Core Viewpoint - The company, Yingjie Electric (300820), is currently focused on domestic customers for its controllable nuclear fusion business and has no clear plans for international development [1] Group 1: Business Focus - The company's controllable nuclear fusion business is primarily serving domestic clients [1] - There are currently no explicit plans for the company to develop international business in the nuclear fusion sector [1] Group 2: Industry Status - The nuclear fusion industry is still in the experimental verification stage [1] - The orders for nuclear fusion power business represent a small proportion of the company's overall order structure [1] - There is uncertainty regarding the commercialization process within the nuclear fusion industry [1]

来源：科技日报 科技日报记者 洪敬谱 28日上午，中国科学院合肥物质科学研究院等离子体物理研究所（以下简称"合肥物质院等离子体所"）传来喜讯，由该所牵头承担的国际热核 聚变实验堆（ITER）计划校正场线圈采购包，顺利完成全部制造工程，最后4个校正场线圈竣工并正式交付，这标志着该采购包的制造任务全 面收官。 据悉，ITER是目前全球规模最大、最复杂的托卡马克装置。ITER计划校正场线圈共有三组18个线圈，分别均匀分布于ITER装置主机的顶部、 中部、底部三个区域，是ITER装置主机最重要的磁体系统之一。校正场线圈能否成功研制并如期完成安装，直接影响ITER装置等离子体运行 参数。 作为ITER中国工作组重要单位之一，合肥物质院等离子体所承担了超导导体、校正场线圈等多项采购包、工程总装及数十项合同任务，占中 国参与ITER份额的绝大部分。该所依靠自主研发掌握聚变工程系列关键技术，交付进度与产品质量在ITER七方中位居前列，创造多项第一， 为ITER计划推进贡献核心中国力量。 Delivery ATLER 1 - 0 t IS A- DITERS BERE BERT STORES NIFIC al : 20 0 F ...

合肥12月28日电 28日，记者从中国科学院合肥物质科学研究院等离子体物理研究所（以下简称"合肥物 质院等离子体所"）获悉，由该所牵头承担的国际热核聚变实验堆（ITER）计划校正场线圈采购包，顺 利完成全部制造工程，最后4个校正场线圈竣工并正式交付，这标志着该采购包的制造任务全面收官。 据悉，ITER是目前全球规模最大、最复杂的托卡马克装置。ITER计划校正场线圈共有3组18个线圈，分 别均匀分布于ITER装置主机的顶部、中部、底部3个区域，是ITER装置主机最重要的磁体系统之一。校 正场线圈能否成功研制并如期完成安装，直接影响ITER装置等离子体运行参数。 合肥物质院等离子体所研究员卫靖介绍，ITER校正场线圈采购包由中国100%自主研发制造，项目团队 历时15年攻关完成交付。团队完成了大型非圆截面无张力超导磁体绕制生产线的100%自主开发，首创 三维曲面高精度绕制成型技术；发明的断续控温手工焊技术，核心指标较ITER标准提升3倍，该采购包 也成为ITER计划首个完成氦管焊接认证的采购包。团队还联合国内企业研发出ITER级316LN奥氏体不 锈钢挤压型材，突破材料国产化瓶颈，填补行业空白，并构建起涵盖标准、 ...

