中东战事又起后的首次。 作者 | 小鑫 编辑 | 小白 | SHASE FINAL VE COMMER AN | | | | | --- | --- | --- | --- | | VLCC运输指数(西非 日 至中国宁波260,000 MT) | 周 月増 | | | | +3.23% 150.09WS | -6.52% | | +24.85% | | 核心油运板块 | | | | | VLCC + 内外贸油运 | 中远海能 招商轮船 | | | | 成品油轮 + MR船队 招商南油 | | | | | 其他航运细分板块 | | | | | 集装箱运输 | 中远海控 中远海发 锦江航运 | | 宁波元洋 | | 干散货运输 | 国航远洋 海通发展 | | 宁波海运 凤凰航运 | | 特种/化学品/滚装运输 | 中远海特 兴通股份 盛航股份 渤海轮渡 | | | | 港■运营板块 | | | | | 长三角枢纽 | 南京港 连云港 上港集团 宁波港 | | | | 黄明血 环渤海枢纽 | 唐山港 | 天津港 | 秦港股份 | | 日照港 | | 辽港股份 | | | 招商港口 华南/西南枢纽 | *** | 广 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Nuclear fusion is considered one of humanity's ultimate energy solutions, currently in the engineering verification stage, characterized by its infinite resources, high energy density, safety, and cleanliness [1][15] - The D-T (deuterium-tritium) reaction is the most feasible fusion reaction on Earth, with global research primarily focused on magnetic confinement fusion and inertial confinement fusion technologies [2][22] - The global fusion industry is experiencing active financing, with a total of $9.766 billion raised by 2025, and 78% of companies expect to have their first commercial demonstration plant operational between 2030 and 2035 [3][4] Summary by Sections 1. Transition from Laboratory to Engineering in Controlled Nuclear Fusion - Controlled nuclear fusion is viewed as the ultimate energy solution, with characteristics such as infinite resources, high energy density, safety, and cleanliness [1][15] - Achieving fusion ignition requires meeting the Lawson criteria, with energy balance being a crucial indicator for commercial viability [17][20] - The main technical paths for achieving fusion include magnetic confinement and inertial confinement [25] 2. Magnetic Confinement Fusion: Tokamak as the Main Pathway - The Tokamak is recognized as the most promising method for achieving controlled nuclear fusion, with ITER being the largest experimental Tokamak reactor [27][29] - The core components of the Tokamak include superconducting magnet systems, vacuum chambers, and blanket systems, which are critical for maintaining plasma stability and achieving fusion [42][43] 3. Global Acceleration of Nuclear Fusion Commercialization - The fusion industry is seeing a surge in financing, with a total of $9.766 billion raised by 2025, and a fivefold increase in new financing from 2024 to 2025 [3][4] - In China, a dual-driven model involving state-owned enterprises and private companies is emerging, with significant milestones such as the establishment of China Fusion Energy Co., which is pivotal for commercialization [3][4][11] 4. Investment Recommendations - Focus on companies involved in materials and equipment manufacturing that have received validation or orders from large scientific installations in the short term [11] - Long-term attention should be directed towards operational companies in the fusion energy sector [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Shanghai Minhang District has accelerated the commercialization of fusion energy, establishing a comprehensive industrial ecosystem that includes R&D, manufacturing, and services [1] - The industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing power demand from AI computing and the growing importance of controlled nuclear fusion as a "ultimate energy" source [2] - The global nuclear fusion equipment market is projected to reach an average annual scale of 266 billion yuan by 2035 [2] Summary by Sections Industry Development - The Shanghai government has identified fusion energy as one of the four key future energy developments, focusing on a three-step development approach: pilot experimental reactors, demonstration reactors, and commercial reactors [1] - The industry aims to create a complete ecosystem that includes core R&D, supporting manufacturing, and service support, while encouraging the application of fusion technology in fields such as healthcare, new materials, and high-end equipment [1] Market Outlook - The industry is expected to see a surge in orders for upstream materials and midstream core equipment suppliers as it moves into the "engineering feasibility verification" stage [2] - Multiple technical paths are being explored, with magnetic confinement and inertial confinement technologies advancing simultaneously [2] Investment Focus - Investment strategies should focus on high-value segments of the Tokamak device cost structure, with significant cost components including the magnetic system (28%), vacuum chamber components (17%), and power supply (8%) [3] - Key "chain leader" companies in the nuclear fusion sector include China Fusion Energy Company and Jiangxi Fusion New Energy, with major devices such as HL-3, HL-4, and Spark One [3] - Midstream equipment companies to watch include Lianchuang Optoelectronics, Xuguang Electronics, and others [4][5]

