Core Insights - The electric grid equipment sector opened high, with Zhongneng Electric rising over 11%, and companies like China XD Electric, Chint Electric, and Baobian Electric hitting the daily limit, driving the electric grid equipment ETF (159326) to increase by 2.49% [1] - Microsoft CEO's comments on GPU idling due to power shortages and physical space constraints continue to stimulate the market, highlighting the soaring demand for AI electricity and the inadequacy of current grids in North America and Europe to support the power needs of AI data centers [1] - Domestic companies are expected to benefit from cost and technological advantages, with a significant increase in orders and export demand over the first nine months, leading to potential improvements in performance and valuation [1] - CITIC Securities notes that in the short to medium term, the demand for transmission and transformation equipment is expected to resonate positively, with structural demand continuing to emerge, particularly in ultra-high voltage and smart grid segments [1] Product Performance - As of the report, the electric grid equipment ETF (159326) saw a rise of 2.49%, being the only ETF tracking the CSI Electric Grid Equipment Theme Index, with over 60% weight in ultra-high voltage and more than 19% in controllable nuclear fusion [2] - Key weighted stocks in the ETF include Guodian NARI (a leader in domestic grid intelligence), TBEA (a core supplier of global ultra-high voltage equipment), and Siyuan Electric (focused on power equipment R&D and manufacturing) [2]

Group 1 - The controllable nuclear fusion sector showed strong performance at the beginning of trading, with companies like Hailu Heavy Industry and Baobian Electric reaching the daily limit increase [2] - Other companies such as Huaneng Intelligent, Parker New Materials, and Zhongtian Technology saw their stock prices rise by over 5% [2] - Additional companies like China West Electric and Haheng Huaton also experienced upward movement in their stock prices [2]

南方财经11月6日电，可控核聚变板块延续强势，海陆重工4连板，保变电气2连板，派克新材、合锻智 能、长光华芯、中天科技、哈焊华通跟涨。 ...

Group 1: Fund Purchase Restrictions - Recent increase in fund purchase restrictions, particularly for quantitative small-cap funds and QDII funds due to strong performance and overseas investments [1] - Fund companies are proactively limiting purchases to manage inflow and emphasize long-term performance stability [1] Group 2: A-share Tourism Market - A-share tourism sector shows active performance following the announcement of the longest Spring Festival holiday in history, lasting 9 days in 2026 [2] - Increased ticket search volume and travel interest noted, with expectations for a more balanced daily passenger flow during the holiday [2] Group 3: Non-Performing Asset Transfers - Multiple banks are actively announcing non-performing asset transfers, with nearly 90 banks reporting such actions since October, involving over 10 billion yuan [2] - Personal housing loans, consumer loans, and operational loans are the primary categories being transferred [2] Group 4: Hong Kong IPO Market - Hong Kong IPO market has reached 216.47 billion HKD in 2025, marking a significant recovery since 2021 [2] - Continued strong interest in IPOs is expected, with many companies waiting to list [2] Group 5: Financial Distress and Self-Rescue Measures - 178 companies in the A-share market are facing potential delisting risks due to financial indicators, with Q4 performance critical for survival [2] - Companies are taking self-rescue actions, including mergers, asset sales, and restructuring [2] Group 6: Electric Vehicle Industry Transformation - The number of new energy vehicles in China reached 36.89 million by mid-2025, indicating a shift towards smart and connected vehicles [3] - Consumer preferences are evolving, with increased focus on smart driving assistance and interactive experiences [3] Group 7: Low-altitude Logistics Development - Low-altitude logistics is gaining traction, with several provinces launching new policies and routes to enhance industry growth [4] - This emerging logistics method is seen as a cost-effective solution for improving logistics efficiency [4] Group 8: Controlled Nuclear Fusion Investment - Significant capital is flowing into the controlled nuclear fusion sector, with related indices showing over 65% growth this year [4] - The industry is expected to enter a capital expenditure acceleration phase during the 14th Five-Year Plan [4] Group 9: Puma's Restructuring Efforts - Puma reported a 10.4% decline in sales to 1.9557 billion euros in Q3 2025, leading to a net loss of 62.3 million euros [6] - The company plans to cut approximately 900 jobs globally by the end of 2026 as part of cost-reduction measures [6] Group 10: Apple’s Market Strategy - Apple plans to launch a low-cost MacBook and a foldable iPhone in 2026 to address declining sales in the Greater China region [7] - The company is also tightening control over its offline distribution channels to stabilize pricing and order [7] Group 11: Country Garden's Debt Restructuring - Country Garden's offshore debt restructuring plan has received approval from a majority of creditors, with a court hearing scheduled for December 4, 2025 [7] Group 12: Stock Market Movements - U.S. stock indices collectively rose, with the Nasdaq up 0.65% and the Dow Jones up 0.48%, driven by positive economic data and tech stock performance [13] - Bitcoin and Ethereum rebounded significantly after recent declines, indicating a recovery in the cryptocurrency market [13]

