二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 73698.18万股，累计占流通股比： 56.42%，较上期变化： 90.91万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 兰州兰石集团有限公司 | 60206.22 | 46.09 | 6400.83 | | 湖南华菱湘潭钢铁有限公司 | 7837.75 | 6.00 | 不变 | | 中信国安（000839）实业集团有限公司 | 1700.00 | 1.30 | 不变 | | 香港中央结算有限公司 | 1059.33 | 0.81 | 58.16 | | 张益博 | 596.36 | 0.46 | 不变 | | 青岛市科技风险投资有限公司-青岛华资汇金投资合伙企业 (有限合伙) | 574.10 | 0.44 | 不变 | | 招商银行股份有限公司-南方中证1000交易型开放式指数证 | | | | | 券投资基金 | 541.39 | 0.41 | -211.75 | | 财通基金-协众创新私募证券投资基金-财通基金玉泉 ...

Core Viewpoint - Controlled nuclear fusion is regarded as the ultimate energy solution for humanity, with significant advancements in research and engineering feasibility, leading to increased investment and interest in the sector [1][4][10]. Group 1: Industry Developments - Since 2025, organizations like Fusion New Energy and the Chinese Academy of Sciences have initiated approximately 46 procurement projects related to controlled nuclear fusion [1]. - The controlled nuclear fusion sector experienced a surge on March 25, with indices rising over 7%, indicating strong market enthusiasm [1]. - The global fusion energy industry has attracted a total investment of $7.3 billion by 2024, with a notable increase in private fusion companies from 23 in 2021 to nearly 50 by 2025 [10]. Group 2: Technological Advancements - Breakthroughs in superconducting materials and precision engineering have accelerated the research and development of controlled nuclear fusion, making commercial viability more promising [4][9]. - The International Thermonuclear Experimental Reactor (ITER) project, initiated in the 1980s, has faced high costs and delays, but recent advancements in high-temperature superconducting magnets are reshaping the engineering paradigm for tokamak devices [9][10]. - The Chinese Fusion Engineering Test Reactor (CFETR) is a significant project aimed at advancing fusion energy commercialization, with a roadmap outlining key milestones leading to a demonstration power plant by around 2050 [15][16]. Group 3: Investment Landscape - Major investments in fusion energy have been observed, with the U.S. investing over $2.5 billion in 2021 and China maintaining investments around $1 billion in recent years [10]. - Notable figures, such as OpenAI's CEO Sam Altman, have personally invested in fusion startups, highlighting the growing interest from the tech sector [10]. - State-owned enterprises in China, including China Nuclear Power and Zhejiang Energy, have committed significant capital to fusion energy companies, indicating strong governmental support for the industry [11]. Group 4: Market Potential - The global nuclear fusion market is projected to reach $496.55 billion by 2030, with a compound annual growth rate (CAGR) of approximately 7.4% from 2024 to 2030 [21]. - The cost of nuclear fusion experimental reactors is currently high, with estimates reaching hundreds of billions, but advancements in superconducting materials are expected to significantly reduce costs and improve economic viability [23]. - The nuclear fusion supply chain includes upstream raw materials, midstream superconducting magnets, and downstream power plant operations, with a focus on key components like superconducting magnets and vacuum systems [20][21].

