Core Viewpoint - The article highlights a collective rise in major stock indices, indicating a positive market sentiment, with over 3,300 stocks experiencing gains, particularly in sectors like controlled nuclear fusion, pharmaceuticals, and automotive manufacturing [3][5]. Group 1: Market Performance - As of the midday close on May 23, the Shanghai Composite Index was at 3,382.96 points, up 0.08%, the Shenzhen Component Index at 10,271.21 points, up 0.5%, and the ChiNext Index at 2,055.44 points, up 0.48% [3][4]. - The overall market showed a broad-based increase, with more than 3,300 stocks rising [5]. Group 2: Sector Analysis - The sectors leading the gains included controlled nuclear fusion, pharmaceuticals, automotive manufacturing, rubber products, and superconducting concepts, while sectors like military equipment restructuring and shipping faced declines [7]. - The article notes that overseas developments in controlled nuclear fusion are accelerating, with commercial fusion projects expected to be operational by 2030, prompting domestic industries to advance [7]. - Domestic fusion research has established a comprehensive layout involving both state-owned and private entities, focusing on technological routes and commercialization efforts [7]. Group 3: Institutional Perspectives - Liu Kuijun from Shenzhen Dexun Securities believes that despite short-term technical pressures, the market's risk appetite is increasing, suggesting a clear upward trend for A-shares in the medium term [9]. - Qiu Yu from Guojin Securities indicates that the market is currently experiencing reduced trading volume with noticeable sector rotation, recommending a "dumbbell strategy" for investment [9].

（本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 稀有金属ETF（562800）紧密跟踪中证稀有金属主题指数，该指数选取归属于稀有金属行业的上市公司 股票作为成分股，以反映稀有金属行业上市公司整体表现。该ETF还配备了场外联接基金（A类： 014110/C类：014111）。 消息面上，"可控核聚变"概念近期走高，相关稀有金属材料的关联性受关注。例如，近日东方钽业在互 动平台回答表示，公司生产的辐照监督管用高纯铌箔已成功应用于核电领域，实现国内首次零突破。公 司生产的超导铌材可用于生产铌钛（Nb-Ti）和铌锡（Nb3Sn）等合金材料，这些合金材料是制造超导 磁体的关键材料，用于产生强磁场来约束等离子体。 中信证券指出，短期投资驱动，建议围绕聚变产业链关键材料及装置环节布局。目前全球范围内的聚变 研究主要集中在磁约束聚变和惯性约束聚变两种主要的技术路径上，托卡马克装置被视为实现磁约束核 聚变反应的最佳解决方案。紧凑型托卡马克装置的主要构成部分包括超导磁体、第一壁、真空容器、阀 门、冷却系统、偏滤器等。据ITER建设成本拆分，磁体、 ...

可控核聚变板块再度拉升，融发核电（002366）、雪人股份（002639）、哈焊华通（301137）涨停，弘 讯科技（603015）、英杰电气（300820）、辰光医疗、久盛电气（301082）、常辅股份等纷纷走高。 暗盘资金流向曝光！提前捕捉庄家建仓信号>> ...

可控核聚变概念盘初走强 融发核电、哈焊华通双双涨停 智通财经5月23日电，早盘融发核电、哈焊华通涨停，辰光医疗、雪人股份、爱科赛博、中洲特材等涨 幅靠前。消息面上，国际热核聚变实验堆（ITER）组织官网宣布，经过数十年努力，由 30 多个国家参 与建造的 " 人造太阳 " 已完成其 " 电磁心脏 " ——世界最大、最强的脉冲超导电磁体系统的全部组件建 造。 ...

Core Viewpoint - The company is actively expanding its business in the nuclear industry, particularly in fusion projects, while facing challenges in revenue and profit due to external factors affecting project timelines and costs [2][8]. Group 1: Company Operations - The company operates under a processing model for the ITER project, where material costs are borne by the client, and recent material changes have caused delays in procurement orders [2]. - The overall order volume remains stable, with the company expanding into new products such as Hall thruster core components and applications in the nuclear industry [2][3]. - The company is enhancing its collaboration with domestic and international projects in the nuclear fusion sector, successfully supplying key components for notable domestic fusion devices [3][4]. Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 105 million yuan, a year-on-year decrease of 34.07%, and a net profit of 2.12 million yuan, down 92.65% [8]. - The significant increase in cash flow, with a net cash flow from operating activities of 116 million yuan, is attributed to improved management of accounts receivable and reduced procurement expenses [7]. - The decline in revenue and profit is linked to macroeconomic changes and delays in project contracts due to technical changes mandated by the ITER headquarters [8]. Group 3: Shareholder Activity - Two shareholders, Hainan Guozhiguang and Tianyi Chuangtou, have reduced their holdings, with Guozhiguang having completed a reduction of 1,625,751 shares, representing 1.50% of the total share capital [5].

Core Viewpoint - Wangzi New Materials (002735.SZ) experienced significant stock price fluctuations, with a cumulative closing price increase of over 20% over three consecutive trading days from May 19 to May 21, 2025 [1][2] Group 1: Stock Performance and Trading Activity - The company’s stock hit the daily limit on May 16, 19, and 20, 2025, but saw a decline of 10.03% on May 21, with a minimum intraday price of 13.73 yuan [2] - Wang Jinjun, the controlling shareholder, sold 1,110,000 shares on May 21, 2025, accounting for 0.29% of the total share capital, realizing approximately 17.39 million yuan from the sale [3] Group 2: Financial Performance - In 2024, Wangzi New Materials reported a revenue of 1.989 billion yuan, a year-on-year increase of 12.15%, but incurred a net loss of 68.50 million yuan compared to a profit of 60.35 million yuan in the previous year [4][5] - The company’s cash flow from operating activities was negative 467,250 yuan in 2024, a significant decline from a positive cash flow of 98.02 million yuan in the previous year [4] - For Q1 2025, the company achieved a revenue of 517.19 million yuan, a year-on-year increase of 36.21%, and a net profit of 8.42 million yuan, up 66.29% from the same period last year [5] Group 3: Shareholder Actions and Future Plans - Wang Jinjun's planned share reduction includes a maximum of 3,820,065 shares through centralized bidding and 7,640,131 shares through block trading, totaling up to 11,460,196 shares, which is 3.00% of the total share capital [3] - The company announced a dividend plan for 2024, proposing a distribution of 0.13 yuan per share (including tax) to all shareholders [3]

