Core Viewpoint - The report highlights the investment strategies of top fund managers, particularly focusing on Zhang Kun from E Fund, who has made adjustments in his portfolio amidst market fluctuations, maintaining a long-term optimistic outlook on China's economic transformation and the growth of domestic demand [1][10]. Fund Performance - As of the end of Q4 2025, Zhang Kun managed funds totaling 48.383 billion yuan, with three A-share focused products underperforming against benchmarks, while the E Fund Asia Select, which invests in overseas Chinese stocks, achieved a positive return of 4.53% [1][2][10]. - The performance of the funds is as follows: - E Fund Blue Chip Select: -8.93% return, 31.021 billion yuan in size - E Fund Quality Select: -8.42% return, 11.385 billion yuan in size - E Fund Quality Enterprise Three-Year Holding: -6.82% return, 2.585 billion yuan in size - E Fund Asia Select: 4.53% return, 3.392 billion yuan in size [2][12]. Portfolio Adjustments - In Q4 2025, Zhang Kun reduced holdings in key stocks such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, while maintaining overall stock positions but adjusting sector allocations towards pharmaceuticals, consumer goods, and technology [3][13]. - The top holdings in the portfolio include Tencent Holdings (6.93%), Kweichow Moutai (6.87%), and Wuliangye (6.70%), with notable reductions in their respective weightings [3][13]. Economic Outlook - Zhang Kun expressed a long-term optimistic view on macroeconomic conditions, predicting significant improvements in living standards and social security in China over the next decade, narrowing the gap with developed countries [4][14]. - He emphasized the unique advantages of the Chinese market in the context of the global AI wave, suggesting that a strong domestic demand market is a crucial driver for technological innovation [4][14]. Investment Philosophy - The report indicates that despite current market pessimism regarding core assets, Zhang Kun believes that the intrinsic value of quality companies remains intact, presenting attractive investment opportunities for long-term investors [5][15]. - The central economic work conference highlighted the importance of boosting consumption and expanding domestic demand as key tasks for 2026, reinforcing the focus on consumer-driven growth [6][16]. GDP Growth Projections - According to the "14th Five-Year Plan," China aims to achieve a per capita GDP of $23,400 by 2035, requiring a compound annual growth rate of 5.27% from the current level of $13,300 [7][17]. - The report notes that the decline in housing prices over the past five years has negatively impacted consumer wealth and spending, but this trend may be reversing, potentially improving consumer sentiment and demand [8][18].

Core Viewpoint - The report highlights the investment strategies of Zhang Kun, a prominent fund manager at E Fund, focusing on the performance of his funds and his optimistic outlook on China's economic growth and consumer market potential over the next decade [1][2][3]. Fund Performance Summary - As of the end of Q4 2025, Zhang Kun managed a total fund size of 48.383 billion yuan, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved a positive return of 4.53%, significantly exceeding its benchmark [1][2][3]. - The E Fund Blue Chip Select (005827.OF) reported a net value growth rate of -8.93%, underperforming its benchmark by over 6 percentage points, with a total size of 31.021 billion yuan and a cumulative return of 9.03% since inception [2][3][4]. - The E Fund Quality Select (110011.OF) and E Fund Quality Enterprise Three-Year Holding (009342.OF) also reported negative returns of -8.42% and -6.82%, respectively, since their inception returns are -7.33% and -0.37% [3][4]. Market Outlook and Investment Strategy - Zhang Kun maintains a long-term optimistic view on the macroeconomic environment, asserting that the living standards and social security levels in China will significantly improve over the next decade, narrowing the gap with developed countries [2][3][4]. - He emphasizes that the current pessimistic market pricing has made high-quality companies' valuations very attractive, presenting good opportunities for long-term investors [3][4][5]. - The report indicates a structural adjustment in fund allocations, focusing on sectors such as healthcare, consumer goods, and technology, while maintaining stable stock positions [10][11][12]. Consumer Market Insights - Zhang Kun argues that the current weakness in domestic consumption is a temporary phenomenon, with significant growth potential in China's domestic market, which is expected to be a key driver for future investments [11][12][13]. - He cites the goal of achieving a per capita GDP comparable to developed countries by 2035, suggesting that China has ample room for growth in consumer spending and quality of life improvements [12][13][14]. - The report also highlights the potential for recovery in consumer sentiment as housing price declines stabilize, which could enhance consumer willingness to spend [12][13][14]. Technology and Innovation - The report discusses the unique advantages of the Chinese market in the context of the global AI wave, noting that a strong domestic demand market is crucial for technological innovation [13][14][15]. - Zhang Kun expresses optimism about domestic AI application companies, anticipating that a stronger consumer environment will facilitate better interactions between subscription revenues and model capabilities, aiding in closing the gap with global leaders [13][14][15]. Conclusion - The report reflects Zhang Kun's commitment to long-term investment strategies amid market volatility, with a focus on optimizing fund structures and capitalizing on undervalued assets, positioning for potential excess returns in the next economic cycle [15][16][17].

