报告导读： 上周（2025/6/9-2025/6/13）机械设备指数涨跌幅为-0.67%。关注人形机 器人等领域科技创新，工程机械内销复苏，半导体设备自主可控需求强化。 文章来源 本文摘自：2025年6月15日发布的 关注华为开发者大会，工程机械板块周期性回升 肖群稀 ，登记编号： S0880522120001 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 机器人：短期审慎观察，中长期坚定看好。 我们认为，短期估值提升速度略高于产业实际进度，导致短期 情绪承压，后续需进一步观察产业实际的进展：全球龙头T的技术迭代与商业化落地进展，中长期坚定看 好人形机器人行业发展。 工程机械：板块呈现周期性回升态势，长期配置价值凸显。 2025年 ...

核创纪元系列——超导材料：供需 紧张，核聚变加速的重要驱动 长江证券研究所机械研究小组 2025-06-16 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 01 超导材料：类型多样、应用广泛 02 超导成为核聚变产业加速的重要技术 03 产业链核心价值环节，供需格局紧张 目 录 %% research.95579.com 3 | 分析师 赵智勇 | 分析师 臧雄 | 联系人 王硕 | | --- | --- | --- | | SAC执业证书编号：S0490517110001 | SAC执业证书编号：S0490518070005 | | | SFC执业证书编号：BRP550 | SFC执业证书编号：BVO790 | | %% %% %% %% research.95579.com 2 01 超导材料：类型多样、应用广泛 %% %% %% %% research.95579.com 4 超导：具备零电阻、完全抗磁性等特征的先进材料 资料来源：可控核聚变，长江证券研究所 %% %% %% %% research.95579. ...

Overall Viewpoint - The European Commission is set to launch a four-week consultation for the first fusion energy strategy in June-July 2025, which is expected to strengthen Europe's leading position in the ITER project and enhance its competitive edge in fusion strategies against the US, Japan, and the UK, while attracting social investment and clarifying development paths [3] - The market remains highly focused on Document "136" and "Green Electricity Direct Connection," with electricity consumption and pricing mechanisms gradually unfolding across provinces. Recent data indicates a year-on-year decline in overall electricity prices, reflecting ongoing pressure in power supply and demand, particularly with low photovoltaic prices and stable wind power prices. The core logic of green electricity direct connection is to provide more consumption scenarios and facilitate green certification for exported products, although challenges in breaking the electricity grid monopoly remain [3] Investment Aspects - Virtual Power Plants: As a crucial component of demand-side response, they can effectively reduce peak electricity load curves through resource aggregation and digital technology control [4] - Wind Power: Document "136" reshapes the logic of new energy installations, with favorable output curves for wind power, leading to a potential recovery in wind power station sales and profit restoration for wind turbine manufacturing [4] - Energy Storage and Power Equipment: Continued focus on large-scale energy storage in Europe, industrial and commercial storage in Southeast Asia, and off-grid storage in Africa is expected to see high growth. Short-term attention should be on the month-on-month increase in household storage data [4] - Controlled Nuclear Fusion and Solid-State Batteries: The market may continue to speculate on these two fields, with a focus on domestic experimental pile bidding and US-China technological progress in controlled nuclear fusion, while solid-state batteries should focus on technological advancements from major battery manufacturers [4]

上海未来聚变能源科技有限公司 www.djyanbao.com | 1.企业概览 5 | | --- | | 1.1基本信息 5 | | 1.2企业网站信息 6 | | 1.3主要人员信息 7 | | 1.4分支机构 7 | | 1.5变更记录 7 | | 1.6股东信息 8 | | 1.7认缴出资信息 9 | | 1.8经营异常信息 9 | | 1.9企业联系方式 9 | | 2.企业链路关系 10 | | 2.1企业相关信息 10 | | 2.2关联企业股东列表 10 | | 2.3企业主要人员信息 11 | | 2.4关联企业对外投资信息 12 | | 2.5关联企业裁判文书信息 12 | | 2.6关联企业法院公告信息 12 | | 2.7企业历史股东信息 12 | | 2.8疑似关联关系信息 13 | | 3.失信人信息 13 | | 3.1失信人立案信息 13 | | 3.2失信人裁判文书 14 | 更 新 时 间 ： 2 0 2 5 / 0 6 / 1 6 洞见趋势 研判未来 1.企业概览 | 1.1基本信息 | | | --- | --- | | 企业名称： | 上海未来聚变能源科技有限公司 ...

