Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [10]. Core Insights - Recent advancements in nuclear fusion technology have garnered significant attention from the capital markets, driven by breakthroughs such as China's "East Super Ring" achieving high-confinement plasma operation and substantial increases in industry capital expenditures [4][7]. - Major countries have introduced supportive policies, leading to a surge in social capital inflow, indicating that the nuclear fusion sector is approaching a pivotal point [4][30]. - The value proportion of power supply equipment is high, with significant technical barriers, particularly in magnet power supply parameters and converters being core devices [4][8]. Summary by Sections Nuclear Fusion Progress and Commercialization - The nuclear fusion sector is witnessing positive developments, with commercial viability becoming increasingly attainable. Key milestones include the successful operation of high-confinement plasma and increased capital expenditures in the industry [7][26]. - The plasma physics research institutes have reported a significant year-on-year increase in contract amounts since 2024, indicating a robust growth trajectory [29]. Importance of Power Supply in Fusion - Achieving a certain threshold in fusion triple product is crucial for effective power output, highlighting the importance of providing sufficient energy input [8]. - The power supply for tokamak devices is categorized into pulsed and steady-state loads, with pulsed loads having higher value proportions and technical requirements [8]. Competitive Landscape and Early Mover Advantage - The nuclear fusion development is still exploratory, with no unified standards for power supply parameters, creating high technical barriers [9]. - Companies that have been deeply involved in this field for years are likely to benefit from their early mover advantages as more capital flows into the nuclear fusion sector [9][30]. Investment Trends and Policy Support - The investment in nuclear fusion has seen a turning point since 2020, with the U.S. leading globally, followed closely by China. The cumulative investment in private fusion companies has surged from €1.5 billion to €9.9 billion [35]. - Various countries, including the U.S., Germany, the U.K., and China, have launched initiatives to support nuclear fusion technology development, reflecting a global commitment to advancing this field [30][31]. Focus on High-Value Equipment - The report emphasizes the need to focus on high-value equipment in the nuclear fusion sector, particularly in the context of the ITER project, where core equipment constitutes a significant portion of the investment cost structure [47][48].

事 有色金属行业 标配（维持） 金属价格涨跌互现，关注细分领域投资机遇 有色金属行业事件点评 件 2025 年 7 月 21 日 分析师：许正堃（SAC 执业证书编号：S0340523120001） 电话：0769-23320072 邮箱：xuzhengkun@dgzq.com.cn 点 评 事件： 当前，有色金属内部金属价格表现分化，部分小金属及能源金属价格逐步上行。截至7月18日， 稀土价格指数收于192.24，较7月初回升10.23；截至7月14日，电池级碳酸锂价格收于6.48万元/吨， 较6月初回升0.44万元；工业级碳酸锂价格收于6.30万元/吨，较6月初回升0.45万元；截至7月18日， COMEX白银价格收于38.42美元/盎司，较7月初上涨2.18美元；COMEX金银比收于87.33，较7月初下降 5.09；截至7月18日，全国钨精矿平均价收于26.2万元/吨，较7月初上涨1.15万元，APT价格收于17.99 万元/吨，较7月初上涨0.6万元。 行 业 研 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请 ...

Investment Rating - The report maintains a "Recommended" rating for the nuclear fusion industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Insights - The successful plasma ignition of the HHMAX-901 device by Hanhai Fusion marks a significant breakthrough in China's commercial exploration of controlled nuclear fusion, particularly in the field-reversed configuration (FRC) technology [1][2]. - FRC technology is gaining attention due to its simpler system structure and lower costs, positioning it as a frontrunner for commercialization in the nuclear fusion sector [1]. - The report suggests that the commercialization of the nuclear fusion industry is accelerating, urging continued attention to the sector's catalysts [3]. Summary by Sections Event Highlights - On July 18, Hanhai Fusion successfully conducted the plasma ignition ceremony for its HHMAX-901 device, representing a major milestone in the commercial application of nuclear fusion technology in China [1]. - The FRC technology, which Hanhai Fusion focuses on, is characterized by its ability to create a closed magnetic field through reverse current, forming a self-organizing magnetic structure [1]. Company Developments - Hanhai Fusion's HHMAX-901 project began in June 2024, with significant progress made in physical design and engineering, culminating in the successful ignition of plasma [2]. - The company plans to leverage the HHMAX-901 as a platform to advance research in controllable nuclear fusion technology and accelerate breakthroughs in core components [2]. Investment Recommendations - The report recommends focusing on companies involved in vacuum chambers, high-power electronic tubes, superconductors, and capacitors, including Guoguang Electric, Xuguang Electronics, and Yongding Co., among others [3].

