民营聚变企业单笔融资纪录再次被刷新！ 1月12日，证券时报记者从星环聚能科技有限公司（以下简称"星环聚能"）落地嘉定暨融资签约仪式上获悉，星环聚能顺利完成A轮融资，融资金额10亿 元，创下国内民营聚变企业单笔融资纪录。此前，行业单笔融资最高额为5亿元。 星环聚能本轮投资人堪称豪华，由上海国投公司旗下上海科创集团、上海未来产业基金领投，中金资本、上海嘉定科投集团联合领投，中银资产、曦晨资 本、武岳峰科创、龙格科技、飞图创投、山东能源上海兖矿资产、中集环科、尚融资本、元禾璞华、申万宏源、彬复资本、臻一资产等机构和个人共同投 资，Pre-A轮领投方上海科创集团旗下知识产权基金继续跟投。 在签约现场，星环聚能CEO陈锐在接受证券时报记者独家采访时表示，公司累计融资约15亿元，投资人超过50家，"很快将进行股份制改革，未来在政策 允许的范围内或将考虑科创板上市"。 据悉，星环聚能A轮融资将用于全力推进下一代聚变装置建设。根据该公司规划，2028年前后彻底完成工程验证，启动商业示范堆建设，2032年左右建成 一个可输出电能的聚变反应示范堆。 星环聚能此次完成A轮融资并落地上海，意味着公司正式融入上海未来产业布局。陈锐说， ...

新华财经上海1月12日电（记者郭慕清）国内可控核聚变商业化进程再获重要突破。记者1月12日获悉， 星环聚能科技有限公司（下称"星环聚能"）落地上海签约仪式在嘉定成功举办，同时宣布完成10亿元A 轮融资，标志着这项被誉为"终极能源"的技术正从实验室加速走向工程示范阶段。 记者了解到，本轮融资由上海国投公司旗下上海科创集团、上海未来产业基金领投，中金资本、嘉定科 技投资集团联合领投，中银资产、武岳峰科创、山东能源旗下兖矿资产等十余家知名机构及个人跟投， Pre-A轮领投方上海科创集团知识产权基金继续加注。融资资金将用于全力推进下一代聚变装置建设。 公司规划于2028年前后彻底完成工程验证，启动商业示范堆建设，2032年前后建成一个可输出电能的聚 变反应示范堆，逐步实现从"科学实验"到"商业应用"的关键跨越。 值得一提还有，在签约仪式上，嘉定区徐行镇人民政府与星环聚能签署项目落地合作协议，上海科创集 团、嘉定区科投集团、武岳峰科创、兖矿资产、中金资本等投资机构与星环聚能签署投资协议。根据协 议，星环聚能将落户嘉定区徐行镇，设立研发中心及实验基地，重点推进"星环一号"聚变装置的研发与 产业化进程。该实验基地占地约25 ...

