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].

Core Insights - China's self-developed nuclear fusion device (BEST) has achieved a significant milestone with the successful installation of its first key component, marking a new phase in its construction, with plans for completion by the end of 2027 and potential commercialization by 2030 [1] - The nuclear fusion index reached a historical high, with a cumulative increase of 116.67% since last year's "9·24" market surge, and an 81.61% rise this year [1] - Fund managers believe controlled nuclear fusion could become the ultimate form of energy for humanity, with a market potential reaching trillions of yuan [1][2] Industry Developments - Rapid advancements in high-temperature superconducting materials and artificial intelligence are accelerating the realization of controlled nuclear fusion, positioning it as a new battleground for major powers [2] - Controlled nuclear fusion is seen as a key pathway to achieving clean, safe, and nearly limitless energy, offering advantages over traditional nuclear fission, including higher energy density and reduced radioactive waste [2][3] - The global nuclear fusion market is projected to exceed $40 trillion by 2050, with the number of fusion companies increasing from 33 in 2022 to 45 in 2024, attracting $7.1 billion in investments [4] Investment Landscape - China has invested approximately 145.5 billion yuan in major nuclear fusion projects, with expected annual capital expenditures nearing 10 billion yuan over the next 3-5 years [5] - The commercial viability of nuclear fusion power plants is crucial, as high initial development costs must be significantly reduced to scale up fusion energy [6] - Public funds focusing on nuclear fusion themes have seen significant gains, indicating a growing interest in this sector, with potential for substantial market growth as commercialization progresses [7] Key Investment Opportunities - The most valuable segments of the controlled nuclear fusion supply chain include materials such as magnets and first-wall components, with significant investment opportunities in upstream suppliers [8] - Investors are advised to track national-level experimental projects in Hefei and Chengdu, as well as private sector investments in linear fusion devices, to identify growth potential in the industry [7][8]

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. ...

Investment Rating - The SW Machinery Equipment Index has shown a year-to-date increase of 36.94%, ranking 5th among 31 primary industry classifications, while the CSI 300 Index has increased by 17.33% [3][18]. Core Insights - The BEST project in nuclear fusion is progressing with significant bidding opportunities, including a recent tender exceeding 190 million yuan for key components [7]. - The Figure03 robot, launched by FigureAI, represents a significant advancement in general-purpose robotics, with production capabilities expected to reach 100,000 units over the next four years [7]. - The global demand for construction machinery is anticipated to rise, supported by domestic equipment renewal cycles and international market recovery, particularly in Southeast Asia and the Middle East [7]. - The engineering machinery sector is entering a new upward cycle, with excavator sales showing a year-on-year increase of 12.8% in August 2025 [36]. Summary by Sections Market Review - The SW Machinery Equipment Index decreased by 0.26% over the last week, ranking 19th among 31 primary industry classifications [3][16]. Key Data Tracking General Machinery - The general machinery sector remains under pressure, with the manufacturing PMI at 49.8% for September, indicating a contraction [25]. Engineering Machinery - The engineering machinery sector is experiencing accelerated growth, with excavator sales reaching 16,523 units in August, a 12.8% increase year-on-year [36]. Railway Equipment - The railway equipment sector is showing steady growth, with fixed asset investment maintaining a growth rate of around 6% [44]. Shipbuilding - The shipbuilding sector is experiencing a slowdown, with the global new ship price index showing signs of stabilization [47]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with an increase in global drilling rig numbers and expected growth in oil and gas extraction demand [49]. Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability due to declining raw material prices, leading to increased demand [53]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 35.6% year-on-year increase in new gas turbine orders in the first half of 2025 [55].

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]

Market Overview - On October 10, the A-share market closed with a total of 72 stocks hitting the daily limit, with 58 stocks after excluding 14 ST stocks, and an overall limit-up rate of 72% [1]. Limit-Up Stocks - The highest limit-up order volume was from Jinyu Group with 292,500 hands, followed by Yaowang Technology, Guangdong Mingzhu, and Hezhuan Intelligent with 292,200 hands, 258,900 hands, and 255,900 hands respectively [3]. Notable Stocks - Hezhuan Intelligent had a limit-up order amount exceeding 600 million yuan, focusing on controllable nuclear fusion technology, which is currently in the engineering feasibility verification stage [4]. - Other notable stocks with significant limit-up order amounts include Kaimeite Gas (352 million yuan) and Great Wall Motor (223 million yuan) [4]. Nuclear Fusion Sector - Multiple stocks related to nuclear fusion hit the limit, including China Nuclear Construction, Antai Technology, and Wujin Stainless Steel [6]. - China Nuclear Construction plays a crucial role in international nuclear fusion projects, enhancing its influence in the field [6]. - Antai Technology is the first company in China capable of producing tungsten-copper filters for nuclear fusion, showcasing significant technological advantages [7]. - Wujin Stainless Steel is a certified manufacturer of civil nuclear pressure pipelines, with products widely used in nuclear power processes [8]. Real Estate Sector - Stocks such as Jintou City Development, Shenzhen Zhenye A, and Hefei Urban Construction also reached their limits [9]. - Jintou City Development focuses on real estate development and sales, forming a closed-loop model covering the entire value chain of residential properties [9]. - Shenzhen Zhenye A has engaged in several preliminary service contracts in urban village projects [10]. - Hefei Urban Construction acquired land parcels through competitive bidding [11]. Non-Ferrous Metals Sector - Stocks like Pengxin Resources, Antai Technology, and Baiyin Nonferrous Metals saw limit-up [12]. - Pengxin Resources is advancing production capacity expansion at its core asset, the South African Aoni Gold Mine [12]. - Baiyin Nonferrous Metals is experiencing stable operations at its Brazilian copper mine project, with projected copper production of 5,229 tons and gold production of 65 kilograms in mid-2025 [13]. Institutional Activity - Institutions net bought over 300 million yuan in Deep Technology, with Antai Technology and New Lai Materials being the top net purchases [15][16]. - Deep Technology saw significant net selling from retail investors, indicating mixed market sentiment [17].

