光大证券晨会速递-20251010

Group 1: Market Overview - In September 2025, 11 new stocks were listed, raising a total of 11.69 billion yuan, with a month-on-month increase in issuance scale [2] - The average first-day increase for new stocks was high, with the main board at 131.33% and the ChiNext at 251.9% [2] - The number of offline inquiry accounts in the new stock market is steadily increasing, although the bid-winning rate has slightly decreased [2] Group 2: Bond Market Insights - As of September 30, 2025, the total number of public REITs in China reached 75, with a total issuance scale of 196.62 billion yuan [3] - The secondary market prices of public REITs showed a downward trend, with returns ranked as follows: gold > US stocks > A-shares > convertible bonds > pure bonds > crude oil > REITs [3] - The balance of credit bonds in China was 30.49 trillion yuan as of the end of September 2025, with a month-on-month issuance of 1,235.54 billion yuan, reflecting a growth of 10.27% [4] Group 3: Industry Research - The BEST Dewar base has been successfully installed, indicating positive progress in the controllable nuclear fusion industry, which is expected to enter a period of intensive bidding [5] - The controllable nuclear fusion industry has long-term growth potential, particularly in high-value segments such as magnet systems, vacuum chambers, and power systems [5] - Recommended companies to watch include: for vacuum chambers and internal components: Hezhong Intelligent, Guoguang Electric, Antai Technology, and Parker New Materials; for magnet systems: Lianchuang Optoelectronics and Yongding Co.; for power systems: Sichuang Electronics, Wangzi New Materials, and Xuguang Electronics [5]