全球可控核聚变研发呈现中美竞速格局，美国通过科技巨头资本开支和 政策引导，中国则通过国家队集中力量推动，均显示出对该领域的高度 重视。 中国可控核聚变被列入"十五五"规划建议，预示国家政策将持续支持 该领域发展，为相关资本开支提供保障，并可能催化市场热情。 当前中国核聚变项目投入约 1,500 亿元，预计未来几年将持续增加， 2025 年市场主线围绕资本开支落地展开，合肥 BEST 项目招标是重要 观察点。 核聚变开发分为实验堆、工程堆、示范堆和商业化阶段，目前处于实验 堆阶段，单体工程堆投资预计达千亿级别，未来资本开支潜力巨大。 2026 年合肥 BEST 项目招标体量显著提升，11 月单月招标金额接近 40 亿元，表明行业资金逐步落地，为未来发展奠定基础。 托卡马克装置中磁体环节价值量占比高（30%-40%），低温超导（西 部超导）和高温超导（永鼎股份、精达股份、上海超导）路线值得关注， 磁体加工环节的联创光电也是重要标的。 具有核心资源优势或壁垒的链主企业，如合肥链上的合锻智能、南昌链 上的联创光电、成都链上的国光，因其在产业链中的关键位置而具备较 高的发展潜力。 核聚变核心逻辑再梳理 20260108 ...

Q&A 当前全球燃气轮机市场的需求主要受到哪些因素的驱动？ 当前全球燃气轮机市场的需求主要受到两个方面的驱动：一是全球 AI 需求，二 是能源结构升级。这两个趋势自 2024 年开始进入快速发展阶段。具体来看， 全球燃气厂订单非常饱满，排产基本上已经延续到 2028 至 2029 年，尤其是 重型燃气轮机，其销售订单已接至 2030 年左右。数据显示，2024 年的需求 约为 56 GW，到 2025 年整体需求将进一步上升。 燃气轮机在数据中心建设中的作用是什么？ AI 基建：电力需求缺口 20260108 摘要 燃气轮机需求激增，订单已排至 2028-2030 年，主要受益于 AI 数据中 心建设和能源转型，2024 年需求约 56GW，预计 2025 年将进一步增 长。国际龙头厂商如三菱重工和 GE 的订单显著增长，尤其在北美和中 东地区。 中东市场能源转型推动天然气需求，沙特计划 2030 年 50%电力来自天 然气。2024 年 6 月以来，中东三大燃机厂已获约 20GW 燃气订单，成 为 2025 年需求上行的关键因素。 全球燃机厂商面临供不应求，积极扩产。GE 计划 2028 年产能达 90 台 ...

Major Announcements - Tongcheng New Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and financing channels [2] - Huaxia Happiness's controlling shareholder and actual controller are involved in arbitration with a claim amount of approximately 6.4 billion yuan [5] - Industrial Fulian announced a cash dividend distribution of 6.55 billion yuan for the first half of 2025, with a record date of January 15, 2026 [6] Stock Trading Risks - Fenglong Co. reported significant stock price volatility, with a cumulative increase of over 20% in two consecutive trading days, indicating high speculation risk [3] - Guojiji Heavy Industry stated that its revenue from controllable nuclear fusion products is currently very low, despite being classified as a related stock [4] - China Nuclear Construction highlighted that its controllable nuclear fusion business has not generated any revenue yet [11][15] Financial Performance - Puni Testing expects a loss of 200 million to 250 million yuan for the fiscal year 2025, following a 100% increase in stock price over ten trading days [18] - Meike Home anticipates a negative net profit for 2025, indicating financial challenges [19] - Jinli Permanent Magnet forecasts a net profit increase of 127% to 161% for 2025, driven by strong sales in various sectors [20] New Business Developments - Aibisen received a drug registration certificate for its exclusive injectable botulinum toxin product, marking a significant milestone in its strategic layout [14] - Changhong Technology's subsidiary secured over half of the procurement share for semiconductor materials from a major domestic wafer factory, enhancing its market position [30] Share Buybacks and Reductions - Xingchen Technology plans to repurchase shares worth 60 million to 120 million yuan for employee stock ownership plans [22] - *ST Jianyi's shareholder plans to reduce holdings by up to 1.23% of total shares [23] - Lai Yifen's controlling shareholder intends to reduce holdings by up to 3% of the company's shares [25]

