2025 年 05 月 11 日 中芯国际与华虹披露 2025 年第一季度财报，合 肥 BEST 项目建设取得关键性进展 —电子行业周报 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 1、《电子行业周报：北美云厂商巨 头 2025 年 Q1 云业务业绩超市场预 期，全球 AI 算力或迎来新一轮共 振》2025-05-05 2、《电子行业周报：上海国际车展 开幕，小鹏机器人 IRON 亮相》 2025-04-28 3、《电子行业周报：英伟达 H20 出 口受限，寒武纪实现扭亏为盈》 2025-04-21 ▌上周回顾 5 月 5 日-5 月 9 日当周，申万一级行业整体处于涨跌分化态 势。其中电子行业下跌 1.95%，位列第 31 位。估值前三的行 业为计算机、国防军工和电子，电子行业市盈率为 50.24。 电子行业细分板块比较，5 月 5 日-5 月 9 日当周， ...

Core Viewpoint - The domestic controlled nuclear fusion projects are making significant progress, with mainstream technology expected to enter the demonstration phase by 2035 and achieve commercial power generation around 2050 [1][6][14]. Group 1: Industry Progress - The controlled nuclear fusion sector has seen a surge in stock prices, with the concept stocks rising by 6.11% on May 6, 2023, following positive developments in the industry [1]. - The Hefei compact fusion energy experimental device (BEST) project has commenced its assembly work two months ahead of schedule, aiming for completion by 2027 [1]. - The International Thermonuclear Experimental Reactor (ITER) has completed the construction of all components of its superconducting magnet system, marking a significant milestone in fusion research [1][6]. Group 2: Technological Developments - The "Xuanlong-50U" spherical hydrogen-boron fusion device achieved high-temperature, high-density plasma currents exceeding 15 million degrees Celsius, surpassing the core temperature of the sun [2][5]. - New Hope Group has invested 4 billion yuan in fusion research since 2017, aiming to achieve engineering feasibility before 2035 [5]. - The industry is focusing on three main technical challenges: maintaining plasma at over 100 million degrees Celsius, ensuring materials can withstand neutron bombardment for commercial operation, and addressing the production of tritium [11]. Group 3: Investment and Market Dynamics - The global fusion industry attracted $7.1 billion in investment in 2023, with a significant portion coming from private capital [16]. - China has formed three main forces in fusion research: market-driven startups, national research teams, and private enterprises like New Hope Group, which plans to invest nearly 10 billion yuan in the next five years [16][17]. - The market for fusion devices is projected to reach 2.26 trillion yuan between 2030 and 2035, indicating substantial investment potential in components like high-temperature superconductors [18].

Group 1: Superconductivity and Its Impact - Superconductivity is poised to revolutionize technology and daily life, enabling advancements such as wireless charging for electric vehicles, superconducting propulsion systems for electric aircraft, and magnetic levitation trains capable of speeds up to 1000 km/h [1] - The potential of superconductivity extends to agriculture, with the possibility of transforming arid regions into fertile land through the use of fusion energy [1] Group 2: Controlled Nuclear Fusion - Controlled nuclear fusion is recognized as a critical strategic direction for future energy solutions, with superconducting magnets playing a key role in magnetic confinement fusion technology [2] - The extreme conditions within fusion devices, including temperatures exceeding 100 million degrees Celsius for plasma and the need for superconducting magnets to operate below -200 degrees Celsius, present significant engineering challenges [2] - Recent advancements in high-temperature superconducting materials are crucial for achieving breakthroughs in fusion technology and commercial power generation [2] Group 3: Superconducting Maglev Trains - China's high-speed superconducting maglev trains, currently testing at speeds of 600 km/h, are approaching the limits of atmospheric conditions [3] - The elimination of mechanical friction through superconducting technology, combined with low vacuum environments, allows for theoretical speeds exceeding 1000 km/h, creating a potential one-hour economic zone between major cities [3] Group 4: Electric Aircraft - The electrification of transportation is advancing, with high-temperature superconducting materials significantly enhancing the power density of electric propulsion systems for aircraft [4] - Countries like France, the USA, and Russia are progressively integrating high-temperature superconducting technology into their aircraft, while China is also developing superconducting systems for electric planes [4] - The lack of efficient superconducting motors and generators remains a common challenge in electric aircraft development, presenting strategic opportunities for breakthroughs in this sector [4]

