Core Viewpoint - The article emphasizes the significant potential and applications of superconducting materials in various fields, particularly in controlled nuclear fusion, highlighting the advancements in high-temperature superconductors and their role in future energy solutions [2][4][17]. Group 1: Superconducting Materials Overview - Superconducting materials exhibit unique properties such as zero electrical resistance and complete diamagnetism, making them valuable in energy, medical equipment, transportation, quantum computing, defense, and scientific research [2][17]. - The global market for low-temperature superconducting materials currently dominates, accounting for over 90% of the superconducting materials market, while high-temperature superconductors are expected to gain market share as applications like superconducting cables and controlled nuclear fusion develop [2][3]. Group 2: Applications in Controlled Nuclear Fusion - In the ITER project, superconducting magnets account for 28% of the total cost, indicating their critical role in tokamak devices [2][4]. - High-temperature superconductors, such as ReBCO, are anticipated to significantly reduce production costs and have vast commercial prospects, especially in the development of superconducting magnet systems operating above 16T at 4.2K [3][22]. Group 3: Investment Recommendations - The article suggests focusing on companies involved in the supply chain for tokamak devices, including leading firms like Guoguang Electric, Hezhong Intelligent, and Lianchuang Optoelectronics, which are engaged in various components and systems for fusion reactors [4][44]. - Key players in superconducting materials include Yongding Co., Dongfang Tantalum, and Xibu Superconductor, which specialize in high-temperature and low-temperature superconducting materials [4][44]. Group 4: Technological Advancements - The article discusses the advancements in superconducting materials, particularly the transition from low-temperature superconductors to high-temperature superconductors, which can operate in more complex environments and are expected to expand the application range significantly [3][17]. - The SPARC project in the U.S. is highlighted as a leading initiative utilizing high-temperature superconductors to enhance operational efficiency and reduce costs in nuclear fusion applications [35][36]. Group 5: Future Prospects - The article outlines the ongoing development of domestic projects like the "Xinghuo No. 1" hybrid fusion-fission reactor, which aims to achieve continuous power generation and is expected to significantly contribute to sustainable energy development [43][44]. - The BEST project, a compact fusion energy experiment, is also mentioned as a significant step forward in demonstrating fusion energy generation capabilities [42][43].

Market Overview - The overall market experienced a slight decline with the Shanghai Composite Index down 0.02%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.31%, indicating cautious market sentiment with over 3,400 stocks in the red [3][4] Key Investment Themes Environmental Protection and Energy - The solid waste treatment and combustible ice sectors saw strong gains, with stocks like Yuhua Tian and Boschke hitting the daily limit of 20%. This surge is driven by enhanced environmental policies and new regulations on industrial solid waste management [4] - Companies in this sector are expected to have a policy moat and performance outlook, suggesting that investors should consider gradual accumulation during pullbacks, especially in leading firms with technological barriers [4] Consumer Recovery - The food and beverage sector showed activity, with stocks like Huanlejia reaching a 20% limit up, driven by the upcoming summer consumption peak and anticipated price increases in some consumer goods [4] - However, the pharmaceutical sector faced collective adjustments, with companies like Ruizhi Pharmaceutical and Xue Rong Biological leading the decline due to rising expectations for centralized procurement and some companies' performance falling short of expectations [4] Technology Sector - The controlled nuclear fusion concept gained traction, with stocks like Libote and Rongfa Nuclear Power hitting the daily limit. This area is part of the new energy sector, with strong expectations for technological breakthroughs and a willingness from investors to pay premiums [5] - Conversely, the cross-border e-commerce and chemical sectors experienced pullbacks, particularly in the epoxy propane segment, primarily due to fluctuations in raw material prices [5] Market Sentiment and Strategy - Investors are advised to focus on structural opportunities concentrated in policy-driven and performance-reliable sectors, rather than being swayed by daily market fluctuations [6] - There was a slight inflow of northbound capital, but significant divergence among domestic investors suggests the need to monitor future volume expansion [6] - Maintaining a controlled position is recommended while waiting for market shifts, with strong support around the 3,300-point level for the Shanghai Composite Index [7]

