Investment Rating - The industry investment rating is "Recommended" [1] Core Views - The report expresses optimism towards sectors such as nuclear fusion, engineering machinery, export chains, and robotics [1][3] - The engineering machinery sector is expected to benefit from domestic demand and infrastructure projects, with a focus on new urbanization and major transportation infrastructure [4] - The export chain is showing signs of recovery, with a positive outlook for exports in 2026, particularly in the U.S. market [4] - The robotics sector is highlighted by Tesla's plans for mass production of the Optimus Gen3 humanoid robot, with significant investments in domestic robotics projects [5] Summary by Sections Industry Overview - Total number of listed companies in the machinery equipment industry is 632 [1] - Total share capital is 4,356.64 million shares [1] - Total sales revenue amounts to 28,958.20 billion [1] - Total profit is 2,150.95 billion [1] - The average Price-to-Earnings (PE) ratio is 106.85 [1] - The average stock price is 27.60 yuan [1] Performance of Relative Indices - The machinery equipment sector has shown varying performance against the CSI 300 index, with a notable increase of 34% at one point [2] Key Focus Areas - In the nuclear fusion sector, significant investments are being made, including an $863 million funding round for a startup involved in fusion technology [3] - The engineering machinery sector is currently in a low position, with key companies to watch including SANY Heavy Industry, XCMG, and Zoomlion [4] - The export chain is expected to improve, with companies like Ousheng Electric and Chuanfeng Power highlighted as key players [4] - In robotics, companies such as Dongfang Precision and Anhui Heli are recommended for their advancements in the field [5]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The SW Machinery Equipment Index increased by 1.38% in the last week, ranking 4th among 31 primary industry categories, while the CSI 300 Index decreased by 0.08% [11] - Year-to-date, the SW Machinery Equipment Index has risen by 35.94%, outperforming the CSI 300 Index, which increased by 16.42% [15] Summary by Sections Market Review - The SW Machinery Equipment Index has shown strong performance, ranking 4th among industry categories for the week and 6th year-to-date [11][15] Key Insights - Tractor exports in October saw a significant increase of 54% compared to the previous months, indicating a positive outlook for 2026 [20] - The Middle East is accelerating its natural gas investments, with a projected 97% increase in capital expenditure from 2023-2024 compared to the average from 2014-2022 [22] - GEV has raised its gas turbine production target, indicating a robust demand for turbine blades, with a focus on domestic leader Yingliu [22] - The nuclear fusion sector is entering a new phase with multiple bids expected to be awarded soon, signaling a potential increase in orders for leading supply chain companies [22] Sector Performance Indicators - General Machinery: Continues to face pressure with a PMI of 49.2% [21] - Engineering Machinery: Shows signs of upward momentum with excavator sales increasing by 7.8% year-on-year [30] - Railway Equipment: Maintains steady growth with fixed asset investment around 6% [39] - Shipbuilding: Experiences a slowdown in price decline, indicating stabilization [42] - Oilfield Equipment: Bottoming out with stable demand in the Middle East [44] - Industrial Gases: Demand expected to rise as raw material prices decrease [50] - Gas Turbines: Strong growth with GEV reporting a 39% increase in new orders [51]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The "14th Five-Year Plan" has introduced the goal of becoming an "Energy Power," marking a significant shift in China's energy strategy, emphasizing the need for technological self-reliance and competitiveness in the energy sector [5][6] - The nuclear fusion industry is entering a phase of accelerated project launches, with significant bidding activity observed, indicating a robust market potential estimated to reach trillions during the "14th Five-Year Plan" period [6][7] - Key companies in the nuclear fusion sector, such as 合锻智能, 王子新材, and 永鼎股份, are highlighted as important players to watch due to their involvement in upcoming projects and expected growth in 2026 [7][8] Summary by Sections Industry Overview - The total number of listed companies in the machinery equipment industry is 632, with a total share capital of 4,356.64 million shares and sales revenue of 28,958.20 billion yuan [2] - The total profit for the industry stands at 2,150.95 billion yuan, with an average price-to-earnings (PE) ratio of 106.85 and an average stock price of 27.60 yuan [2] Market Performance - The machinery equipment sector has shown varying performance against the CSI 300 index, with a notable increase of 34% over the observed period [3] Future Projections - The nuclear fusion sector is expected to see a significant increase in bidding amounts in 2026, with ongoing projects like the 合肥 BEST project and the 江西 mixed pile project anticipated to drive growth [6][7] - The report emphasizes the importance of focusing on companies with a history of supplying fusion devices, such as 旭光电子 and 四创电子, as they are likely to benefit from the industry's expansion [8]

在美国众议院科学委员会听证会上，能源部负责科学事务的副部长详细介绍了以人工智能为核心的"创 世纪计划"投资，包括3.2亿美元用于"美国科学云"和模型联盟，并强调量子计算与核聚变为重点方向。 在美国众议院科学委员会听证会上，能源部负责科学事务的副部长详细介绍了以人工智能为核心的"创 世纪计划"投资，包括3.2亿美元用于"美国科学云"和模型联盟，并强调量子计算与核聚变为重点方向。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 12 月 12 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 相关研究 放量上涨，微盘调整 [Table_Summary] 投资要点： 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 摘要。2025 年 12 月 12 日周五，A 股市场回暖上涨，成交额 2.12 万亿创近一个 月新高；国债期货市场全线调整；商品指数微涨，焦煤延续弱势。 一、市场行情分析 1）股票市场：市场回暖，放量上涨，微盘连续调整 回暖上涨，微盘连续调整。今日 A 股核心指数集体反弹，成长类指数表现更优。 上证指数低开后震荡回升，收盘报 3889.35 点，涨幅 0.41%；深证成指报 13258.33 点，涨幅 0.84%；创业板指收于 3194.36 点，涨幅 0.97%。科创 50 指数表现突 出，上涨 1.74%，或反映硬科技板块情绪升温。 ...

