半年报显示，报告期内，旭光电子126kV真空灭弧室配合国内多家客户环保型GIS顺利通过全套型式试 验，获得多个示范性工程订单，其中在武汉舵落口220kV变电站实现全球最大规模126kV真空环保型 GIS开关设备的规模化配套应用。同时，公司还攻克了126kV及以上高压产品的国产化量产瓶颈，计划 投资3.55亿元的高压真空灭弧室产业化（一期）项目。据悉，该项目已完成生产场地竞拍购置并启动建 设。 与此同时，旭光电子在可控核聚变业务领域也进展顺利。报告期内，公司与国内多个核聚变项目建立了 紧密技术协同，业务覆盖托卡马克装置、直线型场反位形装置及惯性约束混合堆装置等核心领域。据 悉，公司兆瓦级电子管在托卡马克装置稳定应用，并获得国内外多个重大核聚变项目订单，同时公司还 加速布局直线型场反位形装置及Z箍缩装置电源系统快控开关产品线，配合客户特定性能需求，对真空 触发管、伪火花放电管等脉冲功率器件及失超保护开关等产品开展适配优化。 开源证券最新研报认为，可控核聚变技术路线多元化发展，公共资金和私营资本踊跃入局，行业进入快 速孵化阶段。参考当前国内裂变堆每年10GW级的核准建设节奏，若核聚变电站顺利实现商业化，未来 批量建 ...

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]