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 | ...

Core Viewpoint - The article highlights the strong performance of nuclear fusion concept stocks and the virtual power plant sector, indicating a positive market sentiment towards these industries [2][5][9]. Market Overview - On December 12, the A-share market experienced fluctuations, with three major indices showing mixed results. Over 3,600 stocks rose [3]. - The Shanghai Composite Index closed at 3,863.16, down 10.15 points (-0.26%), while the Shenzhen Component Index rose by 14.91 points (+0.11%) [4]. Sector Performance - The nuclear fusion concept stocks showed significant strength, with notable gains in virtual power plants, commercial aerospace, and precious metals sectors. Conversely, the lithium battery electrolyte sector saw a marked decline [5][6]. - The nuclear fusion index increased by 3.51%, while the virtual power plant index rose by 2.23% [6]. Notable Stocks - Key stocks in the nuclear fusion sector included: - Tianli Composite: 57.53 CNY, up 22.93% [11] - Xue Ren Group: 18.16 CNY, up 9.99% [11] - Guoji Heavy Equipment: 5.18 CNY, up 9.98% [11] - In the virtual power plant sector, Zhongneng Electric surged by 20.04% to 10.78 CNY [19]. Future Outlook - The International Energy Agency predicts that the global nuclear fusion market could approach 500 billion USD by 2030, indicating substantial growth potential in this sector [17].

Core Insights - The news highlights the significant advancements and competitive advantages of various companies in the nuclear fusion materials and technology sector, emphasizing their roles in the ITER project and domestic fusion initiatives. Company Summaries - **West Superconducting (688122)**: As a leading player in low-temperature superconducting materials, the company is the sole domestic supplier for ITER's low-temperature superconducting wire, with its products being critical for fusion device superconducting magnets. The company has achieved international standards in key performance metrics and has established a comprehensive production chain, positioning itself to benefit from the growing demand for superconducting materials as fusion projects accelerate [1][23]. - **Lianchuang Optoelectronics (600363)**: The company focuses on high-temperature superconducting technology, being the only domestic entity capable of designing and manufacturing large-diameter high-temperature superconducting magnets. It has successfully applied its technology in the "Spark One" project and aims to capture high-end market share as high-temperature superconducting technology expands in the fusion sector [2][24]. - **Antai Technology (000969)**: A leader in core materials for nuclear fusion components, the company supplies critical materials for ITER's first wall and blanket modules. Its advanced tungsten-copper composite components meet international standards, and it has a strong foothold in the supply chain for fusion experiments, poised to benefit from increased orders as fusion projects ramp up [3][25]. - **Guoguang Electric (688776)**: The company is a key supplier for plasma control and core components in fusion devices, holding a 60% market share for ITER's divertor. It has secured significant contracts, including an 18 billion yuan package for the CFETR project, indicating strong demand for its products as global fusion construction progresses [4][27]. - **Yongding Co., Ltd. (600105)**: The company specializes in high-temperature superconducting tape, with a projected 80% revenue growth in its superconducting business for 2024. It is involved in the development of superconducting magnets for fusion reactors, leveraging its parent company's resources to create a comprehensive industrial layout [5][28]. - **Xiamen Tungsten (600549)**: The company holds a monopoly in tungsten-based materials for nuclear fusion, being the only supplier with full-process certification for ITER's tungsten-copper divertor components. It is expanding its production capacity to meet growing demand as fusion engineering progresses [6][29]. - **Baosheng Co., Ltd. (600973)**: A leader in special cables for nuclear fusion, the company has secured all cable orders for the "Chinese Circulator No. 3" project, amounting to 5.2 billion yuan. Its products meet international standards, and it is positioned to benefit from the increasing demand for specialized cables