Summary of the Conference Call for Xuguang Electronics Industry and Company Overview - **Company**: Xuguang Electronics - **Industry**: Power Equipment, Military, and Electronic Materials Key Points and Arguments Business Segments and Growth - **Vacuum Arc Chamber**: Stable growth driven by demand in the power distribution sector, with breakthroughs in high-voltage products (126 kV and above). Domestic market demand is expected to reach 200 billion RMB. The company is investing 350 million RMB to replace traditional vulcanization technology [2][3][25]. - **Military Business**: Achieved 20%-30% growth in recent years, with expectations for over 30% growth in 2025. The company is building a domestic supply chain from chips to complete equipment, covering areas such as ammunition ignition devices and radar electronic countermeasures [2][3][8][25]. - **Electronic Materials**: Focused on ceramic metallization technology, successfully overcoming challenges with aluminum nitride materials. The annual production capacity for aluminum nitride powder is expected to reach 500 tons by 2024, with significant growth anticipated in 2025 [2][4][9][24]. - **Nuclear Fusion**: The company has achieved international advanced levels in high-power electronic tubes, collaborating with Thales in France. Initial exports to Germany for laser cutting applications and domestic applications in broadcasting and military sectors are ongoing [2][5][10][12][26]. New Power Equipment - **New Power Equipment**: Benefiting from national initiatives, the company is focusing on innovative technologies such as bypass switches and fast mechanical switches, which are experiencing rapid growth [2][6][25]. Market Dynamics - **X-ray Tube Market**: The market for CT X-ray tubes is substantial, with annual domestic demand around 30 billion RMB. The company is working on domestic substitution strategies through joint ventures, with expected results in the industrial sector by 2025 [14][16][19][22]. Competitive Landscape - **High-end X-ray Tube Market**: Currently dominated by foreign companies, with significant market shares held by GE, Philips, and Siemens in the medical sector [15]. Future Outlook - **Nuclear Fusion Development**: The nuclear fusion sector is seen as a key area for technological competition, with substantial policy support and funding. The company plans to leverage its technological expertise to develop more products and meet customer needs [13][26]. - **Growth Projections**: The company anticipates stable growth in traditional sectors, with a projected 30% increase in orders for 2025. The high-voltage vacuum arc chamber project is expected to generate nearly 1 billion RMB in revenue over two years [25][27]. Product Development - **New Product Initiatives**: The company has initiated a project for high-voltage vacuum arc chambers, aiming for production of 20,000 units by 2027, which is expected to contribute significantly to revenue [27][28]. Strategic Collaborations - **Partnerships in Nuclear Fusion**: Collaborations with major institutions in the nuclear fusion field are being established, with significant demand for fast control switches from clients like Hanhai Juyuan [26][29]. Additional Important Information - **Aluminum Nitride vs. Aluminum Oxide**: The transition from aluminum oxide to aluminum nitride is crucial due to the latter's superior thermal conductivity, which is ten times better than aluminum oxide. This shift is driven by the urgent need for domestic production capabilities [21][22]. - **Customer Validation**: The company has validated its aluminum nitride products with over 400 clients, with more than 100 transitioning from imports to domestic supply [24]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction and growth potential of Xuguang Electronics across its various business segments.