Market Overview - The market opened slightly higher with the Shanghai Composite Index starting at 3973.35 points, up 0.10% from the previous close of 3969.25 points [1] - Strong performance was noted in popular sectors such as power IoT, energy storage, and charging [1] Notable Stocks - Zhongneng Electric opened up 17.5%, while Haima Automobile opened up 10.01%, indicating strong investor interest in these stocks [1] - Other notable high openings included: - Mindong Electric up 9.89% - Shunma Electric up 9.78% - Yingxin Development up 9.39% - Antai Group up 8.7% [1] Continuous Limit-Up Stocks - Stocks that achieved consecutive limit-ups included: - Hefei China with 8 consecutive limit-ups - Haima Automobile with 5 consecutive limit-ups - Hailu Heavy Industry with 4 consecutive limit-ups [1] Low Openings - Stocks that opened lower included: - Lopuskin down 5.02% - Intercontinental Oil and Gas down 2.48% - Tianpu Co. down 1.92% [1]

Core Insights - The year has seen a significant rise in the performance of actively managed equity funds, with the active equity fund index up 32.44% in the first ten months, outperforming the CSI 300 index by 17.94% [1] - Despite the overall positive performance of active equity funds, mixed, actively managed stock, and commodity funds experienced net outflows, with only a few high-performing products achieving net inflows [1] - The funds managed by Chen Yunzong, namely Guangfa Small and Medium Cap Select and Guangfa Growth Start, saw substantial growth in subscription shares and total assets, indicating strong investor interest [1] Fund Performance - Guangfa Growth Start achieved a year-to-date return of 72.92% and ranked in the top 2.4% among 1,876 similar funds, while its one-year return reached 88.81% [2] - The fund's success is attributed to a balanced industry allocation and a focus on growth, with significant returns from sectors like technology, innovative pharmaceuticals, and non-ferrous metals [2] - Chen Yunzong's strategy includes sector rotation within growth themes and identifying alpha opportunities within different industries [2] Market Outlook - The market continues to exhibit a bullish trend into the fourth quarter, although volatility has increased [3] - Chen Yunzong categorizes growth sectors into traditional growth (e.g., new energy, semiconductors, military industry) and emerging growth, focusing on industries in early stages of industrialization [3] - Key areas of interest for future investment include embodied intelligence, AI, solid-state batteries, controllable nuclear fusion, quantum computing, and commercial aerospace, which are expected to present long-term investment opportunities [3]

● 本报记者 魏昭宇 近日，安东聚变宣布完成近亿元首轮融资，由联想之星、啟赋资本、盘古创富、道翼资本、水木清华校 友基金投资。这笔资金将用于前沿人才梯队组建、聚变驱动器系统研发、实验系统与测试平台建设等方 面。据悉，安东聚变成立于2022年11月，致力于加快推动Z箍缩能源技术方案，开发可控核聚变驱动技 术装备及系统，为后期设计、建设及商业化发电提供支持。 "以往我们提到可控核聚变、人造太阳，感觉更像是一个美好的愿景。而如今，投资人们正在用真金白 银证明这一行业愈加清晰的前景。"一位私募机构的投资经理感慨说。 有机构入局首轮融资，亦有机构伴随着企业走到了IPO阶段。作为美国MIT-CFS、英国TE等多家全球可 控核聚变龙头企业的高温超导材料供应商，上海超导今年的IPO进程备受市场关注，其背后的投资方出 现了多家知名一级机构的身影。企查查显示，知名国资机构上海创业投资有限公司持股比例达7.92%， 成为上海超导第三大股东；私募股权投资机构蔚来资本旗下的合肥蔚瀚速坤创业投资合伙企业（有限合 伙）持股比例达5.29%，位列上海超导第四大股东。 值得一提的是，蔚来资本对可控核聚变领域的关注可追溯到更远的时间。2022年 ...

