Core Viewpoint - Nuclear power stocks continue to rise against the market trend, driven by significant advancements in China's nuclear fusion project BEST, which is expected to reach commercial application by 2030 [1] Group 1: Stock Performance - China National Nuclear Corporation International (02302) increased by 7.22 HKD - China General Nuclear Power Corporation Mining (01164) rose by 1.6%, reaching 3.81 HKD - Shanghai Electric (02727) gained 0.99%, trading at 5.08 HKD [1] Group 2: Project Developments - On October 1, a key breakthrough was achieved in the construction of the domestically developed nuclear fusion device BEST, with the successful installation of the first critical component, the dewar base - The project is expected to be completed by the end of 2027, with the goal of lighting the first lamp through nuclear fusion by 2030 [1] Group 3: Upcoming Events and Market Outlook - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18, which may announce significant national and international developments in the fusion industry - According to Founder Securities, the fusion industry is experiencing intensified activity compared to July and August, with a second round of intensive bidding for the BEST project expected in Q4, covering high-value products such as the first wall, filter, and power supply - Other fusion devices are also anticipated to initiate, with major players entering the market and significant overseas ignition progress [1]

Core Viewpoint - Nuclear power stocks continue to rise against the market trend, driven by significant advancements in China's nuclear fusion technology and upcoming international events in the fusion energy sector [1] Group 1: Stock Performance - China National Nuclear Corporation International (02302) increased by 7.22 HKD - China General Nuclear Power Corporation Mining (01164) rose by 1.6%, reaching 3.81 HKD - Shanghai Electric (601727) gained 0.99%, trading at 5.08 HKD [1] Group 2: Technological Advancements - On October 1, China achieved a key breakthrough in the construction of the self-developed nuclear fusion device BEST, with the successful installation of the first critical component, the dewar base - The BEST project, utilizing compact high-field superconducting tokamak technology, is scheduled for completion by the end of 2027, with the potential to achieve commercial application by lighting the first lamp by 2030 [1] Group 3: Upcoming Events and Market Outlook - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18, which is expected to announce significant national and international developments in the fusion sector - According to Founder Securities, the fusion industry is experiencing intensified activity compared to July and August, with the BEST project likely to initiate a second round of intensive bidding in Q4 for high-value products [1]

Core Viewpoint - The concept of controllable nuclear fusion stocks is experiencing a significant surge, with multiple companies seeing substantial stock price increases [1] Group 1: Stock Performance - Yongding Co. and Wangzi New Materials both reached the daily limit increase [1] - Hezhong Intelligent has achieved six consecutive trading limit increases over ten days [1] - Antai Technology has seen three consecutive trading limit increases [1] - Zhongzhou Special Materials and Lianchuang Optoelectronics have both risen over 8% [1] - Other companies such as Haheng Huaton, Xuguang Electronics, Guoguang Electric, Changfu Co., Baili Electric are also experiencing upward trends [1]

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10月13日，A股三大指数早盘下跌，截至午盘，上证指数跌1.3%，深证成指跌2.56%，创业板指跌3%。沪深北三市半日成交 15907亿元，较上日缩量654亿元。 板块题材方面，稀土永磁、贵金属、光刻机、转基因、军工装备、半导体板块涨幅居前。稀土永磁板块逆势大涨，包钢股份 等股涨停；军工装备板块低开高走，长城军工涨停；可控核聚变板块走强，合锻智能走出10天6板。 两大稀土巨头再次提价 可控核聚变板块走强 合锻智能10天6板 10月13日早间开盘，可控核聚变板块走强，合锻智能再度涨停迎4连板，也是10个交易日内的第6个涨停板。安泰科技3连 板，中洲特材、中国核建跟涨。 近期，核聚变激起资本市场热情。10月10日，可控核聚变指数创下历史新高。自去年"9·24"行情以来，核聚变指数累计大涨 超120%。 稀土股逆势上涨 10月13日上午，A股市场稀土股逆势上涨。截至午间收盘，银河磁体、新莱福"20cm"涨停，惠城环保涨超19%，包钢股份、 北矿科技等纷纷涨停，北方稀土大涨超9%。 | 序号 | 代码 | 名称 | ● | 最新 | 涨幅% 7 | 涨跌 | 成交量 | | --- | --- | --- | --- ...

