● 本报记者 魏昭宇 近日，安东聚变宣布完成近亿元首轮融资，由联想之星、啟赋资本、盘古创富、道翼资本、水木清华校 友基金投资。这笔资金将用于前沿人才梯队组建、聚变驱动器系统研发、实验系统与测试平台建设等方 面。据悉，安东聚变成立于2022年11月，致力于加快推动Z箍缩能源技术方案，开发可控核聚变驱动技 术装备及系统，为后期设计、建设及商业化发电提供支持。 "以往我们提到可控核聚变、人造太阳，感觉更像是一个美好的愿景。而如今，投资人们正在用真金白 银证明这一行业愈加清晰的前景。"一位私募机构的投资经理感慨说。 有机构入局首轮融资，亦有机构伴随着企业走到了IPO阶段。作为美国MIT-CFS、英国TE等多家全球可 控核聚变龙头企业的高温超导材料供应商，上海超导今年的IPO进程备受市场关注，其背后的投资方出 现了多家知名一级机构的身影。企查查显示，知名国资机构上海创业投资有限公司持股比例达7.92%， 成为上海超导第三大股东；私募股权投资机构蔚来资本旗下的合肥蔚瀚速坤创业投资合伙企业（有限合 伙）持股比例达5.29%，位列上海超导第四大股东。 值得一提的是，蔚来资本对可控核聚变领域的关注可追溯到更远的时间。2022年 ...

● 本报记者 魏昭宇 "感觉今年可控核聚变真的火了。"一位来自VC机构的投资经理向中国证券报记者感慨。两三年前，不 少业内人士还认为这是一个听起来非常遥远的概念。如今，来自一级市场的真金白银正在源源不断地投 向可控核聚变赛道。 "以往我们提到可控核聚变、人造太阳，感觉更像是一个美好的愿景。而如今，投资人们正在用真金白 银证明这一行业愈加清晰的前景。"一位私募机构的投资经理感慨说。 有机构入局首轮融资，亦有机构伴随着企业走到了IPO阶段。作为美国MIT-CFS、英国TE等多家全球可 控核聚变龙头企业的高温超导材料供应商，上海超导今年的IPO进程备受市场关注，其背后的投资方出 现了多家知名一级机构的身影。企查查显示，知名国资机构上海创业投资有限公司持股比例达7.92%， 成为上海超导第三大股东；私募股权投资机构蔚来资本旗下的合肥蔚瀚速坤创业投资合伙企业（有限合 伙）持股比例达5.29%，位列上海超导第四大股东。 值得一提的是，蔚来资本对可控核聚变领域的关注可追溯到更远的时间。2022年年初，蔚来资本与米哈 游共同领投了能量奇点的首轮融资（近4亿元），用于研发商业化可控核聚变技术。此外，知名创投机 构中科创星亦在2 ...

11月5日，万得核聚变概念指数延续昨日涨势继续走强。自年初以来，该指数涨幅已超65%。中国证券 报记者梳理发现，二级市场上，可控核聚变板块已成为不少基金经理看好的重要方向，截至11月4日， 部分重仓可控核聚变板块的基金近半年以来涨幅超46%。 可控核聚变相关话题在一级市场同样火热。"感觉今年可控核聚变真的火了。"一位VC机构的投资经理 对记者表示，两三年前，不少业内人士认为这是一个"听起来非常遥远的概念"。但如今，来自一级市场 的"真金白银"正源源不断地投向可控核聚变赛道。 "真金白银"入局可控核聚变 近日，安东聚变宣布完成近亿元首轮融资，由联想之星、啟赋资本、盘古创富、道翼资本、水木清华校 友基金投资。这笔资金将用于前沿人才梯队组建、聚变驱动器系统研发、实验系统与测试平台建设等方 面。 "以往我们提到可控核聚变、人造太阳，感觉更像是一种美好愿景。而如今，投资人正在用真金白银证 明这一行业愈加清晰的布局前景。"一位私募机构的投资经理向记者表示。 有机构入局首轮融资，亦有机构已伴随企业走到了IPO阶段。 作为美国MIT-CFS、英国TE等多家全球可控核聚变龙头企业的高温超导材料供应商，上海超导今年的 IPO进程 ...

Core Insights - The controlled nuclear fusion sector is gaining significant traction, with the fusion concept index rising over 65% since the beginning of the year, and some funds heavily invested in this area seeing gains of over 46% in the past six months [1][2][5] Investment Trends - Recent investments in the controlled nuclear fusion space include nearly 100 million yuan in first-round financing for Antong Fusion, aimed at talent development and system research [2] - Shanghai Superconductor, a key supplier for global fusion leaders, is attracting attention as it approaches IPO, backed by notable institutional investors [3] - Investment firms like Zhongke Chuangxing have also invested in several startups in the controlled nuclear fusion sector [4] Market Performance - The fusion concept stocks are favored by various funds, with significant gains reported; for instance, the Yongying Manufacturing Upgrade Mixed Fund has focused on this sector, with its top holdings reflecting this strategy [5][6] - Fund managers are increasingly optimistic about the potential of controlled nuclear fusion, with expectations of substantial investments in upcoming experimental projects [8] Commercialization Progress - The successful ignition of controlled nuclear fusion at the Lawrence Livermore National Laboratory marks a significant milestone, indicating that commercialization may no longer be a distant dream [7] - Projections suggest that by 2025, major breakthroughs in fusion projects could lead to annual investments of 150 to 200 billion yuan, with potential increases to 300 to 500 billion yuan as projects progress [8]