每经记者｜肖芮冬 每经编辑｜赵云 5 月 28 日，市场全天窄幅震荡，三大指数小幅下跌。截至收盘，沪指跌 0.02% ，深成指跌 0.26% ，创业板指跌 0.31% 。 板块方面，饮料制造、可控核聚变、垃圾分类、深海科技等板块涨幅居前，电商、化学原料、 CRO 、造纸等板 块跌幅居前。 全市场超 3400 只个股下跌。沪深两市全天成交额 1.01 万亿元，较上个交易日放量 110 亿。 今天，大盘整体窄幅震荡，万得全A全天振幅仅0.57%； 国元证券研报指出，白酒方面，去库存、稳渠道、促消费是白酒行业主线，当前主要酒企渠道库存已降至合理 水平，随着政策的不断发力和消费场景的改善，白酒需求有望温和恢复，建议关注护城河宽阔，品牌、渠道力 领先，韧性强的高端酒企。 大众品方面，黄酒消费热度渐起；啤酒消费逐渐进入旺季；休闲零食、能量饮料等细分赛道景气度高；餐饮供 应链逐渐修复；乳业上游供给端原奶价格底部企稳，龙头乳企韧性较强。 不过值得注意的是，目前消费线内部也有分化。今天港股市场上，前期热门的泡泡玛特盘中一度跌超7%，蜜 雪集团盘中也跌超6%。 个股虽然跌多涨少，但本周几个热门题材都有一定持续性，加上今天异动的新 ...

Group 1 - The nuclear fusion concept stocks have strengthened again, with a report indicating that 26 out of 37 surveyed commercial fusion companies believe the first fusion power plant will be connected to the grid by 2035 [2] - The autonomous sanitation and logistics vehicle concept stocks have collectively surged, with several companies in the logistics sector completing financing, indicating a growing market space due to advancements in AI and autonomous driving technologies [2] - The food and beverage stocks have shown repeated activity, with retail sales data indicating a year-on-year increase of 4.7% in the first four months of 2025, suggesting a long-term upward trend in consumer spending [2]

A股午评：三大股指早盘窄幅震荡 可控核聚变板块表现强势 金十数据5月28日讯，A股三大指数早盘区间窄幅震荡盘整，收盘涨跌不一，截止午盘收盘，沪指涨 0.07%，深成指跌0.04%，创业板指涨0.02%，北证50指数跌0.14%。板块题材上，可控核聚变持续活 跃，乳业、饮料制造板块冲高回落，互联网电商、CRO概念跌幅居前。两市近3300只个股下跌，半日 成交额超6500亿元。 ...

