Core Viewpoint - The company plans to invest RMB 30 million in the "Future Industry Fund," focusing on the nuclear fusion industry, leveraging professional investment experience to enhance shareholder returns [2][20]. Group 1: Investment Details - The investment amount is RMB 30 million, representing 60% of the fund's total size of RMB 50 million [6][20]. - The fund is primarily focused on early and growth-stage projects within the nuclear fusion industry chain [6][16]. - The fund's management is handled by Xingfu Investment Management Co., Ltd., which has a track record of managing over RMB 11 billion [11]. Group 2: Regulatory and Approval Aspects - The transaction does not require board or shareholder approval as it does not meet the necessary thresholds [3][8]. - The fund is still in the preparatory stage and has not yet completed its registration, which introduces some uncertainties [4]. Group 3: Strategic Alignment - The investment aligns with national policies promoting the integration of artificial intelligence and energy sectors, aiming for significant advancements by 2030 [5]. - The company aims to explore and establish a presence in the nuclear fusion sector, which is considered a potential future energy source [16][20]. Group 4: Impact on the Company - The investment is expected to broaden the company's investment channels and enhance shareholder returns without affecting its core business operations [20]. - The company emphasizes that this investment will not create new related-party transactions or competition within the industry [20].

格隆汇9月26日丨网达软件(603189.SH)公布，公司拟作为有限合伙人与合肥综合性科学中心能源研究院 有限公司及其他合伙人共同出资参与认购私募股权投资基金"未来产业基金"的份额，其中，网达软件作 为有限合伙人以自有资金人民币3,000万元参与认购基金份额，占合伙企业份额的60.00%。 基金由普通合伙人兴富投资管理有限公司和其他有限合伙人共同设立，已募集的总规模为5,000万元人 民币,投资方式以股权投资为主，主要投资于合肥综合性国家科学中心能源研究院（安徽省能源实验 室）（以下简称"能源院"）所处的核聚变产业链早期及成长期项目；配置核聚变产业链中成熟期项目。 ...

该基金由普通合伙人兴富投资管理有限公司和其他有限合伙人共同设立，已募集的总规模为5000万元人 民币,投资方式以股权投资为主，主要投资于合肥综合性国家科学中心能源研究院(安徽省能源实验室) (简称"能源院")所处的核聚变产业链早期及成长期项目;配置核聚变产业链中成熟期项目。 智通财经APP讯，网达软件(603189.SH)发布公告，公司拟作为有限合伙人与合肥综合性科学中心能源 研究院有限公司及其他合伙人共同出资参与认购国科能研院兴富未来私募基金合伙企业(有限合伙)(以实 际工商注册为准，简称"未来产业基金")的份额，其中，网达软件作为有限合伙人以自有资金人民币 3000万元参与认购基金份额，占合伙企业份额的60%。 ...

Core Viewpoint - Sichuan Province is prioritizing the development of major scientific and technological infrastructure as a key strategy to enhance original innovation capabilities and meet national strategic needs, with a focus on creating world-class research clusters in various fields [3][4]. Group 1: Nuclear Fusion Research - Sichuan is establishing an international forefront nuclear fusion research cluster in Chengdu, featuring the "China Fusion Engineering Test Reactor" and the world's first Z-pinch + local ignition fusion target technology [3][4]. - The province is the only one in China that integrates both magnetic confinement and inertial confinement fusion research, achieving significant breakthroughs in nuclear fusion technology [4]. Group 2: Astronomy Observation - A high-altitude astronomical observation cluster is being developed in Ganzi, with facilities at elevations above 4000 meters, including the world's highest cosmic ray observation station and the largest comprehensive aperture radio telescope [5]. - The high-altitude cosmic ray observation station has made significant discoveries, including the highest energy photons and the brightest gamma-ray bursts recorded to date [5]. Group 3: Deep Earth Science - In Liangshan, the world's deepest deep earth science facility is being constructed at a depth of 2400 meters, creating a world-class open experimental platform for interdisciplinary research [6]. - The facility has achieved major scientific results, including the successful operation of the world's strongest deep earth nuclear astrophysics accelerator [6]. Group 4: Biomedicine Innovation - Chengdu is developing a comprehensive biomedicine innovation cluster, focusing on translational medicine to expedite the conversion of basic research into clinical applications [7]. - The cluster includes national-level innovation platforms and has successfully developed various innovative drugs, including tumor mRNA vaccines and other therapeutic agents [7]. - Future plans involve enhancing operational efficiency of major scientific infrastructure and expanding the innovation ecosystem to better support industrial development [7].