证券代码：001332 证券简称：锡装股份 公告编号：2026-007 无锡化工装备股份有限公司 关于受让苏州创阔科技有限公司股权并增资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 无锡化工装备股份有限公司（以下简称"公司"）、自然人郝苓华作为投资方 与标的公司原股东吕新、陈余和昆山创智维新咨询管理合伙企业（有限合伙）分 别签订了《对苏州创阔科技有限公司之投资协议》（以下简称《投资协议》）和《股 权转让协议》，上述协议于2026年1月30日在江苏省无锡市滨湖区签署并正式生 效。根据协议约定，公司以自有资金通过老股转让与增资相结合的方式对标的公 司进行投资，共计出资人民币1,371.42万元，取得本次投资全部完成后标的公司 30%的股权。其中，人民币385.71万元以股权转让的方式支付给原股东自然人陈 余，人民币985.71万元以增资方式投入标的公司。 上述事项详见公司于2026年1月31日披露在巨潮资讯网（www.cninfo.com.cn） 的《关于受让苏州创阔科技有限公司股权并增资的公告》（公告编号：2026-003）。 二 ...

锡装股份(001332) 报告日期：2026 年 03 月 12 日 证券研究报告 | 公司点评 | 专用设备 1）公司深耕高端压力容器行业多年，传统业务（石油石化、基础化工）等受益 于下游能源、化工领域的 CAPEX 增长，卡位可控核聚变核心环节打开成长空 间。 设立合资公司开发等静压设备等，固态电池打开成长空间 ——锡装股份点评报告 投资要点 ❑ 3/6 公司与立德福设立合资公司，经营范围含等静压机等。 （1）据公司公告，3/6 公司与力德福签订《合作框架协议》，共同出资成立合资 公司，探索超高压技术装备在目标领域应用，其经营范围包含等静压机等。公司 出资 255 万元，占注册资本 51%。 （2）等静压设备为固态电池核心增量设备，解决固-固界面阻抗的难题，约占固 态电池设备总价值的 13%，固态电池有望打开成长空间。 ❑ 国内金属压力容器领军者，可控核聚变打开成长空间 2）公司金属压力容器技术与工艺平台的深度积累可迁移至可控核聚变领域。公 司金属压力容器制造业长期沉淀了冶金、焊接、锻压、热处理、机械设计与制造 等多学科的核心工艺与技术能力。这些底层工艺和技术集成度高、制造精度高， 与核聚变装置对复杂装备 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has established a joint venture with Lidefu to develop isostatic pressing equipment, which is a core incremental device for solid-state batteries, addressing the solid-solid interface impedance issue and potentially opening up growth opportunities in this sector [2] - As a leader in the domestic metal pressure vessel industry, the company is well-positioned to benefit from the growth in controlled nuclear fusion, leveraging its deep technical expertise and capabilities in metallurgy, welding, forging, heat treatment, and mechanical design [3] - The company is expected to achieve a compound annual growth rate (CAGR) of 11% in net profit attributable to the parent company from 2024 to 2027, with projected net profits of 255 million, 248 million, 310 million, and 353 million yuan for the years 2024 to 2027 respectively [4] Financial Summary - Projected revenue for 2024 is 1,533.74 million yuan, with a year-on-year growth of 22.85%. Revenue is expected to decline by 10.83% in 2025, followed by a recovery with growth of 10% in both 2026 and 2027 [6] - The projected net profit for 2024 is 255.16 million yuan, reflecting a significant increase of 54.64% compared to the previous year. The net profit is expected to decrease slightly in 2025 before increasing again in the following years [6] - Earnings per share (EPS) is projected to be 2.32 yuan in 2024, decreasing to 2.25 yuan in 2025, and then increasing to 2.81 yuan and 3.19 yuan in 2026 and 2027 respectively [6]

