Core Viewpoint - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, aiming to promote collaboration and innovation in the nuclear fusion industry chain [3][6]. Group 1: Conference Details - The conference will take place from January 16 to 17, 2026, at the CRAFT facility in Hefei, focusing on the theme "Nuclear Power, Creating the Future" [3]. - The event is guided by several organizations, including the Chinese Physical Society and the Anhui Provincial Development and Reform Commission, and will gather leaders from various sectors, including government, academia, and industry [6]. Group 2: Hefei's Role in Nuclear Fusion - Hefei is recognized as a leading city for venture capital and is becoming a model for China's nuclear fusion industry, with a cluster of advanced fusion devices [7]. - The region has established a comprehensive innovation chain covering key technology areas in magnetic confinement nuclear fusion, supported by major facilities like EAST and BEST [7][8]. Group 3: Industry Trends and Projections - In 2025, nuclear fusion energy will be included in national planning as a key future industry, reflecting its growing importance [9]. - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI, with the industry entering an "engineering feasibility verification" phase [10]. - A significant capital expenditure expansion cycle for controllable nuclear fusion is expected from 2025 to 2028, with projected investments reaching 146.5 billion yuan [11]. Group 4: Market Opportunities - The superconducting magnet segment is anticipated to benefit significantly, with the market size for high-temperature superconducting magnets estimated at nearly 30 billion yuan [11]. - Key projects such as BEST and others are expected to commence, leading to a continuous release of core component orders [11]. - Companies in various segments, including superconducting materials, vacuum chambers, and power systems, are highlighted as potential beneficiaries of the nuclear fusion industry's growth [11].

Investment Rating - The report maintains an investment rating of "Outperform" for the power equipment industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes the acceleration of the commercialization process of controllable nuclear fusion, highlighting the diverse technological routes and the increasing industrial catalysis [5]. - It identifies Tokamak and Field-Reversed Configuration (FRC) as reliable paths for achieving nuclear fusion, with Tokamak being the mainstream route and FRC gaining attention for its potential faster commercialization [13][40]. Summary by Sections 1. Controllable Nuclear Fusion - Nuclear fusion is defined as the process where lighter atomic nuclei combine under extreme temperature and pressure to form heavier nuclei, releasing significant energy, similar to the energy generation mechanism of the sun [13][14]. - Compared to nuclear fission, nuclear fusion offers advantages such as high energy density, safety, cleanliness, and abundant raw materials [18][19]. 2. Tokamak: A Mainstream Route - The Tokamak, developed in the 1950s, utilizes a toroidal vacuum chamber and magnetic fields to confine high-temperature plasma necessary for fusion reactions [49]. - The report outlines the complexity of Tokamak components, emphasizing that the magnet system is crucial for maintaining plasma stability and achieving fusion conditions [52][59]. 3. FRC: A Simpler and Cost-Effective Approach - FRC is noted for its simpler structure and lower investment costs compared to Tokamak, with a potentially faster commercialization timeline [5][18]. 4. Global Fusion Projects - As of December 2025, there are 179 controllable nuclear fusion devices globally, with 82 being Tokamak devices, indicating a robust international effort towards fusion energy [40]. - The report highlights various national projects, including China's BEST and CFEDR, which aim to achieve significant milestones in fusion energy by 2027 and 2030, respectively [43][50]. 5. Key Companies in the Industry - The report suggests focusing on companies with capabilities in critical components for nuclear fusion, such as 合锻智能 (Hefei Intelligent), 联创光电 (Lianchuang Optoelectronics), and 国光电气 (Guoguang Electric), among others [5][44].

Commercial Aerospace - Zhongtian Rocket's thermal protection components are utilized in commercial aerospace [1] - Zai Sheng Technology's high-silica fiber has been supplied to international aerospace companies [1] - Aerospace Intelligent Equipment has established long-term cooperation with multiple aerospace enterprises for its aerospace chips [1] - Sanan Optoelectronics' gallium arsenide solar cells are applied in commercial satellite power systems [1] - Electronic Science and Technology's Ka-band phased array antenna chip for low Earth orbit constellations has entered mass production [1] - Guangzhi Technology's infrared optical materials are used for satellite infrared camera optical windows and satellite solar cells [1] - Kosen Technology does not manufacture precision structural components for aerospace applications [1] - Baoding Technology currently has no orders in the commercial aerospace sector [1] Intelligent Driving - Weichai Power's Shaanxi Heavy Truck has achieved L4-level combined driving assistance technology in closed areas [1] - Guoxin Technology's CCFC3009PT chip, designed for automotive assisted driving, has completed development and is in the trial production stage [1] Precious Metals - Xing Shuaier will adjust sales strategies in response to fluctuations in silver prices [1] - Xingye Silver Tin has not engaged in silver hedging business from early 2025 to the present [1] Other Developments - Jinyuan Co. is in the trial production phase of its lithium extraction project from the salt lake [1] - Hengdian East Magnetic has technical reserves for perovskite tandem batteries [1] - Zhongmi Holdings' products have not yet been applied to "Super Carbon No. 1" [1] - Rewei Co. has a client relationship with Chasing Technology (Suzhou) Co., Ltd. [1] - Yingjie Electric's controllable nuclear fusion business is currently focused on domestic clients, with no clear plans for international development [1]

