Market Review - A-shares led global indices with major broad-based indices generally rising, particularly the CSI 500 and ChiNext, while the Shanghai Composite Index recorded an eight-day winning streak approaching 4000 points [1] - The market liquidity is abundant, with A-share trading volume continuing to expand, reaching over 2 trillion yuan on Friday, and the financing balance exceeding 2.5 trillion yuan, setting a historical high [1] - In terms of style, small-cap and growth styles outperformed, with sectors such as non-ferrous metals, defense, and electric equipment leading gains, while beauty care, social services, and banking sectors declined [1] Market Outlook - Multiple funds are rushing to capitalize on the "spring rally," with a focus on buying on dips. The uncertainty in overseas monetary policy is dissipating, and the upcoming Chinese New Year and "Two Sessions" are expected to support risk appetite [2] - The "spring rally" conditions are accumulating, with key factors including reasonable valuation levels, a loose liquidity environment, and catalysts to boost risk appetite such as domestic policies and external risk mitigation [2] - The latest risk premium for the CSI 300 is at the median level of the past decade, indicating reasonable A-share valuations, while the central bank emphasizes continued implementation of a moderately loose monetary policy [2] Fund Flows - The net subscription of A500 ETFs has become one of the important sources of incremental funds for A-shares at year-end, with a cumulative net subscription of 90.8 billion yuan in December, the highest since April [3] - The top six A500 ETF products saw a net inflow of 97.2 billion yuan since December, reflecting accelerated inflow of institutional funds [3] Financing and Currency Trends - The financing balance of A-shares reached a historical high of 2.53 trillion yuan as of December 25, with a net buy of 72 billion yuan in financing funds since December, indicating a recovery in market sentiment [4] - The strong performance of the RMB is favorable for foreign capital inflow, with the offshore RMB briefly surpassing the 7.0 mark against the USD, reflecting market confidence in the Chinese economy [4] Industry Allocation Recommendations - Focus on growth themes benefiting from industrial policy support, such as domestic substitution, robotics, commercial aerospace, nuclear fusion, innovative drugs, and energy storage [5] - Pay attention to sectors benefiting from "anti-involution" price increases, such as chemicals, energy metals, and new energy [5] - Look for potential catalytic opportunities in the consumer sector due to the deepening of consumption policies [5]

中新社合肥12月28日电 (记者 吴兰)12月28日，中国科学院合肥物质科学研究院等离子体物理研究所承 担的国际热核聚变实验堆(ITER)校正场线圈采购包，完成全部的制造任务，最后4个线圈顺利竣工交 付。 该校正场线圈共有三组18个线圈，分别均匀分布于ITER装置主机的顶部、中部、底部三个区域，是 ITER装置主机最重要的磁体系统之一。校正场线圈能否成功研制并如期完成安装，直接影响ITER装置 等离子体运行参数。 据介绍，ITER校正场线圈采购包由中国100%自主研发和制造，项目团队历时15年攻关并竣工交付。项 目团队还同步构建了涵盖标准、专利及多个专业实验室的研发支撑体系，为中国聚变领域的基础研究和 应用提供有力支撑。 中国科学院合肥物质科学研究院等离子体物理研究所作为ITER中国工作组重要单位之一，承担了超导 导体、校正场线圈、磁体馈线、电源、诊断等众多采购包和工程总装以及数十项现金合同，占中国承担 ITER份额的绝大部分。(完) ...

Group 1 - The core achievement is the successful completion of the manufacturing tasks for the ITER correction field coils, with the last four coils delivered in Hefei, Anhui [1] - The ITER correction field coils consist of three groups of 18 coils, which are crucial components of the main magnetic system of the ITER device, directly affecting plasma operation parameters [1] - The procurement package for the correction field coils was entirely developed and manufactured independently by China, taking 15 years from preliminary research in 2010 to completion in 2023, showcasing advancements in superconducting magnet engineering [2] Group 2 - The manufacturing of the ITER correction field coils involved strict requirements for size, welding, deformation control, and testing environments, highlighting the technical challenges faced [2] - The Institute of Plasma Physics at the Hefei Institute of Physical Science, part of the Chinese Academy of Sciences, plays a significant role in the ITER project, handling various procurement packages and contracts, which constitute a large portion of China's responsibilities in the ITER project [2]