证券代码：001332 证券简称：锡装股份 公告编号：2026-006 无锡化工装备股份有限公司 关于对外投资设立合资公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 无锡化工装备股份有限公司（以下简称"公司"）于2026年3月6日与山西力 德福科技有限公司（以下简称"力德福"）签订《合作框架协议》，拟共同出资在 无锡市设立一家有限责任公司（公司名称待定，最终以工商登记核准为准，以下 简称"合资公司"），共同探索并拓展超高压技术装备在目标领域的应用。合资公 司注册资本为人民币500万元，其中公司以自有资金认缴出资人民币255万元，占 注册资本的51%；力德福认缴出资人民币245万元，占注册资本的49%。 公司于2026年3月6日召开第四届董事会第二十一次会议，全体董事以8票同 意、0票反对、0票弃权的表决结果审议通过了《关于对外投资设立合资公司的议 案》。董事会同意公司与力德福签订《合作框架协议》，按照合作协议相关规定设 立合资公司；同意授权公司董事长签署投资协议以及完成新设合资公司登记所需 的必要文件；同意授权公司经营管理层负责办 ...

二、董事会会议审议情况 证券代码：001332 证券简称：锡装股份 公告编号：2026-005 无锡化工装备股份有限公司 第四届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 无锡化工装备股份有限公司（以下简称"公司"）第四届董事会第二十一次 会议通知已于 2026 年 3 月 3 日通过电子邮件或电话等方式送达所有董事，会议 于 2026 年 3 月 6 日 10:00 在公司三楼会议室以现场会议结合通讯方式召开。本 次会议应到董事8名，实到董事8名（其中独立董事孙新卫先生以通讯方式参会）， 公司高级管理人员列席参会。会议由董事长曹洪海先生主持。本次会议的召集和 召开符合《中华人民共和国公司法》和《公司章程》的相关规定。 三、备查文件 （一）《无锡化工装备股份有限公司第四届董事会第二十一次会议决议》。 特此公告。 （一）审议通过了《关于对外投资设立合资公司的议案》。 表决结果：8 票同意，0 票反对，0 票弃权。 董事会同意公司与山西力德福科技有限公司签订《合作框架协议》，按照合 作协议相关规定设立合资公 ...

证券日报网讯2月26日，锡装股份（001332）在互动平台回答投资者提问时表示，截至2026年2月13日收 盘后，公司股份持有人(合并普通账户和融资融券信用账户)数为10050户。 ...

投资者提问：尊敬的董秘，您好！请问贵司的产品在油气和新能源方面主要用于哪些环节？是否应用于 油气开采和储运？在新能源如氢能、核能等领域，公司有何布局？另外，公司的A6资质预计何时能拿 到？ 锡装股份回复：尊敬的投资者，公司主要从事金属压力容器的研发、设计、制造、销售及相关技术服 务，产品广泛应用于石油炼化、基础化工、新能源、化工新材料等领域的换热、反应、分离、储存等场 景。对于新能源领域的业务布局，公司坚持围绕主业，持续研发投入开发新产品和新技术，积极拓展产 品和技术的应用领域，努力扩大客户群，积极开拓新市场。需特别说明的是，新业务市场开拓受技术转 化、客户需求、行业环境等多重因素影响，存在不确定性，敬请您注意投资风险。关于公司A6证书取 得的时间，请以公司正式公告为准。感谢您的关心和支持！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，锡装股份(001332)02月25日在投资者关系平台上答复投资者关心的问题。 ...