Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index approaching the 4000-point mark, continuing to refresh its yearly high, while the ChiNext Index rose nearly 2% [1] - The storage chip sector experienced a collective surge, with stocks like Zhaoyi Innovation and Demingli hitting the daily limit and reaching new highs [1] - The controllable nuclear fusion concept remained active, with stocks like Dongfang Tantalum and Antai Technology hitting the daily limit [1] - The trading volume reached 2.36 trillion yuan, with over 3200 stocks in the Shanghai and Shenzhen markets showing gains [1] Hot Topics 1. Fujian Free Trade Zone - The Fujian Free Trade Zone concept continued to perform well, with stocks like Pingtan Development and Xiamen Tungsten hitting the daily limit [4][5] 2. Photoresist - The photoresist sector was active, with Wanrun Co. and Antai Technology hitting the daily limit, and Jingrui Electric Materials rising over 15% [6] - A recent breakthrough in photoresist technology was reported, which could significantly reduce defects in semiconductor manufacturing [6] - The Chinese semiconductor photoresist market size grew from 2.78 billion yuan in 2019 to 6.42 billion yuan in 2023, with a compound annual growth rate of 23.3% [8] 3. Nuclear Fusion - The nuclear fusion sector saw renewed strength, with stocks like Dongfang Tantalum and Wan Energy hitting the daily limit [9] - China is expected to complete its "artificial sun" project by 2027, which could be the first device to achieve fusion power generation [9] - The investment in controllable nuclear fusion projects is expected to enter a capital expenditure phase during the 14th Five-Year Plan period [10] Other Notable Performances - Other sectors such as optical modules, storage, PCB boards, and robotics performed well, while the pharmaceutical and energy storage sectors faced declines [11]

Market Overview - The A-share market experienced a significant rise on October 27, with the Shanghai Composite Index approaching the 4000-point mark, closing up 1.18%, while the Shenzhen Component Index rose by 1.51% and the ChiNext Index increased by 1.98% [3][12] - A total of 3361 stocks rose, with 63 hitting the daily limit, while 1862 stocks declined [4][5] Sector Performance - The storage chip sector saw a collective surge, with stocks like Zhaoyi Innovation and Demingli hitting the daily limit and reaching new highs [5][6] - The controllable nuclear fusion concept stocks were also active, with Dongfang Tantalum and Antai Technology experiencing significant gains [6][7] - CPO and computing hardware stocks maintained strong performance, with Huylv Ecological achieving a new high after four consecutive days of increases [7][8] International Market Influence - The Japanese and South Korean stock markets both rose over 2%, with the Nikkei 225 index surpassing the psychological barrier of 50,000 points, and the Seoul index breaking through 4000 points for the first time, marking a nearly 70% increase year-to-date [9][12] - Positive signals from Sino-U.S. trade negotiations contributed to the market's upward momentum, as both sides reached preliminary consensus on several key trade issues [12][13] - The expectation of a potential interest rate cut by the Federal Reserve also fueled market optimism, following the release of the U.S. Consumer Price Index (CPI) which came in below market expectations [14][15]

Group 1: Market Reaction - The A-share controllable nuclear fusion sector experienced a significant surge, with stocks such as Antai Technology, Xiamen Tungsten, and Dongfang Tantalum hitting the daily limit, reflecting positive market sentiment towards nuclear fusion energy development [1][4] - The market's response indicates strong investor interest and optimism regarding the future potential of nuclear fusion as a key area for economic growth [4] Group 2: Policy and Industry Development - The 24th Central Committee of the Communist Party of China approved a proposal for the 15th Five-Year Plan, emphasizing the strategic importance of industries like quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion [1][3] - The clean energy transition is crucial for achieving China's dual carbon strategy, with hydrogen and nuclear fusion energy identified as complementary solutions for deep decarbonization [3][4] Group 3: Company Highlights - Western Superconducting Technologies, a leader in low-temperature superconductors, is a core supplier for major nuclear fusion projects, with significant contracts and a 65.75% year-on-year revenue growth in its superconducting business [5] - Yongding Co., a pioneer in high-temperature superconductors, reported a staggering 917.66% increase in net profit, driven by substantial orders from nuclear projects [5] - Lianchuang Optoelectronics, a global leader in high-temperature superconducting magnets, secured a 5 billion yuan order for a hybrid reactor system, showcasing its innovative technology [5][6] Group 4: Technological Advancements - Since 2025, China's nuclear fusion sector has entered a rapid development phase, marked by significant technological breakthroughs and the establishment of key companies like China Fusion Energy Co. [4] - Shanghai Electric has emerged as a comprehensive supplier for fusion equipment, successfully delivering critical components for international projects, demonstrating its manufacturing capabilities [6]