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.05% at 3346.84 points, while the Shenzhen Component Index fell 0.41% to 10091.16 points, and the ChiNext Index decreased by 0.8% to 2005.26 points. The Northbound 50 Index rose by 1.94% [1] - Total trading volume in the Shanghai, Shenzhen, and North exchanges was 103.4 billion yuan, a decrease of nearly 150 billion yuan compared to the previous day [1] Sector Performance - The pharmaceutical and banking sectors declined, while sectors such as media, environmental protection, food and beverage, semiconductors, electricity, chemicals, and steel saw gains. The nuclear power concept surged, and gaming, lithography machines, and AI application concepts were active [1] Investment Insights - Ping An Securities suggests that despite potential short-term overseas uncertainties, the equity market has upward potential due to the continuous effects of domestic policies and strengthened fundamentals. High-growth sectors are expected to maintain upward momentum [1] - Two main investment lines are recommended: 1. Growth style represented by domestic technology and high-end manufacturing, such as defense and semiconductor sectors [1] 2. Quality consumer assets benefiting from domestic demand expansion policies, including new consumption and biopharmaceuticals [1] Innovation in Pharmaceuticals - The ASCO conference in 2025 is expected to showcase significant clinical data from domestic innovative drug companies, with a record number of original research results presented. This indicates that Chinese pharmaceutical companies are advancing in innovative research [2] Nuclear Fusion Industry - The nuclear fusion industry is experiencing significant developments, with U.S. policies aimed at easing regulations and accelerating nuclear power construction. The National Ignition Facility achieved record net energy gain, and CFS's valuation reached 8 billion USD [3] - Multiple favorable signals are expected to promote industry growth, with long-term development potential as domestic support and funding expectations increase [3] White Wine Market Outlook - The white wine market is expected to see gradual improvement, with stable demand and prices for mainstream products. Companies are adjusting inventory levels in preparation for seasonal demand [4] AI Development - Anthropic's release of the Claude4 series models marks a significant advancement in reasoning capabilities, which is expected to broaden the application scenarios for large models. The ongoing exploration of agent products is laying a solid foundation for AI commercialization [5] - Investment opportunities in AI are anticipated to arise from advancements in general reasoning capabilities, benefiting software and internet sectors, as well as increasing hardware demand [5] Supply Chain Development - The Ministry of Commerce plans to cultivate leading enterprises and supply chain center cities as part of a special action plan to accelerate the development of intelligent supply chains. The goal is to establish a robust and efficient supply chain system by 2030 [8] Film Industry Investment - The National Film Administration encourages Hong Kong and Macau service providers to invest in film production companies in mainland China, allowing them to act as the first production unit [9] Real Estate Market Support - The issuance of special bonds for land acquisition is expected to accelerate, with nearly 3000 idle land parcels identified for recovery, totaling over 133 million square meters. This is seen as a measure to improve market supply-demand dynamics and stabilize the real estate market [10]

Summary of Conference Call Records Industry or Company Involved - **Industry**: Technology, Logistics, Nuclear Fusion - **Companies Mentioned**: 中邮科技 (Zhongyou Technology), 星宸科技 (Xingchen Technology), 融发核电 (Rongfa Nuclear Power) Key Points and Arguments Market Overview - The market is currently experiencing a transition phase between old and new cycles, with technology stocks expected to strengthen as the sentiment improves [1] - The performance of high-profile stocks has been mixed, indicating limited strength in the current market rebound [1] - The nuclear fusion and nuclear energy sectors have shown significant strength, breaking the previous trend of no follow-up after peak performance [1] Zhongyou Technology - The domestic low-speed unmanned logistics vehicle market is poised for explosive growth, driven by increased orders from leading logistics companies [3] - Key factors for growth include: 1. Rapid cost reduction of core components and improved algorithm efficiency, leading to monthly operational costs of approximately 3,167 yuan, significantly lower than the average driver salary of 6,500 yuan [3] 2. Continued relaxation of road rights policies, facilitating the commercialization of unmanned vehicles [3] - The potential market for unmanned logistics vehicles could exceed 100 billion yuan if penetration in the last-mile delivery market reaches over 17% [3] - Zhongyou Technology is highlighted as a key player due to its extensive service network, making it well-suited for unmanned vehicle deployment [3] Xingchen Technology - The company has recently upgraded its product "豆包" to support real-time video chat, receiving positive feedback [4] - The launch of the "VideoWorld" model has exceeded expectations, indicating strong progress in visual recognition technology [4] - Xingchen Technology is well-positioned to benefit from upcoming AI developments, particularly with the anticipated release of AI glasses by ByteDance in 2025 [4] Rongfa Nuclear Power - The field of controllable nuclear fusion in China has seen continuous progress, transitioning from short-term thematic investment to long-term industrial investment [5] - It is expected that 2-3 nuclear fusion devices will be constructed and put into operation globally each year in the coming years, catalyzing the industry from 0 to 1 [5] - Rongfa Nuclear Power is actively involved in the development of nuclear fusion technology and is participating in the manufacturing of components for the ITER project [5] Other Important but Possibly Overlooked Content - The overall sentiment in the market remains cautious, with a focus on technology stocks for potential gains while defensive plays in banking are also considered [1] - The logistics sector is undergoing a significant transformation with the adoption of unmanned vehicles, which could reshape operational efficiencies and cost structures [3] - The advancements in AI and visual recognition technologies are creating new opportunities for companies like Xingchen Technology, indicating a shift in consumer interaction and product offerings [4]

