中信证券认为，近年来海外可控核聚变发展提速，以美国企业为代表的商业化聚变项目有望在 2030前投入商用，倒逼国内产业加速推进。近期国内核电领域政策信号不断明确、技术进展明 显： 1)3月28日，新一代人造太阳"中国环流三号"首次实现原子核和电子温度"双亿度"的突破性进展。"中 国环流三号"是我国自主研制的可控核聚变大科学装置，其能量产生原理与太阳发光发热相似，因此 被称为新一代人造太阳。 2)4月27日，国务院常务会议审议决定核电项目审批开闸，今年首批核准10台新机组，拉动超2000亿 投资， 这 是 中国连续四年每年核准超过 10台机组。 4月28日，国家能源局举行新闻发布会，会 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期国内核聚变领域频现新动作，多个项目取得重要进展，引发市场高度关注。在多重利好催化 下，核电股反复活跃， 百利电气、中洲特材、融发核电、雪人股份等均走出翻倍式行情。 海外 方面，美国总统特朗普签署4项行政命令推动美国核能产业改革， 核电的长期叙事逻辑进一步强 化。 从市场发展空间来看，根据国家核安全局统计，2023年核电国家中核能发电占总发电量高于10％ 的有20余 ...

Group 1 - The A500 Index (000510) increased by 0.65% as of June 11, 2025, with notable gains from Jianghuai Automobile (600418) at 6.37%, Cangge Mining (000408) at 4.34%, and others [1] - The A500 ETF Fund (512050) rose by 0.75%, with a latest price of 0.95 yuan and a trading volume of 1.173 billion yuan [1] - The A500 ETF Fund has a one-year average daily trading volume of 3.626 billion yuan, ranking first among comparable funds [1] Group 2 - The latest scale of the A500 ETF Fund reached 15.705 billion yuan, with a financing buy amount of 4.1587 million yuan and a financing balance of 36.7489 million yuan [2] - As of May 30, 2025, the top ten weighted stocks in the A500 Index accounted for 21.21% of the index, including Kweichow Moutai (600519) and CATL (300750) [2] Group 3 - The A500 Index selects 500 securities with large market capitalization and good liquidity from various industries, reflecting the overall performance of representative listed companies [1] - The market is experiencing increased style rotation, suggesting a focus on balanced broad-based indices like the A500 Index [1]

6月11日，A股三大指数集体上涨。主流宽基ETF中，截至发稿，A500指数ETF（159351）截至发稿涨 0.93%，成交总额超15亿元，换手率10.29%，盘中交投活跃。成分股中杉杉股份涨超5%，新宙邦、生 益科技涨超4%。 截至6月10日，该ETF年内份额增长和增幅分别为19.02亿元和14.48%，均居同标的首位。 消息面上，多家外资看好中国资产。据智通财经，近日，摩根士丹利发布报告表示，目前全球投资者对 中国的投资敞口仍相对较低。但随着国际投资者正寻求加大投资组合的多元化，并担心错过中国的科技 进步红利，国际投资者对中国股票的配置意愿已经明显加强。 瑞银全球财富管理的新兴市场策略师Xingchen Yu认为，全球投资者应继续战略性地投资中国股票。瑞 银表示，在基本面改善、现有及潜在政策支持、以及人工智能的长期增长前景推动下，中国科技股具有 进一步上涨的潜力；与美国同行相比，估值仍具吸引力。瑞银对中国科技股维持"有吸引力"的评级。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心 ...

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 6月1 1日，三大股指集体高开，上证指数开盘报3 3 8 5 . 4 6点， 涨0 . 0 2% ，深成指开盘报1 0 1 7 6 . 5 点， 涨0 . 1 4% ，创业板指开盘报2 0 4 4 . 2 8点， 涨0 . 3 4% 。汽车配件、智慧农业、服务器、AI医 疗概念股走强，种业、稀土、可控核聚变、新消费题材走弱。 今日嘉宾观点 今日券商观点 ①中信证券：6月投资者情绪有望维持稳定 中信证券指出，5月A股市场投资者情绪整体平稳，上半月受益于中美贸易战缓和明显改善， 下 半 月 因 内 需 和 价 格 信 号 偏 弱 等 担 忧 有 所 降 温 。 结 构 上 看 ， 随 着 中 美 贸 易 博 弈 步 入 稳 态 阶 段，市场风险偏好回暖有望延续，海外因素对情绪的压制或将继续缓释；外部担忧缓解后， 投 资 者 对 国 内 出 台 大 规 模 刺 激 政 策 的 预 期 有 所 降 温 ， 政 策 不 及 预 期 的 担 忧 对 情 绪 的 影 响 减 弱；国内经济整体平稳，工业生产有望延续较高 ...

