聚变技术突破临界点，产业化进程驶入 快车道 2026 年 02 月 27 日 【投资要点】 行 业 研 究 / 机 械 设 备 / 证 券 研 究 报 机械设备行业深度研究 示范堆与商业堆建设相关招标密集落地，拉动上游磁体、真空等环节 设备需求。据 IAEA 统计，2025-2030 年全球预计有约 10 个工程堆与 商业堆项目陆续开建，我们预测将带来约 350 亿美元设备市场；到 2050 年随着商业堆比例提升，产业链市场空间有望扩张至万亿美元级 别。以中国"夸父启明"（BEST）装置为代表，线圈、偏滤器等关键 子系统招标密集落地，显现出对磁体、真空等环节的强劲拉动；BEST 于 2023 年启动土建，目前处于核心设备建设高峰；2024-2025 年间 其线圈系统、偏滤器靶板、屏蔽包层等关键子系统招标密集展开，仅 2025M10-M11 便落地七项千万级中标项目。即将启动的 CFETR 等示 范堆工程体量及系统复杂度显著高于当前在建装置，后续有望推动磁 体、包层、低温、电源及加热等子系统率先放量，成为未来 5-10 年行 业景气度的核心支撑，相关设备公司有望持续受益。 挖掘价值 投资成长 强于大市（维持） ...

通信设备 | - 级: | | --- | | 増す 自 次 | 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn 执业证书编号：S0740525100002 Email：sunyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,461.99 | | 流通股本(百万股) | 1,461.99 | | 市价(元) | 29.60 | | 市值(百万元) | 43,275.05 | | 流通市值(百万元) | 43,275.05 | 长新空间 核心观点：永鼎股份当前展现出"全产业链底座坚实，新翼蓄势待发"的良好发展态 势。公司以"光棒-光纤-光缆"等网络基础通信产品为根基，构建了从基础材料到高 端光电子器件的垂直一体化全链条能力，并在主业稳健发展的基础上，凭借旗下两大 核心高科技子公司——专注于光芯片的鼎芯光电与深耕高温超导材料的东部超导，形 成了强劲的"双轮驱动"增长模式。随着公司依托全产业链优势实现核心环节自主可 控，叠加高端光芯片产能释放以及超导材料在核聚变等前沿领域的应用落地，两大新 兴板块有望彻底打开 ...

【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/26 数据来源: Wind数据库,金融街证券研究所梳理 重点关注ETF标的清单 | 基金代码 | 基金名称 | 指数代码 | 指数名称 | 持股权重(%) | | --- | --- | --- | --- | --- | | 562550 | 华夏中证绿色电力ETF | 931897.CSI | 绿色电力 | 12.20 | | 588010 | 博时上证科创板新材料ETF | 000689.SH | 科创材料 | 11.41 | | 562350 | 银华中证全指电力公用事业ETF | H30199.CSI | 电力指数 | 10.70 | | 159669 | 国泰国证绿色电力ETF | 399438.SZ | 绿色电力 | 10.12 | | 159301 | 华夏中证全指公用事业ETF | 000995.CSI | 全指公用 | 10.06 | | 561260 | 工银中证国新央企现代能源ETF | 932037.CSI | 央企现代能源 | 8.19 | | 516970 | 广发中证基建工程ETF | 399995.SZ | ...

执业证书编号：S0740525100002 Email：sunyw@zts.com.cn 通信设备 | - 级: | | --- | | 増す 自 次 | 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,461.99 | | 流通股本(百万股) | 1,461.99 | | 市价(元) | 29.60 | | 市值(百万元) | 43,275.05 | | 流通市值(百万元) | 43,275.05 | 永鼎股份（600105.SH） 证券研究报告/公司点评报告 2026 年 02 月 27 日 | 增持（首次） 评级： | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杨雷 | 营业收入（百万元） | | 4,345 | 4,111 | 4,690 | 5,650 | ...

为促进外汇市场发展，支持企业管理好汇率风险，中国人民银行决定自2026年3月2日起，将远期售汇业 务的外汇风险准备金率从20%下调至0。下一步，中国人民银行将继续引导金融机构优化对企业汇率避 险服务，保持人民币汇率在合理均衡水平上的基本稳定。(中国人民银行) 开年A股并购重组逾500起 硬科技赛道活跃度居前 2026年，A股并购重组市场延续高景气态势，呈现量质齐升、政策红利集中释放、产业筑基、控制权变 更活跃等特征，成为推动上市公司高质量发展和培育新质生产力的关键路径。截至2月25日，上市公司 年初以来首次披露的并购重组交易达507起，同比增加33起；合计金额约1300亿元。其中，重大资产重 组案例20起，与去年同期持平，交易规模整体保持稳健。硬科技领域持续成为并购重组主战场，市场结 构不断优化。分板块看，主板并购数量仍占主导，占比58.3%，但同比下降超7个百分点，体现传统行 业并购从规模扩张向精益整合转型；双创板块（创业板+科创板）占比提升至近38.9%，同比增加7个百 分点，半导体、人工智能、生物医药等硬科技细分领域活跃度突出；北交所占比2.77%，以"专精特 新"定位提供差异化补充。（人民财讯） 20 ...

