Summary of Tian Gong International Conference Call Industry and Company Overview - **Company**: Tian Gong International - **Industry**: High-performance materials, specifically focusing on high-boron steel and titanium alloys for applications in nuclear fusion, consumer electronics, and aerospace Key Points and Arguments High-Boron Steel Development - Tian Gong International has achieved a breakthrough in high-boron steel technology, producing neutron shielding steel plates with over 3.2% boron content using powder metallurgy, surpassing the traditional limit of 2% [2][3] - The company anticipates receiving procurement orders in the first half of 2026, with a unit price of 150,000 yuan per ton and an initial order volume of approximately 400 tons [2][8] - For the CFBD project, expected to be operational by 2030, the demand for high-boron steel is projected to reach 4,000 tons, with a unit price of 250,000 yuan per ton [2][6][7] Titanium Alloy Business - The titanium alloy segment is benefiting from demand for Apple's Air and Fold models, with an estimated market share of 60% for the 18th generation and maintaining the same for the 19th generation [2][11] - The expected delivery volume for titanium alloys is 3,500 tons in 2026, increasing to 5,000-5,500 tons in 2027, with a pre-tax unit price of 250,000 yuan [2][22] - The market for titanium alloy powder is still in its infancy, with no single company in China exceeding annual sales of 300 tons; Tian Gong plans to establish a production capacity of 3,000 tons [2][19] 3D Printing Technology - Tian Gong is expanding the application of 3D printing technology in military and aerospace sectors, focusing on high-nitrogen steel powder to enhance corrosion resistance in marine engineering [2][16][17] - The company is collaborating with domestic universities to research applications in marine engineering and aims to replace bearing materials with domestic alternatives [2][17] Market Outlook and Financial Projections - The mold steel business is expected to recover starting in the first half of 2025, with orders and profit margins increasing year-on-year due to rising raw material prices [2][4][24] - The company anticipates a significant increase in revenue from powder metallurgy applications in the automotive sector, particularly in integrated die-casting for electric vehicles [2][26][27] - Tian Gong expects to achieve a profit of 650-700 million yuan in 2026, driven by traditional business stability and new orders from Apple [2][32] Additional Important Information - Tian Gong has signed a cooperation agreement with the Chinese Academy of Sciences for a high-end metal laboratory, focusing on developing high-quality boron steel for nuclear fusion applications [2][28][29] - The company is confident in its ability to meet future material demands for advanced nuclear fusion reactors, with ongoing research to overcome technical challenges in producing high-boron and low-activation steels [2][30][31]

Summary of Key Points from the Fusion Energy Conference Records Industry Overview - The conference focused on the development of nuclear fusion technology in China, particularly the FAST project, which is aligned with the US SPARK project. The BICE main engine is expected to be installed by 2027, achieving a Q value greater than 1 by 2030, and reaching a Q value of 5 to 10 by 2035, with large-scale power generation planned for 2050 [1][3][5]. Core Insights and Arguments - **Funding and Procurement Plans**: The annual procurement budget for 2026 is set at 8.79 billion RMB, a 40% increase from the previous year. This budget will cover over 120 projects, funded by 14 billion RMB from financing and over 6 billion RMB from two major project orders [1][4][6]. - **CIPHER Project**: This project will be established in Changfeng Town, Hebei Province, with the Tokamak demonstration reactor expected to be completed by 2035. The laser confinement route aims to achieve a Q value greater than 1 by 2027 and greater than 5 by 2028, with ignition experiments planned for 2035 [1][7]. - **BEST Reactor Project**: The overall investment for the BEST reactor project is close to 20 billion RMB, with 8.79 billion RMB allocated for 2026. The project aims to cover 80% of the industry chain needs, with the remaining 20% to be addressed in 2027 [1][9]. Important but Overlooked Content - **Policy Support**: Recent changes in national policy, including a more relaxed regulatory attitude towards nuclear materials and a tiered regulatory approach for fusion-related devices, indicate strong governmental support for the development of nuclear fusion technology [5]. - **Market Dynamics**: The primary market for nuclear fusion financing is active, with companies like Dongsheng Juhuan and New Ring Intelligent completing significant funding rounds. This activity is expected to influence the secondary market in the coming years [2][15]. - **Key Companies Involved**: - **Hefei Plasma Institute**: Funding sources include market financing through Juhuan New Energy, national key R&D plan support, and remaining funds from the 14th Five-Year Plan for educational infrastructure [8]. - **Companies in the BEST Project**: - **Hefei Intelligent**: Responsible for lathe and vacuum coating installation, with orders valued at 360 to 400 million RMB [10]. - **Guoguang Electric**: Handling orders exceeding 1 billion RMB for the manufacturing plant [10]. - **Antai Technology**: Responsible for the filter, with stable annual orders of at least 10 million RMB [10]. Future Projections - **Upcoming Milestones**: Key milestones for 2026 include the completion of the vacuum chamber by May 31, 2026, and the completion of the inner vacuum closure by November 15, 2027 [13]. - **Starfire Project**: This project has received initial funding commitments from local governments and is expected to begin procurement processes in 2026 [14]. - **Market Trends**: The nuclear fusion sector is experiencing a trend similar to the commercial aerospace industry, with government support for new entities seeking market financing. However, there is currently no specific green channel policy for nuclear fusion akin to that in commercial aerospace [16]. This summary encapsulates the critical developments and insights from the conference, highlighting the strategic direction of China's nuclear fusion initiatives and the associated market dynamics.

