据上证报报道，1月16日，2026核聚变能科技与产业大会将在安徽合肥举办。根据活动议程，会议将在 合肥庐阳区聚变堆主机关键系统综合研究设施(CRAFT)园区召开，分为产业链上下游企业线下展会，聚 变创新展览馆开放，产业大会三大模块，届时将邀请国家部委，地方政府，国内外顶尖科学家，科研院 所，产业链上下游企业及金融机构等全链条创新主体，共商聚变能发展机遇，旨在助力核聚变产业资 金，产业技术合作的进一步提速。 另外，1月12日，星环聚能宣布顺利完成A轮融资，融资金额达10亿元。这笔资金将全力助推下一代聚 变装置建设，为公司在2028年前后彻底完成工程验证，2032年左右建成一个可输出电能的聚变反应示范 堆目标注入强劲动力。由上海国投公司旗下的上海科创集团等十余家机构及个人共同参与投资。 中信证券认为，核聚变被誉为人类终极能源，远期成长空间广阔，短期国内外已进入催化密集释放期。 行业目前主要由重大事件驱动，国内资本开支有序落地，海外进展有望超预期。据国际能源署测算， 2030年全球聚变市场规模有望超千亿美元。 公司方面，据上证报表示， 新风光：积极布局核聚变及核聚变电源行业，已专门成立专项团队推进相关电源业务，此前 ...

Core Viewpoint - The company is focused on domestic clients for its controllable nuclear fusion business and currently has no clear plans for international development [1] Group 1: Business Overview - The company's nuclear fusion power-related business primarily serves domestic clients, with no current international business development plans [1] - The company has a strong technical foundation in the nuclear fusion power sector and its products are already applied in several nuclear fusion projects in China [1] - The company is one of the main suppliers of power systems in the domestic nuclear fusion field [1] Group 2: Industry Context - The nuclear fusion industry is still in the experimental verification stage, indicating that the business orders related to nuclear fusion power currently represent a small proportion of the company's overall order structure [1] - There is uncertainty regarding the commercialization process within the nuclear fusion sector [1]

Group 1 - The company, Yingjie Electric (300820.SZ), is involved in the research and sales of power products related to controllable nuclear fusion [1] - The company has established partnerships with several core domestic clients in the nuclear fusion field [1] - Currently, the company's nuclear fusion power-related business serves only domestic clients [1]

Summary of Fusion Energy Conference Call Industry Overview - The fusion energy industry is experiencing significant growth in 2025, driven by policies, capital, and technological advancements, with a notable emphasis on domestic production characteristics and deep participation across the entire industry chain [1][2][3] - The Field-Reversed Configuration (FRC) technology is gaining attention due to its advantages in miniaturization and modularity, alongside substantial financing [1][3] - The mainstream technology remains the Tokamak device, with related components such as magnets and superconducting materials being key areas of focus [1][3] Key Developments - Internationally, devices like W7-X and ITER have made progress, with multiple countries releasing fusion innovation strategies [1][5] - In China, fusion has been identified as a future industry, with procurement budgets exceeding 100 million yuan [1][5] - Cumulatively, global fusion financing has approached 10 billion USD, with private capital accounting for over 90%, primarily concentrated in the US and Europe, while China is rapidly catching up [1][7] Policy Support - Strong policy support for fusion development is evident, with major countries like the US, Japan, the UK, and Germany releasing comprehensive innovation strategies [8] - In China, the 20th Central Committee has defined fusion as a key future industry, with significant procurement activities underway [8] Technological Insights - FRC devices exhibit high beta values and low energy consumption, with applications in both pulsed (e.g., Helion) and steady-state (e.g., TAE) configurations [1][10] - Hydrogen-boron fusion offers advantages over traditional deuterium-tritium fusion, including no neutron release, which eliminates the need for complex shielding and reduces radioactive waste [11] Company Highlights - Helion and TAE are leading private companies in the FRC space, with Helion planning to commercialize fusion power by 2028 [10][13] - TAE has raised 1.355 billion USD in funding, focusing on hydrogen-boron fuel [16] - Domestic companies like Hanhai Fusion and Nova Fusion are actively participating in the FRC field, with Nova Fusion recently securing 500 million yuan in angel funding [1][18] Emerging Technologies - The Shena Nova-1 device developed by the Sun Xuan team at the University of Science and Technology of China is designed for low-cost, small-scale fusion applications, with plans for a 200 MW fusion power station by 2035 [17] - The FRC system requires a high degree of precision in its pulse power supply, which constitutes over 50% of the system's components [12] Market Dynamics - The investment landscape shows a strong preference for FRC technology, with significant funding directed towards this area, indicating a shift in focus from traditional fusion methods [7][20] - Companies like Xuguang Electronics and Guoguang Electric are also involved in various fusion projects, contributing to the overall ecosystem [19] Conclusion - The fusion energy sector is poised for rapid advancement, supported by robust policy frameworks, significant capital inflows, and innovative technological developments, particularly in the FRC domain, which presents a promising alternative to traditional fusion approaches [1][2][8][20]

