来源：中国能源网 开源证券近日发布电力行业周报：九院中标5亿元等离子所氚工厂项目，NIF完成第十次点火实验12月1 日，劳伦斯利弗莫尔国家实验室（LLNL）正式公布，今年10月1日美国国家点火装置（NIF）成功开展 了一项核生存能力实验，也是NIF进行的第十次点火实验。 以下为研究报告摘要： 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251201-20251205）可控核聚变板块下，个股涨多跌少。具体来看，涨幅前五标的分别为宏微 科技（+22.0%）、雪人集团（+12.7%）、应流股份（+9.2%）、弘讯科技（+8.4%）、航天晨光 （+7.4%）；跌幅前五标的分别为天沃科技（-15.7%）、爱科赛博（-14.0%）、英杰电气（-13.2%）、 海陆重工（-4.4%）、赛晶科技（-3.7%）。细分环节来看，本周可控核聚变板块下多数细分环节上涨， 微波和电源器件（+7.1%）、上游金属材料（+3.0%）、磁体（+1.9%）涨幅居前。 行业动态：九院中标5亿元等离子所氚工厂项目，NIF完成第十次点火实验12月1日，劳伦斯利弗莫尔国 家实验室（LLNL）正式公布，今年10月1日美国国家点火装置（NIF）成 ...

J P M O R G A N Asia Pacific Equity Research 03 December 2025 Transition Talks China's groundbreaking advances in nuclear fusion technology Alan Hon AC (852) 2800-8573 alan.hon@jpmorgan.com Hannah L Lee (852) 2800-8886 hannah.l.lee@jpmorgan.com Daqi Jiao (852) 2800-8595 daqi.jiao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. We hosted an expert on China' ...

行 业 研 究 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 2024-12 2025-04 2025-08 电力 沪深300 相关研究报告 《BEST 研究计划首次发布，美国启动 创世纪计划—可控核聚变行业周报》 -2025.11.30 《电改加速深化，预期有望趋稳—电 力行业 2026 年度投资策略》 -2025.11.27 《TAE 缩短商业化时间表，东部超导 实现量产突破—可控核聚变行业周 报》-2025.11.23 九院中标 5 亿氚工厂项目，NIF 完成第十次点火 ——行业周报 | 周磊（分析师） | 黄懿轩（联系人） | | --- | --- | | zhoulei1@kysec.cn | huangyixuan1@kysec.cn | | 证书编号：S0790524090002 | 证书编号：S0790125070014 | 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251201-20251205）可控核聚变板块下，个股涨多跌少。具体来看，涨 幅前五标的分别为宏微科技（+22.0%）、雪人集团（+ ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Viewpoints - The report expresses optimism about the acceleration of the commercial aerospace industry, particularly following the successful launch of the Zhuque-3 rocket, which is China's first reusable liquid oxygen-methane rocket to achieve orbit. This breakthrough is expected to significantly reduce launch costs and enhance satellite deployment capabilities [44][45]. - The report highlights that the military industry is poised for strong demand recovery in 2026, driven by multiple catalysts including the nearing completion of the 14th Five-Year Plan and the centenary of the military [45]. - The report notes that the current price-to-earnings ratio (P/E) for the military industry index is 69.33, indicating a high valuation but also a strong recovery expectation for the industry [45]. Summary by Sections Industry Performance - From December 1 to December 5, the Shenwan Military Index rose by 2.82%, outperforming the CSI 300 Index, which increased by 1.28%, resulting in a relative excess return of 1.54 percentage points [8][15]. - The military index has increased by 17.8% since 2025, compared to a 16.51% rise in the CSI 300 Index, indicating a relative outperformance of 1.29 percentage points [17]. Key Developments - The successful launch of the Zhuque-3 rocket and the hosting of the 2025 Satellite Internet Industry Ecosystem Conference are significant events that have boosted the commercial aerospace sector [44]. - The report emphasizes the importance of reusable rocket technology in overcoming industry bottlenecks and transitioning from "capacity scarcity" to "scale application" [45]. Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, Baiao Intelligent, Changcheng Military [45]. 2. Stealth Materials: Jiachitech, Huaqin Technology [45]. 3. Deep Sea: Western Materials, China Marine Defense [45]. 4. Engines: Aerospace Technology, Hangya Technology, Tunan Co. [45]. 5. AI and Intelligent Systems: Xingtuxinke, Aerospace Electronics [45].

