Core Insights - The 27th Annual Conference of the China Association for Science and Technology (CAST) was held in Beijing from July 1 to 31, focusing on "Tracing Technological Frontiers to Support Innovative Development" [1] - The conference attracted over 7,000 participants, including more than 110 academicians, with 57% of attendees being young scientists under 40 years old [1] - A total of over 990 high-level academic reports were presented during the conference [1] Group 1 - One highlight of the conference was the deep involvement and leadership of young scientists in frontier discussions [2] - The conference fostered an atmosphere of equal communication, allowing young scholars to directly question academicians and experts, which is beneficial for breaking cognitive biases and enhancing problem understanding [4] - The design of forums encouraged embracing uncertainty in research and promoted non-consensus viewpoints, creating a more inclusive and open academic environment [4] Group 2 - Participants engaged in discussions on cutting-edge topics such as "Sim2Real challenges" and "multimodal perception fusion" in the "Embodied Intelligent Robots" forum, inspiring new research directions [3] - The "Key Technologies for Commercialization of Controlled Nuclear Fusion" forum attracted diverse participants from academia, industry, and technology sectors, facilitating in-depth discussions on uncertain topics related to nuclear fusion [4] - The conference emphasized the importance of fostering divergent thinking and academic innovation through collaborative discussions among participants of varying expertise and age [4]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [12]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a new phase in the development of controllable nuclear fusion in China, with a total capital increase of approximately 11.5 billion yuan from seven state-owned enterprises [2][4]. - The company aims to commercialize fusion energy through a three-step development approach: pilot experimental reactor, demonstration reactor, and commercial reactor [4]. - The controllable nuclear fusion industry in China is entering a rapid development phase, supported by multiple technological routes and significant investments from state-owned enterprises [4]. Summary by Sections Industry Dynamics - The establishment of the fusion company is a significant step towards the commercialization of fusion energy in China, with a registered capital reaching 15 billion yuan after the recent capital increase [4]. - The company currently has total assets of 5.369 billion yuan and equity of 5.367 billion yuan, with no operating revenue reported yet [4]. Investment Recommendations - Investors are advised to focus on companies with key materials and core components for controllable nuclear fusion devices, as well as those that have secured relevant orders. Recommended companies include Hezhong Intelligent, Lianchuang Optoelectronics, Western Superconducting, and Antai Technology [4].

Core Insights - The report highlights the resilience of cross-border e-commerce, with imports and exports reaching 1.32 trillion yuan, a year-on-year increase of 5.7% [4] - The report indicates that the 5-year LPR is maintained at 3.5% and the 1-year LPR at 3%, reflecting stability in the lending market [4] - The report notes that the market is experiencing a strong upward trend, with major indices reaching new highs and a total trading volume of 1.7 trillion yuan, an increase of 128.9 billion from the previous trading day [10] Industry Updates - The National Healthcare Security Administration held discussions on the comprehensive value assessment of innovative drugs and medical devices, with related companies including Sai Sheng Pharmaceutical and Bei Da Pharmaceutical [6] - The controlled nuclear fusion industry is entering a construction-intensive phase, accelerating towards commercialization, with related companies including Wangzi New Materials and China Nuclear Construction [6] - Domestic robot manufacturers are achieving breakthroughs in orders, with humanoid robots gradually entering the commercialization phase, related companies include Wolong Electric and Mingzhi Electric [6] Company Focus - Haopeng Technology has entered the supply chain of various service robots, companion robots, quadruped robotic dogs, and humanoid robots [8] - Hongxin Electronics, a leading domestic FPC company, maintains long-term cooperation with major domestic smartphone manufacturers [8] - Wangzi New Materials is collaborating with Hanhai Juneng to accelerate the commercialization process of controlled nuclear fusion [8] - China Rare Earth is advancing the exploration rights for Shengong Sai Rare Earth Mine and Feitian Rare Earth Mine [8] Market Review and Outlook - On July 21, the market opened high and closed higher, with the Shanghai Composite Index rising by 0.72%, the Shenzhen Component Index by 0.86%, and the ChiNext Index by 0.87%, indicating a strong market sentiment [10] - The report notes that the market is in a strong upward channel, supported by macro policies and technical indicators, suggesting continued structural investment opportunities [11]