Group 1: Dividend Plans - The company has developed a mid-term dividend plan for 2025, which has been approved by the board and will be submitted for review at the 2024 annual shareholders' meeting [2] - If the mid-term dividend is implemented, the company will disclose information in accordance with disclosure requirements [2] Group 2: Project Involvement - The company provides high-quality welding materials for nuclear fusion projects, specifically participating in the compact superconducting nuclear fusion experimental device project [2] Group 3: Market Value Management - The company aims to enhance operational efficiency and profitability while focusing on strategic planning and industry layout for market value management [3] - Plans include cash dividends to improve investor returns and enhance investor satisfaction [3] Group 4: Mergers and Acquisitions - Currently, there are no specific merger plans, but the company is actively looking for quality projects domestically and internationally to enhance competitiveness [3] - The company emphasizes internal growth and product structure adjustment as primary strategies [3] Group 5: Subsidiary Management - The company strengthens management of its subsidiaries by appointing key personnel to oversee operations and establishing internal reporting mechanisms for significant matters [3]

Group 1: A-Share Market Highlights - Construction Bank's stock rose by 1.54%, reaching a historical high, indicating continued market preference for high-dividend assets [1] - Jinbo Biological, a leader in the collagen protein sector, saw its stock increase by 9%, also hitting a historical high, reflecting the active new consumption concept market [1] - The micro-cap stock index rose by 0.18%, reaching a historical high, viewed as a risk appetite indicator [1] Group 2: Lithium Battery Sector - Near the market close, the lithium battery sector surged, with leading stock Guoxuan High-Tech rising by 9.15%, closing with a market value of 41.92 billion [4][6] - Guoxuan High-Tech announced a new high-safety solid-state battery with an energy density of 300Wh/kg, expected to be released in mid-May [6] Group 3: Technology Sector Adjustments - The technology sector experienced a pullback, particularly in the semiconductor, AI, and consumer electronics sectors, influenced by recent gains and external market uncertainties [8] - Despite the pullback, institutions remain optimistic about the technology sector, citing reduced crowding and a shift in focus towards long-term industry trends [8] - Key investment opportunities in May include multi-modal AI, AI/AR glasses, innovative drugs, and controlled nuclear fusion [9]

Core Viewpoint - The petrochemical industry is undergoing significant transformation, with a focus on technology-driven quality and efficiency improvements in new capacity additions, highlighting opportunities in high-end and differentiated markets such as new materials and fine chemicals [1] Group 1: Role of Engineering Construction Enterprises - Engineering construction enterprises should emphasize innovation leadership to seize new market opportunities and inject strong momentum into sustainable development [1] - The enterprises need to enhance their technological innovation capabilities and establish a comprehensive innovation system focused on results transformation [1] - There is a need to explore core technologies related to energy transition and prioritize research on high-performance polymer materials and biomanufacturing as part of a "second growth curve" [1] Group 2: Innovation Platforms and Digital Development - Engineering construction enterprises should establish platforms for technology policy research, pilot verification, and technology application to facilitate the industrialization of technological achievements [2] - Collaboration with universities, research institutions, and enterprises is essential to integrate various technological verification resources and promote technology sourcing and transformation [2] - The enterprises must advance digital and intelligent development, enhancing information management and integrating artificial intelligence into business processes to create exemplary models in the engineering construction sector [2]

可控核聚变：国际堆建设及国内招标大年 20250508 摘要 • 全球可控核聚变产业加速发展，预计多数公司将在 2025-2035 年实现商 用发电，打破了传统"50 年建成"的预期。美国 CFS 公司和中国 BEST 项目是产业化最靠前的标杆项目，均展现出超预期的建设进度。 • 中国可控核聚变产业由中核集团和中科院牵头，分别成立了可控核聚变联 合体（33 家成员）和聚变产业联盟（200 家成员），两大产业联盟初步形 成并逐步壮大，推动产业发展。 • BEST 准示范堆项目进展超预期，2023 年 12 月开工，2025 年 5 月启动 总装，较原计划提前两个月，预计 2025 年集中释放招标金额，对相关企 业形成利好。 • 国内民营企业积极参与可控核聚变竞争，能量基点、新奥集团、新环巨能、 瀚海巨能和聚变新能等企业在技术上取得突破，部分企业计划在 2027 年 底至 2028 年初推进商业示范堆建设。 • 可控核聚变领域融资活动自 2022 年以来逐步增加，能量基点融资额显著 攀升，中国聚变能源获得浙能电力和上海未来产业基金入股，表明资本市 场对该领域的关注和支持。 Q&A 可控核聚变领域在国内和国际上的最 ...

