锂电设备：一方面，液态电池扩产持续增加，据GGII，2025 年中国锂电池新增规划项目共计约64 个， 规划产能超1100GWh，同比+105%。另一方面，首个固态电池国家标准出炉，明确规定只有通过特定 失重率测试且满足不大于0.5%的电池，才能被认定为固态电池，标志着我国固态电池技术迈向产业化 落地的关键阶段，有望促进电池厂进行固态电池中试线扩建。建议关注先导智能、纳科诺尔、荣旗科 技、华自科技等。 本周组合：重点关注迈为股份、锐科激光、兰石重装、合锻智能、永鼎股份、浙江荣泰、恒立液压、新 泉股份、芯碁微装等风险提示：产业化进程不及预期，下游需求不及预期，行业竞争加剧等。 机器人：2026 年CES 展会上有超20 家国内本体厂展出人形机器人，展示格斗、人机同台互动、遛四足 狗，跳操、热舞、递名片等，体现中国机器人正从实验室走向真实生活场景，并有18 家企业展出了灵 巧手产品，其中中国企业11 家。1 月7 日，工信部等八部门印发《"人工智能+制造"专项行动实施意 见》，其中提到：建设人形机器人中试基地和训练场，打造人形机器人标杆产线，在典型制造场景率先 应用。海外链建议关注：浙江荣泰、恒立液压、拓普集团、 ...

Group 1 - The report emphasizes that the spring market has a continuous favorable time window for bullish strategies, with a significant increase in risk appetite. There are no major downside risks, only short-term adjustments after market performance is fully realized. Overall profit-making effects may continue to expand to higher levels, indicating that the short-term market performance is not yet fully realized [4][5]. - The report reaffirms the logic of the spring market, highlighting that there is ample liquidity and favorable conditions for bullish strategies. Key factors include ETF inflows, insurance sector performance, and expectations of foreign capital inflows, which have accelerated the inflow of retail investors and increased trading activity [4][5]. - The report identifies specific time windows in the spring that are conducive to market performance, including potential rebounds before the Lunar New Year in February, policy catalysts from the National People's Congress in March, and the anticipated visit of Trump to China in April, which could stabilize market expectations [4][5]. Group 2 - The report discusses the marginal trading funds and dominant market styles, noting that the net inflow of the CSI A500 ETF has plateaued. The expected incremental inflows are primarily from the insurance sector and foreign capital, while retail investor inflows and increased trading activity are contributing to faster growth in marginal trading funds [8]. - The report maintains that industry themes, such as commercial aerospace, robotics, and nuclear fusion, remain the strongest directions for profit-making effects. The report also highlights the high elasticity of venture capital and pre-IPO technology leaders, which are benefiting from mid-term bull market expectations [12]. - The report predicts that the second quarter of 2026 will still exhibit a volatile pattern, with technology and advanced manufacturing sectors likely to lead the market ahead of a full bull market in the second half of 2026 [12].

西部证券（002673）发布研报称，全球主要经济体均战略重视核聚变前景并围绕政策、资金等方面进行 支持，呵护产业化进程提速。据The Business Research Company统计，2024年全球可控核聚变市场规模 约3315亿美元，市场空间广阔。BEST等代表性装置处于规划/在建状态，招标接续推出，核聚变产业接 续发展，板块投资机会值得重视。 西部证券主要观点如下： 事件 能量奇点宣布其在运的全球首台全高温超导托卡马克核聚变实验装置洪荒70实现了120秒稳态长脉冲等 离子体运行。 高温超导托卡马克装置洪荒70近期成功实现120秒稳态长脉冲等离子体运行，技术路线工程可行性验证 持续推进 1月6日下午，能量奇点正在运行的全球首台全高温超导托卡马克核聚变实验装置洪荒70取得重要进展， 在第5319次实验中成功实现了120秒稳态长脉冲等离子体运行。此为全球首次由一家商业公司研发建造 的核聚变装置成功实现百秒量级的等离子体电流长脉冲运行，对洪荒70可靠长脉冲运行及高温超导托卡 马克的工程可靠性及运行稳定性形成有力印证。自24M6首次运行并获得第一等离子体以来，洪荒70装 置持续在低温系统、第一壁、磁体电源等环 ...

Group 1 - The A-share market experienced fluctuations with strong performance in sectors such as aerospace, shipbuilding, internet services, and power equipment, while energy metals, securities, insurance, and non-ferrous metals lagged behind [1] - Key factors supporting the market include increased attractiveness of RMB assets, expectations for early-year credit issuance, and positive changes in corporate profit structures driven by advanced manufacturing and overseas enterprises [1] - The domestic monetary policy is expected to maintain a stance of "moderate easing," with the market anticipating that the Federal Reserve will continue its rate-cutting cycle into 2026, leading to a more accommodative global liquidity environment [1] Group 2 - The A-share market continued to show a mixed trend, with large-cap stocks underperforming while small-cap stocks and thematic investments, particularly in commercial aerospace and brain-computer interface sectors, performed well [2] - The market is likely to experience structural fluctuations, with profit-taking from previous gains and a supportive environment for a "slow bull" market, suggesting a focus on mainline sectors and careful management of rotation rhythms [2] - The market remains in a healthy adjustment phase, with the CSI 1000 and Sci-Tech 50 indices outperforming others, and the overall trend for the Shanghai Composite Index remains strong as long as it does not fall back below historical trendline pressures [2]

