证券日报网讯1月21日，特变电工（600089）在互动平台回答投资者提问时表示，公司积极关注核聚变 所需电力设备的科技研发，为相关市场需求做好技术储备。 ...

证券研究报告 行业点评（R3）- 其他电源设备Ⅱ 星环聚能完成开年最大核聚变融资，核聚变产业化 进程加速 投资要点： 风险提示：核电安全事故风险，可控核聚变发展不及预期。 相关报告 1 电力设备行业点评：Meta 签署核能供电协议， 看好核电发展 2026-01-16 2 电力设备行业点评：商业航天海上平台基建先 行，拥有码头和成熟海工经验的海工企业有望受 益 2026-01-14 % 1M 3M 12M 其他电源设备 Ⅱ 18.07 17.97 60.50 沪深 300 3.39 4.07 23.33 -8% 12% 32% 52% 72% 2025-01 2025-04 2025-07 2025-10 2026-01 其他电源设备Ⅱ 沪深300 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 3 电力设备行业点评：全球首台 30 兆瓦纯氢燃 气轮机实现纯氢发电，看好国产氢能装备和燃气 轮机发展 2026-01-06 请务必阅读正文之后的免责声明 2026 年 01 月 21 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 事件：星环聚能完 ...

Core Viewpoint - Tian Gong International (stock code: 0826.HK) announced a stock option grant plan to issue 30 million stock options, representing 1.10% of the current issued shares, aimed at binding the core team with the company's long-term development interests and driving high-quality growth through continuous innovation in the high-end materials sector [1][5] Group 1: Stock Option Grant Details - The 30 million stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum of 25% year-over-year revenue growth for the years 2026, 2027, and 2028 [2] - The exercise price of the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future stock value [2] - The incentive plan covers a wide range of participants, with 6.8% of the options allocated to core management and 93.2% to employees, fostering a shared interest community to maximize team motivation and creativity [2] Group 2: Innovation and Growth Strategies - Tian Gong International has made a milestone breakthrough in fusion materials, joining a research laboratory focused on high-end metal materials for magnetic confinement nuclear fusion, which is expected to provide reliable materials and solutions for future clean energy development [3] - The company has successfully broken the long-standing monopoly in the production of powder metallurgy tool steel, addressing industry pain points and meeting the increasing demand for large-scale die materials in the automotive sector [4] - The titanium alloy business is advancing towards high-end applications, with the company expanding into high-value sectors such as consumer electronics and aerospace, and establishing a new company to produce titanium alloy powders to meet urgent market needs [4] Group 3: Long-term Vision and Confidence - The stock option grant is seen as a recognition of past innovation achievements and a strategic move for future development, positioning the company to lead in the high-end materials sector and deliver stable long-term returns to investors [5]

证券研究报告 行业点评（R3）- 无重点股票 其他电源设备Ⅱ 星环聚能完成开年最大核聚变融资，核聚变产业化 进程加速 投资要点： 风险提示：核电安全事故风险，可控核聚变发展不及预期。 2026 年 01 月 21 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 相关报告 1 电力设备行业点评：Meta 签署核能供电协议， 看好核电发展 2026-01-16 2 电力设备行业点评：商业航天海上平台基建先 行，拥有码头和成熟海工经验的海工企业有望受 益 2026-01-14 3 电力设备行业点评：全球首台 30 兆瓦纯氢燃 气轮机实现纯氢发电，看好国产氢能装备和燃气 轮机发展 2026-01-06 请务必阅读正文之后的免责声明 % 1M 3M 12M 其他电源设备 Ⅱ 18.07 17.97 60.50 沪深 300 3.39 4.07 23.33 -8% 12% 32% 52% 72% 2025-01 2025-04 2025-07 2025-10 2026-01 其他电源设备Ⅱ 沪深300 | ...

格隆汇1月21日丨国光电气(688776.SH)在投资者互动平台表示，近年来，公司基于在真空与核工业器件 领域的经验，以为"ITER"装置供应偏滤器、第一壁等部件为基础，积极跟进国内核聚变项目，加强与 国内院所及企业的合作，已成功为"EAST"、"HL系列"等装置配套关键部件，并正跟进"BEST"、"HL- 3"及"Z箍缩混合堆"等国内重大聚变项目。 同时，公司持续投入研发，科技成果屡获认可。与核工业西 南物理研究院合作的"聚变堆大型复杂部件高温下超高灵敏度检漏技术研究及应用"获2023年度四川省科 学技术进步奖一等奖，相关成果已转化为国际与国家标准；参与完成的"新一代中国环流器工程研制"获 2024年度四川省科学技术奖一等奖。这些奖项有助于公司提升行业知名度与竞争力，推动业务拓展。 ...

1月21日，必创科技盘中下跌2.02%，截至14:03，报18.89元/股，成交1.31亿元，换手率3.96%，总市值 38.66亿元。 截至1月9日，必创科技股东户数2.03万，较上期增加6.42%；人均流通股8491股，较上期减少6.03%。 2025年1月-9月，必创科技实现营业收入4.71亿元，同比减少9.21%；归母净利润-1197.41万元，同比减 少218.10%。 分红方面，必创科技A股上市后累计派现1.26亿元。近三年，累计派现4036.06万元。 机构持仓方面，截止2025年9月30日，必创科技十大流通股东中，广发量化多因子混合A（005225）位 居第八大流通股东，持股116.53万股，为新进股东。 资料显示，北京必创科技股份有限公司位于北京市海淀区上地七街1号汇众2号楼6层，成立日期2005年1 月13日，上市日期2017年6月19日，公司主营业务涉及工业监测系统、检测分析系统及MEMS传感器芯 片的研发、生产和销售。主营业务收入构成为：光谱仪器61.67%，智能传感22.76%，精密光机 15.57%。 必创科技所属申万行业为：机械设备-通用设备-仪器仪表。所属概念板块包括：核聚变、 ...

