Core Viewpoint - The A-share market is experiencing a surge in the controlled nuclear fusion concept, driven by significant advancements in the field and the involvement of foreign capital in related stocks [1][2][3]. Group 1: Market Performance - The controlled nuclear fusion sector has seen notable stock price increases, with Ha Welding Huaton reaching a historical high of 55.31 yuan per share, marking a 186.54% increase in 2025 [1][3]. - Other stocks in the sector, such as Hezhong Intelligent, Antai Technology, and China Nuclear Construction, have also shown significant gains [1][3]. - Ha Welding Huaton's market capitalization is currently 9.054 billion yuan [3]. Group 2: Key Developments - The BEST project in Hefei achieved a critical breakthrough with the successful delivery of the Dewar base, marking a new phase in the project [3]. - The BEST project aims to demonstrate fusion energy generation by 2025, with the potential to light the first lamp by 2030 [3][10]. Group 3: Foreign Investment - Ha Welding Huaton has attracted significant foreign investment, with major institutions like Barclays, Morgan Stanley, Goldman Sachs, and UBS entering its top ten circulating shareholders [1][6]. - The company has seen a "big turnover" in its top shareholders, with seven new entrants, indicating strong foreign interest [6]. Group 4: Financial Performance - Ha Welding Huaton's revenue for 2022-2024 is projected at 1.571 billion, 1.579 billion, and 1.573 billion yuan, with net profits of 46.05 million, 57.99 million, and 40.48 million yuan respectively [4]. - In the first half of 2025, the company reported a revenue of 806 million yuan, a year-on-year increase of 12.89%, but a net profit decline of 14.01% [4]. Group 5: Broader Industry Trends - The global fusion industry has seen explosive growth, with total investments rising from 1.9 billion USD in 2021 to 9.7 billion USD by 2025 [9]. - The Chinese fusion energy company has received significant investments, totaling approximately 11.492 billion yuan from major state-owned enterprises [9]. - Optimistic outlooks for the controlled nuclear fusion sector are supported by increasing policy clarity, enhanced financing, and accelerated construction of facilities [10].

Core Viewpoint - The stock of Hahai Huadong (301137.SZ) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days on October 9 and 10, 2025, prompting regulatory scrutiny [1] Company Information - The company acknowledged media reports regarding its products being applicable in controlled nuclear fusion projects, confirming that while its products can be used in such projects, the revenue generated from these applications accounts for less than 1% of total revenue [1] - Following an internal review, the company, its controlling shareholders, and actual controllers confirmed that there are no undisclosed significant matters related to the company, nor are there any major matters in the planning stage [1]

Group 1 - The pharmaceutical and biotechnology industry received the highest net inflow of main funds, amounting to 520 million yuan [2] - The construction materials sector led the market with a rise of 1.92%, while coal, textile and apparel, oil and petrochemicals, and beauty and personal care industries also saw increases of over 1% [2] - Among the 25 industries with net outflows, the electronics and electrical equipment sectors experienced the largest outflows, exceeding 21 billion yuan each, while the non-ferrous metals sector saw a net outflow of 10.447 billion yuan [2] Group 2 - In individual stocks, the photolithography concept stock Newray Material saw a net inflow of 512 million yuan, leading the market [3] - Military industry stock Changcheng Military Industry had a net inflow of 457 million yuan, with significant gains in military equipment stocks [3] - Other popular stocks such as Landai Technology, GF Securities, and Kaimete Gas also saw net inflows exceeding 300 million yuan [4] Group 3 - Over 220 stocks experienced net outflows exceeding 100 million yuan, with Lixun Precision and CATL each seeing outflows over 3 billion yuan [5] - The market saw a total net outflow of 15.074 billion yuan at the close, with the ChiNext board contributing 6.469 billion yuan to this outflow [6] - In the closing session, storage chip concept stock Xiangnong Xinchuan had a net inflow of 124 million yuan, while controlled nuclear fusion concept stock Rongfa Nuclear Power saw a net inflow of 110 million yuan [8]

Group 1 - A-share market saw a total of 72 stocks hitting the daily limit up [1] - Controlled nuclear fusion concept stock Hezhong Intelligent achieved three consecutive limit ups [1] - Antai Technology experienced two consecutive limit ups [1]