Macro Summary - The Ministry of Commerce is guiding local departments to orderly carry out pilot applications for automotive circulation consumption reform [4] - The National Health Commission is evaluating policy effects and researching further improvements to fertility support measures [4] - The National Bureau of Statistics is promoting high-quality data set construction and increasing data supply to empower various industries with "AI+" initiatives [4] Industry Dynamics - IDC forecasts steady growth in the global semiconductor market this year, driven by AI demand, with related stocks including Haiguang Information and Cambrian [6] - The Energy Law provides solid legal support for the systematic restructuring of the coal industry, with related stocks including Dayou Energy and Zhengzhou Coal Electricity [6] - The controllable nuclear fusion industry is accelerating, with a market size nearing 100 billion, as bidding and procurement projects are set to intensify starting in 2025, with related stocks including Lansi Heavy Industry and Rongfa Nuclear Power [6] Company Focus - Antai Technology is focusing on expanding its special welding materials business for marine engineering and oil and gas platforms through its subsidiary Antai Sanying [8] - Sun Cable's submarine cable subsidiary has completed the installation of five production lines, ready for production [8] - BYD is projected to achieve a net profit of 40.254 billion in 2024, a year-on-year increase of 34%, and plans to distribute a dividend of 39.74 yuan per share [8] - Zoomlion aims to create a new growth curve through diversification, globalization, and digitalization, targeting a net profit of 3.52 billion in 2024 [8] Market Review and Outlook - On March 25, the market continued to experience fluctuations, with the Shanghai Composite Index closing at 3369.98, unchanged, while the Shenzhen Component Index fell by 0.43% and the ChiNext Index dropped by 0.33% [10] - The overall market is in a defensive consolidation phase, with a shift in funds from high-volatility tech stocks to undervalued blue chips, reflecting a significant drop in risk appetite [10] - The controllable nuclear fusion sector saw a surge, with over ten stocks hitting the daily limit up, driven by recent breakthroughs in domestic nuclear fusion experiments [10] - Chemical and cyclical sectors showed active performance, likely due to product price fluctuations and improved supply-demand relationships [10] - In contrast, sectors like computing leasing and data centers faced significant declines due to industry bubble concerns and lowered sales forecasts from Goldman Sachs [10][11]

周二的大盘表现就像一个固执的孩子，完全不为外界的热闹所动。尽管全球其他市场的投资者们正沉浸 在一片繁荣之中，我们的大盘却显得格外冷淡，似乎对外界的欢腾置若罔闻。 对于那些久经沙场的老股民来说，这样的场景并不陌生。就像是每隔一段时间，当国际友邻们的股市欢 快地跳跃起来时，我们自己的股市却依然我行我素，丝毫没有要跟上这波涨势的意思。这种感觉，就像 是看着别人家的花园繁花似锦，而自家的园子里却依旧寒风凛冽，不见花开。 A股：连续7个涨停板！股民：独一档的存在！ 实际上，如果我们回顾近十年来的股市轨迹，就会发现这种情况并不是一时的现象。长时间以来的数据 积累已经足够说明问题：我们的市场似乎缺少一种能够独立走出强势行情的能力。无论外部环境如何变 化，内部总是缺乏一股能够推动整体向上的力量。这不仅仅是对当前情况的一种描述，更像是对长期以 来市场表现的一个总结。对于那些渴望看到市场焕发活力、期待着春天真正到来的投资者而言，这样的 现状无疑令人心生焦虑。但也许，这也正是考验每一位投资者耐心和智慧的时刻。毕竟，真正的机遇往 往隐藏在看似平淡无奇的市场波动之中。 先来看下对下一个交易日有预判作用的"神器"——中信期货在股指期货上 ...

