial nuclear fusion is optimistic, with expectations for experimental reactors by 2030 and commercial reactors by 2050 [25]. Challenges and Risks - Despite the optimism, significant challenges remain, including material durability under extreme conditions, tritium supply issues, and the need for advanced testing facilities to validate new materials [17][18][19]. - The current state of nuclear fusion technology is still in the experimental phase, and companies are facing a long path to commercial viability, with many listed companies clarifying that their current revenues from fusion-related activities are minimal [21][22].

Core Viewpoint - Antai Technology (000969) confirmed its partnership with Lens Technology (300433) in response to investor inquiries, indicating that specific customer cooperation details will be provided through official announcements by the company [1]. Group 1 - Antai Technology is engaged in a partnership with Lens Technology [1]. - The company emphasizes that any specific information regarding customer cooperation should be referenced from formal announcements [1].

Group 1 - The nuclear power index experienced a decline of 2% during intraday trading, indicating a bearish trend in the sector [1] - Component stocks showed widespread losses, with China First Heavy Industries and Xuerun Group hitting the daily limit down [1] - Guoguang Electric and Antai Technology fell over 7%, while Western Materials dropped more than 5% [1]

Group 1 - The core viewpoint of the article highlights a significant increase in rare earth product prices, with specific products like praseodymium-neodymium oxide and metal experiencing notable price hikes [1] - Praseodymium-neodymium oxide average price rose to 671,900 CNY/ton, an increase of 29,200 CNY/ton, while metal praseodymium-neodymium reached 816,000 CNY/ton, up by 36,000 CNY/ton [1] - The price of dysprosium oxide increased to 1,441,500 CNY/ton, up by 18,000 CNY/ton, and terbium oxide reached 6,242,500 CNY/ton, rising by 27,500 CNY/ton [1] Group 2 - The rapid price increase of praseodymium-neodymium oxide, which surged from 630,000 CNY/ton to 671,900 CNY/ton within two trading days, reflects a 6.65% rise [1] - Factors contributing to the price surge include limited supply from major waste processing companies and increased purchasing demand from magnetic material enterprises [1] - The overall rare earth market is showing strong performance, with a need to monitor the purchasing pace and acceptance levels of downstream magnetic material companies [1] Group 3 - A-share market performance of rare earth permanent magnet concept stocks shows positive trends, with companies like Antai Technology and Xiamen Tungsten rising by 3.46% and 2.96% respectively [1] - Specific stock prices include Antai Technology at 29.27 CNY, Xiamen Tungsten at 50.48 CNY, and Galaxy Magnetic at 33.48 CNY, indicating a general upward trend in the sector [1]

Core Insights - The article discusses the investment outlook for the 2025 fund reports, focusing on AI applications, commercial aerospace, and nuclear fusion as potential investment themes for 2026 [1] Group 1: Fund Performance - The fund managed by Chen Zongchao, Tongtai New Energy Preferred 1-Year Holding A, achieved a quarterly return of 26.28%, ranking first among its peers [3][11] - The fund's returns over the past month, three months, and six months were 16.38%, 25.96%, and 70.17%, respectively, with a one-year return of 96.53%, nearly doubling [3][11] Group 2: Investment Strategy - Chen Zongchao emphasizes a structural differentiation in the power equipment and new energy sector, advocating for a focus on cutting-edge and uncertain areas like controllable nuclear fusion [1][2] - The core logic is based on the advantages of controllable nuclear fusion, which is driven by advancements in high-temperature superconductors and the growth of artificial intelligence, positioning it as a key battleground for major powers [1][2] Group 3: Market Dynamics - 2025 is seen as a pivotal year for controllable nuclear fusion to transition from scientific ideal to industrial reality, supported by strong policy drivers and a diversified investment ecosystem involving state platforms, energy state-owned enterprises, local funds, and private capital [2][7] - The investment potential of controllable nuclear fusion is projected to exceed that of wind, solar, and lithium battery industries once the technology matures and achieves large-scale commercialization [2][7] Group 4: Portfolio Composition - The fund's top ten holdings differ significantly from traditional new energy funds, including companies like Yongding Co., Sry New Materials, and Antai Technology, which are closely linked to key aspects of the nuclear fusion industry chain [8][9]