Core Viewpoint - The company is actively engaged in the commercial aerospace sector, focusing on the production and supply of core components for Hall effect thrusters, which are essential for electric propulsion systems [2]. Group 1: Company Developments - The company has achieved mass production and supply of core components for Hall effect thrusters, positioning itself as the only listed company in China to do so [2]. - The company is leveraging opportunities in the commercial aerospace market to enhance the application of its core products across various spacecraft [2]. - The company has established solid partnerships with key players, including Blue Arrow Aerospace's subsidiary, Blue Arrow Hongqing [2]. Group 2: Future Outlook - The company plans to increase its research and development investments to improve product performance and better meet customer and market demands [2].

Group 1 - The company has achieved mass production and supply of core components for Hall electric thrusters, which are critical components of electric propulsion systems [1]

Core Viewpoint - The company, Guoguang Electric, is facing a significant decline in its performance for 2025 due to various factors, including changes in technology related to the ITER project and delays in order procurement [1][3]. Group 1: Performance and Financials - Guoguang Electric's performance in the first three quarters of 2025 has been adversely affected by technical changes in nuclear industrial equipment related to the ITER project, which is currently in the design phase and has not yet issued procurement orders [1][3]. - The company has reported that the delays in order issuance and a decline in product prices have contributed to the overall performance downturn [1][3]. Group 2: Nuclear Fusion Projects - The company is actively following up on nuclear fusion projects, including supplying key components such as filters and first wall components for the ITER device, and has successfully provided critical components for domestic fusion devices like EAST and HL series [3]. - The Chinese Academy of Sciences in Hefei has announced four nuclear fusion bidding projects with a total bidding amount of 1.345 billion yuan [3]. Group 3: Commercial Aerospace Sector - In the commercial aerospace sector, there is a growing demand for efficient space propulsion systems, particularly Hall electric thrusters, which are becoming mainstream for modern satellite propulsion systems [4]. - The company has developed core components for Hall electric thrusters, which have been successfully applied in manned space engineering and are entering satellite engineering applications [4]. Group 4: Fundraising and Project Changes - The company announced on November 28 that it plans to change its fundraising investment projects, terminating the "Pressure Vessel Safety Accessories Industrialization Construction Project" due to significant market changes and increased competition in the civil pressure vessel industry [6]. - The remaining funds will be redirected to the production line project for special vacuum devices, which has been renamed [6].

两融数据显示，该股最新融资余额为4.62亿元，近5日增加217.81万元，增幅为0.47%。 国光电气12月4日大宗交易平台共发生3笔成交，合计成交量11.50万股，成交金额920.00万元。成交价格 均为80.00元，相对今日收盘价折价13.20%。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为6111.80万元。 证券时报·数据宝统计显示，国光电气今日收盘价为92.17元，上涨5.28%，日换手率为3.86%，成交额为 3.77亿元，全天主力资金净流入1483.30万元，近5日该股累计上涨4.98%，近5日资金合计净流出100.21 万元。 据天眼查APP显示，成都国光电气股份有限公司成立于1981年10月08日，注册资本10838.3419万人民 币。（数据宝） 12月4日国光电气大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 5.00 | 40 ...

Group 1 - On December 4, Guoguang Electric conducted a block trade of 115,000 shares, with a transaction amount of 9.2 million yuan, accounting for 2.38% of the total transaction volume for the day [1] - The transaction price was 80 yuan, which represents a discount of 13.2% compared to the market closing price of 92.17 yuan [1] Group 2 - The block trade involved multiple buying departments, indicating a diverse interest in the shares [2] - The transaction details include a price of 80 yuan and a total transaction amount of 400,000 yuan for one of the buying departments [2]

Core Viewpoint - As of December 3, a total of 113 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Aucma, which has seen net buying for 17 consecutive trading days [1] - Other notable stocks with significant net buying days include Sourcefly Pet, Hangxiao Steel Structure, New Natural Gas, Jindi Group, Juhe Shun, Guoguang Electric, Longxing Technology, and Hefeng Co., Ltd. [1]