in fusion projects [7][30]. - **Guangda Special Materials (688186)**: The company has developed materials for superconducting coil armor, achieving batch production and securing significant orders. Its products are critical for fusion devices, and it is well-positioned to benefit from the growing demand as fusion projects expand [8][31]. - **Hongxun Technology (603015)**: Through its subsidiary in Italy, the company supplies high-precision power systems for ITER, which are essential for plasma control. As domestic fusion projects accelerate, the demand for its power systems is expected to grow significantly [9][32]. - **Wangzi New Materials (002735)**: The company focuses on special capacitors for fusion pulse power systems, being the only domestic supplier certified by ITER. Its products are crucial for plasma heating and confinement, and it is expected to see increased demand as fusion projects move towards commercialization [10][33]. - **Jiusheng Electric (301082)**: A niche leader in special cables for nuclear fusion, the company has a market share exceeding 40% in nuclear power special cables. Its products are already in use in ITER, and it is well-positioned to benefit from the growing demand for specialized cables in fusion applications [11][34]. - **Hedong Intelligent (603011)**: The company is a key player in manufacturing core structural components for fusion, focusing on vacuum chambers. It has secured significant contracts and is expected to benefit from the increasing demand for large structural components as fusion projects advance [12][35]. - **Zhongzhou Special Materials (300963)**: The company specializes in high-temperature and corrosion-resistant materials for fusion applications, supplying critical components for major fusion projects. Its products are expected to see increased demand as fusion engineering progresses [13][37]. - **China Nuclear Construction (601611)**: As a core member of the "national team," the company plays a leading role in the construction of fusion projects, leveraging its extensive experience in nuclear engineering to meet complex project demands [14][38]. - **China Nuclear Power (601985)**: The company is positioned as a long-term beneficiary of the nuclear fusion industry, actively participating in major fusion projects and leveraging its expertise in nuclear power operations to support the commercialization of fusion energy [15][39]. - **Hancable Co., Ltd. (002498)**: The company is a significant player in special and superconducting cables for fusion, with a focus on meeting the extreme conditions of fusion environments. It is expected to capture a substantial market share as demand for specialized cables grows [16][40]. - **Wol Nuclear Materials (002130)**: The company focuses on insulation materials and special components for fusion, leveraging its expertise in nuclear-grade materials to meet the stringent requirements of fusion applications [17][41]. - **Dongfang Tantalum (000962)**: The company is a hidden champion in core materials for nuclear fusion, holding a dominant market position in beryllium materials and superconducting niobium. It is expected to benefit significantly from the upcoming surge in fusion project orders [18][43]. - **Nuiwei Co., Ltd. (603699)**: The company is a core player in the nuclear fusion valve market, holding over 80% market share. It has secured significant contracts for ITER and is expanding its international presence, positioning itself for substantial growth as global fusion projects accelerate [19][20]. - **Hailu Heavy Industry (002255)**: The company is a leading supplier of core structural components and vacuum systems for fusion, with significant contracts in place for ITER and domestic projects. It is well-positioned to benefit from the growing demand for these critical components as fusion engineering progresses [21][42].

招标风再起，核聚变再到配置节点 20251210 摘要 2025 年核聚变招标数量预计达 160-180 亿元，标志着行业关键拐点， 多地项目启动预示国家投入巨大，2026 年招标体量预计继续上升，行 业热度将更高。 选股策略上，建议关注龙头及平台型公司，其产品或服务可广泛应用于 反应堆项目，价值量大且市场份额高，如永鼎和杭氧，具备长期增长潜 力。同时，可关注与特定项目关联密切的链主企业。 2026 年是实验堆向工程堆过渡的关键年，CFBDR 项目预计启动，规模 达 800-1,000 亿元，将大幅提升市场估值，推动核聚变商业化进程，头 部公司如永鼎与杭氧的配置价值凸显。 核聚变反应堆通过强磁场约束氘氚原子，实现高温高压反应。托卡马克 装置中，磁体价值量占比最高，低温装置磁体加量达 30%，高温装置达 35%-40%，高加量、高壁垒方案是必然选择。 Q 值是衡量核聚变反应堆性能的关键指标，Q 值大于 30 被认为是商业 化条件。目前尚未开始氘氚反应，2026 年起实验启动后，将有助于观 察更有意义的指标，推动行业发展。 Q&A 核聚变作为未来发电的终极能源，其优势和难点分别是什么？ 核聚变的优势在于其高能量密 ...