一周解一惑系列： 聚变磁约束结构仿星器 VS 托卡马克 2025 年 06 月 16 日 ➢ 本周关注：杰克股份、泛亚微透、景业智能、唯科科技 ➢ 磁约束是当下实现可控核聚变的最佳方式。可核聚变的开发异常困难，主 要在于可控核聚变的产生及其维持的相关条件极为苛刻：首先需要将聚变燃料 的温度加热至上亿度，而目前并没有任何材料能够直接承受如此高的温度。核 聚变被分成惯性约束核聚变和磁约束核聚变，前者利用强激光或强流粒子轰击 聚变燃烧靶，使靶丸中的核聚变燃料变成等离子体粒子，并在几个纳秒的极短 时间内，这些粒子由于自身惯性作用还来不及向四周飞散，此时通过向心爆聚 将粒子压缩到超高温温度与密度的状态发生核聚变反应；后者利用由电流产生 的强磁场将高温等离子体约束在"磁笼"真空容器中，使粒子由无序运动变为 沿磁力线做回旋运动，避免了容器壁面与高能粒子的直接接触。磁约束核聚变 是当前条件下最有可能率先实现可控核聚变能源的方式。 ➢ 世界上主流磁约束装置是托卡马克和仿星器。磁约束装置有托卡马克 （tokamak）、仿星器（stellarator）、反场箍缩（reverse field pinch）、 球马克（spherica ...

Market Overview - The Shanghai and Shenzhen stock indices opened lower on June 16 but showed slight gains by midday, with the Shanghai Composite Index at 3378.77 points, up 0.05% and a trading volume of approximately 308 billion [1] - Resource stocks, including oil, natural gas, and coal, led the early gains, while sectors like airports, precious metals, and cultivated diamonds saw minor declines [1] Sector Performance - The oil and gas industry continued its upward trend from June 13, with significant increases in gaming stocks and notable gains in sectors such as wind power, digital currency, cross-border payments, AI, and film and television [1] - The North Stock 50 Index reported a 0.86% increase, indicating strong performance in certain sectors [1] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, reflecting a year-on-year growth of 6.4%, which is an acceleration of 1.3 percentage points from the previous month [4] - The industrial added value for large-scale industries grew by 5.8% year-on-year, while the service production index increased by 6.2% [4] Logistics and Delivery Sector - The postal industry in China completed a total of 861.8 billion delivery items in the first five months, with express delivery volume reaching 787.7 billion items, marking a year-on-year growth of 20.1% [5] - The revenue from the express delivery business amounted to 592.4 billion yuan, showing a 10.3% increase compared to the previous year [5]

Investment Ratings - Electric Equipment New Energy: Buy (Maintain) [1] - Public Utilities: Buy (Maintain) [1] - Environmental Protection: Buy (Maintain) [1] Core Insights - The report maintains a positive outlook on investment opportunities in wind power, virtual power plants, nuclear fusion, and solid-state batteries, highlighting the potential for significant advancements and investments in these areas [3][4]. - The European Union's initiative to develop a fusion energy strategy is expected to enhance Europe's leadership in the ITER project and attract social investment, indicating a competitive edge in fusion technology development [3]. - The market remains focused on the "Document 136" and "Green Electricity Direct Connection," with a noted decline in overall electricity prices, particularly in photovoltaic sectors, while wind power prices remain stable [3]. Summary by Sections Electric Equipment New Energy - The report emphasizes the importance of high-quality assets in the context of "Document 136," recommending investments in wind power, virtual power plants, and energy storage [3][4]. - The wind power sector is expected to see a recovery in sales and profit margins due to improved output curves and the restructuring of new energy installation logic [4]. Public Utilities - The report notes stable coal prices, with domestic coal prices remaining unchanged at 618 CNY/ton as of June 13, 2025, while imported coal prices have slightly decreased [37]. - The focus on energy storage systems is highlighted, with several significant projects and tenders in the pipeline, indicating robust growth potential in this area [36]. Environmental Protection - The report suggests that the market may continue to speculate on controllable nuclear fusion and solid-state batteries, with a focus on domestic experimental projects and technological advancements in these fields [4]. - The report also indicates that the energy storage market is experiencing high growth, particularly in Europe and Southeast Asia, with a recommendation to monitor monthly data for household storage [4].

Domestic Economic Data - The National Bureau of Statistics of China will release May economic operation data, including industrial production, energy production, fixed asset investment, real estate development and sales, and retail sales [3][4] - The Shanghai and Shenzhen stock markets will see nearly 40 billion yuan worth of restricted shares unlocked this week, with a total of 28.28 billion shares being released [5][6] Interest Rate Decisions - The People's Bank of China will announce the one-year and five-year Loan Prime Rates (LPR) for June [4][8] - Multiple central banks, including those of Japan, Canada, and the UK, will announce their latest interest rate decisions this week [4][5] Oil Price Adjustments - The next round of oil price adjustments in China will officially begin on June 17, with expectations of a price increase due to rising international crude oil prices [8] Upcoming Events - The 2025 Lujiazui Forum and the 2025 Data Intelligence Conference will be held this week, focusing on global economic changes and financial cooperation [9][10]