大西洋所属申万行业为：机械设备-通用设备-金属制品。所属概念板块包括：钛、航天军工、军民融 合、核聚变等。 截至1月9日，大西洋股东户数5.02万，较上期增加6.41%；人均流通股17871股，较上期减少6.02%。 2025年1月-9月，大西洋实现营业收入28.74亿元，同比增长4.55%；归母净利润1.42亿元，同比增长 64.77%。 1月22日，大西洋盘中上涨2.03%，截至09:50，报6.52元/股，成交4293.79万元，换手率0.74%，总市值 58.52亿元。 资金流向方面，主力资金净流入486.55万元，特大单买入257.72万元，占比6.00%，卖出0.00元，占比 0.00%；大单买入846.89万元，占比19.72%，卖出618.06万元，占比14.39%。 大西洋今年以来股价涨6.89%，近5个交易日涨0.31%，近20日涨9.95%，近60日跌0.46%。 资料显示，四川大西洋焊接材料股份有限公司位于四川省自贡市自流井区丹阳街1号，成立日期1999年9 月20日，上市日期2001年2月27日，公司主营业务涉及焊接材料的开发、生产、销售及技术服务。主营 业务收入构成为：焊丝48.1 ...

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。 ...

Market Analysis - The A-share market exhibited a mixed performance with a slight increase in the Shanghai Composite Index, closing at 4116.94 points, up 0.08%, while the Shenzhen Component Index rose by 0.70% to 14255.13 points [2] - The overall market turnover was 2.62 trillion yuan, a decrease of approximately 6.4% from the previous trading day, indicating a reduction in trading activity but still within a historically high range [2] Sector Performance - The non-ferrous metals sector led the market with a gain of 2.91%, driven by rising international gold prices and geopolitical tensions [5] - The technology sector also performed strongly, with significant increases in GPU, advanced packaging, and circuit board indices, reflecting a robust market sentiment [5] - Conversely, financial and consumer sectors faced downward pressure, with declines in banking, coal, food and beverage, and consumer services stocks [5] Bond Market - The government bond futures market showed a mixed performance, with long-term contracts experiencing significant gains, particularly the 30-year contract which rose by 0.75% [11] - The central bank's net injection of 122.7 billion yuan through reverse repos indicates a continued effort to maintain liquidity in the market [11] Commodity Market - The commodity index increased by 0.40%, with strong performance in new energy metals and precious metals, while real estate-related commodities faced pressure [11] - International gold prices reached a new high, peaking at 4888.43 USD/ounce, reflecting a threefold increase since September 2022 [11] Investment Opportunities - The report highlights several key investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, and robotics, all supported by government policies and technological advancements [14] - The precious metals sector is expected to benefit from central bank purchases and anticipated interest rate cuts by the Federal Reserve, while the non-ferrous metals sector remains strong due to supply constraints and a weaker dollar [14][17]

Core Viewpoint - The company has developed testing capabilities for certain solid-state transformers and nuclear fusion-related equipment, while solid-state battery testing capabilities are still under development [1] Group 1 - As of now, the company possesses partial testing capabilities for solid-state transformers [1] - The testing capabilities for nuclear fusion-related equipment are also established [1] - The development of solid-state battery testing capabilities is currently in progress [1]

证券日报网讯1月21日，特变电工（600089）在互动平台回答投资者提问时表示，公司积极关注核聚变 所需电力设备的科技研发，为相关市场需求做好技术储备。 ...