Core Viewpoint - Lansi Heavy Industry (603169) is advancing its development in nuclear energy and hydrogen energy equipment by establishing joint laboratories with Hefei Comprehensive National Science Center's Energy Research Institute to promote research and industrial development in zero-carbon technologies and high-performance fusion heat exchange equipment [2][3][4]. Group 1: Joint Laboratory Agreements - Lansi Heavy Industry and its subsidiary signed agreements to establish joint laboratories focused on hydrogen-ammonia fusion engineering technology and high-efficiency fusion heat exchange equipment [2][3]. - The collaboration aims to enhance research in controlled nuclear fusion and develop new technologies for high-performance heat exchange systems [3][4]. Group 2: Research Directions and Goals - The joint laboratory for fusion heat exchange equipment will focus on three main areas: compact and efficient heat exchange systems for fusion power generation, low-temperature heat exchange equipment, and optimization of flow channels in Tokamak devices [3][4]. - The goal is to create a roadmap for technology development within one year and achieve significant results in the fusion energy sector within two to five years, including prototypes for efficient heat exchange equipment [4]. Group 3: Hydrogen-Ammonia Fusion Technology - The establishment of the hydrogen-ammonia fusion engineering technology laboratory will facilitate research in modular flexible ammonia synthesis, green hydrogen liquefaction, and ammonia cracking for hydrogen production [4][5]. - The aim is to develop a modular industrial ammonia synthesis facility powered by renewable energy sources and establish a hydrogen station with a capacity exceeding 1000 kg/d [5]. Group 4: Market Position and Growth - Lansi Heavy Industry has built a robust industry system in the fusion heat exchange equipment sector, achieving a 90% market share in nuclear-grade plate heat exchangers [6]. - The company reported a 32.16% year-on-year increase in nuclear energy orders, amounting to 306 million yuan in the first half of 2025, and is enhancing production capacity to meet future market demands [7].

Core Viewpoint - Lanzhou University has established the School of Nuclear Fusion Science and Engineering to align with national strategic energy needs and promote innovative talent cultivation in the field of nuclear fusion [3][4]. Group 1: Establishment and Purpose - The School of Nuclear Fusion Science and Engineering was officially launched on December 26, with a focus on addressing key scientific issues in nuclear fusion [1][3]. - The establishment is part of a broader initiative to support China's "14th Five-Year Plan," which emphasizes the development of future industries such as quantum technology and nuclear fusion energy [3][4]. Group 2: Leadership and Structure - The academic committee chair and management personnel for the new school were appointed during the establishment ceremony, with significant collaboration agreements signed with five initial member units [3][4]. - Chen Ximeng, the dean of the new school, outlined the construction report, emphasizing a multi-disciplinary approach to talent development and research [4][6]. Group 3: Historical Context - The history of nuclear science education at Lanzhou University dates back to 1955, with the establishment of the modern physics department, which has evolved into the current School of Nuclear Science and Technology [7]. - The university has a long-standing reputation in nuclear science, being one of the first institutions in China to offer nuclear-related programs and degrees [7].

Core Viewpoint - A new wave of price increases is anticipated across various industries, driven by factors such as supply reduction, wage increases, and government policies aimed at stimulating domestic demand [1][5][30]. Group 1: Price Increases in Various Industries - McDonald's will raise prices on several menu items by 0.5-1 yuan starting December 15, 2025 [2]. - Moutai's wholesale prices for all products have increased, with the 25-year Flying Moutai rising by 40 yuan to 1600 yuan per bottle, and the Zodiac Snake variant surging by 230 yuan to 2000 yuan per bottle [3]. - SMIC has implemented a price increase of approximately 10% on certain production capacities, particularly focusing on the 8-inch BCD process platform [4]. - Major global shipping companies, including MSC, CMA CGM, Maersk, and Hapag-Lloyd, have announced plans to adjust freight rates starting January 1, 2026, including seasonal surcharges [4]. - Smartphone manufacturers like Xiaomi, OPPO, vivo, and Honor have raised prices on new models by 100 to 600 yuan compared to previous generations since October [5]. Group 2: Reasons Behind Price Increases - Price increases are partly a response to policies aimed at reducing overcapacity and promoting quality over quantity in production, as seen in industries like Moutai and SMIC [5][6]. - The price of lithium carbonate has risen from 92,800 yuan per ton to 104,900 yuan per ton, reflecting a monthly increase of over 13%, driven by production cuts from leading companies [6]. - The government has emphasized the need to stimulate domestic demand by increasing residents' income, which may lead to higher wages and consequently higher prices [6][7]. Group 3: Economic Outlook and Market Trends - The expectation is that inflation will become the main theme moving forward, with CPI gradually rising as the economy recovers from deflation [28][45]. - Monetary policies, including potential interest rate cuts, are anticipated to continue, providing a basis for inflation as liquidity increases in the market [34][40]. - The A-share market is expected to experience a slow bull market due to improved regulations, increased long-term capital inflows, and enhanced liquidity [41][43]. - As capital markets stabilize and residents' financial conditions improve, consumer spending is likely to increase, further driving price rises across various sectors [42][44].

