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。 ...

Core Insights - The article discusses the investment outlook for the 2025 fund reports, focusing on AI applications, commercial aerospace, and nuclear fusion as potential investment themes for 2026 [1] Group 1: Fund Performance - The fund managed by Chen Zongchao, Tongtai New Energy Preferred 1-Year Holding A, achieved a quarterly return of 26.28%, ranking first among its peers [3][11] - The fund's returns over the past month, three months, and six months were 16.38%, 25.96%, and 70.17%, respectively, with a one-year return of 96.53%, nearly doubling [3][11] Group 2: Investment Strategy - Chen Zongchao emphasizes a structural differentiation in the power equipment and new energy sector, advocating for a focus on cutting-edge and uncertain areas like controllable nuclear fusion [1][2] - The core logic is based on the advantages of controllable nuclear fusion, which is driven by advancements in high-temperature superconductors and the growth of artificial intelligence, positioning it as a key battleground for major powers [1][2] Group 3: Market Dynamics - 2025 is seen as a pivotal year for controllable nuclear fusion to transition from scientific ideal to industrial reality, supported by strong policy drivers and a diversified investment ecosystem involving state platforms, energy state-owned enterprises, local funds, and private capital [2][7] - The investment potential of controllable nuclear fusion is projected to exceed that of wind, solar, and lithium battery industries once the technology matures and achieves large-scale commercialization [2][7] Group 4: Portfolio Composition - The fund's top ten holdings differ significantly from traditional new energy funds, including companies like Yongding Co., Sry New Materials, and Antai Technology, which are closely linked to key aspects of the nuclear fusion industry chain [8][9]

中国一重公告称，公司股票于2026年1月9日、12日、13日连续三个交易日内日收盘价格涨幅偏离值累计 超20%，14日再次涨停。自2025年12月以来，收盘价格涨幅达113.12%，但基本面未变，存在短期上涨 过快后下跌风险。2025年三季度净利润为-7859.95万元，存在经营亏损风险。1月13日、14日，股票两 日平均换手率为12.80%，交易风险大。此外，公司虽被列入"可控核聚变"概念股，但相关产品未形成收 入。 ...

Group 1 - The company, Zhongyou Capital, has confirmed its subsidiary, Kunlun Capital, is actively investing in the commercial aerospace sector, specifically in companies like Hongqing Technology and Aerospace Times Feipeng [2] - Kunlun Capital is implementing a "fund + direct investment" dual-drive strategy, focusing on investments in new energy, new materials, digital intelligence industries, and low-altitude economy [2]

Investment Rating - The report maintains a "Buy" rating for the fusion energy industry, indicating an expected investment return exceeding the market benchmark index by more than 15% over the next 6-12 months [9]. Core Insights - The upcoming 2026 Fusion Energy Technology and Industry Conference in Hefei is expected to promote collaboration and innovation within the fusion industry, showcasing China's capabilities in magnetic confinement fusion [1]. - Significant experimental breakthroughs have been achieved in domestic fusion devices, including the EAST confirming the existence of a density-free zone and the successful long-pulse operation of the world's first high-temperature superconducting tokamak, Honghuang 70 [2]. - Multiple financing and construction advancements in fusion projects have been reported, including TMTG's plans to build the world's largest fusion power plant in the U.S. and significant funding rounds for domestic fusion startups [3]. - The fusion industry is anticipated to benefit from dual catalysts of policy support and positive industrial progress, with various projects in China and abroad showing promising developments [4]. Summary by Sections Research Developments - The EAST experiment confirmed methods for high-density operation in magnetic confinement fusion, published in the journal "Science Advances" [2]. - The Honghuang 70 achieved a 120-second steady-state long-pulse plasma operation, marking a significant milestone for commercial fusion devices [2]. Industrial Progress - TMTG announced plans to construct a major fusion power plant in the U.S. by 2026, following its merger with TAE Technologies [3]. - Domestic fusion projects, such as Dongsheng Fusion and the NTST device, have secured significant funding and are set to commence construction in the coming years [3]. Investment Recommendations - The report suggests focusing on companies with leading positions in the fusion supply chain, particularly those involved in vacuum chambers, magnet systems, power systems, and low-temperature systems [4].

今日市场总体冲高回落，三大指数午后快速跳水，消息面上，融资保证金最低比例从80%提高至 100%，交易所表示有助于适当降低杠杆水平，促进市场长期稳定健康发展。 值得关注的是，今日市场成交额继续放量，全天成交超3.9万亿，续刷历史新高，较上个交易日放量近 3000亿。东方证券认为，现阶段市场量价配合理想，预计春节前仍会延续这种交投活跃格局。 盘面上，AI应用端再度走强，电商、营销、医疗等方向涨幅居前，美年健康、值得买、浙文互联等多 股涨停；半导体芯片产业链震荡走高，龙芯中科、圣晖集成涨停或涨超10%；商业航天概念震荡反弹， 三维通信、海格通信等十余股涨停；光伏板块再度拉升，帝科股份、国晟科技涨停或涨超10%。下跌方 面，人形机器人、银行、保险等板块飘绿。 从个股看，两市上涨2747家，下跌2592家，131家涨幅持平。两市共111股涨停，共20股跌停。 截至收盘，沪指跌0.31%报4126.09点，成交16071亿元；深成指涨0.56%报14248.60点，成交23344亿 元。创业板指上涨0.82%，报3349.14点。 资金动向 今日主力资金重点抢筹IT服务、软件开发、证券等板块，主力净流入居前的个股包括山 ...

