Group 1 - The core focus of the news is on the performance of stocks in the A-share market, highlighting significant gains in specific sectors, particularly gas and commercial aerospace [1] - Shengtong Energy achieved an impressive 11 consecutive trading limit-ups, indicating strong investor interest and confidence in the gas sector [1] - Other notable stocks include Jianjian Co., which recorded 7 consecutive limit-ups in the commercial aerospace sector, and Jiuding New Materials with 4 consecutive limit-ups, also in commercial aerospace [1] Group 2 - A total of 92 stocks reached their daily limit-up on December 26, showcasing a broad market enthusiasm [1] - The list of stocks with consecutive limit-ups includes various sectors, such as packaging, logistics, and construction, indicating diverse investment opportunities [2] - The performance of stocks like *ST Yushun and *ST Jianyi, both with 5 consecutive limit-ups, reflects ongoing interest in panel and construction decoration sectors [1][2]

浙商证券研报指出，联创光电布局商业航天领域电磁弹射火箭发射，激光+超导业务蓄势待发。按规 划，中国商业航天有望2028年前建成首条高温超导电磁弹射试验线。截至9月5日，资阳基地制造的运载 火箭已有三枚成功发射，星河动力"谷神星二号"火箭研发进入关键阶段，配套电磁弹射验证平台调试推 进，目标2028年实现全球首次电磁弹射火箭发射。超导电磁弹射为火箭发射新方案，成本、频次、可靠 性实现突破。磁体是核聚变设备中价值量最大的单品，占工程验证堆建设成本约28%。2025年可控核聚 变国内在建项目众多，未来几年有望进入建设高峰期，公司卡位核聚变核心环节，有望持续受益于国内 可控核聚变项目招标。公司聚焦"激光+超导"业务，有望打开长期成长空间。预计2025-2027年公司实现 归母净利润5.0、6.2、7.7亿元，对应PE分别为52、42、34X，维持"买入"评级。 ...

Core Viewpoint - GuoJi Heavy Equipment is one of China's largest heavy equipment manufacturers, with a strong presence in the energy and industrial sectors, and is positioned to benefit from increasing international demand for its products [1] Group 1: Company Overview - GuoJi Heavy Equipment manufactures critical equipment such as heavy gas turbine rotors, nuclear power main pipelines, and fusion magnetic structure components [1] - The company has demonstrated significant capabilities in supplying extreme critical equipment [1] Group 2: Financial Performance - The overseas revenue share of GuoJi Heavy Equipment has increased from 20.2% in 2022 to 30.8% in 2024, indicating a strong growth trajectory in international markets [1] - The company's internationalization and gross profit levels are expected to continue improving as a result of this growth [1] Group 3: Market Opportunities - The company has secured substantial orders for key magnetic structure components in controlled nuclear fusion, leveraging its early manufacturing experience [1] - GuoJi Heavy Equipment is anticipated to benefit from ongoing developments in fusion projects [1] Group 4: Catalysts for Stock Performance - Key catalysts for stock performance include the continued rollout of overseas general contracting and gas turbine projects [1] - The approval pace for nuclear power units in China has exceeded expectations, providing additional support for the company's growth [1] - The bidding outcomes for controlled nuclear fusion projects have also surpassed expectations, further enhancing the company's prospects [1]

格隆汇12月26日丨长江材料(001296.SZ)在投资者互动平台表示，公司的产品没有涉及可控核聚变领 域。 ...

12月26日，商业航天有所分化，局部高温依旧！航天发展、电科网安、北斗星通集体涨停，铂力特涨超4%续创历史新高！高人气军工ETF华宝 （512810）盘中涨超1%，场内最高价0.771元，一举突破9月1日创下的逾3年高点（0.767元），创下2022年1月6日以来新高！ 消息面，继12月24日我国长征火箭创下"一日三发"新纪录，今日7时26分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低 轨17组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 企业层面，商业航天领军企业蓝箭航天的IPO辅导工作已于近日完成，正式向"商业航天第一股"发起冲刺。政策面，12月25日，上海印发《关于支持长 三角G60科创走廊策源地建设的若干措施》，加速航空航天产业发展。 商业航天进入密集催化期，景气度加速上行，有望打开军工行业市场天花板。申万宏源指出，商业航天、低空经济等新域新质领域贡献增加，共同支撑 军工基本面修复预期，当前军工板块可能进入配置周期。 【八一军工，大展宏图】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖『商业航天+ 可控核聚变 + 低空经济 + 大飞机 + ...

12月26日，商业航天有所分化，局部高温依旧！航天发展、电科网安、北斗星通集体涨停，铂力特涨超 4%续创历史新高！高人气军工ETF华宝（512810）盘中涨超1%，场内最高价0.771元，一举突破9月1 日创下的逾3年高点（0.767元），创下2022年1月6日以来新高！ | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 前称 | 估算权重(%) | 序号 | 代码 | 简称 | 估算权重(%) | | 1 | 002179.SZ | 中航光电 | 2.73 | 13 | 601606.SH | 长城军工 | 0.97 | | 2 | 600118.SH | 中国12号 | 2.23 | 14 | 600038.SH | 中直股份 | 0.96 | | 3 | 000768.SZ | 中航西飞 | 2.18 | 15 | 000519.SZ | 中兵红箭 | 0.95 | | 4 | 688002.SH | 容创假的 | ...

