Core Insights - Western Superconducting Technologies Co., Ltd. has experienced a stock price increase of 59.57% year-to-date, but has seen a recent decline of 9.22% over the last five trading days [1] - The company reported a revenue of 27.23 billion yuan for the first half of 2025, reflecting a year-on-year growth of 34.76%, with a net profit of 5.46 billion yuan, up 56.72% [2] Financial Performance - As of October 22, the stock price was 67.13 yuan per share, with a market capitalization of 43.612 billion yuan [1] - The company has distributed a total of 21.79 billion yuan in dividends since its A-share listing, with 14.06 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.91% to 26,900, with an average of 24,152 circulating shares per shareholder, a decrease of 7.33% [2] - Major shareholders include various ETFs and investment funds, with notable changes in holdings among the top ten shareholders [3]

Core Insights - The report highlights significant developments in various sectors, including the successful production of a helium refrigeration machine in nuclear fusion, which is expected to enhance efficiency in the industry [4] - The report notes a substantial increase in revenue for Pop Mart, projecting a year-on-year growth of 245%-250% for Q3 2025, indicating strong market performance [4] Economic Data - The Baltic Dry Index closed at 2071.00, reflecting a slight increase of 0.10% [5] - The Nasdaq Index closed at 22953.67, down by 0.16%, while the Dow Jones Industrial Average rose by 0.47% to 46924.74 [5] - The ICE Brent Crude Oil price increased by 1.07% to $61.66, indicating a positive trend in oil prices [5] - The Hang Seng Index closed at 26027.55, up by 0.65%, and the Shanghai Composite Index rose by 1.36% to 3916.33 [5]

点评：算力作为数字经济的核心生产力，正从基础设施供给向价值服务生态转型。权威预计，2025年我 国算力规模将突破300EFLOPS，市场超过2000亿元，其中智能算力占比提升至35%。国家出台《算力基 础设施高质量发展行动计划》《东数西算工程实施意见》等政策文件，推动算力基础设施自主可控。我 国算力完整产业链正在形成，提升自主可控能力。随着"东数西算"工程深入推进、国产技术持续突破以 及绿色算力技术广泛普及，算力将不仅是技术支撑，更将成为重构产业形态的关键要素，概念股包括同 有科技、源杰科技、朗科科技等。 （一）重要市场新闻 1、美股三大指数收盘涨跌不一，道指涨0.47%，标普500指数平收，纳指跌0.16%，其中，道指再创历 史新高；费城金银指数大跌9.57%；大型科技股涨跌不一，亚马逊涨超2%，英特尔、苹果、微软、Meta 小幅上涨；谷歌跌超2%，特斯拉跌超1%，英伟达小幅下跌；通用汽车涨近15%，创最近五年来最佳单 日表现；"人造肉第一股"Beyond Meat大涨超146%，近三个交易日累计涨幅约600%。纳斯达克中国金龙 指数跌0.97%。 2、国际金银大幅收跌，现货黄金大跌5.31%，报4124. ...

Group 1 - A-share investment highlights include Yiyaton Holdings planning to reduce its stake by no more than 1% and Lihua Microelectronics' shareholder Lihua Science and Technology intending to reduce its stake by no more than 3% [2] - The Dow Jones Industrial Average rose by 0.47%, reaching a new historical high, with General Motors increasing nearly 15% [3] - The precious metals market experienced a comprehensive sell-off, with gold and silver prices hitting their largest declines in years [3] Group 2 - Citigroup has a bearish outlook on gold in the short term, setting a target price of $4,000 per ounce within three months [3] - Netflix reported a post-market drop of over 6%, with third-quarter operating profit at $2.86 billion, falling short of market expectations [3] - Longxin Storage plans to list on the Shanghai stock market, with a target valuation of up to 300 billion yuan [3]

中科清能有关负责人表示，中科清能专注于20K（开尔文）以下温区的超低温技术研发和装备制造，包 括氢液化装备、氦低温装备。今年3月12日，长征八号火箭在海南商业航天发射场一号工位成功发射， 其燃料是由中科清能自主研发的1吨/天氢液化装备提供，这也是国内航天领域首次采用全国产液氢装备 生产的液氢燃料。自长征八号火箭首发成功后，中科清能的氢液化装备持续稳定运行，保障了海南商业 航天发射场年内所有长征八号系列火箭发射的液氢燃料供应，显示了中科清能技术和装备的稳定性和可 靠性。 21日，记者从河南中科清能科技有限公司（以下简称中科清能）获悉，中科清能研发制造的3kW@4.5K 氦制冷机于今年10月15日在合肥一次启机成功。截至20日，该装备已安全稳定运行超过120小时，实际 运行的制冷量达到3kW（千瓦），满足设计指标。该装备是目前我国核聚变领域已投产的最大制冷功率 氦制冷机，将为国家重大科技基础设施CRAFT（聚变堆主机关键系统综合研究设施）稳定运行提供支 撑。 CRAFT项目的核心目标是探索和掌握聚变DEMO（示范）级关键技术，3kW@4.5K氦制冷机可为聚变 装置大型超导磁体提供严苛的低温运行环境。3kW@4.5 ...

