Investment Rating - Industry rating is maintained at "Outperform the Market" [2] Core Insights - The report highlights the Sichuan provincial government's implementation plan to promote the controllable nuclear fusion industry, emphasizing significant engineering breakthroughs in magnetic confinement and inertial confinement fusion technologies [3] - Sichuan has established a comprehensive layout in the nuclear fusion field, covering both magnetic and inertial confinement routes, and is actively pursuing international collaborations to enhance its technological capabilities [4] - The report suggests focusing on companies within the nuclear fusion supply chain, including leading suppliers of high-temperature superconducting magnets and materials essential for fusion devices [5] Summary by Sections Government Support - The Sichuan provincial government has explicitly supported the controllable nuclear fusion industry, marking a significant policy shift compared to other regions [3] - The plan includes the construction of key facilities and the acceleration of technology transfer to foster innovation [3] Technological Developments - Sichuan has achieved notable breakthroughs in nuclear fusion technology, including reaching a temperature of 100 million degrees Celsius and significant advancements in fusion product metrics [9] - The establishment of the electromagnetic-driven fusion large scientific device aims to validate the feasibility of fusion ignition [4] Investment Opportunities - Recommended companies for investment include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets - Yongding Co., a major supplier of high-temperature superconducting materials - Guoguang Electric, which provides essential components for controllable nuclear fusion devices [5]

Group 1: Future Industries in Anhui - Anhui is transforming from a traditional agricultural province to a hub for future industries, with significant developments in quantum technology, deep space exploration, and fusion energy [2][3] - The BEST (Broadly Enhanced Superconducting Tokamak) device, referred to as "artificial sun," aims to achieve controllable nuclear fusion, representing a major leap in clean energy technology [2] - The construction of the BEST device is expected to create a vast commercial application scenario, with millions of components involved, and has already led to the incubation of nearly 50 technology-based companies in the region [2] Group 2: Artificial Intelligence and Automation - AI startups in Anhui are leveraging technology to enhance productivity across various sectors, with over 300 opportunities for "AI+" scenarios identified [3] - Companies like iFlytek and Efort are leading innovations in AI-assisted medical diagnostics and automated welding, respectively, showcasing the practical applications of AI in everyday life [3] - The region has attracted 894 AI enterprises and 12,000 related companies, indicating a robust ecosystem for AI development [3] Group 3: Low-altitude Economy and Aviation - The Wuhu Bayzhi District has evolved into a significant low-altitude economy hub, with over 200 upstream and downstream enterprises established around the first aircraft manufacturing company [4] - The local aviation industry has achieved a 100% local supply rate for core components of general aviation aircraft, contributing to a revenue of 46.38 billion yuan in the previous year [4] Group 4: Integrated Circuit Industry - The integrated circuit industry in Anhui is witnessing rapid growth, with companies like Chipbond Technology establishing production facilities that meet market demands within record timeframes [5] - The provincial government is actively supporting emerging industries, aiming for a future industry scale of 500 billion yuan by 2030, focusing on aerospace information, general intelligence, and low-carbon energy [5]

