Exoskeleton Robots - Exoskeleton robots have diverse applications in industrial, logistics, outdoor sports, and medical scenarios, benefiting from advancements in AI and industrial control technology [1] - The aging population and increasing demand for health and wellness solutions, coupled with a declining labor force, create a vast market opportunity for exoskeleton robots [1] - It is recommended to focus on companies involved in core components and related equipment [1] Controlled Nuclear Fusion - The controlled nuclear fusion industry presents strong investment opportunities due to clear policy signals and potential top-level design support [2] - There is a significant cognitive and expectation gap in the market, with many believing that industry realization is far off, while a large number of orders are expected to be fulfilled soon [2] - The fusion industry overlaps with third-generation nuclear power and military materials, indicating potential for performance and valuation resonance among related companies [2] Overseas Alcohol Industry - Analyzing the macroeconomic and cultural differences between China and Japan reveals commonalities that can inform the development of the Chinese alcohol market [3] - Key success factors for Japanese sake include prioritizing quality, innovation in craftsmanship, and channel innovation [3] - In China, high-end liquor and regional liquor leaders are identified as two main investment themes amid ongoing industry adjustments [3] Energy and Chemicals - Multiple disruptions are expected to elevate the oil price baseline, with Brent crude oil projected to stabilize between $68 and $70 per barrel [5] - The U.S. has become a net exporter of oil and gas since 2020, with significant export growth anticipated in 2024 [5] - Geopolitical tensions and sanctions on Iran and Venezuela are contributing to supply-side disruptions, which are already factored into current oil price expectations [5] Bromine Market - Domestic bromine supply is tightening, leading to a continuous price increase, with companies that have corresponding production capacity likely to benefit significantly [6] Medical Health Insurance - Guangzhou's launch of the "Sui Xin Bao" commercial health insurance marks a significant step in exploring multi-tiered medical insurance models [11] - Investment opportunities are identified in innovative drugs and medical devices, comprehensive service providers for commercial insurance, and differentiated medical terminals [11] New Materials - The government's strategic focus on deep-sea economy is expected to catalyze the development of related technologies and materials, particularly titanium [12] - Supportive policies are anticipated to emerge, accelerating industry growth and increasing demand for upstream materials and components [12]

Summary of the Conference Call on Controlled Nuclear Fusion Industry Overview - The conference call focused on the **controlled nuclear fusion industry**, highlighting its current trends and future prospects [2][4][5]. Key Trends and Developments - **Policy Support**: Significant backing from government policies, with many state-owned nuclear enterprises forming joint ventures to invest in controlled nuclear fusion [2][5]. - **Increased Investment**: Investment in the sector for 2025 has noticeably increased compared to 2024, indicating growing confidence and commitment [2][4]. - **Project Implementation**: Several projects, including those in Hefei and Sichuan, have commenced, with expectations for more projects to follow [2][4]. - **Public Awareness**: Controlled nuclear fusion is gradually entering public awareness and is on the path to commercialization, although some short-term investments may be overvalued [2][4]. Core Insights - **U.S.-China Competition**: The U.S. aims to achieve ignition by 2027 and grid connection by 2028, pressuring China to increase its investments in fusion technology [2][5]. - **Key Projects**: - **Hefei Best Project**: Led by China National Nuclear Corporation, targeting completion by 2027 [6]. - **Nanchang Hybrid Pile Project**: Utilizing deuterium-tritium fusion and fission pile technology for stable power generation [6][7]. - **High-Temperature Superconducting Magnet Equipment**: A significant focus area, with Lianchuang Optoelectronics holding the largest market share [6]. Technical Insights - **Hybrid Pile Technology**: This technology combines fusion and fission reactions, reducing the requirements for laser power and purity analysis, making it a more viable transitional solution [7]. - **Cost Structure in ITER**: In the ITER project, hybrid pile costs account for approximately 40% of the total reactor costs, making it the largest component [8]. - **Core Components**: - DE&T filters account for about 10% of the value, with companies like Guoguang and Yongding previously supplying these components [9]. - Pressure vessels in vacuum chambers account for about 8% of the value, produced by companies like Hezhu Intelligent and Hailu Heavy Industry [9]. Company Roles and Market Dynamics - **Lianchuang Optoelectronics**: Holds a significant portion of orders for the Starfire Project due to its equity structure and is expected to lead future large-scale project tenders [10]. - **Other Key Players**: - Guoguang Electric and Chengdu Pioneer Intelligent are involved in hybrid pile projects. - Yongding and Jinda are core suppliers, with Jinda holding an 18% stake in Shanghai Superconductor [11]. - **Nuclear Calculation Intelligence**: Expected to secure approximately 1 billion RMB in orders for advanced reactor core manufacturing [12]. Upcoming Events and Monitoring - A supplier conference is scheduled for April, which may announce new orders or information [13]. - Attention will be on the progress of U.S. fusion projects, the listing process of Shanghai Superconductor, and tenders for large engineering projects like Dyson and Starfire [13]. Conclusion - The controlled nuclear fusion industry is poised for significant growth, driven by government support, increased investment, and technological advancements. Key projects and companies are well-positioned to capitalize on this emerging market, with ongoing developments warranting close monitoring.

