11月17日早盘，国防军工板块跳空高开后持续领涨全市场！ 消息面，近日地缘局势不确定性加剧。日本首相日前公然发表挑衅言论。此外，俄乌冲突持续，11月14 日凌晨俄罗斯再次对乌克兰发起新一轮大规模空袭。 基本面上，申万宏源证券从业绩角度指出，季度报表已显示出逐季改善趋势。进入四季度，预计"十五 五"相关订单有望逐步落地，叠加军贸催化，国防军工行情或将再次上行。 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标 的，是一键投资国防军工核心资产的高效工具，覆盖"商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深 海科技 + 军用AI "等诸多热门主题。 数据来源于沪深交易所、公开资料等。 | ( | 名称 | 现价 | 涨跌幅 ▼ | 主力净流入额 | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1705.65 | 2.04% | 44.15 Z | | 801750 | 计算机(申万) | 5261.99 | 0.97% | 72.32亿 | | 801080 | 电子(申万) | 6 ...

【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标 的，是一键投资国防军工核心资产的高效工具，覆盖"商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深 海科技 + 军用AI "等诸多热门主题。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。2020- 2024年分年度历史收益分别为：67.91%、14.28%、-25.74%、-11.02%、8.20%。指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。以上个股均为标的指数成份股，仅作展 示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的本基金的风险等级为R3-中风险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以 销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形 式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析 及预测不构成对阅读者 ...

Core Insights - The event "Famous Writers Arrive at Literary 'County' Scene" in Kunshan aims to connect renowned science fiction authors with local readers, fostering a cultural exchange and promoting science fiction literature [5][9][16] - The event features notable authors like Liu Cixin and Wang Jinkang, who engage with students and the public through discussions, workshops, and literary activities [7][10][14] Group 1: Event Overview - Kunshan has been ranked first among China's top 100 counties for 21 consecutive years, with a projected GDP of 538.017 billion yuan in 2024, highlighting its status as a hub for high-tech industries [5] - The three-day event includes various activities such as reader exchanges, science fiction salons, and literary lectures, aimed at broadening horizons and connecting the future [6][7] Group 2: Author Engagement - Liu Cixin and Wang Jinkang interacted with students from Kunshan Duke University and local schools, discussing the impact of science fiction on imagination and scientific interest [10][11] - The authors emphasized the importance of science fiction in inspiring youth and fostering innovation, with Liu Cixin noting the challenges posed by rapid technological advancements to traditional science fiction writing [11][12] Group 3: Community Involvement - The event attracted significant public participation, including a pre-event night run and film screening of "The Wandering Earth," which engaged local citizens and sparked interest in science fiction [6][10] - Volunteers distributed literary magazines, indicating a strong community interest in reading and literature, with all prepared materials being quickly claimed [6][10] Group 4: Educational Impact - The event aims to cultivate a love for science and literature among students, with discussions on how science fiction can enhance logical thinking and creativity [15][19] - Workshops and lectures by authors provided insights into the creative process and the relationship between science and literature, encouraging students to explore these fields further [14][15]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Previously, the report was bullish on technology, but since mid - October, it has shifted towards a more balanced view. Based on high - frequency fund tracking and institutional behavior, it assesses the year - end market. For example, it mentioned in the report on October 12 that in the short term, it's advisable to adjust the structure, pay attention to finance (bank + insurance), and there may be rotations in the technology sector. As of November 14, banks and insurance have risen by 8.8% and 8.7% respectively, while technology sectors like electronics, communication, and computer have shown relatively poor performance [4]. - The recent capital behavior consistently tends towards balanced allocation. The reasons are the resonance of domestic and foreign risk - aversion sentiment and the year - end profit - taking demand of absolute - return institutions. Currently, the equity market is in the process of style re - balancing, and risk - averse funds may temporarily flow into industries weakly or negatively correlated with technology, such as finance, chemical industry in the pro - cyclical sector, and innovative drugs under the warming of the Sino - US narrative. The report also anticipates that the time for the next style to refocus on technology may be within this year [5][7][8]. Summary by Relevant Catalogs Asset Price Performance - **Global Assets**: In the week from November 10 - 14, 2025, most overseas stock markets rose, bond markets adjusted, non - ferrous metal prices increased, and the US dollar depreciated. US bonds fell significantly, while Chinese bonds remained relatively stable. Commodity prices were differentiated, with precious metal prices turning from decline to rise and crude oil prices falling. The US dollar index declined, and the RMB and Hong Kong dollar appreciated relatively. In the domestic stock market, the Shanghai Composite Index fell 0.2%, and the ChiNext Index and STAR 50 Index had relatively large declines, resonating with the US Nasdaq Index [13][14]. - **Risk - Aversion Sentiment**: The S&P 500 Volatility Index (VIX) rose this week, reaching the pressure level of 20 on Thursday, indicating