Group 1: AI and Transportation - Didi and Zhizhu have announced a strategic partnership to explore the application of General Artificial Intelligence (AGI) in the transportation sector, marking a significant step towards the industrialization of travel agents [1] - This collaboration is expected to serve as a model for the application of AGI technology in real-world scenarios, potentially influencing the global landscape of AGI applications [1] Group 2: Nuclear Fusion - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, focusing on opportunities for the development of nuclear fusion energy and fostering collaboration among various stakeholders [2] - The International Energy Agency estimates that the global fusion market could exceed $100 billion by 2030, indicating significant long-term growth potential for the industry [2] Group 3: Beidou Navigation - Zhejiang Province is seeking public input on its "14th Five-Year" digital economy and infrastructure plan, which includes optimizing the Beidou navigation system and enhancing its integration with other communication systems [3] - The Beidou system is expected to see increased application across various sectors, with 95% coverage in low-altitude economic activities and 98% of smartphones supporting Beidou technology [3] Group 4: Financial IT - The A-share market has seen a significant increase in trading volume, with a record turnover of 3.6 trillion yuan on January 12, 2025, indicating heightened market activity [4] - The number of new margin trading accounts reached 1.54 million in 2025, the highest in nearly a decade, reflecting strong investor interest in margin trading [4] - Financial IT companies are expected to benefit from the increased trading activity and the ongoing digital transformation in the financial sector, driven by policy support and technological advancements [4]

民营聚变企业单笔融资纪录再次被刷新！ 1月12日，证券时报记者从星环聚能科技有限公司（以下简称"星环聚能"）落地嘉定暨融资签约仪式上 获悉，星环聚能顺利完成A轮融资，融资金额10亿元，创下国内民营聚变企业单笔融资纪录。此前，行 业单笔融资最高额为5亿元。 星环聚能本轮投资人堪称豪华，由上海国投公司旗下上海科创集团、上海未来产业基金领投，中金资 本、上海嘉定科投集团联合领投，中银资产、曦晨资本、武岳峰科创、龙格科技、飞图创投、山东能源 上海兖矿资产、中集环科（301559）、尚融资本、元禾璞华、申万宏源、彬复资本、臻一资产等机构和 个人共同投资，Pre-A轮领投方上海科创集团旗下知识产权基金继续跟投。 在签约现场，星环聚能CEO陈锐在接受证券时报记者独家采访时表示，公司累计融资约15亿元，投资人 超过50家，"很快将进行股份制改革，未来在政策允许的范围内或将考虑科创板上市"。 当天，星环聚能签约落户上海嘉定区，设立研发中心及实验基地，重点推进"星环一号"聚变装置的研发 与产业化进程。新一轮融资已启动，明天，陈锐将与四位投资人见面，同时他还将抽空去租房子，计划 着举家搬至上海。 上海国资主导A轮融资 星环聚能脱胎 ...

Core Viewpoint - The A-share controllable nuclear fusion sector is experiencing significant growth, with the sector index rising by 4.74% and several stocks reaching their daily limit up, driven by recent technological breakthroughs and industry advancements in the nuclear fusion field [1][2]. Industry Developments - The global nuclear fusion market is projected to reach $496.55 billion by 2030 and exceed $1 trillion by 2050, indicating substantial growth potential for upstream and downstream companies in the industry [2]. - The controllable nuclear fusion industry encompasses high-barrier segments such as ultra-low temperature refrigeration and superconducting materials, creating a competitive moat for companies with core patents and national project certifications [2]. Company Highlights - Snowman Group, a leader in nuclear fusion equipment, produces helium compressors essential for large scientific projects, achieving international leading standards in technology with applications in major national research projects [3]. - Zhongtai Deep Cold Technology Co., Ltd. has established a strong position in deep cooling technology for nuclear fusion projects, collaborating with universities for ongoing research and development [3]. - Antai Technology recently won a significant contract worth 69.9 million yuan for a critical component in nuclear fusion technology, reinforcing its technical capabilities and positioning for future projects [3]. Market Sentiment and Future Outlook - Other companies in the sector are also making progress in nuclear fusion-related business, although some report that their contributions to overall orders remain limited [4]. - Experts suggest that recent breakthroughs in key technologies are transitioning the industry from research and development to engineering validation, which will lead to increased order releases and benefits for companies with core supply capabilities [4]. - The A-share technology sector is shifting focus from mature AI applications to advanced manufacturing, with controllable nuclear fusion aligning with high-end manufacturing and national strategic interests, indicating a potential new investment focus [4].