Macro Summary - The Ministry of Commerce is guiding local departments to orderly carry out pilot applications for automotive circulation consumption reform [4] - The National Health Commission is evaluating policy effects and researching further improvements to fertility support measures [4] - The National Bureau of Statistics is promoting high-quality data set construction and increasing data supply to empower various industries with "AI+" initiatives [4] Industry Dynamics - IDC forecasts steady growth in the global semiconductor market this year, driven by AI demand, with related stocks including Haiguang Information and Cambrian [6] - The Energy Law provides solid legal support for the systematic restructuring of the coal industry, with related stocks including Dayou Energy and Zhengzhou Coal Electricity [6] - The controllable nuclear fusion industry is accelerating, with a market size nearing 100 billion, as bidding and procurement projects are set to intensify starting in 2025, with related stocks including Lansi Heavy Industry and Rongfa Nuclear Power [6] Company Focus - Antai Technology is focusing on expanding its special welding materials business for marine engineering and oil and gas platforms through its subsidiary Antai Sanying [8] - Sun Cable's submarine cable subsidiary has completed the installation of five production lines, ready for production [8] - BYD is projected to achieve a net profit of 40.254 billion in 2024, a year-on-year increase of 34%, and plans to distribute a dividend of 39.74 yuan per share [8] - Zoomlion aims to create a new growth curve through diversification, globalization, and digitalization, targeting a net profit of 3.52 billion in 2024 [8] Market Review and Outlook - On March 25, the market continued to experience fluctuations, with the Shanghai Composite Index closing at 3369.98, unchanged, while the Shenzhen Component Index fell by 0.43% and the ChiNext Index dropped by 0.33% [10] - The overall market is in a defensive consolidation phase, with a shift in funds from high-volatility tech stocks to undervalued blue chips, reflecting a significant drop in risk appetite [10] - The controllable nuclear fusion sector saw a surge, with over ten stocks hitting the daily limit up, driven by recent breakthroughs in domestic nuclear fusion experiments [10] - Chemical and cyclical sectors showed active performance, likely due to product price fluctuations and improved supply-demand relationships [10] - In contrast, sectors like computing leasing and data centers faced significant declines due to industry bubble concerns and lowered sales forecasts from Goldman Sachs [10][11]

文 ｜ 李超 陈旺 俞腾 郭柯宇 我们基于四条逻辑强烈推荐现阶段可控核聚变行业投资机会：①我们判断行业政策信号将不断明确，后续或有潜在的行业顶层设计或支持资金预 期；②我们认为行业具备强烈的认知差和预期差，市场普遍认为行业兑现较为远期，但我们认为大量订单将进入集中兑现期；③我们判断基于 AI用电视角，核聚变为AI衍生概念，后续外部催化或将非常明显；④我们判断核聚变行业与三代核电及军工材料公司具备较高业务重叠，核电 及军工材料行业业绩增速明确、估值合理，未来大量公司有望迎业绩和估值共振。 ▍ 核聚变板块已初现涨幅，但我们判断板块内仍存在较大预期差。 对Ch o i c e的可控核聚变指数（8 6 1 5 2 5 .EI）进行分析，2 0 2 5年1月6日至2 0 2 5年3月2 4日，可控核聚变指数区间涨幅为1 7 . 4 4%，而同期沪深3 0 0 指数涨幅为3 . 8 7%，可控核聚变指数大幅跑赢，市场关注度逐渐提升。但我们认为当前市场仍存在较大认知差，核心点在于行业短期业绩驱动 因素不依托于远期商业化时间节点，短期储备项目充足、造价约百亿的实验堆即可充分打开零部件市场空间。 ▍ 短期来看：实验堆短期需求强 ...

以下文章来源于中国企业家杂志 ，作者胡楠楠 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 每一次全球经济社会的低谷，都会酝酿产业浪潮和科技革命，因为人类在 寻找新的突破口。 文 ｜《中国企业家》记者 胡楠楠 编辑 ｜米娜 头图来源 ｜中企图库 12月13日~15日，由《中国企业家》杂志社主办的"2024（第二十二届）中国企业领袖年会"在 北京举行。国内著名经济学家、泽平宏观创始人任泽平出席本次年会，围绕"新周期"这个主 题，分享了他对2025年经济趋势的洞察。 以下为核心要点： 1.每一次全球经济社会的低谷，都会酝酿产业浪潮和科技革命，因为人类在 寻找新的突破口。 2.美联储降息打开了我们货币政策宽松的窗口。时隔14年，我们重新提出适 度宽松的货币政策。 3.明年国产替代、新质生产力可能会受到空前的重视。 4.第四次科技革命可能在7个领域爆发，比如新能源、人工智能、商业航 天、生物制造、基因技术、量子信息技术、可控核聚变。 5.新能源汽车已经进入淘汰赛，下半场是智能驾驶的时代，储能、氢能的时 代，这些在未来有大把的机会。 6.提振资本市场不仅有利于提振消费，还有利于中国的创新。 以下为任泽平现场演讲实录 ...