来源：中国能源网 开源证券近日发布电力行业周报：九院中标5亿元等离子所氚工厂项目，NIF完成第十次点火实验12月1 日，劳伦斯利弗莫尔国家实验室（LLNL）正式公布，今年10月1日美国国家点火装置（NIF）成功开展 了一项核生存能力实验，也是NIF进行的第十次点火实验。 以下为研究报告摘要： 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251201-20251205）可控核聚变板块下，个股涨多跌少。具体来看，涨幅前五标的分别为宏微 科技（+22.0%）、雪人集团（+12.7%）、应流股份（+9.2%）、弘讯科技（+8.4%）、航天晨光 （+7.4%）；跌幅前五标的分别为天沃科技（-15.7%）、爱科赛博（-14.0%）、英杰电气（-13.2%）、 海陆重工（-4.4%）、赛晶科技（-3.7%）。细分环节来看，本周可控核聚变板块下多数细分环节上涨， 微波和电源器件（+7.1%）、上游金属材料（+3.0%）、磁体（+1.9%）涨幅居前。 行业动态：九院中标5亿元等离子所氚工厂项目，NIF完成第十次点火实验12月1日，劳伦斯利弗莫尔国 家实验室（LLNL）正式公布，今年10月1日美国国家点火装置（NIF）成 ...

Market Overview - The Shanghai Composite Index successfully reclaimed the 3900-point mark, driven by strong performance in insurance and brokerage stocks, although overall market participation remains low with a trading volume of approximately 1.7 trillion yuan [1][15] - Key upcoming events include the Federal Reserve's meeting on December 10, which may influence global liquidity expectations, and an important domestic meeting that will set the tone for China's economic policy in the coming year [1][15] Sector Performance - The CPO (Co-packaged optics) sector saw significant gains, driven by increased demand for high-speed data transmission components in AI data centers [7] - The non-ferrous metals sector experienced a surge, supported by new demand opportunities in aluminum due to the global data center construction boom and potential supply constraints [8] - The commercial aerospace sector continued its upward trend, bolstered by recent policy clarifications and significant market potential following the establishment of dedicated regulatory bodies [9] - The robotics industry remains active, with substantial growth observed since early January, supported by strong internal growth dynamics and favorable government policies [10] - The consumer electronics sector showed signs of activity, with a focus on innovative products such as smart home devices and wearable technology [11] - The industrial mother machine concept gained traction, benefiting from government support for high-precision manufacturing and technology development [12] - Financial stocks, particularly brokerages and insurance companies, rallied due to positive regulatory signals aimed at enhancing capital market frameworks [13] Investment Strategy - The report suggests a focus on individual stocks rather than indices, recommending a balanced approach to sector rotation and emphasizing the selection of fundamentally sound stocks while avoiding overvalued ones lacking earnings support [2][16]

机械 2026 年策略：科技领航，周期起舞 20251207 摘要 机械行业整体在 2024 年表现出较好的增长势头，尤其是在科技、AI 成 长相关的领域以及工程机械等周期性资产方面，申万一级子行业数据显 示，截至 10 月底，机械行业总体涨幅约为 35%，在一级行业中排名靠 前。 展望 2026 年，AI 和科技投资类方向预计将继续加速发展，工程机械已 跨过周期低点，内需顺周期处于底部，光伏设备等领域存在从左侧到右 侧的投资机会，同时出口方面也将保持景气度。 2024 年前 11 个月，AI 设备和耗材、锂电设备、人形机器人、出口链和 工程机械等细分领域表现突出，其中 AI 设备和耗材涨幅超过 1.5 倍，风 电特别是海风装机量显著增长，反映了基本面的积极变化。 2024 年市场受到多个事件影响，包括年初人形机器人概念的兴起、 East 超导托卡马克实验的突破、一季度工程机械数据超预期等，以及固 态电池和可控核聚变等新兴技术的进展，这些事件推动了相关主题资产 的上涨。 Q&A 2025 年机械行业的整体表现如何？ 2025 年，机械行业作为制造业的中游，整体基本面呈现内需偏弱、外需偏强 的特点。下游几个重要 ...