此外，值得关注的是金融监管总局、中国人民银行、中国证监会、国家发展改革委、工业和信息化部、 财政部、国家税务总局、市场监管总局5月21日联合发布《支持小微企业融资的若干措施》。若干措施 着重发挥监管、货币、财税、产业等各项政策合力，从增加融资供给、降低综合融资成本、提高融资效 率、提高支持精准性、落实监管政策、强化风险管理、完善政策保障、做好组织实施等8个方面，提出 23项工作措施，进一步改善小微企业、个体工商户融资状况，做好普惠金融大文章。 5月22日，王子新材(002735)股价涨停。在概念题材上，王子新材涉及"可控核聚变"概念。 据同花顺数据显示，入选理由是：2025年5月14日微信公众号，宁波新容为王子新材控股子公司，是国 内金属化薄膜电容领域的老牌企业，产品广泛应用于军工、新能源汽车、光伏、轨道交通等多个高端行 业。在可控核聚变方向，公司已参与国内首套核聚变项目，所生产的电容器产品成功应用于磁体电源系 统，并已实现首笔订单交付。 对此5月21日，王子新材发布异动公告，公司关注到"可控核聚变"热点概念。经自查，公司控股子公司 宁波新容为客户提供储能电容和支撑电容产品，起到储存和快速释放能量、保证电源输 ...

【要闻报道】 美债要崩？20年期美债拍卖遇冷 需防范抛售潮对全球市场的冲击风险 自穆迪下调美国主权信用评级以来，美债市场走势牵动人心。北京时间5月22日凌晨，20年期美债标售 以相对惨淡的结果落下帷幕。本次拍卖的最终得标利率为5.047%，这是20年期美债拍卖的收益率第二 次突破5%大关。得标利率较预发行利率5.035%高出约1.2个基点，创下去年12月以来的最大尾部利差。 疲软的投标倍数也引发关注，本次拍卖的投标倍数为2.46，是自2月以来的最低水平。 点评：分析认为，本次拍卖虽称不上"灾难性"，但其糟糕程度足以推高美债收益率。叠加减税法案扰 动，20年期美债收益率日内最高升至5.127%，30年期美债收益率也重新突破5%大关。 实施"六大行动"！上海发布提振消费专项行动方案 为贯彻落实党中央、国务院关于大力提振消费的决策部署，深化国际消费中心城市建设，切实发挥消费 对经济发展的基础性作用，近日，市政府办公厅印发《上海市提振消费专项行动方案》。《行动方案》 提出"城乡居民增收、消费能力保障支持、服务消费提质升级、大宗消费更新、新型消费培育、消费环 境提升"等六大行动和第七部分的"完善支持政策"。 点评：在新 ...

Core Viewpoint - The stock of Wangzi New Materials experienced significant volatility, with a sharp rise followed by a decrease, amid news of major shareholder Wang Jinjun's plan to reduce his holdings due to personal financial needs [2][4]. Group 1: Stock Performance - On May 21, Wangzi New Materials' stock initially surged to the daily limit but closed with a gain of only 2.69%, with a total trading volume of 2.675 billion yuan and a turnover rate of 62.73% [2]. - Since April 9, the stock price has doubled, indicating strong market interest and speculation [5]. - The stock experienced three consecutive daily limit increases from May 15 to May 20, with a total increase of 33% over these three days [6]. Group 2: Shareholder Actions - Wang Jinjun announced plans to reduce his holdings by up to 1.146 million shares, which is approximately 3% of the total share capital, through both centralized bidding and block trading [4]. - The initial reduction on May 21 involved less than one-third of the planned shares [4]. Group 3: Business Operations - Wangzi New Materials is involved in the "controlled nuclear fusion" concept through its subsidiary, Ningbo Xinrong Electric Technology Co., which provides energy storage capacitors, although this segment contributes less than 3% to the overall revenue [5][6]. - The company has secured contracts for energy storage products related to a project in Hefei, which is progressing normally, with deliveries already underway [6]. Group 4: Market Sentiment - On May 21, significant selling was observed from retail investors, with the top two selling seats accounting for over 170 million yuan in sales [7][12]. - The same retail investors had previously been net buyers, indicating a shift in market sentiment [12].

可控核聚变关键金属 铍行业深度报告 周期/金属及材料 证券研究报告 | 行业深度报告 2025 年 05 月 21 日 推荐（维持） 行业指数 % 1m 6m 12m 绝对表现 7.1 4.5 12.5 相对表现 3.7 6.7 6.9 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 May/24 Sep/24 Dec/24 Apr/25 (%) 金属及材料 沪深300 相关报告 1、《金属行业周报—钨价持续创新 高，稀土有望开启涨价》2025-05-18 2、《钨行业点评—钨配额减量，钨 价持续上涨》2025-05-12 3、《可控核聚变行业点评报告—自 主可控且有显著增量预期，行业进入 发展关键期》2025-05-12 | 刘伟洁 | S1090519040002 | | --- | --- | | | liuweijie@cmschina.com.cn | | 赖如川 | S1090523060003 | | | lairuchuan@cmschina.com.cn | 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE ...