Group 1 - The controllable nuclear fusion industry is entering a capital expenditure expansion phase, with high-value segments characterized by significant technical barriers, benefiting core companies in the supply chain as project bidding progresses [1] - The strategic value of fusion energy is highlighted by AI-driven restructuring of electricity consumption, with significant acceleration in industry financing; global fusion industry financing reached $9.7 billion by July 2025, with 76% of surveyed fusion companies expecting to achieve grid connection by 2035 [1][2] - Domestic nuclear fusion projects are diversifying, with significant investments exceeding 150 billion yuan; the industry is expected to enter the engineering experimental reactor construction phase around 2027, further expanding the scale and investment in fusion devices [2] Group 2 - High-value segments such as magnet systems, vacuum chambers, and power systems are expected to benefit significantly from accelerated capital expenditure; these components account for 28%, 25%, and 15% of costs respectively in the ITER project [3] - The magnet system is crucial for magnetic confinement fusion devices, with superconducting materials expected to see widespread use; the vacuum chamber serves as the primary safety barrier for Tokamak devices, presenting design and manufacturing challenges [3]

Group 1: High-end Manufacturing - The controllable nuclear fusion industry is entering a capital expenditure expansion phase, with high-value segments characterized by significant technological barriers [1] - Companies directly involved in project construction and those in high-value, high-tech supply segments are recommended, including Hezhong Intelligent, Yingliu Co., Ice Wheel Environment, Wangzi New Materials, and Parker New Materials [1] - Additional companies to watch include Lianchuang Optoelectronics, Yongding Co., Sichuang Electronics, Xuguang Electronics, Guoguang Electric, and Antai Technology [1] Group 2: Automotive - Tesla's Q3 2025 revenue recovery aligns with expectations, but Non-GAAP performance fell short, leading to a downward revision of 2025/2026 Non-GAAP net profit estimates to $6 billion and $8.7 billion respectively [2] - Anticipation of humanoid robots ramping up production from 2026 supports an upward revision of 2027 Non-GAAP net profit to $12.1 billion [2] - Tesla's leading AI technology iteration and commercialization capabilities are viewed positively, maintaining an "Overweight" rating [2] Group 3: Electronics - In Q3 2025, Yingzi Network reported a net profit of 120 million yuan, a year-on-year increase of 28.73%, with a gross margin of 43.71%, up 1.7 percentage points [3] - The company is enhancing its competitive edge in smart home solutions with the launch of the Yingzi Blue Ocean Model 2.0 [3] - The current market valuation corresponds to PE ratios of 41x, 35x, and 29x for 2025-2027, maintaining an "Overweight" rating [3] Group 4: Computer - iFLYTEK's revenue for the first three quarters of 2025 reached 16.99 billion yuan, a year-on-year increase of 14.4%, while net profit narrowed to a loss of 66.675 million yuan, improving by 80.6% [4] - The company’s Q3 2025 net profit was 172 million yuan, a year-on-year growth of 202.4%, indicating significant improvement in financial quality [4] - Revenue forecasts for 2025-2027 are maintained at 27.1 billion, 31.7 billion, and 37.3 billion yuan, with net profit estimates of 790 million, 1.032 billion, and 1.335 billion yuan respectively, sustaining an "Overweight" rating [4] Group 5: Textile and Apparel - Tabo's revenue and net profit for the first half of the 2026 fiscal year decreased by 5.8% and 9.7% year-on-year, respectively, with a dividend payout ratio of 102.2% [6] - The main brand and retail business revenues fell by 4.8% and 3.0%, with a net reduction of 332 stores [6] - Profit forecasts for 2026-2028 have been slightly lowered, with EPS estimates of 0.20, 0.22, and 0.24 yuan, and PE ratios of 15, 14, and 12 times, maintaining an "Overweight" rating [6] Group 6: Education Services - Action Education achieved Q3 2025 revenue of 220 million yuan, a year-on-year increase of 27.9%, and a net profit of 80 million yuan, up 42.8% [7] - The significant recovery in enrollment rates has driven high growth in Q3 performance, with order backlog ensuring future growth [7] - Profit forecasts for 2025-2027 are maintained at 294 million, 334 million, and 371 million yuan, with corresponding PE ratios of 16x, 14x, and 13x, sustaining an "Overweight" rating [7]

以下文章来源于科创日报 ，作者张洋洋 科创日报 . 科创圈都在关注的主流媒体，上海报业集团主管主办，《科创板日报》出品。 上海交通大学徐汇校区浩然高科技大厦一楼，主会场大型阶梯教室座无虚席，不少听众站着听；隔壁同步直播的小会议室也坐满了人，3楼 还开着一个分会场同步直播；在东昇聚变项目相关人员上台演讲之前，一个投资人赶着这个空档，托人快速与他建联对接，试图抢到投资份 额。 《科创板日报》记者获悉，复旦大学孵化的东昇聚变公司，后者已是核聚变领域的新锐力量。 ——这是发生在2025可控核聚变未来产业大会主会场的一幕。 如此高的热度，折射出一个事实：可控核聚变这一被称作"终极能源"的领域，如今正从科研走向产业现实。 随着技术突破、资本涌入与地方布局的合力，中国的可控核聚变赛道正在迎来拐点，而上海正成为其中最具集聚效应的城市之一。 10年商业化临近 核聚变被称为"人类终极能源"，但长期被认为"永远在50年后"。关于核聚变的商业化，成为市场最关心的话题。 "我认为核聚变的大规模商业化，可能在25年内实现，小规模商业应用，10年就能实现。"在接受《科创板日报》记者采访时，上海交通大 学李政道研究所副所长和讲席教授、 中国 ...

Group 1 - The article highlights significant announcements in the stock market, including "suspension and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - A company has won a bid for a fusion energy experimental device project, with products already applied in UBTECH humanoid robots and samples sent for testing to Zhiyuan humanoid robots [1] - Another company focuses on storage chips, Huawei HiSilicon, and third-generation semiconductors, indicating its main products are applicable in storage chip technology [1] - A company in the deep-sea economy and wind power sector reported a net profit growth of over 1900% year-on-year in the first three quarters [1]

明日主题前瞻 1、机器人 | 据经济观察报报道，近日，中国科学院理化研究所最新研发的3D微纳机器人，让纳米医生钻进身体里治病的梦想成为可能。这款机器人其实是 一双灵活的"机械手"，它能完成抓取细胞、释放颗粒等精密任务。其大小只有40微米左右，比一根头发丝还要细。 点评：分析认为，"纳米医生"已经让我们看到了医疗科技的新可能——未来，不用手术就能精准抓癌细胞，不用挨针就能定向送药。曾经"吞下纳米医生治 病"的梦想，正被中国科学家一步步变成现实！微创外科手术需求不断增加及慢性病患病率上升，驱动纳米机器人在医疗领域使用规模持续扩大。权威预 计，中国医用纳米机器人市场规模从2020年的45亿元增至2025年的149.4亿元，预计2030年突破800亿元，CAGR超25%。 2、可控核聚变 | 据中国科技网报道，河南中科清能科技有限公司研发制造的氦制冷机近日一次启机成功。截至10月20日，该装备已安全稳定运行超过120小 时，实际运行的制冷量达到3kW（千瓦），满足设计指标。该设备采用多用户端工况模式、快速变工况控制等先进技术，实现了高效稳定运行，填补了我国 在核聚变领域超低温制冷装备的空白。该装备是目前我国核聚变领域 ...