Investment Rating - The report suggests a positive outlook on the nuclear fission industry as a viable energy source for AI data centers, while indicating that nuclear fusion remains a long-term prospect [6]. Core Insights - Meta is rapidly expanding its AI data center capabilities, planning to invest $68 billion in capital expenditures by 2025, with a focus on building multiple hyperscale data centers [2][9]. - The Hyperion project in Louisiana is set to become the largest single AI data center globally, with an initial capacity of 2 GW, expanding to 5 GW [2][10]. - The energy supply strategy for AI data centers includes short-term reliance on natural gas turbines and long-term commitments to renewable energy and nuclear power [3][4]. Summary by Sections Investment Strategy - Meta's capital expenditure strategy reflects a strong commitment to AI development, with significant investments planned for the construction of multi-GW data centers [2][10]. - The company is also raising nearly $29 billion through financing to support its ambitious projects [2][9]. Energy Supply and Infrastructure - The report highlights the energy bottleneck as a critical factor for the expansion of AI data centers, with Meta implementing natural gas turbines to meet initial power demands [3]. - In the medium to long term, Meta is securing renewable energy agreements and a 20-year nuclear power agreement to ensure a stable, low-carbon energy supply [3][4]. Nuclear Energy Outlook - Nuclear fission is currently viewed as the most feasible "firm power" option for AI data centers, while nuclear fusion is still in the experimental phase and may take decades for commercial viability [4][6]. - The U.S. government is actively supporting nuclear energy expansion, with plans to add 300 GW of nuclear capacity by 2050 [4].

Group 1: Current Orders and Production - The company currently has a sufficient order backlog, but both orders and operational status have decreased compared to the same period last year [2] - The company actively engages in market sales through bidding and business negotiations [2] Group 2: Revenue Recognition and Financials - Revenue is recognized when the company fulfills its contractual obligations, with specific methods depending on the product type [3] - The delivery cycle for nuclear power products varies, generally taking around 3 years, with a manufacturing cycle of over 2 years [3] - The gross margin of nuclear power products may fluctuate due to various factors, but prices remain relatively stable [4] Group 3: Future Development and Strategy - The company will continue to focus on nuclear power equipment manufacturing and diversify products in energy, petrochemicals, and machinery sectors [5] - The company is involved in the ITER project for nuclear fusion technology, which is a long-term endeavor [6] - Plans to increase R&D investment in non-nuclear products and new materials while expanding market share [7] Group 4: Competitive Landscape and Market Expansion - The competitive landscape is stable, with high entry barriers for new competitors due to licensing requirements [8] - The company aims to strengthen its brand recognition and expand into new regional markets while maintaining existing customer relationships [9]

Summary of Conference Call Notes Industry Overview - The focus of the conference call is on the **nuclear fusion sector**, which is viewed as a significant opportunity akin to previous technological advancements in AI and computing infrastructure [1][3][5] - The global nuclear fusion race is intensifying, with major players from various countries, including the EU, Japan, and the US, actively participating in the development of fusion energy [3][20][22] Key Points and Arguments - **Investment and Development Timeline**: - The goal for nuclear fusion power generation is set for the 2030s, with various countries aiming for commercial viability by 2030-2035 [3][5][20] - The investment required for different stages of nuclear fusion development is substantial, ranging from 15 billion to 80 billion for pilot and engineering reactors [5][7] - **Technological Advancements**: - Significant breakthroughs have been reported in nuclear fusion technology, with China achieving notable milestones, such as the successful assembly of fusion devices and advancements in experimental reactors [4][6][20] - The development of small modular reactors (SMRs) is highlighted as a flexible and scalable solution for energy needs [14][16] - **Market Dynamics**: - The nuclear fusion sector is experiencing increased interest and investment from major technology companies, indicating a shift towards commercialization and market competition [12][24] - The call emphasized the importance of domestic companies in China, which are positioned to benefit from the growing demand for nuclear fusion technology [22][26] - **Regulatory Environment**: - Recent regulatory changes in the US are expected to accelerate the approval process for new nuclear technologies, which could significantly impact the industry landscape [16][22] Additional Important Insights - **Global Competition**: - The competition among countries for nuclear fusion technology is fierce, with Japan and the EU also making significant strides in their respective projects [19][20] - The US is seen as lagging in terms of new reactor construction, but recent policy changes may provide a turning point for the industry [16][22] - **Investment Opportunities**: - The call identified several key companies in the nuclear fusion supply chain that are expected to benefit from the industry's growth, including those involved in critical components and technology [11][26] - The potential for increased funding and investment in the nuclear fusion sector is anticipated, with projections indicating a doubling of expenditures from 2023 to 2024 [24][25] - **Strategic Importance**: - Nuclear fusion is framed as a critical component of national energy strategies, with implications for energy security and technological leadership [22][23] This summary encapsulates the key discussions and insights from the conference call, highlighting the nuclear fusion industry's potential, challenges, and investment opportunities.

