Group 1 - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [2][9] - Domestic policy support for controllable nuclear fusion is forming a clear advancement logic, with a national framework being established to optimize regulatory processes and provide clear guidance for technological research and development [6][8] - The superconducting materials landscape is characterized by a parallel development of low-temperature superconductors (NbTi, Nb₃Sn) and high-temperature superconductors (REBCO), with low-temperature superconductors currently supporting existing fusion operations and high-temperature superconductors poised to become key for next-generation high-field fusion technology breakthroughs [2][3][27] Group 2 - The magnet system is a core cost component of fusion projects, with the ITER project showing that component costs account for 86%, of which magnets represent 28%, primarily due to the reliance on high-cost low-temperature liquid helium for cooling [3][55] - In high-temperature superconducting projects, the cost of the magnet system is expected to increase further, as seen in the ARC project where the magnet system accounts for 46% of the total cost [57] - The global market for second-generation high-temperature superconducting tapes used in controllable nuclear fusion devices is projected to grow from 300 million yuan in 2024 to 4.9 billion yuan by 2030, with a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [3][65] Group 3 - Investment recommendations focus on the magnet segment of the fusion system, which is currently transitioning from low-temperature to high-temperature technology, indicating a significant demand increase driven by the capital expenditure cycle in nuclear fusion [3][8] - The BEST project, aimed at bridging the gap between experimental and demonstration reactors, is expected to accelerate capital expenditure, with significant procurement activities already underway [59][63] - The global market for superconducting materials is expected to see substantial growth, driven by the increasing demand for high-temperature superconductors in fusion applications, with REBCO materials showing significant potential for enhancing magnetic field strength and reducing magnet size [27][31]

Investment Rating - The report assigns an "Overweight" rating for the machinery industry [4]. Core Insights - The machinery equipment index increased by 0.57% from February 2 to February 6, 2026, with significant sales growth in excavators and loaders [2][3]. - SpaceX's acquisition of xAI and plans to deploy one million satellites open new opportunities in the space photovoltaic sector, potentially increasing demand for high-end manufacturing and customized equipment [3]. - The report highlights strong performance in the engineering machinery sector, with excavator sales reaching 18,708 units in January 2026, a year-on-year increase of 49.5%, and loader sales at 11,759 units, up 48.5% year-on-year [3]. Summary by Sections 1. Market Overview - The machinery equipment sector outperformed the CSI 300 index, ranking 11th among 31 sectors with a 0.57% increase [7]. - The machinery industry index has risen by 55.02% since the beginning of 2025, compared to a 21.55% increase in the CSI 300 index [10]. 2. Key Macro Data - The manufacturing PMI for January 2026 was reported at 49.3% [15]. - The production index and order index for January 2026 were 50.6% and 49.2%, respectively [20]. 3. Sub-industry Data Summary 3.1 Engineering Machinery - Excavator sales in January 2026 were 18,708 units, with domestic sales at 8,723 units (up 61.4% year-on-year) and exports at 9,985 units (up 40.5% year-on-year) [3]. - Loader sales reached 11,759 units, with domestic sales at 5,293 units (up 42.8% year-on-year) and exports at 6,466 units (up 53.4% year-on-year) [3]. 3.2 AI Infrastructure - Recommended stocks in the AI infrastructure sector include Ice Wheel Environment and Han Zhong Precision [4]. 3.3 Space Photovoltaics - SpaceX's plans to deploy satellites are expected to drive demand for advanced manufacturing and customized equipment [3]. 3.4 Controlled Nuclear Fusion - A joint laboratory was established between Guoli Electronics and Hefei Energy Research Institute to focus on critical technologies for energy security [3]. 4. Company Profit Forecasts - The report provides a detailed valuation summary for key machinery companies, recommending stocks such as Sany Heavy Industry and XCMG Machinery [4].

