格隆汇1月15日丨川仪股份(603100.SH)在互动平台表示，公司部分下属企业拥有军品供应资格。目前公 司超声波流量计、涡街流量计等产品已应用于可控核聚变相关项目中冷却水环节。 ...

Group 1 - Over 120 billion yuan of net subscriptions for equity ETFs were recorded for three consecutive trading days from January 9 to 13, totaling over 470 billion yuan [1][2] - On January 13, the net subscription amount for equity ETFs reached 146.31 billion yuan, with previous days showing 127.14 billion yuan on January 12 and 199.58 billion yuan on January 9 [2] - Popular theme ETFs saw significant inflows, including 70.64 billion yuan for GF Media ETF, 49.01 billion yuan for Yongying Satellite ETF, and 41.93 billion yuan for Southern CSI 1000 ETF [2] Group 2 - Several ETFs experienced rapid growth in scale, surpassing 10 billion yuan, with GF Media ETF increasing from 26.43 billion yuan to 107.67 billion yuan by January 13, 2026 [3] - Yongying Satellite ETF grew from 66.6 billion yuan to 155.92 billion yuan, while Jiashi Software ETF increased from 60.25 billion yuan to 101.67 billion yuan [3] Group 3 - The popularity of off-market funds has surged, with some funds announcing limits on subscriptions due to reaching their scale control limits [4] - For instance, the asset net value of the China Europe Small Cap Growth Mixed Fund exceeded its control limit of 2 billion yuan, leading to a partial confirmation of subscription applications at a rate of 47.84% [4] - Fund companies like Debang and Yongying have also announced adjustments to their subscription limits for certain funds [4] Group 4 - New funds are frequently ending their fundraising early, with announcements from E Fund and Tianhong regarding the early closure of several ETFs and mixed funds [5] - The investment outlook for 2026 highlights artificial intelligence as a key area, with opportunities in overseas computing power, domestic computing power, and AI large models [5] - Other investment themes include commercial aerospace, humanoid robots, quantum computing, and controlled nuclear fusion, along with AI hardware and satellite communication [5]

Core Viewpoint - The A-share market is experiencing extreme enthusiasm, prompting regulatory measures to cool down the market, indicating a shift towards a "slow bull" market rather than a "crazy bull" market, emphasizing the need for investors to focus on fundamentals rather than emotions [5][6]. Market Sentiment and Regulatory Response - On January 14, the exchange announced an increase in the minimum margin ratio for financing from 80% to 100%, leading to an immediate market downturn [5]. - The regulatory stance is clear: the market can rise, but it should not be driven solely by emotions, and investors must return to fundamentals [6]. Investment Opportunities and Risks - The focus should be on identifying key sectors that are likely to perform well while avoiding those that may pose risks [7][8]. - The analysis will cover 13 high-interest sectors to provide insights on potential investment opportunities [9]. AI Computing Power - The rise of AI infrastructure is supported by increased investments from cloud vendors, with companies like "易中天" (New Yizhong, Zhongji Xuchuang, Tianfu Communication) showing significant stock price increases [11]. - However, the current high valuations may be unsustainable, and without new positive developments, there is a risk of a bubble burst in this sector [11]. Space Computing Industry - The space computing industry is expected to emerge as a significant market, with technologies deploying data centers in space to address ground-based limitations [13][15]. - China's advancements in space computing are supported by government initiatives, with plans for a comprehensive deployment strategy by 2025 [17][18]. Humanoid Robots - The humanoid robot sector is anticipated to see differentiation by 2026, with industrial applications being the primary focus, while household robots remain underdeveloped [20][22]. - Companies like 优必选 (UBTECH) are ramping up production, with expectations of significant output increases in the coming years [22][23]. Semiconductor Equipment - Domestic wafer fabs are planning expansions to meet AI chip demand and enhance production capacity, which will benefit semiconductor equipment suppliers [25][26]. Controlled Nuclear Fusion - The commercialization of controlled nuclear fusion is accelerating, with multiple technological pathways being explored [28][30]. - China is making significant strides in fusion energy, with projects like EAST and BEST expected to lead to practical applications by 2027 [32][33]. Commercial Aerospace - The commercial aerospace sector is experiencing a surge, driven by fears of missing out on investment opportunities, although there are concerns about the sustainability of this growth [41][42]. - China's satellite deployment is rapidly increasing, positioning the country as a major player in the global space race [44]. Photovoltaics - The photovoltaic sector is expected to reach a turning point in 2026, driven by supply-side adjustments and improved fundamentals [47][51]. - The cancellation of export tax rebates is likely to increase costs for exporters, benefiting larger firms with economies of scale [51][52]. Consumer Sector - The consumer sector is seen as a safe haven during market volatility, with specific focus areas including media, service consumption, and premium goods like liquor [66][70]. - The overall consumer demand is expected to recover gradually, but structural changes may lead to a lack of strong support for broad-based growth [67]. Banking Sector - The banking sector has shown resilience despite fundamental pressures, with attractive dividend yields drawing in long-term investors [72][73]. - However, the sector is unlikely to lead the market due to its lower growth potential compared to technology and growth stocks [74]. Insurance Sector - The insurance sector has outperformed banks, benefiting from stock market recovery and expected growth in both asset and liability sides [76]. - The aging population is likely to increase the importance of insurance companies in key areas like healthcare and retirement [76]. Brokerage Firms - Brokerage firms have seen strong earnings growth but face challenges in maintaining investor interest due to perceived volatility and lack of long-term growth [77].