智通财经5月27日电，中信证券研报指出，可控核聚变行业近期政策信号不断明确、融资规模提升、装 置建设加速、技术进展明显，判断多重利好短期有望促进行业加速上涨。同时认为行业长期发展空间广 阔，国际装置加速建设下，国内后续或有潜在的行业顶层设计或支持资金预期，对行业坚定看好。 中信证券：多重利好短期有望促进可控核聚变行业加速上涨 ...

Core Viewpoint - The stock market experienced a collective decline, with the Shanghai Composite Index down 0.05%, the Shenzhen Component down 0.41%, and the ChiNext Index down 0.8% on May 26. However, the controllable nuclear fusion concept saw a surge, leading to significant gains in related sectors such as superconductors, cloud gaming, titanium dioxide, and aviation transportation, while innovative pharmaceuticals and automotive sectors remained sluggish [1][2]. Sector Performance - The controllable nuclear fusion sector rose by 5.14%, with notable stocks like Haohan Huaton hitting a 20% limit up, Changfu Co. increasing over 16%, and Jiusheng Electric rising over 13% [4]. - The gaming sector also performed well, with stocks like Youzu Network hitting the limit up, and others like Ice River Network and Dihun Network increasing over 7% [5]. - In contrast, the chemical pharmaceutical sector faced declines, with Hai Chen Pharmaceutical dropping over 9%, and other companies like Keyuan Pharmaceutical and Hainan Hai Pharmaceutical falling over 7% [6]. Capital Flow - Main capital flows showed a net inflow into sectors such as electronics, machinery, and computers, while there was a net outflow from pharmaceutical biology, automotive, and banking sectors. Specific stocks like Wuhan Fanggu, Shanghai Electric, and Hongbo Co. saw net inflows of 510 million, 488 million, and 461 million respectively [8]. - Conversely, companies like BYD, Seres, and Kweichow Moutai experienced significant sell-offs, with net outflows of 1.036 billion, 778 million, and 599 million respectively [9]. Institutional Perspectives - Guotai Junan noted an increase in market volatility and a rise in risk-averse sentiment, suggesting a focus on defensive assets and a "barbell strategy" for investment, emphasizing both defensive sectors and technology growth [10]. - Bosheng Securities observed a market characterized by low volume and structural adjustments, while Huatai Securities recommended focusing on certainty amidst volatility, particularly in large financials, consumer sectors, and broad technology as mid-term themes [11].

A股三大指数今日集体调整，截至收盘，沪指跌0.05%，深成指跌0.41%，创业板指跌0.80%，北证50指 数涨1.94%。全市场成交额10339亿元，较上日缩量1487亿元。全市场近3800只个股上涨。板块题材 上，可控核聚变、游戏、饮料制造板块领涨；创新药板块跌幅居前。盘面上，可控核聚变概念领涨，哈 焊华通（301137）、雪人股份（002639）、融发核电（002366）、百利电气（600468）涨停。IP经济概 念股涨幅居前，京华激光（603607）、远望谷（002161）、莱绅通灵（603900）、游族网络（002174） 涨停。饮料制造概念股反弹，均瑶健康（605388）、会稽山（601579）涨停。无人驾驶概念走强，锦江 在线（600650）、通达电气（603390）、龙洲股份（002682）涨停。创新药概念股领跌，海辰药业 （300584）、海南海药（000566）、三生国健跌幅居前。 暗盘资金一眼洞悉庄家意图>> ...