Core Insights - The article discusses China's advancements in controlled nuclear fusion, highlighting significant breakthroughs in technology and energy production [3][11]. Group 1: Technological Breakthroughs - China has achieved a world record with the EAST device, reaching a temperature of 100 million degrees Celsius and maintaining a stable energy gain of over 1.2 times the input energy for 1066 seconds [3]. - The country has developed a fully autonomous supply chain for controlled nuclear fusion, producing superconducting magnets with a magnetic field strength of 21.7 Tesla, surpassing similar products from the U.S. [5]. - The domestic production rate of core components has exceeded 96%, addressing previous reliance on imports due to international restrictions [5]. Group 2: Resource Availability - Deuterium, a key fuel for controlled nuclear fusion, is abundant in seawater, with each liter containing 0.03 grams, providing enough resources for China to sustain energy production for 20,000 years [7]. - The low extraction cost of deuterium positions China to achieve energy self-sufficiency once controlled nuclear fusion is commercialized [7]. Group 3: Global Positioning - China is leading global research in controlled nuclear fusion, with projects like the "Chinese Fusion Engineering Test Reactor" (CFETR) aiming for grid-connected power generation by 2035 [9]. - The U.S. is facing challenges in its fusion efforts due to fragmented technology and reliance on private capital, making it difficult to catch up with China's advancements [9]. Group 4: Implications for Energy Landscape - The breakthroughs in controlled nuclear fusion technology could transform China's energy landscape, potentially eliminating dependence on fossil fuels and enabling zero-carbon energy solutions [11]. - The commitment and resilience of Chinese researchers have been pivotal in overcoming significant challenges in nuclear fusion research, positioning the country as a key player in the future energy market [11].

Core Viewpoint - The article discusses the rapid advancements and investments in nuclear fusion technology, highlighting the upcoming IPOs of companies like General Fusion and TAE Technologies, which are set to revolutionize the energy sector by providing nearly limitless energy potential [2][3]. Group 1: Company Developments - TAE Technologies, supported by Alphabet, has signed a merger agreement with Trump's media company, valuing the deal at over $6 billion [2]. - General Fusion has announced a merger with Spring Valley Acquisition Corp. III, with an estimated valuation of around $1 billion, aiming for a NASDAQ listing by mid-2026 [2]. - General Fusion's LM26, the first commercial-scale MTF demonstration device, has been completed and aims to achieve significant fusion technology milestones [7][8]. Group 2: Investment Trends - Global investment in nuclear fusion has surged from $1.9 billion in 2021 to $9.7 billion over the past five years, with the number of related companies increasing by 143% [3]. - In China, a startup named Xinghuan Fusion raised 1 billion yuan in a record financing round for private nuclear fusion companies [3]. Group 3: Market Dynamics - The nuclear fusion sector is experiencing a surge in interest, reminiscent of the semiconductor boom in 2015-2016, but there are concerns about the sustainability of this interest given the long-term nature of technological development [4]. - The article emphasizes the need for caution in the industry to avoid creating a bubble, as the technology's commercial viability is still uncertain [17]. Group 4: Technological Insights - The Tokamak is currently the most developed and largest investment route for controlled nuclear fusion, but it requires high investment and has a long commercialization timeline [6]. - General Fusion's MTF technology offers a potentially less complex and lower-cost alternative to Tokamak, utilizing mechanical pistons for plasma compression [7]. Group 5: Strategic Importance - Nuclear fusion is viewed as a strategic energy industry by major economies, with over 160 fusion devices in various stages of development globally [15]. - The article notes that top tech investors are increasingly backing fusion companies, indicating a strong belief in the technology's future [16].

股 票 研 究 工程机械销量高增，SpaceX 规划给予光伏设备增量空间 [Table_Industry] 机械行业 机械行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘麒硕(分析师) | 0755-23976666 | liuqishuo@gtht.com | S0880525080005 | 本报告导读： 上周（2026/2/2-2026/2/6）机械设备指数涨跌幅为+0.57%。挖机、装载机销量高增； SpaceX 收购 xAI，申请部署百万颗卫星，太空光伏打开设备增量空间。 投资要点： [Table_Report] 相关报告 机械行业《马斯克将 Optimus 上升至星级文明高 度，力控技术助力机器人更会动》2026.02.07 机械行业《出口链月度跟踪：汇率与运价边际回 落，海外需求结构分化》2026.02.04 机械行业《杭汽轮自主燃机获取商业化合同， "B 转 A"加 ...