Market Overview - A total of 72 stocks reached the daily limit up in the A-share market, with 58 stocks after excluding 14 ST stocks, resulting in a sealing rate of 72% [1] Top Performers - The highest sealing order volume was from Jinyu Group with 292,500 hands, followed by Yaowang Technology, Guangdong Mingzhu, and Hezhuan Intelligent with sealing order volumes of 292,200 hands, 258,900 hands, and 255,900 hands respectively [2] Continuous Limit Up Stocks - ST Dongyi achieved 4 consecutive limit ups, while ST Guohua had 3 consecutive limit ups. Additionally, 14 stocks including Baiyin Youse, Haiou Zhugong, and China Nuclear Construction had 2 consecutive limit ups [3] Significant Sealing Funds - 12 stocks had sealing funds exceeding 100 million yuan, with Hezhuan Intelligent, Kaimete Gas, and Great Wall Military Industry leading at 609 million yuan, 352 million yuan, and 223 million yuan respectively. Hezhuan Intelligent is involved in the controllable nuclear fusion industry, which is currently in the engineering feasibility verification stage [4] Nuclear Fusion Sector - Stocks related to nuclear fusion that reached the limit up include China Nuclear Construction, Antai Technology, and Wujin Stainless Steel. China Nuclear Construction plays a crucial role in international nuclear fusion projects, enhancing its influence in the field [5][6] - Antai Technology is the first domestic company capable of producing tungsten-copper filters for nuclear fusion, possessing comprehensive technology from raw materials to component delivery [5] Real Estate Sector - Real estate stocks that reached the limit up include Jintou City Development, Shenzhen Zhenye A, and Hefei Urban Construction. Jintou City Development focuses on real estate development and sales, forming a closed-loop model covering the entire value chain of residential properties [7][8][9] Non-Ferrous Metals Sector - Stocks in the non-ferrous metals sector that reached the limit up include Pengxin Resources, Antai Technology, and Baiyin Youse. Pengxin Resources is advancing production capacity expansion at its core asset, the South African Onikin Mine [10] - Baiyin Youse's Brazilian copper-gold mine project is operating steadily, with projected copper production of 5,229 tons and gold production of 65 kilograms between April and June 2025 [12] Institutional Buying - Institutions net bought over 300 million yuan in Deep Technology, with Antai Technology, New Lai Materials, and Blue Dai Technology being the top three net buying stocks [13][14] - Specific institutional net buying amounts include 341 million yuan for Deep Technology, 60.7 million yuan for Dawi Shares, and 42.4 million yuan for Chuling Information [15]

Group 1 - The A-share market experienced a strong opening in October, with all three major indices rising, and the Shanghai Composite Index surpassing 3900 points for the first time in over ten years [4][2] - The gold and precious metals sector saw significant gains, with multiple gold-related ETFs rising over 10%, contributing to a total ETF trading volume of 581.19 billion yuan, an increase of nearly 30 billion yuan compared to September 30 [1][4] - The overall market saw over 3100 stocks increase in value, with a trading volume of 2.67 trillion yuan, marking the 36th consecutive trading day with volumes exceeding 2 trillion yuan [2][4] Group 2 - The securities industry is expected to continue its high growth in Q3, with institutions optimistic about the sector's performance due to low valuation and high year-on-year growth characteristics [3] - The nuclear fusion sector experienced a significant rise, with related indices increasing by 7.82% and 6.17%, as multiple companies push for commercialization of nuclear fusion [5] - The ETF market reached a historical high with a total scale of 5.63 trillion yuan by the end of Q3, driven by policy support and increased investor demand [12] Group 3 - The commodity market is experiencing a K-shaped differentiation, with strategic metals like gold and copper prices rising, while agricultural products are declining [10] - The energy storage industry is facing a surge in demand, with orders extending into next year, driven by technological advancements and market needs [11] - The titanium dioxide industry is entering an adjustment phase, with prices remaining low and companies facing operational pressures, prompting consolidation efforts within the sector [13]

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]