Core Viewpoint - The successful installation of the Dewar base for the BEST project marks a new phase in the construction of controlled nuclear fusion, indicating potential acceleration in component development and engineering installation [1][2]. Group 1: Project Progress - The BEST project has advanced its overall assembly by two months ahead of schedule, with the Dewar base installation signaling a new stage in the project [2]. - Multiple projects in the domestic fusion industry are progressing steadily, with new routes and projects being announced, indicating an upcoming period of intensive bidding [3]. Group 2: Technological Advancements - Significant breakthroughs in key technologies and components have been reported, including the introduction of a kilometer-level REBCO superconducting tape suitable for controlled nuclear fusion scenarios and the successful generation of a steady-state strong magnetic field [3]. Group 3: Strategic Value of Fusion Energy - The strategic value of fusion energy is highlighted by its potential to reshape electricity consumption structures, particularly with the increasing demand from AI and data centers, which are projected to account for 5%-9% of global electricity consumption by 2050 [4]. - Major tech companies are actively engaging in fusion energy, with agreements for purchasing fusion power, indicating a strong market interest and potential for long-term growth in the controlled nuclear fusion industry [4]. Group 4: Investment Opportunities - Companies to watch in the vacuum chamber and internal components include Hezhong Intelligent (603011), Guoguang Electric (688776), Antai Technology (000969), and Parker New Materials (605123) [5]. - For magnet systems, notable companies include Lianchuang Optoelectronics (600363) and Yongding Co., Ltd. (600105) [5]. - In the power systems sector, key players are Sichuan Chuang Electronics (600990), Wangzi New Materials (002735), and Xuguang Electronics (600353) [5].

点击注册小程序 查看完整报告 25 年 5 月 1日，紧凑型聚变能实验装置（BEST）启动工程总装，较原计划进度提前 2 个月。9月底，聚变 新能官网发布多则 BEST 项目招标公告，主要涉及离子回旋共振加热高压电源系统相关组件、COOL TBM 相关组件等。此次杜瓦底座顺利落位安装，标志着 BEST 项目主体工程建设步入新阶段，部件研制和工程 安装有望开启"加速度"。 国内聚变行业进展积极，或迎密集招标期 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 10 月 1 日，紧凑型聚变能实验装置（BEST）主机系统中最重的部件、也是国内聚变领域最大的真空部件 ——杜瓦底座顺利完成制造交付及落位装配。 点评： BEST 杜瓦底座顺利落位装配，项目部件研制、工程安装有望提速 项目层面，除 BEST 项 ...

在7月29日《中美的终极对决——东方超环》文章中介绍了，人类巅峰科技是解决全球能源问题，因为石油天然气等化石能源终有枯竭的一天，中美都在加 速研发可控核聚变技术，通俗讲就是"人造太阳"；近日，中国科研团队在该领域实现重大突破，根据9月28日央视新闻报道，中国科学院合肥物质院等离子 体物理研究所联合国内多家科研机构与大学共同研制的全超导磁体，实现了35.1特斯拉中心稳态磁场，创造了新的世界纪录。 可控核聚变产生的能量比原子弹爆炸能量还要大，并且没有任何放射性物质产生，因此可控核聚变被誉为"终极能源"，而谁拥有了可控核聚变技术，谁将拥 有取之不尽用之不竭的清洁能源。 核聚变就像太阳一样发出巨大能量，但如何把这个能量锁住，被人类所用，被人类控制，一直是人造太阳的核心研究方向，中国为此研制出世界领先的"东 方超环"，走的是托卡马克磁约束路线。"东方超环"就像一个笼子一样，把高温等离子体约束在里面，而近日中国实现的35.1特斯拉中心稳态磁场将让"东方 超环"升级成"东方超环"ultra版，超强且稳定的磁场意味着可以让"东方超环"里持续发生核聚变，核聚变时间越长，能量输出越多。原本计划到2050年中国 聚变工程实验堆实验 ...

