Core Insights - The construction of China's first fusion technology innovation city in Chengdu is progressing, with significant advancements in various projects, marking the critical phase of the controlled nuclear fusion industry development plan set to launch in October 2025 [1][2] Group 1: Fusion Technology Development - The plan aims to establish a global technology research and development hub for controlled nuclear fusion in the Chengdu area, focusing on four major innovation platforms related to fusion technology, including a fusion research base and a large scientific device for electromagnetic-driven fusion [1] - The commercial linear magnetic confinement fusion device HHMAX-901, developed by Hanhai Juyuan (Chengdu) Technology Co., achieved plasma ignition, indicating a breakthrough in the commercialization of linear magnetic confinement fusion in China [2] - The "China Circulation No. 3," a new generation artificial sun, set a new operational record by achieving a plasma current of one million amperes and an ion temperature of one billion degrees, advancing China's fusion research into the burning plasma experimental phase [2] Group 2: Innovation Ecosystem in Chengdu - Chengdu has established 96 national-level innovation platforms, including the National Precision Medicine Industry Innovation Center and the National Supercomputing Center, along with six major national and provincial scientific infrastructures [3] - The Tianfu Laboratory has initiated its operational phase, having built approximately 456,600 square meters of physical space, established 43 research platforms, attracted 1,360 talents, and undertaken 113 national and provincial research projects [5] - The city is committed to enhancing its original innovation capabilities and optimizing the innovation ecosystem to become a significant source of technological innovation and industrial application in China [5]

Market Overview - The A-share market experienced a collective adjustment, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2% [1] - AI application concepts rose against the trend, while sectors like commercial aerospace and controllable nuclear fusion saw significant declines [1] ETF Market Activity - On January 13, the non-monetary ETF market saw significant inflows, with the GF CSI Media ETF increasing by 3.12 billion shares and a net inflow of 4.122 billion yuan [1] - The Yongying National Satellite Communication Industry ETF also saw an increase of 894 million shares with a net inflow of 1.886 billion yuan [1] - The Harvest CSI Software Service ETF had an increase of 1.439 billion shares and a net inflow of 1.507 billion yuan [1] Fund Performance - The top-performing ETFs by net inflow for the month include: - GF CSI Media ETF with a net inflow of 7.321 billion yuan and a total fund size of 10.767 billion yuan [4] - Yongying National Satellite Communication Industry ETF with a net inflow of 6.765 billion yuan and a total fund size of 15.592 billion yuan [4] - Southern CSI Nonferrous Metals ETF with a net inflow of 5.941 billion yuan and a total fund size of 29.006 billion yuan [4] Overall ETF Market Statistics - As of January 13, the total ETF shares in the market reached 33,788.87 billion shares, with a total scale of 62,409.89 billion yuan [4] - The consumer sector saw the largest increase in shares, with 10 funds tracking it, while the CSI Media Index had the largest increase in shares with 2 funds tracking it [4]

Market Overview - On January 13, major indices in China experienced collective adjustments, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2%. The Shanghai Composite Index closed down 0.64%, the Shenzhen Component Index down 1.37%, and the ChiNext Index down 1.96%. The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - In the U.S. stock market, the three major indices also declined on January 13. The Dow Jones Industrial Average fell by 398.21 points to close at 49,191.99, a decrease of 0.80%. The S&P 500 Index dropped by 13.53 points to 6,963.74, down 0.19%, while the Nasdaq Composite Index decreased by 24.03 points to 23,709.87, a decline of 0.10% [1] Sector Performance - In the Chinese market, over 3,700 stocks declined, with the AI application concept sector rising against the trend, seeing over ten constituent stocks hitting the daily limit up. The AI medical concept remained active, while the power grid equipment sector strengthened in the afternoon. The retail sector also showed active performance. Conversely, the commercial aerospace and controllable nuclear fusion sectors experienced significant declines [1] - In the U.S., the performance of major indices reflected a general downward trend, indicating a cautious market sentiment [1] Commodity Prices - International oil prices rose on January 13. The price of light crude oil futures for February delivery on the New York Mercantile Exchange increased by $1.65 to $61.15 per barrel, a rise of 2.77%. The March delivery Brent crude oil futures price rose by $1.60 to $65.47 per barrel, an increase of 2.51% [2] Policy and Regulatory Updates - The Ministry of Commerce of China announced the continuation of anti-dumping duties on imported solar-grade polysilicon from the U.S. and South Korea, effective from January 14, 2026, for a period of five years [2] - The Ministry of Industry and Information Technology issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming for significant progress in platform development and resource connectivity by 2028 [3][4] Company-Specific Developments - The approval of NVIDIA to export its H200 AI chips to China is expected to restart shipments to Chinese customers. This decision will be overseen by the U.S. Department of Commerce, which will also impose a fee of approximately 25% on the related transactions [7]

