Economic Overview - Japan's economy is showing signs of recession, with a 1.8% year-on-year decline in real GDP for Q3 2025, marking the first negative growth in six quarters [1] - Exports to the US fell by 3.1% year-on-year in October, continuing a seven-month decline, while external demand's contribution to economic growth shifted from positive to negative [1] Domestic Demand and Consumer Behavior - Personal consumption, which accounts for over half of Japan's economy, saw a slight increase of 0.1% quarter-on-quarter, but high prices are burdening consumers and suppressing purchasing power [1] - Business investment in equipment rose by 1.0% quarter-on-quarter, but orders for civil machinery (excluding ships and power) fell by 2.1%, marking the first negative growth in four quarters [1] Government Policy and Economic Stimulus - The new Prime Minister, Sanna Takashi, is adopting a fiscal stimulus approach within the framework of "Abenomics," emphasizing expansionary fiscal policy over monetary policy [2] - A comprehensive economic policy package worth 21.3 trillion yen was approved, the largest since the pandemic, aimed at addressing public dissatisfaction with rising prices [3] Inflation and Cost of Living - The consumer price index (CPI) excluding fresh food rose by 3.0% year-on-year in October, continuing a 50-month streak of increases and remaining above the Bank of Japan's 2% target for 43 months [3] Strategic Investments - The government allocated 7.2 trillion yen for "crisis management and growth-type investment" in key sectors such as AI, semiconductors, and defense, highlighting a focus on economic security [3] Market Reactions and Concerns - The market reacted negatively to the government's economic policies, leading to a sell-off in the bond market and a rise in bond yields, with the 10-year Japanese government bond yield reaching 1.846%, the highest since the 2008 financial crisis [4] - The yen fell to 157.9, nearing intervention levels, and the Nikkei 225 index dropped below 49,000 points [4] Fiscal Sustainability and Debt Concerns - Japan's government debt exceeds 250% of GDP, raising concerns about fiscal sustainability, with former finance minister Kato stating the fiscal situation is at its worst level [4] Structural Economic Issues - Japan faces long-term structural issues, including an aging population, labor shortages, and declining productivity, which weaken economic growth potential [7] - The current stimulus plan is seen as an initial step, with broader growth strategies still needed to address deeper economic challenges [7]

Market Performance - The SW Machinery Equipment Index increased by 3.91% during the trading days from November 24 to November 28, 2025, ranking 7th among 31 primary industry categories [1] - Year-to-date performance shows the SW Machinery Equipment Index up by 30.48%, ranking 6th among the same categories, while the CSI 300 Index rose by 15.04% [1] Core Insights - The demand for gas turbines is expected to rise due to AI, with significant growth in power consumption from data centers in the U.S., projected to increase from 8.9 GW to 111.3 GW between 2025 and 2028 [2] - The turbine blades, being core components of gas turbines, face a global supply shortage, with 应流股份 positioned as a leading domestic supplier, already supplying blades for Siemens Energy and developing blades for H-class gas turbines [2] - 应流股份 has strengthened its collaboration with Baker Hughes, securing future orders for multiple gas turbine blades, indicating a robust outlook for export orders [2] Company Developments - 优必选 has secured two significant contracts totaling 4.07 billion yuan for humanoid robot projects, with the Walker series orders reaching 1.3 billion yuan for 2025 [3] - The company is expected to see a pivotal year in 2025 for humanoid robot deliveries and commercialization, coinciding with the IPO of 宇树科技 and Tesla's production ramp-up [3] - The 合肥 BEST fusion project has seen over 2 billion yuan in tenders in November alone, indicating an acceleration in fusion project bidding as construction progresses [3] Industry Trends - General machinery is under continuous pressure, while engineering machinery is accelerating upward [3] - The shipbuilding sector is experiencing a slowdown, oil service equipment is stabilizing at the bottom, railway equipment is steadily increasing, and gas turbines are showing stable growth [3]