Important Market News - The National Financial Work Conference was held in Beijing from December 27 to 28, emphasizing the continuation of a more proactive fiscal policy in 2026, which includes expanding fiscal expenditure, optimizing government bond tools, enhancing the effectiveness of transfer payments, and improving expenditure structure [1] Industry Insights - The Shanghai Stock Exchange released guidelines for commercial rocket companies to apply for the Sci-Tech Innovation Board, marking a clear path for these companies to meet specific technical and commercial requirements. This follows the inclusion of commercial aerospace in the fifth set of standards under the "1+6" reform in June. Several companies, including Blue Arrow Aerospace and Star River Power, have completed IPO counseling [2] - The satellite communication industry is projected to exceed 200 billion to 400 billion by 2030, with an annual compound growth rate between 10% and 28%. The industry is at a critical turning point from "concept verification" to "scale application," driven by technological maturity and cost reduction [2] - The International Thermonuclear Experimental Reactor (ITER) project has completed the manufacturing of correction field coils, marking a significant milestone in the project. This project aims to develop controlled nuclear fusion as a clean and sustainable energy source [3] - Controlled nuclear fusion is seen as the ultimate energy solution, capable of providing green energy with minimal carbon emissions. It is expected to drive human civilization into a new developmental stage [4] - Sichuan Province is actively promoting the hydrogen energy industry, focusing on policy improvement, industrial chain strengthening, and key technology breakthroughs. The province aims to create typical application scenarios and reduce costs to accelerate high-quality development in the hydrogen sector [5] - The hydrogen energy industry in Sichuan is structured around a full-chain layout, enhancing production capabilities and fostering technological advancements. Companies like Dongfang Electric are leading this initiative [5] - ST Huluwawa announced that it and its chairman are under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, while operations remain normal [6] - Jiamei Packaging reported no significant changes in its main business operations, despite experiencing stock and convertible bond trading fluctuations [6]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The National Development and Reform Commission (NDRC) has emphasized increasing efforts in nuclear fusion technology, indicating a strategic shift from basic research to engineering and industrialization [8][10] - Trump Media Technology Group has reached a merger agreement with TAE Technologies, valuing the deal at over $6 billion, with plans to construct the world's first commercial nuclear fusion power plant by mid-2026 [10][11] - The Chengdu quasi-ring symmetric stellarator project has successfully completed its main structure, expected to operate by 2027, filling a significant gap in China's stellarator research [12] Industry Overview - The total market capitalization of the industry is approximately 331.83 billion yuan, with 121 listed companies [4] - The industry has shown a 3.1% absolute performance over the last month and a 5.1% performance over the last six months [4] Investment Recommendations - Recommended companies include Hezhong Intelligent and Lianchuang Optoelectronics, with a suggestion to pay attention to Guoguang Electric [3][35] - The nuclear fusion sector is expected to see significant capital expenditure growth, with an estimated investment of 146.5 billion yuan in major domestic projects over the next 3-5 years [7][30] - The magnet segment holds a high value proportion, with recommendations to focus on Xibu Superconductor, Yongding Co., and Jingda Co. [35][42] Market Trends - Recent bidding activity has shown a total of 5.21 billion yuan in awarded projects, indicating a robust growth trajectory in the nuclear fusion sector [17][21] - The market has experienced significant stock price movements, with top gainers including Zhongtung High-tech and Zhongke Technology, each rising by 18% in the last half of December [30][33]

Group 1 - The core message of the article highlights the successful completion and delivery of the correction field coil procurement package for the International Thermonuclear Experimental Reactor (ITER) project, marking the end of the manufacturing task [1][3] - The ITER project is noted as the largest and most complex tokamak device globally, consisting of three groups of 18 correction field coils distributed across the top, middle, and bottom regions of the ITER main device, which are crucial for the magnetic system [3] - The correction field coils were developed and manufactured entirely by the Chinese Academy of Sciences' Hefei Institute of Physical Science, with the project team taking 15 years to complete the delivery [1][2]

中新社合肥12月28日电 (记者 吴兰)12月28日，中国科学院合肥物质科学研究院等离子体物理研究所承 担的国际热核聚变实验堆(ITER)校正场线圈采购包，完成全部的制造任务，最后4个线圈顺利竣工交 付。 该校正场线圈共有三组18个线圈，分别均匀分布于ITER装置主机的顶部、中部、底部三个区域，是 ITER装置主机最重要的磁体系统之一。校正场线圈能否成功研制并如期完成安装，直接影响ITER装置 等离子体运行参数。 据介绍，ITER校正场线圈采购包由中国100%自主研发和制造，项目团队历时15年攻关并竣工交付。项 目团队还同步构建了涵盖标准、专利及多个专业实验室的研发支撑体系，为中国聚变领域的基础研究和 应用提供有力支撑。 中国科学院合肥物质科学研究院等离子体物理研究所作为ITER中国工作组重要单位之一，承担了超导 导体、校正场线圈、磁体馈线、电源、诊断等众多采购包和工程总装以及数十项现金合同，占中国承担 ITER份额的绝大部分。(完) ...

