Group 1 - The core viewpoint of the articles highlights the performance of the Zhongzheng High-end Equipment Sub-index 50, which has seen a decline of 1.00% as of December 9, 2025, with mixed performance among constituent stocks [1] - The military industry is experiencing an upward trend, driven by commercial aerospace developments, including the successful launch of the Zhuque-3 reusable rocket and a partnership between "Qianfan Constellation" and Airbus [1] - The report from Open Source Securities indicates that the demand for space computing and the maturation of reusable rocket technology are expected to lead to a significant reduction in costs and an increase in launch capabilities within China's commercial aerospace sector [1] Group 2 - The top ten weighted stocks in the Zhongzheng High-end Equipment Sub-index account for 44.74% of the index, with key players including AVIC Shenyang Aircraft, Aero Engine Corporation of China, and China Aerospace Science and Technology Corporation [1] - The High-end Equipment ETF (159638) closely tracks the Zhongzheng High-end Equipment Sub-index, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors [1] - Investors can access industry rotation opportunities through the Zhongzheng High-end Equipment Sub-index ETF linked fund (018028) [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a favorable investment environment [8][11]. Core Insights - The successful launch of the Zhuque-3 rocket marks a significant milestone, despite the failure of the first-stage recovery, laying a foundation for future developments in reusable rocket technology [11][12]. - The 2025 Satellite Internet Industry Ecosystem Conference held in Shanghai showcased advancements in the Qianfan constellation, indicating a shift towards global commercialization of satellite internet services [13][14]. - The upcoming "14th Five-Year Plan" is expected to clarify new equipment construction plans, highlighting the importance of unmanned systems, deep-sea technology, and operational informatization in the military sector [16]. Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies involved in commercial aerospace, engine and fuel chains, new domains, military electronics, and military trade, with specific stock recommendations including: - Commercial Aerospace: Aerospace Electronics (600879, Buy), Haige Communication (002465, Buy), and others [16]. - Engine & Fuel Chain: Aero Engine Corporation (600893, Not Rated), West Superconductor (688122, Buy), and others [16]. - New Domains: 712 (603712, Not Rated), China Marine Defense (600764, Not Rated), and others [16]. - Military Electronics: Aerospace Electric (002025, Buy), and others [16]. - Military Trade/Main Equipment: AVIC Shenyang Aircraft (600760, Not Rated), and others [16]. Market Performance - The defense and military industry index (Shenwan) rose by 2.82%, outperforming the Shanghai Composite Index, which increased by 0.37% [18][19]. - The report highlights that the defense and military sector ranked 3rd out of 31 in terms of weekly performance among Shenwan's primary industry indices [21]. Industry News - Key domestic events include the successful operational training of the Navy's Hubei ship and the launch of the 075 amphibious assault ship [26]. - Internationally, Australia announced a major restructuring of its defense department to address long-standing project delays and cost issues [27].

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（+ ...

文/梧桐数据中心 12月5日，朝阳金达钛业股份有限公司（874391）IPO申请获得北交所上市委审核通过。 单位：万元 四、主要关注点 | | 北交所 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 金钛股份 | 海绵钛系列产品研发、生 | 155,920.14 | 12,138.52 | 通过 | 中信建投/北京君致/中审 | | | 产和销售 | | | | 众环 | 朝阳金达钛业股份有限公司 主要从事海绵钛系列产品研发、生产和销售。金达集团直接持有公司57.76%的股份，为公司的控股股东；赵春雷和王淑霞夫妇合计控 制公司64.13%的股份，为公司实际控制人。报告期内，公司营业收入分别为136,872.88万元、168,430.63万元、155,920.14万元和87,744.45万元，扣非归母净利润分 别为3,887.08万元、11,632.44万元、12,138.52万元和10,506.79万元，2024年营收同比略降7.43%，扣非净利润1 ...