★ 宏观动态 ★ 商务部发布关于中欧电动汽车案磋商进展的通报 据中国商务部网站，为落实中欧领导人会晤共识，妥善解决欧盟对华电动汽车案，中欧双方本着相互尊重的态 度，进行了多轮磋商。双方一致认为，有必要向对欧盟出口纯电动汽车的中国出口商，提供关于价格承诺的通 用指导，以便中国出口商可通过更加实用、有针对性且符合世贸组织规则的方式，解决相关关注。为此，欧方 将发布《关于提交价格承诺申请的指导文件》，并在文件中确认，欧方将秉持非歧视原则，根据世贸组织规则 有关规定，对每一项价格承诺申请，适用相同法律标准，并以客观和公正的方式进行评估。这充分体现了中欧 双方的对话精神和磋商成果。中欧双方有能力、有意愿，在世贸组织规则框架下，通过对话磋商妥善化解分 歧，维护中欧及全球汽车产业链供应链稳定。这不仅有利于中欧经贸关系健康发展，也有利于维护以规则为基 础的国际贸易秩序。 摩根大通：AI需求井喷将推动基建与机器人领域并购浪潮 摩根大通指出，人工智能需求的爆发式增长及海量资本涌入AI产业，正推动电力系统、热管理、机器人及工 业软件领域形成并购热点。据该行预测，全球对数据中心、AI基础设施及相关电力供应的投资规模预计将达5 万亿— ...

Group 1 - Shanghai Xinghuan Fusion Technology Co., Ltd. completed a 1 billion yuan Series A financing, setting a record for private fusion companies in China [1] - The financing was led by Shanghai State-owned Assets System, including Shanghai Kechuang Group and Shanghai Future Industry Fund, with participation from various institutions and individuals [1] - Xinghuan Fusion announced a strategic cooperation with the Jiading District government to advance the research and industrialization of the CTRFR-1 fusion device [1] Group 2 - The company plans to establish a research and experimental base in Jiading, covering approximately 25 acres with a total construction area of 50,000 square meters, expected to start construction in early 2026 and be operational by 2027 [1] - Xinghuan Fusion, founded in October 2021, is one of the main commercial fusion companies in China, utilizing the spherical tokamak technology route [1][2] Group 3 - Shanghai has systematically positioned fusion energy as a key focus for future industries, with the Shanghai Future Industry Fund established in September 2024, initially set at 10 billion yuan and later expanded to 15 billion yuan [3] - The fund aims to promote the transformation of scientific and technological achievements in Shanghai and China [3] Group 4 - Shanghai has formed a relatively complete and diverse technology route for the fusion industry chain, with key materials and components as the core [6][7] - Companies like Shanghai Superconductor are leading in high-temperature superconducting materials, essential for fusion energy applications [7] Group 5 - The Shanghai government has issued clear guidelines to support the development of fusion energy, including the "Shanghai Nuclear Power Industry High-Quality Development Action Plan (2024-2027)" [5] - The plan emphasizes the development of experimental physics, core technologies, and key equipment for magnetic-inertial confinement fusion energy systems [5] Group 6 - The fusion technology routes currently being researched include magnetic confinement fusion, with companies like Xinghuan Fusion focusing on spherical tokamaks, while others explore different approaches [13] - The industry is also looking into advanced fuel routes, such as D-He3 fusion and hydrogen-boron fusion technologies [15][17]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The stock index futures market had a significant rise on Monday, with the Shanghai Composite Index reaching a 17 - day consecutive increase and hitting a ten - year high. After the previous sharp rise, the index may experience short - term oscillations and adjustments. If the trading volume can remain above 3 trillion, the market risk is relatively low; otherwise, attention should be paid. It is recommended to focus on the structure rather than the index and pay attention to the possible impact of the annual report performance announcements at the end of January. Industries such as domestic computing power & equipment, autonomous driving & robots, AI applications, and non - bank finance are worth following, as well as themes like controlled nuclear fusion and brain - computer interfaces [4]. - The bond market sentiment improved due to the escalation of geopolitical tensions. The bearish positions in treasury bond futures left the market, driving the market to rebound. Although the equity market is still strong, the allocation demand for bonds by macro funds may increase for hedging purposes under geopolitical risks. It is not advisable to short long - term bonds at present, and it is recommended to try to go long on TL2603 with a light position [8]. - The precious metals sector strengthened in the Asian market today, with silver leading the rise. The criminal investigation of the Fed Chairman may increase the internal divergence of the Fed in subsequent monetary policy decisions, which is bullish for precious metals in the medium term. After a short - term fermentation, the market is expected to return to the fundamentals, maintaining the trend of being easy to rise and hard to fall. It is recommended to hold the positions entered at a low level during the commodity index re - balancing last week, and those with heavy positions can reduce their positions appropriately. It is not advisable to chase high at the current price [10][12][13]. - The container shipping index's main contract EC2604 rose significantly on Monday due to the shipping companies' price increase for February online booking rates and the convergence of inter - month spreads. The adjustment of the photovoltaic tax - refund policy brings the expectation of a shipping rush on the European route in the first quarter. Enterprises with pre - holiday spot shipping contracts can close their long hedging positions in the futures market, and the positive arbitrage between EC2604 and EC2608 contracts can be held [15]. 