Group 1 - The 2026 Nuclear Fusion Energy Technology and Industry Conference successfully concluded in Hefei, Anhui, marking a key transition of controllable nuclear fusion from laboratory research to large-scale industrialization [1] - The commercialization of controllable nuclear fusion is accelerating, with significant breakthroughs in domestic projects such as EAST achieving 1 million degrees Celsius for 1066 seconds, and the CRAFT project nearing completion [2] - The industry is expected to enter a capital expenditure expansion cycle from 2025 to 2028, with projected total investments in major domestic projects reaching 146.5 billion yuan [2] Group 2 - The explosive growth of the controllable nuclear fusion industry is creating vast development opportunities for upstream and downstream enterprises, with companies like Western Superconducting and Shanghai Electric leading in their respective fields [3] - Capital participation is providing sustained momentum for the development of the industry chain, with companies like Zhongyou Capital investing heavily in fusion energy projects [4] - The conference is expected to further accelerate resource integration and collaborative innovation within the industry chain, enhancing the growth potential of quality enterprises [4]

Core Insights - Controlled nuclear fusion is transitioning from laboratory research to engineering and commercialization, with expectations to see the first operational fusion energy by around 2030 [1] - The core of fusion commercialization lies in finding a technically feasible and economically viable path [1] - China's fusion sector is characterized by a unique collaboration model involving state-owned enterprises, private companies, and diverse partnerships [1] Group 1: Technological Developments - Advanced tokamak devices like the "East" (EAST) and "China Fusion Engineering Test Reactor" (CFETR) are leading the scientific exploration in fusion technology [2] - The construction of key systems for fusion reactor research facilities aims to support the development and verification of critical fusion technologies [2] - The next-generation "artificial sun" experimental device (BEST) aims to demonstrate power generation by 2030 [2] Group 2: Industry Collaboration - Private enterprises are emerging as key players in exploring diverse technological routes in the fusion sector [2] - Companies like Xinghuan Energy and Xinneng Xuanguang are innovating with spherical tokamaks and AI-powered energy solutions [2] - The collaboration between state-owned and private enterprises enhances the efficiency of technological iterations and accelerates the commercialization process [2] Group 3: Supply Chain and Material Demand - Major scientific advancements are driving demand for superconducting materials, vacuum equipment, and specialized power sources [3] - The successful development of extreme low-temperature heat exchange technology and ultra-high temperature radiation materials indicates significant progress in the supply chain [5] Group 4: Talent Development and Education - The establishment of fusion science and engineering programs in universities aims to cultivate interdisciplinary talent for the fusion industry [5] - Companies are enhancing practical engineering capabilities through major projects and initiatives like the Xiyuan Fusion Innovation Fund to support young researchers [5] Group 5: Financial Support and Investment - The establishment of a fusion financial institution alliance aims to align financial services with industry needs, injecting capital into the fusion sector [8] - A new investment evaluation system tailored to the characteristics of the fusion industry is being developed to support the growth of this sector [8]

Group 1 - Xibei will close 102 stores, accounting for 30% of its total, with the process expected to complete in the first quarter [2] - Xibei's founder, Jia Guolong, confirmed that all affected employees will receive their full wages and customer prepaid cards can be used at other locations or refunded [2] - Xibei has ranked first in revenue for Chinese cuisine for eleven consecutive years, serving 70 million customers annually [2] Group 2 - Chaomag Energy has completed a multi-hundred million RMB angel round financing, led by Dingfeng Kechuang, to develop high-temperature superconducting magnets for controlled nuclear fusion [3] - Yuandong Excellence has secured several million RMB in Series A financing, focusing on key components for semiconductor equipment [4] - Inmo has completed its C1 round financing, raising nearly 500 million RMB in a year, making it a leading player in the AI+AR smart glasses sector [5] Group 3 - Ailios has completed over 100 million RMB in pre-B round financing, aimed at the development and commercialization of self-developed filtration membranes [6] - Baichuan Intelligent plans to initiate an IPO in 2027, with a focus on AI medical applications [7] - Linli, a lemon tea brand, has completed a multi-million A round financing, with plans for brand and supply chain upgrades [7] Group 4 - Liufeng Space Technology has completed an angel+ financing round, raising a significant amount with investments from multiple venture capital firms [8] - Shizai Bio has raised 400 million RMB through B/B+ and C1 rounds, with participation from various investment groups [9] - Dongpeng Beverage has passed the Hong Kong Stock Exchange hearing, being the leading functional beverage company in China [10] Group 5 - Hubei Hongtai Zhanxin Industrial Investment Fund has been established with a total scale of 1 billion RMB, focusing on high-quality development [11] - Panzhihua City and Sichuan Industrial Fund have signed a strategic cooperation agreement to establish a 5 billion RMB vanadium-titanium industry development fund [12] - Anhui's first pet industry fund has been launched with an initial scale of 200 million RMB, focusing on various segments of the pet economy [13] Group 6 - GoerTek plans to establish a 690 million RMB fund, focusing on XR and advanced manufacturing technologies [14]

Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference marked a significant event in the nuclear fusion energy sector, showcasing the industry's growing interest and potential for investment opportunities [1][2] - The conference highlighted a transition of nuclear fusion energy from a scientific concept to a viable energy source, driven by international collaboration and advancements in AI technology [2][6] Group 1: Conference Highlights - The conference attracted over 1,500 professionals from academia, research institutions, and industry, indicating a strong interest in nuclear fusion energy [1][2] - A series of significant achievements were announced, including the "artificial sun" EAST setting a world record of "one billion degrees for a thousand seconds" and the launch of the BEST project [3][6] - The Hefei Future Fusion Energy Venture Capital Fund was established with an initial scale of 1 billion yuan, aimed at supporting key technologies and core aspects of the fusion industry [3][4] Group 2: Industry Developments - Hefei has become a hub for nuclear fusion energy, hosting leading scientific facilities and research platforms, such as EAST and CRAFT [2][3] - The conference saw the formation of a Fusion Finance Institution Alliance, involving 15 financial institutions to guide social capital towards long-term R&D and early engineering projects [5][6] - The conference emphasized the importance of attracting young talent to the fusion sector, with the establishment of the Xiyuan Fund to support youth research projects [5][6] Group 3: Market Opportunities - The conference highlighted a strong demand for collaboration and orders, with over 120 planned procurement projects for 2026, amounting to nearly 10 billion yuan [7][8] - The nuclear fusion sector is projected to see a significant increase in investment, with an estimated 70 billion yuan in new secondary market investments expected in 2025 [7][8] - The total capital expenditure for announced projects in the fusion sector has approached 200 billion yuan, indicating a growing market potential as commercial fusion progresses [7][8]

Group 1 - The A-share market has continued the year-end rally that started in mid-December last year, achieving a 17-day consecutive rise and briefly surpassing the 4100-point mark, indicating a significant recovery in overall market risk appetite [1][7] - The strong upward momentum is primarily supported by two factors: the AI sector and other hot sectors attracting substantial capital, leading to strong profit-making effects, and January typically being the month with the highest credit issuance, with new credit generally reaching around 3 trillion to 4 trillion yuan [1][7] - After continuous upward movement, the market shows signs of short-term overheating, with daily trading volume nearing 4 trillion yuan, a historical high, and margin financing balance exceeding 2.6 trillion yuan, also a record [1][7] Group 2 - Following the 17-day rise, nearly 30 listed companies have issued profit warnings for 2025, contrasting with the usual trend of companies reporting positive forecasts first, indicating potential overheating and high valuations in certain sectors [2][8] - The current market rally is characterized as a structural bull market, with economic fundamentals reflecting the performance of traditional industries like real estate and retail remaining sluggish, while the market surge is concentrated in technology innovation sectors [2][8] - The disparity between market performance and economic fundamentals is largely due to differing perspectives, with traditional industries lagging while emerging sectors receive significant capital inflow, particularly in the context of the ongoing AI technology revolution [3][9] Group 3 - The economic growth rate for 2025 is projected to be around 5%, achieving the initial target, but with significant disparities between emerging and traditional industries [4][10] - As growth stabilization policies take effect, improvements in economic data are expected, potentially leading to opportunities for a rotation in the A-share market, especially in consumer sectors [4][10] - The current 17-day rally has ended and adjustments have begun, emphasizing the importance of value investing and selecting quality industries, companies, or funds based on fundamentals to better capture long-term opportunities in the slow bull market [4][11]

