Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] Industry Developments - Three new teams were introduced at the Pujiang Innovation Forum on September 21, including plans for a megawatt-class laser fusion power station by the Li Zhengdao Research Institute, a "deuterium-helium-3" fusion power station by Dongsheng Fusion, and the first high-temperature superconducting stellarator by Honghu Fusion [2] - The nuclear fusion industry is experiencing accelerated development with increased capital expenditure (CAPX) and a growing number of projects from state-owned and private enterprises, as well as academic teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] Investment Opportunities - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and successful delivery of key components for major fusion projects [4] - Tiangong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development, indicating a broad market potential for fusion materials [5]

Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] - The national team has introduced three new projects at the Pujiang Innovation Forum, including a million-kilowatt laser fusion power station and a high-temperature superconducting simulator [2] Industry Developments - The nuclear fusion industry is experiencing accelerated development with two main trends: faster construction of devices leading to increased bidding and performance, and rising capital expenditure (CAPX) due to the growing number of national teams, private enterprises, and university teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] - Investment opportunities are emerging in upstream equipment and materials sectors due to accelerated capital expenditures in fusion projects [3] Company Highlights - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and contributions to fusion projects, including the ITER project [4] - Tian Gong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development [5] - The company aims to enhance the performance of fusion reactor materials through advanced powder metallurgy techniques, addressing key technological bottlenecks in the industry [5]

| [Table_Summary] | | --- | | [Table_Title2] | 9 月 25 日，股市分化，债市反转。权益市场放量上涨。万得全 A 上涨 0.17%，全天成交额 2.39 万亿元，较 昨日（9 月 24 日）放量 446 亿元。尽管科技概念依旧强势，带动科创 50、创业板指上涨 1.24%、1.58%，但从全 市场个股表现来看，上涨、持平、下跌个数分别为 1474、80、3875 只，股市赚钱效应有所减弱。 证券研究报告|宏观点评报告 [Table_Date] 2025 年 09 月 25 日 [Table_Title] 资产配置日报：且行且看 1 从日内行情来看，市场四次尝试向上突破前高，但均面临兑现压力而回落。这指向 9 月的行情特征仍然明 确，波动放大，轮动加快。从这一角度看，当行情来到高位时，我们需要有短暂回调的心理预期。但这并不意味 着看空，若稳市&科技&反内卷逻辑不动摇，短暂回调后加仓时机将显现。 半导体设备板块的获利资金兑现，流动方向暂不统一。近期强势的半导体设备行情回落，对应 Wind 指数下跌 1.43%。同时，新能源、工业有色、AI（算力设施和应用）和核聚变板 ...

Group 1: Stock Market Activity - 28 stocks were listed on the institutional trading leaderboard, with 12 stocks seeing net buying and 16 stocks experiencing net selling [1] - The top three stocks with the highest net buying by institutions were: Lixing Co., Ltd. (1.45 billion), Inspur Information (1.3 billion), and Heng'erda (1.06 billion) [1] Group 2: Key Stocks Overview - Lixing Co., Ltd. (300421.SZ) saw a price increase of 7.05% with 4 buyers and 1 seller [2] - Inspur Information (000977.SZ) experienced a price increase of 9.99, with 1 buyer and 1 seller [2] - Heng'erda had 4 institutions net buying 1.06 billion, and the company is actively promoting the localization of high-precision thread grinding machines and the industrialization of ball screws and planetary roller screws [3] Group 3: Industry Developments - Alibaba Cloud is expanding its global infrastructure, adding data centers in Brazil, France, and the Netherlands, supported by nine departments for establishing international data centers and cloud computing centers in various regions [3] - Inspur Information has maintained the top position in China's liquid cooling server market for three consecutive years, with over 700 core patents in liquid cooling technology [3] - China Fusion Company is set to build a fusion experimental device in Shanghai to verify its high-temperature superconducting magnets [5] - Shanghai Electric is actively involved in the nuclear fusion industry, focusing on the mainstream research direction of magnetic confinement with Tokamak technology [5]