Core Viewpoint - Controlled nuclear fusion is transitioning from a long-term scientific concept to a critical phase of engineering validation and commercialization, driven by global energy transition and carbon neutrality goals [2]. Group 1: Research Background - Global private investment in controlled nuclear fusion has surpassed $10 billion, with over 40 countries actively engaging in this field [2]. - The International Atomic Energy Agency (IAEA) has indicated that the development of fusion energy has entered a "decisive new stage," becoming a cornerstone of national energy strategies and a key area of global technological competition [2]. - For China, the urgency to focus on controlled nuclear fusion is threefold: ensuring energy security and achieving carbon neutrality, leading a new wave of technological revolution and industrial transformation, and enhancing international technological governance [2]. Group 2: Purpose of the Report - The report aims to systematically outline the latest developments in controlled nuclear fusion globally and in China, analyzing the technological, industrial, and policy ecosystems to provide forward-looking references for decision-makers, industry players, and investors [3]. Group 3: Research Content - The report will focus on defining controlled nuclear fusion and its key technologies, the driving forces and environment for its development, critical points for commercialization breakthroughs, and advanced measures taken by industry institutions and enterprises in technology, policy, construction, business models, and financing [6]. Group 4: Industry Trends and Participation Value - Participating enterprises and institutions will have the opportunity to be included in the "Rising Sun: 2026 China Controlled Nuclear Fusion Development Report," enhancing brand visibility and showcasing industry influence [8]. - The report will be published on official platforms, including the iResearch website and WeChat account, with dissemination through multiple media channels [8]. Group 5: Target Participants - The report seeks contributions from enterprises in the controlled nuclear fusion sector, including upstream core materials and components suppliers, midstream key equipment and system integrators, and downstream operational entities [9]. - Relevant institutions involved in the top-level design and management of fusion projects, as well as local government departments promoting fusion energy installations, are also encouraged to participate [9].

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。 重要内容提示： ● 中国第一重型机械股份公司（以下简称公司）控股股东中国一重集团有限公司（以下简称一重集团） 持有公司股份数额为4,106,252,571股，占公司总股本的59.88%。 ● 本次一重集团将其质押的公司股份1,300,000,000股全部解除质押后，一重集团持有的公司股份无质押 情况。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601106 证券简称：中国一重（维权） 公告编号：2026-005 中国第一重型机械股份公司关于 控股股东质押股份全部解除质押的公告 公司2026年1月14日收到控股股东一重集团的通知，获悉其将质押给中国工商银行股份有限公司齐齐哈 尔富拉尔基支行的1,300,000,000股公司股份全部解除质押，已于近日在中国证券登记结算有限责任公司 办理完成质押登记解除手续。本次股份解除质押情况如下： ■ 一重集团本次解除质押股份暂无后续质押计划，未来如有变动，公司将按照相关规定及时履行信息披露 义务。 特此公告。 中国第一重型机械股 ...

Group 1 - The stock price of Shangwei New Materials has significantly increased since July 2025, leading to abnormal trading fluctuations, and the company may apply for a trading suspension if the price continues to rise [1] - CITIC Securities reported a net profit of 30.05 billion yuan for 2025, a year-on-year increase of 38.46%, driven by growth in brokerage, investment banking, and proprietary trading [2] - Huibo Technology's controlling shareholder will change to Tianjin State-owned Assets Supervision and Administration Commission after transferring 341 million shares, representing 25.60% of the total share capital [3] Group 2 - Caixun Co. plans to issue convertible bonds to raise up to 1.46 billion yuan for projects including the construction of an intelligent computing center and AI application development [4] - Jinhaitong expects a net profit of 160 to 210 million yuan for 2025, a year-on-year increase of 103.87% to 167.58%, due to rising demand in the semiconductor packaging sector [5] - Aoyuan Ceiling announced that it may apply for a trading suspension if its stock price continues to rise significantly [6] Group 3 - Yanshan Technology's commercialization of brain-machine interface and brain-like intelligence business is still in the early stages, with no revenue generated yet [7] - Haige Communication expects a net loss for 2025 due to industry client adjustments and increased investment in innovative businesses [9] - Hu Silicon Industry anticipates a net loss of 1.28 to 1.53 billion yuan for 2025, with a significant increase in losses compared to the previous year [10] Group 4 - Guangyun Technology may apply for a trading suspension if its stock price continues to rise abnormally [11] - Wenkang Development plans to swap its main assets and liabilities with 100% equity of Wenkang Mining and Luzhong Mining, facilitating a business transformation [12] - Jinqiao Information clarified that its AI-related judicial business is not its main business and does not significantly impact overall performance [13] Group 5 - Yonghe Co. expects a net profit increase of 110.87% to 150.66% for 2025, while CITIC Bank anticipates a 2.98% increase in net profit to 70.62 billion yuan [14] - Guotou Power's power generation volume decreased by 8.12% year-on-year for 2025, while Jiamei Packaging expects a net profit decrease of 43% to 53% [14] - Shengke Communication anticipates a net loss of 120 to 160 million yuan for 2025 [14]