文/云雷 具体信息以企业正式公告为准，本文不提供任何投资建议，据此操作，风险 作为致力于推动聚变能源商业化的行业枢纽，聚变产业联盟自成立以来，已汇聚200余家会员单位，形成覆盖聚变材料、技术研发、设备制造、科技推广 等全链条的产业集群，通过深化产学研用合作、搭建资源对接平台，加速推动我国聚变关键核心技术攻关与成果转化。本次大会期间，联盟同步举办产业 链上下游企业线下展会、创新成果展示、项目路演等系列活动，为会员单位提供了技术交流、市场对接与资本合作的高效渠道，而浙富核电的参展展台， 成为展示聚变核心装备自主化成果的重要窗口。 展会现场，浙富核电团队通过实物展品、技术展板、互动交流等多种形式，全面呈现了公司在可控核聚变堆冷却剂循环系统关键装备领域研制的进展：包 括处于试验验证阶段的锂铅泵、适配可控聚变堆工艺回路的液态金属电磁泵，包层屏蔽块。作为国内新起的核主泵供应商，浙富核电通过与上游单位的联 合研制、自主研发等各种创新合作手段，完成了钠冷快堆、铅基快堆、钍基熔盐堆主泵的产品布局，建立了从专项技术到整泵验证的完整的研制条件，积 累了数万小时在液态金属介质下的整泵试验、运行经验，为介入可控核聚变堆主泵研制奠定了研 ...

Market Overview - The most favored candidate for the Federal Reserve chair has changed, impacting market expectations for interest rate cuts, leading to declines in major U.S. stock indices, widening losses in U.S. Treasury prices, a surge in the dollar, and a drop in gold and silver prices [1] - The Russell 2000 small-cap index has risen over 2% for the week, outperforming the S&P for 11 consecutive trading days; chip stocks have generally outperformed the market, with the chip index up over 1% [1] - Micron Technologies saw a nearly 8% increase, while Nvidia fell by nearly 0.5%; the financial sector has cumulatively dropped over 2% for the week [1] Key News - Canadian Prime Minister Carney announced the import of 49,000 electric vehicles from China, with tariffs reduced from 100% to 6.1%, restoring pre-trade friction levels [12] - The China Securities Regulatory Commission (CSRC) emphasized the need for steady market conditions and strict enforcement against illegal activities to prevent market volatility [12][3] - The commercial space sector in China achieved a milestone with the successful verification of landing buffer technology for manned spacecraft [5] Company Developments - ByteDance released a new generation folding model, SeedFold, outperforming Google's AlphaFold 3 in various tasks [23] - The CSRC has initiated an investigation into Rongbai Technology for potentially misleading statements regarding a significant contract with CATL, which was estimated at 120 billion yuan but carries uncertainties [24] - Semiconductor companies Tongwei and Longi are expected to report losses nearing 10 billion yuan, indicating ongoing deep adjustments in the industry [24] Industry Insights - Morgan Stanley's 2026 global outlook suggests that strong U.S. economic data will delay interest rate cuts, while Japan's central bank may maintain rates due to political uncertainties [25] - Goldman Sachs predicts a new growth cycle for TSMC driven by AI, with advanced packaging becoming a second growth engine, and expects a stable gross margin of over 60% [22] - The demand for AI-related products is expected to significantly boost revenues for companies like Lianqi Technology and Shenghong Technology, with projected profit increases of 52.29%-66.46% and 260.35%-295% respectively for 2025 [30]

Core Views - The market is returning to a healthy state, and a steady oscillation is essential for long-term sustainability, with a focus on mid-cap blue chips and themes aligned with national strategies [10][11]. Market Analysis - The index experienced a pullback after a high this week, confirming the expectation of a stable market after a short-term emotional release. The regulatory body's work meeting outlined five key tasks for 2026, reinforcing confidence among domestic and international investors and stabilizing the current downward trend in market risk assessment [3][11]. - The regulatory body's precise management of market expectations has effectively mitigated the risk of a market frenzy, leading to a shift in risk preferences. High-risk investors are likely to lower their risk appetite, while low-risk investors are gaining confidence, resulting in an overall movement towards a balanced risk preference [3][11]. Industry Comparison - The report emphasizes a focus on mid-cap blue chips, particularly in the cyclical chemical sector. The previous trends in technology and dividends are seen as reaching their peak, with future investment opportunities expected to arise in stocks with moderate risk characteristics. The mid-cap blue chip market is anticipated to rise, especially in the chemical sector, where profit improvements are expected due to optimized supply structures and marginally improving demand [12][3]. Thematic Investments - Attention is directed towards the semiconductor, robotics, and aerospace satellite sectors. The semiconductor industry is experiencing an upward shift in expectations, with TSMC's