Core Insights - The controlled nuclear fusion sector remains active, with notable stock performances from companies such as Haheng Huaton and Hezhuan Intelligent reaching new highs [1] - Antai Technology has achieved a consecutive trading limit increase, while Yongding Co. has hit the daily limit up [1] - Other companies like Shanghai Electric, Guoguang Electric, Changfu Co., and Fuhuang Steel Structure have also seen upward movements in their stock prices [1] Company Performance - Haheng Huaton and Hezhuan Intelligent have reached all-time highs in stock prices [1] - Antai Technology has recorded two consecutive trading limit increases, indicating strong market interest [1] - Yongding Co. has achieved a daily limit increase, reflecting positive investor sentiment [1] Industry Trends - The controlled nuclear fusion sector is experiencing heightened activity, suggesting growing investor confidence and interest in this technology [1] - The upward trend in stock prices across multiple companies indicates a potential bullish outlook for the sector [1]

Core Viewpoint - The company is actively engaged in research and development related to controllable nuclear fusion, emphasizing its importance as a global scientific research topic and a field for international collaboration [1] Group 1: Research and Development Focus - The company has increased its investment in research and development for key materials, including PF conduits, to achieve breakthroughs in material performance and manufacturing processes [1] - A specialized research team has been established to enhance the company's strategic investment and forward-looking layout in the field of controllable nuclear fusion materials [1] Group 2: Collaboration and Partnerships - The company is collaborating with research institutions, universities, and partners across the industry chain to explore cutting-edge technologies in controllable nuclear fusion [1]

Core Viewpoint - The concept of controlled nuclear fusion has gained significant attention following important advancements in China's fusion research, leading to a surge in stock prices for companies involved in this sector, particularly Western Superconducting Technologies Co., Ltd. (688122.SH) which experienced a 20% limit-up on the first trading day after the National Day holiday [1][4][6]. Company Performance - Since the beginning of 2025, Western Superconducting's stock has increased by 85.67%, with a current market capitalization of 50.75 billion yuan [2][7]. - The company reported a net profit of approximately 800 million yuan for 2024, reflecting a year-on-year increase of over 6%. In the first half of 2025, revenue exceeded 2.7 billion yuan, a nearly 35% year-on-year growth, with net profit reaching 546 million yuan, up nearly 57% [3][12]. Business Segments - Western Superconducting operates in three main segments: superconducting materials, high-end titanium alloy materials, and high-performance high-temperature alloy materials. All three segments have shown significant growth [3][10]. - The company is the only global producer of NbTi ingots, superconducting wires, and superconducting magnets, and is the sole supplier of low-temperature superconducting wires for the ITER project in China [3][10]. Market Dynamics - The surge in stock prices for Western Superconducting and other controlled nuclear fusion concept stocks was triggered by a key breakthrough in the BEST project, a compact fusion energy experimental device in Hefei, Anhui, which is expected to be completed by the end of 2027 [7][8]. - As of the second quarter of 2025, mutual funds have significantly increased their holdings in Western Superconducting, with a total of approximately 149 million shares held, marking a 93.92% increase from the previous quarter [8][9]. Research and Development - The company has invested significantly in R&D, with expenditures of approximately 245 million yuan, 321 million yuan, and 342 million yuan from 2022 to 2024, representing 5.80%, 7.72%, and 7.42% of sales revenue, respectively [12]. - Western Superconducting has established a strong R&D team led by experts in superconducting and rare metal materials, focusing on innovative materials and processes [11][12].

Core Viewpoint - The company Zhongyou Capital (000617) has announced its investment in Fusion Energy (Anhui) Co., Ltd. through its subsidiary Kunlun Capital, focusing on the exploration and development of controllable nuclear fusion technology in the context of China's accelerated green transformation [1] Company Summary - Zhongyou Capital is actively participating in the future energy sector by investing in Fusion Energy, indicating a strategic move towards sustainable energy solutions [1] - Kunlun Capital's investment in Fusion Energy represents a commitment to advancing technologies that align with China's green development goals [1] Industry Summary - The investment in controllable nuclear fusion reflects a growing interest in innovative energy solutions within the energy sector, particularly in the context of global shifts towards sustainable and renewable energy sources [1] - The move is part of a broader trend in the industry where companies are increasingly focusing on green technologies to meet regulatory and market demands for cleaner energy [1]

久立特材(002318)10月10日在互动平台表示，可控核聚变作为一项全球性科研课题，亦是国际科研合作 的重要领域，公司对此给予了高度关注，并持续加大科研投入力度。目前，公司正积极参与相关项目， 专注于研发与生产包括PF导管（方圆管）在内的关键材料，力求在材料性能、制造工艺等方面实现关 键突破，为推动可控核聚变研究的进程贡献力量。公司正不断强化在可控核聚变材料研发领域的战略投 入与前瞻布局，组建了专业化的研发团队，并与科研院所、高等院校及产业链上下游伙伴携手探索前沿 科技。 ...

