Investment Rating - The report maintains an investment rating of "Outperform" for the power equipment industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes the acceleration of the commercialization process of controllable nuclear fusion, highlighting the diverse technological routes and the increasing industrial catalysis [5]. - It identifies Tokamak and Field-Reversed Configuration (FRC) as reliable paths for achieving nuclear fusion, with Tokamak being the mainstream route and FRC gaining attention for its potential faster commercialization [13][40]. Summary by Sections 1. Controllable Nuclear Fusion - Nuclear fusion is defined as the process where lighter atomic nuclei combine under extreme temperature and pressure to form heavier nuclei, releasing significant energy, similar to the energy generation mechanism of the sun [13][14]. - Compared to nuclear fission, nuclear fusion offers advantages such as high energy density, safety, cleanliness, and abundant raw materials [18][19]. 2. Tokamak: A Mainstream Route - The Tokamak, developed in the 1950s, utilizes a toroidal vacuum chamber and magnetic fields to confine high-temperature plasma necessary for fusion reactions [49]. - The report outlines the complexity of Tokamak components, emphasizing that the magnet system is crucial for maintaining plasma stability and achieving fusion conditions [52][59]. 3. FRC: A Simpler and Cost-Effective Approach - FRC is noted for its simpler structure and lower investment costs compared to Tokamak, with a potentially faster commercialization timeline [5][18]. 4. Global Fusion Projects - As of December 2025, there are 179 controllable nuclear fusion devices globally, with 82 being Tokamak devices, indicating a robust international effort towards fusion energy [40]. - The report highlights various national projects, including China's BEST and CFEDR, which aim to achieve significant milestones in fusion energy by 2027 and 2030, respectively [43][50]. 5. Key Companies in the Industry - The report suggests focusing on companies with capabilities in critical components for nuclear fusion, such as 合锻智能 (Hefei Intelligent), 联创光电 (Lianchuang Optoelectronics), and 国光电气 (Guoguang Electric), among others [5][44].

行业表现来看，中证1000ETF前几大重仓行业中，电子上涨0.21%，电力设备下跌0.6%，医药生物下跌 0.54%，计算机上涨0.43%，机械设备上涨0.84%。 从资金面来看，中证1000ETF（159845）近五个交易日资金净流入19.85亿元，近十个交易日净流入27.99亿 元。最新规模达502.15亿元，近一个月规模增长56.44亿元。今日盘中成交额7.59亿元，近一周日均成交高达14.76 亿元，流动性在同标的指数ETF中领先。 近日，中基协最新发布的公募基金市场数据显示，截至2025年11月底，我国公募基金总规模为37.02万亿元， 这是我国公募基金总规模今年以来第八次创下历史新高。 12月30日临近午盘，A股三大指数走势分化，其中沪指下跌0.11%。截至11:12，中证1000ETF（159845）上涨 0.29%。其他宽基指数中，上证50跌0.08%，中证500涨0.25%。 银河证券表示，短期依然关注防御性板块配置机会，重视明年政策红利与产业景气方向布局。（1）主线一： 全球百年未遇之大变局加速演进，国内经济底层逻辑转向新质生产力，人工智能、具身智能、新能源、可控核聚 变、量子科技、航空航 ...

Core Insights - The commercialization of "ultimate energy" is no longer a science fiction concept but is entering a critical phase of industrialization with narrowing windows and diverging paths [2][9] - The global competition in fusion energy is transitioning from laboratory research to engineering practice and commercial application [2][3] Investment Landscape - The global fusion industry has experienced explosive growth, with total investments rising from $1.9 billion in 2021 to $9.7 billion, including an additional $2.6 billion in 2024 alone [1] - Nearly 40 countries are advancing fusion plans, with over 160 fusion devices either operational, under construction, or planned [3][4] Technological Developments - Three main technological routes for achieving controllable nuclear fusion are currently being pursued: magnetic confinement fusion, inertial confinement fusion, and magnetic inertial confinement fusion [3] - Significant milestones include the successful installation of the 400-ton, 18-meter diameter Dewar base for the BEST device in China, aiming for the first global fusion energy demonstration by 2030, ahead of the ITER project by over a decade [3][4] China's Unique Path - China is adopting a unique approach that balances ambition with pragmatism, focusing on a "three-in-one" ecosystem that integrates continuous innovation, resource integration, and rapid iteration [6][8] - The Chinese government has included fusion energy in its 14th Five-Year Plan, providing a clear direction and long-term expectations for the industry [6][7] Collaborative Ecosystem - A collaborative innovation ecosystem is being established in China, involving government, industry, academia, and finance to tackle common technological challenges [8] - The establishment of the China Fusion Energy Company, with a registered capital of 15 billion yuan, aims to lead large-scale experiments and material research [7] Challenges Ahead - The commercialization of controllable nuclear fusion faces significant challenges, including fundamental bottlenecks in core materials, extreme engineering integration challenges, and an immature industrial ecosystem [10][11] - Key hurdles include the need for advanced materials that can withstand extreme conditions, the integration of complex engineering systems, and the establishment of a robust regulatory framework [10][12]