Investment Rating - The industry investment rating is "Leading the Market" [7][9] Core Insights - The report highlights that Xinghuan Fusion has completed the largest fusion financing at the beginning of the year, accelerating the commercialization process of nuclear fusion [8] - The nuclear fusion industry is characterized by high energy density, nearly unlimited fuel reserves, and no long-lived high-level radioactive waste, making it a potential "ultimate energy" source for humanity [8] - The report emphasizes the strategic support from the government, with significant investments from state-owned enterprises and local state-owned assets, indicating strong backing for the development of nuclear fusion technology [8] Summary by Sections - **Investment Highlights**: Xinghuan Fusion completed a 1 billion yuan A-round financing, setting a record for private nuclear fusion companies in China. The company is progressing with its CTRFR-1 fusion device and has established a strategic partnership with the Jiading District government to advance research and commercialization [8] - **Market Potential**: The report notes that there have been 19 public investment events in the domestic nuclear fusion sector, with a total estimated financing amount of 14.7 billion yuan. Companies like China Fusion Energy Co., Ltd. and Nova Fusion have also secured significant funding [8] - **Future Development**: The report outlines that nuclear fusion projects are currently in various stages of development, with the potential for significant breakthroughs that could unlock vast market opportunities. The company plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor around 2032 [8]

Core Viewpoint - Tian Gong International (stock code: 0826.HK) announced a stock option grant plan to issue 30 million stock options, representing 1.10% of the current issued shares, aimed at binding the core team with the company's long-term development interests and driving high-quality growth through continuous innovation in the high-end materials sector [1][5] Group 1: Stock Option Grant Details - The 30 million stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum of 25% year-over-year revenue growth for the years 2026, 2027, and 2028 [2] - The exercise price of the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future stock value [2] - The incentive plan covers a wide range of participants, with 6.8% of the options allocated to core management and 93.2% to employees, fostering a shared interest community to maximize team motivation and creativity [2] Group 2: Innovation and Growth Strategies - Tian Gong International has made a milestone breakthrough in fusion materials, joining a research laboratory focused on high-end metal materials for magnetic confinement nuclear fusion, which is expected to provide reliable materials and solutions for future clean energy development [3] - The company has successfully broken the long-standing monopoly in the production of powder metallurgy tool steel, addressing industry pain points and meeting the increasing demand for large-scale die materials in the automotive sector [4] - The titanium alloy business is advancing towards high-end applications, with the company expanding into high-value sectors such as consumer electronics and aerospace, and establishing a new company to produce titanium alloy powders to meet urgent market needs [4] Group 3: Long-term Vision and Confidence - The stock option grant is seen as a recognition of past innovation achievements and a strategic move for future development, positioning the company to lead in the high-end materials sector and deliver stable long-term returns to investors [5]

证券研究报告 行业点评（R3）- 无重点股票 其他电源设备Ⅱ 星环聚能完成开年最大核聚变融资，核聚变产业化 进程加速 投资要点： 风险提示：核电安全事故风险，可控核聚变发展不及预期。 2026 年 01 月 21 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 相关报告 1 电力设备行业点评：Meta 签署核能供电协议， 看好核电发展 2026-01-16 2 电力设备行业点评：商业航天海上平台基建先 行，拥有码头和成熟海工经验的海工企业有望受 益 2026-01-14 3 电力设备行业点评：全球首台 30 兆瓦纯氢燃 气轮机实现纯氢发电，看好国产氢能装备和燃气 轮机发展 2026-01-06 请务必阅读正文之后的免责声明 % 1M 3M 12M 其他电源设备 Ⅱ 18.07 17.97 60.50 沪深 300 3.39 4.07 23.33 -8% 12% 32% 52% 72% 2025-01 2025-04 2025-07 2025-10 2026-01 其他电源设备Ⅱ 沪深300 | ...