Core Viewpoint - The company has successfully launched its production base in Chengdu, which is expected to meet current customer demand and support future business expansion [2]. Group 1: Production Base Development - The production base of the subsidiary, Yingjie Chenhui, located in Chengdu, has commenced operations [2]. - The Chengdu base has sufficient production capacity to cover existing customer orders and provide a solid capacity guarantee for future business expansion [2]. - There is also a specialized RF power production workshop in the Deyang Yingjie Electric plant, creating a complementary production layout between Chengdu and Deyang [2].

Core Viewpoint - The A-share controllable nuclear fusion sector is experiencing significant growth, with the sector index rising by 4.74% and several stocks reaching their daily limit up, driven by recent technological breakthroughs and industry advancements in the nuclear fusion field [1][2]. Industry Developments - The global nuclear fusion market is projected to reach $496.55 billion by 2030 and exceed $1 trillion by 2050, indicating substantial growth potential for upstream and downstream companies in the industry [2]. - The controllable nuclear fusion industry encompasses high-barrier segments such as ultra-low temperature refrigeration and superconducting materials, creating a competitive moat for companies with core patents and national project certifications [2]. Company Highlights - Snowman Group, a leader in nuclear fusion equipment, produces helium compressors essential for large scientific projects, achieving international leading standards in technology with applications in major national research projects [3]. - Zhongtai Deep Cold Technology Co., Ltd. has established a strong position in deep cooling technology for nuclear fusion projects, collaborating with universities for ongoing research and development [3]. - Antai Technology recently won a significant contract worth 69.9 million yuan for a critical component in nuclear fusion technology, reinforcing its technical capabilities and positioning for future projects [3]. Market Sentiment and Future Outlook - Other companies in the sector are also making progress in nuclear fusion-related business, although some report that their contributions to overall orders remain limited [4]. - Experts suggest that recent breakthroughs in key technologies are transitioning the industry from research and development to engineering validation, which will lead to increased order releases and benefits for companies with core supply capabilities [4]. - The A-share technology sector is shifting focus from mature AI applications to advanced manufacturing, with controllable nuclear fusion aligning with high-end manufacturing and national strategic interests, indicating a potential new investment focus [4].

国泰海通证券股份有限公司 关于四川英杰电气股份有限公司 2025年持续督导培训工作报告 国泰海通证券股份有限公司（以下简称"国泰海通"）作为四川英杰电气股 份有限公司（以下简称"英杰电气"或"公司"）的持续督导机构，根据《证券 发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号— —保荐业务》等相关规定，于 2025 年 12 月 29 日对英杰电气的董事、高级管理 人员、中层以上管理人员等相关人员进行了培训，现将本次培训情况总结如下： 一、主要培训基本情况 （一）培训时间 本次培训的时间为 2025 年 12 月 29 日。 （二）培训地点 公司会议室。 （四）培训对象 本次培训旨在加深公司董事、高级管理人员等人员对持续督导期间相关法律 法规及信息披露要求的理解，增强规范运作意识，促进公司更为规范运作。 （七）本次培训的主要内容 国泰海通向本次培训的对象提供了培训材料，重点介绍了信息披露、关联交 易、募集资金使用规范、股份减持规定及违规处罚案例分析等方面的内容。 （三）培训方式 现场会议及线上会议。 本次培训对象为英杰电气的控股股东和实际控制人、董事、高级管理人员及 中层管理人员等相 ...

Group 1: Home Appliances Industry - The report emphasizes the importance of capturing opportunities at the bottom of the consumer sector, focusing on the "dividend +" allocation direction as high-end consumption and certain mass-market products show signs of recovery [1][5] - The report highlights that the market is gradually returning its attention to the consumer sector due to the implementation of national subsidy policies and the demand for high-quality investments, although high valuations and non-mainstream sectors remain less attractive [1][5] - Key recommendations include focusing on companies with strong business models, high dividends, stable performance, and favorable valuations, such as Haier Smart Home, Midea Group, and Gree Electric [3][5] Group 2: Commercial Aerospace and Power Equipment Industry - The commercial aerospace sector in China is characterized by grand planning and significant potential, with expectations for a transition from "hundreds" to "thousands" of low-orbit satellites between 2026 and 2027, marking a shift to mass production and high-density launches [6] - The report suggests that the aerospace cable industry, which requires high environmental performance and reliability, is expected to see significant growth due to the increasing frequency of rocket launches, with recommendations to focus on companies like Hualing Cable [6][7] - The report also discusses the importance of rocket fuel tanks, which represent a significant cost in rocket structures, and suggests monitoring companies like Taisheng Wind Energy for investment opportunities [7] Group 3: Inflation and Economic Indicators - The report notes that the Consumer Price Index (CPI) increased by 0.8% year-on-year in December, the highest since March 2023, indicating a recovery in prices [10][11] - The Producer Price Index (PPI) showed a month-on-month increase of 0.2% in December, with a narrowing year-on-year decline, suggesting a potential acceleration in nominal GDP growth [11][12] - The report anticipates that the trends of rising inflation and nominal GDP growth will continue into 2026, supported by improving economic indicators [11][12]

