1月12日，可控核聚变初创企业星环聚能宣布完成10亿元规模的新一轮融资，本轮融资由上海国投公司 旗下上海科创集团、上海未来产业基金领投，中金资本、上海嘉定科投集团联合领投，中银资产、曦晨 资本、武岳峰科创等共同投资及继续跟投。 在可控核聚变从"实验堆"迈向"工程堆"的关键节点，这笔资金既是对企业工程进展的肯定，也反映出资 本市场对下一代能源前景的持续看好。 成立仅四年，这家初创企业已高效完成与清华大学合作的SUNIST-2（零号实验装置）的建设与运行， 并稳步推进CTRFR-1工程验证装置。按照规划，公司预计在2028年前后彻底完成工程验证、启动商业示 范堆建设，并力争2032年左右建成一个可输出电能的聚变反应示范堆。 作为国内少数公开披露分阶段工程节点的民营聚变企业，该公司展示了较为清晰的路线图与明确的技术 目标。其扎实的工程推进节奏，在国内同类企业中显得尤为突出，也为中国聚变能源领域的技术产业化 提供了具有参考价值的发展范例。 两位80后的可控核聚变创业 如果只看工商注册信息，星环聚能诞生于2021年。但其背后是一条长达二十载的技术脉络：从谭熠在清 华大学的研究起点（2002年），到谭熠、陈锐携手攻关产业 ...

21世纪经济报道记者 赵娜 上海、西安报道 1月12日，可控核聚变初创企业星环聚能宣布完成10亿元规模的新一轮融资，本轮融资由上海国投公司旗下上海科 创集团、上海未来产业基金领投，中金资本、上海嘉定科投集团联合领投，中银资产、曦晨资本、武岳峰科创等 共同投资及继续跟投。 在可控核聚变从"实验堆"迈向"工程堆"的关键节点，这笔资金既是对企业工程进展的肯定，也反映出资本市场对 下一代能源前景的持续看好。 成立仅四年，这家初创企业已高效完成与清华大学合作的SUNIST-2（零号实验装置）的建设与运行，并稳步推进 CTRFR-1工程验证装置。按照规划，公司预计在2028年前后彻底完成工程验证、启动商业示范堆建设，并力争 2032年左右建成一个可输出电能的聚变反应示范堆。 在技术路线选择上，星环聚能基于高温超导强磁场球形托卡马克，采用以多冲程重复运行、等离子体电流自有磁 场重联加热等为特点的紧凑型重复重联可控聚变技术方案，业内普遍认为这一方向在未来具有较强的商业化潜 力。星环聚能创始人兼CEO陈锐在接受21世纪经济报道记者专访时将这一路线概括为"小型化+经济性"。 在他看来，如果可控聚变要真正进入市场，那么它发出的电必 ...

Group 1: Commercial Aerospace - China has submitted applications for over 200,000 satellite constellations, with the largest being CTC-1 and CTC-2, each comprising 96,714 satellites[6] - The commercial aerospace sector is expected to see significant growth, with a focus on satellite payloads, platforms, and application terminals[3] - Key companies to watch include Xinke Mobile, Fenghuo Communication, and China Satellite Communications[21] Group 2: Space Photovoltaics - The focus from 2024 to 2026 will be on P-type HJT and perovskite tandem batteries, with companies like Dongfang Risen and Junda Co. highlighted for their capabilities[33] - P-type HJT batteries are expected to penetrate low Earth orbit applications due to their superior radiation resistance and cost advantages[40] - The global photovoltaic market is dominated by China, which holds over 90% of the production capacity in polysilicon, wafers, and battery cells[46] Group 3: Controlled Nuclear Fusion - 2025 is projected to be a pivotal year for nuclear fusion development in China, marking the start of significant capital expenditure[51] - Key players in the nuclear fusion sector include Hezhong Intelligent and Lianchuang Optoelectronics, focusing on core components and supporting technologies[51] - The BEST project in Anhui has made significant progress, with key components successfully installed, indicating a shift towards engineering validation[50] Group 4: Robotics and Automation - The CES 2026 showcased advancements in cleaning robots and intelligent lawn mowers, indicating a trend towards embodied intelligence in consumer products[54] - The cleaning robot market is experiencing rapid growth, benefiting from government subsidies, with major players like Ecovacs and Roborock leading the market[60]