Core Viewpoint - The A-share market is experiencing extreme enthusiasm, prompting regulatory measures to cool down the market, indicating a shift towards a "slow bull" market rather than a "crazy bull" market, emphasizing the need for investors to focus on fundamentals rather than emotions [5][6]. Market Sentiment and Regulatory Response - On January 14, the exchange announced an increase in the minimum margin ratio for financing from 80% to 100%, leading to an immediate market downturn [5]. - The regulatory stance is clear: the market can rise, but it should not be driven solely by emotions, and investors must return to fundamentals [6]. Investment Opportunities and Risks - The focus should be on identifying key sectors that are likely to perform well while avoiding those that may pose risks [7][8]. - The analysis will cover 13 high-interest sectors to provide insights on potential investment opportunities [9]. AI Computing Power - The rise of AI infrastructure is supported by increased investments from cloud vendors, with companies like "易中天" (New Yizhong, Zhongji Xuchuang, Tianfu Communication) showing significant stock price increases [11]. - However, the current high valuations may be unsustainable, and without new positive developments, there is a risk of a bubble burst in this sector [11]. Space Computing Industry - The space computing industry is expected to emerge as a significant market, with technologies deploying data centers in space to address ground-based limitations [13][15]. - China's advancements in space computing are supported by government initiatives, with plans for a comprehensive deployment strategy by 2025 [17][18]. Humanoid Robots - The humanoid robot sector is anticipated to see differentiation by 2026, with industrial applications being the primary focus, while household robots remain underdeveloped [20][22]. - Companies like 优必选 (UBTECH) are ramping up production, with expectations of significant output increases in the coming years [22][23]. Semiconductor Equipment - Domestic wafer fabs are planning expansions to meet AI chip demand and enhance production capacity, which will benefit semiconductor equipment suppliers [25][26]. Controlled Nuclear Fusion - The commercialization of controlled nuclear fusion is accelerating, with multiple technological pathways being explored [28][30]. - China is making significant strides in fusion energy, with projects like EAST and BEST expected to lead to practical applications by 2027 [32][33]. Commercial Aerospace - The commercial aerospace sector is experiencing a surge, driven by fears of missing out on investment opportunities, although there are concerns about the sustainability of this growth [41][42]. - China's satellite deployment is rapidly increasing, positioning the country as a major player in the global space race [44]. Photovoltaics - The photovoltaic sector is expected to reach a turning point in 2026, driven by supply-side adjustments and improved fundamentals [47][51]. - The cancellation of export tax rebates is likely to increase costs for exporters, benefiting larger firms with economies of scale [51][52]. Consumer Sector - The consumer sector is seen as a safe haven during market volatility, with specific focus areas including media, service consumption, and premium goods like liquor [66][70]. - The overall consumer demand is expected to recover gradually, but structural changes may lead to a lack of strong support for broad-based growth [67]. Banking Sector - The banking sector has shown resilience despite fundamental pressures, with attractive dividend yields drawing in long-term investors [72][73]. - However, the sector is unlikely to lead the market due to its lower growth potential compared to technology and growth stocks [74]. Insurance Sector - The insurance sector has outperformed banks, benefiting from stock market recovery and expected growth in both asset and liability sides [76]. - The aging population is likely to increase the importance of insurance companies in key areas like healthcare and retirement [76]. Brokerage Firms - Brokerage firms have seen strong earnings growth but face challenges in maintaining investor interest due to perceived volatility and lack of long-term growth [77].

Core Viewpoint - Controlled nuclear fusion is transitioning from a long-term scientific concept to a critical phase of engineering validation and commercialization, driven by global energy transition and carbon neutrality goals [2]. Group 1: Research Background - Global private investment in controlled nuclear fusion has surpassed $10 billion, with over 40 countries actively engaging in this field [2]. - The International Atomic Energy Agency (IAEA) has indicated that the development of fusion energy has entered a "decisive new stage," becoming a cornerstone of national energy strategies and a key area of global technological competition [2]. - For China, the urgency to focus on controlled nuclear fusion is threefold: ensuring energy security and achieving carbon neutrality, leading a new wave of technological revolution and industrial transformation, and enhancing international technological governance [2]. Group 2: Purpose of the Report - The report aims to systematically outline the latest developments in controlled nuclear fusion globally and in China, analyzing the technological, industrial, and policy ecosystems to provide forward-looking references for decision-makers, industry players, and investors [3]. Group 3: Research Content - The report will focus on defining controlled nuclear fusion and its key technologies, the driving forces and environment for its development, critical points for commercialization breakthroughs, and advanced measures taken by industry institutions and enterprises in technology, policy, construction, business models, and financing [6]. Group 4: Industry Trends and Participation Value - Participating enterprises and institutions will have the opportunity to be included in the "Rising Sun: 2026 China Controlled Nuclear Fusion Development Report," enhancing brand visibility and showcasing industry influence [8]. - The report will be published on official platforms, including the iResearch website and WeChat account, with dissemination through multiple media channels [8]. Group 5: Target Participants - The report seeks contributions from enterprises in the controlled nuclear fusion sector, including upstream core materials and components suppliers, midstream key equipment and system integrators, and downstream operational entities [9]. - Relevant institutions involved in the top-level design and management of fusion projects, as well as local government departments promoting fusion energy installations, are also encouraged to participate [9].

