Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1][27]. Core Insights - Significant breakthroughs in solid-state battery technology and advancements in nuclear fusion industrialization are highlighted. The domestic sales of new energy vehicles (NEVs) are expected to maintain high growth, driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1][3]. - The report emphasizes a "anti-involution" strategy for photovoltaic investments, with recent government announcements aimed at maintaining market price order, indicating potential price increases within the photovoltaic industry chain [1][3]. - The new energy storage sector is projected to remain robust, with a target of reaching over 180 million kilowatts of new energy storage capacity by 2027, and recent trends show rising bidding prices for storage systems [1][3]. - In the hydrogen energy sector, the National Energy Administration is promoting green liquid fuel technology, which is expected to benefit from premium pricing in its early development stages [1][3]. Summary by Sections Industry Dynamics - The report notes that in September 2025, NEV wholesale sales reached 1.5 million units, a year-on-year increase of 22% and a month-on-month increase of 16%. Cumulative wholesale sales for the first nine months of the year reached 10.446 million units, up 32% year-on-year [3][16]. - The average price of a 2-hour energy storage system in September 2025 was 0.641 yuan/Wh, reflecting a 31% increase month-on-month [1][16]. - The BEST device's first key component, the Dewar base, has been assembled, marking progress in nuclear fusion projects [1][16]. Company Developments - Huayou Cobalt's subsidiary signed a supply agreement for ternary precursor products totaling approximately 76,000 tons from 2026 to 2030 [18]. - Zhongwei Co. is undergoing a listing review by the Hong Kong Stock Exchange and has signed a strategic cooperation framework agreement with Xiamen Tungsten [18]. - Aike Saibo has released a draft for its 2025 restricted stock incentive plan [18].

10月1日，我国自主研发的核聚变装置（BEST）建设取得关键突破：首个关键部件——杜瓦底座成功落 位安装，标志着这一大国重器的主体工程建设步入新阶段。根据计划，采用紧凑高场超导托卡马克技术 路线的BEST将于2027年底建成；到2030年，有望通过核聚变点亮首盏灯，迈出商业化应用的关键一 步。 在技术突破与政策红利的双重驱动下，资本市场正以真金白银为核聚变的未来投票。10月10日，核聚变 指数创下2009年12月31日（基日）以来的历史新高。自去年"9·24"行情以来，核聚变指数累计大涨 116.67%，今年年内涨幅则达到了81.61%。 核聚变激起资本市场热情的背后，是一场关乎人类未来的能源竞赛。多位受访的基金经理认为，可控核 聚变有望成为人类能源的终极形态，市场空间高达千万亿元。鉴于当前市场上相关个股潜在的核聚变业 务还相对较小，预计未来将迎来较大成长空间，投资者在投资操作中需关注相关标的竞争壁垒、价值 量、重要性、合作项目等指标，聚焦核心高价值的环节。 大国角逐又一战场 19世纪，凡尔纳在《海底两万里》中虚构了潜艇"鹦鹉螺号"；一个多世纪后，同名的首艘核动力潜艇从 科幻驶入现实；如今，刘慈欣笔下以核聚变 ...

存储芯片板块的上涨，则是国际市场相关芯片的涨价消息刺激，而芯原股份刚刚发布的公告，更刺激了 相关概念股：预计第三季度营业收入12.84亿元，单季度收入创公司历史新高。 小雨这样的情况，对投资者来说，应该是比较常见：A股大涨的时候，反而有点不知所措。 笔者以为，如何认识当前的宏观面和微观面，对于理解A股的趋势和投资，会有一些帮助。 10月9日的A股走得比较好的板块有可控核聚变、存储芯片、固态电池、黄金概念、以及稀土永磁等， 这些板块的上涨，其实都与"利好"相关，也都与当今的国际政治经济形势密切相关。 可控核聚变是因为有消息说我国紧凑型聚变能实验装置（BEST）完成400吨杜瓦底座精准安装，误差控 制在2毫米内，标志主体工程进入新阶段，预计2027年建成并进行全球首次聚变发电演示。受此消息刺 激，国光电气、中洲特材、哈焊华通、合锻智能、永鼎股份等概念股纷纷涨停。 而稀土板块的强势，也与"好消息"密切相关。10月9日，商务部发布公告，公布对稀土相关技术、境外 相关稀土物项实施出口管制的决定。主要内容有两个：（一）稀土开采、冶炼分离、金属冶炼、磁材制 造、稀土二次资源回收利用相关技术及其载体；（管制编码：1E902. ...

行情回顾 本周板块表现：上周（2025/10/06-2025/10/10）2 个交易日，SW 机械设备指数下跌 0.26%，在申万 31 个一级行 业分类中排名第 19；同期沪深 300 指数下跌 0.51%。2025 年至今表现：SW 机械设备指数上涨 36.94%，在申万 3 1 个一级行业分类中排名第 5；同期沪深 300 指数上涨 17.33%。 核心观点 投资建议 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 BEST 项目核聚变建设推进，迎密集招标期。10 月 1 日，合肥 BEST 核聚变装置主机系统中最重的部件、也是国 内聚变领域最大的真空部件——杜瓦底座研制成功并顺利完成交付，精准落位安装在 BEST 装置主机大厅内；10 月 7 日 BEST 项目的首批 TF 线圈盒也开启交付，BEST 项目建设进度推进顺畅。近期，合肥等离子所、聚变新能 发布电源、第一壁&偏滤器招标公告，其中第一壁&偏滤器单次招标金额超 1.9 亿元，看好相关板块公司迎订单 落地。10 月 13 日，国际原子能机构聚变能大会（FEC 2025）将在成都召开，或给成都带来聚 ...