Core Viewpoint - The A-share market is experiencing significant divergence, with over 3,700 stocks declining while the North Securities 50 index rises nearly 1%, indicating a cautious market sentiment as trading volume decreases by 80 billion compared to the previous day [1] Group 1: Nuclear Fusion Sector - The nuclear fusion sector is gaining attention due to anticipated technological breakthroughs, with stocks like Jiusheng Electric and Lansi Heavy Industry seeing substantial gains. The establishment of a nuclear fusion innovation consortium by the National Energy Group and advancements in magnetic materials from the Shanghai Superconducting Laboratory are driving investment in this trillion-dollar sector [3] - Private equity insiders report that core component companies in the nuclear fusion space have visibility on orders extending to 2026, suggesting strong future demand [3] Group 2: Traditional Sectors - Traditional sectors are also performing well, with coal stocks rising due to expectations of enhanced safety regulations, and the power sector benefiting from increased investment in smart grid technology. Companies like Jiangsu New Energy are experiencing significant stock price increases [4] - The military-civilian integration fund is providing substantial support to the military industry, with stocks like Hongyuan Electronics attracting significant capital [4] Group 3: AI Sector Challenges - The AI sector is facing a downturn, with significant declines in stocks related to computing power leasing and other AI subfields. Capital Online, for instance, plummeted by 16% following a downgrade in global AI server shipment forecasts by Goldman Sachs, raising concerns about the industry's profitability [5] - Some AI concept stocks have dynamic price-to-earnings ratios exceeding 100, indicating a need for valuation adjustments as market sentiment shifts [5] Group 4: Market Signals - Three key signals are emerging from the market: the approaching earnings report season is leading investors to prioritize performance certainty; the upcoming issuance of a trillion-yuan special government bond project is expected to support the infrastructure sector; and foreign capital is increasing its positions in nuclear fusion stocks, indicating a strategic long-term investment focus [6] Group 5: Afternoon Strategy Recommendations - Investors are advised to be cautious of the risks associated with the AI sector and to monitor the sustainability of the nuclear fusion concept. The recommendation is to focus on cyclical stocks with reasonable valuations and expected earnings growth, while reducing positions if trading volume does not exceed 900 billion in the afternoon [7]

兰石重装涨停，沪股通龙虎榜上买入3277.15万元， 卖出2861.49万元 龙虎大师 兰石重装（603169）今日涨停，全天换手率5.09%，成交额4.18亿元，振幅11.59%。龙虎榜数据显 示，沪股通净买入415.66万元，营业部席位合计净买入1481.39万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.07%上榜，沪股通净买入415.66万元。 2024年10月30日公司发布的三季报数据显示，前三季度公司共实现营业收入37.39亿元，同比增长 20.22%，实现净利润9649.91万元，同比下降29.51%。(数据宝) 兰石重装3月25日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额(万元) | 卖出金额(万元) | | --- | --- | --- | --- | | 买一 | 沪股通专用 | 3277.15 | | | 买二 | 开源证券股份有限公司西安西大街证券营业部 | 2196.35 | | | 买三 | 中信建投证券股份有限公司武汉中北路证券营业部 | 1961.02 | | | 买四 | 国新证券股份有限公司长沙韶山路证券营业部 | 1076.71 | | | 买 ...

盘面上，市场热点较为杂乱，个股跌多涨少，全市场超2700只个股下跌。从板块来看，可控核聚变概念股逆势大涨，兰石重装等10余股涨停。化工 等周期板块表现活跃，山东海化等涨停。 长按即可免费加入哦 市场全天震荡调整，三大指数小幅下跌。截止收盘，沪指几乎平盘报收，收报3369.98点；深证成指跌0.43%，收报10649.08点；创业板指跌 0.33%，收报2145.48点。 沪深两市全天成交额1.26万亿，较上个交易日缩量1925亿。 配售融资 小米将筹425亿港元 3月25日上午，配股融资空前加剧了市场对小米估值的分歧，小米开盘大跌5%，成交额放出历史天量，截至发稿，成交额超700亿港元，恒生科技指 数跌幅也近4%。 | 小米集团—W | | | --- | --- | | 01810 交易中 03-25 15:51:38 北京 | | | 53.60 -3.40 -5.96% | 117.42万人加自选(图)> | | HK 融空通 窝 LO | | | 高 55.00 | 总市值 1.35万亿 。 | | 低 53.25 换 6.42% 额 707.82亿 | 市盈TTM 53.50 | | ADR 34. ...