3. Summary by Relevant Catalogs 3.1. Current Affairs News - US President Trump is considering various options to interfere in Iran, including sending a carrier strike group to the Middle East, launching cyberattacks and information warfare. He will meet with senior advisors on the 13th to discuss Iran - related issues [2]. - The Chinese Foreign Ministry Spokesperson Mao Ning responded to Trump's remarks about Venezuela's oil, stating that Latin American countries are sovereign and independent and can choose their cooperation partners independently. China will continue to deepen practical cooperation with Latin American countries [2]. - The US Department of Justice launched a criminal investigation into Fed Chairman Powell, focusing on the $2.5 billion over - budget for the headquarters renovation project and whether he lied to Congress about the project details. Powell responded that the investigation is an excuse for the Fed's independent interest - rate setting [3]. - Four Chinese government departments jointly issued work methods for the layout planning and investment guidance of government - investment funds, marking a shift from extensive management to refined management, which is of great significance for improving the efficiency of fiscal funds, guiding social capital, and serving national strategies [3]. 3.2. Stock Index Futures - On Monday, the Shanghai Composite Index rose 1.09%, and the trading volume of the Shanghai and Shenzhen stock markets was 36,013 billion yuan, expanding compared with the previous trading day. The CSI 300 rose 0.65%, the SSE 50 rose 0.30%, the CSI 500 rose 2.39%, and the CSI 1000 rose 2.80%. Among the Shenwan primary industries, the media, computer, and military sectors led the rise, while only the petroleum & petrochemical, coal, and real - estate sectors closed down [4]. - The index futures contracts also showed different degrees of increase. For example, IF2601 rose 0.67% (basis - 0.52 points), IH2601 rose 0.34% (basis - 1.94 points), IC2601 rose 2.56% (basis 24.67 points), and IM2601 rose 3.23% (basis 38.19 points) [4]. 3.3. Treasury Bond Futures - On Monday, the central bank conducted 86.1 billion yuan of 7 - day reverse repurchase operations, with 50 billion yuan of reverse repurchases maturing, resulting in a net injection of 36.1 billion yuan. The overnight repurchase rate was 1.33%, indicating a loose money market [8]. - Affected by geopolitical tensions, the bond market sentiment improved, and the bearish positions in treasury bond futures left the market, driving the price of TL2603 back above the 5 - day moving average. In recent three trading days, the trend of treasury bonds has gradually become independent of the stock market [8]. 3.4. Precious Metals - In the Asian market today, the precious metals sector strengthened, with the domestic silver, gold, platinum, and palladium rising 14.42%, 2.57%, 4.65%, and 3.59% respectively, and the first two hitting new historical highs [10]. - The criminal investigation of the Fed Chairman may increase the internal divergence of the Fed in subsequent monetary policy decisions, which is bullish for precious metals in the medium term. After a short - term fermentation, the market is expected to return to the fundamentals [12][13]. 3.5. Container Shipping Index - On Monday, the container shipping index's main contract EC2604 rose significantly due to the shipping companies' price increase for February online booking rates and the convergence of inter - month spreads. The adjustment of the photovoltaic tax - refund policy brings the expectation of a shipping rush on the European route in the first quarter [15]. - The Shanghai Shipping Exchange announced that the Shanghai Export Containerized Freight Index for basic ports in Europe in week 2 was 1956.39 points, a week - on - week increase of 8.9%, slightly exceeding expectations, which will support the 02 contract [15]. 3.6. Key Data in the Next 24 Hours - Tonight at 17:30, the Eurozone's January Sentix Investor Confidence Index will be released, with a previous value of - 6.2 and a forecast of - 4.9 [17]. - Tomorrow at 07:00, FOMC permanent voter and New York Fed President Williams will give a speech; at 21:30, the US December CPI annual rate unadjusted and core CPI annual rate unadjusted will be released, with forecasts of 2.7% and 2.7% respectively; at 23:00, the US October seasonally - adjusted annualized total of new home sales will be released, with a forecast of 70.5 million [18].