Core Viewpoints - The A-share market saw all three major indices rise on Thursday, with the Shanghai Composite Index increasing by 1.32%, the Shenzhen Component Index rising by 1.47%, and the ChiNext Index up by 0.73%. The total trading volume in the Shanghai and Shenzhen markets reached 26,526.88 billion yuan [2][7] - In terms of industry performance, non-ferrous metals, steel, and coal led the gains, while media, real estate, and social services lagged behind. Concept sectors such as controllable nuclear fusion, lead metal, and superconducting concepts saw significant increases, whereas duty-free shops, ice and snow industries, and rental purchase rights experienced declines [2][7] - The Hong Kong market showed a decline, with the Hang Seng Index falling by 0.29% and the Hang Seng Technology Index down by 0.66%. In overseas markets, all three major US indices fell, with the Dow Jones down by 0.52%, the S&P 500 down by 0.28%, and the Nasdaq down by 0.08% [2][7] Important News - On October 9, the Ministry of Commerce and the General Administration of Customs announced export controls on lithium batteries and artificial graphite anode materials. The controlled items include rechargeable lithium-ion batteries with an energy density of ≥300 Wh/kg and their manufacturing equipment, which cannot be exported without permission. The scope of control for rare earth-related technologies, equipment, and raw materials includes rare earth mining, smelting separation, metal smelting, magnetic material manufacturing, and secondary resource recycling technologies, all of which also require permission for export [3][8]

Market Strategy - The market has shown a strong performance post-holiday, with the Shanghai Composite Index breaking through the 3900-point mark, reaching 3933.97 points, up 1.32% [5][10] - The overall A-share market saw a rise of 1.31%, closing at 6431.96 points, with the STAR 50 Index leading the gains at 2.93% [9][10] - The market is characterized by a strong performance in large-cap stocks and sectors such as hard technology, while small-cap stocks lagged behind [10][12] Industry Dynamics - The EIA reported an increase in U.S. crude oil inventories, leading to weak international oil prices, with crude oil inventory rising by 3.7 million barrels to 420.3 million barrels [28][29] - The Chinese restaurant industry consumption index showed signs of recovery in August, with a notable increase in consumer demand [33][34] - The China Urban Rail Association reported that approximately 900 kilometers of new urban rail lines are expected to be operational by the end of 2025, with 491.67 kilometers added in the first three quarters of 2025 [36] Company Updates - Mijia Group plans to acquire a 51% stake in the fresh beer brand "Xianpi Fulu Jia" for approximately 285.6 million yuan, enhancing its product portfolio in the beverage sector [30][32] - Aide Biology announced a cash investment of 50 million yuan in Sailu Medical, acquiring a 2.38% stake, focusing on genomic and spatial omics technologies [37][39] - Shennong Group reported sales of 2.1096 million pigs in the first nine months of 2025, generating revenue of 3.48 billion yuan, with a decline in pig prices noted in September [40][41] - Guizhou Moutai's market performance remains stable, with significant improvements in terminal sales driven by seasonal demand [42][44] - Wuxin Tunnel Equipment's merger and acquisition plan has been approved by the Beijing Stock Exchange, with a stock code change effective from October 9 [45] - Ecovacs Robotics announced a share reduction plan by one of its directors, intending to sell up to 300,000 shares [47]

