【光大研究每日速递】20251119

Group 1: Steel Industry - The price of oriented silicon steel has decreased by 23% year-to-date, indicating a significant drop in the metal cycle products market [4] - The Ministry of Industry and Information Technology issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated on July 18 the need to "promote the orderly exit of backward production capacity," suggesting potential recovery in steel sector profitability to historical average levels [4] Group 2: Nuclear Fusion Industry - Fusion New Energy has announced procurement projects exceeding 2 billion yuan, focusing on power systems, low-temperature systems, and shielding layers, indicating a speeding up of industry tenders [5] - The "14th Five-Year Plan" includes nuclear fusion energy as a future industry, highlighting the long-term growth potential of the controllable nuclear fusion sector [5] Group 3: Gushengtang (2273.HK) - Gushengtang Singapore, a subsidiary of the company, has entered into a share transfer agreement to acquire 100% equity and all related rights of Da Zhong Tang PTE. LTD. as of November 16, 2025 [6] - The company's board has resolved to exercise its buyback authorization, planning to increase the buyback amount by up to 300 million HKD, demonstrating confidence in its development [6]