截至6月18日，科创综指最新样本数量已达到569只，对科创板的市值覆盖度达97%，覆盖了200多家科 创板规模指数尚未覆盖的个股。科创综指ETF华夏（589000）及其联接基金（A：023719；C： 023720）紧密跟踪科创综指，目前规模居于同类前列，交投活跃，近一周日均成交额居同类首位。 每日经济新闻 上交所方面表示，在科创板设置科创成长层，一是有利于进一步彰显资本市场支持科技创新的政策导 向，稳定市场预期；二是有利于为增量制度改革提供更可控的"试验空间"，可以试点一些更具包容性的 政策举措；三是有利于对未盈利科技型企业集中管理，便于投资者更好识别风险，更好保护投资者合法 权益。 在资本市场融资环境更加宽松的前提下，或许可以预见，科创板覆盖的核心产业可能将不仅仅局限于传 统的信息技术领域，AI应用、可控核聚变、智能汽车等产业将来有望占据更多的分量。而在这一过程 中，任何"硬科技"细分领域的突破，都不会被科创综指这样的成分股纳入机制所错过。 6月18日，中国证监会负责人在2025陆家嘴论坛上表示，发挥多层次资本市场枢纽功能，推动科技创新 和产业创新融合发展"，将更好发挥科创板 "试验田" 作用，加力推出进 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 目录 1、多技术路线:磁约束与惯性约束为主流 请务必阅读正文之后的免责条款部分 t 本法班薪 聚变基本原理 1.1 聚变反应原理是轻原子核如荒、疯在超 1 亿℃高温高压下克服库仓斥力聚合成较重原子核，如意并释放巨大能量，能级 在 17.6MeV / 次反应之上。 选择危 (D) - 点(T) 聚变因二者反应裁面大、所需点火温度相对最低,约 1.5 亿℃,且负可从海水提取,1 升海水含 30mg 允, 危能通过摆吸收中子再生,燃料获取便捷、能量密度极高(1kg 元危聚变能量≥400 万吨石油)。 图表1:聚变原理图 图表2:几种主要的聚变反应截面以及最大反应截面所对应的温度 D.T D-3He n-IIR 10- 10-3 10 10- 500 1000 10 50 100 રે Center-of-Mass Energy (keV) 资料来源:中国科学院等离子体物理研究所、太平洋证券 资料来源:可控核聚变科学技术前沿问题和进展、太平洋证券 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 P3 守 ...

可控核聚变行业 证券研究报告 |行业深度研究报告 2025/6/18 可控核聚变展望： 进入关键导入期 刘强 S1190522080001 首席分析师： 分析师登记编号： 刘淞 S1190523030002 证券分析师： 分析师登记编号： 钟欣材 S1190524110004 证券分析师： 分析师登记编号： P2 报告摘要 可控核聚变开启能源革命新征程。 作为人类终极能源解决方案，可控核聚变具备能源丰富、零排放、安全性高等显著优势，1g 氘氚聚变释放 能量相当于 11.2 吨标准煤，远超核裂变与化石燃料，是实现 "双碳" 目标的战略选择。 多技术路线并行突破，磁约束与惯性约束成主流。磁约束以托卡马克、仿星器为代表；惯性约束以美国 NIF 为代表，国内 "神光" 计划持续推进激光驱动技术。两类技术均进入工程验证阶段，磁约束聚焦稳态 运行，惯性约束发力点火效率，共同推动聚变能从实验室走向工程化。 产业链协同发展，材料与设备成攻关核心。上游超导材料、耐辐照钨合金突破技术壁垒；中游设备进入 ITER 及国内实验堆供应链；下游以中核集团、中国核电为代表，推进 "星火一号" 混合堆（Q>30）、 BEST 紧凑型装置等示 ...

核心观点 2024年研发费用同比增长24%，电力设备+军工+电子材料多轮驱动 公司主营业务包含电力设备、军工以及电子材料业务，2024年电力设备、军工、电子材料业务分别占总营收的 54%/23%/5%。公司是真空灭弧室头部企业，分产品看，真空灭弧室营收占比最高，2024年占总营收的43%。 公司重视研发投入，2024年研发费用同比增长23.9%至0.74亿元。 1Q25公司归母净利润同比增长19%，毛利率同比改善 公司发布2024年年报及2025年一季报，2024年公司营收15.86亿元（YoY +20.5%），归母净利润1.02亿元 （YoY +10.5%），毛利率22.82%（YoY -3.87pct）。1Q25公司营收3.43亿元（YoY -11.4%，QoQ -26.8%），归 母净利润0.30元（YoY +19.3%，QoQ +39.3%），毛利率23.83%（YoY +3.6pct，QoQ -0.5pct）。 点击 关注我们 报告发布日期：2025年6月9日 报告名称: 《旭光电子（600353.SH）：电力设备+军工+电子材料多轮驱动，1Q25毛利率同比改善》 分析师：胡剑 S098052108 ...