Core Viewpoint - The stock of Guoji Heavy Equipment has shown fluctuations in trading, with a recent increase of 2.15% and a year-to-date increase of 7.79%, indicating potential investor interest and market activity [1][2]. Company Overview - Guoji Heavy Equipment Group Co., Ltd. was established on December 30, 2001, and went public on June 8, 2020. The company specializes in the research and manufacturing of large metallurgical equipment, clean energy equipment, heavy petrochemical containers, and large castings and forgings [2]. - The company's revenue composition includes: Metallurgical Equipment (34.67%), Engineering Contracting (18.61%), Manufacturing Services (16.91%), High-end Large Castings and Forgings (15.35%), Petrochemical Equipment (4.66%), Investment Operations (4.25%), Forging and Extrusion Equipment (3.33%), and Others (2.23%) [2]. Financial Performance - For the period from January to September 2025, Guoji Heavy Equipment achieved a revenue of 10.217 billion yuan, representing a year-on-year growth of 14.14%. The net profit attributable to shareholders was 436 million yuan, with a year-on-year increase of 5.30% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Guoji Heavy Equipment reached 92,500, an increase of 23.42% from the previous period. The average circulating shares per person decreased by 18.97% to 78,015 shares [2]. Market Activity - The stock has appeared on the trading leaderboard twice this year, with the most recent occurrence on July 24, where it recorded a net buy of -226 million yuan, with total purchases of 182 million yuan, accounting for 8.00% of total trading volume [1].

报告导读： 上周（ 2025/11/24-2025/11/28 ）机械设备指数涨跌幅为 +3.91% 。中 国启动聚变领域国际科学计划，核聚变进度加速；低空系统建设规模化加速。 中国启动"聚变领域"国际科学计划，预计2027年装置建成。 2025年11月24日，中国科学院"燃烧等离子体"国际科学计划项目正式启动，面向全球开放包括 紧凑型聚变能实验装置BEST在内的多个领先的聚变能实验装置及平台，协同攻关科学难题，携手点亮人类清洁能源的未来。根据研究计划，2027年底该装置 建成后，将进行氘氚燃烧等离子体实验研究，验证其长脉冲稳态运行能力，力求聚变功率达到20兆瓦至200兆瓦，实现产出能量大于消耗能量，演示聚变能发 电。核聚变进展加速，建议关注产业链发展。 中央空管办加强规范低空管理系统建设，1.5万亿市场向"规模化落地"跨越。 2025年11月24日，中央空管办日前制定出台《国家级和省、市级低空飞行综合 监管服务平台功能要求（1.0版）》，对低空管理系统建设加强规范。据中国民航局预测，2025 年低空经济市场规模将达 1.5 万亿元， 2035 年有望飙升至 3.5 万亿元。本次低空管理系统《要求》发布，重构 ...

厦门钨业11月28日在互动平台表示，在ITER朗缪尔探针这一核聚变高端核心部件的开发中，厦钨实现 了从技术攻关到知识产权布局的全方位突破，在钨材料制备和加工、精密注射成形技术、先进涂层及连 接技术等方面取得多项创新和成果。项目累计申请发明专利5项、实用新型专利2项，构建了完整且独立 的知识产权体系，彻底打破了该领域核心技术的进口依赖，实现核聚变高端部件国产化自主可控。 ...

Core Viewpoint - Xiamen Tungsten announced the development of the Langmuir probe, a critical diagnostic component for the ITER divertor, which will operate under high thermal load conditions to measure key parameters such as temperature and density of plasma near the divertor target plate, providing essential data support for the operation and optimization of the ITER device [1] Group 1 - The Langmuir probe is an important diagnostic component for the ITER divertor [1] - The probe will work under high thermal load conditions to measure critical plasma parameters [1] - Xiamen Tungsten has achieved multiple innovations in tungsten material preparation, processing, precision injection molding technology, advanced coating, and connection technology [1] Group 2 - The project has applied for a total of 5 invention patents and 2 utility model patents [1] - The development breaks the reliance on imported core technologies in this field [1] - The project aims to achieve domestic control and localization of high-end components for nuclear fusion [1]