Core Viewpoint - The metal tungsten has experienced a significant price surge, with a year-on-year increase of over 220% in 2025 and a continued upward trend in early 2026, overshadowing gold's market position [1][3]. Supply Side Analysis - The tungsten market is facing a "triple barrier" on the supply side: quota restrictions, declining ore quality, and limited overseas production capacity [7][9]. - China controls over 80% of global tungsten supply, and the government has implemented strict quotas, reducing the total mining output by 6.5% in 2025 [7][10]. - The average grade of domestic tungsten ore has decreased from 0.42% in 2004 to 0.28% in 2024, increasing extraction costs and difficulties [7][9]. - New overseas tungsten mining projects are not expected to significantly impact supply until after 2027, with non-Chinese controlled new capacity projected to be less than 5,000 tons in 2026 [9][10]. Demand Side Analysis - The demand for tungsten is being driven by emerging technologies, particularly in the photovoltaic (solar) and artificial intelligence (AI) sectors [11][12]. - The demand for tungsten wire in photovoltaic applications is expected to double from 8,300 tons in 2024 to 16,000 tons in 2025, reflecting a 198% year-on-year growth [13]. - AI server production is increasing the demand for high-precision tungsten tools, which are essential for manufacturing advanced printed circuit boards (PCBs) [15][16]. Company Performance - Two leading companies in the tungsten industry, Xiamen Tungsten and China Tungsten High-Tech, are adopting different strategies to navigate the market [19][20]. - Xiamen Tungsten has diversified its operations, controlling 30% of national reserves and focusing on downstream profits, with nearly 40% of its revenue coming from energy new materials by 2024 [20]. - China Tungsten High-Tech is focused on vertical integration within the tungsten supply chain, achieving a 407.52% year-on-year increase in net profit for the first three quarters of 2025 [21][22]. Market Outlook - The tungsten price is expected to remain high and experience strong fluctuations in 2026, driven by a widening supply-demand gap [23]. - The demand for tungsten in photovoltaic applications is projected to reach an 80% penetration rate by 2027, indicating a robust growth trajectory [23][24]. - The ongoing geopolitical dynamics and resource scarcity are enhancing the strategic importance of tungsten as a critical material in the global market [25][26].

眼下，这条战略级科技赛道正迎来政策与资本的双重加持。据记者不完全统计，2026年以来，星环聚 能、中科清能、东昇聚变、束研聚创等可控核聚变项目陆续更新了融资进展。与此同时，押注这一方向 的投资机构也从几年前少数机构的"孤注一掷"，到如今国资、产业资本与市场化基金纷纷入场、加速布 局。 可控核聚变不再只是宏大叙事，而正在成为资本继人工智能、商业航天、量子计算之后，又一个更具确 定性的硬科技赛道。"作为硬科技投资人，如果不布局可控核聚变，很可能错过下一代科技革命中最关 键的能源变革机遇。"中科创星创始合伙人米磊表示。（人民财讯） 人工智能（AI）的尽头是算力，算力的尽头是能源。人工智能的发展浪潮越汹涌，产业界对电力供给 的焦虑就越大。于是，那个被称为"人造太阳"的可控核聚变重新进入聚光灯下，并被视作有望从根本上 解决人类能源问题的"终极方案"。 ...

Group 1 - China and the US are maintaining communication through the economic consultation mechanism, aiming for stable and sustainable development of bilateral trade relations [2] - German Chancellor Merz's visit to China resulted in over ten commercial agreements, emphasizing cooperation in AI and other advanced fields [3][51] - China has implemented export controls on Japan to prevent its militarization and nuclear ambitions, reflecting concerns over regional peace [4][52][53] Group 2 - The deployment of 11 US F-22 stealth fighters in Israel marks a significant military presence in the Middle East [5][54] - Indirect negotiations between the US and Iran have reportedly made significant progress, with further discussions scheduled [7][55] - China's AI model usage surged, surpassing the US for the first time, with a notable increase in model calls [8][56] Group 3 - New regulations for online food safety will take effect on June 1, requiring platforms to take responsibility for food safety throughout their operations [9][57] - The offshore RMB has appreciated significantly, breaking the 6.83 mark, indicating a strong upward trend in the currency [10][58] - Shanghai's gold recovery industry may soon require mandatory real-name registration to enhance security and traceability [11][59] Group 4 - Ctrip Group announced a change in leadership, with the resignation of its president and a significant increase in revenue for Q4 2025 [16][62] - The Guotou Ruijin silver fund compensation process has begun, with over 10,000 users engaging in the resolution process via an online platform [17][63] - The rumor regarding Sanzi Yang's successful backdoor listing has been officially denied, clarifying the company's current status [18][64] Group 5 - Nvidia reported record revenue for Q4 2026, driven by its data center business, which has seen substantial growth since the launch of ChatGPT [19][66] - Longcheng High-tech's new drug for treating boys' developmental issues has led to a significant increase in its stock price, reflecting market excitement [22][68] - The actual controller of Dongfang Fortune plans to donate a substantial amount of shares to Shanghai Jiao Tong University, highlighting corporate social responsibility [23][69]

分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 -9% -5% -1% 4% 8% 12% 17% 21% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：英国章鱼能源进 军我国电力市场，建议以哑铃策略配置电力资 产》 2026-02-04 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 联系人：李智 电力及公用事业 AI 赋能绿色转型，双轮驱动 电力投资新纪元 ——电力及公用事业行业月报 发布日期：2026 年 02 月 26 日 投资要点： ⚫ 行情回顾：截至 2026 年 2 月 25 日，2 月电力及公用事业指数表现 强于市场。截至 2026 年 2 月 25 日，中信电力及公用事业指数 2 月上涨 2.0 ...

格隆汇2月26日丨ST太重(600169.SH)在互动平台表示，公司产品目前不涉及可控核聚变相关领域。 ...