Core Insights - The global AI competition is intensifying, shifting from a focus on "parameters and performance" to "ecosystem and implementation," with an emphasis on sustainable revenue and real demand [1] - The Yangtze River Delta (YRD) region is well-positioned to leverage its complete industrial chain and digital economy foundation, but faces challenges in translating technology into measurable business value [1][4] - The YRD's AI development strategy is evolving towards a systematic ecosystem that integrates chips, models, platforms, and applications, moving away from isolated technological advancements [2] Group 1: AI Industry Development in the Yangtze River Delta - The YRD is transitioning from a focus on individual technological breakthroughs to building a comprehensive ecosystem that supports AI commercialization [2] - Shanghai aims to lead in smart terminal development, targeting a market scale of 300 billion yuan by 2027, integrating chips, algorithms, and consumer-grade AI products [2] - Zhejiang is focusing on healthcare AI applications, planning to establish a national AI medical application base by 2027 [3] - Jiangsu is leveraging its manufacturing advantages to establish over 70 industry standards by 2027, enhancing the usability of industrial AI [3] - Anhui is targeting a revenue of 100 billion yuan in AI by 2027, focusing on embodied intelligence and future forms of AI [3] Group 2: Barriers to AI Commercialization - The first barrier is high costs associated with model training and deployment, which limits the ability of small developers to iterate from prototypes to products [4][5] - The second barrier involves regulatory uncertainties, where changing compliance requirements can deter investment in AI projects [5] - The third barrier is the lack of compatibility between domestic computing power and mainstream models, leading to inefficiencies and increased costs [5][6] Group 3: Strategies for Overcoming Barriers - The YRD must shift from isolated technological advancements to a full-chain ecological approach to make AI a sustainable productivity tool for businesses [6][7] - Establishing mechanisms for regional collaboration is essential, allowing resources to be shared and utilized effectively across the region [7] - Infrastructure needs to be more accessible and productized, reducing the initial costs for businesses to adopt AI technologies [7][8] - Expanding high-quality scenario offerings and fostering long-term collaborations between AI companies and traditional industries will help transition from pilot projects to sustainable implementations [8]

Group 1 - The mechanical industry is expected to have significant investment opportunities in the technology innovation sector by 2026, with a focus on new infrastructure and applications driven by technological advancements [4][6] - The export sector faces uncertainties but is anticipated to benefit from structural opportunities as internationalization progresses and the Federal Reserve's interest rate cuts take effect [4][6] - Domestic demand is expected to stabilize, with potential for stock price rebounds as capacity clears and general enterprises transition to growth sectors [4][6] Group 2 - The AI infrastructure sector is experiencing high capital expenditure and rapid technological iterations, leading to new opportunities in the mechanical development space [4][6] - The demand for PCB and AIDC equipment is expected to continue growing due to overseas capital expenditure exceeding expectations, with a focus on domestic substitution opportunities [4][11] - The human-shaped robot industry is projected to accelerate production by 2026, with domestic companies like Yushu and Zhiyuan expected to go public and enhance their competitive edge [7][8] Group 3 - The engineering machinery sector is witnessing a significant increase in export volumes, with excavator exports rising from 34,000 units in 2020 to a peak of 109,000 units in 2022, reflecting a CAGR of 77.5% [19][21] - The internationalization of engineering machinery is expected to drive long-term profitability, with overseas gross margins typically exceeding domestic margins by 5-10 percentage points [19][23] - The fixed asset investment in railways remains high, with a 5.8% year-on-year increase, supporting new vehicle demand [24] Group 4 - The motorcycle sector is expected to capture 15-20% of the global market share for large-displacement motorcycles by 2025, driven by competitive pricing [39] - The oil service equipment sector is benefiting from high demand for natural gas compressors in the Middle East and North Asia, as well as for gas turbines in North America [41] - The general cyclical sector is expected to see a bottoming out of demand, with opportunities arising from structural changes in the market [44] Group 5 - The lithium battery equipment sector is anticipated to experience accelerated capital expenditure growth, driven by independent energy storage projects [55][58] - The solid-state battery technology is expected to create valuation elasticity in the sector, with significant advancements in production processes [58][59] - The photovoltaic equipment sector is focusing on industry recovery and the expansion of semiconductor-related business lines [60]