Group 1 - The ChiNext Mid-Cap 200 Index rose by 5.0%, the ChiNext Growth Index increased by 2.3%, and the overall ChiNext Index went up by 1.8% as of the market close [1] - The total trading volume of the E Fund ChiNext ETF (159915) reached 7.3 billion yuan, significantly higher than the previous trading day [1] - China Galaxy Securities highlighted that there are substantial opportunities for rotation in the technology innovation and growth sectors during the spring market rally, with a focus on key areas such as artificial intelligence, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace [1] Group 2 - The ChiNext Growth ETF tracks the ChiNext Growth Index, which consists of 50 stocks characterized by strong growth, good earnings expectations, and high liquidity, with the information technology sector accounting for over 40% of the index [3] - The combined share of the telecommunications, power equipment, electronics, computers, and pharmaceutical biotechnology sectors in the ChiNext Growth Index is nearly 85% [3] - The ChiNext Index was launched on June 1, 2010, and the ChiNext Mid-Cap 200 Index was introduced on November 15, 2023 [3]

Market Performance - The three major indices rose over 1%, with the Shanghai Composite Index increasing by 1.09%, the Shenzhen Component Index by 1.75%, and the ChiNext Index by 1.82% [1] - The total trading volume in the Shanghai and Shenzhen markets reached a historical high of 3.6 trillion yuan, marking the second consecutive day above 3 trillion yuan, an increase of 478.7 billion yuan from the previous trading day [1] - Over 4,100 stocks in the market rose, with 201 stocks hitting the daily limit [1] Sector Highlights - AI application concepts saw a significant surge, with multiple stocks such as Ingrity Media and Liou Co. hitting the daily limit [1] - The commercial aerospace sector continued its strong performance, with Jin Feng Technology achieving five consecutive daily limits [1] - The controllable nuclear fusion concept also showed active performance, with China Nuclear Engineering hitting three daily limits in four days [1] - Sectors such as insurance, oil and gas, and real estate experienced the largest declines [1] Private Equity Performance - In 2025, domestic private equity securities investment products reported an average return of 25.68%, with 89.74% of products achieving positive returns [3] - The stock strategy emerged as the top performer, with an average return of 29.99% and a positive return rate of 90.19% [3] Financing in the Interbank Market - In 2025, over 2,300 enterprises raised more than 10.1 trillion yuan in the interbank market, continuing to lower financing costs for businesses [4] Semiconductor Industry Insights - The average capacity utilization rate of major global wafer fabs rose to 90% in Q4 2025, driven by increased orders from AI applications and a recovery in automotive and industrial applications [5] - The supply-demand balance for 55/90nm processes is tightening, with expectations of a price increase in 2026 [5] Gold ETF Adjustments - E Fund announced a temporary suspension of subscriptions for its gold ETF, effective January 16, 2025, to adjust the pricing of gold spot contracts for subscriptions and redemptions [2] Company Announcements - New Agricultural Co. expects a net profit increase of 50.71% to 81.89% in 2025, projecting a profit of 87 million to 105 million yuan [11] - Asia-Pacific Co. anticipates a net profit increase of 120% to 170% in 2025, estimating a profit of 468.45 million to 574.91 million yuan [12] - Tianyi Medical plans to repurchase shares for up to 120 million yuan at a maximum price of 65 yuan per share [10]