Group 1 - The report highlights that Hengyun Chang is a leading domestic supplier of semiconductor equipment core components, focusing on plasma radio frequency power systems, which are crucial for semiconductor manufacturing [5][10][11] - The company has achieved significant breakthroughs in domestic production of plasma radio frequency power systems, breaking the long-standing monopoly of foreign giants MKS and AE in China [14][15] - Hengyun Chang's market share in the domestic plasma radio frequency power system sector is projected to be 6.1% in 2024, making it the top domestic manufacturer [18] Group 2 - The company is expected to benefit from the expansion of domestic wafer fabs, with a projected compound annual growth rate (CAGR) of 15.6% for the plasma radio frequency power system market from 2025 to 2029 [16] - Hengyun Chang's production capacity has been consistently over-utilized, with a utilization rate of 106.35% in the first half of 2025, indicating strong market demand [19] - The company plans to expand its production capacity by adding 20,000 units annually through its new projects, including the "Shenyang Semiconductor Radio Frequency Power System Industrialization Project" [19][20] Group 3 - From 2022 to the first half of 2025, Hengyun Chang's revenue and net profit have shown a compound annual growth rate of 84.91% and 132.48%, respectively, outperforming comparable companies [26] - The company's gross margin has steadily increased, reaching 49.01% in the first half of 2025, which is higher than the average of comparable companies [30] - Hengyun Chang has maintained a high research and development (R&D) expenditure ratio, exceeding 10% in recent years, which is above the average of its peers [32] Group 4 - The report outlines several fundraising projects aimed at enhancing production capabilities and R&D, including the establishment of a smart production base for core components and a research and innovation center [36][37] - The total investment for these projects is estimated at approximately 146.9 million yuan, with a focus on expanding production scale and improving service capabilities [36][37] - The company aims to leverage its technological advancements to create value within the semiconductor supply chain and strengthen its competitive position [38]

Core Viewpoint - The company, Yingjie Electric (300820), provides comprehensive key power supply services in the field of controlled nuclear fusion, including magnetic field power supplies, auxiliary heating power supplies, control system power supplies, and auxiliary system power supplies [1] Group 1: Business Overview - The company has had years of collaboration with relevant research institutions and project units in the nuclear fusion sector [1] - The orders from the nuclear fusion business segment represent a small proportion of the company's overall order structure, thus having a limited impact on current overall performance [1] Group 2: Industry Context - The nuclear fusion industry is still in the experimental verification stage for multiple technological routes, indicating significant uncertainty regarding the commercialization process and the potential procurement orders for related power supplies [1]

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The controllable nuclear fusion industry is gaining momentum with significant technological advancements, such as the successful operation of the "Honghuang 70" superconducting tokamak achieving 120 seconds of steady-state long-pulse plasma operation, marking a milestone for commercial nuclear fusion development [1] - The global controllable nuclear fusion market is projected to reach approximately $331.5 billion by 2024, indicating a vast market potential [3] - Major economies are strategically prioritizing the future of nuclear fusion, providing support through policies and funding to accelerate the industrialization process [3] Summary by Sections - **Technological Developments**: The "Honghuang 70" device has made significant progress in achieving reliable long-pulse operation, with ongoing improvements in hardware performance and operational capabilities [1] - **Upcoming Events**: The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, China, aimed at promoting collaborative innovation and results transformation within the industry [2] - **Investment Opportunities**: The report highlights several companies to watch, including those involved in low-temperature superconducting magnets, vacuum chambers, and power supply systems, indicating a diverse range of investment opportunities within the nuclear fusion sector [3]