Group 1 - The first humanoid robot sports science joint laboratory has been established in Beijing Yizhuang through a strategic partnership between Beijing Humanoid Robot Innovation Center and Li Ning (China) Sports Goods Co., Ltd [2] - The humanoid robot industry in China is projected to reach a market size of 5.3 billion by 2025 and 38.7 billion by 2028, indicating significant growth potential [2] - The commercialization of humanoid robots is progressing, with multiple manufacturers launching mass production versions and some products already being utilized in factories, highlighting a trend towards practical applications [2] Group 2 - The 13th meeting of the China-Korea Joint Coordination Committee on nuclear fusion was held in Hefei, aiming to enhance cooperation in magnetic confinement nuclear fusion and advance the ITER project [3] - Continuous technological breakthroughs and policy implementations are expected to accelerate the engineering and commercialization processes of nuclear fusion technology, presenting investment opportunities across the entire nuclear fusion industry chain [3] Group 3 - Meta is set to invest several hundred billion dollars in artificial intelligence, with expectations to become the first to launch a 1GW+ supercluster laboratory [4] - The capital expenditure in AI data centers (AIDC) is primarily focused on power supply systems, which account for 69% of the value, followed by cooling systems at 18%, indicating a significant investment focus in these areas [4] Group 4 - CATL's subsidiary, CATL Intelligent, has signed a strategic cooperation agreement with T3 Mobility to jointly promote the development of Robotaxi based on CATL's Rock Solid skateboard chassis platform [5] - The skateboard chassis allows for high integration of modules including power, braking, steering, thermal management, and autonomous driving, which can significantly reduce development costs for automotive companies by 60%-70% [6] - CATL's position as a leading battery manufacturer, combined with its extensive downstream customer base, is expected to accelerate the penetration of CTC chassis in the market [6]

Group 1: Overseas Macro - Concerns about stagflation and policy negotiations are prevalent, with a weak dollar expected to persist [4][13] - The economic outlook indicates inflation will rise initially before declining, with a focus on the interplay between low base effects and demand [38][39] - The impact of tariffs on the US economy is expected to be delayed, with a projected downturn in economic activity in the second half of the year [68][71] Group 2: Domestic Macro - The domestic economy is showing signs of slowing down, with challenges such as declining exports, insufficient consumer momentum, and falling real estate prices [5][6] - Potential support measures include monetary easing and fiscal policies aimed at boosting consumption and investment [5][6] Group 3: A-share Market Outlook - The A-share market is anticipated to experience a slow bull market supported by three main factors: a weak dollar, asset scarcity, and government intervention [6][10] - The market is expected to exhibit structural trends, with opportunities arising from dividend-focused sectors and industry rotations [7][10] Group 4: Sector and Style Analysis - The report highlights a narrowing dividend circle due to asset scarcity and institutional underweighting, with a focus on stable dividend-paying sectors such as banking and utilities [7][10] - A neutral strategy is recommended, emphasizing quantitative approaches and monitoring market signals for potential opportunities [7][10] - Industry rotations are expected to accelerate, with attention on sectors like financial innovation, energy security, and advanced manufacturing [7][10]

行 国防军工 2025 年 07 月 14 日 业 研 究 国防军工 军工本周观点：继续看多军工 投资要点： 本周核心观点： 行 业 定 期 报 告 本周（7.7-7.11）申万军工指数（801740）上涨 0.88% ，同期沪深 300 指 数上涨 0.82%，相对超额 0.06pct。本周细分领域催化较多，带动多主题跑 出明显超额，如：聚变新能本周发布大额招投标公告，且涉及到失超保护 开关等核心设备，带动核聚变相关板块标的表现较好；中国船舶吸收合并 中国重工获审核通过，带动船舶板块相关标的跑出超额；军工细分领域催 化频出，传统板块及细分主题机会不断。 资金层面，本周被动基金规模持续上升，且被动资金延续大幅净流入，尽 管杠杆类资金有所下滑，但考虑到军工行业 2025 年的强需求恢复预期及确 定性，看好后续资金面进一步优化。 估值层面，截至 7 月 11 日，申万军工指数五年维度看，当前市盈率 TTM（剔 除负值）70.34 倍，分位数 96.86%，叠加 2025 年行业基本面强恢复预期， 当下时点军工板块具备较高配置价值比。 团队成员 综上，25-27 年在【十四五任务冲刺】＋【建军百年目标】+【自主可控 ...