Group 1: Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.08% and the Shenzhen Component Index down 0.10% [1] Group 2: Real Estate Sector Insights - Huatai Securities suggests that product strength will become a core competitive advantage for real estate companies in 2026, potentially reshaping market positions and competitive landscape [2] - The Ministry of Housing and Urban-Rural Development's recent meeting emphasizes policies for controlling supply, reducing inventory, and optimizing supply, which are expected to stabilize the market [2] - Recommendations include focusing on real estate stocks with "good credit, good cities, and good products," companies managing cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Group 3: Home Appliance Industry Strategy - Zhongtai Securities identifies four main investment strategies for the home appliance sector in 2026, including a focus on dividend stocks, overseas expansion, low expectation and valuation two-wheeled vehicles, and the sweeping robot segment [3] - The home appliance sector is currently in a "slow bull" phase, with significant investment interest from insurance capital due to regulatory changes [3] - The impact of new national standards on industry growth may be less severe than anticipated, with market share expected to increase as competition decreases [3] Group 4: Nuclear Fusion Industry Opportunities - CITIC Construction Investment highlights that controlled nuclear fusion is seen as a key solution for the energy revolution, attracting strategic competition among major global powers [4] - Advances in high-temperature superconductors and AI technology, along with policy support and capital investment, are accelerating the commercialization of nuclear fusion [4] - Investment opportunities are concentrated in the midstream and upstream sectors, driven by the construction of large scientific facilities and experimental reactors [4]

Market Overview - The market experienced fluctuations with the Shanghai Composite Index rising for six consecutive days, closing up 0.53% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion, a decrease of 196 billion from the previous trading day [1] - The commercial aerospace concept and computing hardware sectors showed strong performance, while precious metals, insurance, and dairy sectors faced declines [1] Real Estate Sector Insights - Huatai Securities suggests that product strength will become a core competitive advantage for real estate companies in 2026, potentially reshaping market positions and competitive dynamics [2] - The Ministry of Housing and Urban-Rural Development's recent meeting emphasized policies for controlling growth, reducing inventory, and optimizing supply, which are expected to stabilize the market [2] - Recommended investment focuses include real estate stocks with "good credit, good city, good product" attributes, companies managing cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Home Appliance Sector Strategy - Zhongtai Securities indicates that the home appliance sector is in a "slow bull phase," with four main investment strategies for 2026 [3] - The first strategy focuses on the "dividend sector," where insurance capital is increasingly invested in growth-value stocks like Midea [3] - The second strategy highlights the "overseas expansion sector," while the third emphasizes the two-wheeler sector, which is characterized by low expectations and valuations, with potential for rebound despite regulatory impacts [4] - The fourth strategy targets the floor-cleaning machine sector, recommending attention to brands with overseas expansion and those poised for rebound [5] Nuclear Fusion Industry Outlook - CITIC Construction emphasizes that controlled nuclear fusion is viewed as a key solution for the energy revolution, attracting strategic competition among major powers [6] - Breakthroughs in high-temperature superconductors and AI technology, along with policy support and capital investment, are accelerating the commercialization of nuclear fusion [6] - The focus is on engineering technology and commercial viability, with significant investment opportunities concentrated in the upstream sector due to large scientific facility construction and experimental reactors [6]

Core Insights - The commercialization of controlled nuclear fusion technology is accelerating due to surging energy demand and advancements in artificial intelligence computing power [1][3] - A significant merger involving Trump Media & Technology Group and TAE Technologies, valued at $6 billion, highlights the increasing investment interest in the nuclear fusion sector [1][3] - TAE Technologies, backed by major investors like Google and Goldman Sachs, plans to build its first commercial-scale fusion power plant by 2026 [3][4] Investment Landscape - The nuclear fusion investment landscape is heating up, with major players like Helion Energy and Commonwealth Fusion Systems (CFS) making strides in the U.S. [4][6] - Helion Energy has begun construction on its first commercial fusion power plant and has secured a power purchase agreement with Microsoft for electricity starting in 2028 [4][6] - CFS has raised approximately $3 billion and is collaborating with MIT to develop high-temperature superconducting magnets for its SPARC device [4][6] Technological Advancements - Chinese companies are rapidly advancing in nuclear fusion technology, holding the most patents globally and achieving significant milestones [6][7] - The Energy Singularity team in Shanghai has set a new record with a magnet strength of 21.7T, surpassing previous records held by MIT and CFS [6][7] - Other Chinese startups, like Hanhai Fusion and Xinghuan Fusion, are also making progress in fusion technology, with some exploring commercial applications in related fields [6][7] Challenges and Market Dynamics - Despite technological breakthroughs, nuclear fusion still faces challenges in achieving grid-level commercial application, with current operational times limited to seconds [7] - The funding landscape shows a stark contrast, with the U.S. investing approximately $5 billion in the last five years compared to China's $500 million, highlighting the scale of investment in the sector [7] - The long-term nature of nuclear fusion investments requires patience from investors, with timelines potentially extending 8 to 10 years [7]