Group 1: Solid-State Battery Industry - The fifth China International Solid-State Battery Technology Conference will be held on June 19-20, 2025, with industry investment reaching 15 billion in the first four months of the year [1] - The Ministry of Industry and Information Technology (MIIT) plans to establish a standard system for solid-state batteries by April 2025, with 6 billion allocated for special research and development [2] - Companies like Puli Technology and Liyuanheng are actively developing solid-state battery technologies and have made significant progress in equipment and process innovations [2] Group 2: Robotics and AI - Ant Group has invested in Lingxin Qiaoshou Technology, which focuses on embodied intelligence platforms crucial for humanoid robots [3] - Companies like Zhenyu Technology and Hanwei Technology are successfully delivering products related to robotics, including linear actuators and flexible sensors [4] - The demand for key components in humanoid robots, such as motors and tactile sensors, is expected to increase, benefiting leading technology firms in the industry [3][4] Group 3: Autonomous Delivery Vehicles - Cainiao has launched a new autonomous delivery vehicle, the Cainiao GT-Lite, priced at 21,800 yuan, with a promotional price of 16,800 yuan [5] - The logistics autonomous vehicle market is entering a phase of large-scale commercialization, driven by technological advancements and decreasing component costs [5] - Companies like Xingwang Yuda and Xiangyou Technology are developing autonomous driving systems and collaborating with postal services to enhance delivery capabilities [6] Group 4: High-Bandwidth Memory (HBM) Market - Samsung Electronics has secured a contract for HBM3E supply from Broadcom, indicating strong demand for high-performance memory in AI applications [7] - The HBM market is expected to experience explosive growth due to increased data center investments and the need for high bandwidth and low power consumption [7] - Companies like Shengmei Shanghai and Saiteng Co. are actively involved in providing equipment and materials for HBM production [8] Group 5: Digital Human Technology - Baidu has launched the industry's first dual digital human interactive live broadcast room, enhancing consumer interaction through advanced AI technology [9] - The development of digital humans is expected to lead to more personalized marketing strategies and improved customer experiences in e-commerce [9] - Companies like New Guodu Holdings are focusing on general-purpose AI technology and multi-modal AI product research [9][10] Group 6: Renewable Energy and Nuclear Fusion - China National Petroleum Corporation plans to invest 655 million yuan in Kunlun Capital for controlled nuclear fusion projects [10] - Several state-owned enterprises are exploring nuclear fusion energy, which is seen as a clean and efficient energy source [11] - Companies like Zhongyou Capital and Xuguang Electronics are involved in nuclear fusion technology development and related projects [11] Group 7: Domestic CPU Market - Shanghai Zhaoxin Integrated Circuit Co., a leading domestic CPU manufacturer, has initiated an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 4.169 billion yuan [12] - The CPU market in China is projected to grow from 216.032 billion yuan in 2023 to 232.61 billion yuan in 2024, driven by advancements in AI and cloud computing [12] - Companies like Guangdian Yuntong and Zhongke Shuguang are enhancing their capabilities in CPU and GPU products [13]

Group 1 - CITIC Construction Investment reports that the machinery sector has seen significant activity, ranking 6th in A-share performance in the first half of the year, with 40 stocks related to robotics and 26 listed on the Beijing Stock Exchange [1] - The report highlights that hard technology is expected to break through domestic demand challenges, particularly in the areas of embodied intelligence and controllable nuclear fusion [1] - The low valuation and high dividend yield are expected to benefit from the downward trend in interest rates, suggesting that the machinery industry is worth increasing investment [1] Group 2 - Galaxy Securities indicates that the domestic nuclear power humanoid robot industry is accelerating, with several listed companies actively engaging in this field [2] - Companies like Jingye Intelligent and Shenhao Technology are making strides in nuclear industry applications, with notable projects such as the "Wolf 1" quadruped patrol robot and intelligent inspection robots [2] - The nuclear power sector is seen as a prime candidate for the implementation of embodied intelligence due to its hazardous, repetitive, and heavy industrial applications [2]