Core Insights - China is constructing the compact fusion energy experimental device (BEST), expected to be completed by 2027, aiming to be the first device to achieve fusion power generation in human history [1] - The global shift towards carbon neutrality and energy security has elevated controllable nuclear fusion from basic scientific research to a key area of strategic competition among major powers [1][4] - The upcoming "14th Five-Year Plan" (2026-2030) marks a critical phase for China's nuclear fusion development, transitioning from principle verification to engineering technology [1] Industry Overview - The global fusion energy sector has moved from a long phase of basic research to a critical stage of "scientific validation-engineering testing-commercial cultivation" [4] - Major economies, including the U.S. and the EU, are increasing their strategic investments in fusion energy, with the U.S. setting a demonstration reactor operation goal for the 2030s and the EU investing €12 billion in preliminary research [4] - The transition from scientific collaboration to industrial competition is evident, with a focus on overcoming technical challenges in core components essential for the commercialization of controllable nuclear fusion [4] Company Insights - Chinese companies, such as Anhui Jinyi Energy Development Co., are emerging as key players in the fusion energy sector, leveraging advanced technology to gain a competitive edge [5] - Jinyi Energy has achieved microsecond-level control precision, positioning itself strategically in the global fusion power market [5] - The company has developed a modular power supply for the BEST device, reducing fault protection time to under 3 microseconds, which is 30% faster than international counterparts [9][12] Technological Advancements - The precision and stability of power supply systems are critical for maintaining the stability of plasma in fusion devices, with Jinyi Energy's systems achieving a response error of less than 5 microseconds [8] - The company's power supply systems have been designed to meet stringent requirements, achieving a ripple coefficient below 0.1% and an energy conversion efficiency of 95% [12][14] - These advancements not only enhance experimental safety but also improve operational efficiency, making Jinyi Energy's products highly competitive in international tenders [12] Market Potential - The global controllable nuclear fusion market is projected to reach $351.11 billion by 2025 and exceed $479.5 billion by 2029, with a compound annual growth rate of 8.1% [13] - The competitive landscape is characterized by a "tripartite" structure among China, the U.S., and the EU, with core component manufacturers playing a crucial role in reshaping the global energy landscape [13] - The ITER project serves as a benchmark for technological capabilities, with companies like Jinyi Energy entering its supply chain, indicating intense competition in the core component sector [13][14]

（文章来源：每日经济新闻） 每经AI快讯，11月5日，Wind数据显示，A股市场共计83只个股涨停。其中，医疗股合富中国收获7连 板，可控核聚变股海陆重工3连板。 ...

Core Viewpoint - The A-share market has shown strong performance this year, driven by the AI technology boom, with significant growth in various tech sectors, including optical modules, PCB, AI chips, liquid cooling, humanoid robots, and controllable nuclear fusion [2] Optical Modules - The optical module sector has seen a surge in demand due to increased investment in AI computing infrastructure, with expectations for strong demand for 800G and 1.6T optical modules by 2026 [2] - Eleven leading stocks in the optical module sector have doubled in value this year, with an average increase of 135.52% [2] - Key players like Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication reported significant revenue and profit growth in the first three quarters of 2025 [3][4] PCB (Printed Circuit Board) - The PCB market is experiencing a boom due to the explosive demand for AI servers and high-end switches, with global PCB market value projected to reach $73.6 billion in 2024 [5] - Twelve leading PCB stocks have seen an average increase of 199.26% this year [5] - Major companies such as Shenghong Technology and Shenyin Technology reported substantial revenue and profit growth in the first three quarters of 2025 [6] AI Chips - The AI chip market is accelerating domestic substitution due to export restrictions on high-end chips, with significant growth expected in the coming years [7][8] - The domestic AI chip market is projected to grow from ¥142.54 billion in 2024 to ¥1.34 trillion by 2029, with a compound annual growth rate of 53.7% [8] - Leading companies like Cambricon and Montage Technology have reported impressive revenue and profit growth in 2025 [8][9] Liquid Cooling - The liquid cooling market is gaining traction as a solution for efficient heat dissipation in AI computing facilities, with the global market expected to reach $2.84 billion in 2025 [10][11] - Six leading liquid cooling stocks have shown an average increase of 88.09% this year [11] - Companies like Yingweike and Yinlun reported strong revenue and profit growth in the first three quarters of 2025 [12] Humanoid Robots - The humanoid robot market is expanding rapidly, with significant advancements from both domestic and international companies [14] - The global humanoid robot market size forecast has been raised from $3 trillion to $5 trillion by 2035 [15] - Leading firms such as Wolong Electric and Zhejiang Rongtai have reported notable revenue and profit growth in 2025 [15][16] Controllable Nuclear Fusion - Controllable nuclear fusion is becoming a strategic focus for major countries, with significant growth expected in the sector [17] - The market for controllable nuclear fusion is projected to see an average increase of 80.17% among leading stocks this year [17] - Companies like Shanghai Electric and Jintian Co. reported strong performance in the first three quarters of 2025 [18]