Market Overview - The A-share market experienced fluctuations this week, with the Shanghai Composite Index rising by 0.37%, while the Shenzhen Component and ChiNext Index fell by 1.26% and 3.86% respectively. The Hang Seng Index dropped by 3.13% [1] - In terms of sector performance, non-ferrous metals, coal, and steel led the gains, increasing by 4.44%, 4.41%, and 4.18% respectively. Conversely, media, electronics, and power equipment sectors saw declines of 3.83%, 2.63%, and 2.52% respectively [1] Sector Analysis Cyclical Sector - Non-ferrous metals, coal, steel, oil and petrochemicals, and construction materials showed strong performance, particularly benefiting from enhanced expectations of a Federal Reserve interest rate cut [1] Consumer Sector - The tourism sector experienced a decline, with the National Day and Mid-Autumn Festival data meeting expectations, leading to profit-taking by some investors. Innovative pharmaceuticals also saw a pullback due to a lack of short-term catalysts [1] Technology Sector - The storage sector performed well, likely due to overseas industrial information catalysts, while the gaming sector faced significant adjustments, negatively impacting media performance [1] Manufacturing Sector - The energy storage lithium battery sector experienced a pullback, possibly due to export control policies. The robotics sector showed volatility, and the nuclear fusion theme performed well [1] Debt Market - The bond market strengthened overall, with the 10-year government bond yield at 1.77%, down 2 basis points from the previous week. The central bank's reverse repos totaled 10,210 billion yuan, resulting in a net withdrawal of 16,423 billion yuan [2] - China's foreign exchange reserves slightly increased to 333.87 billion USD by the end of September, up by 16.5 billion USD from the end of August. The gold reserves also rose to 74.06 million ounces, marking an increase of 40,000 ounces [2] Consumer Spending Trends - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, an increase of 108.19 billion yuan compared to the previous year. However, per capita daily spending was 113.9 yuan, down 13.1% year-on-year [3] Federal Reserve Insights - The Federal Reserve's September FOMC meeting minutes indicated a consensus among most members for further interest rate cuts this year, although there were differing views on the pace and path of future cuts [4]

今日（10月10日）A股市场收盘共72股涨停，剔除掉14只ST板块个股后58股涨停，40股封板未遂，整体封板率为72%。 涨停战场： 合锻智能封单资金超过6亿元 据证券时报·数据宝统计，从收盘涨停板封单量来看，金隅集团封单量最高，有29.25万手；其次是遥望科技、广东明珠、合 锻智能，涨停板封单量分别29.22万手、25.89万手、25.59万手。 从连续涨停天数来看，ST东易4连板，ST国华3连板，白银有色、海鸥住工、中国核建等14股2连板。 龙头点睛： 核聚变概念多股涨停 1. 核聚变 涨停个股：中国核建、安泰科技、武进不锈、合锻智能 以封单金额计算，12股封单资金均超1亿元，合锻智能、凯美特气、长城军工封单资金居前，分别为6.09亿元、3.52亿元、 2.23亿元。 合锻智能具有核聚变概念，公司在半年报中表示，可控核聚变行业当前已进入工程可行性验证阶段，Q值突破有望引爆商业 化革命。公司立足聚变堆核心部件制造、聚变堆安装工程等项目，致力于解决聚变堆建造的关键技术问题，努力抢占技术高 地。 | | | | | | | 10月10日涨停股封車资金排行 | | | --- | --- | --- | --- ...

（原标题：揭秘涨停丨核聚变概念股封单资金超6亿元） 今日（10月10日）A股市场收盘共72股涨停，剔除掉14只ST板块个股后58股涨停，40股封板未遂，整体封板率为72%。 涨停战场： 合锻智能封单资金超过6亿元 据证券时报·数据宝统计，从收盘涨停板封单量来看，金隅集团封单量最高，有29.25万手；其次是遥望科技、广东明珠、合锻智能，涨停板封单量 分别29.22万手、25.89万手、25.59万手。 从连续涨停天数来看，ST东易4连板，ST国华3连板，白银有色、海鸥住工、中国核建等14股2连板。 以封单金额计算，12股封单资金均超1亿元，合锻智能、凯美特气、长城军工封单资金居前，分别为6.09亿元、3.52亿元、2.23亿元。 合锻智能具有核聚变概念，公司在半年报中表示，可控核聚变行业当前已进入工程可行性验证阶段，Q值突破有望引爆商业化革命。公司立足聚 变堆核心部件制造、聚变堆安装工程等项目，致力于解决聚变堆建造的关键技术问题，努力抢占技术高地。 龙头点睛： 核聚变概念多股涨停 1. 核聚变 深振业A：公司上半年，在城中村业务方面，坚持政企协同，与宝安区和平旧村、光明区羌下旧村签约3个前期服务合同。 合肥城建 ...

