2025年7月10日—11日，中韩核聚变领域双边合作联合协调委员会第十三次会议(JCM-13)在中国合肥召 开。本次会议旨在加强中韩双方在磁约束核聚变及相关领域的合作，以及共同推进ITER计划的联合实 施。中方代表团团长在开幕式中表示，中韩双边合作在加速实现聚变能商业化方面具有重要意义。在迄 今为止取得的丰硕合作成果的基础上，加强双方伙伴关系可以进一步为开创聚变能时代做出贡献。韩方 代表团团长同样强调了深化和扩大双方合作以加快实现聚变能的重要性，希望双方共谋发展，早日实现 核聚变能源的开发与利用。按照会议既定议程，双方政府代表从管理层面分别报告了国内核聚变政策和 研发项目的最新进展。与会专家从技术层面分别汇报了中韩双方在聚变示范堆设计、ITER增殖包层系 统等七个合作领域的最新研究进展、存在的问题和下一年度的合作计划。(人民财讯) ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2025】第 038 号 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 及人员姓名 | 彤源投资潘贻立 | | | 时间 | 2025 年 7 月 11 日 | | | 地点 | 腾讯会议 | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | | 活动期间谈论的主要内容如下： | | | --- | --- | | 一、讨论了公司业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式压缩机、活塞式压缩机、涡 | | | 旋式压缩机、各类工业热泵、储能蓄能装置、真空冻干设备、速 | | ...

| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | √路演活动 | | | □现场参观 | □其他 | | 参与单位名称 | 长江证券 | 贾少波，富国基金罗松、胡怀瑾、顾飞飞、刘莉莉、 | | 及人员姓名 | 汤启、徐颖真、张弘、毕天宇、杨冬 | | | 时间 | 2025 年 7 月 11 日 | | | 地点 | 腾讯会议 | | | 上市公司接 | 董事会秘书孙秀欣 | | | 待人员姓名 | | | | 活动期间谈论的主要内容如下： | | | --- | --- | | 一、讨论了公司业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式压缩机、活塞式压缩机、涡 | | | 旋式压缩机、各类工业热泵、储能蓄能装置、真空冻干设备、速 | | | 冻装置、换热 ...

我目前两手抓，一方面警惕蓝筹风格，另一方面不会轻易放弃前面走强的板块，如数字货币，虽可能深 度调整，但调整下来我会当机会看。每个人对板块偏好不同，就像工作选择，有人求安稳，有人要高收 入。我不会轻易放弃前期走强板块，像稀土虽凉了一阵，但我每天都在看。PCB负担着点燃算力行情的 任务，我对这个方向比较关心。 7月11日，和讯投顾都业华称，关于光伏板块，最近很多人询问，我稍作提醒。在很多人看来，光伏的 优点是位置低，做超跌反弹可能很带劲，毕竟跌了这么多，反弹力度或许不小。这是光伏设备板块指 数，从乐观角度看，若把去年924国庆后的关键点位标记，目前可设想一个乐观的中期目标三号点，这 样看似乎还有空间。但经验告诉我，对长期下跌趋势的品种处理要谨慎。若以三号点为中期目标，途中 可能出问题的地方在哪？这就像"事前验尸"，做项目前设想若失败，最可能失败在哪个环节。对光伏而 言，这里有个明显的下跌中枢，其上沿是关键阻力位，目前股价已接近，节奏处理需留意。虽然不能随 意猜测趋势反转，但光伏走到这里，技术走势上可能面临节奏转化，可能需要调整酝酿新行情。光伏范 围广，近期光伏玻璃、硅料等细分领域表现较好，可能与产业链关联，需仔细 ...

强军胜战——国防科技行业 2025 年度中期投资策略 20250709 摘要 十四五期间军工板块 EPS 增长是核心驱动力，白马公司业绩兑现推动股 价上涨，多轮主题投资提供参与机会。航空赛道关注新型号、后市场和 军转民等细分领域。 新装备领域，高超音速、低成本武器及火炸药是补短板重点。军贸方面， 央国企支持力度加大，新一代装备如运 20、直 20、歼 35A 等出口潜力 巨大，军贸是重要增长点。 主题投资如低空经济、商业航天、深海科技和可控核聚变等，具备中长 期高增长潜力。2024 年 9 月后，事件催化带来超额收益，板块进入新 增长阶段。 军工板块成长空间广阔，内需方面，中国军费占 GDP 比重低于欧美，增 长空间 20%-100%；外需方面，军贸占比提升空间超 60%；军转民方 面，大飞机产业链市场潜力巨大。 投资策略上，应以盈利驱动的价值投资为主，甄选优质白马股。航空赛 道关注新型号列装、后市场需求及军转民潜力，C919 国产替代空间广 阔。 如何看待十四五期间军工板块的表现？ 十四五期间，军工板块实现了绝对正收益，核心原因是 EPS 增长。许多白马公 司业绩兑现良好，推动股价上涨。此外，多轮主题投资机 ...