Investment Rating - The report rates the mechanical equipment industry as "Outperform the Market" [3][57]. Core Insights - The mechanical equipment sector outperformed the CSI 300 index with a weekly increase of 4.71%, compared to the CSI 300's 3.24% [3][13]. - The best-performing sub-sector was abrasives and grinding materials, which rose by 10.42% [3][21]. - The overall PE-TTM valuation for the mechanical equipment sector is 37.7x, with the highest valuations in robotics (185.6x), other automation (153.1x), and machine tools (99.4x) [20][21]. Summary by Sections Industry Performance - The mechanical equipment sector ranked 4th out of 31 in the Shenwan industry rankings for the week [3][13]. - The top five companies by weekly increase included ShenKai Co. (+55.94%), DeShi Co. (+46.41%), and DingTai High-Tech (+39.98%) [18][19]. Valuation Changes - The PE-TTM for the mechanical equipment sector increased by 4.58% this week [21]. - The sub-sectors with the highest PE-TTM increases were abrasives and grinding materials (+10.42%), laser equipment (+8.74%), and other automation (+6.78%) [21]. Investment Recommendations - Focus on platform semiconductor equipment manufacturers that are expanding product categories and streamlining processes, such as North Huachuang, Zhongwei Company, and TuoJing Technology [5]. - Attention is recommended for leading robot manufacturers and their core component suppliers, including DeChang Electric and ZhongDa LiDe [5]. - In the nuclear fusion industry, investment should target companies with clear performance timelines and established customer validation, such as HeZhu Intelligent and GuoJi Heavy Industry [5].

格隆汇10月27日丨新锦动力(300157.SZ)在投资者互动平台表示，目前，公司主要聚焦于透平机械装备 的生产制造、技术升级、满足国内外市场对高效、节能、环保透平机械装备的需求，为客户提供定制 化、一体化解决方案，推动能源化工领域装备的绿色低碳发展。公司成功研制了国内首台套超临界CO2 循环发电压缩机和透平机组，为我国超临界CO2循环发电提供关键设备支持，公司的产品和技术具有较 高延展性。目前暂未涉及核电、可控核聚变领域的技术及产品。 ...

Market Overview - The A-share market experienced a volatile upward trend, with the Shanghai Composite Index rising over 1% and approaching the 4000-point mark, reaching a ten-year high [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.34 trillion yuan, an increase of 365.9 billion yuan compared to the previous trading day [1] Sector Performance - Storage chip concept stocks showed strong performance throughout the day, with companies like Demingli achieving consecutive gains and hitting new highs, while Jiangbolong and Xiangnong Chip Innovation also reached record levels [3] - Computing hardware concept stocks maintained their strength, with Huylv Ecological achieving four gains in six days and reaching a new high, while companies like Xinyisheng and Zhongji Xuchuang also hit historical highs [3] - The nuclear power sector was active, with Dongfang Tantalum achieving two gains in three days, and several stocks, including Antai Technology, hitting the daily limit [3] - Conversely, the wind power sector saw a collective decline, with Haili Wind Power experiencing a significant drop [3] Index Performance - By the end of the trading session, the Shanghai Composite Index rose by 1.18%, the Shenzhen Component Index increased by 1.51%, and the ChiNext Index gained 1.98% [3]

板块题材上，存储芯片、小金属、可控核聚变、钢铁、算力硬件股涨幅居前；风电设备、游戏、海南自贸区、深圳、文化 传媒板块跌幅居前。盘面上，存储芯片板块今日持续爆发，江波龙、拓荆科技、兆易创新、伟测科技、佰维存储多股盘中创出 历史新高，大为股份、德明利、时空科技等股封板。小金属板块集体走高，厦门钨业、东方钽业双双涨停。算力硬件保持活 跃，新易盛、生益科技创新高，胜宏科技、东田微、环旭电子涨幅居前。此外，可控核聚变、钢铁、福建本地股盘中均有所异 动。另一方面，游戏板块多股调整，游族网络、巨人网络、恺英网络等股下挫。风电设备板块同样表现落后，海力风电、盘古 智能、金雷股份跌幅居前。 A股三大指数今日集体上涨，截至收盘，上证指数涨1.18%，深证成指涨1.51%，创业板指涨1.98%，北证50跌0.2%。沪深 京三市全天成交额23566亿元，较上日放量3650亿元。全市场超3300只个股上涨。 ...