positive outlook potentially leading to a revaluation of the sector. Domestic wafer manufacturers are expected to expand production this year, and the capital processes of domestic memory chip leaders are advancing, aligning with national strategies for self-sufficiency [13][3]. - In robotics, significant industry milestones are anticipated in the first quarter, including the release of Tesla's V3 version and its mass production by year-end. The robotics sector is also expected to gain visibility during major events like the Spring Festival [4][13]. - The aerospace satellite sector remains a key focus for national support, with expectations for progress in catching up with international advancements. Investment should focus on companies with genuine performance release expectations or those significantly involved in national aerospace initiatives [4][13]. - The nuclear fusion sector is projected to experience a series of industrial catalysts, transitioning from theoretical research to engineering practice, which is expected to generate substantial investment demand in the future [14][3]. - Short-term price increases are anticipated, with structural growth in demand and supply constraints providing upward price elasticity for related commodities, particularly in non-ferrous metals and chemicals [14][3].

Core Viewpoint - The signing of an agreement by Jiangsu Tiangong Aihe Technology Co., a subsidiary of Tiangong International, to join the "Fusion High-end Metal Materials Research Joint Laboratory" marks a significant breakthrough in the field of nuclear fusion materials and demonstrates the company's commitment to aligning with national strategies and exploring new energy material sectors [1][3]. Group 1: Conference and Laboratory Establishment - The 2026 Nuclear Fusion Energy Technology and Industry Conference held in Hefei focused on the theme "Gathering Nuclear Power, Creating the Future," bringing together various stakeholders to discuss the transition of nuclear fusion technology from scientific exploration to engineering and industrial application [1][4]. - The joint laboratory, led by the Hefei Comprehensive National Science Center Energy Research Institute, aims to systematically address the urgent demand for high-performance materials in fusion devices, conducting comprehensive research from basic studies to engineering validation [1][4]. Group 2: Research and Development Focus - The laboratory has outlined clear research priorities to tackle the extreme operating conditions of fusion reactors, including strong neutron radiation and high thermal loads, with a focus on the large-scale engineering preparation of 304B7 materials and the development of new neutron shielding steel with a boron equivalent exceeding 3.2% [2][4]. - The goal is to create integrated materials that provide both effective neutron attenuation and good mechanical properties to meet the functional and load-bearing requirements of key components in fusion devices [2][4]. Group 3: Collaborative Efforts and Future Outlook - Tiangong International will leverage its full-chain manufacturing advantages in high-alloy tool steel and powder metallurgy to lead critical processes such as material composition design, smelting, powder production, sintering, and subsequent thermal processing and performance evaluation [5]. - The collaboration with the Energy Research Institute will focus on defining material requirements based on actual fusion scenarios and conducting systematic performance and service evaluations, accelerating the pace of material research and application [5]. - As a pioneer in the large-scale production of powder metallurgy tool steel, Tiangong International's deep involvement in the national nuclear fusion materials research system reflects its technological accumulation and manufacturing strength, as well as its strategic practice of integrating into major national scientific projects for long-term development [3][6].