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [5]. Core Insights - The report highlights the increasing collaboration between the UK and Japan in nuclear fusion, emphasizing the strategic importance of fusion energy and AI [3][14]. - There is a notable increase in procurement demand within the nuclear fusion sector, with significant contracts awarded for internal and external structural components [4][10]. - Key breakthroughs in fusion technology have been achieved, particularly in the development of tungsten-based materials for fusion reactors [15][18]. - The establishment of a joint laboratory between Guoli Electronics and the Hefei Institute of Energy Research aims to tackle critical technology challenges in pulse power systems [19][20]. - New Zealand's OpenStar Technologies received government funding to enhance its research capabilities in nuclear fusion, indicating a growing global interest in fusion technology [21]. Summary by Sections Market Performance - During the week of February 2-6, the Shanghai Composite Index fell by 1.27%, while the nuclear fusion index decreased by 0.22%, outperforming the broader market by 1.05 percentage points [8][11]. Procurement Information - Significant contracts were awarded, including a budget of 300 million RMB for components related to the EAST upper divertor and 4,800 million RMB for shielding blocks [10][13]. Domestic and International News - The UK and Japan announced a joint statement to deepen cooperation in fusion energy and AI, aiming to enhance energy security and resilience [14]. - Shenzhen University achieved a breakthrough in the preparation of tungsten materials for fusion reactors, which is crucial for the development of fusion technology [15][18]. Investment Dynamics - Guoli Electronics and the Hefei Institute of Energy Research established a joint laboratory focused on pulse power technology, which is essential for nuclear fusion devices [19][20]. - OpenStar Technologies in New Zealand received up to 35 million NZD in government loans to support the development of next-generation fusion machines [21]. Investment Recommendations - The report suggests focusing on key suppliers in the controlled nuclear fusion sector, particularly in magnets, power supplies, and structural components [5][22]. - Recommended companies include Lianchuang Optoelectronics, Yongding Co., Wangzi New Materials, and Hangyang Co. [22][23].

英日加强聚变合作，国力电子与合肥能源研究院共建联合 实验室 ——可控核聚变行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 黄龙(分析师) | 021-38031028 | huanglong@gtht.com | S0880525070027 | 本报告导读： 上周（2026/2/2-2026/2/6）可控核聚变领域动态：英日发布联合声明将聚变列为重要 合作方向；国 力 电子 与合 肥 能源 研究 院共 建联 合实 验 室， 新西 兰 OpenStar Technologies 获得政府注资。 投资要点： [Table_Report] 相关报告 核电设备《FIA 发布 "欧洲聚变能源：行动倡 议"， 四川"聚变产投"正式运营》2026.02.01 核电设备《韩国扩大聚变研发预算，General Fusion 拟借壳上市》2026.01.25 核电设备《2026 核聚变能科技与产业大会 ...