Core Viewpoint - The new generation artificial sun "China Fusion Reactor No. 3" has achieved significant breakthroughs in nuclear fusion technology, marking a rapid advancement in China's fusion research and positioning it as a key player in global energy strategies [14][17]. Group 1: Technological Achievements - In 2025, "China Fusion Reactor No. 3" achieved a plasma current of 1 million amperes, ion temperature of 100 million degrees Celsius, and a fusion triple product reaching the order of 10^20, setting new records for China's fusion devices [14][15]. - The device previously reached a nuclear temperature of 117 million degrees Celsius and an electron temperature of 160 million degrees Celsius in March 2025, marking the first "double hundred degree" breakthrough in the country [14]. - The team has successfully implemented a high-confinement mode operation under the conditions of 1 million amperes plasma current, indicating a significant step towards high-performance plasma operation [15]. Group 2: Research and Development - The "China Fusion Reactor No. 3" is developed by the China National Nuclear Corporation's Southwest Institute of Physics, showcasing China's advancements in nuclear fusion technology [14]. - The research team, with an average age of 35, has undergone nearly a thousand iterations of plans to tackle world-class challenges in achieving high temperatures and fusion parameters [16]. - The team is currently focused on upgrading the device for China's first fusion burning experiment, which is expected to further enhance the performance and experimental capabilities of the reactor [16][17]. Group 3: Historical Context - The development of nuclear fusion research in China began with the establishment of "China Fusion Reactor No. 1" in the 1980s, followed by "China Fusion Reactor No. 2" in the early 2000s, and the third generation "China Fusion Reactor No. 3" in 2020 [16]. - These milestones reflect China's continuous progress in nuclear fusion research, transitioning from basic exploration to large-scale experimental platforms [16].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Stablecoin and Blockchain**: Ant Group's application for stablecoin licenses in Hong Kong and Singapore [14] - **Memory Storage**: Micron's investment expansion in memory manufacturing to $150 billion [3] - **Cultural and Entertainment**: Various companies involved in IP operations and collaborations in the entertainment sector [5][6][9][13] - **Quantum Computing**: Collaboration with Boson Quantum for quantum computing services [8][16] - **Pharmaceuticals**: Focus on innovative drug development and clinical trials [9][10][17] Core Points and Arguments - **Ant Group's Stablecoin Initiative**: - Ant Group is in discussions with regulators for stablecoin licenses, aiming for large-scale applications in AI, blockchain, and stablecoin innovations [14] - Ant's financial capabilities include processing 100,000 transactions per second and a projected global transaction volume exceeding $1 trillion in 2024 [14] - Stablecoins are linked to fiat currencies or physical assets, enhancing payment efficiency and enabling instant settlements [14] - **Micron's Investment in Memory Manufacturing**: - Micron announced an increase in its investment to $150 billion, significantly impacting the memory chip market [3] - The price of DRAM modules is expected to rise by 18-23% for servers and PCs due to reduced production [3] - **Cultural and Entertainment Developments**: - Companies like Aoya and New Classics are launching new products in the blind box market, capitalizing on the popularity of IP collaborations [5][6] - Light Media is extending the screening of "Nezha" and exploring theme park collaborations [13] - **Quantum Computing Collaboration**: - Electronic City is partnering with Boson Quantum to establish a national quantum computing service network [8][16] - Boson Quantum is recognized for its advanced technology in coherent light quantum computing [16] - **Pharmaceutical Innovations**: - The company plans to launch one innovative drug annually over the next three years, with a focus on a lung cancer drug currently in the final testing phase [10][17] - The potential market for the drug is estimated at 1-1.5 billion yuan annually, with significant profit contributions expected by 2027 [10][17] Other Important but Possibly Overlooked Content - **Ant Group's Strategic Partnerships**: - Various companies are collaborating with Ant Group in the blockchain and digital asset sectors, including Yuanlong Yatu and Annie Co. [14] - **Market Trends in Entertainment**: - The rise of blind box products and IP-driven merchandise is a significant trend, with companies like Bubble Mart leading the market [5][6] - **Technological Advancements in Robotics**: - Companies are developing advanced robotics and AI technologies, with applications in various sectors including entertainment and manufacturing [17] - **Investment in Quantum Technologies**: - The growing interest in quantum computing is reflected in stock price increases and strategic partnerships aimed at enhancing technological capabilities [16] - **Pharmaceutical Market Dynamics**: - The competitive landscape for innovative drugs is intensifying, with companies focusing on unique therapeutic areas and strategic collaborations to enhance market presence [10][17]