Investment Rating - The report rates the mechanical equipment industry as "stronger than the market" [1]. Core Views - The mechanical equipment sector underperformed the CSI 300 index, with a decline of 5.84% compared to the index's drop of 2.22% during the week of October 13-17, 2025 [9][10]. - The overall PE-TTM valuation for the mechanical equipment sector decreased by 5.73%, with the robotics sub-sector experiencing the largest decline of 9.81% [17][16]. - Key investment opportunities are identified in platform-type semiconductor equipment manufacturers and leading robot manufacturers, which are expected to benefit from the trend of independent control and cost reduction [3]. Summary by Sections Industry Performance - The mechanical equipment sector ranked 27th out of 31 in the Shenwan industry classification during the week, with engineering machinery being the best-performing sub-sector, down only 2.14% [9][10]. - The PE-TTM for the mechanical equipment sector is currently at 36.0x, with the robotics sub-sector having the highest valuation at 177.6x [16][17]. Investment Recommendations - Focus on platform-type semiconductor equipment manufacturers such as North Huachuang, Zhongwei Company, and Tuo Jing Technology, which are expected to gain from the independent control trend [3]. - Attention is also recommended for leading robot manufacturers and their core component suppliers, such as Dechang Electric and Zhongdali De [3]. Industry Updates - The humanoid robot sector is seeing advancements in autonomy and operational capabilities, with companies like UBTECH winning significant contracts for intelligent data collection projects [4][8]. - The controlled nuclear fusion industry is experiencing growth, with over 40 countries advancing fusion plans and significant private investments exceeding $10 billion [4].

努曼陀罗商业战略咨询创始人霍虹屹在接受《证券日报》记者采访时表示，中国的聚变产业已经从"科 研领先"进入"工程落地"的加速发展阶段，其中两个信号尤其关键，第一是全球首个国际原子能机构聚 变能研究与培训协作中心正式在成都揭牌，连同IAEA在成都发布《世界聚变展望》，把人才、规则与 国际协作的"入口"放在了中国，这意味着我国在未来标准共建与项目组织上的话语权正在上升；第二是 国内工程装置的节奏显著提速。从产业发展来看，"战略刚需、工程进展、供应链优势"三重利好因素将 持续助力我国可控核聚变产业持续向好。 在A股市场上，西部超导材料科技股份有限公司、江苏永鼎股份有限公司、江西联创光电科技股份有限 公司等多家上市公司已参与到可控核聚变产业链的相关环节，可控核聚变产业的商业化前景及其为相关 企业带来的发展机遇，受到市场多方关注和期待。 近日，全球首个国际原子能机构（IAEA）聚变能研究与培训协作中心落地四川省成都市，标志着中国 在聚变能源领域的国际地位与影响力显著跃升。国家原子能机构相关负责人表示，中国高度重视聚变能 发展，已建成多个大科学装置，正积极推进产学研深度融合与国际合作。 2025年以来，我国可控核聚变产业的 ...

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index falling by 1.95% to 3839 points, the Shenzhen Component Index down by 3.04%, and the ChiNext Index decreasing by 3.36% [1][2] - The total market turnover reached 1.95 trillion yuan, an increase of 57 billion yuan compared to the previous trading day, with nearly 4800 stocks declining [1] Index Performance - Shanghai Composite Index: 3839.31, down 76.92 points (-1.96%) [2] - Shenzhen Component Index: 12688.99, down 397.42 points (-3.04%) [2] - ChiNext Index: 1363.81, down 52.76 points (-3.72%) [2] - Kweichow Moutai Index: 4513.69, down 104.73 points (-2.27%) [2] - CSI 500 Index: 7017.42, down 214.12 points (-2.96%) [2] Sector Performance - The power equipment sector saw significant declines, with Zhongheng Electric (002364) hitting the daily limit down [3] - The MLCC sector also weakened, with Hongyuan Electronics (603267) dropping over 8% [3] - Superconducting concepts weakened, with Jingda Co. (600577) nearing the daily limit down [3] - High-pressure fast charging and wireless charging sectors showed poor performance, with Igor (002922) hitting the daily limit down [3] - The precious metals sector was active as international gold prices reached new highs, with Hunan Silver leading the gains [3] - Gas stocks rose, with Guo Xin Energy hitting the daily limit up [3] - A few sectors, including aviation and childcare services, recorded increases [3]