Group 1: Nuclear Fusion - Chengdu Hanhai Fusion announced an event on July 18 to celebrate the completion of China's first linear fusion device HHMAX-901 and the achievement of plasma ignition, marking a significant breakthrough in controllable nuclear fusion commercialization [1] - The main technological paths for controllable nuclear fusion include magnetic confinement (Tokamak), inertial confinement (NIF), and magnetic inertial confinement (linear devices), with multiple facilities under construction globally [1] - Hanhai Fusion is the only commercial fusion company in China using the field-reversed configuration technology, which has a power density approximately 100-1000 times that of Tokamak devices [1] Group 2: Short Dramas - JD Group is recruiting for short drama operation positions, indicating its intention to enter the short drama market, which has seen explosive growth since 2023, with over 600 million users expected by 2024 [2] - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenue for the first time, with an expected growth to 63.43 billion yuan by 2025 and 85.65 billion yuan by 2027, reflecting a compound annual growth rate of 19.2% [2] Group 3: Quantum Computing - CSIRO researchers developed a groundbreaking semiconductor process technology that successfully applies Quantum Machine Learning (QML) to construct process models, enhancing manufacturing precision and efficiency while potentially lowering chip production costs [3] - Quantum computing is seen as a core driver of next-generation information technology, with a significant shift towards industrial applications expected between 2025 and 2030, potentially reaching a market size of hundreds of billions of dollars [3] - China's "14th Five-Year Plan" identifies quantum technology as a core strategy, with expectations for breakthroughs in quantum communication and optical quantum computing [3] Group 4: Domestic Services - The Ministry of Commerce plans to implement policies to promote domestic service brands and improve the credit system in the sector, as part of the "2025 Domestic Service Action Plan" [4] - The domestic service market in China surpassed 1.16 trillion yuan in 2023, growing approximately 7.3% from 2022, driven by increasing demand due to family size reduction and aging population [4] - The domestic service industry has a significant talent gap, with over 30 million workers currently employed, indicating a strong potential for job creation [4] Group 5: Autonomous Driving - An international standard for testing scenarios of autonomous driving systems was officially released, outlining evaluation processes and requirements for testing scenarios [5] - The diversity and coverage of testing scenarios are crucial for the effectiveness and reliability of autonomous driving system evaluations, which involve multiple industries including AI, IoT, and urban infrastructure [5] Group 6: Artificial Intelligence - The Shanghai government is preparing for the 2025 World Artificial Intelligence Conference, promoting global cooperation in AI and focusing on key sectors for innovation [6] - The competition in large model technology is intensifying, with significant differences in development paths between China and the US, as domestic companies work on core technology and industry applications [6] Group 7: Gaming Industry - Zhejiang Province has implemented a comprehensive policy to support the international development of gaming companies, aiming to strengthen local game enterprises and foster a gaming export industry cluster [7] - The gaming industry is expected to enter a new development phase characterized by content refinement, AI industrialization, and systematic internationalization by 2025 [7]

Group 1 - The core focus of the news is on the rapid development of major scientific and technological infrastructure in Anhui during the 14th Five-Year Plan period, particularly in fields like nuclear fusion, quantum information, and deep space exploration [1][10] - The Hefei Fusion Reactor Park is highlighted as a significant site for testing and installing key components of the "artificial sun," with ongoing integration tests for various systems [3][6] - The concept of the "artificial sun" is explained, emphasizing its potential to generate energy through nuclear fusion, with one liter of seawater yielding energy equivalent to 300 liters of gasoline, producing only helium and water as byproducts [5][7] Group 2 - The Hefei Fusion Reactor Park is expected to become the most advanced and comprehensive research and testing platform in the international fusion field, with the compact fusion energy experimental device BEST projected to be completed by the end of 2027 [7][19] - The development of large scientific devices in Hefei is accelerating, with multiple projects underway, including the Hefei Advanced Light Source, which is set to be completed by the end of 2026 [9][10] - The integration of large scientific devices and cutting-edge technologies is seen as a "treasure trove" for technological innovation, with potential for new applications emerging from these projects [10][11] Group 3 - The nuclear fusion project is expected to significantly boost the industrial chain, with an estimated investment of 10 billion yuan potentially leading to 100 billion yuan in industrial upgrades [19][30] - The article discusses the challenges of transforming scientific research into commercial applications, highlighting the need for real-world testing and collaboration between large enterprises and small tech firms [21][24] - Anhui's government has established a scene innovation promotion office to address the issue of insufficient application scenarios for new technologies, aiming to facilitate the transition from laboratory to market [29][30] Group 4 - The establishment of a scene innovation city alliance among multiple cities aims to break down administrative barriers and promote resource sharing and industrial collaboration [30][31] - Anhui has set up a technology achievement transformation guidance fund, with 18 sub-funds established by mid-2025, investing nearly 2.4 billion yuan in various projects [35][39] - The province has organized technology innovation achievement transformation fairs, with over 1,800 participating companies and more than 400 projects launched, involving over 26 billion yuan in funding [37][39]

