Core Insights - The compact fusion energy experimental device (BEST) project in Hefei, Anhui, has achieved significant breakthroughs, leading to increased enthusiasm in the capital market for controllable nuclear fusion [1][9] - The controllable nuclear fusion industry chain has begun to take shape, consisting of upstream raw materials, midstream equipment and engineering construction, and downstream nuclear power plant operations [1] - The International Energy Agency predicts that the global nuclear fusion market could reach $496.55 billion by 2030, with a compound annual growth rate of 7.4% from 2024 to 2030, indicating substantial market potential [1][10] Industry Performance - As of October 13, 2025, leading controllable nuclear fusion concept stock, Hezhong Intelligent, achieved a four-day consecutive rise, closing at 26.16 yuan per share, while the nuclear fusion index rose by 3.44% [3] - Among 41 component stocks, 39 have shown positive growth since October 9, with 11 companies doubling their stock prices year-to-date, and the index has increased by 66.14% [3][6] Company Highlights - Zhongzhou Special Materials (300963.SZ) led the market with a 13.84% increase, securing a 180 million yuan order for high-temperature alloy materials for the BEST project, which constitutes 40% of its nuclear power revenue [5][6] - Hezhong Intelligent (603011.SH) has seen six trading days of limit-up in the last ten days, successfully delivering the first batch of gravity supports for the BEST vacuum chamber [5][7] - Despite revenue growth of 8.23% to 982 million yuan in the first half of 2025, Hezhong Intelligent's net profit fell by 11.39% to 9.51 million yuan [5] Technological Advancements - The EAST device set a world record with 1 million degrees Celsius for 1000 seconds, and the BEST project has entered a new phase with the successful placement of its core component [7] - The investment focus is shifting towards equipment manufacturers and low-temperature system equipment suppliers, with recommendations for companies like Hezhong Intelligent and Hangyang Co. [7][9] Policy Support - The Chinese government has emphasized nuclear fusion as a key area for innovation, with recent policies aimed at establishing a comprehensive equipment system and safety regulations for fusion devices [9][10] - The upcoming International Atomic Energy Agency fusion energy conference in Chengdu is expected to further boost market sentiment [9] Market Outlook - If nuclear fusion is fully commercialized, it could become a trillion-dollar market by 2050, with superconducting magnets alone potentially exceeding $100 billion [10] - The global investment in the fusion industry has surged from $1.9 billion in 2021 to an expected $9.7 billion by 2025, reflecting the growing importance of this sector [10]

Core Viewpoint - The article highlights the significant breakthroughs in controlled nuclear fusion technology, particularly the recent advancements in the BEST project in Hefei, which have sparked enthusiasm in the capital markets for the nuclear fusion sector. The industry is expected to grow substantially, with a projected market size of $496.55 billion by 2030 and a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030 [1][9]. Industry Overview - The controlled nuclear fusion industry is forming a complete supply chain structure, including upstream raw materials, midstream equipment and engineering construction, and downstream nuclear power plant operations [1]. - The International Energy Agency predicts that the global nuclear fusion market will reach $496.55 billion by 2030, indicating significant market potential [1]. Market Performance - As of October 13, 2025, leading fusion concept stocks like Hezhong Intelligent have achieved a four-day consecutive increase, with a closing price of 26.16 yuan per share. The nuclear fusion index has risen by 3.44%, with 39 out of 41 component stocks showing positive growth [2]. - Zhongzhou Special Materials led the market with a 13.84% increase, benefiting from a significant order worth 180 million yuan for components related to the BEST project [4]. Technological Breakthroughs - The article emphasizes that the recent technological advancements, such as the successful placement of the core component of the BEST project, mark a transition from basic science to engineering practice in nuclear fusion research [6][7]. - The EAST device set a world record with 1 million degrees Celsius sustained for 1000 seconds, showcasing the progress in fusion technology [7]. Policy Support - Continuous policy support has been crucial for the steady growth of the nuclear fusion industry. The Ministry of Industry and Information Technology and other departments have identified nuclear fusion as a key area for innovation and development [9][10]. - The recent passing of the Atomic Energy Law encourages research and development in controlled thermonuclear fusion, further solidifying the regulatory framework for the industry [10]. Investment Opportunities - Analysts suggest that companies with core technological advantages and clear orders will continue to receive valuation premiums as the BEST project progresses towards completion in 2027 [11]. - Investment opportunities are expected to arise in upstream equipment and materials sectors due to accelerated capital expenditures in fusion projects, with companies like Xibu Superconductor and Yingjie Electric being highlighted as potential beneficiaries [7][11].