向海外市场要空间、以技术革命拓成长——机械行业 2025 年度中期投资策略 20250709 摘要 通用设备领域内需企稳，若叠加外需增量，将构成较好的投资方向。中 长期来看，海外建厂将成为设备需求的重要驱动力，并带来需求结构的 边际变化，尤其关注注塑机、工业机器人等通用设备出口大幅增长。 新技术方向如固态电池、人形机器人、可控核聚变等领域，板块容量大 且边际变化不断推进，下半年仍存在投资机会。关注人形机器人核心零 部件及功能模组与应用场景的爆发机会。 借鉴日本经验，通过出口寻找业绩增量。中美关税及全球关税影响下， 产能地区发生显著变化，企业分散供应链成趋势，具备制造业基础、人 口资源充足、基建完善的地区或成产能聚集地。 石油开采行业设备开支未来三到五年或呈长期增长趋势，中东地区资本 开支上升，为纽威、杰瑞等中国企业带来海外收入机会，贸易政策和新 增需求也增加了中国企业进入海外市场的机会。 制造业延伸将带动流程行业设备需求增长，新兴市场向上游延伸，需要 自制原材料，推动钢铁、化工等流程行业设备需求。长期来看，这是一 个值得关注的发展方向。 Q&A 机械行业在下半年有哪些主要投资策略？ 下半年的机械行业投资策略主 ...

Group 1: Market Overview - US stock markets rose, with the Dow Jones up 0.43%, Nasdaq up 0.09%, and S&P 500 up 0.27%. Notable stock movements included Tesla rising 4.73% and Nvidia up 0.75% [1] - The Shanghai Composite Index reached a new high, boosting market confidence and potentially attracting more capital into the market, with expectations of a continued upward trend [3] Group 2: Industry Insights - The ice-making industry in Henan is experiencing a surge in demand due to high temperatures, with some factories producing nearly 300 tons of ice daily, leading to a doubling of sales. The market for ice products is projected to exceed 63 billion yuan by 2026 [4] - Coal futures saw a significant increase, with coking coal rising 3.98% and coking coal up 3.44%. The demand for coal is expected to rise due to seasonal factors and policy changes aimed at reducing excess production capacity [5] - JD.com is entering the short drama market, indicating a strategic focus on this growing sector, with competitive salaries offered to attract top talent [5][6] - The micro-short drama market in China is projected to reach 505 billion yuan by 2024, surpassing annual box office revenues for films, with a compound annual growth rate of 19.2% expected [6] Group 3: Company Announcements - Baosteel plans to adjust the price of rare earth concentrate for Q3 2025 to 19,109 yuan per ton [9] - Guosheng Financial Holdings expects a net profit of 150 million to 220 million yuan for the first half of the year, a year-on-year increase of 236.85% to 394.05% [9] - The expected net profit for Sailyus in the first half of the year is between 2.7 billion to 3.2 billion yuan, reflecting a significant year-on-year increase of 66.20% to 96.98% [9] - WuXi AppTec anticipates an adjusted net profit of approximately 6.315 billion yuan for the first half of the year, a year-on-year increase of about 44.43% [9] Group 4: Emerging Technologies - Chengdu Hanhai Fusion Energy is set to witness a milestone event on July 18, marking the completion of China's first linear fusion device, HHMAX-901, which signifies a major breakthrough in the commercialization of controlled nuclear fusion [8]

Group 1: Company Overview - The report analyzes Guoquan (02517) in the "home dining" market, focusing on its sustainable growth logic and addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [3][4] - As of the end of 2024, Guoquan operates 10,150 stores, with a retail market share of 3.0% in China's home dining products, positioning it as the market leader [4] Group 2: Market Dynamics - The home dining market in China is projected to grow at a CAGR of 20.7% from 2022 to 2027, reaching an estimated market size of 940 billion yuan by 2027, with significant growth potential in lower-tier cities where penetration rates are below 25% [4][5] - The competitive landscape is fragmented, with the top five companies holding only 11.1% market share, indicating substantial room for growth in the lower-tier markets [4] Group 3: Competitive Advantages - Guoquan's competitive strategy includes a focus on popular products, a robust membership ecosystem, and innovative channel strategies. The "99 yuan beef tripe package" achieved sales of over 500 million yuan in 2024, with significant exposure on Douyin [5] - By the end of 2024, Guoquan had registered 41.3 million members, a year-on-year increase of 48.2%, with prepaid card deposits reaching 990 million yuan, up 36.6% [5] Group 4: Financial Projections - The company is expected to generate revenues of 7.183 billion yuan, 8.036 billion yuan, and 9.080 billion yuan from 2025 to 2027, with net profits of 340 million yuan, 396 million yuan, and 463 million yuan respectively, corresponding to PE ratios of 25x, 21x, and 18x [5] Group 5: Industry Overview - The report on the new materials industry highlights the strategic opportunities arising from advancements in nuclear fusion technology, with significant investments and milestones expected in the coming years [7][8] - The global nuclear fusion market is projected to reach 345.1 billion dollars by 2025, with a compound annual growth rate of 5.1% until 2037 [10]