政策方面，3 月 7 日北京市教育委员会发布《北京市推进中小学人工智能教 育工作方案（2025-2027 年）》，自今年秋季学期起，全市中小学将开设人工 智能（AI）通识课程，每学年不少于 8 课时，覆盖小学至高中全学段。我们 认为，小学体验、初中认知、高中实践的分阶段课程模式将合理培养学生尽 早接触人工智能工具，未来人工智能人才的涌现也将反哺行业快速发展。 根据中国工程机械工业协会的数据，受 24 年同期低基数以及设备更新政策持 续带动等多因素影响，25 年 1-2 月挖机销量增幅明显，其中国内市场累计销 量 1.70 万台，同比增长 51.40%，复苏态势明显。我们认为，政府工作报告将 稳住楼市放在重要位置，房地产行业"控量稳价"基调下，城市更新及老旧 小区改造将成为带动工程机械需求的重要增长点，建议关注国内下游资金改 善以及全球需求回暖预期下，工程机械需求的稳步回暖。 行 业 研 究 [Table_MainInfo] 2 月挖掘机销量约 1.93 万台，同比增长 52.80% | | | | | | | | | | | | | ――机械设备行业周报 | | | | | | | | | | | | --- ...

Investment Rating - The industry rating is "Outperform the Market" [6][13]. Core Insights - In 2024, global nuclear power installed capacity is expected to see a slight increase, with 440 operational nuclear reactors and a total capacity of approximately 399 million kilowatts, up from 437 reactors and 393 million kilowatts in 2023 [3]. - Kazakhstan has officially designated the construction site for its first nuclear power plant in the Almaty region, marking a significant step in the country's nuclear energy development [4]. - Nuclear power is recognized for its clean, safe, and efficient characteristics, making it a crucial force in promoting energy transition and addressing global climate change [5]. Summary by Sections Global Nuclear Power Capacity - As of December 31, 2024, there will be 31 countries utilizing nuclear energy, with a total of 440 operational reactors and an installed capacity of about 399 million kilowatts, reflecting a slight increase from the previous year [3]. Kazakhstan's Nuclear Development - The decision to establish Kazakhstan's first nuclear power plant in the Almaty region is based on the country's legal framework for the peaceful use of atomic energy, indicating a commitment to developing its nuclear energy sector [4]. Nuclear Power's Role in Energy Transition - Nuclear power plants maintain an annual utilization rate of over 7000 hours, the highest among all energy sources, and do not emit harmful pollutants, positioning nuclear energy as a key player in the global shift towards greener energy solutions [5]. - The report highlights potential future applications of nuclear energy in desalination, hydrogen production, and medical protection, emphasizing its expanding role beyond electricity generation [5]. Investment Opportunities - The report suggests several companies to watch, including: 1. Jiadian Co., which leads in high-temperature gas-cooled reactor power equipment [5]. 2. Guoguang Electric, a key supplier for the ITER project [5]. 3. Lanshi Heavy Industry, covering the entire nuclear fuel cycle [5]. 4. Kexin Electromechanical, which has developed domestic alternatives for nuclear fuel transport [5]. 5. Haili Heavy Industry, servicing various reactor types [5]. 6. Jiangsu Shentong, securing over 90% of orders for nuclear-grade valves in new projects [5]. 7. Xianheng International, involved in the operation and maintenance of nuclear power [5].

重要内容提示： 兰州兰石重型装备股份有限公司（以下简称"公司"）于近日收到中国 证券监督管理委员会甘肃监管局（以下简称"甘肃证监局"）出具的《关于对兰 州兰石重型装备股份有限公司及张璞临、胡军旺、武锐锐采取出具警示函措施的 决定》（〔2024〕18 号）（以下简称"《警示函》"），现将具体情况公告如 下： 证券代码：603169 证券简称：兰石重装 公告编号：临 2024-098 兰州兰石重型装备股份有限公司 关于公司及相关人员收到甘肃证监局警示函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、警示函内容 兰州兰石重型装备股份有限公司、张璞临、胡军旺、武锐锐： 经查明，根据你公司于 2021 年 1 月 14 日披露的《<兰州兰石重型装备股份 有限公司非公开发行股票申请文件反馈意见>之回复（修订稿）》，你公司 2021 年非公开发行股份募投项目盘锦浩业 360 万吨/年重油加氢 EPC 项目（以下称"盘 锦浩业 EPC 项目"）、宣东能源 50 万吨/年危废煤焦油提质改造 EPC 项目（以 下简称"宣东能源 EPC ...