Group 1: Market Overview - In September 2025, 11 new stocks were listed, raising a total of 11.69 billion yuan, with a month-on-month increase in issuance scale [2] - The average first-day increase for new stocks was high, with the main board at 131.33% and the ChiNext at 251.9% [2] - The number of offline inquiry accounts in the new stock market is steadily increasing, although the bid-winning rate has slightly decreased [2] Group 2: Bond Market Insights - As of September 30, 2025, the total number of public REITs in China reached 75, with a total issuance scale of 196.62 billion yuan [3] - The secondary market prices of public REITs showed a downward trend, with returns ranked as follows: gold > US stocks > A-shares > convertible bonds > pure bonds > crude oil > REITs [3] - The balance of credit bonds in China was 30.49 trillion yuan as of the end of September 2025, with a month-on-month issuance of 1,235.54 billion yuan, reflecting a growth of 10.27% [4] Group 3: Industry Research - The BEST Dewar base has been successfully installed, indicating positive progress in the controllable nuclear fusion industry, which is expected to enter a period of intensive bidding [5] - The controllable nuclear fusion industry has long-term growth potential, particularly in high-value segments such as magnet systems, vacuum chambers, and power systems [5] - Recommended companies to watch include: for vacuum chambers and internal components: Hezhong Intelligent, Guoguang Electric, Antai Technology, and Parker New Materials; for magnet systems: Lianchuang Optoelectronics and Yongding Co.; for power systems: Sichuang Electronics, Wangzi New Materials, and Xuguang Electronics [5]

Market Overview - The A-share market has seen the Shanghai Composite Index return to 3900 points for the first time in 10 years, closing at 3933.97 with a gain of 1.32% [1][6] - The Shenzhen Component Index and the ChiNext Index also experienced increases of 1.47% and 0.73% respectively, indicating a positive market sentiment [2][4] Sector Performance - The top-performing sectors included non-ferrous metals (7.60%), steel (3.38%), and coal (3.00%), while the weakest sectors were media (-1.43%), real estate (-1.39%), and social services (-1.03%) [3][4] - Concept indices such as controllable nuclear fusion (6.97%) and lead metals (6.14%) showed strong performance, while sectors like duty-free shops (-1.82%) and ice and snow industry (-1.59%) lagged [3][4] Future Outlook - The report suggests that the recent export controls on rare earth technologies by the Ministry of Commerce will enhance the value and pricing of rare earth products, recommending a focus on companies with export qualifications in rare earth and magnetic materials [5] - The overall market sentiment remains optimistic, with expectations of further upward movement in the indices, particularly in sectors like non-ferrous metals, technology growth, new energy, and machinery [6]

Industry News - The Ministry of Industry and Information Technology, along with other departments, announced adjustments to the technical requirements for tax exemptions on new energy vehicles, raising the pure electric range threshold for plug-in hybrid vehicles to 100 km from the previous 43 km [4][6] - The Shanghai branch of China Securities and the Shanghai Stock Exchange are promoting the optimization of online issuance for ETFs, including new services for converting subscription interest into fund shares [6] - The price of spot silver has historically surpassed $50 per ounce for the first time, previously peaking at $49.79 per ounce in April 2011 [6] - The National Medical Insurance Administration and the National Administration of Traditional Chinese Medicine have issued a notice to pilot disease-based payment for traditional Chinese medicine in about 15 provinces or cities [6] - The Zhejiang Provincial Construction Department and other five departments have released guidelines to build a diversified housing security system, focusing on solving housing issues for the most vulnerable groups [6] - Chongqing has introduced innovative measures to support improved housing consumption, including increasing the proportion of housing vouchers for resettlement [6] Company News - Jiuzong Fund announced that its actual controller, Guan Jinsheng, passed away due to sudden illness on October 7, 2025 [9] - Muyuan Foods has raised its forecast for the number of piglets to be sold in 2025 to a range of 12 million to 14.5 million [10] - WuXi AppTec announced the sale of 30.3 million shares of WuXi AppTec, which is expected to increase its net profit by 4.351 billion yuan after tax for the fiscal year 2025 [11] - NewEase announced a preliminary transfer price of 328.00 yuan per share for its inquiry [12] - Poly Developments announced that Poly Southern plans to transfer 4.512 billion shares to Poly Group, changing its controlling shareholder to Poly Group [15] - Qianli Technology reported a 976% year-on-year increase in new energy vehicle production in September, totaling 4,282 units [14] - Guangdong Mingzhu announced a projected net profit increase of 858% to 1071% for the first three quarters [17] - Yongzhen Co. signed a strategic cooperation agreement with BYD to collaborate on energy storage projects [17] - Guangda Special Materials reported a projected net profit increase of approximately 214% for the first three quarters, with profitability from offshore wind power casting projects [17]