Group 1 - The core viewpoint of the news highlights the strong performance and growth of the Robot ETF (562500), which has seen significant inflows and trading activity, indicating a robust market interest in robotics investments [1][2] - As of the latest data, the Robot ETF has a net inflow of 29.45 million yuan, with a total of 380 million yuan attracted over the past 10 trading days, leading among comparable funds [1] - The Robot ETF's current scale is 12.997 billion yuan, reflecting an increase of 8.86 billion yuan year-to-date, which is the highest growth among comparable funds [1] Group 2 - The mechanical industry is expected to see concentrated hotspots, with the sector ranking 6th in A-share performance in the first half of the year, and 40 out of the top 100 stocks being related to robotics [2] - The industry is facing weak domestic demand but is increasingly focusing on international markets, with hard technology expected to drive growth in the second half of the year, particularly in embodied intelligence and controllable nuclear fusion [2] - The Robot ETF is the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, providing investors with a comprehensive investment option in the robotics supply chain [2]

核心结论：中美核聚变投资加速，磁体和堆内构件是核心环节 中信证券主要观点如下： 该行认为，核聚变技术是能源领域重大技术革命，中美等核能强国均重点发力可控核聚变。根据 Sightline Climate统计，全球共13家聚变企业设定了2030年前反应堆Q>1的目标。根据F4E Fusion Observatory统计，2020年以来，全球聚变公司累计投资加速提升，可控核聚变迎来新一轮加速发展期。 从投资规模来看，聚变实验堆堆投资规模百亿量级，反应堆投资占比约40%。根据Neil Mitchell对ITER 成本测算，磁体、堆内构件占反应堆成本分别为28%/17%，是聚变堆资本开支的核心环节。 核聚变清洁高效，有望成为人类的终极能源 智通财经APP获悉，中信证券发布研报称，核聚变技术是能源领域重大技术革命，中美等核能强国均重 点发力可控核聚变。其中托卡马克运行稳定性较高，制造难度相对较低，成为目前最主流路线。核聚变 当前正处于投资加速的过程中，中美均大力发展聚变研发，核聚变将迎来新一轮加速发展期。从投资逻 辑看，磁体、堆内构件占反应堆成本分别为28%/17%，属于资本开支的核心环节。该行认为当前处于聚 变产业链密 ...

国外 1. 花旗：黄金将在未来几个季度回落至3000美元以下 花旗称，预计黄金将在未来几个季度内回落至每盎司3000美元以下。包括Max Layton在内的分析师 说："到2026年下半年，黄金将回到每盎司约2500-2700美元水平。"投资需求减弱、全球经济增长前景 改善以及美联储降息等因素都可能导致黄金价格下滑。他们说："我们认为黄金的投资需求将在2025年 末和2026年减弱，因为特朗普人气上升和美国经济增长的'看跌期权'开始生效，特别是随着美国中期选 举成为焦点。"此外，"我们认为美联储有很大的空间将限制性政策下调至中性。"在该行的基本预测中 （概率为60%），金价预计将在下一季度巩固在每盎司3000美元上方，然后走低。 2. 花旗：预计近期布油价格将在70-80美元/桶左右 周一，花旗银行分析师在一份报告中表示，随着中东冲突的持续，他们预计布伦特原油近期将在目前 70-80美元/桶的水平附近交易。然而，该行仍维持60-65美元/桶的长期油价预测。他们表示："在现阶 段，油价上涨对石油产出和出口的影响非常有限，甚至没有影响，因此油价上涨主要反映了风险溢价上 升，以应对潜在的生产和出口中断。" 3. 大 ...

可控核聚变行业深度 20250617 摘要 全球核聚变技术发展迅速，各国加大资本和政策支持，创新型国企融资 增加，中美涌现创新公司。托卡马克、仿星器及 FRC 装置技术路线均有 进展，超导材料和 AI 赋能加速核聚变发展，预计 2040 年成本或与风电 看齐。 中国在可控核聚变领域取得重要进展，EAST 装置和中国环流器 3 号刷 新记录，托卡马克装置取得重大突破。中科院等离子所加快项目招标， 上海聚变科学研究中心启动大装置招标，规模不亚于国际先进水平。 可控核聚变核心挑战在于实现足够高的温度、密度和时间积累。需利用 磁场约束等离子体，规避外壁腐蚀，但磁约束控制难以避免湍流现象， 需要构造足够耐腐蚀、高温高压材料。 全球主要国家加大对可控核聚变投资，截至 2024 年 7 月，投资额同比 增长 57.2%，达 71 亿美元。私营公司如 Helion Energy 获重要融资， 其 FRC 路线发展到第七代 Polaris，具有较大潜力。 核裂变与核聚变是相反过程。裂变是重原子分裂释放能量，聚变是轻元 素合成，需极端条件。中国 EAST 装置和环流器 3 号在托卡马克装置上 取得重要进展。 Q&A 可控核聚变行 ...