Core Insights - The article highlights the rapid development of major scientific infrastructure in Anhui during the 14th Five-Year Plan period, focusing on cutting-edge technologies such as nuclear fusion, quantum information, and deep space exploration [1][10]. Group 1: Major Scientific Achievements - The Anhui Hefei fusion reactor park is home to various laboratories working on key components for the "artificial sun," with significant progress in the integration testing of components [1][3]. - The "artificial sun" mimics the sun's principles, where hydrogen atoms fuse under extreme conditions, releasing energy equivalent to 300 liters of gasoline from one liter of seawater [5][7]. - The park aims to be the most advanced and comprehensive research and testing platform in the international fusion field, with the compact fusion energy experimental device BEST expected to be completed by the end of 2027 [7][8]. Group 2: Industry Chain Development - The construction of controllable nuclear fusion projects is accelerating, driving the development of the entire industry chain from materials to key components and systems [15][17]. - A preliminary estimate suggests that an investment of 10 billion yuan in controllable nuclear fusion could lead to an industry chain upgrade worth 100 billion yuan, highlighting its potential impact on the national industrial system [17]. Group 3: Technology Transfer Challenges - Despite the rapid development of new technologies, transferring these innovations from the laboratory to the market remains challenging [18][20]. - The Anhui government has established a Scene Innovation Promotion Office to address the issue of insufficient application scenarios for technology transfer, facilitating connections between large enterprises and small tech firms [26][28]. Group 4: Funding and Support Mechanisms - Anhui has set up a technology achievement transformation guidance fund, with 18 sub-funds established by mid-2025, investing nearly 2.4 billion yuan in 137 projects, some of which have successfully gone public [30][32]. - The province also hosts technology innovation achievement transformation fairs, with over 1,800 participating companies and more than 400 projects launched, involving over 26 billion yuan in funding [32].

投资策略 | 定期报告 短期攻势暂缓，中期升势未变 策略周报 20250706 研究结论 ⚫ 全球市场下周或延续震荡 全球降息交易暂歇，下周延续震荡预期：前一周全球市场普涨系交易 9 月的美联储 降息预期，本周全球主要市场除巴西、美国和中国上涨外，整体出现震荡态势，降 息交易暂歇。我们认为美国市场本周全面上涨，并不是交易降息预期，主要是交易 政策不确定性下降，"大而美"法案成功落地短期降低了市场对特朗普政府执政能 力的担心，但这一利好已经落地，政策实际落地效果仍然具有不确定性。美国最新 就业数据公布后，利率期货交易员认为美国 7 月降息预期已微乎其微，9 月降息概率 也从 98%下降到 80%以下。综上我们认为全球市场的上涨或告一段落，下周延续震 荡预期。 风险事件乐观定价充分，预期差逆转压制上涨动力：上周中美推进"伦敦框架" （中方审批管制物项出口、美方松绑限制），市场或因此短期下调了风险评价。但 当前定价或已充分反映对关税战的乐观预期，市场可能会开始担心 9 日事件落地结 果难超预期。随着交易焦点转向 7 月 9 日关税休战到期， 风险评价预期短升将压制 全球市场反弹动能。 ⚫ A 股短期攻势或暂缓，关税 ...

Market Overview - On the first trading day of July, the Shanghai Composite Index rose by 0.39% to 3457.75 points, while the Shenzhen Component Index increased by 0.11% to 10476.29 points. The ChiNext Index fell by 0.24% to 2147.92 points, and the Northbound 50 Index rose by 0.68%. The total trading volume across the Shanghai, Shenzhen, and Northbound markets was 149.68 billion yuan, a decrease of approximately 20 billion yuan from the previous day [1]. Policy Support for Innovative Drugs - On June 30, the National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs. The measures include 16 initiatives across five areas, such as enhancing support for R&D, encouraging clinical application, and improving multi-payment capabilities [2][7]. - CITIC Securities noted that the measures will further enhance the support for innovative drug development, suggesting that the second half of the year will see a more certain investment direction focusing on innovation-driven and internationalization strategies [2]. HVAC Equipment Market Growth - The global computing power market is entering a new high prosperity cycle, leading to rapid expansion in the HVAC and cooling markets. CITIC Securities highlighted that major players like Johnson Controls, Carrier, Daikin, and Trane dominate the overseas market, with supply and demand gradually reaching a balance [3]. Telecommunications Sector Performance - The telecommunications sector is expected to see differentiated performance in Q2 2025, with overall improvement compared to Q1. The demand for AI in North America is driving rapid growth in leading optical module companies, while domestic optical module and switch leaders are also expected to perform well [4]. Nuclear Fusion Commercialization - On June 30, Commonwealth Fusion Systems announced a record agreement with Google to supply 200MW of power from its first commercial fusion power plant, marking a significant step towards the commercialization of nuclear fusion energy [5]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate of 8.1% reaching $479.5 billion by 2029 [6]. Tourism Sector Growth - According to a report by Fliggy, there has been a significant year-on-year increase in bookings for travel services such as flights, hotels, and tickets for the summer of 2025. Family travel is a major driver, accounting for 60% of the bookings, with university students showing the fastest growth in travel participation [8]. Solar Glass Industry Update - In response to market rumors, Yamaton confirmed that leading domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to promote sustainable development in the industry [9]. IPO Developments - On July 1, the Shanghai Stock Exchange's listing review committee approved the IPO application of Wuhan Heyuan Biotechnology Co., marking the first successful approval under the newly restarted fifth set of listing standards for the Sci-Tech Innovation Board [10].

