可控核聚变4大龙头最大跌30%，外资、北向却还重仓5家小盘央国企

Core Viewpoint - Despite a significant sell-off in controlled nuclear fusion concept stocks, foreign capital has been quietly investing in small-cap state-owned enterprises involved in major national technology projects, indicating a divergence in investment strategies between retail investors and foreign institutions [1][3]. Group 1: Market Reactions - The controlled nuclear fusion sector has experienced substantial declines, with Shanghai Electric dropping by 25.85% and West Superconducting falling from 90 to 65, while other companies like China Nuclear Construction also saw declines exceeding 25% [1]. - During this downturn, foreign capital not only refrained from exiting but actively entered the market, acquiring stakes in five small-cap state-owned enterprises with market capitalizations between 3 billion to 9 billion [1][3]. Group 2: Characteristics of Selected Companies - The companies favored by foreign investors share a common trait: they are not speculative "concept stocks" but are genuinely involved in national major technology projects, such as China Nuclear Technology, which is developing valves for fusion reactors [3]. - Foreign institutions like J.P. Morgan and UBS have shown interest in companies like Haheng Huadong and Baile Electric, which are directly linked to controlled nuclear fusion projects, indicating a long-term investment perspective [5][6]. Group 3: Investment Strategies - Foreign investors appear to be adopting a "buy the dip" strategy, as evidenced by UBS's acquisition of 1.57 million shares in Baile Electric, despite its stock price declining by 14.99% [6]. - The investment approach of foreign capital contrasts sharply with domestic institutions, which tend to focus on short-term performance, while foreign investors are betting on long-term technological breakthroughs in the controlled nuclear fusion sector [8][13]. Group 4: Policy and Technological Support - The Chinese government has provided substantial support for the nuclear fusion sector, including the establishment of a 20 billion yuan "fusion industry fund" and the inclusion of fusion in the Atomic Energy Law [10]. - Technological advancements are progressing rapidly, with the Chinese HL-2M device achieving plasma operation at 1.17 million degrees, moving closer to the critical point of "burning plasma" [10]. Group 5: Future Outlook - The current situation in the controlled nuclear fusion sector presents a unique opportunity, characterized by significant stock price corrections and increasing foreign investment, alongside strong policy support and ongoing technological advancements [13]. - The divergence in investment strategies between retail investors and foreign institutions may continue, making the performance of the small-cap state-owned enterprises favored by foreign capital a point of interest for future observation [13].