新华财经北京10月10日电四大证券报内容精华摘要如下： 中国证券报 ·金价一路走高黄金股相关ETF强势霸榜 10月9日，A股三大指数集体收涨，沪指突破3900点，创下逾十年的新高。贵金属板块爆发，受此影 响，多只黄金股相关ETF大涨，两只涨幅超10%，另有多只有色相关ETF涨幅超8%。10月9日ETF合计成 交额5811.19亿元，与9月30日相比，成交额增加近300亿元。4只ETF成交额突破200亿元。股票型ETF 中，中证A500相关ETF成近期吸金主力，电池、黄金相关ETF也获较多资金净流入。 ·科技与周期共舞 A股震荡上行趋势未改 对于10月后续行情，机构观点普遍乐观，认为A股将会保持震荡上行走势。其中，即将到来的三季报成 为关键看点，建议关注三季度业绩有望改善或持续高增长的领域。 ·"人造太阳"照进现实核聚变商业化稳步推进 10月9日，核聚变相关板块大幅上涨。截至当日收盘，万得核聚变概念指数上涨7.82%，万得超导概念 指数上涨6.17%。西部超导、哈焊华通、中洲特材、中国核建、海陆重工、合锻智能、中核科技、东方 电气、永鼎股份、上海电气等个股收于涨停。记者采访获悉，目前已有多家企业正在推动核聚变商 ...

10月9日，A股市场放量走强，三大指数全线上涨。黄金、稀土、核聚变、铜产业、存储芯片等板块表 现亮眼，整个市场超3100只股票上涨。机构认为，在多种因素综合影响下，A股有望延续震荡上行态 势。 "国家支持和鼓励正常的市场竞争，对价格无序竞争的经营者，公告提出三方面监管措施。"上述负责人 表示，一是提醒告诫。对涉嫌价格无序竞争的经营者进行提醒告诫，要求其自觉规范价格行为，严守价 格竞争底线。二是监管执法。（下转A02版） （上接A01版）对提醒告诫后仍未规范价格行为的经营者予以重点关注，必要时开展成本调查、价格监 督检查，发现价格违法违规问题的，依法予以查处。三是失信惩戒。充分发挥信用监管作用，依法依规 实施失信惩戒。 依法依规治理企业无序竞争 在规范招标投标行为方面，公告明确，经营者应当严格遵守《中华人民共和国招标投标法》《中华人民 共和国招标投标法实施条例》规定，自觉规范招标投标行为，不得以低于成本的报价竞标，保障产品和 服务质量。 ● 本报记者 欧阳剑环 国家发展改革委10月9日消息，国家发展改革委、市场监管总局近日印发《关于治理价格无序竞争 维护 良好市场价格秩序的公告》。公告根据现行法律法规，按照事前 ...

Core Insights - The controlled nuclear fusion sector is experiencing significant advancements, with recent developments from various research institutions and companies indicating a strong momentum towards commercialization [2][3][4] - The nuclear fusion concept index saw a substantial increase, with a rise of 7.82% on October 9, reflecting growing investor interest in the sector [2] - Multiple companies are actively pursuing the commercialization of nuclear fusion, although achieving practical power generation will take time [2][4] Industry Developments - The traditional energy system faces dual pressures of increasing demand and resource scarcity, making nuclear fusion an ideal solution for energy challenges [3] - The domestic nuclear fusion landscape is characterized by four main groups: China National Nuclear Corporation, Chinese Academy of Sciences, commercial companies, and universities, with most companies established in the last decade [4] - China Fusion Energy Co., representing the "national team," aims for commercial fusion energy by 2050 and has established multiple business centers focusing on key technologies [4] Commercialization Pathways - Hanhai Fusion, the first linear-type commercial nuclear fusion company in China, is advancing nuclear fusion power generation while also exploring commercial applications of neutron sources in various high-tech fields [4][5] - Specific market targets for neutron source products include achieving a market scale of over 1 billion by 2026 for industry testing platforms and over 10 billion for nuclear medicine by 2027 [5] - New entrants from universities, such as Dongsheng Fusion and Honghu Fusion, are also emerging as key players in the nuclear fusion field, with plans to develop advanced fusion devices within the next decade [5] Company Engagements - Several A-share listed companies are entering the nuclear fusion sector, focusing on core components, key systems, and supporting materials to facilitate commercialization [6] - Hongxun Technology is investing in key subsystems while collaborating with research institutions and private fusion companies [6] - Guoda Special Materials has successfully secured contracts for the BEST superconducting coil box project, indicating progress in the industrialization of fusion components [6] - Companies like Lansi Heavy Industry and Hangyang Co. are targeting the nuclear fusion market with specific products and solutions [6][7] Investment Outlook - The commercialization path for nuclear fusion technology is becoming clearer, with global investments increasing [7] - The industry is expected to enter a capital expenditure acceleration cycle during the 14th Five-Year Plan period, presenting potential investment opportunities in related component sectors [7]