an increase in risk - aversion sentiment [16]. - **A - share Market**: - **Index Performance**: Most broad - based indices fell this week. The STAR 50 (-3.8%) and ChiNext Index (-3.0%) led the decline, while the Wind Micro - cap Stock Index performed well, rising 4.1%. The dividend index, although slightly down (-0.02%), outperformed the broader market. After the National Day holiday, market volatility increased significantly, and the STAR Market, ChiNext, and micro - cap and dividend stocks often acted as two ends of a seesaw [19][21]. - **Trading Volume**: The average daily trading volume of major broad - based indices showed a slight increase overall, with most indices' average daily trading volume at a level similar to that in mid - August. Different indices had different trading volume trends, with the micro - cap stock index continuing to increase in volume and the STAR 50 significantly reducing in volume [25]. - **Industry Performance**: The top five rising industries were comprehensive (8.5%), basic chemicals (5.1%), commerce and retail (4.8%), textile and apparel (4.6%), and petroleum and petrochemical (3.7%), beauty care (3.5%). The industries with the largest declines were electronics, communication, and computer. The technology industry has been adjusting for two consecutive weeks, and the decline widened this week [27]. - **Technology Sector**: Since October, only a limited number of technology sectors have outperformed the Wind All - A Index. Specifically, controllable nuclear fusion, solid - state batteries, and storage have certain excess returns. This week, most sub - sectors in the technology sector fell, with rotations around storage, semiconductors, and solid - state batteries. The trading volume of the technology sector soared on Monday and Tuesday and declined marginally on Wednesday, Thursday, and Friday. Only semiconductors, storage, controllable nuclear fusion, and solid - state batteries had trading volumes higher than the average from August to September [32][37]. Fund Behavior Tracking - **Technology Weakening, Micro - cap and Dividend Reaching New Highs**: After the National Day, the STAR Market and ChiNext ended their unilateral upward trend since July and entered a wide - range shock. Micro - cap stocks, after a sideways shock since August, started to rise and continuously reached new highs this year. This week, the STAR Market and ChiNext fell significantly, while micro - cap stocks rose sharply, and micro - cap and dividend stocks reached new highs again [43]. - **Margin Trading Funds**: - **Trading Activity**: As of Thursday this week, the proportion of margin trading turnover in A - share turnover increased from 10.9% to 11.1%, indicating a slight increase in margin trading activity. The A - share margin trading balance on Thursday was approximately 2.51 trillion, a slight increase, and the proportion of margin trading balance in A - share market capitalization was approximately 2.54%, a decrease compared to last Friday [48]. - **Flow Direction**: In the past two weeks, margin trading funds and ETF funds mainly showed net outflows. From Monday to Thursday, margin trading funds flowed out of broad - market indices and the STAR 50 and flowed into small - and medium - cap stocks. This week, there were bottom - fishing funds in ETFs, especially on Friday, when the net inflow scale of the CSI 300 and the STAR Market and ChiNext was relatively large [53]. - **Market - Capitalization - Based Behavior**: This week, stocks with a market capitalization of over 500 billion added leverage, while those with a market capitalization between 100 billion and 500 billion reduced leverage. Stocks with a market capitalization of over 500 billion had a large variance in margin trading, with CATL, Zhongji Innolight, and BYD contributing most of the net margin trading purchases this week, while Cambricon, Kweichow Moutai, etc. had net margin trading sales [57]. - **Industry - Based Behavior**: This week, the industries with the largest proportion of net margin trading purchases in turnover were non - ferrous metals and chemicals. The industries with the largest month - on - month increase in the proportion of net margin trading purchases in turnover were non - ferrous metals, banks, home appliances, building materials, and non - bank financials, which were industries that reduced leverage significantly last week. After the National Day, basic chemicals and pharmaceutical biology have added leverage for six consecutive weeks [61]. - **Hot - Stock Behavior**: From the perspective of the proportion of net margin trading purchases in the market capitalization of hot stocks, most hot stocks in the power equipment, electronics, and chemical industries added leverage. The average proportion of margin trading funds in the top 35 hot stocks rose to 0.39% this week from 0.35% and 0.23% in the past two weeks. From the perspective of the proportion of net margin trading purchases in the turnover of hot stocks, most hot stocks in the power equipment, electronics, and chemical industries added leverage. In the power equipment field, stocks such as CATL, Huasheng Lithium, and Juhua Technology had a large proportion of net margin trading purchases in turnover, exceeding 10%. The average proportion of margin trading funds in the top 35 hot stocks rose to 2.65% this week from 1.51% and 0.67% in the past two weeks [63][70]. - **Quantitative Funds**: - **Excess Return**: In the last week of October, the excess returns of quantitative index - enhancing funds were negative, with the excess returns of CSI 500 and CSI 1000 quantitative index - enhancing funds being -0.9% and -1.0% respectively. In the past two weeks, the excess returns of CSI 500 and CSI 1000 quantitative index - enhancing funds have risen to 2.6% and 1.3% respectively [72]. - **Futures Basis**: The basis discount of stock index futures has narrowed in the near - term contracts and widened in the far - term contracts, but it still remains at a relatively high level [77]

