Group 1 - The company, Senba Sensor (300701.SZ), stated on the investor interaction platform that it currently does not provide sensor technology support for controllable nuclear fusion devices [1]

证券日报网讯12月17日，特发信息（000070）在互动平台回答投资者提问时表示，公司生产的特种 OPGW光缆可用于特高压、核电站，暂无产品可以用于可控核聚变领域。公司提示广大投资者注意投资 风险，审慎决策。 ...

证券日报网讯12月17日，特发信息（000070）在互动平台回答投资者提问时表示，公司暂无产品可用于 可控核聚变领域。公司提示广大投资者注意投资风险，审慎决策。 ...

Core Viewpoint - The company, Hengfeng Information (300605.SZ), stated on its investor interaction platform that it does not possess any technology reserves applicable to aerospace and controllable nuclear fusion [1] Group 1 - The company clarified its technological capabilities regarding aerospace and nuclear fusion applications [1]

Core Viewpoint - The market is experiencing a volatile adjustment phase, particularly in the semiconductor, lithium battery, and power grid equipment sectors, with the STAR Market 50 Index down by 1.1% and the ChiNext Index down by 1.8% as of 14:07 [1] Group 1: Market Performance - The STAR Market 50 Index consists of 50 stocks with high market capitalization and liquidity, with over 65% of its composition from the semiconductor industry [1] - The ChiNext Index is made up of 100 stocks from the ChiNext board, with approximately 60% weight in AI hardware and the new energy industry chain [1] - The ChiNext ETF (159915) recorded a trading volume exceeding 3.5 billion yuan, with net subscriptions surpassing 540 million shares [1] Group 2: Investment Opportunities - China Galaxy Securities suggests that the market's structural volatility may continue as the year-end approaches, with a focus on policy dividends and economic recovery in key sectors for the next year [1] - Key areas of interest include artificial intelligence, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace, which are highlighted as important sectors for the 14th Five-Year Plan [1] Group 3: Investment Tools - The STAR Market 50 ETF (588080) and ChiNext ETF (159915) track their respective indices with a management fee rate of only 0.15% per year [1] - The total scale of related ETFs under E Fund in the dual innovation sector exceeds 180 billion yuan, making it the largest in the industry and providing investors with convenient and diverse investment tools for technology growth sectors [1]

Core Viewpoint - The company, Jiemai Technology, is strategically investing in the upstream key raw materials of the high-temperature superconducting industry to enhance its position in the new energy materials and functional materials sectors [1] Group 1: Investment Details - The company has invested 27 million yuan in Beijing Critical Field Technology Co., Ltd., which represents 0.92% of the company's most recent audited net assets [1] - The investment aims to establish a technology-driven platform enterprise and to strategically position itself in high-performance copper-based and nickel-based high-temperature superconducting materials [1] Group 2: Company Developments - As of December 17, 2025, the company received notification that Beijing Critical Field Technology Co., Ltd. has completed its business registration changes and obtained a new business license from the Beijing Market Supervision Administration [1]

Core Viewpoint - The company, Jiemai Technology, is strategically investing in the upstream key raw materials of the high-temperature superconducting industry to enhance its position in the new energy materials and functional materials sectors [1] Group 1: Investment Details - The company has invested 27 million yuan in Beijing Critical Field Technology Co., Ltd., which represents 0.92% of the company's most recent audited net assets [1] - The investment aims to support the company's development as a technology-driven platform enterprise and to advance its capabilities in high-performance copper-based and nickel-based high-temperature superconducting materials [1] Group 2: Company Developments - The company received notification on December 17, 2025, that its subsidiary, Beijing Critical Field Technology Co., Ltd., completed the business registration change and obtained a new business license from the Beijing Market Supervision Administration [1]

Core Viewpoint - Shandong Electric Power (301609.SZ) currently does not have direct business involvement in the field of controllable nuclear fusion but will continue to monitor the development of related cutting-edge technologies [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - There is an emphasis on the importance of staying updated with advancements in frontier technologies [1] - The company has not specified any plans to enter the controllable nuclear fusion sector at this time [1]

Group 1 - The total amount of projects announced by the Hefei Institute of Plasma Physics and Fusion Energy in Anhui exceeded 2.4 billion yuan, with 9 projects having a budget over 50 million yuan [1] - From January 1 to December 12, 2025, the BEST project had 43 tenders with a budget of 2.043 billion yuan, while the EAST and CRAFT projects had 10 and 12 tenders with budgets of 18 million yuan and 77 million yuan respectively [1] - The industry is transitioning from intensive bidding to concentrated winning bids, indicating a validation of capital expenditure expansion logic [1] Group 2 - The global controllable nuclear fusion market is projected to reach 496.5 billion dollars by 2030 and may exceed 1 trillion dollars by 2050, with 35 major companies planning to operate commercial demonstration reactors between 2030 and 2035 [2] - The market for high-temperature superconducting materials used in controllable nuclear fusion technology verification devices is expected to experience exponential growth, potentially becoming a core sector worth hundreds of billions or even trillions by 2035 [2] - The A-share market has included controllable nuclear fusion in its "future industries" top-level planning, indicating that industry capital expenditure is entering an upward cycle [2]

Summary of Macro Micro Technology Conference Call Company Overview - **Company**: Macro Micro Technology - **Focus Areas**: - Industrial Control (Engineering machinery, servo motors, etc., accounting for nearly 50%) - New Energy Generation (Photovoltaic inverters and energy storage devices, approximately 30%, core clients include Huawei) - New Energy Vehicles (Main drive HPD modules, expected to install nearly 1 million vehicles in 2024) [2][3] Key Business Insights - **Revenue Composition**: - Industrial Control: Nearly 50% of revenue - New Energy Generation: About 30% of revenue - New Energy Vehicles: 2023 installation volume over 400,000 vehicles, expected to double in 2024 [3] - **Growth Projections**: - Industrial Control business expected to grow approximately 30% in 2026, driven by power supply and UPS products [4][15] - New Energy Vehicle sector expected to see revenue double in 2026, despite potential small losses due to capacity ramp-up and capital expenditures [4][17] Product Development and Innovations - **GaN Devices**: - GaN devices have completed R&D and are in sample testing, showing low loss and high power density advantages in humanoid robot joint controllers [2][6] - Expected small batch production in 2026, with demand from several hundred to potentially thousands of units [7] - **SiC Products**: - SiC samples sent to NVIDIA supply chain, with collaborations with Eaton and others for joint research [2][13] - SiC product gross margin currently around 25%, but may face a 10% price drop due to market fluctuations [18] Strategic Collaborations - **Nuclear Fusion**: - Joint R&D with Hanhai focusing on power supply chip development for standby devices, with products expected to mature by 2028 [2][10] - Collaboration with Huairou Laboratory to promote applications in the national grid system [14] - **AI Data Center Power Supply**: - Increased demand for AI computing driving upgrades in power supply products, with a focus on SiC solutions [13] Market Trends and Challenges - **Price Trends**: - Overall market trend shows a decline in SiC material and chip prices, which may affect gross margins [19] - High-end vehicle market remains stable, with no immediate price reduction requests from premium manufacturers [19] - **Photovoltaic Inverter Business**: - Strong performance in the first half of the year, with expected stability in 2026, focusing on Huawei's inverter needs [20] Conclusion - **Future Directions**: - Macro Micro Technology aims to consolidate and expand its three main business segments while exploring new growth areas such as DC power distribution and humanoid robotics [5] - The company is well-positioned to leverage its innovations in GaN and SiC technologies to meet the growing demands in various sectors, including AI and renewable energy [2][13]