真兰仪表（301303.SZ）12月15日在投资者互动平台表示，公司主要从事燃气和水计量产品及系统的研 发、生产和销售；并布局汽车零部件的相关业务。公司未直接涉足可控核聚变或者核电相关行业。对于 涉及天然气和水计量方面有应用需求的行业，可能会涉及到我司相关计量产品，但公司一般不直接对接 这些从业公司，公司主要对接和服务于天然气和水资源运营商等相关客户。公司会结合战略规划保持对 该领域的动态关注。 （记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品是否可应用于可控核聚变、核电领域？ ...

晨会纪要 交易咨询资格号： 证监许可[2012]112 2025 年 12 月 15 日 | 联系人：王竣冬 | 期货从业资格：F3024685 | | --- | --- | | 交易咨询从业证书号：Z0013759 | 研究咨询电话： | | 0531-81678626 | 客服电话： | | 400-618-6767 | 公司网址： | | www.ztqh.com | | | [Table_QuotePic] | 中泰微投研小程序 | | [Table_Report] | 中泰期货公众号 | 请务必阅读正文之后的免责声明部分 [Table_Finance] 交易咨询资格号：证监许可[2012]112 | 偏空 | 農荡 | 偏多 | | --- | --- | --- | | 들 = | 玉米淀粉 | 菜粕 | | 郑棉 | 玻璃 | 豆粕 | | 护金 | 橡胶 | 菜油 | | 沪铝 | 铁矿石 | 白糖 | | 沪铝 | 聚丙烯 | 直一 | | 棕櫚油 | PVC | 焦炭 | | 玉米 | 甲醇 | 沥青 | | | 塑料 | | | | PTA | | | | 鸡蛋 | | | | 螺纹钢 ...

Group 1 - Controlled nuclear fusion is crucial for national energy security and technological independence, with its industrialization progressing from experimental validation to engineering demonstration stages [1] - The domestic production rate of key nuclear fusion equipment has exceeded 96%, with core components like tungsten-based divertors and high-temperature superconducting materials now being produced independently [1] - The nuclear fusion industry is entering a new phase characterized by competition among multiple technological routes and concentrated capital investment, driven by advancements in projects like the BEST device and the EAST device [1][3] Group 2 - The capital market has shown significant interest in the controlled nuclear fusion sector, with a continuous rise in stock prices since 2025, indicating the potential for a new market cycle [3] - The nuclear fusion industry is currently in the experimental phase, with a three-step development plan outlined: experimental pile, demonstration pile, and commercial pile, aiming for completion of the experimental pile by 2035 and commercial demonstration by 2050 [4] - Global investments in nuclear fusion research are increasing, with many countries advancing their demonstration pile plans and accelerating the commercialization process [7] Group 3 - The industry anticipates that nuclear fusion could achieve commercial power supply within the next decade, with 2031-2035 being a widely accepted timeframe for this milestone [8] - AI technology is playing a significant role in advancing nuclear fusion development by optimizing reaction conditions and predicting plasma behavior, thus accelerating commercialization [8][12] - Material innovation is critical for overcoming bottlenecks in the nuclear fusion industry, focusing on surface and structural innovations, optimizing superconducting materials, and material modification [13] Group 4 - Superconducting materials are essential for controlled nuclear fusion devices, directly impacting the efficiency of energy production and plasma confinement [14] - Leading companies in the nuclear fusion sector are making significant progress in developing core components, with a clear path toward industrialization in areas such as superconductors and divertor materials [15][17] - Key companies include: - Four Creation Electronics, the only domestic company to achieve localization of superconducting magnet power modules for fusion devices [18] - Parker New Materials, the only company capable of mass-producing core components for nuclear fusion [19] - Antai Technology, a global supplier of core materials for controlled nuclear fusion devices [20]

英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 12 月 15 日 美联储靴子落地及重要会议后，A 股修复行情有望延续，踏准板块轮动 节奏更重要 观点： 总量视角 【A 股大势研判】 2025 年 12 月 11 日，美联储联邦公开市场委员会(FOMC)发布了最新的利率决 议，宣布降息 25 个基点，将联邦基金利率目标区间降至 3.50%-3.75%，符合市场 "鹰派降息"预期。这也是美联储连续第三次会议宣布降息，全年的累计降息幅度 就此达到 75 个基点（数据来源：财联社）。我们认为，尽管降息 25 个基点，但 被视为未来利率路径"风向标"的点阵图却显示，美联储官员对明年降息的预测依 然保守，且维持 2026 年仅有一次降息的预期，这大大削弱了市场对即将开启长 期宽松周期的乐观想象。 中央经济工作会议 12 月 10 日至 11 日在北京举行。会议总结 2025 年经济工 作，分析当前经济形势，部署 2026 年经济工作。明年经济工作任务目标提到"推 动经济实现质的有效提升和量的合理增长，实现"十五五"良好开局"。尽管当前国 内物价仍存在一定下行压力，考虑到"十五五"开局保持较高经济增速的 ...

