Core Viewpoint - Hongxun Technology (603015.SH) is actively involved in the nuclear fusion sector, providing high-performance power systems for Tokamak devices, and has secured significant contracts related to international fusion projects [1] Group 1: Company Activities - The subsidiary EEI has long-term collaborations with foreign research institutions on physics projects, particularly in the nuclear fusion field [1] - EEI has previously participated in the ITER project, supplying power systems for the JT-60SA superconducting Tokamak device [1] - Currently, EEI has two active orders: one for a high-precision power solution for the correction coils of a divertor Tokamak testing device (order value of €3.6 million) and another for a magnet power project (order value of €800,000), both scheduled for delivery by the end of 2025 [1] Group 2: Industry Engagement - The EEI team is actively participating in discussions on nuclear fusion in key regions worldwide, seeking collaboration opportunities with China and other countries on various nuclear fusion projects [1]

Core Viewpoint - Hongxun Technology (603015.SH) is actively involved in the nuclear fusion sector, providing high-performance power systems for Tokamak devices, and has secured significant contracts related to international fusion projects [1] Group 1: Company Activities - The subsidiary EEI has long collaborated with foreign research institutions on physics project research, particularly in the nuclear fusion field [1] - EEI has previously participated in the ITER project, supplying power systems for the JT-60SA superconducting Tokamak device [1] - Currently, EEI has two active orders: one for a high-precision power solution for the divertor Tokamak test device worth €3.6 million, and another for a magnet power project worth €800,000, both scheduled for delivery by the end of 2025 [1] Group 2: Industry Engagement - The EEI team is actively participating in discussions on nuclear fusion in key regions worldwide, seeking collaboration opportunities with China and other countries on various nuclear fusion projects [1]

Core Viewpoint - The article highlights the increasing policy support for infrastructure investment, which is expected to drive equipment demand, particularly for large excavators due to the commencement of the Yaxia Hydropower Project [1] Group 1: Infrastructure Investment and Equipment Demand - Enhanced policy support is anticipated to boost infrastructure investment, leading to increased demand for equipment [1] - The initiation of the Yaxia Hydropower Project is expected to further stimulate the demand for large excavators and related machinery [1] Group 2: Industry Trends - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales experiencing a year-on-year growth of 157.2% [1] - Intelligent applications such as unmanned forklifts and unmanned mining are expected to achieve breakthroughs [1] Group 3: Capital Expenditure in Fusion Industry - The nuclear fusion industry is entering a phase of capital expenditure expansion, with a focus on high-value components such as magnet systems, vacuum chambers, and power systems [1] Group 4: Low-altitude Economy - Policies related to the low-altitude economy emphasize safety, health, and high-quality development, with optimism surrounding infrastructure construction and low-altitude equipment research and application [1] Group 5: ETF Overview - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component supply, covering various manufacturing sectors [1]

Core Viewpoint - The 14th Five-Year Plan emphasizes key industries such as aerospace, low-altitude economy, hydrogen energy, nuclear fusion, and embodied intelligence, presenting clear strategic opportunities for the machinery sector [1][3]. Investment Highlights - In November, the CITIC Machinery sector declined by 5.02%, underperforming the CSI 300 Index by 1.78 percentage points, ranking 26th among 30 CITIC primary industries [2]. - Among the sub-industries, aerial work platforms, other transportation equipment, and shipbuilding saw positive growth, with increases of 2.22%, 1.35%, and 0.31% respectively, while lithium battery equipment, forklifts, and photovoltaic equipment experienced significant declines [2]. Policy and Growth Opportunities - The new emerging industries outlined in the 14th Five-Year Plan, particularly aerospace, low-altitude economy, hydrogen energy, nuclear fusion, and embodied intelligence, are highly relevant to the machinery industry, providing clear strategic guidance and new investment opportunities [3]. Market Adjustment and Defensive Value - The market experienced notable adjustments in November, with previously weak sectors like shipbuilding and aerial work platforms performing relatively well, while strong sectors such as solid-state battery equipment and humanoid robots faced significant pullbacks [4]. - The recommendation is to focus on domestic demand-driven sectors with stable fundamentals and high dividend yields, such as engineering machinery and high-speed rail equipment [4]. Growth Potential and Investment Opportunities - Despite recent adjustments in themes like humanoid robots and AIDC supporting equipment, the long-term growth logic remains intact, with continued investment opportunities as market sentiment improves and risk appetite increases [5]. - The company suggests maintaining focus on traditional engineering machinery leaders and shipbuilding leaders, as well as key players in humanoid robots and AIDC construction beneficiaries [5].

