随着基金二季报陆续披露，多只基金产品规模呈现爆发式增长，部分"迷你基"上演惊人逆转。其中，长 城医药产业精选混合基金规模从一季度末的0.36亿元猛增至二季度末的11.32亿元，增幅超30倍，成为当 季耀眼黑马之一。 面对二季度震荡行情，主动权益基金经理普遍选择提升进攻性。长城医药产业精选混合权益仓位从 72.48%升至75.89%，重点加码创新药板块，三生制药、石药集团新晋前十大重仓股。同泰远见混合权 益仓位从78.65%提升至85.74%，前十大重仓股均为北交所上市公司。 重仓股"大换血"成为多家基金公司的共同选择。永赢基金旗下产品操作尤为激进：永赢科技智选的前十 大重仓股全部换新，持仓名单包括新易盛、中际旭创、天孚通信、胜宏科技、源杰科技、长芯博创、沪 电股份、工业富联、太辰光、深南电路。 永赢医药健康同样大幅调整持仓，最新前十大重仓股分别为舒泰神、热景生物、益方生物、泰恩康、奥 赛康、康辰药业、荣昌生物、神州细胞、迪哲医药、汇宇制药。舒泰神、热景生物、益方生物等创新药 企跻身前十。 值得注意的是，中欧数字经济混合前十大重仓股更换显著，新易盛再度被重点配置——该股曾在2024年 第三季度成为其第一大重仓股 ...

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].

Core Viewpoint - The article discusses the significance of the "Future Science Prize" in promoting groundbreaking scientific research in China, highlighting its role in encouraging young scientists and recognizing impactful contributions in various fields [1][10]. Group 1: Future Science Prize - The "Future Science Prize," often referred to as the "Nobel Prize of China," awards up to $1 million for significant scientific achievements in life sciences, material sciences, and mathematics and computer sciences [1]. - Since its inception, 39 scientists have received the Future Science Prize, emphasizing its growing importance in the scientific community [1]. Group 2: Biomedical Research - The integration of basic, applied, and clinical research in biomedicine is advancing, with potential therapies emerging that could revolutionize disease treatment, such as gene editing for heart disease and cancer [2]. - The scarcity of physician-scientists globally is a challenge that needs to be addressed to bridge the gap between basic research and clinical application [2]. Group 3: Energy Solutions - Controlled nuclear fusion is presented as a clean and safe solution to the current energy crisis, with advancements in laser-driven inertial confinement fusion being a key focus [3]. - The Double-cone ignition scheme (DCI) proposed by Chinese researchers aims to improve the efficiency of energy conversion in fusion processes, potentially leading to higher energy gains with lower laser energy [3]. Group 4: Room Temperature Superconductivity - Achieving room temperature superconductivity could significantly impact energy breakthroughs and support advancements in various fields, including artificial intelligence and quantum computing [4]. - The development of core materials is crucial for progress in AI, quantum computing, and energy sectors, with room temperature superconductors being a transformative material for the next two decades [4]. Group 5: Artificial Intelligence in Science - AI is influencing scientific research across various domains, with potential breakthroughs in aging mechanisms and brain health prediction through AI-driven gene analysis [6]. - The combination of AI and quantum computing is seen as a future direction for scientific development, with the potential to create new algorithms and systems [7]. Group 6: Support for Scientists - There is a growing trend in China to establish private scientific awards to encourage original research, with significant funding initiatives like Tencent's "New Cornerstone Researcher Project" providing substantial financial support to scientists [10]. - The emphasis is on supporting scientists who are ambitious, innovative, and willing to explore uncharted territories in their research [11].

Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall strategy emphasizes the evolution of the supply side in the new energy sector, focusing on innovation and avoiding "involution" in the market [3][5]. - The new energy vehicle supply chain is entering a new cycle, with companies like CATL benefiting from collaborations with tech giants like Xiaomi and Huawei [3][21]. - The lithium battery sector is expected to see a positive outlook, with production forecasted to exceed 130 GWh in July, marking a nearly 40% year-on-year increase [4][35]. - The photovoltaic industry is facing challenges due to overcapacity and competition, but recent government measures aim to optimize supply and stabilize the market [5][25]. Summary by Sections New Energy Vehicle Supply Chain - The downstream landscape is evolving, with companies like CATL collaborating with automakers to enhance production efficiency and shorten delivery times [3][27]. - The launch of Xiaomi's YU7 has exceeded expectations, indicating a shift in consumer behavior towards valuing emotional and intelligent experiences in vehicles [21][22]. Lithium Battery Sector - The lithium battery production is projected to grow, with significant investments in high-end products and solid-state technologies [4][35]. - Companies like Fulin Precision and Enjie are expanding their production capabilities, focusing on high-performance lithium iron phosphate and solid-state battery materials [4][31]. Photovoltaic Industry - The photovoltaic sector is expected to confirm a mid-term bottom as supply-side optimization measures are implemented [5][25]. - Major glass manufacturers in the photovoltaic industry plan to reduce production by 30% starting in July to address overcapacity issues [5][25]. Offshore Market Opportunities - Leading companies like EVE Energy are investing in overseas projects, such as a new energy storage project in Malaysia worth up to 8.654 billion yuan [4][22]. - The establishment of independent pricing systems and production capacities in overseas markets is seen as a strategy to enhance profitability [4][22]. AI and New Energy Integration - The integration of AI with new energy sectors is highlighted, with companies exploring innovative applications and market breakthroughs [8][21]. - The report notes the acceleration of controlled nuclear fusion technology, with companies like CFS partnering with Google for future energy supply [8][34].