Market Analysis - The A-share market is experiencing a steady upward trend, with the Shanghai Composite Index achieving a 15-day consecutive rise, indicating strong market momentum and increased trading volume from approximately 1.7 trillion to about 2.9 trillion [5][6] - There is a noticeable divergence in market performance, with thematic stocks rising while heavyweight stocks consolidate, suggesting a healthy market environment that may support further index growth [5][6] - The current market is at a critical juncture of policy and industrial resonance, with long-term support from the 15th Five-Year Plan, monetary policy easing, and industrial upgrades in sectors like semiconductors and commercial aerospace [5][6] Stock Market - The Shanghai Composite Index closed at 4082.98 points, down 0.07%, marking its 15th consecutive rise, while the Shenzhen Component Index and ChiNext Index fell by 0.51% and 0.82% respectively [6] - The trading volume for A-shares was approximately 2.83 trillion, with over 3700 stocks rising, indicating active market participation [6] Bond Market - The government bond futures market saw a comprehensive rebound, with the 30-year main contract rising by 0.37% to 111.000 yuan, and the 10-year main contract increasing by 0.15% to 107.790 yuan [9] - The People's Bank of China conducted a 99 billion yuan reverse repurchase operation, maintaining a net injection of liquidity, which may influence short-term bond market dynamics [9] Commodity Market - The commodity market experienced a general decline, with most varieties falling, while coking coal and coke prices remained strong, indicating a mixed performance across sectors [8][9] - The price of polysilicon dropped significantly, closing at 53,610 yuan per ton, reflecting a relatively loose supply-demand balance despite a reduction in production [9] Trading Hotspots - Key investment themes include precious metals supported by central bank purchases and expectations of U.S. Federal Reserve rate cuts, commercial aerospace driven by government support, and nuclear fusion with accelerated industrialization [11][13] - The AI application sector is gaining traction with significant advancements from major tech companies, while consumer sectors are benefiting from currency appreciation and market style shifts [11][13] Core Thoughts - The equity market is expected to continue its upward trajectory supported by policy backing, foreign capital inflows, and industrial innovation, with a potential for short-term fluctuations [13] - The bond market may face adjustments influenced by stock-bond dynamics and central bank operations, necessitating close monitoring of policy changes [13] - The commodity index is showing signs of sustained bullish sentiment, suggesting ongoing investment interest in major global commodities and domestic anti-involution products [13]

文 | 新质动能，作者｜沐风，编辑｜时楠 上海悄悄包圆国产GPU，国资成背后大"金主"。 2026年开年，上海企业壁仞科技，正式登陆港交所，认购倍数超过2300倍，开盘暴涨超80%，市值一度 冲破1000亿港元。这不仅是开年最大的IPO，更是上海国投先导人工智能产业母基金的首个直投项目。 事实上，国产GPU"四小龙"中，有3家都诞生在上海。壁仞、沐曦、燧原，全是土生土长的上海公司。 不久前，沐曦股份在科创板上市，首日涨幅接近700%，市值一度冲上3500亿。也就是说，短短一个 月，上海就多了两家千亿级公司。 第3家也正在路上。2026年开年，燧原科技顺利完成IPO辅导，正全速冲刺科创板。 很多人纳闷：为什么是上海？在这个被海外巨头封锁的芯片赛道，上海凭什么能包圆国产GPU的超级 IPO？ 其实，芯片只是冰山一角。上海最可怕的地方在于，它已经提前10年把未来的"底牌"全部握在了手里。 从GPU、机器人到核聚变 曾几何时，国产GPU一度被欧美"卡脖子"，但上海硬是把这块硬骨头啃了下来。 2018年，赵立东与张亚林在上海张江创立了燧原科技；2019年，哈佛博士张文决定在上海成立壁仞科 技；2020年，同样是在上海张 ...

▲ 戳蓝 色字关注我们！ "能源是文明的基础，每一次能源革命都将重塑世界格局。"——丹尼尔·耶金 今天想跟你们聊个事儿——新年刚开工不到一周，早上我就被一个融资消息炸醒了。 东昇聚变 ，一家成立才半年的核聚变公司，天使轮就拿了数亿元。 投资方是谁呢？红杉、IDG、高瓴、鼎晖……我这么说吧，如果创投圈有个全明星阵容，那这肯定是了。 第一次看我文章的朋友，看到标题可能会想，我要开始讲那些离我们生活很远的硬科技。 但作为一名投资人出身的科普Up，我做的每篇科普文章都跟钱有关系！ 所以，先别急着划走。 不过这期信息量有点大，建议先点个赞收藏一下，听我讲完你就会明白，这事儿跟你钱包的关系，比你想的要近得多。 为何巨头集体抢投高风险天使轮？ 先说个背景。我们行业都知道，VC看项目有个铁律——天使轮基本不投大钱，因为风险太大。 但这次不一样，几乎所有一线机构全部开了大额支票，而且是抢着投。为什么？ 答案藏在一个你最近肯定刷到过的词里——AI算力。 很多人一听算力，就觉得是芯片的事儿，英伟达H100多少钱、A100多少钱。 这里我得先给大家纠正一个认知误区。 其实，算力不等于芯片，芯片只是算力的一部分。 比如一个典型的AI数 ...