Core Viewpoint - Dongfang Tantalum Industry's stock price has shown significant volatility, with a year-to-date increase of 93.62%, but recent declines in the short term raise questions about future performance [1][2]. Group 1: Stock Performance - As of November 27, Dongfang Tantalum's stock price was 26.28 CNY per share, with a market capitalization of 13.268 billion CNY [1]. - The stock experienced a net outflow of 10.1728 million CNY in principal funds, with large orders showing a buy of 44.0698 million CNY and a sell of 45.4526 million CNY [1]. - Over the past 20 days, the stock has decreased by 20.41%, while it has increased by 29.14% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dongfang Tantalum achieved a revenue of 1.199 billion CNY, representing a year-on-year growth of 33.90%, and a net profit attributable to shareholders of 208 million CNY, also up by 33.43% [2]. - The company has distributed a total of 383 million CNY in dividends since its A-share listing, with 91.899 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of November 10, the number of shareholders increased to 64,900, a rise of 21.63%, while the average circulating shares per person decreased by 17.79% to 7,725 shares [2]. - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 3.6678 million shares, an increase of 410,600 shares from the previous period [3].

Core Viewpoint - The article argues that nuclear fusion, often touted as the "ultimate energy" solution, is not a viable option for meeting future energy demands, particularly in the context of AI advancements. It highlights the misconceptions surrounding nuclear fusion and presents a critical analysis of its feasibility and practicality [1]. Summary by Sections 01: The Myth of Nuclear Fusion - Nuclear fusion is perceived positively due to three main advantages, but these are misleading and not practical [2]. - The claim that seawater contains abundant fuel for nuclear fusion is deceptive; while deuterium is present, it requires tritium, which is not naturally available and must be produced through complex processes [3]. - The assertion of zero pollution and risk is true, but the low energy output of fusion makes it impractical for power generation [4]. - The energy density of fusion fuel is often confused with its power density; while fusion fuel has high energy density, its power output is significantly lower than that of fission reactors [6]. 02: Fundamental Issues with Nuclear Fusion - The power density of nuclear fusion is 20 times lower than that of nuclear fission, necessitating much larger reactor sizes to produce equivalent energy [7][9]. - The cost of building a nuclear fusion power plant is projected to be at least three times higher than that of a fission plant, with estimates for a fusion reactor reaching up to $150 billion for equivalent output [11]. - The sustainability of fusion fuel is limited, with available resources lasting only a fraction of the time compared to fission fuel, contradicting the notion of "unlimited" energy [16]. 03: Misconceptions Surrounding Nuclear Fusion - The belief that fusion technology is on the verge of commercial viability has persisted for decades, yet significant breakthroughs remain elusive [18]. - The narrative of fusion being a clean and environmentally friendly energy source is politically motivated, but economic feasibility is questionable if the cost of electricity remains high [20]. - The use of complex terminology in fusion discussions often serves to obscure the fundamental issues and lack of practical solutions [21]. 04: Alternative Energy Solutions - Upgraded nuclear fission technologies are presented as safer, more cost-effective, and capable of recycling waste, making them a more reliable energy source for the future [20]. - Renewable energy sources, such as wind and solar, combined with advanced storage solutions, are positioned as complementary to nuclear fission, providing a stable and sustainable energy system [21]. 05: Conclusion - The article emphasizes the need to focus on practical energy solutions rather than relying on the unrealistic promises of nuclear fusion, advocating for advancements in fission technology and renewable energy systems to meet future energy demands [22].