Core Viewpoint - The A-share market experienced fluctuations with mixed performance across major indices, driven by strong performance in the shipbuilding sector and cross-border payment stocks, while the power and rare earth sectors saw gains in the afternoon session [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21% respectively, with a total trading volume of approximately 1.23 trillion yuan and 3,255 stocks closing in the green [1] - The strong performance of the 2025 interim report pre-announcement sector indicates growth momentum in new economic fields, with expectations for the market's mid-term fluctuation center to continue rising [1] Group 2: Individual Stock Highlights - Power stocks saw significant gains, with Huaguang Huaneng (600475) hitting the daily limit for the third consecutive day, and leading controllable nuclear fusion stock Rongfa Nuclear Power also reaching the daily limit [2][4] - The cross-border payment concept stock Jingbeifang achieved two consecutive daily limits, while Qingdao Jinwang and Xinyada also hit the daily limit [2] Group 3: Investment Strategies - According to a report by China International Capital Corporation, three investment themes are highlighted: sectors benefiting from consumption upgrades, high-growth opportunities with low correlation to economic cycles, and industries that have achieved supply-side clearing in a recovering economy [2] - The report emphasizes the importance of focusing on sectors such as AI, white goods, engineering machinery, and industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, and rail transit equipment [2] Group 4: Power Sector Insights - The power sector saw a collective surge, with biomass energy generation, grid equipment, and virtual power plants among the top gainers [4] - The National Energy Administration reported that the maximum national power load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June, marking a historical high [7] - China Galaxy Securities' mid-term strategy report for the power industry suggests focusing on investment opportunities in the power sector, driven by declining coal prices, attractive dividend yields for hydropower stocks, and clear revenue expectations for nuclear power [7]

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase in stock prices relative to the CSI 300 index by over 15% [5][11]. Core Insights - On June 30, 2025, Commonwealth Fusion Systems (CFS) reached a power purchase agreement with Google for 200MW of fusion energy, marking a significant step in Google's energy strategy and accelerating the commercialization of nuclear fusion [3][5]. - The partnership is expected to drive the development of the controllable nuclear fusion industry, with CFS planning to construct its first commercial fusion power plant, ARC, by 2030, which will have a capacity of approximately 400MW [5]. - The report highlights the increasing demand for clean energy solutions driven by the surge in energy consumption from AI technologies, positioning nuclear fusion as a key solution for sustainable energy needs [5]. Summary by Sections Investment Highlights - The report emphasizes the importance of focusing on specific segments such as high-temperature superconducting magnets, power supplies, and detection systems [5]. - Beneficiary stocks include: 1. Midstream Equipment: Lianchuang Optoelectronics, Guoguang Electric, Antai Technology, Hezhuan Intelligent, Yingliu Co., Xuguang Electronics, and Wanyi Technology. 2. Upstream Materials: Yongding Co. and Jingda Co. [5]. Market Context - The agreement with Google signals strong market demand for fusion energy, which could accelerate research and capital investment in the sector [5]. - The competitive landscape includes other companies like Helion and TAE Technologies, which are also pursuing fusion commercialization, potentially leading to rapid industry growth [5]. Financial Metrics - The report provides a valuation table for related stocks, indicating their market capitalization and earnings per share (EPS) projections for 2025 and 2026 [6].

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The report highlights the acceleration of commercialized fusion energy, with Google signing a 200MW power purchase agreement with Commonwealth Fusion Systems (CFS), marking the largest fusion energy purchase agreement in history [5][6] - The report notes significant capital inflow into the domestic fusion energy sector, with multiple companies receiving substantial funding, indicating a potential increase in capital expenditures in this field [7] - Domestic fusion energy research has entered the engineering practice phase, with advancements in radiation safety management for fusion devices [8][9] - The application of new materials and technologies, such as high-temperature superconductors and AI, is expected to accelerate breakthroughs in controlled nuclear fusion [9] - Relevant listed companies in the fusion energy sector include Guoguang Electric, Lianchuang Optoelectronics, and others [10]

