Core Viewpoint - The construction of the first commercial controlled nuclear fusion power plant in the U.S. by Helion Energy marks a significant step towards the commercialization of fusion energy, with plans to supply power to Microsoft by 2028 [3][5]. Group 1: Company Developments - Helion Energy has initiated site construction for its controlled nuclear fusion power plant named "Orion" in Chelan County, Washington, which is a crucial milestone for integrating fusion power into the grid [3]. - The company has signed a power purchase agreement with Microsoft to supply 50 MW annually starting in 2028 [5]. - Helion's technology utilizes a magnetic inertial confinement approach, specifically the Field-Reversed Configuration (FRC) method, which is simpler and more cost-effective compared to the Tokamak technology, with construction costs estimated to be only 1/5 to 1/10 of Tokamak systems [5]. Group 2: Industry Context - Other companies in China, such as Hanhai Fusion and Xingneng Xuanguang, are also pursuing similar FRC technology, indicating a growing interest in fusion energy [6]. - A recent industry seminar in Shanghai attracted over 20 companies and nearly 30 financial institutions to discuss the future of controlled nuclear fusion, highlighting its status as a hot topic in the capital market [7]. - Nearly 50 controlled nuclear fusion concept stocks have been actively researched by investors this year, with significant interest in companies like Ice Wheel Environment and Antai Technology, which have received multiple investor inquiries [7]. Group 3: Financial Performance - Several controlled nuclear fusion concept stocks have reported significant earnings growth for the first half of 2025, with Yongding Co. expecting a net profit increase of 731% to 922% year-on-year, primarily due to increased investment income [8]. - Baosheng Co. anticipates a net profit increase of 167.98% to 301.98% for the same period, driven by the market recognition of high-value products [8].

Group 1 - The core component of fusion devices is the fusion power supply, which enhances the fusion "triple product" by optimizing heating temperature and energy confinement time, thus promoting fusion ignition [1][2] - The overall technical and customer barriers for power supply are high, with power supply costs accounting for 30%-50% of the total device cost [1][5] - The investment climate for fusion in China is improving, and the demand for fusion power supply is expected to be fully released as multiple technical routes progress simultaneously [1][5] Group 2 - The power supply plays a crucial role in assisting plasma heating and controlling plasma position, with strict requirements for precision to avoid electromagnetic radiation hazards [2][3] - Different fusion routes, such as linear, Z-pinch, and stellarator, have stringent requirements for power supply, with costs for linear devices reaching about 50% and Z-pinch devices around 30% of total costs [4][5] - Domestic capabilities for core components of power supplies have been established, reducing reliance on imports for critical components like electron tubes [3][5] Group 3 - Recommended stocks include Aikesaibo (688719.SH), with attention to Yingjie Electric (300820.SZ), Guoguang Electric (688776.SH), Xuguang Electronics (600353.SH), Hongxun Technology (603015.SH), and Wangzi New Materials (002735.SZ) [6]

Group 1 - Vice President Cui Lianrun plans to reduce his holdings by up to 11,500 shares from August 21, 2025, to November 20, 2025, representing 0.0052% of the total share capital [1] - Vice President Chen Yulin intends to sell up to 19,763 shares during the same period, accounting for 0.0089% of the total share capital [1] - Director and Vice President Chen Jinjie plans to reduce his holdings by up to 45,000 shares, which is 0.0203% of the total share capital, from August 21, 2025, to November 20, 2025 [3] Group 2 - The announcements indicate a trend of insider selling among company executives, which may reflect their personal financial strategies or market outlook [1][3] - The total shares to be sold by the three executives combined amount to 76,263 shares, indicating a significant but not overwhelming reduction in their holdings [1][3]

Core Viewpoint - The announcement details the planned share reductions by three executives of Yingjie Electric, indicating potential changes in shareholder structure and management confidence in the company's future performance [1] Group 1: Shareholding Information - Director and Vice President Chen Jinjie holds 187,718 shares, representing 0.0847% of the total share capital, and plans to reduce his holdings by up to 45,000 shares (0.0203%) between August 21, 2025, and November 20, 2025 [1] - Vice President Cui Lianrun holds 46,025 shares (0.0208%) and intends to reduce his holdings by up to 11,500 shares (0.0052%) during the same period [1] - Vice President Chen Yulin holds 79,050 shares (0.0357%) and plans to reduce his holdings by up to 19,763 shares (0.0089%) within the specified timeframe [1]