超导概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600105 | 永鼎股 份 | 10.03 | 13.55 | 96202.15 | 29.17 | | 002149 | 西部材 料 | 10.03 | 15.32 | 35295.67 | 23.79 | | 600366 | 宁波韵 升 | 10.03 | 5.56 | 32989.73 | 39.68 | | 600973 | 宝胜股 份 | 10.09 | 5.77 | 19469.60 | 43.06 | | 688122 | 西部超 导 | 3.90 | 3.36 | 11035.24 | 7.60 | | 000969 | 安泰科 技 | 4.13 | 7.14 | 9524.00 | 7.00 | | 601212 | 白银有 | 3.20 | 2.27 | 6338.40 | 7.43 | | 600869 | 远东股 | 4.73 ...

Core Insights - The China Defense Index (399973) has shown a strong increase of 2.04%, with notable gains from constituent stocks such as Western Materials (10.03%), Yingliu Co. (6.21%), and Ruichuang Micro-Nano (5.19%) [1] - The commercial aerospace sector is experiencing significant catalysts, with a recent forum showcasing advancements in rocket launches, satellite management, and in-orbit services, indicating unprecedented development opportunities in China's commercial aerospace [1] - Wanlian Securities predicts that by 2025, China's commercial aerospace industry will enter a critical acceleration phase, driven by technological breakthroughs and scale expansion across the entire industry chain [1] Industry Overview - The China Defense ETF closely tracks the China Defense Index, which includes listed companies under the top ten military industrial groups and those providing weaponry and equipment to the armed forces [2] - As of November 28, 2025, the top ten weighted stocks in the China Defense Index account for 44.06% of the index, with key players including AVIC Shenyang Aircraft (600760) and AVIC Power (600893) [2]

Core Insights - The commercial aerospace market in China is poised for significant growth, driven by technological breakthroughs and policy support, with a potential market size reaching trillions [1] - The 2025 Commercial Aerospace Forum showcased advancements in various segments of the industry, including rocket launches and satellite management, indicating a robust development trajectory [1] Industry Overview - The commercial aerospace sector is experiencing a dual inflection point characterized by technological advancements and market expansion [1] - The opening of national major aerospace projects to commercial entities and the acceleration of in-orbit service capabilities are key factors contributing to this growth [1] Market Performance - As of December 4, 2025, the Zhongzheng General Aviation Theme Index (931855) rose by 1.08%, with notable increases in constituent stocks such as Plittech (up 12.17%) and Guanglian Aviation (up 9.04%) [1] - The General Aviation ETF Fund (561660) also saw a 1.10% increase, reflecting positive market sentiment towards the sector [1] Key Stocks - The top ten weighted stocks in the Zhongzheng General Aviation Theme Index account for 40.68% of the index, highlighting the concentration of market influence among these companies [2] - Notable stocks include Aerospace Electronics (600879) and Haige Communication (002465), which are among the top performers in the index [2][3]

谁都没想到，就在散户们疯狂抛售可控核聚变概念股的时候，外资却在悄悄做一件完全相反的事。 上海电气跌了25.85%，西部超导从90块砸到65块，海陆 重工、中国核建也都跌超25%，整个板块一片哀嚎。 就在这场暴跌中，北向资金和外资机构不仅没有逃跑，反而在2025年三季度新进了五家小盘央国企。 这些公司的市值大多在30亿到90亿之间，看似不起 眼，却藏着外资的深意。 让人意外的是，这些被外资看中的企业，有一个共同特点：它们不是那些被游资爆炒的"概念股"，而是实打实参与国家重大科技项目的企业。 比如中核科 技，它正在为聚变堆研发阀门；比如理工光科，它的传感器用在了"中国环流三号"装置上。 外资这一次的选股思路，和普通散户完全相反。 哈焊华通更受外资青睐，巴克莱、J.P摩根、美林三家机构一起重仓。 这家公司做的是熔焊材料，听起来传统，但它的产品已经用在了可控核聚变项目上。 三季度以来，它的股价逆势涨了17%。 理工光科的市值只有33亿，但它提供的传感器是"中国环流三号"的核心部件。 J.P摩根新进了66万股，位列第六大股东。 这种小市值的科技型央企，正好符 合外资"低位布局"的口味。 百利电气的情况有点特殊。 它的子 ...