9月24日，上海国际工业博览会上，中国聚变公司首次公开亮相，展示其技术路线及业务布局，公司瞄 准2050年聚变能源商用目标，在上海、成都两地联动研发。此外，据报道，公司将在上海新建聚变实验 装置，用以验证其在上海研制的高温超导磁体，命名为"中国环流四号(HL-4)"。 方正证券指出，核聚变行业持续向好发展，国际方面，美英签署"大西洋先进核能伙伴关系"，建立监管 互认机制，有助于加快核电项目审批与建设。国内科研进展显著，如中科院合肥物质科学研究院等离子 体物理研究所发布采购项目，张杰院士团队启动激光聚变能电站建设，目标2045年实现商业运营。CFS 与Eni签订超10亿美元售电协议，显示商业化前景增强。 该机构表示，参考环流三号、东方超环规模，该装置规模或与BEST以及CFSSPARC装置相近。随着国 内再填新装置，行业资本开支将再升一个台阶。近期聚变催化更加密集，关键部件开始询价或者即将开 启招标，建议重点关注板块动态以及相关重点标的。 ...

前言 《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①核聚变+机器人，为ITER等国内外聚变客户提供产品及部件，核心产品赋能机器人微型零件，这家公司 拥有完整的钨钼、稀土产业链； ②固态电池+设备，布局固态电解质、复合集流体，硅碳负极等材料，这 家公司已向头部客户交付多款固态电池设备，后段设备积极布局中。 ...

Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] Industry Developments - Three new teams were introduced at the Pujiang Innovation Forum on September 21, including plans for a megawatt-class laser fusion power station by the Li Zhengdao Research Institute, a "deuterium-helium-3" fusion power station by Dongsheng Fusion, and the first high-temperature superconducting stellarator by Honghu Fusion [2] - The nuclear fusion industry is experiencing accelerated development with increased capital expenditure (CAPX) and a growing number of projects from state-owned and private enterprises, as well as academic teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] Investment Opportunities - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and successful delivery of key components for major fusion projects [4] - Tiangong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development, indicating a broad market potential for fusion materials [5]

Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] - The national team has introduced three new projects at the Pujiang Innovation Forum, including a million-kilowatt laser fusion power station and a high-temperature superconducting simulator [2] Industry Developments - The nuclear fusion industry is experiencing accelerated development with two main trends: faster construction of devices leading to increased bidding and performance, and rising capital expenditure (CAPX) due to the growing number of national teams, private enterprises, and university teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] - Investment opportunities are emerging in upstream equipment and materials sectors due to accelerated capital expenditures in fusion projects [3] Company Highlights - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and contributions to fusion projects, including the ITER project [4] - Tian Gong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development [5] - The company aims to enhance the performance of fusion reactor materials through advanced powder metallurgy techniques, addressing key technological bottlenecks in the industry [5]

| [Table_Summary] | | --- | | [Table_Title2] | 9 月 25 日，股市分化，债市反转。权益市场放量上涨。万得全 A 上涨 0.17%，全天成交额 2.39 万亿元，较 昨日（9 月 24 日）放量 446 亿元。尽管科技概念依旧强势，带动科创 50、创业板指上涨 1.24%、1.58%，但从全 市场个股表现来看，上涨、持平、下跌个数分别为 1474、80、3875 只，股市赚钱效应有所减弱。 证券研究报告|宏观点评报告 [Table_Date] 2025 年 09 月 25 日 [Table_Title] 资产配置日报：且行且看 1 从日内行情来看，市场四次尝试向上突破前高，但均面临兑现压力而回落。这指向 9 月的行情特征仍然明 确，波动放大，轮动加快。从这一角度看，当行情来到高位时，我们需要有短暂回调的心理预期。但这并不意味 着看空，若稳市&科技&反内卷逻辑不动摇，短暂回调后加仓时机将显现。 半导体设备板块的获利资金兑现，流动方向暂不统一。近期强势的半导体设备行情回落，对应 Wind 指数下跌 1.43%。同时，新能源、工业有色、AI（算力设施和应用）和核聚变板 ...

Group 1: Stock Market Activity - 28 stocks were listed on the institutional trading leaderboard, with 12 stocks seeing net buying and 16 stocks experiencing net selling [1] - The top three stocks with the highest net buying by institutions were: Lixing Co., Ltd. (1.45 billion), Inspur Information (1.3 billion), and Heng'erda (1.06 billion) [1] Group 2: Key Stocks Overview - Lixing Co., Ltd. (300421.SZ) saw a price increase of 7.05% with 4 buyers and 1 seller [2] - Inspur Information (000977.SZ) experienced a price increase of 9.99, with 1 buyer and 1 seller [2] - Heng'erda had 4 institutions net buying 1.06 billion, and the company is actively promoting the localization of high-precision thread grinding machines and the industrialization of ball screws and planetary roller screws [3] Group 3: Industry Developments - Alibaba Cloud is expanding its global infrastructure, adding data centers in Brazil, France, and the Netherlands, supported by nine departments for establishing international data centers and cloud computing centers in various regions [3] - Inspur Information has maintained the top position in China's liquid cooling server market for three consecutive years, with over 700 core patents in liquid cooling technology [3] - China Fusion Company is set to build a fusion experimental device in Shanghai to verify its high-temperature superconducting magnets [5] - Shanghai Electric is actively involved in the nuclear fusion industry, focusing on the mainstream research direction of magnetic confinement with Tokamak technology [5]