板块方面，商业航天、可控核聚变等科技概念表现强势；零售、港口航运等板块调整幅度较前。 12月12日，A股市场早盘探底回升，创业板指盘中一度涨超1%。截至午间收盘，上证指数报3871.78点，微跌0.04%； 深证成指上涨0.57%，报13222.51点；创业板指上涨0.6%，报3182.68点。此外，北交所个股继续活跃，北证50指数盘 中拉升涨超2%，截至午间收盘上涨1.12%。 今日午间，中兴通讯发布公告称，公司拟使用自有资金以集中竞价交易方式回购公司A股股份，用于实施公司员工持 股计划或者股权激励。本次回购资金总额为不低于10亿元且不超过12亿元（均包含本数）。截至午间收盘，中兴通讯 跌0.32%，报37.70元/股，总市值超1800亿元。12月11日，中兴通讯AH股遭遇重挫。 商业航天概念全线走强 周五早盘，商业航天概念全线爆发，华菱线缆、中超控股两连板，东方通信、长城电工等十余股涨停，超捷股份、创 远信科等多只个股涨超10%。 美国聚变行业协会（FIA）的报告显示，2040年之前实现并网发电已成为全球绝大多数商业聚变公司共识。根据国际 能源署和国际原子能机构预测，到2030年，全球核聚变市场规模有望达 ...

↑点击上面图片 加雪球核心交流群 ↑ 市场早盘探底回升 ， 创业板指盘中涨超1% ， 此前一度跌近1% 。 截至收盘 ， 沪指跌0.04% ， 深成指涨0.57% ， 创业板指涨0.6% 。 沪深两市半日成交额1.24万亿 ， 较上个交易日放量800亿 。 个股涨多跌少 ， 全市场超3200只个股上涨 。 板块方面 ， 电网设备 、 贵金属 、 商业航天等板块涨幅居前 ， 零售 、 海南 、 港口航运等板块跌幅居前 。 商业航天概念延续强势 ， 再升科技等十余股涨停 。算力硬件概念表现活跃 ， 联特科技20cm涨停 。电网设备概念快速拉升 ， 中国西电 、 中能 电气等多股涨停 。下跌方面 ， 零售概念集体下挫 ， 中央商场跌停。 01 摩尔线程大跌10% 12月12日早盘，有"国产GPU第一股"之称的 摩尔线程 股价出现显著回调，盘中跌幅一度超过15%，截至午间收盘，跌近11%，较前一交易日941 元的收盘价大幅回落。最新股价838元，市值3938亿元。 | A股 | 港股 | 美股 全球 | | 外汇 某金 | | --- | --- | --- | --- | --- | | 沪深 | 北证 | 板块 ...

Core Viewpoint - The stock market showed mixed performance with the Shanghai Composite Index slightly down by 0.04%, while the Shenzhen Component Index and the ChiNext Index increased by 0.57% and 0.6% respectively [1] Group 1: Market Performance - The Shanghai Composite Index decreased by 0.04% [1] - The Shenzhen Component Index increased by 0.57% [1] - The ChiNext Index rose by 0.6% [1] Group 2: Sector Performance - Commercial aerospace concept stocks were notably active [1] - Sectors such as nuclear fusion, CPO, ultra-high voltage, superconductors, charging piles, and photolithography machines saw significant gains [1] - Lithium battery electrolyte, cross-strait integration, and banking sectors experienced weakness [1]

记 者丨江 佩 佩 见 习 记 者 张 嘉 钰 1 2 月 1 2 日，A 股 三 大 指 数 低 开 后 陆 续 翻 红， 截 至 1 1:0 5， 沪 指 涨 0.0 3 %，深 成 指 涨 0.7 4 %，创 业 板 指 涨 0.9 4 %，盘 面 上 超 3 5 0 0 股 上 涨 。 | 内地股票 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3874.34 | 13244.78 | 1461.74 | | +1.03 +0.03% +97.39 +0.74% +18.57 +1.29% | | | | 科创50 | 创业板指 | 万得全A | | 1340.15 | 3193.49 | 6256.61 | | +14.32 +1.08% +29.81 +0.94% +37.23 +0.60% | | | | 沪深300 | 中证500 | 中证A500 | | 4568.27 | 7146.24 | 5514.57 | | +16.08 +0.35% +63.34 +0.89% +28.26 +0. ...

【导读】核聚变概念股直线拉升，虚拟电厂多股涨停 从板块上看，核聚变概念股走强，虚拟电厂、商业航天、贵金属等板块表现活跃；锂电电解液板块显著下挫，摩尔线程早盘大幅走低，GPU、半导体等板 块震荡调整。 中国基金报记者李智 一起来看下最新的市场情况及资讯。 12月12日早盘，A股市场震荡调整，三大指数涨跌不一。超3600只个股上涨。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3863.16 | 13162.29 | 1463.49 | | -10.15 -0.26% | +14.91 +0.11% | +20.32 +1.41% | | 科创50 | 创业板指 | 万得全A | | 1321.09 | 3163.04 | 6232.31 | | -4.74 -0.36% | -0.63 -0.02% | +12.92 +0.21% | | 沪深300 | 中证500 | 中证A500 | | 4549.52 | 7100.92 | 5488.87 | | -2.67 -0.06% | +18.03 +0.25% | +2.56 +0.05% | | 中证1000 | ...