市场期待在以托卡马克装置为主基础上探索更多元路线。 也因此，在此次对接活动中，除了整机项目外，离子源部件、抗辐照核心材料、加热系统、密封阀门等 产业链配套企业同样获得资本关注。刘佳表示，从核心装置到配套部件，国内核聚变产业链已形成明确 的投资机会。 当前，资本对多元技术路线的投入持续提速。《2025年全球聚变产业报告》数据显示，过去五年，全球 核聚变领域总投资额从2021年的19亿美元增至如今的97亿美元，相关企业数量达53家，较2023年增长 143%。 国内市场同样动作频繁。今年7月，中核集团牵头成立的中国聚变获得昆仑资本、浙能电力等股东共同 增资近115亿元；8月民营公司诺瓦聚变完成5亿元天使轮融资；10月末，Z箍缩聚变商业公司安东聚变 宣布完成联想之星、水木清华校友基金等投资的近亿元首轮融资。 核聚变科技成果转化对接活动近日在京举办，中金公司、顺为资本等多家投资机构，以及星能玄光、瀚 海智能、合肥星核聚变能源等行业17家产业链公司悉数到场。 庞大的产业链规模是资本涌入的重要原因。仅11月中上旬，中国科学院等离子体物理研究所公开的招标 项目累计招标金额就接近14亿元，覆盖内燃料循环平台、氚安全防护平台、 ...

在全球能源转型的十字路口，中美两国做出了截然不同的战略选择。一边是向后看，聚焦短期安全与独 立的务实转身；一边是向前看，构建新能源体系根基的系统布局。在这一战略分化的背景下，坤元资产 FOF生态圈伙伴阿特斯阳光、中创新航和星环聚能等企业，前瞻国家政策导向，交出了一份关于聚集绿 色和可持续发展的"智慧"答卷。 战略分化：美国加固"基座" 中国锻造"枢纽" 11月20日，美国能源部宣布重组，撤销多个清洁能源办公室，转向传统化石燃料和核能。"这不是简单 的能源回调，而是为应对AI时代电力危机所进行的国家级战略再配置。"行业专家指出，美国能源部的 重组实质上是针对AI算力需求爆发的"战时动员"。 迅猛发展的人工智能，使数据中心变成前所未有的"电老虎"，让本已老化的美国电网不堪重负。训练一 次尖端大模型的耗电量高达110亿度，相当于百万家庭一年的用电总量。而间歇性的风光电力"远水难救 近火"，迫使当局做出战略转向：削减部分清洁能源机构，转而重注于化石燃料与核能。 这一选择，本质是重新强化能源的"源头"供应。美国能源部计划采购多达10座新建大型核反应堆，科技 巨头也将核能纳入其能源蓝图。尽管被裁撤的清洁能源办公室曾支撑起 ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

报告导读： 上周（ 2025/11/24-2025/11/28 ）机械设备指数涨跌幅为 +3.91% 。中 国启动聚变领域国际科学计划，核聚变进度加速；低空系统建设规模化加速。 中国启动"聚变领域"国际科学计划，预计2027年装置建成。 2025年11月24日，中国科学院"燃烧等离子体"国际科学计划项目正式启动，面向全球开放包括 紧凑型聚变能实验装置BEST在内的多个领先的聚变能实验装置及平台，协同攻关科学难题，携手点亮人类清洁能源的未来。根据研究计划，2027年底该装置 建成后，将进行氘氚燃烧等离子体实验研究，验证其长脉冲稳态运行能力，力求聚变功率达到20兆瓦至200兆瓦，实现产出能量大于消耗能量，演示聚变能发 电。核聚变进展加速，建议关注产业链发展。 中央空管办加强规范低空管理系统建设，1.5万亿市场向"规模化落地"跨越。 2025年11月24日，中央空管办日前制定出台《国家级和省、市级低空飞行综合 监管服务平台功能要求（1.0版）》，对低空管理系统建设加强规范。据中国民航局预测，2025 年低空经济市场规模将达 1.5 万亿元， 2035 年有望飙升至 3.5 万亿元。本次低空管理系统《要求》发布，重构 ...