Group 1: Nuclear Fusion - Chengdu Hanhai Fusion announced an event on July 18 to celebrate the completion of China's first linear fusion device HHMAX-901 and the achievement of plasma ignition, marking a significant breakthrough in controllable nuclear fusion commercialization [1] - The main technological paths for controllable nuclear fusion include magnetic confinement (Tokamak), inertial confinement (NIF), and magnetic inertial confinement (linear devices), with multiple facilities under construction globally [1] - Hanhai Fusion is the only commercial fusion company in China using the field-reversed configuration technology, which has a power density approximately 100-1000 times that of Tokamak devices [1] Group 2: Short Dramas - JD Group is recruiting for short drama operation positions, indicating its intention to enter the short drama market, which has seen explosive growth since 2023, with over 600 million users expected by 2024 [2] - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenue for the first time, with an expected growth to 63.43 billion yuan by 2025 and 85.65 billion yuan by 2027, reflecting a compound annual growth rate of 19.2% [2] Group 3: Quantum Computing - CSIRO researchers developed a groundbreaking semiconductor process technology that successfully applies Quantum Machine Learning (QML) to construct process models, enhancing manufacturing precision and efficiency while potentially lowering chip production costs [3] - Quantum computing is seen as a core driver of next-generation information technology, with a significant shift towards industrial applications expected between 2025 and 2030, potentially reaching a market size of hundreds of billions of dollars [3] - China's "14th Five-Year Plan" identifies quantum technology as a core strategy, with expectations for breakthroughs in quantum communication and optical quantum computing [3] Group 4: Domestic Services - The Ministry of Commerce plans to implement policies to promote domestic service brands and improve the credit system in the sector, as part of the "2025 Domestic Service Action Plan" [4] - The domestic service market in China surpassed 1.16 trillion yuan in 2023, growing approximately 7.3% from 2022, driven by increasing demand due to family size reduction and aging population [4] - The domestic service industry has a significant talent gap, with over 30 million workers currently employed, indicating a strong potential for job creation [4] Group 5: Autonomous Driving - An international standard for testing scenarios of autonomous driving systems was officially released, outlining evaluation processes and requirements for testing scenarios [5] - The diversity and coverage of testing scenarios are crucial for the effectiveness and reliability of autonomous driving system evaluations, which involve multiple industries including AI, IoT, and urban infrastructure [5] Group 6: Artificial Intelligence - The Shanghai government is preparing for the 2025 World Artificial Intelligence Conference, promoting global cooperation in AI and focusing on key sectors for innovation [6] - The competition in large model technology is intensifying, with significant differences in development paths between China and the US, as domestic companies work on core technology and industry applications [6] Group 7: Gaming Industry - Zhejiang Province has implemented a comprehensive policy to support the international development of gaming companies, aiming to strengthen local game enterprises and foster a gaming export industry cluster [7] - The gaming industry is expected to enter a new development phase characterized by content refinement, AI industrialization, and systematic internationalization by 2025 [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][12][13]. Core Insights - The company is positioned to benefit from stable growth in traditional businesses while also capitalizing on three key growth areas: special powders, amorphous materials, and controlled nuclear fusion [6][9][15]. - The company has shown continuous improvement in operational efficiency, with a notable decrease in the proportion of expenses relative to revenue, indicating effective cost management [7][40]. - The company has a comprehensive product portfolio, structured under a "2+3+4" business model, which includes two core industries, three key industries, and four incubating industries, allowing for diversified growth opportunities [9][27]. Summary by Sections 1. Business Structure and Market Position - The company operates as a core platform for metal new materials under China Steel Research, focusing on high-end applications in various strategic industries such as AI, new energy, and aerospace [21][24]. - The "2+3+4" structure includes two core industries (refractory tungsten and molybdenum, rare earth permanent magnets), three key industries (amorphous/nanocrystalline materials, high-alloy high-speed steel, superhard materials), and four incubating industries (special powders, injection molding, welding materials, controlled nuclear fusion) [27][28]. 2. Historical Performance and Financial Health - The company has experienced steady revenue and net profit growth from 2021 to 2023, with a two-year compound annual growth rate (CAGR) of 14.26% and 20.53%, respectively [32][35]. - In Q1 2025, the company reported a revenue of 1.782 billion yuan, a year-on-year decrease of 5.76%, while net profit increased by 4.95% to 83 million yuan, indicating resilience despite challenges [7][32]. 3. Growth Drivers - The special powders segment is expected to see sustained high growth due to increasing demand in the electric vehicle and AI sectors, with a projected compound annual growth rate of 10.5% in the global injection molding market from 2023 to 2030 [15][48]. - The amorphous materials segment is entering a high-growth cycle, with significant applications in energy-efficient transformers and electric motors, which are gaining traction in the market [61][74]. - The controlled nuclear fusion segment is accelerating towards commercialization, with the company positioned to benefit from advancements in this field [75]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 330 million yuan, 422 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively, with earnings per share (EPS) expected to be 0.31, 0.40, and 0.52 yuan [11][13]. - The report suggests a valuation premium for the company due to its multiple business segments entering growth phases, with a price-to-earnings (P/E) ratio forecasted at 40.38 for 2025 [12][13].