国内动态：发改委发文加快构建现代化基础设施体系，BEST订单持续释放 12月25日，国家发改委基础设施发展司发布文章《加快构建现代化基础设施体系》，提出加大长时储 能、绿电制氢氨醇、核聚变等技术攻关。近期等离子体所、聚变新能发布/更新多项采购，前期招标的 氚工厂、低温系统等核心部件已陆续开标并公示中标情况。中国工程物理研究院(原简称"九院")材料研 究所中标等离子所氚增殖系统全部4个项目合计约11.4亿元。合肥物质科学研究院预中标低温系统关键 部件(预算7.28亿元);合肥物质科学研究院等联合体获BEST装置TF磁体项目8.885亿元;西部超导、上海超 导获千万级订单。 智通财经APP获悉，开源证券发布研报称，可控核聚变装置研发建设稳步推进，BEST、星火一号、先 觉聚能、环流四号项目有望陆续开工，核心部件订单有望持续释放;TMTG并购TAE打造全球首家商业聚 变上市公司，有望提振FRC板块情绪;Helion曾官宣将于2025年内实现发电验证，若FRC技术路线工程可 行性得到验证，国内相关初创公司项目有望加速推进;十五五规划建议前瞻布局核聚变能领域;该行看好 板块长期发展前景，建议关注磁体、主机和电源等核心部 ...

NO.3中信证券：商业航天景气高企石墨纤维迎来机遇 12月30日，中信证券研报称，受益政策、技术和市场三维驱动，商业航天迎来景气高企。在太空算力需 求拉动下，火箭、卫星结构轻量化以及特殊应用环境对于碳纤维材料提出更高要求，石墨纤维凭借耐高 温、高强高模以及低热膨胀系数等优势，渗透率有望进一步提升。该机构预计伴随着下游需求放量，在 国产化驱动下，布局石墨纤维的相关企业有望充分受益。 NO.2开源证券：BEST订单持续释放，看好板块长期发展前景 12月30日，开源证券指出，可控核聚变装置研发建设稳步推进，BEST、星火一号、先觉聚能、环流四 号项目有望陆续开工，核心部件订单有望持续释放；TMTG并购TAE打造全球首家商业聚变上市公司， 有望提振FRC板块情绪；Helion曾官宣将于2025年内实现发电验证，若FRC技术路线工程可行性得到验 证，国内相关初创公司项目有望加速推进；"十五五"规划建议前瞻布局核聚变能领域；该机构看好板块 长期发展前景，建议关注磁体、主机和电源等核心部件。 ｜2025年12月30日星期二｜ NO.1中信证券：磷酸铁锂行业盈利有望迎来周期性的拐点 12月30日，中信证券研报表示，铁锂行业盈 ...

