Investment Rating - The report suggests a positive investment outlook for the controlled nuclear fusion industry, driven by policy and capital support, with significant potential for growth and commercialization in the coming years [4][30]. Core Insights - Controlled nuclear fusion is viewed as the ultimate energy solution due to its high energy density, abundant fuel supply, and superior safety [4][9]. - The current phase of controlled nuclear fusion is characterized by a dual drive of policy and capital, with numerous projects underway globally, particularly in China and the US, aiming for commercial viability by the 2030s to 2040s [4][30]. - Various technological pathways are emerging, including magnetic confinement (tokamak), inertial confinement (NIF), and magnetic inertial confinement, with significant advancements expected in the next few years [4][30]. Summary by Sections Part 1: What is Controlled Nuclear Fusion? - Controlled nuclear fusion involves the merging of lighter atomic nuclei to form a heavier nucleus, releasing significant energy, primarily using deuterium and tritium as fuel [9][10]. Part 2: Why is Now a New Phase for Controlled Nuclear Fusion? - The industry is experiencing a surge in support from governments worldwide, with China implementing multiple policies to foster development, including financial backing and international collaboration [30][33]. - The number of active fusion companies has increased significantly, with around 50 globally, 80% of which are private enterprises, indicating a robust investment landscape [40][41]. Part 3: Device Architecture Breakdown and Industry Cost Map - The report outlines the cost structure of fusion devices, with initial experimental tokamak investments around 15 billion yuan, and highlights the significant capital required for development [4][30]. Part 4: Competitive Cost of Fusion Power - The report estimates the cost of electricity from fusion devices, with projected costs of 0.31 and 0.27 yuan/kWh for low-temperature superconducting and linear magnetic inertial fusion devices, respectively, indicating competitive pricing compared to traditional energy sources [4][30]. Part 5: Investment Recommendations - The report recommends focusing on key suppliers in the fusion supply chain, including companies like Western Superconducting, Lianchuang Optoelectronics, and Antai Technology, as they are positioned to benefit from the anticipated growth in the fusion sector [4][30].

Core Viewpoint - The company, Antai Technology Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 2.0 yuan per 10 shares, totaling approximately 210.14 million yuan, to be distributed to shareholders [2][4]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on April 18, 2025, with a base of 1,050,718,097 shares [2][3]. - The cash dividend will be distributed as follows: 2.0 yuan per 10 shares (including tax) for all shareholders, with specific tax treatments for different categories of investors [4][5]. - The record date for the distribution is set for June 17, 2025, and the ex-dividend date is June 18, 2025 [4][5]. Group 2: Shareholder Reduction Plan - The company's general counsel, Wang Jindong, plans to reduce his holdings by up to 72,750 shares, representing 0.0069% of the total share capital, due to personal financial needs [6][8]. - The reduction will occur within three months starting from July 4, 2025, through either centralized bidding or block trading [8][9]. - The reduction plan complies with the commitments made by the shareholder during his tenure and does not violate any relevant regulations [9].

Core Viewpoint - The optoelectronic new materials industry is experiencing significant growth in China, driven by advancements in technology and increasing market demand, particularly in solar cells, optical communication, and display technologies [1][4][23]. Industry Definition and Classification - Optoelectronic materials are defined as materials that can generate, convert, transmit, process, and store optical signals, encompassing categories such as semiconductor optoelectronic materials, organic semiconductor materials, inorganic crystals, quartz glass, infrared materials, laser materials, and nonlinear optical materials [2][4]. Industry Development Status - The number of patents for optoelectronic new materials in China reached 122 in 2022, but has seen a decline in recent years, with projections of 99 in 2023 and 76 in 2024, and only 11 by May 21, 2025 [1][4]. - The optoelectronic materials sector is crucial for the advancement of the optoelectronic industry, with applications in solar cells, optical communication, and displays [4]. Industry Chain - The industry chain consists of upstream core raw materials (basic chemicals, rare metals, targets), midstream production of optoelectronic materials and devices, and downstream applications in high-growth areas such as photovoltaic power generation and optical communication [6][8]. Semiconductor Materials - The semiconductor materials market in China is projected to reach approximately 147 billion yuan in 2024 and about 164.69 billion yuan in 2025, accounting for around 27.24% and 27.20% of the electronic materials market, respectively [8]. Optical Communication - The optical communication market in China is expected to grow from 139 billion yuan in 2023 to approximately 175 billion yuan by 2025, driven by advancements in 5G, cloud computing, and big data technologies [10]. Competitive Landscape - Major companies in the optoelectronic new materials industry include BOE Technology Group, Longi Green Energy, Jiangfeng Electronics, Sanan Optoelectronics, and others, reflecting a diverse and international competitive landscape [12][14]. Representative Companies - **BOE Technology Group**: A leading global company in semiconductor display products, with over 100,000 patents and significant market share in LCD and OLED technologies [14][15]. - **Shaanxi Lait Optoelectronic Materials Co., Ltd.**: Focuses on OLED organic light-emitting materials, with a revenue of 442 million yuan in 2024, reflecting a strong growth trajectory [17][19]. - **Ningbo Jiangfeng Electronics**: Specializes in ultra-pure metal sputtering targets, with a revenue of 2.333 billion yuan in 2024, highlighting its strong market position [21]. Industry Development Trends - The demand for optoelectronic materials is expected to continue growing, with advancements in silicon-based solar cells and organic light-emitting diodes (OLEDs) leading the way [23]. - Future developments will focus on higher performance, lower costs, and multifunctionality, with new materials such as perovskite solar cells and quantum dot emitters gaining traction [23].