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights significant growth in the solid-state battery sector, projecting a battery production of 1756 GWh by 2025, representing a 6% year-on-year increase [2][11] - The continuation of anti-dumping duties on polysilicon from the US and South Korea is expected to strengthen China's photovoltaic industry chain and protect domestic production [21][22] - The offshore wind sector benefits from the completion of an 8.4 GW auction in the UK, which is expected to positively impact related Chinese supply chain companies [31][32] - The nuclear fusion sector sees advancements with the "Xuanlong-50U" achieving hydrogen-boron fusion, marking a significant milestone in clean energy development [41][42] - The global energy storage market is projected to reach 498 GWh in 2025, with significant growth in both Germany and the US [45][46] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - Solid-state batteries are expected to enhance space energy applications, with a projected production of 1756 GWh by 2025, a 6% increase [2][11] - In December, China's total battery production reached 201.7 GWh, a 62.1% year-on-year increase [11] 2. Photovoltaic Sector - The Ministry of Commerce's extension of anti-dumping duties on US and South Korean polysilicon aims to protect the domestic photovoltaic industry [21][22] - The report indicates that this policy will create a stable environment for domestic polysilicon production and help resist external price pressures [22] 3. Wind Power Sector - The UK completed an 8.4 GW offshore wind auction, which is expected to benefit Chinese supply chain companies [31][32] - The Guangdong Sanshan Island flexible direct current transmission project is progressing well, with production expected to be completed by 2026 [33] 4. Nuclear Fusion Sector - The "Xuanlong-50U" has achieved hydrogen-boron plasma H-mode discharge, marking a key milestone in nuclear fusion technology [41][42] 5. Energy Storage Sector - Global energy storage system shipments are expected to reach 498 GWh in 2025, with significant contributions from domestic manufacturers [45][46] - The report anticipates that the energy storage market will continue to grow rapidly, with projections of 900 GWh in shipments by 2026 [45]

Group 1: Key Meetings and Policies - Shanghai Mayor Gong Zheng met with UBS CEO Ralph Hamers, expressing hope for UBS to better serve Chinese companies going global and promote Shanghai to global partners [1] - The Shanghai Financial Regulatory Bureau, in collaboration with law enforcement, has launched 15 nationwide campaigns to combat "black and gray" financial activities, resulting in the resolution of 117 cases and the arrest of over 370 suspects [2] - The Shanghai Stock Exchange has adopted a "zero tolerance" policy towards violations, issuing over 270 disciplinary actions and implementing regulatory measures over 330 times to maintain market order [3] Group 2: Financial Developments - As of January 11, 2026, the Shanghai branch of China Construction Bank has managed personal financial assets exceeding 1 trillion yuan, serving 21 million individual clients [4] - The first non-directional public REITs expansion was launched on January 12, 2026, marking a significant innovation in the REITs market and promoting quality rental housing assets [5] - The Shanghai Gold Exchange emphasized the construction of secure and efficient financial infrastructure to support national strategies and improve market services during its 2026 work meeting [6] Group 3: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have increased the minimum margin requirement for financing from 80% to 100%, effective January 19, 2026, to strengthen counter-cyclical adjustments [7] - The People's Bank of China held a work meeting emphasizing the implementation of a moderately loose monetary policy to support high-quality economic development [8] - The Shanghai Insurance Association and the Shanghai Judicial Appraisal Association issued guidelines to standardize property insurance claims processes, aiming to improve industry governance [9] Group 4: Innovations in Financial Services - China Construction Bank's Shanghai branch launched a "coffee production internet service platform" to facilitate cross-border trade, enhancing efficiency and security for traders [9] - China Pacific Insurance has upgraded its strategy to address the challenges posed by an aging population, focusing on a comprehensive ecosystem covering elderly care, health, and rehabilitation [10] - Star Ring Fusion completed a 1 billion yuan Series A financing round, setting a record for private nuclear fusion companies in China [11] Group 5: Green Finance Initiatives - Shanghai Pudong Development Bank issued its first biodiversity loan of 7 million yuan to support agricultural technology development, reflecting its commitment to green finance [12] - Bank of China Shanghai branch efficiently processed a qualification application for a Hong Kong metal trader in just 15 days, showcasing its expertise in cross-border finance [13] - The Shanghai branch of the Bank of Communications collaborated with the Shanghai Data Exchange to establish an online data transaction settlement service system [14] Group 6: International Trade Support - The Export-Import Bank of China Shanghai branch provided customized financial support for a solid waste enterprise's offshore trade, demonstrating its role in stabilizing cross-border supply chains [16]

