Core Viewpoint - The A-share market's controllable nuclear fusion sector experienced a collective rise, driven by the launch of the "Burning Plasma" international scientific program by the Chinese Academy of Sciences, which aims to ignite the "artificial sun" [1] Company Performance - Srei New Materials (688102) saw a significant increase of 9.13%, with a total market capitalization of 18.5 billion and a year-to-date increase of 172.94% [2] - Ha Welding Huaton (301137) rose by 5.78%, with a market cap of 7.62 billion and a year-to-date increase of 140.51% [2] - Si Chuang Electronics (600990) increased by 5.47%, with a market cap of 6.948 billion and a year-to-date increase of 20.44% [2] - He Dung Intelligent (603011) rose by 4.88%, with a market cap of 9.982 billion and a year-to-date increase of 194.74% [2] - Yongding Co., Ltd. (600105) increased by 3.95%, with a market cap of 20.8 billion and a year-to-date increase of 188.55% [2] - Snowman Group (002639) rose by 3.82%, with a market cap of 10.9 billion and a year-to-date increase of 106.13% [2] - Changfu Co., Ltd. (920396) increased by 3.62%, with a market cap of 2.214 billion and a year-to-date increase of 132.43% [2] - Aerospace Morning Light (600501) rose by 3.61%, with a market cap of 8.852 billion and a year-to-date increase of 14.06% [2] - Lanshi Heavy Equipment (603169) increased by 3.39%, with a market cap of 14.3 billion and a year-to-date increase of 101.28% [2]

Core Viewpoint - China has officially launched an international scientific program in the field of nuclear fusion, focusing on plasma physics research and aiming to achieve energy output greater than energy consumption, with the goal of demonstrating fusion energy generation [1][2]. Group 1: Nuclear Fusion Research - The international scientific program will leverage China's superconducting tokamak team to address the challenges of fusion combustion physics, emphasizing the importance of collaboration among global scientists [2]. - The BEST (Broadly Enhanced Superconducting Tokamak) device is set to become China's next-generation "artificial sun," with plans to conduct deuterium-tritium combustion plasma experiments by the end of 2027, targeting fusion power output between 20 megawatts and 200 megawatts [1][2]. Group 2: Global Collaboration - The program will open multiple nuclear fusion scientific platforms, including BEST, to global researchers, establishing an open research fund to facilitate frequent expert exchanges [2]. - Scientists from over ten countries, including France, the UK, and Germany, have signed the "Hefei Fusion Declaration," promoting the spirit of open sharing and collaborative win-win cooperation in fusion research [2].

Core Insights - The controllable nuclear fusion sector experienced a significant short-term surge on November 24, with multiple companies seeing notable stock price increases, including Zhongtian Rocket reaching its daily limit up [1] Group 1: Stock Performance - Zhongtian Rocket (003009) saw a price increase of 10.00%, with a market capitalization of 85.62 billion and a current price of 55.10 [2] - Srey New Materials (688102) increased by 9.45%, with a market capitalization of 185.47 billion and a current price of 23.97 [2] - Yongding Co., Ltd. (600105) experienced a rise of 5.34%, with a market capitalization of 210.417 billion and a current price of 14.43 [2] - Other companies such as Hahwa Huadong (301137), Changfu Co. (920396), and Hezhu Intelligent (603011) also saw increases ranging from 3.46% to 5.25% [2] Group 2: International Collaboration - The Chinese Academy of Sciences officially launched the International Scientific Program on Combustion Plasma in Hefei, coinciding with the global release of the research plan for the compact fusion energy experimental device BEST [1][2] - Scientists from over ten countries, including France, the UK, Germany, and Italy, gathered in Hefei to sign the "Hefei Fusion Declaration," calling for enhanced international cooperation to advance fusion energy research [2]

11月24日，A股三大指数集体高开。截至发稿，沪指跌0.28%，深证成指、创业板指微涨。 | 可控核聚变板块早盘异动拉升，斯瑞新材涨超10%，常辅股份、哈焊华通、上海电气等跟涨。 | | --- | 根据国际科学计划，等离子体物理研究所将面向全球开放包括BEST在内的多个核聚变大科学装置平台，设立开放科研基金、资助高频次专家互访交流。 来自法国、英国、德国等十余个国家的聚变科学家共同签署《合肥聚变宣言》，该宣言倡导开放共享与合作共赢精神，鼓励各国的科研人员到中国开展聚 变合作研究。 （文章来源：上海证券报） | 603169 融 | | | | | --- | --- | --- | --- | | 东方锂业 | 25.37 | 2.26% | 0.56 | | 000962 | | | | | 皖仪科技 | 21.96 | 2.19% | 0.47 | | 688600 科创 註 | | | | | 合锻智能 | 19.67 | 2.18% | 0.42 | | 603011 融 | | | | | 旭光电子 | 14.14 | 2.02% | 0.28 | | 600353 融 | | | | | 上大股 ...