● 本报记者 魏昭宇 "感觉今年可控核聚变真的火了。"一位来自VC机构的投资经理向中国证券报记者感慨。两三年前，不 少业内人士还认为这是一个听起来非常遥远的概念。如今，来自一级市场的真金白银正在源源不断地投 向可控核聚变赛道。 "以往我们提到可控核聚变、人造太阳，感觉更像是一个美好的愿景。而如今，投资人们正在用真金白 银证明这一行业愈加清晰的前景。"一位私募机构的投资经理感慨说。 有机构入局首轮融资，亦有机构伴随着企业走到了IPO阶段。作为美国MIT-CFS、英国TE等多家全球可 控核聚变龙头企业的高温超导材料供应商，上海超导今年的IPO进程备受市场关注，其背后的投资方出 现了多家知名一级机构的身影。企查查显示，知名国资机构上海创业投资有限公司持股比例达7.92%， 成为上海超导第三大股东；私募股权投资机构蔚来资本旗下的合肥蔚瀚速坤创业投资合伙企业（有限合 伙）持股比例达5.29%，位列上海超导第四大股东。 值得一提的是，蔚来资本对可控核聚变领域的关注可追溯到更远的时间。2022年年初，蔚来资本与米哈 游共同领投了能量奇点的首轮融资（近4亿元），用于研发商业化可控核聚变技术。此外，知名创投机 构中科创星亦在2 ...

Group 1 - The article highlights the importance of major announcements in the stock market, including suspensions, investments, acquisitions, and performance reports, to help investors identify potential investment opportunities and risks [1] - The company involved in controlled nuclear fusion has products applied in superconducting tokamak nuclear fusion experimental devices [1] - Another company provides products and components for domestic and international fusion clients, including ITER, focusing on controlled nuclear fusion, humanoid robots, solid-state batteries, and rare earth permanent magnets [1] Group 2 - A company is investing 100 million to accelerate its humanoid robot business layout, indicating a strategic move towards robotics and energy storage [1] - The article emphasizes the significance of timely information on stock announcements to prevent unforeseen events and to allow investors to make informed decisions [1]

Core Viewpoint - The commercialization of nuclear fusion, often referred to as the "50-year paradox," is showing signs of potential acceleration due to recent breakthroughs in China's controlled nuclear fusion projects, particularly the BSET project in Hefei, which is expected to be completed by 2027 [2][3]. Group 1: Nuclear Fusion Commercialization - The "50-year paradox" suggests that nuclear fusion is always 50 years away from commercialization, but recent developments indicate a shift in this timeline [1][2]. - The BSET project in Hefei has achieved a key breakthrough with the successful delivery of the internal Dewar base, which may expedite the commercialization process [2]. Group 2: Energy Demand and AI - The increasing energy demands of the AI industry highlight the importance of nuclear fusion as a potential solution, with global data center energy consumption projected to reach 810 TWh by 2026, equivalent to the annual output of eight Three Gorges dams [3][4]. - Controlled nuclear fusion, also known as "artificial sun," is viewed as an ideal energy source capable of providing nearly limitless energy [4]. Group 3: Industry Chain and Key Players - The nuclear fusion industry chain consists of upstream materials like metal and high-temperature superconducting tapes, midstream equipment such as filters and superconducting magnets, and downstream applications in power and healthcare [4]. - Xibu Superconductor is a key player in the upstream segment, being the sole domestic supplier of low-temperature superconductors for the ITER project, which is the largest global collaboration in nuclear fusion research [7][9]. Group 4: Financial Performance of Xibu Superconductor - Xibu Superconductor has seen significant growth in its superconducting product revenue, increasing from 195 million to 1.304 billion from 2020 to 2024, with a 65.75% year-on-year growth in the first half of 2025 [11][12]. - The company’s high-end titanium alloy segment, which accounts for nearly 60% of its revenue in the first half of 2025, is crucial for its profitability, especially in the aerospace sector [14][19]. Group 5: Operational Challenges - Despite strong market positioning, Xibu Superconductor faces challenges with increasing inventory and accounts receivable, which reached 4.311 billion by the third quarter of 2025, representing 54.3% of total assets [20][24]. - The company’s accounts receivable and inventory levels pose risks for cash flow and operational efficiency, necessitating careful management [22][26]. Group 6: Future Outlook - Xibu Superconductor is well-positioned in the nuclear fusion and aerospace sectors, leveraging its dual strengths in superconducting products and high-end titanium alloys to drive future growth [25].