Core Insights - The event for the transformation of nuclear fusion technology achievements was held on November 27 by China Fusion Energy Co., Ltd [1] - The agenda included the signing of relevant projects from the nuclear fusion center and technology service projects for achievement transformation [1] - Key advancements in superconducting materials for core components of fusion devices, research progress on compact fusion experimental devices, and updates on the China Circulation No. 3 research were presented [1]

Core Viewpoint - Far East Holdings has shown a significant increase in stock price this year, with a year-to-date rise of 46.32%, despite recent fluctuations in the short term [1][2]. Group 1: Stock Performance - As of November 27, the stock price of Far East Holdings reached 6.95 CNY per share, with a market capitalization of 15.425 billion CNY [1]. - The stock has experienced a decline of 1.42% over the last five trading days and a drop of 11.80% over the last 20 days, while it has increased by 2.06% over the last 60 days [1]. - The company has appeared on the trading leaderboard three times this year, with the most recent instance on August 25, where it recorded a net buy of 714.9 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Far East Holdings reported a revenue of 20.209 billion CNY, reflecting a year-on-year growth of 10.91%, and a net profit attributable to shareholders of 168 million CNY, which is a substantial increase of 268.86% [2]. - The company has distributed a total of 1.083 billion CNY in dividends since its A-share listing, with 155 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Far East Holdings increased to 83,800, marking a rise of 19.66% from the previous period [2]. - The average number of tradable shares per shareholder decreased by 16.43% to 26,473 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the third-largest shareholder with 41.1553 million shares, an increase of 14.3041 million shares from the previous period [3].

哈喽大家好，今天小无带大家聊聊科技圈炸锅的大事！ 2025年11月24日，十多个国家的科学家扎堆合肥未来大科学城，签下了《合肥聚变宣言》，中国牵头的燃烧等离子体国际科学计划正式启 动。 能源焦虑与技术困局 核聚变这玩意儿到底有多香？零排放、燃料取之不尽，简直是为解决能源危机量身定做的。国际能源署的数据都快把警钟敲烂了：2024年全 球数据中心耗电415太瓦时，占全球总用电量的1.5%，2030年还要翻倍。 现在AI、电动车越来越多，光伏风电又靠天吃饭，稳定供电根本跟不上，核聚变要是成了，夏天空调随便开、电动车随便充的日子不就来 了？ 但谁能想到，这么香的技术，却被一道"终极BOSS"拦住了——燃烧等离子体。这玩意儿难到啥程度？ 这哪儿是简单签约啊，分明是人类组团向终极能源发起总攻！咱就是说，现在全球都在抢核聚变这块"香饽饽"。 近40个国家加码布局，160多个聚变装置连轴转，私营企业更是狂揽71.2亿美元投资，曾经说"永远差三十年"的技术，现在真要临门一脚了？ 谁能想到，中国不仅自己硬，还拉着全世界一起干。开放共享的三大战略直接戳中全球痛点：全球科学家共用BEST资源、联合分担风险、一 起制定标准。法国、德国 ...

2025 年迄今，兰石重装已披露的核聚变相关订单总额约为 9 亿元，订 单增速非常快，大型设备如线圈盒单个体量金额非常可观，是未来拓展 的重要方向。 兰石重装主要参与冷却系统、包覆层、屏蔽包覆层及整流系统等多个核 聚变子系统的建设，技术壁垒主要体现在高效传热、高温材料及复杂系 统集成方面，未来批量化生产后，其毛利水平预计将高于三代核电产品。 料焊接。 兰石重装 20251125 摘要 兰石重装具备高端金属材料研发和锻造能力，以及工业智能装备设计和 生产能力，已在三代核电站装备（如压力容器、板式换热器）方面有较 好布局，并通过收购中核嘉华实现核燃料全产业链覆盖。 控股股东变更为甘肃国投后，兰石重装将获得更强的融资支持和甘肃省 内装备制造业资源的协同发展，有利于拓展市场和提升竞争力，甘肃国 投作为 3A 级信用评级的平台公司，将为兰石集团提供更强有力的融资 支持。 兰石重装在可控核聚变项目中，从换热器项目切入，与 CFEDR 合作开 发高性能材料（如 316 控氮合金钢），并从整体系统设计角度切入，注 重模块化开发，青岛基地新建车间用于高温合金材料焊接。 兰石重装在聚变堆高效换热器方面深耕多年，积累了板翘式换热器 ...