Group 1 - The concept stocks related to controllable nuclear fusion have declined, with companies such as Baili Electric (600468) and Haheng Huaton (301137) dropping over 7% [1] - Other companies like Wangzi New Materials (002735), Xue Ren Shares (002639), Zhongzhou Special Materials (300963), and Rongfa Nuclear Power (002366) also experienced a decline [1] - There is a notable influx of dark pool funds into these stocks, indicating potential interest from institutional investors [1]

// 今日关注 // 1 、商务部：对原产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调查期限延长至 2025 年 12 月 16 日 2 、市场监管总局就《直播电商监督管理办法（征求意见稿）》公开征求意见 3 、稳定币《天才法案》本周将"闯关"美国参议院 4 、泛海控股股份有限公司：未能按期偿还债务 328.13 亿元 5 、日本政府考虑取消购物免税制，提高游客税 // 宏观预警 // 1 、商务部：对原产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调查期限延长至 2025 年 12 月 16 日 商务部发布关于原产于欧盟的进口相关猪肉及猪副产品反倾销调查的延期公告：根据《中华人民 共和国反倾销条例》的规定， 2024 年 6 月 17 日，商务部发布 2024 年第 23 号公告，决定对原 产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调查。鉴于本案情况复杂，根据《中华人民 共和国反倾销条例》第二十六条的规定，商务部决定将本案的调查期限延长至 2025 年 12 月 16 日。 1 、泛海控股股份有限公司：未能按期偿还债务 328.13 亿元 泛海控股股份有限公司公告称，截至 2025 年 5 月 31 ...

Summary of Yongding Co., Ltd. Conference Call Company Overview - **Company**: Yongding Co., Ltd. - **Date**: June 10, 2025 Industry Focus - **Key Industries**: Superconducting wire materials, optical chips, traditional optical products, and overseas power engineering projects Core Insights and Arguments 1. **Expansion in Superconducting Wire Materials**: Yongding is actively expanding its superconducting wire materials business, establishing partnerships with various enterprises and research institutions. The market demand is rapidly increasing, particularly in the controlled nuclear fusion sector, with plans to expand production capacity to 20,000 kilometers to meet this demand [2][7][13] 2. **Optical Chip Factory Completion**: The optical chip factory was completed in June 2023, and the company has established connections with leading domestic manufacturers. Sales are expected to see breakthroughs in the second half of this year and next year [4][2] 3. **Stable Traditional Business**: The traditional business segments, including optical rods, fibers, and cables, are maintaining stability. Overseas projects, such as the Bangladesh power grid renovation project valued at $1.14 billion, are expected to contribute to sales [6][2] 4. **Broad Market Prospects for Superconducting Materials**: The superconducting wire market has vast potential, with applications in controlled nuclear fusion, maglev transportation, MRI medical technology, and military sectors. However, domestic production capacity is currently insufficient [7][2] 5. **High Technical Barriers**: The technical barriers in superconducting materials are significant, primarily due to R&D investment and intellectual property accumulation. Yongding has invested heavily and developed core processes, making it one of the few manufacturers capable of large-scale production globally [10][2] 6. **Future Development Strategy**: The company plans to accelerate capacity expansion to meet growing market demand while continuing to push for technological advancements. The focus will be on developing optical chips and superconducting wire materials [8][9][2] Additional Important Points 1. **Market Demand Growth**: The demand for superconducting wire materials in the controlled nuclear fusion field has significantly increased, with requirements growing from several kilometers to potentially hundreds of kilometers in the coming years [3][2] 2. **Challenges in Material Development**: The compact design of devices poses challenges for internal materials, and while the issue of quenching has not been fully resolved, existing superconducting materials meet current design requirements [12][2] 3. **Production Capacity and Profitability**: Yongding aims to achieve a production capacity of 5,000 kilometers by the end of 2025, with current capacity exceeding 2,000 kilometers. The company plans to rapidly expand to 18,000 to 20,000 kilometers by 2026 [13][2] 4. **Diverse Applications Beyond Fusion**: The company is also making significant progress in various superconducting applications, including magnetic levitation technology and military applications, while also planning to promote superconducting cables and power applications [14][2] 5. **Strategic Layout in Optical and Electrical Fields**: Yongding's strategic layout focuses on enhancing its supply chain in both optical and electrical fields, with an integrated solution in the optical sector and increased investment in electric vehicle wiring and superconducting power [15][2]