Group 1 - The global fusion energy market is projected to reach approximately $331.5 billion by 2024, indicating significant market potential [1][3] - Major economies are strategically emphasizing the prospects of nuclear fusion, providing support through policies and funding to accelerate industrialization [1][3] - The EAST experiment confirmed the existence of a density-free zone in tokamaks, providing a physical basis for high-density operation in magnetic confinement fusion devices [2] Group 2 - The Energy Singularity's high-temperature superconducting tokamak, Honghuan 70, achieved a significant milestone by successfully maintaining a steady-state long pulse plasma operation for 120 seconds [1] - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, aiming to promote collaborative innovation and results transformation across the industry chain [2] - Investment opportunities in the fusion sector are highlighted, with recommendations to focus on companies involved in low-temperature superconducting magnets, vacuum chambers, and power supply systems [3]

Core Viewpoint - The recent technological breakthroughs in controlled nuclear fusion are driving a surge in the market, with significant gains in related stocks and a positive outlook for the sector's long-term development [1][5]. Market Performance - The controlled nuclear fusion sector in the A-share market has shown strong performance, with a cumulative increase of over 9% in January alone, and several stocks, including Tianli Composite and Haheng Huaton, experiencing gains of over 16% and 14% respectively [1][2]. Key Developments - Significant advancements have been made in the controlled nuclear fusion field, including the confirmation of the existence of a density-free zone in Tokamak devices by the Hefei Institute of Physical Science, and the successful operation of a high-temperature superconducting Tokamak device by Energy Singularity [3]. - These breakthroughs enhance the feasibility of controlled nuclear fusion as a clean and virtually limitless energy source compared to current nuclear fission technologies [3]. Policy and Strategic Support - The global surge in AI is increasing electricity demand, highlighting the necessity for disruptive energy solutions, with controlled nuclear fusion being elevated to a national strategic priority in the U.S. and China [4]. - China's "14th Five-Year Plan" has identified nuclear fusion as a key industry direction, supported by the recent implementation of the Atomic Energy Law, which encourages research in controlled thermonuclear fusion [4]. Market Expansion and Investment - The controlled nuclear fusion market is expected to approach $500 billion by 2030, with optimistic long-term projections suggesting it could exceed $40 trillion by 2050 [6]. - Companies are actively investing in the sector, with Changqing Co. planning to invest 20 million yuan in a private equity fund focused on new materials and controlled nuclear fusion [6]. Future Outlook - Analysts believe that controlled nuclear fusion is a crucial strategic development direction for China, with ongoing construction of various fusion devices and significant events expected to boost market attention [7]. - Key projects such as the BEST device and the Helion device are anticipated to enhance the sector's visibility and drive further investment in core components [7].

Core Insights - China's controllable nuclear fusion technology has achieved a new breakthrough, with significant advancements in the experimental device known as EAST, which has confirmed the existence of a density-free zone, providing important physical evidence for high-density operation in magnetic confinement fusion devices [3][4]. Industry Overview - The global fusion industry has experienced explosive growth over the past five years, with total investment soaring from $1.9 billion in 2021 to $9.7 billion, and an additional $2.6 billion expected in 2024 alone [4]. - Predictions from the International Energy Agency and the International Atomic Energy Agency suggest that the global nuclear fusion market could reach $496.55 billion by 2030 and potentially exceed $1 trillion by 2050 [4]. Company Developments - In the A-share market, 59 companies are involved in controllable nuclear fusion, with 22 companies reporting R&D expenses accounting for over 5% of their revenue before the third quarter of 2025 [5]. - Notable companies leading in R&D intensity include Changguang Huaxin, Aikesaibo, and Jingye Intelligent, with R&D expenses exceeding 20% of their revenue [5][7]. - Among these, Yujing Technology, Jingye Intelligent, and Aikesaibo reported significant year-on-year increases in R&D expenses of 87.76%, 64.87%, and 42.62%, respectively [6]. Financial Performance - Zhongtai Co. has forecasted a net profit of between 420 million to 480 million yuan for 2025, marking a turnaround from losses, driven by overseas orders in its manufacturing segment [6]. - The company has successfully implemented its helium refrigeration technology in fusion research facilities, indicating its relevance to the controllable nuclear fusion sector [6].