Core Insights - The recent breakthroughs in the construction of the compact fusion energy experimental device (BEST) in Hefei, Anhui, have sparked significant enthusiasm in the capital market for controllable nuclear fusion [1][5] - The controllable nuclear fusion industry chain has begun to take shape, consisting of upstream raw materials, midstream equipment and engineering construction, and downstream nuclear power plant operations [1] - The International Energy Agency predicts that the global nuclear fusion market could reach $496.55 billion by 2030, with a compound annual growth rate of 7.4% from 2024 to 2030, indicating substantial market potential [1] Market Performance - As of October 13, 2025, leading controllable nuclear fusion concept stock, Hezhong Intelligent, achieved a four-day consecutive increase, closing at 26.16 yuan per share [2] - The nuclear fusion index (8841917.WI) rose by 3.44%, with 39 out of 41 constituent stocks showing positive growth since October 9, and 11 companies doubling their stock prices year-to-date, resulting in a cumulative index increase of 66.14% [2] Company Highlights - Zhongzhou Special Materials (300963.SZ) led the market with a 13.84% increase, securing a 180 million yuan order for high-temperature alloy materials for the BEST nuclear fusion vacuum chamber [4] - Hezhong Intelligent has seen six trading days with price limits in the last ten days, having delivered the first batch of gravity supports for the BEST vacuum chamber and achieved 100% independent research and development of Inconel718 super bolts [4] - Despite an 8.23% year-on-year increase in total revenue to 982 million yuan, Hezhong Intelligent reported a decline in net profit by 11.39% to 9.51 million yuan in the first half of 2025 [4] Technological Advancements - The core driver of the current market rally is the substantial technological breakthroughs in nuclear fusion research, transitioning from basic science to engineering practice [5] - The EAST device set a world record for "high-quality burning" at 1 million degrees Celsius for 1000 seconds, and the BEST project has entered a new phase with the successful placement of its core component [6] Policy Support - Continuous policy support has contributed to the steady growth of the nuclear fusion industry, with the Ministry of Industry and Information Technology and other departments emphasizing nuclear fusion as a key area for innovation [7] - The introduction of regulations for radiation safety management of fusion devices fills a regulatory gap and promotes safe construction and operation [7] Future Market Potential - If nuclear fusion is fully commercialized, it is expected to become a trillion-dollar market by 2050, with superconducting magnets alone potentially exceeding $100 billion [8] - The global investment in the fusion industry has surged from $1.9 billion in 2021 to $9.7 billion in 2025, indicating explosive growth [8] - Companies with core technological barriers and clear orders are expected to receive valuation premiums as projects like BEST progress towards completion [8]

Core Insights - The metal new materials sector experienced a significant increase of 6.99% on October 13, with Galaxy Magnet leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Galaxy Magnet (300127) saw a closing price of 38.74, with a remarkable increase of 20.01% and a trading volume of 389,900 shares [1] - New Laifu (301323) also rose by 20.00%, closing at 63.42 with a trading volume of 56,100 shares [1] - Other notable performers included Jinli Permanent Magnet (300748) with a 17.60% increase, closing at 46.90, and Zhongzhou Special Materials (300963) with a 13.85% increase, closing at 26.38 [1] Capital Flow - The metal new materials sector saw a net inflow of 384 million yuan from institutional investors, while retail investors experienced a net outflow of 118 million yuan [2] - The main capital inflow was concentrated in Galaxy Magnet, which had a net inflow of 237 million yuan, accounting for 16.69% of its trading volume [3] - Other companies like Zhenghai Magnetic Materials (300224) and Antai Technology (000969) also attracted significant institutional investment, with net inflows of 168 million yuan and 90 million yuan, respectively [3]