证券研究报告 2026.01.19 核聚变之光 04：聚焦 2026 核聚变能科技与 产业大会 郭威秀 分析员 刘中玉 分析员 SAC 执证编号：S0080521120004 SFC CE Ref：BSI157 weixiu.guo@cicc.com.cn SAC 执证编号：S0080521060003 SFC CE Ref：BSP722 zhongyu.liu@cicc.com.cn 纵轴：相对值（%） 84 100 116 132 148 164 2025-01 2025-04 2025-07 2025-10 2026-01 沪深300 中金机械 中金一级行业：工业 资料来源：Wind，彭博资讯，中金公司研究部 行业动态 行业近况 2026 年 1 月 16-17 日，由安徽聚变产业联合会、中国科学院合 肥物质科学研究院、聚变新能（安徽）有限公司联合举办的 "2026 核聚变能科技与产业大会"在安徽省合肥市庐阳区 CRAFT园区顺利开幕，本次大会重点围绕BEST、CRAFT等项 目的核心材料及关键设备技术突破进行主题汇报。 评论 政策确定性强，战略红利持续释放。聚变能源作为国家"十五 五"规划明确的新经济 ...

| | 9.36 -1.04 -10.00% | | | | 利欧股份 002131 | 立即 交易 | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | | | | | | | | 疑似减持受限通 部 / 0 + | | | | 变比 | -100.00% 委差 | -8637114 | | Wind ESG评级 B | | 详情 | | 定五 | 9.40 | 6046 | रेस | 65.96% 120日 | | 143.75% | | 卖四 | 9.39 | 2114 | 5日 | | -5.74% 250日 | 150.45% | | 美三 | 9.38 | 1352 | 20日 | | 84.98% 52周高 | 10.40 | | | 9.37 | 6674 | 60日 | | 81.04% 52周低 | 2.71 | | # | 9.36 | 8620928 | | 2023 | 2024 | 2025Q3 | | | | | EbS | 0.29 | -0.04 | 0.09 ...

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.25%, the Shenzhen Component down 0.38%, the ChiNext Index down 0.24%, and the STAR Market Index down 0.29% [2][3] - AI application themes experienced a pullback, with sectors such as ultra-high voltage, humanoid robots, CPO, nuclear fusion, commercial aerospace, and semiconductor concepts showing significant declines [1][3] Company Specifics - Liou Co., Ltd. resumed trading with a limit down, as the company announced the completion of its suspension review, indicating that AI-related business revenue accounts for a small proportion, leading to overheated market sentiment [3][4] - The stock price of Liou Co., Ltd. fell to 9.36 CNY, reflecting a decrease of 10% [4] Commodity Insights - The precious metals sector showed strength against the market trend, with gold stocks in Hong Kong rising, including Zhaojin Mining up 4.35%, Zijin Mining International up 3.21%, and Shandong Gold up 3.07% [4] - International gold prices reached a new historical high, currently above 4800 USD per ounce [4][5]

Market Analysis - The A-share market experienced adjustments with a slight increase in trading volume, indicating a shift from high-valuation growth sectors to value sectors. The Shanghai Composite Index closed down 0.01% at 4113.65 points, while the Shenzhen Component fell 0.97% and the ChiNext Index dropped 1.79% [6][7]. - The real estate sector showed resilience, with the Real Estate II sector leading gains at 1.54%. The Guangzhou Housing Bureau announced plans to stabilize the real estate market, which may attract funds into the previously undervalued real estate sector [7][8]. - Despite market adjustments, there remains a preference for profitable sectors, with some technology sub-sectors, like robotics, showing significant price increases [7][8]. Bond Market - The government bond futures market saw an overall increase, with the 30-year main contract rising by 0.52% to 111.490 yuan. The 10-year contract increased by 0.13% to 108.180 yuan [11]. - The People's Bank of China (PBOC) conducted a 324 billion yuan reverse repurchase operation, indicating a net withdrawal of 34.6 billion yuan for the day. Short-term interest rates, such as the overnight Shibor, rose by 5.50 basis points to 1.3740% [11]. - The January LPR remained stable for the eighth consecutive month, with the one-year LPR at 3% and the five-year LPR at 3.5%. There is potential for future rate cuts, which could support bond market sentiment [11]. Commodity Market - The commodity market showed mixed results, with lithium carbonate prices hitting a ceiling, closing at 160,500 yuan per ton, a 9% increase. This surge is attributed to the government's focus on green transition and energy transformation [11][13]. - Precious metals continued to perform strongly, with silver rising nearly 4% and gold prices reaching new highs. The geopolitical tensions, particularly related to U.S. tariffs on imports from several countries, are driving demand for safe-haven assets [11][13]. Investment Opportunities - Key sectors to watch include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, and robotics, all supported by government policies and technological advancements [13][15]. - The consumer sector is expected to benefit from policy-driven consumption upgrades, while brokerage firms may see increased activity as A-share market volumes stabilize around 30 trillion yuan [13][15]. - The precious metals sector is likely to remain strong due to ongoing central bank purchases and expectations of further interest rate cuts by the Federal Reserve [13][15].