Core Insights - The report discusses the acceleration of nuclear fusion technology, which is seen as a potential ultimate solution to the global energy crisis, with significant advancements expected by 2025 [1][2]. Group 1: Nuclear Fusion Overview - Controlled nuclear fusion aims to replicate the sun's energy production on Earth by fusing isotopes of hydrogen, deuterium, and tritium, releasing substantial energy [1][2]. - The process requires three critical conditions: temperatures exceeding 100 million degrees Celsius, sufficient plasma density, and a stable energy confinement time, collectively known as the "fusion triple product" [1][20]. Group 2: Advantages of Nuclear Fusion - Nuclear fusion offers significant advantages over traditional energy sources, including zero greenhouse gas emissions and minimal long-lived radioactive waste, making it an environmentally friendly option [2][29]. - The energy density of nuclear fusion is extremely high; for instance, one liter of seawater contains enough deuterium to produce energy equivalent to 300 liters of gasoline, indicating that fusion could provide energy for over 10 billion years [2][29]. Group 3: Technological Developments - The global nuclear fusion research landscape is divided into two main technological routes: magnetic confinement and inertial confinement, with notable advancements in both areas [2][3]. - The ITER project, a collaborative international effort, aims to achieve a fusion energy gain greater than 10 by 2034, while the SPARC project in the U.S. plans to produce plasma by 2026 and achieve net energy gain by 2027 [3][4]. Group 4: China's Nuclear Fusion Initiatives - China has established a diverse development framework in nuclear fusion, involving state research institutes, universities, and private enterprises, with significant projects like the BEST project and the "Spark" project underway [4][5]. - The BEST project, set to begin assembly in May 2025, aims to achieve net energy gain by 2027, while the "Spark" project targets 100 megawatts of power by 2030 [4][5]. Group 5: Future Prospects - The transition from experimental to demonstration and commercial fusion reactors is underway, with clear plans from major players like China, the U.S., and the EU [5]. - If technological breakthroughs continue, nuclear fusion could become a primary energy source in the latter half of the 21st century, supporting global carbon neutrality goals [5].

Group 1: Rare Earths - The prices of rare earth materials show mixed trends, with praseodymium and neodymium oxide decreasing by 0.89% to 557,500 CNY/ton, dysprosium oxide increasing by 0.62% to 1,620,000 CNY/ton, and terbium oxide decreasing by 0.35% to 7,025,000 CNY/ton [2][3] - The Chinese Ministry of Commerce announced export controls on certain rare earth items and technologies, aiming to strengthen regulations and combat illegal export practices [2][3] - Supply-side constraints are evident due to low-priced ore tightening, while demand is characterized by a wait-and-see attitude, leading companies to focus on inventory consumption [2][3] Group 2: Molybdenum - Molybdenum prices are expected to experience strong fluctuations, with molybdenum concentrate prices decreasing by 1.13% to 4,375 CNY/ton and molybdenum iron prices decreasing by 0.90% to 276,000 CNY/ton [3] - Demand for molybdenum iron is increasing due to steel procurement, but there are significant losses for iron mills, leading to price fluctuations [3] Group 3: Tungsten - Tungsten prices are experiencing high volatility, with black tungsten concentrate prices decreasing by 0.74% to 268,000 CNY/ton and ammonium paratungstate prices decreasing by 0.89% to 391,500 CNY/ton [3] - Supply constraints are evident due to reduced mining quotas, while domestic demand remains stable, primarily driven by essential purchases [3] Group 4: Tin - Tin prices have increased due to a weak supply-demand balance, with SHFE tin rising by 4.48% to 286,400 CNY/ton and LME tin rising by 5.95% to 36,500 USD/ton [3][4] - The Indonesian government's crackdown on illegal mining has led to supply tightening, contributing to price increases [5] Group 5: Antimony - Antimony prices are in a downward adjustment phase, with antimony ingot prices decreasing by 2.90% to 167,500 CNY/ton and antimony concentrate prices decreasing by 1.97% to 149,500 CNY/ton [5] - Supply is tight due to a halt in overseas mining, while demand remains primarily driven by essential purchases, with expectations for export demand recovery in October [5] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with significant advancements in both domestic and international projects [6] - The industry is experiencing a high degree of prosperity, with upstream materials expected to benefit significantly from ongoing technological breakthroughs and commercial projects [6]

