证券日报网讯1月21日，国光电气在互动平台回答投资者提问时表示，公司霍尔电推进器核心部件产品 已实现批量供应，近年来保持快速增长，在同类产品中展现出较强的市场竞争力，整体优势显著。 ...

证券日报网讯1月21日，国光电气在互动平台回答投资者提问时表示，近年来，公司基于在真空与核工 业器件领域的经验，以为"ITER"装置供应偏滤器、第一壁等部件为基础，积极跟进国内核聚变项目， 加强与国内院所及企业的合作，已成功为"EAST""HL系列"等装置配套关键部件，并正跟 进"BEST""HL-3"及"Z箍缩混合堆"等国内重大聚变项目。同时，公司持续投入研发，科技成果屡获认 可。与核工业西南物理研究院合作的"聚变堆大型复杂部件高温下超高灵敏度检漏技术研究及应用"获 2023年度四川省科学技术进步奖一等奖，相关成果已转化为国际与国家标准；参与完成的"新一代中国 环流器工程研制"获2024年度四川省科学技术奖一等奖。这些奖项有助于公司提升行业知名度与竞争 力，推动业务拓展。 ...

国光电气回复称，公司霍尔电推进器核心部件产品已实现批量供应，近年来保持快速增长，在同类产品 中展现出较强的市场竞争力，整体优势显著。目前，公司与国内多家知名科研院所及相关企业建立了稳 定的配套合作关系，并深度参与了星网GW星座、千帆星座等国家级低轨卫星网络建设。未来，公司将 紧跟商业航天发展趋势，以霍尔电推进器核心部件为着力点，加大研发投入，优化产品设计，提高产品 的可靠性和使用寿命，降低成本。同时，公司将积极巩固并深化与国内各电推进总体单位的合作，在保 障现有业务稳步增长的基础上，拓展更多市场机会与合作客户，持续巩固在商业航天电推部件领域的市 场地位。 格隆汇1月21日｜有投资者在互动平台向国光电气提问：卫星的在轨推进主流技术是霍尔电推，公司的 霍尔电推产品在该领域处于什么地位，和国内的哪些卫星企业建立了合作关系？未来在这个产品方向有 什么规划？ ...

Core Viewpoint - The company is actively involved in the domestic nuclear fusion projects, leveraging its experience in vacuum and nuclear industrial devices to supply critical components for various fusion devices, enhancing its collaboration with domestic institutions and enterprises [1] Group 1: Company Activities - The company has successfully supplied key components for the "EAST" and "HL series" fusion devices and is currently following up on major domestic fusion projects such as "BEST," "HL-3," and "Z-Compression Hybrid Reactor" [1] - The company continues to invest in research and development, achieving recognition for its technological advancements [1] Group 2: Awards and Recognition - The collaboration with the Southwest Institute of Physics on the "Research and Application of High Sensitivity Leak Detection Technology for Large Complex Components in Fusion Reactors" won the First Prize of the 2023 Sichuan Provincial Science and Technology Progress Award, with results being transformed into international and national standards [1] - The participation in the "Development of the Next Generation Chinese Tokamak Engineering" project received the First Prize of the 2024 Sichuan Provincial Science and Technology Award, which enhances the company's industry visibility and competitiveness [1]

格隆汇1月21日丨国光电气(688776.SH)在投资者互动平台表示，公司霍尔电推进器核心部件产品已实现 批量供应，近年来保持快速增长，在同类产品中展现出较强的市场竞争力，整体优势显著。目前，公司 与国内多家知名科研院所及相关企业建立了稳定的配套合作关系，并深度参与了星网GW星座、千帆星 座等国家级低轨卫星网络建设。 未来，公司将紧跟商业航天发展趋势，以霍尔电推进器核心部件为着 力点，加大研发投入，优化产品设计，提高产品的可靠性和使用寿命，降低成本。同时，公司将积极巩 固并深化与国内各电推进总体单位的合作，在保障现有业务稳步增长的基础上，拓展更多市场机会与合 作客户，持续巩固在商业航天电推部件领域的市场地位。 ...

证券日报网讯1月20日，国光电气在互动平台回答投资者提问时表示，为确保所有投资者平等获取信 息，公司会在定期报告中披露报告期末的股东人数情况，截至2025年9月30日，公司股东人数为8431 户。 ...

Group 1 - The core viewpoint is that several leading public funds are shifting their investments towards the power equipment sector, with companies like Jerry Holdings, Guoguang Electric, and Dongfang Electric becoming key holdings [1] - The smart distribution segment is highlighted as a major focus for public funds, with intensive research conducted on quality stocks in the power equipment sector regarding technological barriers, capacity planning, and overseas market expansion [1] - Fund managers believe that energy and power are essential foundations for AI computing power, indicating that investments in power equipment are necessary to complement the AI industry chain [1] Group 2 - The industry is expected to enter a high prosperity cycle due to a combination of policy, demand, and technology, driven by the State Grid's 4 trillion yuan investment and the anticipated growth in power equipment exports in 2026 [2] - Key areas for investors to focus on include ultra-high voltage, flexible DC, and digital microgrids, with an emphasis on selecting companies that can leverage both domestic investment benefits and overseas market opportunities [2]