Investment Rating - The report maintains a recommendation for investment in the nuclear fusion sector, indicating a positive outlook for the industry [1]. Core Insights - China's launch of the international scientific program in the fusion field is expected to enhance the country's capabilities and foster global collaboration in overcoming challenges in fusion combustion physics [8][9]. - The ITER project has reached a significant milestone with the completion of the installation of the fifth vacuum chamber sector, which is crucial for the project's timeline and future stability [9]. - The development of ship-based fusion reactors by Maritime Fusion could revolutionize the shipping energy landscape, aligning with global decarbonization goals [15]. - An Tai Technology has secured significant contracts, showcasing its strong technical capabilities in the fusion component sector [16]. Summary by Sections Industry Developments - The international scientific program for fusion initiated by the Chinese Academy of Sciences aims to consolidate global scientific efforts and enhance China's leadership in superconducting tokamak research [8]. - The ITER project is on track to complete all nine sectors by 2027, with recent successful installations marking key progress [9]. Technological Advancements - Maritime Fusion's initiative to develop a ship-mounted fusion reactor represents a potential shift in maritime energy sources, targeting zero emissions and significant market disruption [15]. Company-Level Insights - An Tai Technology has won contracts worth 70 million yuan for key fusion components, indicating its competitive edge in the market [16]. - The report highlights several companies for investment, including Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting attention to Guoguang Electric [3][35]. Market Trends - The report notes a significant increase in bidding activities for fusion projects, with November alone seeing a total bidding amount of 2.58 billion yuan, indicating a robust growth trajectory for the sector [25][30]. - The overall market for controlled nuclear fusion is projected to reach 146.5 billion yuan in the next 3-5 years, marking a peak in project tenders [7].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a positive outlook for specific companies such as 应流股份 and 恒立液压 [11]. Core Insights - The demand for gas turbines is expected to rise significantly due to the rapid growth of large data centers, with U.S. data center power consumption projected to increase from 8.9GW to 111.3GW from 2025 to 2028, leading to a corresponding gas turbine demand of 4.1GW to 57.9GW [5][25]. - 应流股份 is positioned as a leading domestic supplier of turbine blades, benefiting from long-term investments in heavy assets and R&D, and is expected to see a surge in export orders [5][17]. - 优必选 has secured significant orders totaling 4.07 billion yuan for humanoid robots, indicating a strong market presence and potential for commercialization in the humanoid robotics sector [5][26]. - The 合肥 BEST fusion project has seen over 2 billion yuan in tenders in November alone, signaling an acceleration in nuclear fusion project investments [5][26]. - The mechanical equipment sector shows varied performance, with general machinery under pressure, while engineering machinery is experiencing upward momentum [5][27]. Summary by Sections Market Review - The SW Mechanical Equipment Index rose by 3.91% in the last week, ranking 7th among 31 primary industry categories, while the index has increased by 30.48% year-to-date, outperforming the Shanghai Composite Index [13][16]. Key Data Tracking - General machinery is under pressure with a PMI of 49.0%, while engineering machinery shows signs of recovery with excavator sales up by 16.8% year-on-year [27][40]. - The gas turbine sector is experiencing robust growth, with GEV's new gas turbine orders increasing by 39% year-on-year [56][57]. Industry Dynamics - The report highlights the increasing demand for gas turbines driven by the growth of data centers and the need for stable power solutions [5][25]. - The engineering machinery sector is benefiting from policy effects and increased sales, particularly in excavators, which saw a total sales volume of 18096 units in October, up 7.8% year-on-year [40]. - The nuclear fusion sector is gaining traction with significant tender activity, indicating a growing investment landscape [5][26].

Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment line for 2026, focusing on areas such as AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [4][5]. Summary by Category Market Outlook - The current A-share market is expected to show upward momentum in 2026, with valuations considered relatively reasonable compared to global equity markets [3][6]. - Institutions predict a "slow bull" market in 2026, driven by macroeconomic recovery and positive policy adjustments [6][7]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a strong focus on the five major technology sectors [5][6]. - Specific sectors such as AI, solid-state batteries, and semiconductors are highlighted as having significant growth potential, particularly in the context of new productivity [5][10]. Performance Metrics - Year-to-date, indices related to solid-state batteries and nuclear fusion have increased by over 55%, while AI and semiconductor indices have risen by over 30% [7]. - The net profit growth for the five major technology sectors has significantly improved, with AI and semiconductor sectors seeing net profit increases exceeding 50% year-on-year in the first three quarters [7][10]. Company Insights - A total of 24 technology companies are identified as having the potential for dual recovery in valuation and profit, with specific criteria for selection including a forecasted P/E ratio discount of over 30% and expected net profit growth exceeding 30% [10][11]. - Notable companies include Weijie Chuangxin, Hongdu Aviation, and New Xiangwei, which are projected to have substantial profit growth in the coming years [10][11][13].