Core Insights - The 2025 fund reports indicate a clear "dual bet" strategy by fund manager Chen Zongchao, focusing on AI applications and controlled nuclear fusion as key investment themes for 2026 [1][9]. Group 1: Same Fund Performance - The fund "Tongtai Digital Economy A" has evolved into an "AI computing power hardware fund," with its top ten holdings accounting for 66.51% of the fund's net asset value by the end of Q4 [2][10]. - Key holdings include Zhongji Xuchuang, Haiguang Information, Xinyi Sheng, and Hanwha, which together represent over 34% of the fund [2][10]. - The fund achieved a return of 3.49% in Q4 2025, reflecting its focused investment strategy [6][16]. Group 2: Investment Strategy - Chen Zongchao has strategically reduced exposure to general tech hardware stocks while increasing stakes in core holdings like Haiguang Information and Xinyi Sheng, reinforcing the focus on domestic AI computing power [3][11]. - New investments in companies like Jereh and XPeng Motors indicate an expansion into AI-enabled high-end manufacturing and smart driving [3][11]. Group 3: Future Outlook - The fund "Tongtai New Energy Preferred" is focused on the ultimate energy solution of controlled nuclear fusion, with a portfolio heavily invested in companies linked to high-temperature superconductors and special metals [5][14]. - Chen Zongchao predicts that advancements in high-temperature superconductors and AI will accelerate the realization of controlled nuclear fusion, potentially surpassing the commercial scale of wind and solar storage industries [6][16]. - The fund's concentrated strategy yielded a remarkable quarterly return of 26.28%, ranking it first among similar products [6][16]. Group 4: Market Sentiment and Risks - Despite acknowledging the high uncertainty and risks in the controlled nuclear fusion sector, Chen Zongchao remains optimistic about the long-term potential of AI computing stocks, which have shown resilience amid market skepticism [8][18]. - The AI computing sector is viewed as entering a new Kondratiev wave, with the main battleground shifting from the West to China [20].

Group 1 - The company, Zhongyou Capital, has confirmed its subsidiary, Kunlun Capital, is actively investing in the commercial aerospace sector, specifically in companies like Hongqing Technology and Aerospace Times Feipeng [2] - Kunlun Capital is implementing a "fund + direct investment" dual-drive strategy, focusing on investments in new energy, new materials, digital intelligence industries, and low-altitude economy [2]

Market Overview - The A-share market experienced a collective pullback on January 13, ending a 17-day winning streak, with the Shanghai Composite Index down by 0.64%, the Shenzhen Component down by 1.37%, and the ChiNext Index down by 1.96% [1][2] - The trading volume in the Shanghai and Shenzhen markets reached a record high of 3.7 trillion yuan [1] Sector Performance - Multiple companies issued risk warnings, leading to significant declines in sectors such as commercial aerospace and satellite internet, with nearly a hundred stocks, including Aerospace Electronics and China Satellite Communications, dropping over 8% [3] - The large aircraft and military sectors also saw declines, with stocks like Zhongtian Rocket and Leike Defense hitting their daily limit down [3] - The controllable nuclear fusion sector faced a downturn, with Wangzi New Materials hitting its daily limit down [3] - The communication equipment sector declined, with Changjiang Communication hitting its daily limit down [3] - Other sectors such as Beidou Navigation, quantum technology, 3D printing, CPO concepts, and F5G concepts experienced significant losses [3] Analyst Insights - Analyst Liu Hangdeng from Haineng Investment noted that after the 17-day rally, the market faced a volume adjustment of 3.65 trillion yuan, with commercial aerospace being the main sector under pressure [4] - The market encountered resistance near the 4180 level, indicating a short-term pullback, with support expected around the 4090 level [4] - The AI application sector, which had a strong performance previously, opened high but closed lower, although its structural trend and fundamental application logic remain strong [4] - The afternoon session saw a rapid surge in the electric power and grid equipment sector, indicating potential short-term opportunities [4] Precious Metals - Gold and silver prices showed volatility, but precious metal stocks led gains in the non-ferrous metal sector, with Mingbai Jewelry hitting the daily limit up and Hunan Silver approaching the daily limit up [4] - As of the report, spot gold fell slightly below 4590 USD/ounce, while spot silver fell below 85 USD/ounce [4][5]