Investment Rating - The report assigns an "Accumulate" rating for the mechanical industry [1] Core Insights - The report highlights that the weekly operating load rate of China's industrial gas sector has increased on a month-on-month basis. Additionally, Hangzhou Oxygen Plant has established an industrial fund focusing on investment opportunities in low-temperature deep cooling technology and controllable nuclear fusion [3][4] - Liquid argon continues its upward trend, while the average price of rare gases remains low and fluctuates. The average weekly operating load rate for industrial gases in China is reported at 69.69%, reflecting a month-on-month decrease of 1.63 percentage points [3][5] Summary by Sections Price Trends - Liquid oxygen has an average price of 422 RMB/ton, down 2.54% month-on-month but up 4.46% year-on-year. Liquid nitrogen is priced at 412.5 RMB/ton, down 4.6% month-on-month and down 5.5% year-on-year. Liquid argon is priced at 829 RMB/ton, up 7.94% month-on-month and up 15.85% year-on-year [5][6] Key Events - Hangzhou Oxygen Plant has announced the establishment of a venture capital partnership with a total subscribed capital of 1 billion RMB, focusing on industrial gases, low-temperature deep cooling technology, controllable nuclear fusion, and innovative energy power equipment [5][6] - Messer's new technology center in Chengdu has officially opened, equipped for demonstration, testing, and training across four core areas: welding and cutting, combustion technology, food and beverage, and water treatment [5][6] Company Recommendations - Recommended stocks include Hangzhou Oxygen Plant and Shaanxi鼓动力, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [5][6]

Core Insights - The controlled nuclear fusion sector has gained significant traction in the capital market this year, with a fusion index increase of over 60% since the beginning of the year, leading to substantial returns for investors [2] - The investment atmosphere has shifted, with many investors now proactively seeking opportunities in the nuclear fusion space, contrasting with previous years where companies had to work hard to attract funding [2][3] - 2023 is being referred to as the "Year of Fusion" in China, with advancements in technology, policy support, and investment climate indicating a potential breakthrough in the field [2][3] Industry Developments - Major milestones include the EAST achieving stable operation at 100 million degrees Celsius for over a thousand seconds, and the HL-3 achieving "double hundred degrees" operation [3] - The enactment of the Atomic Energy Law in September 2023 provides legal support for nuclear fusion technology development and application [3] - The establishment of state-backed companies like China Fusion Energy Co. and Fusion New Energy (Anhui) Co. has attracted significant investment, with nearly 11.5 billion yuan raised [4] Investment Trends - Numerous startups have emerged, with companies like Nova Fusion and Antong Fusion securing substantial funding to advance their fusion technology [5] - The capital influx is extending to the supply chain, with companies in related fields also receiving investments to support the growing nuclear fusion market [5][6] - The government has announced significant procurement projects, with recent tenders totaling approximately 1.37 billion yuan for various fusion-related equipment [6] Technological Landscape - The nuclear fusion market is diversifying, with new companies exploring various technological routes beyond the traditional Tokamak design, including FRC and Z-pinch technologies [8][9] - The two main state-backed teams are advancing critical Tokamak projects, with plans for operational timelines extending to 2045 for commercial power generation [8][9] Commercialization Challenges - The high costs associated with Tokamak projects, exemplified by the ITER project, pose significant challenges for commercialization, with estimates suggesting costs could reach 200-300 billion yuan for commercial reactors [9][10] - Startups are focusing on alternative approaches to reduce costs and improve efficiency, with some exploring hydrogen-boron fusion as a more viable option [10][12] - The industry anticipates a critical five-year window for technological iteration, with startups aiming to differentiate themselves in this competitive landscape [12][14] Market Applications - The demand for nuclear fusion is driven by the global need for energy, particularly in the context of rapid advancements in AI and other high-energy-consuming technologies [14] - Initial commercial applications are being explored in sectors such as medical isotope production, where there is a pressing market need [15][16] - Companies are positioning themselves to meet the energy needs of high-consumption industries, with plans for small-scale fusion power plants to serve specific sectors [15]

