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]

四川英杰电气股份有限公司 第五届董事会第十九次会议决议公告 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 证券代码：300820 证券简称：英杰电气 公告编号：2026-003 经与会董事审议，一致同意公司及子公司在确保不影响正常运营的情况下，使 用不超过人民币10亿元（含本数）闲置自有资金进行现金管理，该额度由公司及子 公司共同使用，授权期间为自董事会审议通过之日起不超过12个月，在前述额度和 期限范围内，可循环滚动使用。同时，同意授权公司董事长或董事长授权人士在上 述额度内签署相关合同文件，公司财务部负责组织实施。 具体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）上同日发布的 《关于使用闲置自有资金进行现金管理的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 公司第五届董事会第十九次会议决议。 特此公告。 四川英杰电气股份有限公司董事会 2026 年 3 月 6 日 四川英杰电气股份有限公司（以下简称"公司"）第五届董事会第十九次会议 通知于2026年3月1日通过电子通 ...

证券代码：300820 证券简称：英杰电气 公告编号：2026-004 四川英杰电气股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 重要内容提示： 1、投资品种：安全性高、流动性好的理财产品，包括但不限于商业银行、证 券公司、信托公司等金融机构发行的理财产品、信托产品、资产管理计划等产品 及其他根据公司内部决策程序批准的理财对象及理财方式，保证风险可控。 2、投资金额：不超过人民币 10 亿元（含本数）。 3、特别风险提示：尽管公司及子公司拟购买的理财产品经过严格评估，但金 融市场受宏观经济的影响较大，公司将根据经济形势以及金融市场的变化适时适 量的介入，但不排除该项投资受到市场波动的影响，投资的实际收益不可预期。 敬请投资者注意投资风险。 四川英杰电气股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开第 五届董事会第十九次会议，审议通过了《关于使用闲置自有资金进行现金管理的 议案》，同意公司及子公司在确保不影响正常运营的情况下，使用额度不超过人民 币 10 亿元（含本数）闲置自有资金进行 ...

Group 1 - The company has previously engaged in sales of multimedia charging pile products to overseas enterprises through BYD, but there is currently no direct business cooperation with BYD [2] - The company's subsidiary, Yingjie New Energy, was involved in the past collaboration with BYD [2] - The inquiry about the depth of cooperation with BYD was addressed on the investor interaction platform [2]

Group 1 - The core point of the article is that Yingjie Electric (300820.SZ) has stated that its subsidiary, Yingjie New Energy, previously sold multimedia charging pile products to overseas companies through BYD, but there has been no direct business cooperation with BYD in recent years [1] Group 2 - Yingjie Electric's subsidiary engaged in sales of charging products through a partnership with BYD in the past [1] - The company has clarified that it does not currently have any direct business dealings with BYD [1]

四川英杰电气股份有限公司（以下简称"公司"）于2025年12月3日、2025年 12月22日分别召开了第五届董事会第十八次会议和2025年第二次临时股东会，审 议通过了《关于调整公司治理结构、变更公司注册资本并修订<公司章程>的议案》， 具体内容详见公司刊登于巨潮资讯网（www.cninfo.com.cn）的相关公告。 证券代码：300820 证券简称：英杰电气 公告编号：2026-002 四川英杰电气股份有限公司 关于完成工商变更登记并换发营业执照的公告 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、公司完成工商变更的情况说明 成立日期：1996 年 01 月 16 日 住所：四川省德阳市金沙江西路 686 号 经营范围：一般项目：新能源原动设备制造；新能源原动设备销售；储能技术 服务；新兴能源技术研发；太阳能发电技术服务；光伏设备及元器件制造；光伏设 备及元器件销售；电池销售；蓄电池租赁；光伏发电设备租赁；工业自动控制系统 装置制造；工业自动控制系统装置销售；电力设施器材制造；电力设施器材销售； 机械电气设备制造；机械电气设备销售；电子元器件制造；电 ...