Group 1 - The controllable nuclear fusion industry is experiencing positive developments, with significant breakthroughs in high-temperature superconducting tokamak technology [1] - The global nuclear fusion market is projected to approach $500 billion by 2030, driven by substantial advancements in engineering and collaboration among key industry players [2][3] - The Chinese government has elevated controllable nuclear fusion to a national strategic priority, encouraging research and technological development in this field [2] Group 2 - Major investments are being made in nuclear fusion concept stocks, with significant net purchases recorded since the beginning of 2026 [4] - Companies like Western Superconducting and Western Materials are actively involved in producing superconducting materials for international fusion projects, enhancing their market influence [6] - A number of nuclear fusion concept stocks are expected to see substantial profit growth in 2025, with predictions indicating significant increases for companies like Yongding Co. and Guoguang Electric [7][8]

Group 1 - The core viewpoint of the news highlights significant advancements in the controlled nuclear fusion industry, which has become a national strategic focus in China, with substantial growth potential anticipated in the coming years [4][5] - The "14th Five-Year Plan" suggests a forward-looking layout for future industries, promoting hydrogen and nuclear fusion energy as new economic growth points [4] - The first fundamental law in China's nuclear energy sector, the "Atomic Energy Law," was enacted on January 15, 2023, encouraging scientific research and technological development in controlled thermonuclear fusion [4] Group 2 - Energy Singularity announced a breakthrough in high-temperature superconducting Tokamak technology, achieving a stable long pulse plasma operation of 335 seconds in its 5609th experiment [3] - The company has been focusing on the development of compact high-temperature superconducting Tokamak devices and their operational control software since its establishment in 2021 [3] - The nuclear fusion energy engineering in China has entered a substantial and systematic phase of industrial collaborative efforts, with multiple joint laboratories being established to focus on key technologies [3] Group 3 - According to CITIC Securities, the nuclear fusion industry has vast growth potential, driven by significant events and orderly domestic capital expenditures, with expectations for overseas progress to exceed forecasts [5] - The market size for nuclear fusion is projected to reach $496.55 billion by 2030, with the potential to create a trillion-dollar industrial cluster by 2050 [5] - As of January 16, 2026, there are 12 nuclear fusion concept stocks with net inflows exceeding 100 million yuan, with Western Superconducting, Western Materials, and Dongfang Electric leading the rankings [5] Group 4 - 20 nuclear fusion concept stocks are expected to see profit growth in 2025, with notable predictions for Yongding Co. and Guoguang Electric, expecting profit increases of 451.75% and 142.74% respectively [7] - Shanghai Electric is forecasted to have a profit increase of over 80%, while several other companies are expected to see growth rates exceeding 40% [7] - The controlled nuclear fusion sector is experiencing a surge in investment opportunities, particularly in the mid-to-upstream segments, driven by technological breakthroughs and policy support [5][6]

Investment Rating - The report maintains a "Recommended" rating for the controllable nuclear fusion industry, indicating an expectation of significant growth in the sector over the next 3-6 months [3][49]. Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference held in Hefei is expected to accelerate the industrialization of nuclear fusion, with major procurement projects and collaborative laboratory projects being signed [1][8]. - Star Ring Fusion has completed a 1 billion yuan Series A financing round, which will expedite the commercialization of nuclear fusion technology, with plans to complete engineering validation by 2028 and establish a demonstration reactor by around 2032 [9][1]. - The report anticipates that the domestic nuclear fusion projects will see a total investment of approximately 146.5 billion yuan, with capital expenditures expected to enter an expansion phase from 2025 to 2028, leading to increased orders in the industry chain [8][1]. Summary by Sections Industry Overview - The report highlights the significant participation of over 1,500 attendees from various sectors, including government, academia, and finance, at the 2026 Nuclear Fusion Energy Technology and Industry Conference [8]. - The conference aims to foster collaboration across innovation, industry, finance, and talent chains to build a synergistic nuclear fusion energy ecosystem [8]. Financing and Investment - Star Ring Fusion's 1 billion yuan financing round was led by Shanghai Guotou and other investment groups, focusing on developing a unique high-temperature superconducting spherical tokamak technology [9][1]. - The report notes that the nuclear fusion industry is entering a capital expenditure upcycle, with significant investments expected to drive order volumes in the supply chain [1][8]. Market Performance - The report provides a performance review of the nuclear fusion sector, noting that several companies have seen substantial stock price increases, with top performers including New Wind Power (+42%) and China Nuclear Construction (+27%) [22][26]. - The report also tracks bidding activities, indicating a total bidding amount of 1.28 billion yuan in early January 2026, with several high-value projects being awarded [12][15]. Recommended Companies - The report continues to recommend companies such as Hezhong Intelligent and Lianchuang Optoelectronics, while suggesting attention to Guoguang Electric [3][23]. - It emphasizes the importance of the magnet segment, recommending companies like Western Superconducting and Yongding Co., which have significant value contributions in the nuclear fusion supply chain [33][3].