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index falling by 1.95% to 3839 points, the Shenzhen Component down by 3.04%, and the ChiNext Index decreasing by 3.36% [1] - The total market turnover reached 1.95 trillion yuan, an increase of 57 billion yuan compared to the previous trading day, with nearly 4800 stocks declining [1] Sector Performance - The power equipment sector experienced a significant drop, with Zhongheng Electric hitting the daily limit down [1] - The MLCC sector also fell, with Hongyuan Electronics dropping over 8% [1] - Superconducting concepts weakened, with Jingda Co. nearing the daily limit down [1] - High-pressure fast charging and wireless charging sectors showed weak performance, with Igor hitting the daily limit down [1] - The controllable nuclear fusion sector declined, with Yingliu Co. hitting the daily limit down [1] - Other sectors with notable declines included wheel hub motors, photovoltaic equipment, liquid cooling concepts, and AI smartphones [1] Contrasting Performance - In contrast, the international gold price reached a new high, leading to a rise in the precious metals sector, with Hunan Silver leading the gains [1] - Gas stocks saw an increase, with Guo New Energy hitting the daily limit up [1] - A few sectors, including aviation airports and childcare services, recorded gains [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Domestic economic situation shows a split between strong expectations and weak reality, with increased economic pressure in August and recent frequent mentions of growth - stabilizing policies, new policy - based financial tools worth 500 billion yuan, and attention to policy expectations and the correction of the off - season - like peak season expectations. China's September economic data such as exports, imports, new social financing, and CPI showed positive trends [1]. - Sino - US tariff frictions have intensified, and there is a need to be vigilant about the risk impact of tariff escalation on the market before the South Korea APEC Summit from October 28th to November 1st [2]. - Attention should be paid to the duration of the US government shutdown, and there are differences within the Federal Reserve regarding the pace of interest rate cuts [3]. - In the commodity market, focus on gold, non - ferrous metals and other sectors, and consider multi - allocating industrial products and precious metals at low prices [4][5]. Summary by Related Catalogs Market Analysis - China's economic data in August showed characteristics of "slow industry, weak investment, and dull consumption", and external tariff pressure increased. In September, exports and imports exceeded expectations, new social financing and new RMB loans increased, and the decline in CPI and PPI narrowed [1]. - On October 16th, the A - share market fluctuated, with the coal sector rising, the shipping and port sector pulling up, and the storage chip concept remaining active [1][6]. Tariff Friction - Sino - US tariff frictions have escalated, with the US adding tariffs on Chinese products and listing Chinese companies on the entity list, and China taking counter - measures such as export controls on rare earths and charging special port fees for US ships [2]. US Government Shutdown - The US Republican temporary appropriation bill failed to advance in the Senate, and the US judge temporarily blocked the Trump administration from laying off employees during the "shutdown". Multiple US economic data releases were delayed, and there are differences within the Federal Reserve regarding interest rate cuts [3]. Commodity Market - In the commodity market, focus on gold, non - ferrous metals and other sectors. The black sector is dragged down by downstream demand expectations, the non - ferrous sector is boosted by global easing expectations, the energy supply is considered to be moderately loose in the medium - term, and the "anti - involution" space of some chemical products is worthy of attention. Agricultural products are driven by tariff and inflation expectations, and gold is expected to continue to strengthen [4]. Strategy - For commodities and stock index futures, multi - allocate industrial products and precious metals at low prices [5]. A - Share Market - On October 16th, the A - share market fluctuated, with more stocks falling than rising, and sectors such as coal, shipping and ports, and storage chips performing actively, while some concept stocks such as lithography machines and controllable nuclear fusion adjusted [6].