Core Viewpoint - The 2026 China Chief Economist Forum highlighted a significant shift in the perception of Chinese assets, moving from "overseas optional" to "globally unavoidable," driven by policy certainty, industrial innovation, and unprecedented support from capital markets [2] Policy Determination - The high degree of policy certainty is seen as a core support for Chinese assets, with foreign investors shifting their views from "China is not investable" to "Chinese assets are unavoidable" as they recognize the successful achievement of strategic goals set in the 14th Five-Year Plan [2] - The "15th Five-Year Plan" is characterized by clearer future directions and specific deployments across traditional and emerging industries, indicating a strong internal momentum for the modern industrial system [3] Capital Market Development - The development of capital markets is crucial, with unprecedented policy support for the stock market and a favorable liquidity environment expected to lead to a stable and healthy market operation in 2026 and beyond [4] Industrial Innovation - A robust traditional manufacturing sector is essential for nurturing emerging industries, with the ability to transform technology potential into commercial value being a key advantage for China [5] - The AI sector exemplifies this, where a complete industrial ecosystem is necessary to create a positive economic cycle from substantial initial capital investments [5] Investment Opportunities - Investment focus areas include development, people, and security, emphasizing the need for new productive forces and the importance of investing in human capital and safety across various sectors [7] - Specific investment opportunities identified include mergers and acquisitions, overseas expansion of Chinese companies, technology innovation, and real estate investment trusts (REITs) [7] Market Focus - The stock market remains a focal point, with a core strategy centered around technology sectors, which are expected to continue their structural trends in the first half of the year [8]

Group 1 - The core viewpoint of the news is the performance and investment strategies of two equity funds managed by Tongtai Fund, focusing on high stock positions and specific sectors like nuclear fusion and digital economy [1][2][3] - As of the end of 2025, the stock positions of Tongtai New Energy 1-Year Holding Stock and Tongtai Digital Economy Stock were 88.39% and 93.42% respectively, indicating a high level of investment commitment [1] - Both funds achieved net value growth in the fourth quarter and the entire year of 2025, with Tongtai New Energy 1-Year Holding Stock A and C shares recording growth rates of 26.28% and 26.16%, while Tongtai Digital Economy Stock A and C shares recorded growth rates of 3.49% and 3.38% [1] Group 2 - The funds are managed by Chen Zongchao, with a significant focus on the technology sector, particularly in controllable nuclear fusion and the broader digital economy [2] - The top ten holdings of Tongtai New Energy 1-Year Holding Stock include companies like Yongding Co., Ltd. and Dongfang Electric, while Tongtai Digital Economy Stock includes firms such as Zhongji Xuchuang and Cambrian [2] - Chen Zongchao anticipates that the nuclear fusion industry will see substantial investment growth in the next 3 to 5 years, supported by policies and planning in various regions [2] Group 3 - Looking ahead to 2026, the industry is expected to experience structural opportunities driven by AI, with a focus on AI large models and computing power [3] - The investment strategy for Tongtai Digital Economy Stock will involve multi-track investments in the technology sector to enhance risk-return ratios for investors [3] - The controllable nuclear fusion sector is still in its early stages, and Tongtai New Energy 1-Year Holding Stock will focus on selecting individual stocks to minimize portfolio volatility and create long-term returns [3]

Investment Rating - The report maintains a "stronger than the market" rating for the defense and military industry [5] Core Viewpoints - The report emphasizes the strong radiation effect of commercial aerospace, highlighting significant developments in the sector, including the approval of satellite frequency resources and the construction of additional satellites by SpaceX [37][38] - The report notes that the military industry index has outperformed the broader market, with a 13.63% increase compared to a 2.79% rise in the Shanghai Composite Index during the same period [10][37] - The report suggests that the commercial aerospace sector will continue to drive asset value reassessment across various industries, particularly in the rocket supply chain and satellite networks [39] Summary by Sections 1. Weekly Market Review - The military industry index rose by 13.63% from January 5 to January 9, outperforming the Shanghai Composite Index by 10.84 percentage points [10][16] - The aerospace sector showed a significant increase of 34.57%, while the low-altitude economy sector performed relatively flat [21][24] 2. Key Developments in the Industry - The report highlights the approval of plans to accelerate the construction of advanced manufacturing in Guangzhou, which includes support for satellite constellation projects [37] - The report mentions the successful launch of SpaceX's Falcon 9 rocket, which deployed an Earth observation satellite [41] 3. Investment Recommendations - The report recommends focusing on specific companies within the rocket sector, overseas commercial aerospace, satellite technology, nuclear fusion, stealth materials, deep-sea technology, engines, unmanned systems, AI, aircraft, and land equipment [40]