Core Viewpoint - The article discusses the significant growth and investment interest in controlled nuclear fusion, highlighting 2023 as a pivotal year for the industry, with a notable increase in investment and technological advancements [3][4]. Investment Climate - The controlled nuclear fusion index has risen over 60% this year, indicating a strong return for investors [3]. - There has been a shift in the investment atmosphere, with investors actively seeking opportunities in the sector, contrasting with previous years where companies struggled to attract funding [3][4]. Technological Advancements - Major breakthroughs have been achieved in nuclear fusion technology, including the EAST achieving 100 million degrees Celsius for over a thousand seconds and the HL-3 achieving "double hundred degrees" operation [4]. - The industry is witnessing a diversification of technological approaches, moving beyond the traditional Tokamak design to include FRC, Z-pinch, and stellarator technologies [11][12]. Policy Support - The enactment of the new Atomic Energy Law in September 2023 has provided legal backing for nuclear fusion research and applications [4]. - Nuclear fusion has been included in the "14th Five-Year Plan" as a future industry, emphasizing its potential as a new economic growth point [4]. Capital Influx - Significant capital has entered the sector, with companies like Nova Fusion and Antong Fusion securing substantial funding for their projects [6][18]. - The establishment of state-backed companies like China Fusion Energy Co. and Fusion New Energy Co. has further attracted attention and investment in the industry [4][5]. Market Dynamics - The nuclear fusion industry is characterized by a long supply chain involving superconducting materials, magnets, power sources, and mechanical processing, with many companies seeking to capitalize on this multi-trillion market [6][7]. - The government has initiated multiple procurement projects, with recent announcements totaling nearly 1.37 billion yuan for various nuclear fusion equipment [7]. Commercialization Challenges - Despite the optimism, experts caution that commercial nuclear fusion power generation still requires extensive scientific and engineering validation, with most companies projecting a timeline of 5 to 8 years for commercial viability [19]. - The high costs associated with traditional Tokamak designs have led many startups to explore alternative routes that promise lower capital requirements and faster iteration cycles [13][14]. Application Opportunities - The medical field presents a promising application for nuclear fusion technology, particularly in isotope production for cancer treatment, which is experiencing a growing market demand [20][21]. - Companies are also exploring the use of fusion technology in neutron sources for various applications, including cancer therapy and isotope production [20][21].

Core Viewpoint - The domestic nuclear fusion industry is experiencing a new wave of competition, with significant investment interest and technological advancements marking 2023 as a pivotal year for the sector [1][3]. Group 1: Industry Developments - The controllable nuclear fusion index has increased by over 60% this year, indicating strong market interest and investor returns [1]. - Major projects like the EAST and HL-3 have achieved significant milestones, including stable operation of plasma at 100 million degrees Celsius for over a thousand seconds [2]. - The establishment of companies like China Fusion Energy Co. and Fusion New Energy Co. has attracted nearly 11.5 billion yuan in investments, signaling robust state support [3]. Group 2: Investment Trends - A shift in investment dynamics is evident, with investors actively seeking opportunities in nuclear fusion startups, contrasting with previous years where companies struggled to attract funding [1][3]. - Several startups, including Nova Fusion and Antong Fusion, have successfully secured significant funding rounds, indicating a growing confidence in the sector [4][6]. - The capital influx is extending to the supply chain, with companies in related fields also receiving investments, highlighting the industry's expansive growth potential [6]. Group 3: Technological Innovations - The nuclear fusion landscape is diversifying, with new companies exploring alternative technologies like Field-Reversed Configuration (FRC) and Z-pinch, moving away from the traditional Tokamak approach [7][14]. - The government is supporting a multi-technology roadmap for nuclear fusion, allowing for varied approaches to development and commercialization [14]. - Companies like Hanhai Fusion are focusing on cost-effective solutions, with their HHMAX-901 device costing around 200 million yuan, aiming for competitive electricity pricing [11]. Group 4: Commercialization Efforts - The urgency for nuclear fusion is driven by the global demand for energy, particularly from AI and tech giants investing in fusion technologies [15]. - While commercial power generation is projected to take 5 to 8 years, companies are exploring immediate applications in medical isotopes and neutron sources to generate revenue [16][17]. - The medical sector presents a promising avenue for early application, with significant market demand for isotopes used in cancer treatment [17][18].