Group 1: Sodium Battery - The China Chemical and Physical Power Industry Association has approved the release of the group standard for sodium-ion batteries for energy storage, marking a new phase of standardization in this field [1] - Sodium-ion batteries are expected to accelerate from laboratory testing to large-scale applications due to their abundant resources, low cost, and high safety [1] - The global shipment of sodium-ion batteries is projected to exceed 347 GWh by 2030, with a compound annual growth rate of 58.1% [1] Group 2: Commercial Aerospace - Arrow Yuan Technology has begun construction on China's first offshore reusable rocket production base with a total investment of 5.2 billion yuan [2] - The reusable rocket market is anticipated to experience explosive growth, with 2026 expected to be the "Year of Rocket Reusability," significantly reducing launch costs [2] - If recovery technology breakthroughs occur by 2026, China could establish a satellite constellation by 2030, unlocking trillion-dollar markets in space internet and remote sensing [2] Group 3: Medical Research - A team from Peking University has developed a protein-targeted degradation technology that can expose tumor cells that evade the immune system, transforming them from "invisible enemies" to "intelligence messengers" [3] Group 4: Water Resources - The Chinese government is accelerating the construction of the national water network, with significant investment opportunities in the water resources engineering sector [3] - The water resources engineering construction industry is expected to maintain a compound annual growth rate of 8.5% from 2025 to 2030, reaching a market size of over 2.2 trillion yuan by 2030 [3] Group 5: Controlled Nuclear Fusion - The new Atomic Energy Law of the People's Republic of China will take effect on January 15, 2026, encouraging and supporting controlled nuclear fusion research [4] - The global fusion market is expected to exceed 100 billion USD by 2030, driven by significant domestic and international developments in the sector [4]

Market Overview - The three major A-share indices showed mixed performance on January 8, with the Shanghai Composite Index experiencing fluctuations. The total trading volume in the Shanghai and Shenzhen markets reached 2.83 trillion yuan, an increase of over 55 billion yuan compared to the previous day. More than 3,700 stocks closed higher [1] Sector Performance - Leading sectors included domestic aircraft carriers, military information technology, and terahertz technology, while sectors such as cobalt, nickel, and rare earth permanent magnets saw significant declines [1] Institutional Ratings - Six stocks received buy ratings from institutions today. However, the average performance of these stocks was a decline of 0.73%, underperforming the Shanghai Composite Index. Notable decliners included Northern Huachuang, Giant Star Technology, and Shengquan Group [1] Institutional Trading - In the institutional trading rankings, 17 stocks saw net buying, with Aerospace Electric and Zhenlei Technology each receiving over 200 million yuan in net purchases. Conversely, Jin Feng Technology faced a net sell-off exceeding 600 million yuan, leading the sell-off list [4][6] Notable Stock Movements - The top net buying stocks included Aerospace Electric (27.62 million yuan), Zhenlei Technology (25.90 million yuan), and Hailanxin (13.54 million yuan). On the other hand, Jin Feng Technology led the net selling stocks with a net sell amount of 600 million yuan, followed by Qiangyi Co. and Zhongkuang Resources, each with over 300 million yuan in net sales [5][6] Company Announcements - Northern Changlong plans to acquire a 51% stake in Shunyi Technology, which is expected to constitute a major asset restructuring. Shunyi Technology specializes in intelligent control technology and high-end manufacturing [8] - Tian Sheng New Materials' largest shareholder is planning a change in company control, leading to a stock suspension starting January 9 [8] - Huaxia Happiness is involved in arbitration with a case amounting to approximately 6.4 billion yuan [8] - Quanxin Co. intends to issue convertible bonds to raise no more than 312 million yuan for projects related to commercial aviation transmission and integrated communication [8] - Vanke A announced the resignation of its executive vice president, Yu Liang, due to retirement [8]

Group 1 - China Petroleum & Chemical Corporation and China Aviation Oil Group have received approval from the State Council for a restructuring [2] - The Guangzhou Municipal Government has issued a plan to accelerate the construction of an advanced manufacturing city from 2024 to 2035, focusing on reusable rocket technology and establishing testing bases for large liquid rockets [2] - On January 8, polysilicon futures hit the limit down with a decline of 9%, following a meeting where the State Administration for Market Regulation discussed monopoly risks with major solar companies [2] Group 2 - Nestlé has initiated a precautionary recall of specific batches of infant formula in several European countries, with the Chinese subsidiary complying with the recall to protect consumer rights [3] - Fenglong Co. may apply for a trading suspension if its stock price continues to rise abnormally [5] - Pritchard Co. does not expect large-scale orders for its LCP film products in the brain-computer interface sector in the short term [6] - Vanke A has announced the resignation of its retiring executive vice president, Yu Liang [7] - Jiangshun Technology is planning to jointly invest in the establishment of an investment fund [8] - Kuanse Co. clarified that it is not involved in commercial aerospace or satellite navigation businesses, countering media reports [9]

