Core Viewpoint - The company is involved in marine technology and has capabilities related to ocean environment simulation tests, but has not yet achieved large-scale application in the deep earth economy sector [2]. Group 1: Company Performance - As of October 22, 2025, the company's stock price closed at 15.41 yuan, down 0.32%, with a turnover rate of 2.62% and a trading volume of 45,300 shares, amounting to a transaction value of 69.91 million yuan [1]. Group 2: Industry Insights - The deep earth economy is a key project in the current five-year plan, focusing on the development of deep earth resources and deep space utilization, covering areas such as resource exploration, underground space construction, core equipment manufacturing, and technical services [2]. - The company has the capability to design and implement power equipment and detection systems for marine environment simulation tests, as well as sensors and optoelectronic instruments for underwater material testing, although these technologies have not yet been widely applied [2]. Group 3: Market Activity - On October 22, 2025, the net inflow of main funds was 87,900 yuan, while speculative funds saw a net inflow of 2.61 million yuan, and retail investors experienced a net outflow of 2.6983 million yuan [2].

Core Viewpoint - The establishment of China Fusion Company marks a significant transition from experimental research to engineering and commercial application in fusion energy, demonstrating a key leap for the fusion industry cluster development in China [1][2]. Group 1: Company Establishment and Investment - China Fusion Company was officially established on July 22, 2025, in Shanghai, with a total investment of 11.492 billion yuan from seven units, including China National Nuclear Corporation and China Petroleum Kunlun Capital [2]. - The company will focus on the engineering and commercialization of fusion energy, utilizing the magnetic confinement Tokamak technology [2]. - China Fusion Company has signed a deepening cooperation agreement with several institutions, including Shanghai Jiao Tong University and Shanghai Electric Group, to promote collaborative development within the fusion industry chain [2][3]. Group 2: Industry Development and Technological Advancements - Shanghai is actively promoting the fusion industry cluster, emphasizing the integration of innovation elements from enterprises, universities, and research institutions to accelerate the commercialization of fusion technology [3]. - Shanghai Superconductor has achieved breakthroughs in high-temperature superconducting core technology, holding over 80% market share for domestic and international fusion reactor supplies [3]. - The establishment of the fusion innovation consortium will enhance the density of technological innovation and accelerate the development of a globally influential fusion energy innovation hub [3]. Group 3: Global Context and Future Outlook - The global fusion industry is thriving, with at least 45 commercial fusion companies and cumulative investments of approximately 7 billion USD, with 80% of surveyed companies expecting to supply power to the grid in the 2030s [4]. - China has validated the feasibility of fusion reactors through national research projects and plans to start the BEST project in 2025, aiming for its first power supply to the grid by 2030 [4]. - The role of state capital in Shanghai is crucial for encouraging social capital to foster innovation in the upstream and downstream sectors, potentially shortening the growth cycle of the fusion industry [4].