Core Logic - The company is accelerating its growth attributes through controllable nuclear fusion, quantum computing, and commercial aerospace. It has established partnerships with leading firms like Anhui Fusion New Energy and is continuously winning orders in controllable nuclear fusion, indicating a significant growth potential [1] - In quantum computing, the company has signed a cooperation agreement with Zhejiang University to focus on advanced fields such as "deep low temperature + advanced computing" and "industrial gases + AI models" [1] - In commercial aerospace, the company has won a bid for a large liquid oxygen tank construction project at a launch site, following its previous provision of liquid hydrogen storage tanks, showcasing its capabilities in high-precision low-temperature storage equipment [1] Industry Outlook - The company is positioned as a leading player in the industrial gas sector, benefiting from both cyclical and growth attributes. The industry is currently at the bottom of the cycle, with expectations for a performance turnaround in the future. The company is accelerating its layout in controllable nuclear fusion and other fields, opening up a second growth curve [1][2] Market Segments - Pipeline gas is characterized by its defensive attributes, showing stable growth with minimal impact from macroeconomic fluctuations. The company is expected to increase its market share in the third-party stock market to 30-40% by 2021, contributing to long-term performance growth [2] - Retail gas represents the company's offensive attributes, with potential for significant performance elasticity as gas prices are currently at historical lows. Economic recovery could drive gas price increases, enhancing the performance of retail gas [2] - The controllable nuclear fusion equipment, quantum computing, and commercial aerospace sectors present substantial future market opportunities, creating a second growth engine for the company [2] Profit Forecast and Valuation - The company's projected net profit attributable to shareholders for 2025-2027 is estimated at 1.07 billion, 1.30 billion, and 1.51 billion yuan, with year-on-year growth rates of 16%, 22%, and 17% respectively. The corresponding price-to-earnings ratios are 26, 21, and 18 times [3]

让"太阳"之光照亮现实，还需合力托举。紧凑型聚变能实验装置（BEST）就是这样一个着力点。前不 久，燃烧等离子体国际科学计划项目在合肥正式启动，BEST的全球研究计划也同步发布。来自10多个 国家的科学家共同签署《合肥聚变宣言》，呼吁全球一起造"太阳"。如今各种新技术加速研究，各国围 绕科技"赛点"争分夺秒、你追我赶。但也要看到，科技这把开启人类未来的钥匙，也需要全人类各展所 能、共同铸造。"筑墙""圈地"无益，携手共进才能加速"人造太阳"的突破。 从EAST到CRAFT再到BEST，体现着我国推进科技创新的矢志不渝。从理论探索到实验验证，从工程 设计到系统集成，"一代人干不完，就由下一代接着干"，我们的步履扎实坚定，科学家精神薪火相传。 如今，造"太阳"成为更加开放的机遇，中国的接力也拓展为全世界希望"火种"的传递。人类多么奇妙 啊，在浩瀚宇宙中那么渺小，却有着敢与自然比肩的精神力量。 造"太阳"，以一次次试验、一个个飞跃，丈量着理想的高度。这条道路上，我们有信心，通过更久的坚 守、更好的传承，让我们的"太阳"经久燃烧，照亮全人类的光明前程。 （文章来源：人民日报） 在中国科学院合肥物质科学研究院等离子体物 ...

Core Insights - The article discusses the advancements in nuclear fusion research in China, particularly focusing on the development of the "artificial sun" through various key projects and collaborations [1][2][3]. Group 1: Nuclear Fusion Research Progress - The "artificial sun" aims to achieve controllable nuclear fusion, with significant progress made through three key platforms [1]. - The Experimental Advanced Superconducting Tokamak (EAST) has achieved a steady-state operation at 100 million degrees Celsius for 1,066 seconds, surpassing the sun's temperature [1]. - The Comprehensive Research Facility for Fusion Technology (CRAFT) has broken down the fusion reactor's key components into manageable tasks, leading to important advancements in several subsystems this year [2]. Group 2: International Collaboration and Future Prospects - The launch of the Burning Plasma International Science Plan in Hefei marks a significant step in global collaboration, with scientists from over 10 countries signing the Hefei Fusion Declaration to collectively pursue fusion energy [2]. - The development of the Compact Fusion Energy Experimental Device (BEST) serves as a focal point for international research efforts, emphasizing the need for global cooperation in advancing fusion technology [2][3]. - The article highlights the importance of passing knowledge and experience across generations in the pursuit of nuclear fusion, indicating a long-term commitment to this scientific endeavor [3].

以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 国家能源局启动"人工智能"能源试点，中法持续推进和平利用核能领域合作 ；报告日期： 2025.12.06 报告作者： 肖群稀（分析师），登记编号：S0880522120001 黄龙（分析师），登记编号：S0880525070027 报告导读： 上周（2025/12/1-2025/12/5）可控核聚变领域动态：1）国家能源局启 动"人工智能+"能源试点工作，聚变智能控制迎来政策东风；2）中法持续推进和平利用核 能领域合作；3）韩国启动创新聚变偏滤器研发中心，英美联手合作开发中性束技术。 投资建议： 重点关注磁体、电源、偏滤器等在内的可控核聚变关键环节核心厂商：1）磁体；2）电源；3）堆内外结构件及其他分系统。 国家能源局启动"人工智能+"能源试点工作，聚变智能控制迎来政策东风。 近日，国家能源局综合司发布《关于组织开展"人工智能+"能源试点工作的通知》 （国能综通科技〔2025〕168号），标志着我国在"人工智能+"与聚变交叉领域迈出重要步伐。此次试点工作聚焦2025年9月发布的《关于推进"人工智能+"能 源高质量发展的实施意见》中提出的八大类场景与 ...