Company Focus - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary Shanghai Zhishi to actively develop robotic electronic skin [2] - Beizhi Technology reached a strategic cooperation intention with Xingdong Jiyuan to collaborate on humanoid robots in intelligent logistics scenarios [2] - Chengdu Huamei launched a 4-channel, 12-bit, 16G high-speed high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [3] - Vanke A sold 22 million A-share treasury stocks for a total of 146 million yuan, which will help supplement the company's liquidity [4] - Honghe Technology announced that Hefei Ruicheng intends to become the indirect controlling shareholder, with stock resuming trading on June 11 [5] - Fangzheng Technology plans to raise no more than 1.98 billion yuan through a private placement for AI and high-density interconnect circuit board projects [12] Shareholding Changes - Guangting Information intends to acquire 100% equity of Kaima Technology for 360 million yuan [12] - Leidi Ke plans to acquire 51% equity of Yuzhan Precision, focusing on micro-screw technology for key components in robotic dexterous hands [12] Stock Trading Activities - Qu Mei Home's director Wu Nani reduced her holdings by 58,000 shares during the stock trading volatility on June 10 [4] - Jinshi Technology clarified that it has not engaged in any business related to stablecoin concepts despite recent market interest [6][7] - Jin Ying Co. stated it is not involved in solid-state battery business [6] Contracts & Project Bids - Huakang Clean received a bid notification [12]

Company Announcements - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary Shanghai Zhishi to actively develop robotic electronic skin [2] - Chengdu Huami launched a 4-channel, 12-bit, 16G high-speed high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Vanke A sold 22 million A-share treasury stocks for a total of 146 million yuan, which will help supplement the company's liquidity [5] - Honghe Technology's stock will resume trading as Hefei Ruicheng is set to become the company's indirect controlling shareholder [8] Strategic Partnerships - Beizhi Technology reached a strategic cooperation intention with Xingdong Jiyuan to collaborate on humanoid robots in smart logistics applications [3] - Redik plans to acquire 51% of Yuzhan Precision, focusing on the application of micro-screw technology in robotic dexterous hands [19] Financing and Capital Increase - Fangzheng Technology plans to raise no more than 1.98 billion yuan through a private placement to fund the AI and high-density interconnect circuit board industry [17] Shareholding Changes - Guangting Information intends to purchase 100% of Kaima Technology for 360 million yuan, aiming to enhance its market position [19] - Qu Mei Home's director reduced holdings by 58,000 shares during a period of abnormal stock trading [4] Market Reactions - Jinshi Technology clarified that it has not engaged in any business related to stablecoins, despite a significant stock price increase of 76.51% [11] - Jinying Co. announced it is not involved in solid-state battery business, with its lithium battery materials revenue being only 1.70% of total revenue [12]

Core Viewpoint - The A-share market is experiencing a downturn, yet several controllable nuclear fusion stocks are rising, indicating a potential investment opportunity in this sector [1][5]. Group 1: Market Performance - On June 10, over 4,000 stocks in the A-share market were down, but controllable nuclear fusion stocks like Hanhua Tong and Baili Electric saw significant gains, with Baili Electric rising over 10% [1]. - Baili Electric has achieved 7 trading limits in 11 days, with its stock price increasing from 5.31 yuan on May 26 to 9.63 yuan on June 10, representing an over 80% increase [5]. Group 2: Industry Developments - Recent research achievements in controllable nuclear fusion have gained attention, with Huawei's CEO mentioning that nuclear fusion could be a significant technological revolution alongside artificial intelligence [2][6]. - The 2025 Shanghai International Carbon Neutral Technology Expo showcased advancements in controllable nuclear fusion and related technologies, highlighting the industry's potential to support carbon neutrality goals [5]. Group 3: Company Risk Disclosures - Several listed companies have cautioned investors about the risks associated with controllable nuclear fusion investments, noting that related revenues currently constitute a small portion of their main business income [3][9]. - Baili Electric reported a net loss of 109 million yuan for 2024, with related business income accounting for less than 1% of total revenue [8][9]. Group 4: Market Sentiment and Future Outlook - The controllable nuclear fusion concept index has shown volatility, with a peak of 1613.94 points in late May, currently standing at 1588.37 points [7]. - Analysts from CITIC Securities and Founder Securities express optimism about the long-term prospects of the controllable nuclear fusion industry, citing recent policy signals and technological advancements as catalysts for growth [12][13].