Core Viewpoint - The launch of the International Scientific Program for Combustion Plasma by the Chinese Academy of Sciences in Hefei marks a significant step towards global collaboration in fusion energy research, with the BEST experimental device's research plan being announced globally [1][2]. Group 1: Global Collaboration in Fusion Energy - Fusion energy is regarded as the ultimate goal for clean energy, often referred to as "artificial sun," and despite breakthroughs in the past decades, it still faces numerous technical challenges [2]. - The declaration signed by fusion scientists from over 10 countries emphasizes the need for open sharing and cooperative spirit to encourage more international researchers to conduct fusion-related experiments in Hefei [2][3]. Group 2: Advancement of Fusion Research - The initiation of the International Scientific Program for Combustion Plasma, alongside the ITER and BEST projects, signifies a new phase in fusion research focused on "combustion plasma" [3]. - The program aims to integrate global resources through the establishment of open funds, international conferences, collaborative experimental platforms, and the recruitment of foreign experts [3]. Group 3: China's Contributions to Global Fusion Research - The EAST superconducting tokamak and other major scientific facilities in Hefei have become crucial platforms for international fusion research, with stable collaborations established with over 120 research institutions from more than 50 countries [4]. - China actively participates in the ITER project, receiving high praise for its independently developed key technologies and components, contributing significantly to the advancement of global fusion engineering [4].

根据国际科学计划，等离子体物理研究所将面向全球开放包括BEST在内的多个核聚变大科学装置平台，设立开放科研基金、资助高频次专 家互访交流。来自法国、英国、德国等十余个国家的聚变科学家共同签署《合肥聚变宣言》，该宣言倡导开放共享与合作共赢精神，鼓励各 国的科研人员到中国开展聚变合作研究。 据新华社，开展燃烧等离子体物理研究、实现产出能量大于消耗能量、演示聚变能发电……11月24日上午，在位于安徽合肥未来大科学城 的紧凑型聚变能实验装置（BEST）主机大厅，中国科学院"燃烧等离子体"国际科学计划正式启动并面向国际聚变界首次发布BEST研究计 划，聚力点燃"人造太阳"。 近年来，我国核聚变研究加速，多次打破世界纪录。BEST装置作为我国下一代"人造太阳"，承担"燃烧"使命。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。 "这是'无人区'的探索，将面临许多工程与物理挑战。"宋云涛说，如阿尔法粒子对维持聚变反应所需的超高温条件至关重要，但对其输运规 律等研究有待深入。 "牵头启动国际科 ...

Core Insights - Zap Energy announced a significant achievement in its latest fusion energy technology, the "Fusion Z-Pinch Experiment 3" (FuZE-3), reaching an electron pressure of 830 MPa, corresponding to a total plasma pressure of approximately 1.6 GPa, setting a new record for shear flow-stabilized Z-pinch devices [1] Group 1: Technical Achievements - The achievement of high pressure is crucial for controlled nuclear fusion, as higher pressure leads to more frequent fusion reactions, moving closer to the goal of energy output exceeding input [1] - The team utilized "optical Thomson scattering" technology to measure the plasma electron pressure, which is approximately double the total pressure due to contributions from both electrons and ions [1] - The high-pressure state achieved can be maintained for about 1 microsecond [1] Group 2: Experimental Data - In the recent FuZE-3 experiments, repeated discharge measurements showed electron density ranging from 3×10^24 m^-3 to 5×10^24 m^-3, with electron temperatures exceeding 1 keV (approximately 11.67 million degrees Celsius) [1] - The design goal of the FuZE-3 is to reach new heights in the "triple product" (density × temperature × confinement time), which is a critical indicator of fusion performance [1]

报告摘要 事件： 近日，BEST项目建设方聚变新能公司发布采购项目超20亿元，主要涉及电源系统、低温系统、屏蔽包层 等环节。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 AI驱动用电结构重构，聚变能源战略价值凸显 据麦肯锡预测，伴随云计算、加密货币、AI需求激增，预计2050年数据中心用电量将占全球总用电量的 5%-9%。聚变能作为"人类终极能源"，具备较高战略价值，AI巨头纷纷对聚变能进行布局。2023年， Helion宣布与微软达成全球首个聚变电力购电协议，约定2028年起正式交付50MW商用聚变电力；25年6 月，谷歌与美国CFS公司签署购电协议，从CFS计划于2030年代在弗吉尼亚州建设的ARC核聚变发电站购 买200MW的电力；25年8月，CFS宣布完成8.63 ...