中洲特材10日发布关于持股5%以上股东权益变动触及1%暨减持股份计划实施完毕的公告。近日，公司 收到控股股东、实际控制人冯明明及其一致行动人上海盾佳出具的《关于持股5%以上股东权益变动触 及1%暨减持股份计划实施完毕的告知函》，获悉冯明明及其一致行动人上海盾佳持有公司股份比例变 动触及1%的整数倍，且上海盾佳减持计划已实施完毕。 本次减持计划的实施不会导致公司控制权发生变化，也不会对公司治理结构及持续经营产生影响。 中洲特材于2021年4月9日在深圳证券交易所创业板上市，本次公开发行股票3,000.000万股，本次公开发 行的价格为12.13元/股。保荐机构(主承销商)为安信证券股份有限公司，保荐代表人为孙素淑、肖江 波。 上海盾佳因持股平台股东资金需求在2025年9月16日至2025年10月9日期间，通过集中竞价交易方式累计 减持其持有的公司股份1,139,400股，通过大宗交易方式累计减持其持有的公司股份3,088,112股，在此期 间合计减持股份占公司总股本的0.92%，公司控股股东、实际控制人冯明明及其一致行动人上海盾佳持 有公司股份比例从41.83%下降至40.91%，变动触及1%的整数倍。 | 股 ...

New Stock Issuance - Marco Polo (Stock Code: 001386) issued at a price of 13.75 on October 13, 2025[1] - New material company (Stock Code: 688585) has a tender offer period from September 29 to October 28, 2025[1] - Zitian (Stock Code: 300280) entered the delisting arrangement period with the last trading day on October 13, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Pinming Technology (Stock Code: 688109) on October 10, 2025[1] - Multiple companies including Kesheng Technology (Stock Code: 688788) and Borui Pharmaceutical (Stock Code: 688166) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities, indicating potential market volatility[2]

Core Viewpoint - The concept of controllable nuclear fusion stocks is experiencing a significant surge, with multiple companies seeing substantial stock price increases [1] Group 1: Stock Performance - Yongding Co. and Wangzi New Materials both reached the daily limit increase [1] - Hezhong Intelligent has achieved six consecutive trading limit increases over ten days [1] - Antai Technology has seen three consecutive trading limit increases [1] - Zhongzhou Special Materials and Lianchuang Optoelectronics have both risen over 8% [1] - Other companies such as Haheng Huaton, Xuguang Electronics, Guoguang Electric, Changfu Co., Baili Electric are also experiencing upward trends [1]

Core Insights - The concept of nuclear fusion is gaining traction in the stock market, with several stocks in the sector doubling in price since the beginning of the year, with the highest increase reaching 271.94% [2][5] - Recent developments in nuclear fusion engineering and commercialization have heightened market interest, particularly following progress on the BEST nuclear fusion device in Hefei [2][5] - Despite the excitement, industry insiders caution that current projects are primarily experimental and not yet commercially viable, indicating that significant advancements are still needed before practical applications can be realized [2][5] Market Performance - As of October 10, the nuclear fusion sector has seen an overall increase of 60.62% this year, with net inflows of 2.041 billion yuan, ranking it among the top sectors in the A-share market [5][6] - Individual stocks have shown remarkable performance, with Zhongzhou Special Materials rising by 271.94%, Hezhong Intelligent by 247.15%, and Yongding Co. by 200.39% [5][6] Technological Developments - The nuclear fusion technology aims to replicate the sun's energy production through extreme conditions, primarily using magnetic confinement methods like the Tokamak [7] - Significant breakthroughs have been achieved in China's nuclear fusion research, including the successful operation of the China Circulation No. 3 device, which reached temperatures exceeding 100 million degrees Celsius [7][8] Investment and Funding - Major state-owned enterprises and private capital are increasingly investing in nuclear fusion projects, with plans for new experimental facilities and significant funding commitments exceeding 10 billion yuan [8][9] - The construction of the BEST device is progressing, with key components being installed, marking a significant step towards demonstrating fusion energy generation [8][9] Industry Outlook - The nuclear fusion sector is expected to continue attracting investment due to the growing demand for clean and renewable energy sources, particularly in the context of increasing energy needs driven by advancements in artificial intelligence [6][8] - The current phase of nuclear fusion development is characterized by experimental setups, with substantial investments required for future commercial viability [9]