Core Viewpoint - The company, Yingjie Electric (300820.SZ), has reported that its nuclear fusion power business received approximately 10 million in orders last year, with a similar volume expected this year. The core projects are anticipated to enter a concentrated procurement phase from the second half of this year to the first half of next year, presenting opportunities for power supply bidding [1]. Group 1 - The company is closely tracking and collecting customer demand and power supply type information for upcoming projects [1]. - The Chengdu region is highlighted as having the most intensive project tracking, with competition among peers for various projects [1]. - Future order volumes will depend on the results of the bidding process [1]. Group 2 - The company has been collaborating with customers for customized research and development [1]. - The company can develop power supplies that meet customer needs based on its technological platform [1].

Financial Performance - In the first half of 2025, the company achieved revenue of 722 million CNY, a year-on-year decrease of 9.42% [1] - Net profit attributable to shareholders was 119 million CNY, down 32.71% year-on-year [1] - Operating cash flow remained positive at 175 million CNY [1] Revenue Breakdown by Sector - Solar energy sector generated 298 million CNY, accounting for 41.24% of total revenue, with a year-on-year decline of 25.18% [1] - Semiconductor and electrical materials sector reported 160 million CNY, representing 22.20% of total revenue, down 13.45% year-on-year [1] - Other sectors, including research institutions and steel metallurgy, saw revenue of 263 million CNY, making up 36.43% of total revenue, with a year-on-year increase of 23.94% [1] Order and Delivery Status - The solar business confirmed nearly 300 million CNY in revenue in the first half of 2025, with outstanding goods around 1.4 billion CNY [2] - Semiconductor orders and revenue showed a year-on-year decline, but excluding the impact of changes in settlement methods, they would have increased [2] - Other sectors experienced significant growth, with orders reaching 354 million CNY, a year-on-year increase of nearly 60% [2] Profitability and Margin Trends - Semiconductor sector's gross margin declined due to high initial costs of new products and increased management and R&D expenses [2] - The company is implementing flexible payment policies to mitigate financial risks, particularly in the solar sector [4] - The gross margin trend for the second half of the year is uncertain, depending on whether previous costs are fully accounted for [3] Future Outlook - The company anticipates pressure on overall performance in 2025 due to delays in revenue recognition from the solar sector and overseas orders [5] - There is optimism for improvement in 2026 with potential contributions from overseas solar orders and new business segments like charging piles [5] - The company is actively pursuing opportunities in AI and data center power supply markets [5]

Core Viewpoint - The article discusses the critical role of nuclear fusion power systems in achieving stable and controlled nuclear fusion, likening it to a "heart" and "brain" of a fusion reactor, essential for maintaining the high-temperature plasma necessary for fusion reactions [4][5][6]. Summary by Sections Nuclear Fusion Power System - The nuclear fusion power system is a specialized high-performance power source that precisely controls the plasma in fusion reactions, which can reach temperatures exceeding 100 million degrees Celsius [5][6]. - Successful ignition of nuclear fusion requires three key conditions: high temperature, high density, and long energy confinement time, collectively referred to as the "fusion triple product" [6]. Types of Power Sources - There are two main types of nuclear fusion power sources: magnetic power sources and heating power sources [7]. - Magnetic power sources generate strong magnetic fields to suspend the high-temperature plasma, while heating power sources raise the plasma temperature to the required levels [7][10]. Performance Requirements - The power systems must meet stringent performance criteria, including voltage fluctuation control within 3%, response times under 0.3 milliseconds, and strong interference resistance [8]. Market Potential - The market for nuclear fusion power systems is projected to exceed 5 billion, based on current investment in fusion projects, with costs for fusion reactors ranging from 3 to 10 billion for a 1000MW scale [12][16]. - The domestic market is expected to grow further with the development of various fusion projects, including BEST, STAR, and others, with significant investments planned [13][14]. Industry Challenges and Opportunities - The nuclear fusion power sector faces challenges such as high operational demands on heating power sources and the need for advanced electronic components [16]. - The industry is still in its early stages, with a focus on technological advancements and the establishment of supply chains for specialized power systems [17]. Key Companies - The article identifies several key companies involved in the nuclear fusion power sector, highlighting their roles in the development and supply of necessary technologies and components [18].