Core Insights - The latest development in the nuclear fusion sector is marked by the successful operation of the world's first fully high-temperature superconducting tokamak, Honghuang 70, which achieved a stable long-pulse plasma operation for 120 seconds during its 5319th experiment [1][2][3]. Company Developments - Energy Singularity, the company behind Honghuang 70, claims that this experiment demonstrates the device's reliability and stability for long-pulse operation, validating the engineering feasibility of high-temperature superconducting tokamaks [1][2]. - The Honghuang 70 device is noted for being the first commercial nuclear fusion device developed by a private company, with a domestic production rate exceeding 96% [5]. - Future plans include the development of a compact high-temperature superconducting tokamak prototype, Honghuang 170, aimed at achieving the lowest cost for net energy gain from deuterium-tritium fusion [4][5]. Industry Trends - The nuclear fusion sector is experiencing a surge in interest, as evidenced by a 2.36% increase in the controllable nuclear fusion index as of January 8, with a cumulative increase of 52.5% for the year [7]. - Over 70% of stocks in the controllable nuclear fusion sector saw gains, with several companies reaching their daily limit up [8][9]. - The successful experiment is expected to prompt a reevaluation of the maturity and commercialization timeline of fusion technology by international capital and industry [14]. Technological Context - Nuclear fusion is considered the "ultimate energy" source due to its abundant raw materials and lack of pollution emissions [15]. - The high-temperature superconducting tokamak is highlighted as the only fusion energy solution that meets the criteria of scientific robustness, engineering feasibility, and commercial cost-effectiveness [15]. - Current fusion technology routes include magnetic confinement fusion, with tokamaks being a prominent design, often referred to as "artificial suns" [15][16].

Core Insights - The recent announcement by the Hefei Institute of Physical Science confirms the existence of a density-free zone in the Tokamak, providing significant physical evidence for high-density operation in magnetic confinement fusion devices [1] - The controlled nuclear fusion industry is currently focusing on technological engineering and commercial feasibility breakthroughs, with substantial investment opportunities concentrated in the mid-to-upstream segments [1] - The global consensus on carbon neutrality is driving the urgent demand for stable, clean, and high-energy-density energy sources, positioning controlled nuclear fusion as a core direction for energy transition [1] Market Segments Overview Superconducting Materials and Magnet Systems - This sector directly benefits as Tokamak devices require strong magnetic fields to confine high-temperature plasma, with high-temperature superconducting materials being crucial [2] - The market for high-temperature superconducting materials is expected to grow rapidly due to increasing demand from fusion devices, with companies already leading in Nb3Sn and superconducting magnet design and manufacturing [2] Nuclear Equipment Manufacturing - The sector is poised for significant market opportunities as projects like BEST and CFETR advance, leading to explosive growth in the demand for core precision components [2] - Domestic leading companies possess comprehensive design and manufacturing capabilities, having successfully developed key equipment for ITER, which positions them to secure high-value orders in future fusion power plant constructions [2] Low-Temperature and Refrigeration Equipment - Magnetic confinement fusion devices require superconducting magnets to be cooled to near absolute zero, creating high demands for critical equipment like megawatt-level helium refrigerators [3] - Domestic companies are making technological breakthroughs in low-temperature refrigeration, which will provide robust equipment support for China's fusion reactor projects and create new growth points for performance [3]

Core Viewpoint - China First Heavy Industries (中国一重) has experienced significant stock price movement, with a recent increase of 10.07% to 4.92 yuan, amid announcements regarding its operational stability and advancements in technology [1] Group 1: Stock Performance and Announcements - On January 8, China First Heavy Industries reported a stock price increase, closing at 4.92 yuan, up by 0.45 yuan [1] - The company announced that its daily production and operational activities are normal, with no significant changes in its main business, market environment, or industry policies [1] - The company is listed as a "controllable nuclear fusion" concept stock, but has not yet generated revenue from related products [1] Group 2: Business Developments - On January 4, the sale of 100% equity in Longjiang Ruifeng New Energy Co., Ltd. was completed, with the transaction price set at 7.25 billion yuan [2][3] - The company has successfully launched its first domestically designed and manufactured 1450mm high-grade silicon steel cold-rolling mill, marking a significant technological breakthrough in the high-end silicon steel equipment sector [3] - The new cold-rolling mill is expected to enhance China's competitiveness and technological authority in the high-end silicon steel market [3] Group 3: Technological Advancements - The 150MN hydraulic press, developed by China First Heavy Industries, incorporates multiple core technologies and is designed for high precision and stability under extreme loads [4] - The hydraulic press features an intelligent control system that allows for real-time monitoring and adaptive adjustments, significantly improving production efficiency and product quality [4] - This development represents a key step towards digitalization and automation in the forging equipment sector [4]

-2连板国机重装："可控核聚变"相关产品形成的收入占公司总收入比重极低； 1月8日，可控核聚变概念大涨，截至收盘，板块涨幅超3%，中国核建、雪人集团、国机重装等多股涨 停。盘后，多只连板股发布股价异动公告： -2连板中国一重：公司"可控核聚变"相关产品尚未形成收入。 -2连板中国核建：公司可控核聚变相关业务占比极低； ...