Core Insights - The investment logic in the controlled nuclear fusion industry is shifting from a "ultimate energy" narrative to an industry trend investment driven by engineering implementation [1] - The main driving forces are the expected explosion in demand and technological breakthroughs on the supply side [1] Group 1: Demand and Supply Dynamics - The development of artificial intelligence and big data has highlighted the long-term power supply gap [1] - The application of high-temperature superconductors and AI technology in nuclear fusion is expected to reduce construction costs of fusion devices and accelerate iteration speed [1] Group 2: Capital Expenditure and Market Opportunities - This shift is generating capital expenditures for the construction of experimental and demonstration reactors, leading to increased orders for upstream companies in the industry chain [1] - Upstream companies are expected to benefit continuously before fusion energy generation, suggesting a strategic investment opportunity in core suppliers of fusion devices and key segments with high value proportions [1]

Core Insights - The investment logic in the controlled nuclear fusion industry is shifting from a distant "ultimate energy" narrative to a trend driven by engineering implementation [1] - The core driving force comes from explosive demand expectations and technological breakthroughs on the supply side [1] Demand and Supply Dynamics - The rapid development of artificial intelligence and big data industries is increasingly highlighting the long-term power supply gap [1] - High-temperature superconductors and AI technology significantly reduce the construction costs of fusion devices and accelerate the iteration speed of these devices [1] Capital Expenditure and Market Opportunities - The combined effect of these advancements is leading to substantial capital expenditures for the construction of experimental and demonstration reactors [1] - Upstream material and midstream equipment companies are expected to benefit from a surge in confirmed orders [1] Strategic Recommendations - Companies providing core materials, key equipment, and systems for experimental and demonstration reactors will be the first to benefit and continue to gain from the significant growth dividends as the industry evolves from 0 to 1 [1] - It is recommended to invest in core suppliers of fusion devices across various regions and focus on key segments with a high value proportion in fusion devices [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 26 日 浙商早知道 2025 年 12 月 26 日 市场总览 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：周四上证指数上涨 0.47%，沪深 300 上涨 0.18%，科创 50 下跌 0.23%，中证 1000 上涨 0.97%，创业板指上 0.30%，恒生指数上涨 0.17%。 行业：周四表现最好的行业分别是国防军工（+2.91%)、轻工制造（+1.59%)、机械设备（+1.51%)、汽车（+1.46%)、 非银金融（+1.08%)，表现最差的行业分别是综合（-1.12%)、有色金属（-0.77%)、商贸零售（-0.47%)、煤炭（-0.24%)、 通信（-0.18%)。 资金：周四沪深两市总成交额为 19245 亿元，南下资金净流出 11.75 亿港元。 【浙商大制造中观策略 邱世梁/王华君/周向昉】机械设备 年度行业策略报告：可控核聚变：招标提速，设备先行 ——20251224 【浙商大消费中观策略 钟烨晨】酒店餐饮 年度行业策略报告：2026 年餐饮行业风险排雷手册—— ...

Group 1: Industry Developments - The National Development and Reform Commission held a press conference on December 26 to introduce the work of the National Venture Capital Guidance Fund [1] - The Beijing Robotics Industry Association was established on December 26, initiated by several organizations including the China Electronic Information Industry Development Research Institute [1] - The 12th National Public Ice and Snow Season main event was held on December 26 in Changchun City [1] - The Hainan Free Trade Port officially started its first week of full island closure, with over 400 million yuan of "zero tariff" imported goods supervised by Haikou Customs from December 18 to 24 [2] - Since November, the booking volume for small and medium-sized ski resorts has surged over 200% year-on-year, indicating a growing interest in niche snow experiences [2] Group 2: Company News - Yichang Technology resumed trading on December 26, with the Chuzhou State-owned Assets Supervision and Administration Commission becoming the actual controller of the company [1] - Banachian intends to acquire 100% of the shares of digital intelligent marketing service provider Zhonglian Century [1] - Blue Arrow Aerospace has completed its IPO counseling work, indicating its ambition to become the first commercial aerospace stock [2] - Hongyuan Green Energy focuses on an integrated strategy involving silicon materials, silicon wafers, batteries, and modules in the photovoltaic industry [8] - Oufei Guang plans to acquire 28.2461% of Oufei Microelectronics' shares through a share issuance, with a transaction price of 1.791 billion yuan [9] Group 3: Market Trends - The offshore RMB exchange rate against the US dollar broke the 7.0 mark on December 25, with a closing rate of 7.3368 on December 31, indicating a significant appreciation trend [3] - The average debt ratio in the photovoltaic industry has increased from 23% to 31% due to ongoing losses and cash flow pressures [7] - The recent surge in equity ETF inflows, with over 100 billion yuan entering the market in December, highlights a growing investor interest [11]