中国在核聚变材料领域完成了一个影响深远的大动作，这事不仅解决了关键技术难题，也彻底扭转了以 往受制于国外供应链的格局。 很长一段时间，我们在高温超导带材这块有着全球领先的制造实力，但真正决定性能和安全的哈氏合金 基带，却被美日牢牢把持。高昂的采购成本和一年等货的周期让产业发展步步受限，更别提对手一点头 就能断供，谁也不愿把前途全押在别人身上。 文案|编辑：凤梨 中科院金属所的科研团队硬是把这个难题从根上攻克了。他们做出的哈氏合金基带不光纯度高、细度 高，机械性能也达到了国际顶尖水平。别看这小小一根基带，比头发还要细得多，整卷拉上千米长，性 能一点不打折扣。 要把它做到每一毫米杂质极少、表面要像镜子一样平整，还要能在极冷或者极烫的环境下保持强度，这 事儿可不是在哪家实验室拍脑门就完成的。 核聚变用的是海水里提取的燃料，要是真能做成，能源比现在便宜又干净。有人说这是通往新世纪的入 口，不掌握材料技术就只能被动观望，现在中国已经走到了前排。 背后是无数次的磨炼和大胆创新，中国团队把国际标准都甩在后边，真正实现工业化量产。而且用国产 的价格一下降了三四成，供货速度也比以往快三四倍，不只是能做得出来，更能做得好做得快。 ...

Digital Currency - The digital RMB ecosystem has been established with continuous innovation and application development, with a total transaction amount of 14.2 trillion yuan by the end of September 2025 [1] - The pilot program covers 26 regions across 17 provinces, processing 3.32 billion transactions and opening 225 million personal wallets through the digital RMB app [1] - The digital RMB industry chain includes upstream technology development, midstream payment platforms, and downstream merchants, creating a comprehensive ecosystem [1] Smart Glasses - Baidu's AI glasses Pro will start pre-sale on November 1 and officially launch on November 10, featuring stylish designs and various AI functionalities [2] - The global smart glasses market is expected to see a shipment of 4.065 million units in the first half of 2025, a year-on-year increase of 64.2% [2] - The smart glasses industry is entering a rapid development phase driven by AI technology, supply chain optimization, and the entry of major players [2] HPV Vaccine - The first domestically produced nine-valent HPV vaccine is accelerating its rollout across the country, with plans to include it in the national immunization program [3] - The HPV vaccine market in China has grown from approximately 200 million yuan in 2017 to about 40 billion yuan in 2022, with a projected annual vaccination rate of 20 to 30 million in the next 5 to 10 years [3] Agriculture - A research team from China Agricultural University has identified two new genes regulating rice grain number through whole-genome association analysis, which could enhance yield [4] Tungsten Market - As of October 28, black tungsten concentrate prices rose to 288,000 yuan per ton, with prices for APT and tungsten powder also increasing significantly [6] - Tungsten product prices have doubled since the beginning of the year, driven by strategic attributes and supply chain restructuring [6] Military Industry - The "15th Five-Year Plan" emphasizes accelerating advanced combat capabilities and enhancing strategic deterrence, indicating a positive outlook for the military industry [7] - The military sector is expected to enter an upward cycle with improving fundamentals and increasing orders related to the "15th Five-Year Plan" [7] Gas Turbine Supply - A shortage of gas turbines is becoming a bottleneck for the expansion of AI data centers, leading developers to procure modified jet engine turbines [8] - Global gas turbine orders are projected to rise significantly by 2026, with a complex manufacturing process limiting the ability to quickly respond to demand [8]

Group 1: Company Overview - The report analyzes Guoquan (02517) in the "home dining" market, focusing on its sustainable growth logic and addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [3][4] - As of the end of 2024, Guoquan operates 10,150 stores, with a retail market share of 3.0% in China's home dining products, positioning it as the market leader [4] Group 2: Market Dynamics - The home dining market in China is projected to grow at a CAGR of 20.7% from 2022 to 2027, reaching an estimated market size of 940 billion yuan by 2027, with significant growth potential in lower-tier cities where penetration rates are below 25% [4][5] - The competitive landscape is fragmented, with the top five companies holding only 11.1% market share, indicating substantial room for growth in the lower-tier markets [4] Group 3: Competitive Advantages - Guoquan's competitive strategy includes a focus on popular products, a robust membership ecosystem, and innovative channel strategies. The "99 yuan beef tripe package" achieved sales of over 500 million yuan in 2024, with significant exposure on Douyin [5] - By the end of 2024, Guoquan had registered 41.3 million members, a year-on-year increase of 48.2%, with prepaid card deposits reaching 990 million yuan, up 36.6% [5] Group 4: Financial Projections - The company is expected to generate revenues of 7.183 billion yuan, 8.036 billion yuan, and 9.080 billion yuan from 2025 to 2027, with net profits of 340 million yuan, 396 million yuan, and 463 million yuan respectively, corresponding to PE ratios of 25x, 21x, and 18x [5] Group 5: Industry Overview - The report on the new materials industry highlights the strategic opportunities arising from advancements in nuclear fusion technology, with significant investments and milestones expected in the coming years [7][8] - The global nuclear fusion market is projected to reach 345.1 billion dollars by 2025, with a compound annual growth rate of 5.1% until 2037 [10]