四川英杰电气股份有限公司 关于部分董事、高级管理人员减持股份的预披露公告 证券代码：300820 证券简称：英杰电气 公告编号：2025-036 公司董事兼副总经理陈金杰先生、副总经理崔连润先生、副总经理陈玉林先 生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有公司股份 187,718 股（占公司总股本比例 0.0847%，占剔除公司回购专用 账户中股份后总股本比例 0.0852%）的董事兼副总经理陈金杰先生计划在本公告披 露之日起 15 个交易日后的 3 个月内（2025 年 8 月 21 日至 2025 年 11 月 20 日）以 集中竞价方式减持公司股份不超过 45,000 股（占公司总股本比例 0.0203%，占剔除 公司回购专用账户中股份后总股本比例 0.0204%）； 持有公司股份 46,025 股（占公司总股本比例 0.0208%，占剔除公司回购专用账 户中股份后总股本比例 0.0209%）的副总经理崔连润先生计划在本公告披露之日起 15 个交易日后的 3 个月内（2025 ...

Core Viewpoint - The financial performance of Yingjie Electric (300820) has shown a decline in revenue and net profit for the first quarter of 2025, indicating potential challenges for the company moving forward [1]. Financial Performance - As of the first quarter of 2025, Yingjie Electric reported total revenue of 325 million yuan, a year-on-year decrease of 13.30% [1]. - The net profit attributable to shareholders was approximately 50.50 million yuan, down 36.84% year-on-year [1]. - The company's non-recurring net profit was about 48.32 million yuan, reflecting a 37.76% decrease compared to the previous year [1]. - The liquidity ratios are as follows: current ratio at 2.364 and quick ratio at 1.348, with a debt-to-asset ratio of 38.75% [1]. Market Activity - On July 29, 2025, Yingjie Electric's stock closed at 48.96 yuan, experiencing a slight decline of 0.08% [1]. - The trading volume was 21,700 hands, with a total transaction amount of 106 million yuan [1]. - There was a net outflow of main funds amounting to 12.35 million yuan, which accounted for 11.63% of the total transaction amount [1]. - Large orders saw a net outflow of 8.33 million yuan (7.85% of transaction amount), while small orders had a net inflow of 10.28 million yuan (9.68% of transaction amount) [1]. Company Background - Yingjie Electric, established in 1996 and located in Deyang, primarily engages in the manufacturing of electrical machinery and equipment [2]. - The company has a registered capital of approximately 2.22 billion yuan and a paid-in capital of about 449.91 million yuan [2]. - The legal representative of the company is Wang Jun [2]. Investment and Intellectual Property - Yingjie Electric has made investments in 8 external companies and participated in 342 bidding projects [2]. - The company holds 16 trademark registrations and 289 patents, along with 48 administrative licenses [2].

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Core Viewpoint - The company has successfully completed its share repurchase plan, acquiring a total of 1,394,000 shares, which represents 0.6290% of its total share capital, within the stipulated timeframe and budget [2][3][6] Summary by Sections Share Repurchase Plan - The company approved a share repurchase plan with a budget between RMB 50 million and RMB 100 million, with a maximum repurchase price of RMB 62.00 per share [1] - The repurchase was executed through centralized bidding, and the maximum price was later adjusted to RMB 61.60 per share [2] Implementation Details - A total of 1,394,000 shares were repurchased, with the highest transaction price being RMB 53.67 per share and the lowest at RMB 34.80 per share, totaling RMB 50,049,077.48 [3] - The repurchase was completed in accordance with the approved plan and relevant regulations, with no discrepancies noted [3] Impact on the Company - The share repurchase is not expected to significantly impact the company's operations, finances, research and development, or debt obligations, nor will it alter the company's control or listing status [3] Compliance and Regulations - The repurchase adhered to the regulations set forth by the Shenzhen Stock Exchange and the China Securities Regulatory Commission, including restrictions on trading during certain periods [4][5] Future Arrangements - The repurchased shares will be held in a dedicated account and are intended for employee stock ownership plans or equity incentives. If not utilized within three years, the unutilized shares will be canceled [6]

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

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。 四川英杰电气股份有限公司（以下简称"公司"或"本公司"）于 2024 年 7 月 9 日召开第五届董事会第十次会议、于 2024 年 7 月 25 日召开 2024 年第二次临 时股东大会，审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资 金以集中竞价交易方式回购公司部分人民币普通股 A 股股份，用于后期实施员工 持股计划或者股权激励，回购的资金总额不低于人民币 5,000.00 万元（含本数） 且不超过人民币 10,000.00 万元（含本数），回购股份价格不超过 62.00 元/股（含 本数），回购股份的实施期限为自股东大会审议通过回购股份方案之日起 12 个月 内。具体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于回购公司股份方案的公告》《回购报告书》。 截至 2025 年 7 月 24 日，公司本次股份回购期限已届满，回购方案已实施完 毕。根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将具体情况 ...