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Viewpoints - The report expresses optimism about the acceleration of the commercial aerospace industry, particularly following the successful launch of the Zhuque-3 rocket, which is China's first reusable liquid oxygen-methane rocket to achieve orbit. This breakthrough is expected to significantly reduce launch costs and enhance satellite deployment capabilities [44][45]. - The report highlights that the military industry is poised for strong demand recovery in 2026, driven by multiple catalysts including the nearing completion of the 14th Five-Year Plan and the centenary of the military [45]. - The report notes that the current price-to-earnings ratio (P/E) for the military industry index is 69.33, indicating a high valuation but also a strong recovery expectation for the industry [45]. Summary by Sections Industry Performance - From December 1 to December 5, the Shenwan Military Index rose by 2.82%, outperforming the CSI 300 Index, which increased by 1.28%, resulting in a relative excess return of 1.54 percentage points [8][15]. - The military index has increased by 17.8% since 2025, compared to a 16.51% rise in the CSI 300 Index, indicating a relative outperformance of 1.29 percentage points [17]. Key Developments - The successful launch of the Zhuque-3 rocket and the hosting of the 2025 Satellite Internet Industry Ecosystem Conference are significant events that have boosted the commercial aerospace sector [44]. - The report emphasizes the importance of reusable rocket technology in overcoming industry bottlenecks and transitioning from "capacity scarcity" to "scale application" [45]. Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, Baiao Intelligent, Changcheng Military [45]. 2. Stealth Materials: Jiachitech, Huaqin Technology [45]. 3. Deep Sea: Western Materials, China Marine Defense [45]. 4. Engines: Aerospace Technology, Hangya Technology, Tunan Co. [45]. 5. AI and Intelligent Systems: Xingtuxinke, Aerospace Electronics [45].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles are expected to continue growing, with a projected 20% year-on-year increase in domestic sales by 2025, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is anticipated to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak, leading to price fluctuations in the supply chain [1]. - The wind power sector is expected to see sustained growth, with government support for new projects [1]. - The energy storage market remains robust, with rising prices in upstream materials affecting downstream integration [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1]. Summary by Sections New Energy Vehicles - The fourth quarter is a peak sales season, with a forecast of 1.72 million new energy vehicles sold in November 2025, a 20% year-on-year increase [2]. - Cumulative wholesale figures for the year show a 29% increase, totaling 13.78 million vehicles [2]. Battery Industry - The planned production for December 2025 is 148.84 GWh, reflecting a 2.27% month-on-month increase [2]. Photovoltaic and Wind Power - The utilization rates for wind and photovoltaic power are projected at 96.4% and 94.8% respectively for October 2025 [2]. - The announcement of new brands for polysilicon futures is expected to have limited impact on the supply landscape [1]. Energy Storage - By November 2025, 10 GW/29.7 GWh of energy storage systems have been tendered, with independent storage projects making up 90% of this [2]. - The demand for energy storage remains high, with upstream material price increases pushing up costs in downstream integration [1]. Hydrogen Energy - The National Energy Administration has announced pilot projects for hydrogen energy, indicating a growing focus on this sector [2]. Market Trends - The electric equipment and new energy sector saw a slight increase of 0.22% this week, with wind power leading the gains at 3.48% [10]. - The lithium battery index experienced a decline of 3.53%, indicating market volatility [13]. Price Observations - The price of lithium carbonate remains high, with battery-grade prices around 91,000 RMB per ton, reflecting a 2.6% increase [25]. - Energy storage cell prices are stable, with square lithium iron phosphate cells priced between 0.270-0.420 RMB per watt-hour [26].