与此同时，能量奇点公司也传来喜讯，其正在运行的全球首台全高温超导托卡马克核聚变实验装置洪荒70， 在第5319次实验中实现了120秒稳态长脉冲等离子体运行，这是全球首次由一家商业公司研发建造的核聚变装 置成功实现百秒量级的等离子体电流长脉冲运行。 更值得关注的是，合肥全超导托卡马克核聚变实验装置（EAST）的技术突破——AIForScience联合团队研发 的PaMMA-Net深度神经网络响应模型成功落地，为"人造太阳"装上了精准预判的"超级大脑"，显著加速了聚 变研究的工程化进程。 这些技术突破不仅展示了我国在可控核聚变领域的强大科研实力，也为该技术的商业化应用带来了新的希 望，点燃了资本市场对可控核聚变概念的热情。 政策加持为产业发展保驾护航 除了技术突破，政策的持续支持也为可控核聚变概念的发展提供了坚实的保障。2026年1月15日，《中华人民 共和国原子能法》将正式施行，该法明确鼓励和支持受控热核聚变研究，为聚变能创新划定了边界并提供了 制度保障。 1月8日，A股市场可控核聚变概念延续强势表现，多只个股涨停掀起涨停潮，成为弱市中的绝对焦点。早盘开 盘后，弘讯科技迅速封板实现2连板，中国核建、雪人集团、景 ...

Market Overview - On January 8, A-share major indices showed mixed performance, with the Shanghai Composite Index up by 0.09% and the Shenzhen Component down by 0.2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.7815 trillion yuan, a decrease of 72.2 billion yuan compared to the previous trading day [1] - Over 3,700 stocks in the market experienced gains [1] Controlled Nuclear Fusion Sector - The controlled nuclear fusion sector has seen a strong resurgence, with over ten stocks, including China Nuclear Engineering and Snowman Group, hitting the daily limit [3] - Since the beginning of the year, the controlled nuclear fusion concept stocks have collectively risen by over 10% [3] - Recent breakthroughs in controlled nuclear fusion technology were reported by the Hefei Institute of Physical Science, which confirmed the existence of a density-free zone in the Tokamak [5] - The International Energy Agency predicts that the global nuclear fusion market could approach 3.5 trillion yuan by 2030 [5] Investment Trends in Controlled Nuclear Fusion - The global fusion industry has experienced explosive growth, with total investments rising from 1.9 billion USD in 2021 to 9.7 billion USD, including an additional 2.6 billion USD in 2024 alone [6] - The focus of the controlled nuclear fusion industry is on technological engineering and commercial viability breakthroughs, with significant investment opportunities concentrated in the upstream sector [6] Brain-Computer Interface Sector - Brain-computer interface stocks showed strong performance, with companies like Nanjing Panda, Plit, and Innovation Medical achieving four consecutive trading limit increases [7] - Nanjing Panda clarified that it currently has no mature products related to brain-computer interfaces and that the concept will not materially impact its operations [8] - Plit has developed LCP film products suitable for use as flexible electrode materials in brain-computer interfaces and is currently conducting clinical trials [8]

【导读】可控核聚变概念股延续强势，工业机械板块多股涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 1月8日开盘，A股市场指数震荡调整，创业板指一度跌逾1%，随后震荡拉升，跌幅收窄。 可控核聚变概念股延续强势，中国一重、中国核建、百利电气、国机重装等多股涨停。 消息面上，我国可控核聚变技术再迎新突破。中国科学院合肥物质科学研究院等离子体物理研究所宣布，有"人造太阳"之称的全超导托卡马克核聚变实验装 置（EAST）实验证实托卡马克密度自由区的存在，找到了突破密度极限的方法，为磁约束核聚变装置高密度运行提供了重要的物理依据。相关研究成果发 表在国际学术期刊《科学进展》上。 此外，2026核聚变能科技与产业大会定于1月16日至17日在安徽合肥举办。此次大会将在合肥庐阳区聚变堆主机关键系统综合研究设施（CRAFT）园区召 开，主题为"聚核之力，创见未来"，旨在促进核聚变产业链上下游协同创新与成果转化，届时核聚变产业资金、产业技术合作有望加速。 | 上证指数 | 深证成指 | | 北证50 | | --- | --- | --- | --- | | 4084.95 | 14005.88 | | 1499.5 ...