来源：上海证券报·中国证券网 上证报中国证券网讯 9月25日，可控核聚变概念走强，截至9时33分，合锻智能涨停，常辅股份涨超 9%，百利电气、金田股份、旭光电子等跟涨。 ...

Core Viewpoint - The stocks of Hezhuan Intelligent and Changfu Co., Ltd. have seen significant increases, with Hezhuan Intelligent hitting the daily limit and Changfu Co., Ltd. rising over 8% [1] Company Performance - Hezhuan Intelligent experienced a direct limit increase in its stock price [1] - Changfu Co., Ltd. saw its stock price increase by more than 8% [1] - Other companies such as Baili Electric, Jintian Co., Ltd., Rongfa Nuclear Power, and Xuguang Electronics also experienced stock price increases [1]

Core Viewpoint - The A-share market is witnessing strong performance in controllable nuclear fusion concept stocks, driven by the announcement of a new high-temperature superconducting fusion device named "Circulation No. 4" to be built in Shanghai by the national team in nuclear fusion [1] Group 1: Stock Performance - Hezhong Intelligent has reached the daily limit increase [1] - Changfu Co., Ltd. has increased by over 9% [1] - Jintian Co., Ltd. has increased by over 7% [1] - Gaolan Co., Ltd. has increased by over 6% [1] - Xuguang Electronics, Lianchuang Optoelectronics, and Hongwei Technology have all increased by over 5% [1] - Baili Electric, Western Superconducting, Tianli Composite, Aikesibo, and Antai Technology have all increased by over 4% [1]

可控核聚变板块盘初拉升，合锻智能涨停，哈焊华通、常辅股份、久盛电气、中洲特材、百利电气跟 涨。 ...

Group 1 - China Fusion Energy Company, with a registered capital of 15 billion yuan, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path of experimental, demonstration, and commercial reactors, with R&D activities in Shanghai and Chengdu [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be established in Shanghai to validate high-temperature superconducting magnets developed there [1] Group 2 - Open Source Securities is optimistic about the nuclear fusion sector's upward trend, highlighting the importance of core components such as magnets, main engines, and power supplies, as well as the potential for direct current transmission equipment companies to secure orders [2] - Listed companies like Lianchuang Optoelectronics and Antai Technology are actively involved in the fusion energy field, with Lianchuang's subsidiary engaged in the "Spark No. 1" project, accumulating orders worth approximately 5 billion yuan [3] - Antai Technology has successfully applied its tungsten composite components in the international thermonuclear fusion experimental reactor ITER project [3]

转自：长安街知事 据"中国聚变能源有限公司"微信公众号，9月23日，正在上海举行的第二十五届中国国际工业博览会上，中国聚变能源有限公司（简称中国聚变公司）正 式挂牌成立以来首次面向公众展览展示。 中国聚变能源有限公司亮相第二十五届中国国际工业博览会。图源："中国聚变能源有限公司"微信公众号 此次参展，中国聚变公司主要介绍了公司基本情况、组建历程、发展格局、技术路线、对外合作等，并重点展示了新一代"人造太阳"中国环流三号取得的 最新技术突破。 据介绍，中国聚变公司是中核集团直属二级单位。作为推进我国聚变工程化、商业化的创新主体，中国聚变公司将重点布局总体设计、技术验证、数字化 研发等业务，并建设技术研发平台和资本运作平台。 同日，中国聚变公司还与中核集团、中国核电、中国石油集团昆仑资本有限公司等七方签署增资扩股协议。中国核电、浙能电力两家上市公司的公告显 示，七方拟联合向中国聚变公司投资约115亿元。本次交易完成后，中国聚变公司注册资本为150亿元，一跃成为国内注册资本最高的商业聚变公司。 据新华财经此前报道，中国聚变公司被称为可控核聚变"国家队"。 在公开亮相工博会的前一天（9月22日），中国聚变公司总经理张 ...

Core Viewpoint - China Fusion Energy Company, established with a registered capital of 15 billion yuan, aims for commercial fusion energy by 2050, focusing on engineering and technology development in Shanghai and Chengdu [1] Group 1: Company Overview - China Fusion Energy Company was officially established just over two months ago and has made its first public appearance at the 25th China International Industry Fair [1] - The company is structured to develop fusion energy through a typical progression of experimental, demonstration, and commercial reactors [1] Group 2: Business Focus - The headquarters and R&D base are located in Shanghai, concentrating on fusion engineering, including overall design of fusion reactors, high-temperature superconducting magnet technology development and verification, and digital fusion reactor research [1] - The Chengdu base will focus on the development of key equipment and materials for fusion reactors, as well as engineering verification platforms [1] Group 3: Technological Development - China Fusion Energy Company plans to construct a new fusion experimental device in Shanghai to validate the high-temperature superconducting magnets developed there, tentatively named "China Circulation No. 4 (HL-4)" [1]