Core Viewpoint - The company is focused on domestic clients for its controllable nuclear fusion business and currently has no clear plans for international development [1] Group 1: Business Overview - The company's nuclear fusion power-related business primarily serves domestic clients, with no current international business development plans [1] - The company has a strong technical foundation in the nuclear fusion power sector and its products are already applied in several nuclear fusion projects in China [1] - The company is one of the main suppliers of power systems in the domestic nuclear fusion field [1] Group 2: Industry Context - The nuclear fusion industry is still in the experimental verification stage, indicating that the business orders related to nuclear fusion power currently represent a small proportion of the company's overall order structure [1] - There is uncertainty regarding the commercialization process within the nuclear fusion sector [1]

Core Viewpoint - The company, Yingjie Electric (300820), is currently focused on domestic customers for its controllable nuclear fusion business and has no clear plans for international development [1] Group 1: Business Focus - The company's controllable nuclear fusion business is primarily serving domestic clients [1] - There are currently no explicit plans for the company to develop international business in the nuclear fusion sector [1] Group 2: Industry Status - The nuclear fusion industry is still in the experimental verification stage [1] - The orders for nuclear fusion power business represent a small proportion of the company's overall order structure [1] - There is uncertainty regarding the commercialization process within the nuclear fusion industry [1]

Core Viewpoint - The company has been providing power supply services to various domestic research institutions, with products covering the aerospace sector, but this segment represents a small portion of the company's overall business and has limited impact on its performance [1] Group 1: Business Overview - The aerospace-related business falls under the company's "research institutions" sub-sector category, with annual order volume being extremely small [1] - The company is focused on expanding its power supply applications in the fields of new energy, new materials, and high-end equipment, currently covering over 40 sub-industries [1]

Group 1 - The company, Yingjie Electric (300820.SZ), stated that it currently does not have any power products applied in the robotics field [1]

Core Viewpoint - The announcement by Yingjie Electric regarding the election of Mr. Wu Shiying as the employee director of the fifth board of directors, which will take effect until the board's term ends [1] Group 1 - The employee representative assembly will be held on December 26, 2025 [1] - Mr. Wu Shiying was unanimously elected by all attending representatives [1]

证券代码：300820 证券简称：英杰电气 公告编号：2025-073 上述职工董事符合《中华人民共和国公司法》《公司章程》等有关董事任职 的资格和条件。本次职工董事选举产生后，公司第五届董事会中兼任高级管理人 员的董事以及由职工代表担任的董事总计未超过公司董事总数的二分之一，符合 相关法律法规及《公司章程》的规定。 特此公告。 四川英杰电气股份有限公司董事会 2025 年 12 月 26 日 附：职工董事简历 四川英杰电气股份有限公司 关于选举职工董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川英杰电气股份有限公司（以下简称"公司"）根据《中华人民共和国公 司法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等法律、法规、规范性文件及《公 司章程》的有关规定，于 2025 年 12 月 26 日召开职工代表大会，经全体与会代表 一致同意，选举吴施鹰先生为公司第五届董事会职工董事（简历详见附件），任 期至第五届董事会届满之日止。 吴施鹰先生，1983年出生，中国国籍，无境外永久居 ...

证券代码：300820 证券简称：英杰电气 公告编号：2025-072 四川英杰电气股份有限公司 关于 2023 年限制性股票激励计划首次授予第二个归属期 及预留授予第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次限制性股票归属日：2025 年 12 月 26 日。 2、本次归属股票数量：661,200 股，占本次归属前公司总股本的 0.2983%（其 中首次授予部分第二个归属期归属数量 608,250 股，预留授予部分第一个归属期 归属数量 52,950 股）。 3、本次归属限制性股票人数：361 人（其中首次授予部分第二个归属期归属 人数 335 人，预留授予部分第一个归属期归属人数 26 人）。 4、本次归属的限制性股票无限售安排，股票上市后即可流通。 四川英杰电气股份有限公司（以下简称"公司"）于 2025 年 12 月 3 日召开 第五届董事会第十八次会议、第五届监事会第十八次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第二类限制性股票第二期归属条件成就的议案》 《关于 ...