Core Insights - China has successfully secured over 140 cash procurement contracts from the International Thermonuclear Experimental Reactor (ITER) organization, with a contract value exceeding €120 million (approximately 980 million RMB) for 2025 [1] - The ITER program has significantly driven industrial development, with one company nurtured, three companies listed, and over 20 enterprises entering international markets [1] - Nuclear fusion energy is recognized for its abundant resources, safety, efficiency, and environmental friendliness, positioning it as a crucial direction for future energy development [1] Group 1 - China's nuclear fusion sector has achieved notable advancements, with key core technologies making significant breakthroughs and research platforms reaching international standards [2] - The construction of the next-generation "artificial sun," the Compact Fusion Energy Experimental Reactor (BEST), is underway, with plans to complete it by the end of 2027 [2] - Superconducting materials are essential for fusion devices, with low-temperature superconductors already industrialized and high-temperature superconductors entering the engineering phase [2] Group 2 - The integration of nuclear fusion technology innovation with industrial innovation is crucial for ensuring stable and sustainable development in the sector [2] - The event included a roundtable forum and signing ceremonies for various projects, including the ITER magnet power supply phase II and key technology development for terahertz laser pump systems [2]

Group 1: Market Regulation and Competition - The State Administration for Market Regulation held its fifth enterprise fair competition symposium in 2025, focusing on promoting fair competition and optimizing the business environment, engaging with foreign companies like Samsung and BMW [1] - The administration emphasized strengthening antitrust enforcement and fair competition reviews to eliminate barriers to a unified national market [1] Group 2: Intelligent Manufacturing - The 2025 World Intelligent Manufacturing Conference was held in Nanjing, where it was reported that over 7,000 advanced and 500 excellent smart factories have been established nationwide, with the total scale of the intelligent manufacturing industry exceeding 4.5 trillion yuan [2] - The Ministry of Industry and Information Technology plans to focus on intelligent manufacturing as a key direction for building a strong manufacturing nation [2] Group 3: Human Resources Development - China has established 36 national talent markets and 29 national industrial parks, enhancing the human resources service industry and creating a service system focused on employment and talent allocation [3] Group 4: 3D Printing Industry - A collaboration between Tuo Zhu Technology and Haina Technology aims to build the world's largest 3D printing factory in Shenzhen, with plans to deploy 15,000 Tuo Zhu 3D printers by Q1 2026 [4] Group 5: Nuclear Fusion Technology - A nuclear fusion technology exhibition in Beijing featured 17 companies showcasing advancements in nuclear fusion devices and components [5] Group 6: Renewable Energy Projects - The "Shagehuang" clean energy base project in Qinghai, with a total investment of nearly 73 billion yuan, has commenced construction, featuring a total power scale of 19.44 million kilowatts, with 86.4% from renewable sources [6] Group 7: Stock Market Outlook - JPMorgan has upgraded its rating for A-shares to "overweight," citing a higher probability of significant gains in the Chinese stock market next year due to multiple positive incremental drivers [7] Group 8: Company News - Various companies reported significant developments, including Anhui Construction winning projects worth 2.603 billion yuan, and Li'anlong planning a 50 million yuan investment for a 25% stake in Stofor [8]

Group 1 - The article discusses the future outlook of various sectors, including commercial space, smart electric vehicles, and nuclear fusion, highlighting investment opportunities in these areas [3][4]. - It emphasizes the acceleration of China's commercial space development and its implications for the industry [4]. - The article provides insights into the expected growth of the global smart electric vehicle market by 2026, indicating significant investment potential [3][4]. Group 2 - The article outlines the 2026 outlook for the domestic and international large-scale energy storage industry, suggesting a growing market [4]. - It mentions the importance of nuclear fusion as a potential investment opportunity, reflecting ongoing advancements in this field [3][4]. - The event features discussions from industry leaders, providing a platform for investors to engage and explore these emerging sectors [3].