Market Overview - The three major indices opened lower, with the Shanghai Composite Index at 3865.40, down 0.62%, the Shenzhen Component Index at 13150.43, down 0.81%, and the ChiNext Index at 3157.32, down 1.16% [1] Economic Policy Updates - The National Financial System Work Conference emphasized the continuation of a moderately loose monetary policy, focusing on financial support for expanding domestic demand, technological innovation, and small and medium-sized enterprises [1] - The Ministry of Finance plans to maintain necessary fiscal deficits and total debt levels, issuing long-term special bonds to support key construction projects [1] - A notice was released to enhance collaboration between commerce and finance to boost consumption, encouraging the use of digital RMB for consumer promotion [1] Investment and Development Initiatives - The National Development and Reform Work Conference highlighted the need to stabilize investment and increase central budget investments [2] - The 2025-2026 China Economic Conference discussed expanding green electricity applications and developing new growth points like hydrogen energy [2] Financial Data Insights - As of the end of November, the broad money supply (M2) was 336.99 trillion yuan, a year-on-year increase of 8%. The total social financing increased by 33.39 trillion yuan in the first eleven months, which is 3.99 trillion yuan more than the previous year [2] Industry-Specific Developments - The automotive industry is undergoing regulatory changes with the release of a compliance guideline for pricing behavior, aiming to prevent price discrimination and collusion among manufacturers [2] - The lithium iron phosphate industry is experiencing a price increase, with leading manufacturers issuing price hike notices to clients [4] - Vanke's bond extension proposal was not supported by enough creditors, necessitating urgent funding solutions [5] Company Announcements - Ziwei Technology successfully launched a small cargo spacecraft, marking a milestone in commercial space operations [5] - Molybdenum Technology plans to use up to 7.5 billion yuan of idle funds for cash management without affecting project implementation [5] - The announcement from Saiyi Information regarding the approval of a major project in intelligent manufacturing and robotics [5] Market Sentiment and Future Outlook - Analysts from CITIC Securities noted that the market has completed its adjustment phase and anticipates a new wave of market activity driven by structural trends and capital market reforms [11] - The focus for mid-term industry allocation includes sectors with potential catalysts such as non-ferrous metals and AI computing power, with commercial aerospace as a primary theme [11]

展望后市，中信证券认为，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。 热门板块 12月15日，指数弱势震荡。截至9:37，上证指数跌0.45%，深证成指跌0.64%，创业板指跌1.02%。 盘面上，白酒板块反弹，皇台酒业领涨，酒鬼酒、古井贡酒、舍得酒业等跟涨;零售概念反复活跃，百 大集团3连板，东百集团、爱婴室、全新好、广百股份跟涨。下跌方面，影视院线、海南自贸区等板块 回调。 机构观点 1、中信证券：明年外需继续超预期的难度在加大，但内需可期待的因素在增多 中信证券研报称，从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于 股票市场而言，内需品种和外需品种的预期和定价与去年存在巨大差异：去年底投资者对外需普遍谨 慎，对内需充满期待，但最终外需的表现大超预期;今年是重仓布局外需敞口品种，预期相对充分，但 对内需品种欠缺信心;实际上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。 1、白酒板块反弹 白酒板块反弹，皇台酒业领涨，酒鬼酒、古井贡酒、舍得酒业等跟涨。 点评：消息面上，12日晚间，有消息人士称，贵州茅台近期将推出一个涵盖短期和中长期的控量政策。 短期方面 ...

核聚变年底迎来密集招投标释放 20251214 摘要 国家将可控核聚变列为未来产业，能源安全背景下，其燃料氘和氚的丰 富储量及可再生性，使其成为构建自主可控能源体系的关键，有助于降 低对石油和天然气的依赖，保障国家能源安全。 全球可控核聚变投资激增，2021 至 2025 年增长超五倍，总融资额达 97.66 亿美元。美国、欧盟积极推进相关项目，中国成立中国聚变能源 有限公司，加速市场化进程，合肥、上海等地积极布局相关产业。 近期可控核聚变招标活动显著增加，11 月单月招标金额达 39 亿元，远 超前三季度总和。中科院合肥等离子体研究所中标金额巨大，显示出国 家对该领域的投入力度正在加大。 国内可控核聚变发展由综合系（如 CFETR、星火 1 号）、中科院系列 （EAST、BEST）及商业公司（能量基点等）共同推动。BEST 项目投 资增至 150-200 亿元，CFEDR 预计资本开支也将增加至千亿以上。 中国在可控核聚变领域取得技术突破，如 35.1 特斯拉中心稳态磁场世 界纪录，并计划在 2030 年建成 CFETR 示范堆，2040-2045 年实现商 业发电。清华大学新环聚能项目预计 2027 年完 ...