"我们要继续用好历史经验，把国家建设得更好，让老一辈领导人和革命先烈开创的事业不断欣欣向 荣！"9月30日晚，习近平总书记在庆祝中华人民共和国成立76周年招待会上发表重要讲话。 共庆祖国华诞，共享发展荣光。各地干部群众表示，习近平总书记重要讲话激发出满腔豪情，凝聚起磅 礴力量，要以只争朝夕、永不懈怠的精神，为以中国式现代化全面推进强国建设、民族复兴伟业而努力 奋斗！ 彪炳史册，辉煌成就振奋人心更凝聚力量 10月1日上午，湖南省中方县梅树村热闹非凡，不少游客或在溪谷漂流，或围炉煮茶，尽情享受乡村游 的惬意。"现在，村民在家门口就挣上了钱，日子越来越有盼头！"梅树村党总支书记杨晓鹏说。这个山 村整村脱贫后，正与全国人民一起奔跑在共同富裕的大道上。 "习近平总书记说，新中国76年来，党领导人民自力更生、接续奋斗，取得彪炳史册的辉煌成就。这让 我们无比自豪，要更加珍惜来之不易的幸福生活，继续擦亮'梅树'乡村游招牌，发展中药材种植，让乡 亲们的腰包更鼓。"杨晓鹏说。 在湖北省恩施州咸丰县，看着街道社区挂起一面面鲜艳的五星红旗，从枪林弹雨中走来的96岁抗战老兵 罗代武双手微颤、难掩激动。习近平总书记在讲话中提到"我们隆重 ...

Market News - US stock indices collectively rose, with the Dow Jones up 0.15%, Nasdaq up 0.48%, and S&P 500 up 0.26%. Major tech stocks showed mixed results, with Nvidia rising over 2% and Amazon over 1%, while Broadcom fell nearly 2% [1] - Spot gold surpassed $3830, closing at $3832.94 per ounce, reaching a new high. COMEX gold futures rose 1.42% to $3862.90 per ounce, and COMEX silver futures increased 0.97% to $47.11 per ounce. International oil prices saw significant declines, with WTI crude down 3.86% to $63.18 per barrel and Brent crude down 3.51% to $66.79 per barrel [1] - European stock indices closed slightly higher, with Germany's DAX up 0.02% to 23745.06 points, France's CAC40 up 0.13% to 7880.87 points, and the UK's FTSE 100 up 0.16% to 9299.84 points [1] Industry Insights - The Ministry of Industry and Information Technology of China has issued a satellite mobile communication business operating license to China Mobile, following similar licenses granted to China Telecom. This allows major telecom companies to engage in satellite communication services, enhancing emergency communication and services in remote areas. The satellite communication market in China is projected to grow from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, with a compound annual growth rate exceeding 100% [2] - The release of the DeepSeek-V3.2-Exp model introduces a sparse attention mechanism, significantly improving long text training and inference efficiency while reducing service costs. This model has been adapted by Cambrian and Ascend, showcasing advancements in domestic AI hardware and software capabilities [3][4] - A new world record was set with a 35.1 Tesla steady-state magnetic field achieved by a superconducting magnet developed by the Hefei Institute of Physical Science. This breakthrough supports various applications, including nuclear magnetic resonance imaging and superconducting magnetic levitation [5][6] - The superconducting materials market is expected to exceed $25 billion globally by 2030, with China significantly increasing its market share. The country is positioned to lead in the superconducting industry, driven by policy, technology, and market forces [6]

Industry Insights - The recent achievement of a 35.1 Tesla steady-state magnetic field by a collaborative effort led by the Hefei Institute of Plasma Physics marks a significant breakthrough in the field of high-field superconducting magnets, establishing a new world record [1] - This advancement is expected to drive the technological upgrade of the domestic high-temperature superconducting materials industry and provide critical technical support for various applications, including MRI, aerospace electromagnetic propulsion, superconducting induction heating, magnetic levitation, and efficient power transmission [1] - The superconducting industry is transitioning from laboratory technology to large-scale applications, with China prioritizing superconducting materials as a key project in the "14th Five-Year Plan," supported by over 10 billion yuan in central government funding for key technology breakthroughs [1] - The global superconducting materials market is projected to exceed $25 billion by 2030, with a significant increase in China's market share, as high-temperature superconductors dominate energy and transportation sectors while low-temperature superconductors support advanced applications like quantum computing and nuclear fusion [1] - The superconducting industry is at a pivotal point of technological breakthroughs and large-scale applications, with policy, technology, and market forces driving China towards becoming a leader in this field, potentially unlocking a trillion-yuan market space and reshaping the future landscape of energy, transportation, and healthcare [1] Company Highlights - Companies such as Western Superconducting Technologies and Zhongfu Industrial are noted in relation to the superconducting industry [2]