Core Viewpoint - The semiconductor equipment market is experiencing unprecedented growth driven by the surge in AI computing demand, with significant capital expenditure increases in advanced logic and memory sectors [1][2]. Group 1: Market Trends - The global semiconductor equipment market is reaching new highs due to the explosion in AI computing demand [2]. - In the advanced logic sector, the transition from FinFET to GAA/CFET is leading to a substantial increase in capital investment for equipment, with investment per 10,000 wafers per month rising several times compared to 28nm processes [2]. - In the memory sector, HBM is driving upgrades in high-end DRAM processes, while 3D NAND is evolving to over 400 layers, with corresponding increases in investment per 10,000 wafers [1][2]. Group 2: Technological Advancements - The complexity of advanced process structures is driving increased investment in graphic stages, with GAA structures in logic and high-layer 3D stacking in memory requiring higher standards for etching and atomic layer deposition technologies [2]. - The value share of etching and thin film deposition in front-end equipment ranks among the top three, and this trend is expected to continue as processes evolve [2]. - The introduction of multiple exposures, advanced metal material replacements, and new structures is leading to a multiplier effect where more advanced technology nodes require higher unit investments [2]. Group 3: Domestic Market Dynamics - External sanctions are reinforcing the logic of self-sufficiency, accelerating the domestic substitution phase in China, which has a high dependency on imported equipment for critical processes [3]. - The domestic semiconductor equipment localization rate has increased from 13% in 2017 to an estimated 20% in 2024, with projections of reaching 22% by 2025, indicating significant room for improvement [3]. - Domestic wafer fabs are expected to increasingly favor the procurement of domestic equipment due to policy support and the implementation of large funds [3]. Group 4: Investment Recommendations - Key recommendations include front-end platform equipment manufacturers such as North Huachuang and Zhongwei Company, as well as low localization rate equipment manufacturers like Xinyuanwei and Zhongke Feicai [3]. - Thin film deposition equipment manufacturers such as Tuojing Technology and Weidao Nano, along with back-end packaging and testing equipment firms like Huafeng Measurement and Changchuan Technology, are also highlighted [3].

Core Viewpoint - The article highlights the significant performance of overseas semiconductor component companies, which have led the semiconductor asset market since 2026, driven by strong demand from AI and increased capital expenditures from major players like TSMC and SK Hynix [3][6]. Group 1: Performance of Semiconductor Component Companies - Since the beginning of 2026, companies like UCT, MKS, and VAT have seen substantial stock price increases of 134%, 62%, and 38% respectively, outperforming major semiconductor manufacturers like SK Hynix and LAM [3][4]. - UCT has outperformed SK Hynix and LAM by 78% and 90% respectively in terms of stock performance since the start of the year [4]. - The capital expenditure for TSMC has been raised to between $52 billion and $56 billion for 2026, indicating a strong demand for AI-related products [6][7]. Group 2: Market Dynamics and Growth Potential - The semiconductor component sector is experiencing a significant upturn due to high-capacity utilization rates and increased capital expenditures, with a notable increase in orders for semiconductor equipment [6][12]. - The global semiconductor wafer fabrication capital expenditure is expected to rise significantly, with TSMC, SK Hynix, and Samsung all increasing their budgets for 2026 [7][20]. - The domestic semiconductor market in China is projected to have a supply-demand gap of 27.6% for storage chips, indicating strong growth potential for local manufacturers [21][22]. Group 3: A-Share Market Valuation - A-share semiconductor component stocks are considered undervalued compared to their overseas counterparts, with a current average PE ratio of 51X compared to 89X for overseas companies [33][36]. - The A-share semiconductor component sector has shown a 120-day stock price increase of 42%, while the overall sector has lagged behind other segments [33][36]. - The expected CAGR for revenue and profit from 2025 to 2027 for A-share semiconductor components is 33% and 214% respectively, indicating strong growth prospects [33][36]. Group 4: Supply Chain and Localization - The article emphasizes the importance of supply chain localization, with a focus on increasing domestic production capabilities in response to export controls from the US and Japan [30][32]. - The domestic semiconductor equipment manufacturers are at historically low inventory levels, suggesting a need for rapid replenishment as demand increases [23][24]. - The article notes that over 100 domestic semiconductor equipment companies have been placed on the entity list, which will impact their access to US technology and components [30][31].

Core Viewpoint - The company has been deeply engaged in the photovoltaic equipment power supply sector for over 20 years, with its products covering various segments of the industry chain, including silicon materials, silicon wafers, and battery cells [1] Group 1: Company Overview - The company's power supply products are compatible with mainstream battery technology routes such as PERC, TOPCon, and HJT, with most products already in mass application [1] - The company is currently collaborating with relevant clients to conduct technological research and development for cutting-edge technology routes like perovskite [1] Group 2: Industry Context - The company aims to continue deepening its focus on the photovoltaic power supply field, enhancing its technological and product competitiveness to support high-quality industry development [1] - The photovoltaic industry is currently in a downward adjustment cycle, and the company has not observed significant growth changes in related orders [1]

Core Viewpoint - The company has been deeply involved in the photovoltaic equipment power supply sector for over 20 years, providing products that cover various segments of the solar industry chain, including silicon materials, silicon wafers, and battery cells [2]. Group 1: Company Overview - The company’s power supply products are compatible with mainstream battery technologies such as PERC, TOPCon, and HJT, with most products already in mass application [2]. - The company is currently collaborating with relevant clients to conduct technological research and development for cutting-edge technologies like perovskite [2]. Group 2: Industry Context - The photovoltaic industry is currently experiencing a downward adjustment cycle, and the company has not seen significant growth in related orders [2]. - The company aims to continue enhancing its technological and product competitiveness to support high-quality development in the industry [2].