来源：股市你金哥 4、国产GPU企业摩尔线程在科创板上市，首日涨幅惊人，极大地激发了市场对AI算力、半导体等科技板块的热情。同时，上海卫星互联网产业生态大会的 举行，以及特斯拉人形机器人取得新进展等消息，共同推动了商业航天、人形机器人等前沿科技主题的活跃，市场形成了"多点开花"的局面。 5、部分外资机构如摩根士丹利集体唱多中国资产，并上调了部分核心公司的目标价，这对提振市场情绪起到了积极作用。 6、可控核聚变板块表现强势，据Ignition Research预计，到2050年可控核聚变行业将成为一个至少1万亿美元的市场，对应超导磁体空间超千亿美元。 二、我对后市的观点： 一、这周A股复盘： 这周A股的表现，有惊无险，周五的表现很是惊艳！我认为有以下几点： 1、"央妈"在12月5日开展了大规模逆回购操作，向市场注入短期流动性，规模创近期新高。这一操作稳定了市场对年末资金面的预期，被市场解读为明确的 宽松信号。 2、金管局发布新规，下调了保险公司投资A股部分资产的风险因子。这一政策调整直接降低了险资的资本占用，引更多中长期资金入市，对保险板块自身 及整体蓝筹股都构成利好。 3、根据市场信息，美联储在12月降息25 ...

行 业 研 究 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 2024-12 2025-04 2025-08 电力 沪深300 相关研究报告 《BEST 研究计划首次发布，美国启动 创世纪计划—可控核聚变行业周报》 -2025.11.30 《电改加速深化，预期有望趋稳—电 力行业 2026 年度投资策略》 -2025.11.27 《TAE 缩短商业化时间表，东部超导 实现量产突破—可控核聚变行业周 报》-2025.11.23 九院中标 5 亿氚工厂项目，NIF 完成第十次点火 ——行业周报 | 周磊（分析师） | 黄懿轩（联系人） | | --- | --- | | zhoulei1@kysec.cn | huangyixuan1@kysec.cn | | 证书编号：S0790524090002 | 证书编号：S0790125070014 | 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251201-20251205）可控核聚变板块下，个股涨多跌少。具体来看，涨 幅前五标的分别为宏微科技（+22.0%）、雪人集团（+ ...

Investment Rating - The report maintains a positive investment rating for the power equipment industry, recommending specific companies for investment opportunities [1][2]. Core Insights - DeepSeek has launched a new generation model, DeepSeek-V3.2, achieving GPT-5 level performance while reducing computational costs by 40% compared to equivalent GPU systems [1][56]. - Amazon has introduced its next-generation self-developed chip, Trainium3, which significantly lowers AI model training and operational costs [1][56]. - The approval of the Panxi UHV project, with a total investment of approximately 231.77 billion yuan, aims to enhance the power supply capacity in Sichuan [1][58]. - The release of the "Digital Evaluation Index for Distribution Networks (2025)" aims to standardize the digital transformation of distribution networks [1][59]. Summary by Sections Power Equipment - Recommended companies include Dongfang Electric, Shunhua Power, and others, with a focus on digitalization and UHV projects [1]. - The report highlights the approval of the Panxi UHV project, which will improve the backbone power grid in Sichuan [1][58]. - The digital evaluation index for distribution networks has been published to guide the digital transformation of the sector [1][59]. Renewable Energy - The report emphasizes the ongoing development in the renewable energy sector, particularly in energy storage and wind power [2]. - Companies such as Sunshine Power and CATL are recommended for their strong positions in the energy storage market [2]. - The report notes the increasing number of policies supporting new energy storage construction [2]. Robotics and Automation - The report mentions the U.S. government's focus on accelerating the development of robotics technology, with recommended companies in the humanoid robot sector [3]. - Companies like UBTECH and Wuzhou Xinchun are highlighted for their potential in the robotics field [3]. Photovoltaics - The extension of the U.S. solar import tariff exemption until November 2026 is noted, with recommended companies in the photovoltaic sector [3]. - Companies such as GCL-Poly and Tongwei are highlighted for their strong market positions in solar energy [3].