Group 1: Market Trends and Predictions - The A-share market has shown significant gains this week, with the Shanghai Composite Index up 3.82%, the Shenzhen Component up 4.40%, the ChiNext Index up 3.89%, and the Sci-Tech Innovation Board Index up 10.19% [1] - Institutions expect the market's momentum to continue in the short term, but caution is advised regarding a potential cooling period after mid-January leading up to the Spring Festival [1] - The improvement in market liquidity has been a direct driver of the A-share rally since late December 2025, with a notable increase in margin trading balances and overall trading volume [3] Group 2: Sector Focus and Investment Opportunities - Key sectors to watch include electronics, power equipment, and non-ferrous metals, with different sectors favored depending on market style (growth vs. defensive) [1] - The commercial aerospace sector has seen substantial gains and remains a focus for investors, despite potential profit-taking pressures [2] - The robotics sector has attracted significant capital inflow, indicating strong investor interest, while the commercial aerospace sector is transitioning to a "theme expansion" phase [4] - Recommendations include focusing on resources and traditional manufacturing sectors, with an emphasis on enhancing pricing power [6]

中泰证券发布研究报告称，短期内市场或延续上行趋势，遇震荡行情，投资者可把握逢低布局机遇，抓 住春节前的重要窗口期配置价值。从板块配置角度看，机器人方向在本轮拉升过程中持续获得资金净流 入，板块上涨并未出现明显资金背离，趋势尚未结束，仍是当前阶段最重点建议关注的主线方向。商业 航天板块资金流入态势同样强劲，但当前交易拥挤度已处于历史高位，板块运行或由前期主升阶段逐步 转向第二阶段的"主题扩散"行情，操作上需更加注重节奏与分化。此外，可控核聚变、体育与消费者服 务、有色金属等方向亦出现资金持续流入迹象，若1月中旬市场局部出现震荡调整，上述板块有望成为 值得重点布局的结构性方向。 ...

Group 1 - The core viewpoint of the article emphasizes that the first quarterly reports of equity funds from Tongtai Fund highlight a strong focus on new productive forces, particularly in technology sectors such as computing power, semiconductors, and controllable nuclear fusion [2][3][10]. - The quarterly report reveals that the Tongtai Digital Economy Stock Fund maintains a high stock position, with a stock value accounting for 93.42% of total fund assets, showing a nearly 20% increase in fund size due to net value growth [8][10]. - The fund manager expresses confidence in technology innovation and new productive forces as key investment opportunities, predicting that AI-driven industrial transformation will be the core structural opportunity in the market for 2026 [10][11]. Group 2 - The Tongtai Digital Economy Stock Fund's top ten holdings are concentrated in core technology areas, with significant adjustments made compared to the previous quarter, including new additions and reductions in holdings [4][6]. - The Tongtai New Energy Preferred One-Year Holding Period Stock Fund focuses on the controllable nuclear fusion sector, with notable changes in its top ten holdings, reflecting a strategic shift in investment focus [6][11]. - The fund manager highlights the potential of controllable nuclear fusion as a long-term energy solution, although it is still in the early stages with high uncertainty and risks associated with various technological routes [11].

朋友们，收盘了。今天，我们共同见证了一个历史性的时刻。沪指在万众瞩目中，豪取十六连阳，时隔 十年，再次稳稳地站上了4100点的整数关口。但比点位更震撼人心的，是那个前所未有的数字——沪深 京三市的单日成交额，首次突破了3万亿元大关，来到了惊人的3.15万亿。我是帮主郑重。看着满屏飘 红、超过3900只股票上涨的盛况，我知道，很多人的情绪已经到达了一个沸点。但越是在这种史诗级的 画面面前，我们中长线投资者越需要深吸一口气，让沸腾的血液稍微冷却，去读懂这幅巨量长阳画卷背 后，市场真正想告诉我们什么。 首先，关于趋势与节奏。 如此级别的量价齐升，大概率已为春季行情乃至更长一段时间的市场强势奠 定了难以动摇的基调。趋势是我们的朋友。但我们需要清醒认识到，天量之后，市场波动必然会加剧。 下周初，指数在兴奋情绪推动下可能仍有惯性上冲，但随后出现强势震荡、甚至单日力度较大的分时调 整，都将是健康且正常的。行情将从单边逼空，逐渐转入"震荡上行"的新节奏。 其次，关于持仓与心态。 如果你已经持有了AI应用、商业航天等主线上的核心资产，那么策略的核心 应当是 "坚定持有，优化结构"。可以继续陪伴这些代表时代方向的资产成长，但务必 ...