Core Points - The A-share market indices collectively rose, with the Shanghai Composite Index reaching a ten-year high, approaching 4000 points, closing at 3996.94 points, up 1.18% [1] - The total market turnover was 2.36 trillion yuan, an increase of 365 billion yuan compared to the previous trading day, with over 3300 stocks rising [1] Industry Summary - The storage market experienced unprecedented price increases, leading to a surge in storage chips and semiconductor sectors, with stocks like Zhaoyi Innovation and Demingli hitting the daily limit [1] - The controllable nuclear fusion sector also saw gains, with stocks such as Antai Technology and Xiamen Tungsten hitting the daily limit [1] - The CPO concept remained active, with Jingwang Electronics hitting the daily limit [1] - Breakthroughs in the photoresist field led to a rally in the photoresist sector, with Wanrun Technology hitting the daily limit [1] - The PCB, AIPC, and shipbuilding sectors showed significant gains [1] - Conversely, the wind power equipment sector declined, with Haili Wind Power dropping over 8% [1] - The gaming and esports sectors weakened, with Youzu Network leading the decline [1] - Other sectors that saw declines included SenseTime concept, housing inspection, and cultural media [1]

Core Points - The three major A-share indices collectively rose today, with the Shanghai Composite Index increasing by 1.18%, the Shenzhen Component Index by 1.51%, and the ChiNext Index by 1.98%, while the Northbound 50 fell by 0.2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 23,566 billion yuan, an increase of 3,650 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market experienced gains [1] Sector Performance - The storage chip sector saw significant gains, with stocks like Jiangbolong, Tuojing Technology, Zhaoyi Innovation, Weic Technology, and Baiwei Storage hitting historical highs [1] - The small metals sector also performed well, with Xiamen Tungsten and Dongfang Tantalum both reaching the daily limit [1] - The computing hardware sector remained active, with stocks such as Xinyisheng and Shengyi Technology reaching new highs, while Shenghong Technology, Dongtianwei, and Huanxu Electronics showed notable increases [1] - Other sectors that showed movement included controllable nuclear fusion, steel, and local stocks from Fujian [1] Underperforming Sectors - The gaming sector experienced adjustments, with stocks like Youzu Network, Giant Network, and Kaiying Network declining [1] - The wind power equipment sector also lagged, with companies such as Haili Wind Power, Pangu Intelligent, and Jinlei Co., Ltd. showing significant declines [1]

Core Viewpoint - The article discusses the increasing interest and investment in controlled nuclear fusion, often referred to as the "artificial sun," highlighting its potential as a future energy source and the shift in investor sentiment towards this sector [3][4][19]. Investment Trends - The controlled nuclear fusion sector is experiencing a surge in attention from investors, with significant funding rounds being completed, such as the nearly 100 million yuan first round financing for Andong Fusion [3][14]. - There are at least two other startups in the controlled nuclear fusion space expected to complete new rounds of financing by 2025, indicating a growing trend in investment [14]. Historical Context - The concept of nuclear fusion has a long history, dating back to the 1940s, with significant milestones such as the first hydrogen bomb explosion marking humanity's initial achievement in nuclear fusion [6]. - The development of controlled nuclear fusion has faced challenges, with the International Thermonuclear Experimental Reactor (ITER) project experiencing delays and budget overruns [7]. Technological Advances - Recent technological advancements, including breakthroughs in materials and structures, have made the realization of controlled nuclear fusion more feasible [7][8]. - The article notes that various technical approaches, such as magnetic confinement and inertial confinement, are being explored, with magnetic confinement currently being the mainstream method [7]. Market Dynamics - The demand for clean energy is driving increased investment in controlled nuclear fusion, with the global fusion industry seeing a dramatic rise in investment from 1.9 billion USD in 2021 to 9.7 billion USD in recent years [18]. - The number of nuclear fusion companies has increased by 143% since 2021, reflecting a growing interest in this sector [18]. Policy Support - Government policies in countries like China and the U.S. are increasingly supporting the development of nuclear fusion, with the recent inclusion of "fusion" in Chinese law signaling significant opportunities for the sector [17]. - Cities such as Shanghai and Hefei are actively promoting policies to accelerate the development of controlled nuclear fusion, attracting both national teams and startups [17]. Future Outlook - The consensus among commercial fusion companies is that grid-connected power generation could be achieved before 2040, with many expecting to reach this milestone between 2030 and 2035 [20]. - The article suggests that the combination of entrepreneurial enthusiasm and investment momentum is significantly accelerating the commercialization of controlled nuclear fusion [20].