Core Viewpoint - The article highlights the ongoing enthusiasm of institutions for conducting research on listed companies, with a focus on investment opportunities in the technology sector, particularly around AI applications and the mechanical industry by 2026 [3][4][7]. Group 1: Institutional Research Activity - As of November 14, nearly 770 companies have received institutional research since the beginning of November, with Luxshare Precision being the most favored by institutions, receiving 222 institutional visits [4][5]. - Other companies with significant institutional attention include BeiGene-U, Huichuan Technology, Anji Technology, and Tongyu Communication, each receiving over 100 institutional visits [4][6]. Group 2: Sector Focus and Investment Opportunities - The electronic and mechanical equipment sectors are the primary focus for institutional research, with 92 companies in the electronic sector and 60 in mechanical equipment receiving attention [7][8]. - Institutions predict that AI application deployment will be the main theme for technology investments in 2026, with a focus on companies benefiting from domestic AI applications and computing power construction [7][8]. Group 3: Performance of Research Targets - More than half of the companies that institutions have researched since November have achieved positive returns, with Huasheng Lithium Battery experiencing a nearly 190% increase in stock price since the beginning of the month [5]. - Tonghui Electronics, a company listed on the Beijing Stock Exchange, has also gained significant attention, receiving 48 institutional visits, focusing on maintaining revenue and profit growth [6]. Group 4: Future Investment Strategies - The mechanical industry is expected to experience structural prosperity, with recommendations to focus on emerging industries such as humanoid robots, solid-state battery equipment, and controllable nuclear fusion [8]. - Investment strategies should also consider sectors benefiting from interest rate cuts and manufacturing capacity transfers, such as engineering machinery and oil service equipment, which generally have lower valuations and higher performance growth [8].

Investment Rating - The report maintains a positive investment recommendation for the controllable nuclear fusion industry, indicating an upward trend in capital expenditure and technological breakthroughs [1]. Core Insights - The controllable nuclear fusion industry is experiencing accelerated capital expenditure, with significant recent developments in financing and technological advancements [1][8]. - The report highlights that the domestic nuclear fusion projects are expected to see a peak in bidding and investment over the next 3 to 5 years, with an estimated total investment of 146.5 billion yuan [8][19]. Summary by Sections Capital Expenditure - On November 12, the Institute of Plasma Physics at the Chinese Academy of Sciences announced a new tender worth 1.3454 billion yuan, focusing on high-value areas such as fuel cycle and tritium recovery [1][8]. - In the first half of November, the total tender amount from the Institute and Fusion New Energy in Anhui reached 1.976 billion yuan, with five projects exceeding 200 million yuan [7][19]. Financing - On November 10, Xinneng Xuanguang completed a Pre-A round financing of several hundred million yuan, led by Ant Group, aimed at enhancing the performance of its in-construction devices and expanding its team [1][8]. Technological Breakthroughs - On November 6, the Southwest Institute of Nuclear Physics completed the final design review of the ITER Langmuir probe, marking a significant advancement in the development of key diagnostic systems for the ITER project [2][10]. Recommended Companies - The report continues to recommend Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting to pay attention to Guoguang Electric [3]. - In the magnet segment, companies such as Western Superconducting, Yongding Co., and Jingda Co. are highlighted for their high value contribution [3][34]. - For structural components and others, the report recommends companies like Sichuan Electronics, Yingliu Co., and Wanyi Technology, with a suggestion to monitor Antai Technology [3][35].