Market Overview - On July 3, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up 0.18%, the Shenzhen Component Index up 1.17%, and the ChiNext Index up 1.9% [1][2] - The total trading volume for the day was 1.33 trillion yuan, a decrease of 716 billion yuan compared to the previous trading day, with nearly 3,300 stocks rising [1] Sector Performance - The market showed strength in sectors such as Apple concepts, consumer electronics, PCB, and electronic components, with stocks like Industrial Fulian, Founder Technology, and Zhongjing Electronics hitting the daily limit [2] - The innovative drug sector remained active, with stocks like Changchun High-tech hitting the daily limit [2] - AI hardware, solid-state batteries, and satellite navigation sectors also performed well, while the controllable nuclear fusion sector weakened, led by a decline in Wangzi New Materials [2][11] Notable Stocks - In the PCB sector, stocks like Bomin Electronics, Zhongjing Electronics, and Pengding Holdings reached the daily limit [4] - The consumer electronics sector saw a collective surge, with Industrial Fulian, New Asia Electronics, and Chaoyang Technology hitting the daily limit, while stocks like Huajin Technology and Tonglian Precision rose over 8% [5][6] - Innovative drug stocks continued their strong performance, with companies like Guangsheng Tang and Changchun High-tech hitting the daily limit [7] Policy Impact - On July 1, the National Healthcare Security Administration and the National Health Commission jointly issued measures to support the high-quality development of innovative drugs, marking the first time these two government departments have collaborated on drug innovation policies [7] - Citigroup anticipates that the innovative drug and biotechnology sectors will see multiple catalysts by the second half of 2025, including commercial collaborations, accelerated regulatory approvals, and favorable pricing environments [7] Market Outlook - Following the rise at the end of June, the A-share market is at a relatively high level, with the U.S. "reciprocal tariff" negotiations set to conclude on July 9, which may pose a risk to the market [13] - Structural support in liquidity is expected to underpin the market, with potential volatility anticipated [13] - Focus is recommended on sectors with new growth support, such as rare earth permanent magnets, precious metals, and engineering machinery, as well as potential valuation recovery opportunities in real estate [14]

Core Viewpoint - The A-share market experienced a strong opening on the first trading day of July, driven by gains in the banking and power sectors, with the Shanghai Composite Index rising by 0.39% to 3457.75 points [1] Banking Sector - The banking sector rebounded after a brief correction, with notable gains from Suzhou Bank (up over 5%), Xiamen Bank (up about 4%), and others, including Construction Bank and Pudong Development Bank reaching new highs [3][5] - The Wind Banking Index has seen a year-to-date increase of nearly 20%, with a cumulative rise of approximately 70% since the end of 2023 [5] - Institutional investors indicate that the recent high-quality development policies for public funds have intensified short-term trading dynamics in bank stocks, suggesting potential volatility but maintaining a positive outlook for absolute return potential [7] Innovative Drug Concept - The innovative drug sector saw significant gains, with stocks like Frontier Bio reaching a 20% limit up and Shuyou Shen increasing by over 15%, marking new historical highs [9][11] - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including increased support for R&D and encouraging commercial health insurance investments [11][12] Controlled Nuclear Fusion Concept - The controlled nuclear fusion sector experienced a strong surge, with stocks like Sichuan Electronics and Xuguang Electronics hitting the limit up, and others like Yongding Co. and Jiusheng Electric rising over 7% [14][16] - Recent agreements, such as Alphabet's purchase of power from a fusion project, highlight the commercial viability of nuclear fusion energy, suggesting a promising future for this sector [16]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The controllable nuclear fusion industry is experiencing accelerated progress, with increasing attention on core equipment suppliers due to recent industrial and financing catalysts [1] - Shanghai Superconductor's IPO application has been accepted, which is expected to accelerate the industrialization process of fusion. The company aims to raise 1.2 billion for the production of second-generation high-temperature superconducting tapes, with an expected annual output of 6,000 kilometers once fully operational [1] - China’s nuclear fusion roadmap indicates significant advancements, with the CFEDR engineering pile expected to be completed in the 2030s and the PFPP prototype power station in the 2050s [2] - Investment suggestions focus on core equipment suppliers benefiting from the ITER project delivery and new experimental pile construction, including companies like Lianchuang Optoelectronics, Guoguang Electric, and Xuguang Electronics [2] Summary by Sections Recent Developments - The controllable nuclear fusion industry is gaining momentum with significant financing activities and industrial advancements [1] - Shanghai Superconductor is one of the few manufacturers capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tapes annually, holding over 80% market share domestically [1] Technological Progress - The current phase is the engineering feasibility verification stage, with a clear path from "fusion reaction" to "engineering" [2] - The CRAFT project is a key technological guarantee for the CFEDR engineering pile, which has achieved 70% overall progress [2] Investment Recommendations - Focus on midstream equipment suppliers and upstream material providers that are expected to benefit from the ongoing developments in the nuclear fusion sector [2]