Core Insights - China Fusion Energy Co., Ltd. made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path of experimental, demonstration, and commercial reactors [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be established in Shanghai to validate the high-temperature superconducting magnets developed there [1] Company Overview - China Fusion Energy Co., Ltd. has a registered capital of 15 billion yuan and was officially established just over two months ago [1] - The company is conducting joint research and development in Shanghai and Chengdu [1] Industry Context - The establishment of the new experimental device aligns with the broader goals of advancing controllable nuclear fusion technology in China [1] - The focus on high-temperature superconducting magnets is critical for the success of future fusion energy projects [1]

Group 1: Company Overview - Antai Technology has established a complete industrial platform system based on core material preparation technologies, forming four major business segments: high-end powder metallurgy materials and products, advanced functional materials and devices, high-speed tool steel, and energy-saving and environmental protection materials [2] Group 2: Financial Performance - In the first half of 2025, Antai Technology signed new contracts worth 4.223 billion yuan, a year-on-year increase of 2.93%. However, operating revenue was 3.715 billion yuan, a year-on-year decrease of 5.29%, primarily due to price factors and a decline in exports [2] - The net profit attributable to the parent company increased by 25.3% year-on-year, reaching 1.68 billion yuan, excluding a 130 million yuan transfer payment from the same period last year. The non-recurring net profit attributable to the parent company was 1.68 billion yuan, up 19.1% year-on-year [2] - Revenue from the advanced functional materials and devices segment was 1.431 billion yuan, accounting for 38.54% of total revenue, with a year-on-year increase of 0.71%. The special powder metallurgy materials and products segment generated 1.362 billion yuan, accounting for 36.75%, with a year-on-year decrease of 10.44%. The high-quality special steel and welding materials segment achieved revenue of 918 million yuan, accounting for 24.71%, with a year-on-year increase of 12.20% [2] Group 3: Strategic Planning - During the 14th Five-Year Plan period, Antai Technology transitioned from a "small and scattered" model to a "specialized and strong" model by exiting non-core subsidiaries and disposing of inefficient assets, concentrating resources in advantageous areas [3] - The 15th Five-Year Plan will involve systematic planning at four levels: overall, business, functional, and special, focusing on sustainable high-quality development and strengthening the company's position in key industry areas [3] Group 4: Business in Controlled Nuclear Fusion - Antai Zhongke is the first company in China capable of producing fusion tungsten-copper filters, with a complete set of technologies, supplying over 5,000 tungsten-copper parts to domestic and international nuclear fusion projects [4] - In the first half of 2025, the company signed new contracts worth 589 million yuan in the amorphous industry, with operating revenue of 508 million yuan, a year-on-year increase of 12.88%. Net profit reached 40.64 million yuan, up 81.8% year-on-year [4] Group 5: Powder High-Speed Steel Project Progress - In response to a poor traditional tool steel market, He Ye Technology is advancing product transformation, with a new 9,000 tons/year fast forging blank line having been accepted. In the first half of 2025, the company signed new contracts worth 915 million yuan, with operating revenue of 796 million yuan, a year-on-year increase of 13.87%. Net profit was 37.83 million yuan, doubling year-on-year, with a continuous increase in the proportion of high-precision products like powder high-speed steel [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leading player in high-end forming machine tools and ranks second in the domestic color sorting machine market, with a revenue CAGR of 24% from 2019 to 2024 [2][20] - The company has a significant first-mover advantage in the nuclear fusion sector, particularly in the manufacturing of vacuum chambers, and is well-positioned to benefit from the burgeoning fusion industry [4][5] - The company’s revenue forecast for 2025-2027 is projected at 2.4 billion, 3.0 billion, and 3.8 billion yuan respectively, with net profits of 113 million, 156 million, and 208 million yuan [5][12] Summary by Sections Company Overview - The company specializes in high-end forming machine tools and intelligent sorting equipment, with a revenue breakdown in 2024 of approximately 57% from color sorting machines, 29% from hydraulic machines, and 13% from mechanical presses [2][26] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and is a key player in the automotive hot forming equipment sector, competing with global leaders [20][63] Industry Position - The high-end forming machine tool market is expected to grow at a CAGR of 5-7% from 2024 to 2030, with the total market size projected to reach approximately 1.59 to 1.96 trillion yuan by 2030 [2][63] - The color sorting machine market is anticipated to grow at a CAGR of 4% from 2024 to 2031, with a market size of 7.17 billion yuan in 2024 [3] Nuclear Fusion Sector - The company is strategically positioned in the nuclear fusion industry, having participated in the preliminary research of vacuum chambers since 2021, and has secured contracts worth 209 million yuan for the BEST vacuum chamber project [4][5] - The total market space for global Tokamak devices is estimated to exceed 250 billion yuan, with significant demand expected to materialize in the next 3-5 years [4][59] Financial Projections - The company’s revenue is projected to increase from 2.07 billion yuan in 2024 to 3.76 billion yuan in 2027, with a corresponding improvement in net profit from a loss of 89 million yuan in 2024 to a profit of 208 million yuan in 2027 [5][12] - The company’s P/E ratios are forecasted to decrease from 82 in 2025 to 44 in 2027, indicating an improving valuation as profitability increases [5][12]