Core Viewpoint - SaiJing Technology (00580) experienced a nearly 10% increase in stock price, closing at 2 HKD with a trading volume of 15.57 million HKD, driven by significant developments in the nuclear fusion sector [1] Group 1: Company Developments - The BEST project, a compact fusion energy experimental device, has received its first batch of toroidal field (TF) coil boxes and magnetic gravity support components, marking another important delivery following the installation of the dewar base on October 1 [1] - Astrol, a subsidiary of SaiJing Technology in Switzerland, announced a collaboration with an innovative company in the nuclear fusion field to utilize Astrol's power switch solutions for controlling currents in advanced fusion systems [1] - Astrol has provided pulse power switch products and solutions for over 80 projects, including collaborations with TriAlpha Energy in 2017 and another controllable fusion project in 2022, highlighting its leading technology in the nuclear fusion power electronics sector [1] Group 2: Industry Insights - Western Securities (002673) emphasized the ongoing planning and construction of representative devices like BEST, indicating a continuous development in the nuclear fusion industry and the importance of investment opportunities in this sector [1]

Core Viewpoint - The recent delivery of key components for the BEST project, a compact fusion energy experimental device, has positively impacted the stock price of SaiJing Technology, which saw an increase of nearly 10% [1] Group 1: Company Developments - SaiJing Technology's stock rose by 8.7% to HKD 2, with a trading volume of HKD 15.57 million [1] - The company’s Swiss subsidiary, Astrol, announced a collaboration with an innovative firm in the fusion energy sector to utilize Astrol's power switch solutions for controlling currents in advanced fusion systems [1] - Astrol has provided pulse power switch products and solutions for over 80 projects, including notable collaborations with TriAlpha Energy in 2017 and another project in the controllable fusion field in 2022 [1] Group 2: Industry Insights - The BEST project is in the planning and construction phase, with ongoing tenders indicating continued investment opportunities in the nuclear fusion industry [1] - The delivery of critical components for the BEST project, including the first toroidal field (TF) coil boxes and gravity support components, marks a significant milestone following the installation of the dewar base on October 1 [1]

Core Viewpoint - China Energy Construction Co., Ltd. (China Energy) has shown a positive stock performance with a year-to-date increase of 11.51% and a market capitalization of 104.645 billion yuan as of October 21 [1]. Financial Performance - For the first half of 2025, China Energy reported a revenue of 212.091 billion yuan, representing a year-on-year growth of 9.18%, while the net profit attributable to shareholders was 2.802 billion yuan, a slight increase of 0.72% [3]. Stock Market Activity - On October 21, China Energy's stock price rose by 2.03% to 2.51 yuan per share, with a trading volume of 7.23 billion yuan and a turnover rate of 0.90% [1]. - The company has seen significant net inflows of capital, with a net inflow of 68.3931 million yuan from main funds and a large single purchase of 166.7 million yuan, accounting for 23.14% of total trading [1]. Shareholder Structure - As of June 30, 2025, China Energy had 335,000 shareholders, a decrease of 2.54% from the previous period [3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 856 million shares, an increase of 173 million shares from the previous period [4]. Business Segments - China Energy operates through five main business departments: Surveying, Design and Consulting; Engineering Construction; Equipment Manufacturing; Civil Explosives and Cement Production; and Investment and Other Businesses. The primary revenue sources are Engineering Construction (81.18%), Industrial Manufacturing (7.42%), and Investment Operations (6.80%) [2].

Group 1 - The stock price of Zhongzhou Special Materials increased by 2.06% on October 21, reaching 21.83 CNY per share, with a trading volume of 363 million CNY and a turnover rate of 5.83%, resulting in a total market capitalization of 10.01 billion CNY [1] - Year-to-date, Zhongzhou Special Materials' stock price has risen by 250.68%, but it has experienced a decline of 9.94% over the last five trading days [1] - The company has appeared on the trading leaderboard 14 times this year, with the most recent occurrence on October 10, where it recorded a net buy of -251 million CNY [1] Group 2 - Zhongzhou Special Materials, established on July 8, 2002, and listed on April 9, 2021, specializes in the research, production, and sales of high-temperature corrosion-resistant alloy materials and products [2] - The company's main business revenue composition includes 53.06% from deformable high-temperature corrosion-resistant alloys, 27.20% from cast high-temperature corrosion-resistant alloys, and 17.42% from special alloy welding materials [2] - As of October 10, the number of shareholders for Zhongzhou Special Materials was 71,300, an increase of 52.33% from the previous period [2] Group 3 - Since its A-share listing, Zhongzhou Special Materials has distributed a total of 90.76 million CNY in dividends, with 54.76 million CNY distributed over the past three years [3]

Group 1 - The core viewpoint of the news is that China Petroleum Engineering Corporation's stock has shown a positive trend, with a year-to-date increase of 3.91% and a market capitalization of 20.49 billion yuan [1] - As of June 30, 2025, the company reported a revenue of 36.29 billion yuan, representing a year-on-year growth of 12.18%, while the net profit attributable to shareholders decreased by 10.87% to 470 million yuan [2] - The company has a diversified revenue structure, with the main business segments being refining and chemical engineering (37.06%), oilfield surface engineering (36.47%), pipeline and storage engineering (19.43%), and environmental engineering and project management (6.68%) [1] Group 2 - The stock has experienced a recent increase of 2.23%, with a trading volume of 72.32 million yuan and a turnover rate of 0.36% [1] - The number of shareholders increased by 23.28% to 79,300 as of June 30, 2025, while the average circulating shares per person decreased by 18.88% to 70,416 shares [2] - The company has distributed a total of 2.204 billion yuan in dividends since its A-share listing, with 715 million yuan distributed in the last three years [3]