Investment Rating - The report maintains a "Recommended" rating for the nuclear fusion industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Insights - The commercialization of nuclear fusion is accelerating, highlighted by the record agreement between Commonwealth Fusion Systems (CFS) and Google to supply 200MW of power from the first commercial fusion power plant, ARC, in the early 2030s [1]. - CFS has raised over $2 billion since its inception in 2018 and is currently leading in funding within the nuclear fusion sector, with significant investments from notable entities such as Tiger Global Management, Bill Gates, and Google [2]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate (CAGR) of 8.1% reaching $479.5 billion by 2029 [2]. Summary by Sections Financing Situation - From 2010 to 2024, U.S. nuclear fusion companies have accumulated $5.63 billion in funding, leading globally, followed by China with $2.49 billion and Canada with $321 million [3]. Investment Recommendations - The report suggests continuous monitoring of the nuclear fusion industry, particularly focusing on companies involved in vacuum chambers, high-power electronic tubes, superconducting materials, and capacitors, including Guoguang Electric, Hexagon Intelligent, and Yongding Co., among others [3].

Core Viewpoint - Google's signing of the largest fusion power purchase agreement with Commonwealth Fusion Systems (CFS) marks a significant step towards the commercialization of nuclear fusion, indicating growing market recognition of the fusion industry [1][3]. Group 1: Agreement Details - On June 30, 2023, CFS announced that Alphabet, Google's parent company, will purchase 200MW of power from its fusion project in Chesterfield County, Virginia [1]. - The ARC project aims to build the world's first commercial fusion power plant, expected to be operational in the early 2030s, with a lifespan of 20 years or more, generating 400MW of fusion power sufficient to supply 150,000 households [1]. Group 2: CFS's Development Plans - CFS, established in 2018, has raised over $2 billion and is one of North America's largest nuclear fusion commercialization companies [2]. - In addition to the ARC project, CFS is developing the SPARC project, which aims to achieve net energy gain (Q>1) and provide critical knowledge for the ARC project [2]. - SPARC is designed with a plasma major radius of 1.85m, a minor radius of 0.57m, a plasma current of 8.7MA, and a maximum auxiliary heating power of 25MW, with a magnetic field strength of 12.2T [2]. Group 3: Market Recognition - Prior to Google's agreement, Microsoft had already committed to purchasing fusion power, with Helion Energy promising to deliver at least 50MW by 2029 [3]. - The increasing maturity of upstream equipment in the fusion industry and the acceleration of commercialization are evident, as major tech companies like Google and Microsoft sign power purchase agreements, indicating widespread market acceptance of fusion energy [3].

Core Insights - The article emphasizes the mission of scientists and technology workers to advance science and technology in alignment with the "four orientations": global technological frontiers, economic main battlefields, national major needs, and people's health [1][4] Group 1: Technological Advancements - Recent technological progress showcases the commitment of scientists to the "four orientations," with significant achievements in space exploration and quantum technology [2] - The successful zero-height escape flight test of the "Dream Boat" manned spacecraft marks a new milestone in spacecraft development [2] - The first superconducting quantum computing measurement and control system designed for a thousand-bit scale has been delivered to multiple research and industry units, providing over 5000 bits of measurement and control services [2] Group 2: Innovations in Chemical and Energy Sectors - Researchers have developed a new catalyst that directly synthesizes para-xylene from carbon dioxide and hydrogen, expanding new pathways for carbon utilization [2] - A student team from Dalian University of Technology has overcome key technical bottlenecks in perovskite solar cells, creating a new type of battery with high efficiency and stability, suitable for energy supply in near-space vehicles [2] Group 3: Focus on Health and Social Development - The Comprehensive Research Facility for Fusion Technology (CRAFT) has made significant progress, with its low-noise current drive system passing expert testing and acceptance [3] - The first major technological equipment project in the energy sector, a 300 MW variable-speed pumped storage motor's full-size AC collector system, has successfully completed verification tests, filling a gap in domestic manufacturing [3] - Scientific research increasingly targets major public health issues, with breakthroughs in anti-aging stem cell therapy and brain-machine interface technology aiding in the recovery of motor functions in patients [3]