Market Overview - A-shares experienced a significant divergence in performance post-holiday, with the Shanghai Composite Index losing the 3900-point mark and the ChiNext Index dropping over 4% on Friday, marking its largest single-day decline since April 7 [1] - The average daily trading volume in the A-share market increased to 2.60 trillion yuan, indicating heightened market activity [1] Economic Data - Holiday consumption demonstrated resilience in domestic demand, although per capita travel spending decreased year-on-year, reflecting limited consumer willingness [1] - The tightening of U.S.-China relations has led to a reduction in market risk appetite, with potential short-term impacts on domestic equity markets [2] Industry Insights - The cyclical sectors led the market gains, while technology and growth sectors lagged behind [1] - The short-term market style is expected to rebalance, with a focus on sectors showing performance, particularly in technology, AI, and domestic alternatives like semiconductors and energy storage [3] - Non-bank financial sectors such as brokerage, insurance, and financial IT are anticipated to see improvements in both valuation and performance [3] Policy and Future Outlook - The upcoming "14th Five-Year Plan" draft is expected to provide clear guidance for industrial development and economic restructuring, serving as a significant policy catalyst for the fourth quarter [2] - Despite the current market challenges, there remains a positive outlook for incremental capital inflows into the equity market, supported by stable economic fundamentals and a potential Fed rate cut cycle [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - The report highlights the acceleration of industrialization in controllable nuclear fusion, with significant advancements in the BEST project, marking a new phase in construction [11] - The defense demand is steadily recovering, with AIDC accelerating construction, leading to a high prosperity cycle in the module power supply sector [33] - Bangladesh plans to procure 20 J-10CE fighter jets, emphasizing opportunities for high-end military trade manufacturers [74] Summary by Sections Section 1: Controllable Nuclear Fusion - The successful installation of the key component, the Dewar base, for the BEST device marks a critical breakthrough, with the project expected to demonstrate fusion energy generation by 2027 [11] - The current focus in the controllable nuclear fusion industry is on fusion devices and upstream material segments, which are expected to drive demand for upstream materials and midstream structural components [15] Section 2: Module Power Supply - Module power supplies are highly integrated power converters that offer flexibility, reliability, and efficiency, making them suitable for various high-tech applications [35] - The military module power supply market in China is projected to reach a total scale of 59 billion yuan from 2024 to 2028, with a compound annual growth rate of 14.7% [49] Section 3: Military Trade Opportunities - Bangladesh's procurement of J-10CE fighter jets represents a significant breakthrough in China's military trade, with a total contract value of $2.2 billion [74] - The report indicates that China's military aircraft have entered a new era of high-quality self-research equipment exports, with various models ready for international trade [78] - The report identifies key domestic companies involved in the nuclear fusion supply chain, including Shanghai Superconductor and West Superconductor, which are positioned to benefit from the growing demand in the fusion sector [21][24]

Group 1 - The core viewpoint is that Trump's threat to impose 100% tariffs on all Chinese products has exceeded market expectations, impacting short-term market preferences, while ongoing US-China negotiations may evolve further [2] - The market is likely to stabilize after quickly pricing in the tariff impact, entering a phase of consolidation, with short-term stability and policy-benefiting sectors expected to outperform, while technology growth remains the main focus in the medium term [1][2] - Key sectors to watch include banking, utilities, military industry, semiconductors, new consumption, non-ferrous metals, and agriculture [1] Group 2 - The fourth quarter typically sees a shift in dominant sectors and styles, with sectors that performed well in the first three quarters often struggling to maintain their performance due to year-end profit-taking preferences [3] - Two typical allocation rules for Q4 are to focus on stability and to position for next year's main trends, with potential themes including controllable nuclear fusion, low-altitude economy, commercial aerospace, and quantum communication [3] - In the absence of clear signals for further growth-stabilizing policies, short-term stability and policy-benefiting sectors are expected to outperform, while growth sectors will undergo rebalancing [3]