关于高级管理人员减持股份的预披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 截至本公告披露日，公司总法律顾问王劲东先生持有公司股份 291,000 股， 占公司总股本的 0.0277%。因个人资金需求原因，上述高级管理人员拟自本公告 披露之日起 15 个交易日后的 3 个月内以集中竞价交易方式或者大宗交易方式减 持其所持有的公司股份合计不超过 72,750 股，减持比例不超过公司总股本的 0.0069%。 特别提示： 证券代码：000969 证券简称：安泰科技 公告编号：2025-022 安泰科技股份有限公司 公司于 6 月 11 日收到总法律顾问王劲东先生出具的《股份减持计划的告知 函》，现将告知函具体内容公告如下： 一、股东基本情况 | 股东姓名 | 职务 | 持股数量（股） | 占公司总股本的比例（%） | | --- | --- | --- | --- | | 王劲东 | 总法律顾问 | 291,000 | 0.0277% | 注：截至本公告披露日，公司总股本为 1,050,718,097 股。 二、本减持计划的主要内容 （一）本次拟减持计划 ...

证券代码：000969 证券简称：安泰科技 公告编号：2025-021 安泰科技股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 安泰科技股份有限公司（以下简称"公司"、"本公司"）2024 年年度权 益分派方案已获 2025 年 4 月 18 日召开的公司 2024 年度股东大会审议通过，现 将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司于 2025 年 4 月 18 日召开的公司 2024 年度股东大会审议通过了《公 司 2024 年度利润分配预案》。公司 2024 年年度利润分配方案的具体内容为：以 2024 年 12 月 31 日的股本 1,050,718,097.00 股为基数，向全体股东每 10 股派发 现金 2.0 元（含税），共计分配 210,143,619.40 元（含税），剩余未分配利润滚 存至以后年度分配。不送红股，不实施资本公积金转增股本。公司本次利润分配 预案披露后至权益分派实施公告中确定的股权登记日期间，如公司总股本发生变 动的，每股现金分红金额不变， ...

Group 1 - The core viewpoint of the news is that Haotze Zhiyuan recently conducted research on a listed company, Antai Technology, which is a leader in the production of tungsten-copper components and has significant market presence [1] - Antai Technology is the first company in the world to mass-produce tungsten-copper filters and has provided over 5,000 tungsten-copper parts to domestic and international clients [1] - The company is focusing on increasing R&D investment, optimizing core technologies, expanding production capacity, and enhancing industry competitiveness [1] Group 2 - Haotze Zhiyuan Investment Management Co., Ltd. was established in December 2015 and has been registered as a private fund manager since March 2018 [2] - The company has issued over 20 products in the past three years, managing a total scale of approximately 2 billion RMB [2] - The team consists of nearly 30 members, with a focus on investment research and trading personnel making up 70% of the workforce [2]

Group 1: Company Overview and Core Business - Antai Technology Co., Ltd. is the first company in the world to mass-produce tungsten-copper divertors, with a focus on controlled nuclear fusion technology [2][6] - The main technical routes for controlled nuclear fusion are magnetic confinement and inertial confinement, with Tokamak being the most recognized method for fusion power generation [1][3] Group 2: Order and Production Status - Antai Zhongke has provided over 5,000 tungsten-copper components since 2008, including full sets of divertors for major projects like EAST and HL-2M [3] - In 2021, the company contributed to EAST achieving world records of 120 million degrees for 101 seconds and 160 million degrees for 20 seconds [3] - The company successfully won the CRAFT divertor project in 2024, which is the largest tungsten-copper plate component in China to date [3] Group 3: Technical Requirements and Challenges - Divertors and first wall materials are core components of fusion reactors, facing extreme temperatures and must maintain plasma purity [4] - The design and production of these components require high precision in composite material preparation, dissimilar material welding, and testing [4] Group 4: Competitive Advantages and Future Plans - Antai Zhongke leverages 70 years of research in tungsten-molybdenum processing, continuously innovating and expanding its product matrix [6] - The company plans to increase research investment in controlled nuclear fusion, optimize core technologies, and enhance production stability to maintain its competitive edge [6]