Market Overview - The metal new materials sector experienced a decline of 0.43% on January 14, with Srei New Materials leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Zhongzhou Special Materials (300963) with a closing price of 23.74, up 4.12% and a trading volume of 578,000 shares, totaling 1.378 billion yuan [1] - Antai Technology (696000) closed at 29.27, up 3.46% with a trading volume of 2.1065 million shares, totaling 6.363 billion yuan [1] - Jiangnan New Materials (603124) closed at 88.10, up 2.92% with a trading volume of 27,700 shares, totaling 243 million yuan [1] - Conversely, Srei New Materials (688102) saw a significant decline, closing at 46.63, down 4.41% with a trading volume of 615,000 shares, totaling 296.7 million yuan [2] - Other notable decliners included: - Tianli Composite (920576) down 3.23% to 97.25 [2] - Xinlaifu (301323) down 2.48% to 58.49 [2] Capital Flow - The metal new materials sector saw a net outflow of 1.023 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.172 billion yuan [2] - Specific stock capital flows indicated: - Antai Technology had a net inflow of 475.43 million yuan from retail investors, while institutional investors experienced a net outflow of 302 million yuan [3] - Platinum New Materials (300811) had a net inflow of 891.04 million yuan from institutional investors, with a net outflow of 2.154 billion yuan from retail investors [3]

Group 1 - The main market saw a net inflow of 19.18 billion yuan as of January 14 [1] - The top ten sectors with the largest capital outflows included Energy Metals (-1.365 billion yuan), Wind Power Equipment (-1.086 billion yuan), and Communication Equipment (-0.983 billion yuan) [1] - The banking sector experienced a capital outflow of 0.721 billion yuan, while the healthcare services sector saw an outflow of 0.628 billion yuan [1] Group 2 - The Energy Metals sector had a slight decline of 0.13% with a net outflow of 1.365 billion yuan, led by the company Greenmei [2] - The Wind Power Equipment sector increased by 1.61% but still faced a net outflow of 1.086 billion yuan, with major outflow attributed to Daikin Heavy Industries [2] - The Communication Equipment sector rose by 4.01% despite a net outflow of 0.983 billion yuan, primarily driven by Galaxy Electronics [2][3]

Group 1 - The A-share market saw a collective rise in non-ferrous metal stocks, with notable gains including Xianglu Tungsten reaching the daily limit, Hunan Silver up over 9%, and Antai Technology increasing by over 8% [1] - Several companies, including Huaxi Nonferrous Metals, Hailiang Co., Antai Technology, and Jiangxi Copper, reached historical highs in stock prices [1] - The surge in precious metal prices, including tin futures surpassing 410,000 and LME tin prices exceeding $51,000, is attributed to increasing expectations of interest rate cuts in the U.S. and rising safe-haven demand [1] Group 2 - U.S. inflation data for December indicates a potential easing of price pressures, leading to mixed expectations among investors regarding the Federal Reserve's interest rate cuts, with some anticipating two or three cuts this year [2] - Concerns over the independence of the Federal Reserve have increased due to a criminal investigation into Chairman Powell's June testimony, alongside ongoing geopolitical risks related to potential U.S. intervention in Iran [2] Group 3 - Specific stock performance data shows significant percentage increases for various companies, with Xianglu Aluminum up 10.03%, Hunan Silver up 9.20%, and Antai Technology up 8.45%, among others [3] - The total market capitalization for these companies varies, with Hunan Silver at 27.8 billion and Jiangxi Copper at 206.8 billion, reflecting their market positions and year-to-date performance [3]

Group 1 - The core viewpoint of the article indicates a significant increase in the prices of rare earth products, with specific products like praseodymium and neodymium oxide seeing a rise in average prices, while dysprosium and terbium oxides experienced slight declines [1] - Praseodymium-neodymium oxide averaged 642,700 CNY per ton, up by 6,600 CNY per ton, and praseodymium-neodymium metal averaged 780,000 CNY per ton, up by 7,600 CNY per ton [1] - The market sentiment for rare earths is warming, with downstream raw material procurement demand expected to be released, indicating potential for continued price strength in the near term [1] Group 2 - The A-share market shows positive performance for certain rare earth permanent magnet concept stocks, with Zhongmin Resources (002738) rising by 5.09% and achieving a transaction volume of 3.313 billion CNY [1] - Yahua Group (002497) increased by 3.66% with a transaction volume of 2.505 billion CNY, while Antai Technology (000969) rose by 2.09% with a transaction volume of 610.8 million CNY [1] - The overall trading activity in the rare earth sector reflects a mixed performance, with some stocks showing significant gains while others remain relatively stable [1]

证券代码：000969 证券简称：安泰科技 公告编号：2026-002 安泰科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 安泰科技股份有限公司（以下简称"公司"）股票（证券简称：安泰科技， 证券代码：000969）连续 3 个交易日（2026 年 1 月 9 日、2026 年 1 月 12 日、2026 年 1 月 13 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易 规则》的相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况说明 针对公司股票交易异常波动的情况，公司董事会经与公司董事、高级管理人 员、控股股东及实际控制人就相关事项进行核实，现将截至本公告披露日相关情 况说明如下： 5、公司董事、高级管理人员、控股股东及其一致行动人在公司本次股票交 1 易异常波动期间不存在买卖公司股票的情况。公司未发现可能对股价产生较大影 响的其他重大事项。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应 ...