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase in stock prices relative to the CSI 300 index by over 15% [5][11]. Core Insights - On June 30, 2025, Commonwealth Fusion Systems (CFS) reached a power purchase agreement with Google for 200MW of fusion energy, marking a significant step in Google's energy strategy and accelerating the commercialization of nuclear fusion [3][5]. - The partnership is expected to drive the development of the controllable nuclear fusion industry, with CFS planning to construct its first commercial fusion power plant, ARC, by 2030, which will have a capacity of approximately 400MW [5]. - The report highlights the increasing demand for clean energy solutions driven by the surge in energy consumption from AI technologies, positioning nuclear fusion as a key solution for sustainable energy needs [5]. Summary by Sections Investment Highlights - The report emphasizes the importance of focusing on specific segments such as high-temperature superconducting magnets, power supplies, and detection systems [5]. - Beneficiary stocks include: 1. Midstream Equipment: Lianchuang Optoelectronics, Guoguang Electric, Antai Technology, Hezhuan Intelligent, Yingliu Co., Xuguang Electronics, and Wanyi Technology. 2. Upstream Materials: Yongding Co. and Jingda Co. [5]. Market Context - The agreement with Google signals strong market demand for fusion energy, which could accelerate research and capital investment in the sector [5]. - The competitive landscape includes other companies like Helion and TAE Technologies, which are also pursuing fusion commercialization, potentially leading to rapid industry growth [5]. Financial Metrics - The report provides a valuation table for related stocks, indicating their market capitalization and earnings per share (EPS) projections for 2025 and 2026 [6].

Group 1: Oil Price Surge - Israel's attack on Iran has led to a significant spike in international oil prices, with U.S. oil rising over 10% on June 13, reaching a new high since February [4][5] - Short-term support for oil prices is driven by seasonal demand increases and geopolitical tensions, but long-term trends suggest a cooling of geopolitical factors, which may limit sustained price increases [5][6] - OPEC+ production levels are currently below market expectations, and the upcoming travel season in Europe and the U.S. is providing additional support for oil prices [6] Group 2: Controlled Nuclear Fusion - The International Thermonuclear Experimental Reactor (ITER) has completed the construction of its superconducting magnet system, marking a significant milestone in controlled nuclear fusion technology [10] - The development of tritium, a key fuel for fusion, presents technical challenges and is expected to be a major investment area in future fusion projects [12] - The commercial prospects for controlled nuclear fusion are promising, with ongoing projects worldwide and an acceleration in commercialization expected, particularly for Tokamak device suppliers [13]

Group 1 - The core viewpoint is that China's "artificial sun" is expected to light its first lamp by 2035, marking a historic turning point in fusion energy development [1][2] - The private company New Hope Group has achieved a significant breakthrough with its "Xuanlong-50U" hydrogen-boron fusion device, realizing a million-ampere discharge for the first time globally [1][2] - The commercialization of controllable nuclear fusion is anticipated to lead to an exponential increase in energy capacity, akin to a leap from the "carriage era" to the "high-speed rail era" [1] Group 2 - China is rapidly advancing from laboratory research to power generation, with a six-step process for the commercialization of controllable nuclear fusion [2] - The China Nuclear Industry Group aims to enter the demonstration phase around 2045, while the China Fusion Engineering Test Reactor (CFETR) is planned to complete its demonstration pile by 2035 [2] - The New Hope Group's hydrogen-boron route is being accelerated using AI algorithms, emphasizing safety, fuel freedom, and a short construction period as its key advantages [2]

Group 1 - China's nuclear power has entered a peak construction phase with 31 units having received construction permits and 13 units awaiting approval, indicating a higher construction scale than the total of other countries combined [1] - The global nuclear power sector experienced rapid growth from 1965 to 1980 with a CAGR of approximately 25%, but faced significant setbacks due to the Three Mile Island and Chernobyl accidents, leading to a slower growth phase from 1981 to 2023 with a CAGR of about 3% [1] - As of 2023, nuclear energy accounts for approximately 9% of global electricity generation, ranking behind fossil fuels at 62% and hydropower at 15% [1] Group 2 - Since the resumption of nuclear project approvals in 2019, China's nuclear policy has shifted from cautious control to active support, emphasizing the importance of nuclear power in achieving carbon neutrality goals [1] - The current energy generation structure in China is dominated by thermal power (69%), followed by wind and hydropower (11% each), and nuclear power at 5%, with projections indicating an increase in nuclear power's share to around 10% by 2035 [1] - The maturity of high-temperature superconducting technology has significantly reduced the costs and construction timelines for fusion experimental reactors, while AI advancements are enhancing the design and control efficiency of fusion devices [4] Group 3 - As of 2024, private fusion companies globally have accumulated financing of $7.12 billion, reflecting a 15% increase from 2023, with a total of 45 participating companies [4]