昨日三大指数集体调整，深成指跌超1%，创业板指冲高回落跌近2%。沪深两市成交额3.65万亿，较上 一个交易日放量496亿。盘面上，全市场超3700只个股下跌。从板块来看，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，零售概念表现活跃，下跌方面，商业航天、可控核聚变等板 块跌幅居前。截至收盘，沪指跌0.64%，深成指跌1.37%，创业板指跌1.96%。 在今日券商晨会上，中信建投认为，持续看好战略金属投资机遇；中金公司认为，通胀温和，但美联储 1月仍不会降息；中信证券认为，关注情绪上行的主题轮动板块。 中信建投：持续看好战略金属投资机遇 近年来，资源民族主义逐步兴起、大国博弈过程中将战略资源"武器化"、供给刚性"显性化"以及需求受 益产业巨变共同铸就了战略金属牛市格局，金属矿产资源是经济社会发展的重要物质基础，是为国计民 生提供坚实支撑保障的"国之大者"。"当今世界正经历百年未有之大变局"，近年尤其是后疫情时代以 来，全球政治、经济局势愈发动荡，稳固高效的全球供应链体系松动，全球化退潮趋势已现，这一背景 下，对稀缺资源的掌握变得重要，其中关键战略性矿产资源已成为各国博弈的新"战场"。近期美 ...

Market Overview - The three major indices collectively adjusted, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - Over 3,700 stocks in the market declined, while sectors such as AI applications and AI healthcare saw gains [1] Strategic Metals Investment - CITIC Construction maintains a positive outlook on strategic metals investment opportunities due to rising resource nationalism and geopolitical tensions [2] - The importance of strategic mineral resources has increased, becoming a new battleground for countries amid global supply chain disruptions [2] Inflation and Federal Reserve Outlook - CICC reports that the U.S. December CPI rose by 2.7% year-on-year, aligning with market expectations, while core CPI was at 2.6%, below expectations [3] - The report indicates that moderate inflation data is insufficient for the Federal Reserve to consider a rate cut in January, with the next potential cut possibly in March [3] Market Sentiment and Sector Rotation - CITIC Securities highlights that market liquidity is increasing, with A-share trading volume surpassing 3 trillion yuan, leading to accelerated sector rotation [4] - External factors, such as U.S. non-farm payrolls and unemployment rates, have reduced the likelihood of a rate cut by the Federal Reserve in January [4] - Domestic economic recovery remains fragile, with ongoing adjustments in economic and income structures, while support for technology sectors like AI and commercial aerospace continues [4]

Group 1 - The Wande Fusion Concept Index rose by 4.97% on January 12, with several stocks reaching their daily limit, and the index has accumulated a nearly 20% increase in just six trading days this year [1] - Recent news indicates that controlled nuclear fusion devices are entering the engineering phase, attracting attention from superconducting material companies, commercial fusion companies, and national research teams [1][2] - Controlled nuclear fusion is considered the "ultimate energy" due to its abundant raw materials, environmental cleanliness, high safety, and low cost, with global investment in this field accelerating since 2025 [2] Group 2 - Energy Singularity announced the successful excitation of its self-developed high-temperature superconducting magnet to 20.8 Tesla, demonstrating its capability for stable operation [2][3] - The Lawson Criterion is identified as a key indicator for energy gain in fusion energy research, emphasizing the importance of magnetic field strength for plasma confinement [2] - Energy Singularity has developed a measurement platform capable of testing superconducting materials in environments exceeding 20 Tesla, addressing the limitations of existing commercial measurement systems [3] Group 3 - The first fully high-temperature superconducting Tokamak fusion experimental device, Honghuang 70, achieved 120 seconds of steady-state long-pulse plasma operation, validating its engineering reliability [4] - The Chinese Academy of Sciences' EAST device confirmed the existence of a density-free zone, providing important physical evidence for high-density operation in magnetic confinement fusion devices [4] - Both national teams and commercial companies are making significant advancements in Tokamak technology and superconducting magnets [4] Group 4 - Several stocks are being categorized as "dual concept stocks" in both commercial aerospace and controlled nuclear fusion, potentially boosting the nuclear fusion sector [5][6] - Companies like Western Superconducting and AVIC Optoelectronics are involved in both nuclear fusion and commercial aerospace, indicating a cross-industry synergy [6] - Experts agree that global fusion energy research has entered a new engineering phase, with upstream raw material suppliers and midstream equipment manufacturers poised to benefit [6] Group 5 - The FRC (Field-Reversed Configuration) route is gaining popularity among commercial fusion companies due to its significant advantages [7] - Nova Fusion announced a 500 million yuan angel round financing, with notable investors supporting its development of a small modular reactor using the FRC technology [7] - Han Hai Fusion is also pursuing the FRC route, with plans to achieve revenue breakthroughs in nuclear medicine and neutron imaging by 2025 [7] Group 6 - The FRC route's emergence in China is influenced by advancements from US company Helion Energy, which is constructing the world's first fusion power plant, aiming to deliver fusion electricity by 2028 [8]