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、上海嘉定科投集团联合领投，中银资产、曦晨资本、武岳峰科创等知名 机构和个人共同参投，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。 星环聚能于2021年10月成立，2025年11月由陕西迁入上海嘉定。公司致力于聚变能商业应用及相关技术研发，以建成商用可控聚变堆为己任，专注小型 化、商业化、快速迭代的可控聚变能装置。其核心团队成员均毕业于清华大学工程物理系，从事可控核聚变研究超20年。 近日，国内可控核聚变领域迎来标志性事件——上海星环聚能科技有限公司（以下简称"星环聚能"）成功完成10亿元A轮融资，创下国内民营核聚变企业 单笔融资最高纪录。 这不仅是资本市场的又一次瞩目，更是国家战略资本对未来能源基石技术的坚定押注。 01 从清华实验室走出来的独角兽 星环聚能脱胎于清华大学科技成果转化项目，其故事也始于清华园的同窗之谊。1999年，两位青年——来自江西的陈锐与来自湖南的谭熠，共同考入清华 大学工程物理系，成为同班同学。 本科毕业后，两人的轨迹短暂分离：谭熠选择留校深耕，在核聚变研究中稳步前行，后担任清华大学工程物理系副教授； ...

（文章来源：证券时报网） 中原证券认为，周二，A股市场震荡整理。盘中医疗器械、游戏、能源金属以及电网设备等行业表现较 好；航天航空、通信设备、船舶制造以及半导体等行业表现较弱，进入1月份以来，市场交投再度活 跃，两融余额同步攀升，增量资金入场迹象明确，为行情延续提供支撑。国内无风险收益率持续下行， 居民存款向权益市场"搬家"的趋势为市场提供了充裕的流动性环境。人民币资产吸引力增强，共同推升 了市场风险偏好。2025年12月CPI同比涨幅微幅扩大，显示内需出现边际改善迹象。在量能有效放大、 政策预期积极、产业催化不断的背景下，预计本轮行情有望持续推进。建议投资者密切关注宏观经济数 据、海外流动性变化以及政策动向。 华龙证券认为，周二，A股市场震荡调整。盘面上，AI应用概念逆势上涨，AI医疗概念反复活跃，电网 设备概念午后走强；商业航天、可控核聚变等板块跌幅居前。上证指数结束17连阳，指数和主线板块目 前看不到顶部结构，暂且认为是分歧。分歧代表着需要等方向选择而不是主观猜测，目前大盘在5日均 线之上，暂时不用过度担心。但分歧考验聚焦能力，需要去弱留强。 财信证券认为，周二，A股大盘表现较弱，三大指数全线收跌，主要 ...

Core Insights - The upcoming "2026 Nuclear Fusion Energy Technology and Industry Conference" signifies a shift from theoretical research to practical industrial applications of controlled nuclear fusion, aiming to integrate this technology into everyday energy use [2][3]. Group 1: Conference and Industry Implications - The conference will gather scientists, engineers, entrepreneurs, and investors to discuss the commercialization of nuclear fusion technology, indicating a significant step towards making "artificial sun" energy accessible to the public [2][3]. - The event is hosted at a key research facility in Hefei, showcasing tangible advancements in nuclear fusion technology, which could lead to a trillion-dollar energy market [3]. Group 2: Technological Milestones - The EAST (Experimental Advanced Superconducting Tokamak) has achieved a world record by maintaining plasma stability at 100 million degrees Celsius for 1066 seconds, surpassing the sun's core temperature and marking a critical milestone for future fusion power plants [4][6]. - The HL-3 (Chinese Fusion Reactor) has also reached a significant milestone by achieving "double hundred million" plasma temperatures, moving closer to practical fusion reactions [8][10]. Group 3: Future Developments and Timeline - The next-generation fusion reactor, BEST, is set to be completed by 2027, with plans to demonstrate fusion energy generation by 2030, ahead of international projects like ITER [10][26]. - A comprehensive timeline outlines milestones for fusion energy commercialization, targeting operational fusion energy by 2040-2045 [30][33]. Group 4: Ecosystem and Market Dynamics - Hefei has developed a robust innovation ecosystem for nuclear fusion, integrating government, industry, academia, and finance, which is crucial for transforming research advantages into industrial benefits [20][22]. - The presence of 47 publicly listed companies in China's "controlled nuclear fusion" sector indicates a growing market, with many firms serving as core suppliers for both domestic and international fusion projects [23].

近日，上证报记者从永鼎股份（600105）子公司东部超导获悉，公司在尖端材料领域取得突破——近日成功中标核工业西南物理研究院（下称"西物院"） REBCO高温超导带材采购项目。 "公司正通过积极扩充产能、优化产线布局，同步推进技术研发与产业化落地，订单获取成效显著。"东部超导相关人士向记者表示，虽然此次中标属小规 模量级，但于公司来说意义重大，标志着公司在可控核聚变核心客户中迈出里程碑式一步。 东部超导是永鼎股份旗下子公司，专注于超导生产设备、二代高温超导带材及超导应用产品的自主研发与制造，客户与应用涵盖可控核聚变、超导感应加 热以及磁拉单晶、核磁共振、磁悬浮交通等多个领域。 "中标西物院项目，标志着公司第二代高温超导带材的综合性能与工程适用性，已得到国内权威科研机构的高度认可。"东部超导方面向记者表示，能够获 得西物院的认可，得益于东部超导产品性能的持续迭代升级。 "具体来看，公司不仅在核心技术研发上持续突破，更通过全面优化产线、前瞻性扩充产能，实现了高性能REBCO带材制备效率与规模的双重提升，为承 接重大战略项目筑牢了坚实基础。"该公司负责人向记者介绍。 目前，东部超导已构建起覆盖研发、量产到工程服务的 ...