Core Viewpoint - The retail sector has shown significant upward movement, with several companies experiencing notable stock price increases, indicating a positive trend in the market [3]. Retail Sector - The retail sector saw a sharp rise, with companies like Baida Group hitting the daily limit, and others such as Maoye Commercial, Dongbai Group, and Yonghui Supermarket also experiencing gains [3]. - The retail index recorded a 1.20% increase, reflecting overall positive sentiment in the sector [4]. Storage Chip Sector - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong seeing declines of over 8% and 6% respectively, indicating potential challenges in this segment [5]. Coal and Nuclear Fusion Sectors - The main contract for coking coal surged by 4.00%, reaching 1070.50 CNY per ton, suggesting strong demand or supply constraints in the coal market [6]. - The nuclear fusion sector saw multiple stocks open high, with companies like Snowman Group and Huazhong Cable approaching their daily limits, indicating investor interest and optimism in this emerging technology [6]. Hong Kong Market - The Hong Kong stock market opened lower, with the Hang Seng Index down by 1% and the Hang Seng Tech Index down by 1.34%, reflecting broader market challenges [12]. - Notable declines were observed in major companies such as JD Health and Baidu, which fell by over 5% and 3% respectively, indicating a bearish sentiment in the tech sector [12].

导读：①商业航天延续强势，海内外消息面催化持续共振下，板块呈现高位抱团与低位补涨并行的态 势；②可控核聚变崛起，或与商业航天一起联动活跃；③英伟达闭门峰会催化电力短缺解决方案，出海 电力概念的预期再度升温。 商业航天依旧是目前市场延续性最强的题材方向。消息面上，商业航天依旧保持着海内外产业催化共振 之势。近期SpaceX IPO官宣：SpaceX正式向员工通报2026年IPO计划，整体估值约8000亿美元。国内方 向，国家层面将发起设立商业航天发展基金，为长周期、重资产的火箭可回收、星座组网等项目提 供"耐心资本"。而从个股来看，航天动力、顺灏股份、龙洲股份、航天发展等均维持强劲走势，而华菱 线缆等个股同样后来居上表现亮眼。目前呈现出低位补涨和高位抱团并行。 可控核聚变概念同样值得关注，中洲特材、中国核建、雪人集团、保变电气等10余股涨停。消息面上中 央经济工作会议提出，深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新型能源体 系建设，扩大绿电应用。从市场的角度而言，上周四开始发酵后，周五进一步加强，与指数形成了小幅 共振，反映出资金对于该方向的重视程度不断提升。该题材中部分个股与商业航天重合， ...

Market Overview - On December 15, A-shares opened lower across the board, with the Shanghai Composite Index down 0.62% at 3865.4 points, the Shenzhen Component Index down 0.81% at 13150.43 points, and the ChiNext Index down 1.16% at 3157.32 points [1] - The CPO, energy metals, and lithium mining sectors saw significant declines, while the controllable nuclear fusion sector had several stocks open high, including Xue Ren Group and Hualing Cable, which hit the daily limit [1] - The liquor sector showed signs of recovery, with Huangtai Liquor up over 5% and Guizhou Moutai up over 1% [1] Company News - Vanke announced that three proposals for extending the maturity of its "22 Vanke MTN004" bond were not effectively passed, with one proposal receiving 83.40% approval for an extension with credit enhancement [2] - Shunhao Co. indicated that its "Tianshu Tiansuan" business may take five years to realize commercial value, facing challenges such as strong radiation and regulatory issues [2] - Renfu Pharmaceutical received a notice of administrative penalty from the China Securities Regulatory Commission for false financial disclosures, leading to a one-day suspension of its stock [2] - Yongding Co. reported that its subsidiary's revenue from superconducting materials is less than 1% of total revenue and will not significantly impact its performance [3] - Chip Origin Co. agreed to terminate a major asset restructuring transaction to protect shareholder interests [3] - Enjie Co. plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co. through a share issuance and will resume trading on December 15 [3] - Kehua Data has partnered with domestic GPU chip manufacturers to support the development of a self-controlled computing power ecosystem [3] Industry Insights - The Ministry of Industry and Information Technology emphasized the need to accelerate the development of satellite internet and 6G technology [6] - The Chinese Ministry of Foreign Affairs commented on a recent agreement among several countries to strengthen the rare earth supply chain, urging adherence to market principles [7] - The lithium iron phosphate industry is experiencing a wave of price increases as major companies begin to adjust their product prices [7] - The commercial aerospace sector marked a significant milestone with the successful launch of a private space vehicle by Ziwei Technology [8] - The National Financial Supervision Administration called for support to stabilize the real estate market and manage local government financing risks [9] - The Ministry of Industry and Information Technology announced new regulations to optimize the import and export of lithium batteries [10] - The Central Economic Work Conference highlighted the importance of transitioning to a dual carbon control strategy, promoting a comprehensive green transformation [11] - The State Administration for Market Regulation is drafting guidelines to standardize pricing behavior in the automotive industry [12]