Summary of the Conference Call for Antai Technology Industry Overview - The conference call primarily discusses the rare earth permanent magnet materials and high-end powder materials industries, along with the controlled nuclear fusion sector. Key Points and Arguments Revenue and Profit Trends - Revenue from rare earth permanent magnet materials has increased, but profits are under pressure due to changes in rare earth prices and business models [2][3] - Soft magnetic amorphous materials have seen significant growth in revenue, orders, and profits, particularly benefiting from demand in the transformer sector [2][3] - The company anticipates breakthroughs in aircraft motor strip materials in the second half of 2025 and into 2026, which could become a new growth point [2][3] High-End Powder Materials - The high-end powder materials segment, including tungsten and molybdenum deep processing, has shown recovery following initial impacts from US-China trade tensions, with positive trends in revenue and orders observed in April and May [2][6] - The strategic new product, powder high-speed steel, has driven over 10% growth in revenue and over 30% growth in net profit for the high-quality steel and welding materials segment [2][6] Controlled Nuclear Fusion - Antai Technology is actively positioning itself in the controlled nuclear fusion field, focusing on experimental reactor demands and long-term market share post-commercialization [2][5] - The company produces components such as copper-tungsten divertors, capturing approximately 1.5% of the construction cost of Tokamak devices, with an estimated market size of around 1.5 billion RMB for related materials [4][10] Business Segments with Growth Potential - The company is optimistic about several business segments, including: - **Nanocrystalline materials for aircraft**: Benefiting from growth in the transformer market [2][7] - **Specialty materials for aerospace and chip cooling**: Expected to perform well due to anti-dumping investigations on chip cooling technologies from the US and India [2][7] - **Powder high-speed steel**: High order volumes and capacity release expected to drive growth [2][7] Competitive Advantages - The company’s core competencies in the refractory metals sector include technology, production scale, equipment capability, deep processing ability, brand influence, and innovation capacity [4][8] - Antai Technology has developed many domestic alternatives to imported products, particularly in tungsten and molybdenum deep processing [8][9] Future R&D and Market Outlook - The company plans to enhance R&D investments and production capabilities in the controlled nuclear fusion sector, aiming to become a key supplier of core components [16][17] - The timeline for nuclear fusion commercialization remains uncertain, with significant advancements expected between 2030 and 2040 [17][18] Challenges in Controlled Nuclear Fusion - The sector faces challenges in achieving stable power generation, requiring advanced materials and processes [18] - Stringent quality control measures are necessary, as any defect in components can lead to the entire assembly being deemed unusable [18] Additional Important Information - The company has a strong track record in supplying components for various projects, including ITER and domestic insulation engineering projects, demonstrating its capabilities in the controlled nuclear fusion field [13][14]

Core Viewpoint - The new materials industry in China is experiencing rapid growth driven by policy support, market demand, and technological innovation, with a projected total output value of 8.48 trillion yuan in 2024, maintaining double-digit growth for 14 consecutive years [1][3][20]. Group 1: Industry Definition and Classification - New materials refer to recently developed or developing structural and functional materials with superior properties. They can be classified into structural materials and functional materials based on their usage, and further categorized into four types: metal materials, inorganic non-metal materials, organic polymer materials, and advanced composite materials [1]. Group 2: Current Development Status - The new materials industry has expanded significantly, with the government focusing on electronic information materials, aerospace materials, new energy materials, and environmentally friendly materials. National high-tech industrial bases for new materials have been established in seven cities [3][5]. Group 3: Market Size and Structure - In 2024, the chemical new materials market is expected to account for approximately 22.08% of the total new materials market in China, while battery new materials will represent about 6.66%. By 2025, these figures are projected to be 21.75% and 6.97%, respectively [7]. Group 4: Competitive Landscape - Major companies in the new materials sector include Lens Technology, Antai Technology, China National Materials, and others, which are enhancing their international competitiveness through technological innovation and market expansion [12][16]. Group 5: Development Trends - The demand for new materials is increasing due to the rapid development of downstream industries such as information technology and new energy. The industry is transitioning towards low-carbon and green development, supported by significant technological advancements [20][23].

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]