Core Insights - The recent breakthrough in China's compact fusion energy experimental device (BEST) marks a significant advancement, paving the way for the world's first fusion energy demonstration in 2027 [3] - Controlled nuclear fusion is considered the "ultimate energy solution," comparable to historical revolutions like the steam engine and electrification, with the potential to transform the global energy landscape [3] - The fusion reactor market is projected to be a trillion-dollar opportunity, with upstream materials and key components expected to benefit first [3] Company Highlights - **Ingeteam**: This company has been providing critical power supply services for national fusion projects, covering essential systems such as magnetic field and heating power supplies, successfully applied in multiple key national projects [4] - **Xiamen Tungsten**: The first domestic company to develop and produce ITER filter tungsten probe components, possessing precision processing capabilities for large-scale ITER-grade tungsten materials, supplying core tungsten components for various fusion devices [5] - **China Nuclear Technology**: Supplies 80% of the vacuum sealing valves and connectors for the Chinese Circulation III project, with products capable of withstanding plasma impacts of 160 million degrees and a lifespan of 100,000 hours, breaking the technical monopoly of France's Framatome [6] - **Western Superconducting Technologies**: Achieved significant breakthroughs in NbTi superconducting wire for nuclear fusion, developing engineering production technology that produces superconducting wire lengths of up to 90,000 meters, meeting ITER project requirements [7] - **Potential Leading Company**: The only global company capable of full industrial chain manufacturing for fusion reactors, securing orders for core components like ITER superconducting coils and vacuum chambers, with proprietary micron-level precision vacuum chamber welding technology [8]

Core Insights - The company is actively exploring business opportunities related to controlled nuclear fusion and has successfully integrated some products into relevant projects [1] Company Summary - The company, Jin Hong Gas (688106.SH), has acknowledged inquiries from investors regarding its products related to controlled nuclear fusion and nuclear power [1] - The company has indicated that it is continuously monitoring developments in the controlled nuclear fusion sector [1]

格隆汇10月10日丨钧崴电子(301458.SZ)在互动平台表示，公司产品暂未涉及可控核聚变领域的应用。 ...

Core Viewpoint - The company is actively engaged in the field of controlled nuclear fusion, recognizing it as a significant global research topic and an important area for international scientific collaboration [1] Group 1: Research and Development Focus - The company is increasing its investment in research and development related to controlled nuclear fusion, particularly in key materials such as PF conduits [1] - A specialized R&D team has been established to explore cutting-edge technologies in the field of controlled nuclear fusion materials [1] Group 2: Strategic Partnerships and Market Awareness - The company is collaborating with research institutions, universities, and partners across the industry chain to share research outcomes and capture strategic opportunities in technological innovation and future industry layout [1] - Although the current business segment related to controlled nuclear fusion is small, the company is closely monitoring technological innovations, global research trends, policy directions, and potential market demand changes in this area [1]

Core Viewpoint - The successful installation of the Dewar base for the BEST project marks a new phase in the construction of controlled nuclear fusion, indicating potential acceleration in component development and engineering installation [1][2]. Group 1: Project Progress - The BEST project has advanced its overall assembly by two months ahead of schedule, with the Dewar base installation signaling a new stage in the project [2]. - Multiple projects in the domestic fusion industry are progressing steadily, with new routes and projects being announced, indicating an upcoming period of intensive bidding [3]. Group 2: Technological Advancements - Significant breakthroughs in key technologies and components have been reported, including the introduction of a kilometer-level REBCO superconducting tape suitable for controlled nuclear fusion scenarios and the successful generation of a steady-state strong magnetic field [3]. Group 3: Strategic Value of Fusion Energy - The strategic value of fusion energy is highlighted by its potential to reshape electricity consumption structures, particularly with the increasing demand from AI and data centers, which are projected to account for 5%-9% of global electricity consumption by 2050 [4]. - Major tech companies are actively engaging in fusion energy, with agreements for purchasing fusion power, indicating a strong market interest and potential for long-term growth in the controlled nuclear fusion industry [4]. Group 4: Investment Opportunities - Companies to watch in the vacuum chamber and internal components include Hezhong Intelligent (603011), Guoguang Electric (688776), Antai Technology (000969), and Parker New Materials (605123) [5]. - For magnet systems, notable companies include Lianchuang Optoelectronics (600363) and Yongding Co., Ltd. (600105) [5]. - In the power systems sector, key players are Sichuan Chuang Electronics (600990), Wangzi New Materials (002735), and Xuguang Electronics (600353) [5].

记者丨唐曜华 吴斌 编辑丨方海平 和佳 金珊 10月10日，A股市场全天震荡调整，三大指数集体下跌，截至收盘，沪指跌0.94%，深成指跌2.70%，创 业板指跌4.55%，市场成交额2.53万亿。 | 北证50 | 上证指数 | 深证成指 | | --- | --- | --- | | 3897.03 | 13355.42 | 1506.91 | | -36.94 -0.94% -370.14 -2.70% -18.90 -1.24% | | | | 创业板指 | 科创50 | 万得全A | | 1452.68 | 3113.26 | 6326.40 | | -86.41 -5.61% -148.56 -4.55% -105.56 -1.64% | | | | 沪深300 | 中证500 | 中证A500 | | 7398.22 | 4616.83 | 5577.65 | | -92.65 -1.97% -150.70 -2.00% -130.63 -2.29% | | | | 中证红利 | 深证100 | 中证1000 | | 7533.82 | 5559.05 | 5856.24 | | -114.23 ...