1月12日，星环聚能落地上海签约仪式、投资签约仪式在嘉定成功举办。据悉，星环聚能顺利完成10亿元A轮融资，资金将用于全力推进可控核聚变技术 从实验验证迈向工程示范，加速商业化进程。 本轮融资由上海国投公司旗下上海科创集团、上海未来产业基金领投，中金资本、上海嘉定科技投资集团联合领投，中银资产、曦晨资本、武岳峰科创、 龙格科技、飞图创投、上汽金控、山东能源上海兖矿资产、中集环科、尚融资本、元禾璞华、申万宏源、彬复资本、臻一资产等机构和个人共同投资，公 司Pre-A轮领投方上海科创集团旗下知识产权基金继续跟投。融资资金将用于全力推进下一代聚变装置建设。公司规划于2028年前后彻底完成工程验证， 启动商业示范堆建设，2032年前后建成一个可输出电能的聚变反应示范堆。 嘉定区委书记肖文高，区委副书记、区长高香，区委常委、常务副区长陆祖芳，上海市科委二级巡视员郑广宏，市核电办党组书记、主任陆海宾，上海国 投公司科创总监、上海科创集团党委书记、董事长朱民，市发展改革委、市经信委等相关委办局代表，相关投资机构负责人，星环聚能CEO陈锐、首席科 学家谭熠等企业代表出席签约仪式。 签约仪式上，嘉定区徐行镇人民政府与星环聚能签署 ...

Core Insights - The 2025 fund reports indicate a clear "dual bet" strategy by fund manager Chen Zongchao, focusing on AI applications and controlled nuclear fusion as key investment themes for 2026 [1][9]. Group 1: Same Fund Performance - The fund "Tongtai Digital Economy A" has evolved into an "AI computing power hardware fund," with its top ten holdings accounting for 66.51% of the fund's net asset value by the end of Q4 [2][10]. - Key holdings include Zhongji Xuchuang, Haiguang Information, Xinyi Sheng, and Hanwha, which together represent over 34% of the fund [2][10]. - The fund achieved a return of 3.49% in Q4 2025, reflecting its focused investment strategy [6][16]. Group 2: Investment Strategy - Chen Zongchao has strategically reduced exposure to general tech hardware stocks while increasing stakes in core holdings like Haiguang Information and Xinyi Sheng, reinforcing the focus on domestic AI computing power [3][11]. - New investments in companies like Jereh and XPeng Motors indicate an expansion into AI-enabled high-end manufacturing and smart driving [3][11]. Group 3: Future Outlook - The fund "Tongtai New Energy Preferred" is focused on the ultimate energy solution of controlled nuclear fusion, with a portfolio heavily invested in companies linked to high-temperature superconductors and special metals [5][14]. - Chen Zongchao predicts that advancements in high-temperature superconductors and AI will accelerate the realization of controlled nuclear fusion, potentially surpassing the commercial scale of wind and solar storage industries [6][16]. - The fund's concentrated strategy yielded a remarkable quarterly return of 26.28%, ranking it first among similar products [6][16]. Group 4: Market Sentiment and Risks - Despite acknowledging the high uncertainty and risks in the controlled nuclear fusion sector, Chen Zongchao remains optimistic about the long-term potential of AI computing stocks, which have shown resilience amid market skepticism [8][18]. - The AI computing sector is viewed as entering a new Kondratiev wave, with the main battleground shifting from the West to China [20].

建研设计（301167.SZ）1月14日在投资者互动平台表示，公司曾完成"HT-7U超导托卡马克核聚变实验 装置主机厅"项目设计，该项目已于多年前实施完毕，对公司近年来的经营业绩没有影响。公司在建筑 设计业务领域拥有核心技术和多年的项目经验积累，具备为客户提供工程技术综合解决方案的能力和优 势。公司将密切关注可控核聚变领域的科研基础设施建设动向，并积极参与符合公司业务方向的相关项 目机会。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司能不能设计咨询检测超导托卡马克核聚变实 验装置主机厅业务，有哪些优势竞争力？ ...

中国一重(601106.SH)发布风险提示公告，公司被列入" 可控核聚变"概念股。截至目前，公司仅承接极 少量相关配件项目，且相关产品尚未形成收入。 ...