机械设备：核聚变行业进展不断，中核召开AI+核能融合研讨会

Investment Rating - The industry investment rating is "Strongly Outperform the Market" [4] Core Insights - The nuclear fusion industry is making significant progress, with China's first quasi-ring symmetric stellarator testing platform achieving major milestones, confirming the "quasi-ring symmetric" magnetic field configuration for the first time internationally [1][3] - The nuclear power sector is recognized for its clean, safe, and efficient characteristics, making it a crucial force in promoting green energy transition [3] - The China National Nuclear Corporation held a seminar on the integration of AI and nuclear energy, focusing on innovative applications of AI technology across the nuclear energy industry chain [1][3] Summary by Sections Industry Developments - China's first quasi-ring symmetric stellarator testing platform (CFQS-T) has achieved significant results, becoming the third country after the US and Germany to master high-precision manufacturing technology for three-dimensional non-planar modular coils [1] - The operation of CFQS-T has confirmed the "quasi-ring symmetric" magnetic field configuration, reducing classical transport losses and opening new pathways for optimizing magnetic field configurations in steady-state magnetic confinement fusion devices [1] Nuclear Power Advantages - Nuclear power plants maintain an annual utilization hour of over 7000 hours, the highest among all power sources, and do not emit sulfur dioxide, nitrogen oxides, smoke, or carbon dioxide during production [3] - The nuclear energy sector is expected to play a larger role in seawater desalination, hydrogen production, and medical protection in the future [3] Investment Recommendations - Recommended companies include: 1. Jiadian Co., Ltd.: Leading position in nuclear power business with its main helium fan for fourth-generation high-temperature gas-cooled reactors [3] 2. Guoguang Electric: Key components for the ITER project [3] 3. Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [3] 4. Kexin Electromechanical: Produced high-temperature gas-cooled reactor products, replacing imports for new fuel transport containers [3] 5. Hailu Heavy Industry: Services for third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [3] 6. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [3] 7. Xianheng International: Products applied in the operation and maintenance of nuclear energy and nuclear power [3]