Core Viewpoint - Shanghai aims for a GDP growth target of around 5% for the year, emphasizing the importance of five key strategies to achieve a strong start to the 14th Five-Year Plan [2]. Group 1: Economic Development Strategies - Focus on national strategies to deepen reform and opening up, accelerating the construction of five centers and promoting integrated development in the Yangtze River Delta [2]. - Promote consumption and investment while stabilizing foreign demand, with plans for 184 major projects and an investment of 255 billion yuan [2]. - Cultivate new productive forces to lead industrial transformation, enhancing advanced manufacturing and smart, green, and integrated development [3]. Group 2: Industrial System Development - Shanghai will establish a modern industrial system characterized by "2+3+6+6," focusing on advanced manufacturing and traditional industries' transformation [4]. - The city aims to build 500 advanced smart factories and increase the density of industrial robots to 600 per 10,000 people [4]. - Target the development of six emerging pillar industries, including new-generation electronic information and high-end equipment, to create a trillion-yuan industry [4]. Group 3: Artificial Intelligence Initiatives - Shanghai will leverage its advantages in AI, including industry clusters and talent supply, to build a global AI innovation governance center [5][7]. - The city plans to strengthen its AI industry chain, providing substantial support through funding and infrastructure for AI development [6]. - Initiatives will include creating a vibrant environment for young entrepreneurs and establishing international cooperation platforms in AI [7]. Group 4: Future Industries Focus - Shanghai is prioritizing brain-computer interfaces and other future industries, with a systematic layout and multiple pioneering projects [8]. - The city will support various fields such as quantum computing and gene therapy, fostering innovation and industrialization [8][9]. - A governance system for future industries will be established to ensure effective management and promote high-quality economic development [9]. Group 5: Foreign Investment and Trade - Shanghai aims to attract foreign investment, targeting $16.06 billion by 2025, with a focus on high-tech industries [10]. - The city plans to enhance its business environment and support foreign enterprises in upgrading and transforming [11]. - New policies will be introduced to stabilize foreign trade, improve cross-border trade facilitation, and promote new business models in foreign trade [12].

中新社上海2月7日电 (记者陈静)上海市经济和信息化委员会主任汤文侃7日表示，上海在人工智能领域 的底气来自产业集群协同、超大城市场景、人才规模供给和产融体系完备四大优势。接下来，上海将进 一步做强产业链、加大创新要素供给、营造开放活跃的环境。 2025年，上海成立了脑机接口等未来产业赛道的集聚区，在产业化方面取得了不少突破。上海市科学技 术委员会主任骆大进表示，脑机接口是上海培育发展未来产业的重要赛道。除了脑机接口，上海还聚焦 量子计算、细胞与基因治疗、6G、可控核聚变等细分赛道，加快构建"项目经理团队主责、重点任务清 单突破、未来产业基金赋能、未来产业集聚区支撑"的"四位一体"培育机制。 据悉，上海将强化创新力量协同，推进高风险、高价值基础研究，加快关键核心技术攻关，加速科技成 果高效转化，实现"基础研究-技术创新-成果转化-产业培育"全过程贯通；将建设细胞与基因治疗、脑机 接口、硅光、第四代半导体、新材料等领域高质量孵化器和概念验证平台，组建总规模150亿元的未来 产业基金，引导社会资本投早、投小、投硬科技、投长期项目。 上海市十六届人大四次会议7日闭幕，上海市政府主题记者会随后举行。发展先进制造业、未 ...

Core Viewpoint - The development of controlled nuclear fusion, referred to as the "artificial sun," has made significant progress, potentially solving a 40-year-old challenge in energy production and bringing humanity closer to utilizing ultimate energy sources [1][4]. Group 1: Breakthroughs in Nuclear Fusion - The Chinese team has theoretically resolved the "density limit" issue that has plagued nuclear fusion for decades, identifying "boundary impurities" as the main cause of plasma instability [2][3]. - By employing precise control techniques on the EAST device, the team successfully guided plasma past a critical threshold into a safer and broader "density freedom zone" [3][4]. Group 2: Implications of High Density - Achieving higher plasma density is crucial as it directly impacts future electricity costs; even a slight increase in density can lead to exponential power growth, resulting in less fuel consumption and smaller devices while generating more energy [5]. - This breakthrough is not merely a record-setting achievement but a significant step towards making fusion energy accessible and affordable for households [5]. Group 3: Ongoing Research and Development - The EAST device has previously maintained plasma at over one million degrees for 1066 seconds, laying the groundwork for tackling more complex challenges in fusion research [6]. - The Chinese approach focuses on sustained and stable plasma confinement, contrasting with the U.S. strategy, which emphasizes achieving immediate energy gain through aggressive engineering methods [7][8]. Group 4: Future Prospects - The ongoing development of the BEST project aims to create a magnetic confinement system that allows for continuous and safe fusion reactions, complementing the efforts of the EAST project [9]. - Experts anticipate that by around 2030, the first demonstration of fusion energy could occur, potentially illuminating homes with energy derived from a "sun" [10][11].