Core Insights - The development and construction of controllable nuclear fusion devices are progressing steadily, with projects such as BEST, Xinghuo No.1, Xianjue Juyuan, and Huanliu No.4 expected to commence sequentially [1] - The merger of TMTG and TAE aims to create the world's first publicly listed commercial fusion company, which is likely to boost sentiment in the FRC sector [1] - Helion has announced plans to achieve power generation verification by 2025, and if the feasibility of the FRC technology route is validated, domestic startups in this field may accelerate their projects [1] - The 14th Five-Year Plan suggests a proactive layout in the nuclear fusion energy sector, indicating long-term growth potential [1] - The industry outlook is positive, with a recommendation to focus on core components such as magnets, main engines, and power supplies [1]

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①商业航天+人工智能+芯片+信创+军工+数字经济！这家公司产品助力中国首次火星探测"天问一号"成功 发射；②商业航天+机器人+算力+航空发动机+云计算！这家公司与蓝箭航天合作累计订单额数千万，与 某航天卫星企业围绕算力与AI场景应用展开合作；③人形机器人+可控核聚变+第三代半导体！公司长期深 耕GaN在人形机器人关节电机驱动上的产业化应用。 前言 ...

Group 1 - The core viewpoint of the article highlights the significant developments in the controlled nuclear fusion sector, including increased procurement and bidding activities, the upcoming EU fusion strategy, and advancements in fusion laser technology [1][3][4] Group 2 - The procurement demand in the controlled nuclear fusion industry is on the rise, with recent bids primarily focused on essential components such as power supplies and converters, indicating a notable acceleration in industry contracts [2] - The EU's first fusion strategy is set to be released, with a high-level hearing scheduled for January 27, 2026, aimed at discussing the transition from political support to the industrialization of fusion energy [3] - The company "Zero Point Energy," associated with Peking University alumni, has successfully completed an angel round financing exceeding 50 million yuan, which will support the experimental validation of its new fusion technology route [3] - A strategic collaboration named "ICONIC-FL" has been initiated between the Lawrence Livermore National Laboratory and the Fraunhofer Institute for Laser Technology to advance inertial confinement fusion laser technology from the laboratory to industrial application [4] - The JT-60SA device has made progress with the successful manufacturing of fast plasma position control coils, which are crucial for upcoming plasma heating experiments and provide important technical validation for the ITER project [4]

Industry Overview - The 2026 Nuclear Fusion Technology and Industry Conference will be held in Hefei, Anhui from January 16 to 17, 2026, focusing on promoting collaborative innovation and results transformation in the nuclear fusion industry chain [1] - Controlled nuclear fusion has been included in top-level planning as a future industry, with significant capital expenditure entering an upward cycle [1] - Hefei has established a leading global cluster of fusion devices, covering multiple key technology links of magnetic confinement fusion, with 37% of the country's related patents [1] - The demand for electricity driven by AI computing power is increasing the importance of controlled nuclear fusion as a "ultimate energy," with the industry entering the "engineering feasibility verification" stage [1] Company Insights - Hezhong Intelligent is leading in the manufacturing process of fusion reactor vacuum chambers, benefiting from the construction of the Hefei fusion industry cluster [2] - Western Superconducting is a core supplier for nuclear fusion, deeply involved in domestic and international fusion projects, and is the only supplier of low-temperature superconducting wire for the ITER project in China, with the CRAFT project delivery expected in 2024 [2]

今天沪指翻红了，但是赚钱效应不佳，市场有超3300只股票下跌，涨幅靠前的主要是商业航天、机器人、金融科技。 这三个题材里，商业航天已经涨了一段时间了，机器人和金融科技像是回调企稳后的刚启动。 市场上，一条大新闻是小米集团"二号"林斌宣布减持月140亿元，是从明年开始减持，每12月减持不超5亿美元。 盘点林斌此前的减持，可以发现大部分是卖在相对高点了，累计套现约 85 亿港元： 2019年8月：套现约4亿港元 2020年9月：套现约80亿港元（当时承诺5年不减持剩余持股） 2024年6月：套现约1.8亿港元 而就在一个月前（11月24日），小米创始人雷军刚刚自掏腰包约1亿港元回购了，这一"1亿回购 vs140亿减持" 的鲜明对比迅速登上热搜，引发市场对小米 前景的广泛讨论。 整体来说，已重返2万亿成交量的当前，市场依然较为强势，沪指录得9连阳，跨年行情进行中。 不断涨上热搜的黄金和白银，今天跳水，说明没有一直涨的资产，波动才是常态。 今天沪指翻红了，但是赚钱效应不佳，市场有超3300只股票下跌，涨幅靠前的主要是商业航天、机器人、金融科技。 这三个题材里，商业航天已经涨了一段时间了，机器人和金融科技像是回调企稳后 ...