Core Viewpoint - On October 10, Shing光光电 announced plans for share buybacks, while 13 other listed companies disclosed share reductions by their stakeholders [1][2]. Summary by Category Share Buybacks - Shing光光电's actual controller and director, 康立新, intends to buy back between 5 million to 10 million shares of the company [2]. Share Reductions - 联发股份: The actual controller's action partner and director, 孔令国, reduced holdings by 138,100 shares [2]. - 长光华芯: Shareholder 苏州英籍 plans to reduce holdings by no more than 1.48% of the company's shares [2]. - *ST清研: Shareholder 力合创投 and its action partners plan to reduce holdings by no more than 3,189,900 shares [2]. - 波长光电: Director 王国力 plans to reduce holdings by no more than 180,400 shares [2]. - 博俊科技: The controlling shareholder and actual controller, 伍亚林, plans to reduce holdings by no more than 2.00% of the company's shares [2]. - 中国联通: The state-owned structural adjustment fund plans to reduce holdings by no more than 1.20% of shares [2]. - 五洲新春: The controlling shareholder and action partners plan to reduce holdings by no more than 2.7413% of shares [2]. - 燕东微: Shareholder 国家集成电路基金 plans to reduce holdings by no more than 1% of shares [2]. - 强瑞技术: The controlling shareholder and its action partners plan to reduce holdings by no more than 3.00% of shares [2]. - 中洲特材: The controlling shareholder and actual controller's action partner reduced holdings by 2,848,100 shares [2]. - 睿能科技: Shareholder 平潭捷润 plans to reduce holdings by no more than 2 million shares [2]. - 东航物流: Shareholder plans to reduce holdings by no more than 1% of shares [2]. - 极米科技: Shareholders 廖杨 and 钟超 plan to reduce holdings by no more than 1.98% of shares [2].

Core Viewpoint - On October 10, several companies disclosed their shareholding changes, with New Light Optoelectronics announcing a planned increase in shareholding, while 13 other companies reported share reductions by their shareholders [1][2]. Group 1: Shareholding Increases - New Light Optoelectronics' actual controller and director, Kang Lixin, plans to increase his shareholding by 5 million to 10 million shares [2]. Group 2: Shareholding Reductions - Lianfa Co., Ltd.: A shareholder reduced 138,100 shares [2]. - Changguang Huaxin: Shareholder Suzhou Yingwei plans to reduce up to 1.48% of the company's shares [2]. - *ST Qingyan: Shareholder Lihua Venture Capital and its concerted actors plan to reduce up to 3,189,900 shares [2]. - Boliang Optoelectronics: Director Wang Guoli plans to reduce up to 180,400 shares [2]. - Bojun Technology: The controlling shareholder, Wu Yalin, plans to reduce up to 2.00% of the company's shares [2]. - China Unicom: The state-owned structural adjustment fund plans to reduce up to 1.20% of its shares [2]. - Wuzhou Xinchun: The controlling shareholder and concerted actors plan to reduce a total of up to 2.7413% of the company's shares [2]. - Thin Arrow Micro: Shareholder National Integrated Circuit Fund plans to reduce up to 1% of the company's shares [2]. - Qiangrui Technology: The controlling shareholder and its concerted actors plan to reduce up to 3.00% of the company's shares [2]. - Zhongzhou Special Materials: The controlling shareholder and its concerted actors reduced 2,848,100 shares [2]. - Ruineng Technology: Shareholder Pingtan Jierun plans to reduce up to 2 million shares [2]. - Eastern Airlines Logistics: Shareholder plans to reduce up to 1% of the company's shares [2]. - XGIMI Technology: Shareholders Liao Yang and Zhong Chao plan to reduce up to 1.98% of the company's shares [2].