Core Insights - The 2026 high-end investment summit hosted by Jiufang Zhitu aims to create a high-quality interactive platform for wealth dialogue, focusing on strategic insights and discussions [1][2]. Group 1: Event Overview - Jiufang Zhitu is transitioning from a traditional "investment advisor" role to a solid partner in wealth journeys, emphasizing a customer-centric approach [2]. - The summit featured prominent experts discussing new trends in the capital market for 2026, including insights from Jiufang Zhitu's Chief Economist and other leading economists [5][9]. Group 2: Economic Insights - The Chief Economist, Xiao Lisheng, highlighted that China's economy is in a critical structural transformation phase, with expectations of continued "moderately loose" monetary policy and expanded fiscal spending by 2026 [5][9]. - Jin Canrong discussed the importance of industrialization as a foundation for national wealth, noting China's rapid industrialization over the past three decades [7][9]. - The sixth industrial revolution is anticipated to reshape global industry, with a focus on hard technology sectors such as AI and new energy [9][11]. Group 3: Policy Recommendations - Guan Tao outlined three main tasks for the "14th Five-Year Plan" period: strengthening the domestic market, achieving technological self-reliance, and expanding openness [11]. - He also presented five "musts" and five key focus points for economic work in 2026, emphasizing the need to explore economic potential and integrate investment in both goods and people [11][13]. Group 4: Investment Opportunities - The roundtable discussion emphasized the development and valuation of AI technology companies, acknowledging the presence of bubbles but viewing them as typical in the early stages of technological breakthroughs [14]. - Experts noted that while the real estate market is stabilizing, a full recovery in prices will take time, advising investors to remain cautious [15].

Group 1 - The "artificial sun" has achieved a world record by maintaining a steady-state long pulse plasma operation at over one billion degrees Celsius for 1066 seconds [1] - The BEST project has successfully initiated the assembly of its main components, with the Dewar base positioned with millimeter-level precision [2] - The first PF magnet for the BEST project has been completed, measuring over 10 meters in diameter, 2.5 meters in height, and weighing over 100 tons, taking 30 months to manufacture [3] Group 2 - The BEST research plan has been officially released globally, with over ten countries' scientists signing the "Hefei Fusion Declaration" [4] - The domestically developed high-strength steel No. 1 has filled a gap in the application of high-strength, tough, non-magnetic structural materials under extreme low-temperature conditions [5] - An international superconducting linear plasma device has been constructed, featuring a maximum particle flow greater than 10^24 m^-2 s^-1 and a discharge time exceeding 1000 seconds [6] Group 3 - The CRAFT ion cyclotron heating system has achieved 100% independent intellectual property rights, marking a transition from "catching up" to "leading" in high-power RF heating technology [7] - The prototype component of the highest thermal load divertor has passed acceptance, with a steady-state thermal load capacity reaching 20 megawatts per square meter, indicating China's independent control in divertor research and development [8] - The procurement package for the ITER correction field coils has been completed and delivered after 15 years, signifying a leap in China's superconducting magnet engineering capabilities [9] Group 4 - High and low-temperature hybrid superconducting magnets have achieved a maximum steady-state magnetic field of 35.1 Tesla, overcoming multiple technical challenges under low-temperature high-field conditions, with 100% independent control over materials, processes, and production [10]