小幅上冲后放弃了抵抗，随后一路回撤。截至收盘三大指数集体收涨。其中沪指下跌0.64%，深成指下 跌1.37%，创业板指下跌1.96%。两市合计超3700只个股下跌，合计成交额3.65万亿。 今天的回撤应该算是在意料之中，在成交额不断放巨量的情况下，主力资金却在不断流出，相较于昨天 的3.15万亿，今天再度增加496亿，但主力净流出高达1411.65亿。 航天航空低开低走陷入调整，截至收盘大跌6.75%，包括航天环宇、广联航空、江航装备等在内的超10 只个股跌停或跌幅在10%上方。商业航天、大飞机、卫星互联网、可控核聚变、军民融合、航母概念、 空间站概念等超20个行业板块跌幅在4%上方。 AI应用概念逆势上涨，包括引力传媒、利欧股份、省广集团在在内的超10只个股涨停。AI医疗概念反 复活跃，其中美年健康3连板，泓博医药、新赣江等多股涨停。电网设备概念午后走强，其中特变电 工、三变科技涨停。零售概念表现活跃，其中三江购物2连板。 ...

Group 1 - The core viewpoint of the article highlights the increasing interest and investment in the controlled nuclear fusion sector, with significant financing rounds indicating strong confidence in its commercialization prospects [1][2][5]. - The controlled nuclear fusion theme index experienced an 8-day consecutive rise, reflecting the sector's growing momentum, although it faced a single-day decline of 5.28% on January 13, 2026 [1][4]. - Star Ring Fusion's recent 1 billion yuan A-round financing sets a new record in the domestic sector, showcasing the recognition of its unique technology path based on high-temperature superconducting spherical tokamak [2][3]. Group 2 - The rapid rise of East Rising Fusion, which secured hundreds of millions in angel financing within six months, underscores the sector's heat and the backing from major investment firms [5]. - The implementation of the "Atomic Energy Law" on January 15, 2026, marks a significant legislative support for controlled nuclear fusion research, establishing a regulatory framework for the industry [7]. - The optimistic long-term outlook for the nuclear fusion industry is supported by various brokerage firms, with projections indicating a potential global market size of $496.55 billion by 2030 [8].

Core Viewpoint - The article highlights the significant partnership between Rongbai Technology and CATL, focusing on the supply of lithium iron phosphate cathode materials, which is expected to generate over 120 billion yuan in sales from 2026 to 2031 [2][3]. Group 1: Partnership and Agreements - Rongbai Technology has signed a procurement cooperation agreement with CATL to supply approximately 3.05 million tons of lithium iron phosphate cathode materials from Q1 2026 to 2031, with a total sales amount exceeding 120 billion yuan [2]. - This agreement follows Rongbai Technology's previous announcement in November 2025, where it became the primary supplier of sodium-ion battery cathode powder for CATL [3]. - The partnership includes opportunities for Rongbai Technology to participate in CATL's new projects and product developments, emphasizing collaboration on quality improvement and rapid delivery [2]. Group 2: Market Trends and Opportunities - The demand for lithium iron phosphate is surging, particularly in overseas markets, driven by advancements in solar and energy storage technologies, which are lowering costs and enabling the growth of distributed power systems [3]. - The article notes that the global energy storage market is poised for explosive growth, with lithium iron phosphate batteries holding a 92.5% share in the energy storage sector due to their safety, long cycle life, and cost-effectiveness [6]. - The increasing energy consumption of AI data centers is creating a significant demand for reliable energy storage solutions, further enhancing the market potential for lithium iron phosphate batteries [4][6]. Group 3: Industry Dynamics - The article discusses the structural differentiation in the domestic lithium iron phosphate industry, highlighting a surplus in low-end products while high-end products remain in short supply [6]. - The fourth-generation lithium iron phosphate products, characterized by high pressure and density, are crucial for meeting fast charging and high energy density demands, indicating a high technical barrier in this segment [6]. - CATL's orders often include technical cooperation clauses, aiming to secure high-quality production capacity in response to the growing demand for advanced lithium iron phosphate products [6].

证券日报网讯 1月13日，宏微科技在互动平台回答投资者提问时表示，公司在可控核聚变领域尚未形成 销售收入。目前公司已与国内头部核聚变装置厂商、多家电源厂商达成合作，未来将聚焦于可控核聚变 装置中所需的关键功率器件，如背景磁场电源系统、脉冲电源系统、辅助加热电源系统等。但相关产品 的技术验证、市场拓展及商业化进程尚具有不确定性，请注意投资风险。 （编辑 丛可心） ...