Market Overview - The storage chip sector experienced a significant decline, with companies like Shikong Technology hitting the daily limit down, and Dawi Co. dropping over 6% [1] - The precious metals sector also faced downward pressure, with Hunan Gold, Xiaocheng Technology, Zhongjin Gold, and Chifeng Gold all opening down over 2% [1] - In contrast, the controllable nuclear fusion sector saw gains, with Zhejiang Fu Holdings and Hailu Heavy Industry reaching the daily limit up, and Changfu Co. rising over 10% [1] - The A-share market opened lower, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index down 0.10%, and the ChiNext Index down 0.26% [1] Sector Performance - The A-share market showed weakness in sectors such as computing hardware, lithium batteries, semiconductors, photovoltaic, and consumer electronics [2] - Conversely, sectors like thermal power generation, nuclear fusion, innovative pharmaceuticals, and AI application concepts were active and showed positive movement [2]

Core Insights - The exclusion of new energy vehicles (NEVs) from the "14th Five-Year Plan" strategic emerging industries list indicates a shift in focus towards other technologies such as quantum technology, biomanufacturing, hydrogen energy, and controllable nuclear fusion, reflecting new trends in industrial development [1][3][6] Industry Challenges - The NEV industry is currently facing significant challenges, including overcapacity, with utilization rates dropping below 40% in 2024, leading to substantial resource waste [1] - The average annual sales for 60% of car manufacturers are below 10,000 units, highlighting a severe imbalance in supply and demand [1] - The automotive industry's revenue is projected to grow by 4% to 10.6 trillion yuan in 2024, but profits are expected to decline by 8% to 462.3 billion yuan, resulting in a profit margin of only 4.3%, which is below the average of 6% for downstream industrial enterprises [2] Market Dynamics - Intense price competition has emerged in the domestic NEV market, with major manufacturers like Tesla and Geely reducing prices by 10%-15% to maintain market share, which has pressured profit margins [2] - The shift in focus from NEVs to broader new energy sectors, such as hydrogen energy and controllable nuclear fusion, suggests a diversification of the new energy industry [3][6] Strategic Directions - The "14th Five-Year Plan" emphasizes the importance of collaboration and integration across industries, with opportunities for NEVs to merge with low-altitude economy sectors, such as flying cars [4] - Companies are encouraged to innovate their business models and enhance resource integration capabilities, particularly through overseas investments and partnerships in emerging markets [5] Future Outlook - The strategic adjustment towards a more diversified and collaborative industrial landscape is expected to drive the overall competitiveness and added value of the industry [4][6]

Core Viewpoint - The A-share market has shown significant activity, with the Shanghai Composite Index surpassing 4000 points for the first time since August 2015, driven by sectors such as controllable nuclear fusion, domestic software, PCB, and commercial aerospace [1][3]. Controllable Nuclear Fusion Sector - The controllable nuclear fusion concept stocks have been on a continuous rise, with companies like Dongfang Tantalum and Antai Technology seeing multiple trading gains. Recent reports indicate that key materials for "artificial sun" technology have achieved domestic industrialization [1][7]. - The research team at the Chinese Academy of Sciences has successfully industrialized high-purity ton-level Hastelloy C276 metal substrates, which are crucial for the production of second-generation high-temperature superconducting tapes used in controllable nuclear fusion [7][8]. - Controllable nuclear fusion is recognized as a vital future energy direction, with advantages over nuclear fission, including minimal radioactive pollution and abundant raw materials sourced from seawater [9]. PCB Sector - PCB concept stocks have collectively strengthened, with companies like Aisen Co. and Meilian New Materials seeing gains exceeding 11%. Shengyi Technology has also reported a significant increase in revenue and profit forecasts, projecting a revenue increase of 108% to 121% year-on-year for the first three quarters of 2025 [4]. Domestic Software Sector - Domestic software stocks have shown active performance, with several companies reaching their daily price limits. The recent policy support from the government is expected to accelerate demand for domestic software and hardware companies, particularly as some leading firms enter a phase of performance realization [4]. Commercial Aerospace Sector - The commercial aerospace sector has rebounded, with companies like Aerospace Development reaching their price limits. A recent successful test of a large liquid rocket by Tianbing Technology marks a significant milestone in China's commercial aerospace capabilities [4]. Financial Sector - The financial sector has also seen notable movements, with companies like Ruida Futures and Huijin Co. experiencing sharp increases in stock prices [5]. Market Overview - The A-share market's three major indices opened lower but rose throughout the day, with the Shanghai Composite Index closing at 4005.44 points, up 0.21%. The onshore RMB also appreciated against the USD, reaching its highest level since November 2024, which may enhance foreign investment in RMB assets [3]. - The China Securities Regulatory Commission has introduced measures to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to create a more transparent and efficient investment environment for foreign investors [3].