Education Sector - The National Smart Education Platform is advancing its application pilot work, emphasizing the role of digital technology, especially AI, in reshaping knowledge structures and educational methods [1] - The Chinese smart education market is projected to exceed 900 billion yuan by 2025, with a compound annual growth rate of 21% [1] - The Ministry of Education aims for 90% coverage of smart campuses in primary and secondary schools by 2025, indicating a shift from "tool empowerment" to "ecological reconstruction" in education [1] Superconducting Industry - A new world record of 35.1 Tesla for steady-state magnetic fields has been achieved by a collaborative effort led by the Chinese Academy of Sciences [2] - This breakthrough in superconducting technology is expected to enhance the domestic high-temperature superconducting materials industry and support applications in various fields such as MRI, aerospace, and efficient power transmission [2] - The global superconducting materials market is anticipated to exceed $25 billion by 2030, with significant growth expected in China's market share [2] Atomic-Level Manufacturing - The Central Political Bureau is discussing the inclusion of atomic-level manufacturing in the 14th Five-Year Plan, highlighting its strategic importance [3] - The focus will be on high-end manufacturing needs, including integrated circuits and aerospace, to enhance core materials and components [3] Macro and Industry News - The Central Political Bureau is formulating the 15th Five-Year Plan for economic and social development [4] - The National Development and Reform Commission is supporting the development of domestic computing power and models [4] - The Ministry of Industry and Information Technology aims for an average annual revenue growth of 3.5% in the machinery industry from 2025 to 2026 [4]

超导材料是具有重大经济和战略意义的先进材料。 冠中生态复牌涨停 拟打造双主业架构 9月29日，冠中生态（300948）复牌，股价一字涨停，收盘涨停封单达15.6万手，最新收盘价创今年以来新高。 冠中生态聚焦生态环境建设主业，覆盖包括植被恢复、水土保持、防沙治沙、土壤修复、土地整治、水环境治理等自然环境生态修复业务，以及景观园 林、市政工程、环卫保洁等人工环境生态建设业务。今年上半年，公司营业总收入0.53亿元，同比下滑52.33%；净利润亏损318.61万元，创上市以来同期 新低。 9月28日，冠中生态发布的公告显示，公司控股股东冠中投资及实控人李春林夫妇拟分两期向杭州深蓝财鲸人工智能科技合伙企业（简称"深蓝财鲸"）协 议转让所持公司15.5%股份，并放弃剩余股份表决权，公司控股股东从而变更为深蓝财鲸。 同时，冠中生态拟以现金方式收购杭州精算家人工智能技术有限公司（简称"杭州精算家"）51%股权，整体估值暂定为不超过5.6亿元。本次交易构成关联 交易，但不构成重大资产重组和重组上市。 据悉，杭州精算家是一家专注于财税数智化技术研发与应用的企业服务商。未来，冠中生态将形成"生态修复+财税数智化"双主业架构。 我 ...

2025年券商分类评价出炉 A类53家 B类43家 C类11家 2025年券商分类评价出炉。记者了解到，证监会近日向证券公司通报了2025年分类评价结果，全行业参 评公司共107家（母子公司合并评价），其中评价结果为A类的公司53家，B类公司43家，C类公司11 家，A类公司中，AA级公司14家。据了解，近年来证券公司各类别的数量总体保持稳定，A、B、C类 公司数量占比分别约为50%、40%、10%，AA级公司在A类公司中占比约25%。据了解，本年度分类评 价以今年8月修订发布的《证券公司分类评价规定》为依据，平稳落实了各项新规定和新指标。（智通 财经） 工信部等八部门：2025—2026年有色金属行业增加值年均增长5%左右 工业和信息化部等八部门印发《有色金属行业稳增长工作方案（2025—2026年）》，其中提到，2025— 2026年，有色金属行业增加值年均增长5%左右，经济效益保持向好态势，十种有色金属产量年均增长 1.5%左右，铜、铝、锂等国内资源开发取得积极进展，再生金属产量突破2000万吨，高端产品供给能 力不断增强，绿色低碳、数字化发展水平持续提升。 周大福、周生生等确认一口价黄金将调价 部分产 ...

Core Viewpoint - The successful development of a fully superconducting magnet capable of generating a steady-state magnetic field of 351,000 Gauss represents a significant advancement in superconducting technology, with broad applications in various fields such as nuclear fusion and advanced scientific instrumentation [1][2]. Group 1: Technological Advancements - The superconducting magnet was developed through collaboration among the Hefei Institute of Physical Science, Hefei International Applied Superconductivity Center, Hefei Comprehensive National Science Center Energy Research Institute, and Tsinghua University [1]. - The innovative structure of the magnet combines high and low-temperature superconducting magnets in a coaxial arrangement, addressing challenges such as stress concentration and shielding current effects, thereby enhancing mechanical stability and electromagnetic performance under extreme conditions [1][2]. Group 2: Applications and Implications - The superconducting magnet is a core component of magnetic confinement nuclear fusion devices, acting as a "magnetic cage" to safely contain high-temperature plasma [2]. - The successful development of this magnet is expected to promote the commercialization of high-end scientific instruments like nuclear magnetic resonance imaging and provide critical technical support for various industries, including nuclear fusion devices, aerospace electromagnetic propulsion, superconducting induction heating, superconducting magnetic levitation, and efficient power transmission [2].