每经AI快讯，有投资者在投资者互动平台提问：贵公司通过孵化器投资超磁新能、东昇聚变、量晶万 维三大前沿项目，覆盖核聚变、高温超导材料的三大前沿科技，可否告知分别投入了多少资金，且到现 在是否带来投资盈利？ （文章来源：每日经济新闻） 城投控股（600649.SH）12月26日在投资者互动平台表示，海桐国际创新中心是海创产业研究院核心团 队与城投控股、杨浦区国资共建的专业孵化器，于2025年4月在湾谷科技园正式落地运营。孵化器注册 资本1000万元，其中公司认缴出资200万元，持股20%。公司通过孵化器投资超磁新能、东昇聚变、量 晶万维等三个项目。 ...

西高院（688334.SH）12月26日在投资者互动平台表示，尊敬的投资者，您好。在核聚变相关设备检测 方面，公司具备变压器等同类设备的实验能力。此外，公司正在积极跟踪固态电池技术发展。具体业务 情况请以公司在指定信息披露媒体发布的公告为准。感谢您的关注。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘： 公司在商业航天，机器人，核聚变，新 能源固态电池方面，是否有相关的服务提供？ ...

Group 1 - The core viewpoint of the news is that Far East Holdings has experienced fluctuations in its stock price, with a year-to-date increase of 64.63% and a recent decline of 2.01% on December 26 [1] - As of December 26, the stock price is reported at 7.82 yuan per share, with a total market capitalization of 17.355 billion yuan [1] - The company has seen significant trading activity, with a net outflow of 15.49 million yuan in principal funds and a notable presence on the trading leaderboard three times this year [1] Group 2 - Far East Holdings operates in the power equipment sector, specifically in cable components and other related areas, and is involved in various concept sectors including nuclear fusion and aerospace [2] - For the period from January to September 2025, the company achieved a revenue of 20.209 billion yuan, reflecting a year-on-year growth of 10.91%, and a net profit of 168 million yuan, which is a substantial increase of 268.86% [2] - The company has distributed a total of 1.083 billion yuan in dividends since its A-share listing, with 155 million yuan distributed over the past three years [3]

Group 1 - The core viewpoint of the news is that Aerospace Morningstar's stock has experienced fluctuations, with a year-to-date increase of 41.29% but a recent decline of 2.03% in the last five trading days [1] - As of December 26, the stock price is reported at 25.63 yuan per share, with a total market capitalization of 10.965 billion yuan [1] - The company has seen a net outflow of 140 million yuan in principal funds, with significant buying and selling activity from large orders [1] Group 2 - Aerospace Morningstar, established on September 30, 1999, and listed on June 15, 2001, operates in various sectors including military and nuclear non-standard equipment, environmental protection equipment, and energy equipment [2] - The main revenue sources for the company are flexible pipe industry (51.73%), pressure vessel industry (23.44%), and logistics support industry (15.98%) [2] - As of September 30, the number of shareholders is 30,900, a decrease of 15.67%, with an average of 13,832 circulating shares per person, an increase of 18.58% [2] Group 3 - Aerospace Morningstar has distributed a total of 307 million yuan in dividends since its A-share listing, with 38.85 million yuan distributed in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, increasing its holdings by 851,500 shares [3]