编者荐语： 日经BP . 日经BP成立于1969年4月, 隶属于日本经济新闻社集团。作为日本领先的B2B媒体公司，我们聚焦"经营 管理"、"专业技术"及"生活时尚"三大主要领域，满足客户多元化的需求。 为了实现激光核聚变，包括生产成本在内的反应堆材料的研究正在推进。致力于研究开发的东京科学大 学已开始进行耐久性试验，以测试用金属3D打印机推进堆叠制造的结构材料能否保持较高的耐腐蚀 性。 日本国内将以2030年代发电实证为目标，从5～10m规模的小型开始，推进激光核聚变反应堆的开发。 如果通过3D打印机进行堆叠制造的合金能验证耐久性，今后面向核聚变反应堆实证的工期缩短和生产 成本降低将值得期待。 作为以EX-Fusion（大阪府吹田市）为主体开发的激光核聚变反应堆用材料，东京科学大学正在研究使 用铁（Fe）、铬（Cr）和铝（Al）等构成的FeCrAl合金。此次，设想作为反应堆材料，利用金属3D打 日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。作 为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 以下文章来源于日经BP ， ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **AI industry**, **U.S. stock market**, **Hong Kong stock market**, and **nuclear fusion technology**. Core Insights and Arguments 1. **Credit Cycle and Market Trends** - The credit cycle is peaking and beginning to decline, as evidenced by weak financial credit data in October. Structural income expectations and cost-return inversion are the main causes. If policy responses are not timely, market volatility may persist. The optimistic scenario for the Hong Kong stock market is around 26,000 points by year-end, with a recommendation to focus on dividend configurations and low-priced stock opportunities [2][7][8]. 2. **AI Industry Valuation and Sensitivity** - The AI industry currently has high short-term valuations and expectations, making it sensitive to negative news. However, the widespread adoption of generative AI in enterprises and households can significantly reduce costs, with an average cost reduction of 10% across U.S. industries. This indicates substantial growth potential for the AI sector despite short-term volatility [2][5]. 3. **U.S. Stock Market Outlook** - The S&P 500 index is expected to fluctuate around 6,700 points in the short term due to high valuations and lack of new catalysts. If the fundamentals, credit cycle, and profit trends improve next year, short-term volatility may present better entry opportunities. By 2026, the U.S. credit cycle is anticipated to recover or even overheat, supported by Federal Reserve actions and liquidity from TGA [2][6]. 4. **Lessons from Japan's 1990s Real Estate Bubble** - The experience of Japan's three overlooked bull markets post-1990s real estate bubble offers valuable lessons. Relying solely on liquidity is insufficient for sustaining long-term bull markets; fundamental improvements and policy support are crucial. Current A-shares and Hong Kong stocks are highly valued, with total policy-driven growth but no significant fundamental improvement, raising concerns about potential risks [2][9][11]. 5. **Nuclear Fusion Technology Development** - Nuclear fusion is seen as a key energy revolution with advantages such as environmental friendliness, minimal resource bottlenecks, and high safety. Most global nuclear fusion technologies are still in experimental stages, with significant progress reported in China's and the U.S.'s projects. Cost reduction is critical for commercialization, with high-temperature superconducting material costs decreasing significantly [26][27][28][29]. Other Important but Possibly Overlooked Content 1. **Macroeconomic Environment Challenges** - The current macroeconomic environment faces challenges from weak financial credit data, rising inflation, and uncertainties regarding the Federal Reserve's interest rate decisions. Concerns about an AI bubble are also significant, as AI-related sectors are central to global markets, particularly in the U.S. and China [3][4]. 2. **Investment in U.S. Manufacturing** - U.S. manufacturing is experiencing a gradual return, driven by policy incentives, but construction investments have not yet significantly translated into output. The manufacturing sector's investment in electronics and electrical equipment has increased, but overall production value may lag behind construction investment growth [17][19]. 3. **Market Valuation Concerns** - Current market valuations for A-shares and Hong Kong stocks are high, with the Hong Kong market exceeding its historical average. The divergence between financial market enthusiasm and weak fundamentals raises questions about the sustainability of current market trends [9][13]. 4. **Potential for AI Industry Growth** - Despite high valuations, the AI industry has considerable growth potential due to its ability to lower operational costs significantly. The overall SG&A expenses for the S&P 500 could see a substantial reduction if AI is widely adopted [5][6]. 5. **Future of Nuclear Fusion Projects** - China is making strides in nuclear fusion with projects like EAST and BEST, which are expected to drive market interest and investment in related companies. The focus on domestic production and engineering integration is crucial for the success of these projects [31][32][33].