Core Insights - The report emphasizes the rising demand for nuclear fusion power sources, driven by advancements in fusion technology and increasing investment in the sector [3][6][8] - The report highlights the high technical and customer barriers in the nuclear fusion power supply industry, indicating a favorable environment for companies involved in this field [8] Market Performance - The report provides a snapshot of market indices, with the Shanghai Composite Index closing at 3615.72, reflecting a slight increase of 0.17%, while the Shenzhen Component Index decreased by 0.77% to 11203.03 [4] - The report also details the performance of various industry sectors, noting that the steel sector saw a rise of 2.05%, while the electric equipment sector experienced a decline of 2.22% [5] Industry Focus - The nuclear fusion power supply is identified as a critical component in fusion devices, with the need to optimize heating temperature and energy confinement time to enhance fusion performance [3][6] - The report discusses the specific requirements for different fusion technology routes, such as Tokamak and linear devices, which demand high-performance power supplies with strict specifications [7][8] - The report notes that the cost of power supplies can account for 30%-50% of the overall cost of fusion devices, underscoring the importance of this segment in the fusion industry [6][7] Investment Opportunities - The report suggests that as the investment climate for nuclear fusion improves, there will be increased demand for specialized power supplies, presenting potential investment opportunities for companies in this sector [8] - The report indicates that domestic capabilities for core components of power supplies have improved, reducing reliance on imports and enhancing competitive positioning [7][8]

Investment Rating - The report assigns a "Strong Buy" rating for the power equipment industry, specifically recommending "Buy" for Aikasaibo (688719.SH) at a price of RMB 39.23 [1]. Core Insights - The core insight of the report emphasizes that nuclear fusion power sources are critical components of fusion devices, enhancing the heating temperature and energy confinement time to improve the fusion "triple product" [3][13]. - The report highlights the high technical and customer barriers in the power source segment, with costs accounting for 30%-50% of the overall fusion device [3][5]. - The increasing investment climate in China's nuclear fusion sector, with multiple technological routes advancing simultaneously, is expected to lead to significant order and performance releases in the fusion power segment [3][5]. Summary by Sections Investment Recommendations - The report suggests that nuclear fusion power sources will drive improvements in the fusion "triple product" through enhanced heating temperatures and energy confinement times, which are essential for achieving fusion ignition [3]. - It recommends Aikasaibo and suggests monitoring other companies such as Yingjie Electric, Guoguang Electric, Xuguang Electronics, Hongxun Technology, and Wangzi New Materials [3]. Industry Overview - The report discusses the critical role of power sources in nuclear fusion devices, which include providing energy for plasma heating and maintaining the stability of the magnetic field [13][14]. - It notes that the power source's performance is crucial for the safety and efficiency of fusion operations, with stringent requirements for response times and stability [21][22]. Technological Insights - The report details the different types of power sources used in various fusion technologies, including Tokamak, linear, and Z-pinch systems, each with specific requirements and challenges [45][47]. - It highlights the importance of high-power, low-ripple power sources in maintaining plasma stability and achieving the necessary conditions for fusion [22][52]. Market Potential - The report identifies a broad market potential for fusion power sources, driven by the increasing demand for customized solutions and the historical experience of suppliers in the nuclear fusion sector [52][53]. - It emphasizes that companies with established relationships and experience in nuclear-grade power supply are likely to benefit from upcoming large-scale projects [52][53]. Emerging Technologies - The report mentions the growing importance of supercapacitors in fusion power systems, which can provide rapid discharge capabilities essential for the pulsed operation of fusion devices [54][56]. - It notes that supercapacitors have been successfully integrated into existing projects, indicating a trend towards their increased use in future nuclear fusion applications [56].

Group 1 - The core focus of Yingjie Electric is on the research and manufacturing of industrial power supplies, covering areas such as photovoltaic, semiconductor, charging piles, energy storage, and research institutions [1] - The photovoltaic industry previously held a significant share of the company's business but is currently undergoing a downward adjustment cycle, prompting the company to actively pursue business transformation [1] - Progress has been made in the semiconductor and charging pile sectors, with the company having a strong technical foundation in controlled nuclear fusion power supplies, establishing long-term partnerships with top domestic research institutions [1] Group 2 - Orders related to nuclear fusion power supplies are expected to exceed 10 million yuan in 2024, indicating a broad market potential [1] - The company possesses experience in the research and development of high-power power supplies and has the capability for mass production, forming a technological advantage [1] - In the charging pile business, the company is developing new products for industry leaders and anticipates obtaining high-value-added orders, with breakthroughs in overseas market expansion expected to lead to significant growth by 2025 [1] Group 3 - The company emphasizes the importance of receivables in its photovoltaic business, with most of the goods shipped but not yet recognized as sales having their payments already collected, indicating manageable financial risks [1]