Core Insights - The Sichuan Provincial Government is actively promoting the Chengyu (Xinglong Lake) Comprehensive Science Center, which has fostered over 1,400 high-tech enterprises and 9 gazelle companies, with 124 specialized and innovative enterprises recognized at the national and provincial levels. The high-tech industry in this region has seen an average annual revenue growth rate exceeding 50% [1] Group 1: Industry Development - The Chengyu (Xinglong Lake) Comprehensive Science Center is focused on nurturing emerging and future industries while also addressing key common technology challenges and facilitating the industrialization of research outcomes [1] - The center has established a technology power matrix consisting of "high-level laboratories + large scientific devices + national-level innovation platforms," which includes national laboratories and major scientific facilities [1] Group 2: Innovation Ecosystem - The center has developed the Chengdu Innovation Ecological Island and built a comprehensive service sharing platform for pilot testing in the western region, gathering 104 service institutions including the Tianfu International Technology Transfer Center [1] - It has attracted and nurtured 1,070 high-level talents, including academicians, and 231 innovative teams, creating a first-class open and shared innovation ecosystem [1] Group 3: Project Implementation - Major projects such as COMAC Software, Tianfu Light Motion, Tianqi Lithium, and Tianfu Fusion Energy have been established at the Chengyu (Xinglong Lake) Comprehensive Science Center, significantly supporting innovation and development in industries like electronic information, aerospace, new energy, and nuclear fusion [1]

Market Review - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 2%, reaching a new three-year high, with CATL's stock hitting an all-time high [1] - AI hardware and applications saw collective strength, with companies like Cambridge Technology and Inspur Information hitting their daily limit [1] - The controlled nuclear fusion concept surged, with Shanghai Electric and Hezhong Intelligent hitting their daily limit [1] - The chip industry chain remained active, with Zhangjiang Hi-Tech, Tongfu Microelectronics, and Kaimete Gas achieving historical highs [1] - The shipping sector faced collective adjustments, with Nanjing Port and Ningbo Shipping dropping over 5% [1] - Over 3,800 stocks in the Shanghai and Shenzhen markets declined, with a total transaction volume of 2.39 trillion [1] Daily Highlights Nuclear Fusion - The nuclear fusion concept saw significant gains, with stocks like Hezhong Intelligent, Haheng Huaton, and Wujin Stainless Steel hitting their daily limit [4] - China Fusion Energy Co., established with a registered capital of 15 billion yuan, made its public debut at the 25th China International Industry Fair, showcasing its technology and business layout [4] - The company aims for commercial fusion energy by 2050, with plans to build a fusion experimental device named "China Circulation No. 4 (HL-4)" in Shanghai [4] Computing Power - The computing power sector was active, with Zhongdian Xindong achieving three daily limits in four days, and stocks like Ningbo Construction and Guangdian Electric hitting their daily limit [7] - Alibaba's CEO announced increased capital expenditure at the 2025 Cloud Summit, with a focus on large-scale clusters and distributed training capabilities [7] - The GPU cloud rental market is expected to grow significantly, reaching $12.8 billion by 2033 due to the demand for AI training and inference [9] Nonferrous Metals - The nonferrous metals sector saw a surge, with stocks like Jingyi Co. and Nairui Mining hitting their daily limit [10] - A fatal landslide at Freeport McMoRan's Grasberg mine in Indonesia led to a significant rise in global copper prices, with LME copper prices increasing by 3.2% [10] - Goldman Sachs classified the incident as a "black swan," predicting a potential loss of 500,000 tons of copper supply over the next 12-15 months [10] Additional Insights - The nuclear fusion sector is expected to see increased orders as research and development progress, with a focus on core components like magnets and power supplies [6] - The high-temperature superconductors are projected to capture 25% of the global superconducting market by 2030, driven by demand from the nuclear fusion industry [6] - The domestic copper market is anticipated to maintain an upward trend due to supply constraints and increasing demand from energy transition and emerging industries [12]

Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a significant step in advancing controlled nuclear fusion technology in China, aiming for commercialization by 2050 [2][3] - The global fusion industry has seen explosive growth, with total investments rising from $1.9 billion in 2021 to $9.7 billion in 2025, indicating increasing investor confidence and technological breakthroughs [3] - A number of A-share companies involved in fusion technology are experiencing significant stock price increases and are attracting institutional attention, suggesting potential high growth in this sector [4][5] Group 1: Company Developments - China Fusion Energy Co., Ltd. was officially established on July 22, 2025, as a subsidiary of China National Nuclear Corporation, focusing on overall design, technology verification, and digital R&D [2] - The company plans to build a fusion experimental device named "China Circulation No. 4 (HL-4)" in Shanghai to validate its high-temperature superconducting magnets [2] - The fusion industry is expected to enter a critical commercialization phase in the 2030s, with significant investments anticipated if fusion power plants are successfully developed [3] Group 2: Market Performance - The A-share market has over 80 fusion concept stocks, with companies like XJ Electric, China Nuclear Power, and Zhongtian Technology receiving multiple institutional ratings [4] - Notable companies such as Wangzi New Materials and Hezhong Intelligent have made advancements in fusion-related technologies, indicating strong growth potential [4] - Forecasts suggest that companies like Yingliu Co., Jin Hong Gas, and Yingjie Electric may see net profit growth rates exceeding 20% in the coming years [4][5] Group 3: Investment Opportunities - The rapid development of fusion projects is expected to create investment opportunities in upstream equipment and materials sectors [3] - The stock performance of fusion-related companies has been strong, with some stocks showing significant year-to-date increases, such as Yingliu Co. with a 134.76% rise [5] - Institutional interest in fusion technology is growing, with many companies receiving multiple ratings from analysts, indicating a positive outlook for the sector [4][5]

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices showing a downward trend. The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2][4]. Industry Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion, copper industry, superconductors, and CRO concept stocks being particularly active. In contrast, semiconductor, memory, and photolithography sectors experienced declines [2][3]. Copper Industry Insights - The copper industry index led the gains, with stocks such as Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit. Other companies like Electric Alloy, Tongling Nonferrous Metals, and Jiangxi Copper also saw increases [4][5]. - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and triggered supply chain concerns. The mine accounts for approximately 3% of global copper supply, and the incident is expected to impact global supply significantly in the fourth quarter [6]. Nuclear Fusion Sector - Nuclear fusion concept stocks experienced a strong rally, with companies like Hezhong Intelligent and Farsen hitting the daily limit, while others like Hahuan Huadong and Zhongzhou Special Materials rose over 10% [6][7]. - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, aims to focus on overall design, technology verification, and digital R&D, establishing a technology R&D platform and capital operation platform [10]. Company Specifics - On September 25, Upwind New Materials saw its stock price surge to 132.1 CNY, reaching a daily limit increase of 20%, with a total market value of 53.3 billion CNY [11][12]. - The company announced the completion of a share transfer, with Zhiyuan Hengyue and Zhiyuan Xinchuang holding a combined 29.99% stake, making Zhiyuan Hengyue the new controlling shareholder. An offer to acquire an additional 37% of shares at 7.78 CNY per share is also planned, requiring up to 1.161 billion CNY [13].

Core Viewpoint - Shanghai Electric (601727)(02727) saw a stock increase of over 7%, currently trading at 3.89 HKD with a transaction volume of 234 million HKD, driven by developments in the nuclear fusion sector [1] Group 1: Company Developments - The China Fusion Company, with a registered capital of 15 billion RMB, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company plans to establish a fusion experimental device in Shanghai to validate its high-temperature superconducting magnets, named "China Circulation No. 4 (HL-4)" [1] - Shanghai Electric has successfully delivered the world's first cold test dewar for the ITER project and will deliver key components for major national scientific infrastructure projects, including CRAFT and the compact fusion experimental device BEST [1] Group 2: Industry Insights - According to a report from Everbright Securities, there is a focus on Shanghai Electric's advancements in emerging industries such as robotics and nuclear fusion [1] - In the gas turbine sector, Shanghai Electric's 500MW hydrogen-cooled generator has passed technical evaluation by experts, supporting the development of large-capacity clean gas power generation in China [1]