Market Performance - The Shanghai Composite Index and Shenzhen Component Index opened with gains exceeding 1%, while the ChiNext Index rose over 2% before narrowing gains by the close [1] - As of the close, the Shanghai Composite Index increased by 0.8% to 3342.67 points, the Shenzhen Component Index rose by 0.22% to 10104.13 points, and the ChiNext Index gained 0.51% to 1996.51 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 150.53 billion yuan, an increase of over 140 billion yuan compared to the previous day [1] Financial Policy Impact - A comprehensive financial policy package was introduced to stabilize the market and expectations, including interest rate cuts and structural policy adjustments [2] - The People's Bank of China emphasized the need for coordinated efforts to implement these policies effectively, aiming to support economic recovery and high-quality development [7] - The new policies are expected to positively influence the banking sector, particularly in terms of asset quality and risk management [3][2] Nuclear Fusion Development - Significant advancements in nuclear fusion technology were reported, with key projects like the International Thermonuclear Experimental Reactor (ITER) and China's compact fusion experimental device (BEST) entering critical phases [4][5] - The BEST project aims to complete construction by 2027, with expectations for experimental demonstration of fusion power [4] - The global nuclear fusion research landscape is rapidly evolving, indicating potential growth in the industry [5] Agricultural Technology Innovation - The Ministry of Agriculture and Rural Affairs outlined plans to enhance the agricultural technology innovation system, aiming for high-level self-sufficiency by 2035 [8] - The initiative emphasizes the integration of agricultural technology innovation with industry needs and the importance of talent development [8] Smartphone Market Growth - China's smartphone market saw a shipment volume of 68.7 million units in Q1 2025, marking a 9% year-on-year increase and continuing a growth trend for five consecutive quarters [10] - The growth is attributed to market recovery and government subsidy policies [10]

Core Insights - The report highlights the growth in the domestic financial market, with major indices showing positive performance, indicating a bullish sentiment among investors [4][12]. - Key macroeconomic indicators suggest a robust recovery, with retail and catering sales increasing by 6.3% year-on-year during the holiday period [6]. - The report emphasizes the importance of technological advancements, particularly in the fields of AI and medical devices, which are expected to drive future growth [8]. Industry Dynamics - The Ministry of Industry and Information Technology plans to enhance the development of general and industry-specific large models, accelerating the construction of high-quality datasets in the industrial sector [6]. - Breakthrough devices such as Elon Musk's brain-machine interface have received FDA approval, positively impacting related stocks like Mindray (688273) and Aipeng Medical (300753) [8]. - The U.S. has implemented tariffs on auto parts, while maintaining zero tariffs with Mexico, affecting companies like Jinrong Tianyu (300988) and Kaizhong Co., Ltd. (603037) [8]. Company Focus - Weir Shares (603501) is focusing on the CIS and automotive chip sectors, with automotive CIS revenue accounting for over 80% of its image sensor business, and a 37% year-on-year increase in automotive analog chip revenue [10]. - Sanhua Intelligent Controls (002050) leads the global market for core refrigeration and air conditioning components, benefiting from policies encouraging upgrades and stable demand [10]. - United Imaging Healthcare (688271) continues to lead in market share for core product lines such as CT, MR, MI, and X-ray, with a significant increase in market share for radiation therapy equipment orders, rising 8 percentage points year-on-year to rank third in the industry [10]. Market Review and Outlook - On May 6, the total trading volume in the two markets reached 13.362 trillion yuan, with 4,702 stocks rising and 373 falling, indicating a strong market performance [12]. - The report notes that the three major indices opened high and closed at their daily peaks, with small-cap stocks leading the gains, suggesting a healthy market environment for further growth [12]. - Key sectors such as metals and controlled nuclear fusion saw significant gains, while sectors like banking and tourism lagged behind, indicating a shift in investor interest [12].

Group 1 - The core viewpoint is that May may present trading opportunities after a clearing of positions, with a focus on technology and industry themes such as multi-modal AI, AI/AR glasses supply chain, and innovative pharmaceuticals [2] - Institutions are generally optimistic about the market environment in May, suggesting an increase in risk appetite, particularly in the technology sector while also considering mid-cap value stocks for defense [2] - Morgan Stanley believes that opportunities in A-shares in May may surpass those in April, with reduced earnings uncertainty following the first quarter reports, leading to an expected increase in risk appetite [2] Group 2 - Institutions widely agree on a balanced strategy of "growth + value" in industry allocation, with a long-term focus on basic industrial products and sectors like cultural tourism and medical services [3] - Short-term outlooks favor liquidity-sensitive growth sectors such as new energy and AI, while also recommending defensive sectors like food and beverage [3] - Continuous monitoring of policy dynamics, including potential interest rate cuts and special bond issuances, is advised [3]