Group 1 - The core viewpoint is that the CNC machine tool market in China is experiencing rapid growth driven by downstream demand, with a projected market size of approximately 432.5 billion yuan in 2024 and expected to exceed 450 billion yuan by 2025 [1] - The domestic production rate of high-end CNC machine tools is only 6%, indicating significant room for domestic production growth in this segment [1] Group 2 - Increased policy support is expected to boost equipment demand, particularly with infrastructure investments, such as the commencement of the Yaxia hydropower project, which will drive demand for large excavators and other equipment [2] - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales increasing by 157.2% year-on-year, and intelligent applications like unmanned forklifts and mining equipment are anticipated to break through first [2] - The nuclear fusion industry is entering a phase of capital expenditure expansion, focusing on high-value components such as magnet systems, vacuum chambers, and power systems [2] - The low-altitude economy policy emphasizes safety, health, and high-quality development, with a positive outlook on infrastructure construction and low-altitude equipment research and application [2]

Core Viewpoint - Oriental Precision Engineering's stock has shown significant growth this year, with an 86.59% increase, despite recent fluctuations in trading performance [1][2]. Group 1: Stock Performance - As of November 28, Oriental Precision Engineering's stock price reached 17.95 CNY per share, with a market capitalization of 21.85 billion CNY [1]. - The stock has experienced a 4.36% increase over the last five trading days, but a decline of 5.53% over the past 20 days and 8.32% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) seven times this year, with the most recent appearance on November 4 [1]. Group 2: Financial Performance - For the period from January to September 2025, Oriental Precision Engineering reported a revenue of 3.389 billion CNY, reflecting a year-on-year growth of 2.52% [2]. - The net profit attributable to shareholders for the same period was 510 million CNY, marking a substantial year-on-year increase of 54.64% [2]. Group 3: Business Overview - Oriental Precision Engineering specializes in the research, design, production, sales, and service of corrugated cardboard printing equipment, with its main revenue sources being corrugated board production lines (64.67%), water power products and general machinery (22.44%), and corrugated box printing and packaging equipment (12.89%) [1][2]. - The company is classified under the mechanical equipment industry, specifically in the printing and packaging machinery sector, and is associated with concepts such as nuclear power, hydrogen energy, and industrial internet [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 33.52% to 201,600, while the average number of circulating shares per shareholder decreased by 25.10% to 4,971 shares [2]. - The top ten circulating shareholders include significant entities such as Hong Kong Central Clearing Limited and various ETFs, with some holdings decreasing compared to the previous period [3].

Core Insights - The article discusses advancements in nuclear fusion technology in China, particularly focusing on the construction of the BEST (Broadly Enhanced Superconducting Tokamak) facility in Hefei, which aims to achieve stable nuclear fusion and demonstrate power generation by 2027 [2][4][6]. Group 1: Nuclear Fusion Development - The BEST facility, also referred to as "artificial sun," is designed to replicate the conditions of the sun's core to sustain nuclear fusion reactions [2][4]. - The construction of the facility is currently in the final assembly stage, with key systems like superconducting magnets and heating mechanisms being developed [2][4]. - The facility will consist of millions of components, weighing a total of 6,000 tons, and aims to provide critical data for the commercialization of fusion energy [4]. Group 2: National Strategy and Goals - During the 14th Five-Year Plan, China has made significant breakthroughs in nuclear fusion research, transitioning from basic experiments to engineering applications [6][8]. - The government has prioritized nuclear fusion as a future industry, aiming to integrate it into the broader energy landscape and enhance the industrial chain [8][14]. - The country has established itself as a leader in nuclear power technology, with the largest operational and under-construction nuclear power capacity globally [14]. Group 3: Market and Investment Landscape - The nuclear fusion sector is experiencing rapid investment growth, with over 10 billion yuan raised in the primary market this year, indicating strong market expectations for the development of the fusion industry during the 15th Five-Year Plan [16][18]. - The potential market for controlled nuclear fusion is projected to reach trillions, with China collaborating with over 50 countries and 140 research institutions globally [18].

Core Insights - The company has the capability to supply complete sets of valves for second and third generation nuclear power units, as well as key valves for fourth generation nuclear power units [2] Group 1 - The company was asked about its market share in nuclear power valves and the positive contribution of nuclear fusion development to its operating performance [2] - The company confirmed its ability to supply valves for advanced nuclear power technologies, indicating a strong position in the nuclear energy sector [2]