我国可控核聚变技术再迎新突破。 可控核聚变迎新突破 1月7日，可控核聚变概念再度走强，中国核建、雪人集团、国机重装等6股涨停，英杰电气、中泰股份、华 菱线缆、哈焊华通等个股涨幅均超6%。1月以来，可控核聚变概念股持续上涨，远东股份等13股累计涨幅在 10%以上。 消息面上，我国可控核聚变技术再迎新突破。近日，中国科学院合肥物质科学研究院等离子体物理研究所 宣布，有"人造太阳"之称的全超导托卡马克核聚变实验装置（EAST）实验证实托卡马克密度自由区的存 在，找到突破密度极限的方法，为磁约束核聚变装置高密度运行提供了重要的物理依据。相关研究成果发 表在国际学术期刊《科学进展》上。 可控核聚变产生的聚变能具有资源丰富、环境友好、安全零碳等突出优点，被认为是能源革命的终极解决 方案。 近年来，海内外可控核聚变行业获得政策重点支持。《中华人民共和国原子能法》将于2026年1月15日起施 行，明确"鼓励和支持受控热核聚变"、建立实行分级分类管理。 随着可控核聚变技术持续突破，资本市场对可控核聚变项目投资日益活跃。 聚变工业协会发布的《2025年全球聚变行业》报告显示，过去5年，全球聚变行业呈现爆发式增长，总投资 额从20 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 可控核聚变迎新突破 1月7日，可控核聚变概念再度走强，中国核建、雪人集团、国机重装等6股涨停，英杰电气、中泰股 份、华菱线缆、哈焊华通等个股涨幅均超6%。1月以来，可控核聚变概念股持续上涨，远东股份等13股 累计涨幅在10%以上。 消息面上，我国可控核聚变技术再迎新突破。近日，中国科学院合肥物质科学研究院等离子体物理研究 所宣布，有"人造太阳"之称的全超导托卡马克核聚变实验装置（EAST）实验证实托卡马克密度自由区 的存在，找到突破密度极限的方法，为磁约束核聚变装置高密度运行提供了重要的物理依据。相关研究 成果发表在国际学术期刊《科学进展》上。 可控核聚变产生的聚变能具有资源丰富、环境友好、安全零碳等突出优点，被认为是能源革命的终极解 决方案。 近年来，海内外可控核聚变行业获得政策重点支持。《中华人民共和国原子能法》将于2026年1月15日 起施行，明确"鼓励和支持受控热核聚变"、建立实行分级分类管理。 随着可控核聚变技术持续突破，资本市场对可控核聚变项目投资日益活跃。 聚变工业协会发布的《2025年全球聚变行业》报告显示，过去5年，全 ...

Group 1 - The concept of controlled nuclear fusion is gaining momentum in the market, with several stocks experiencing significant gains, including China Nuclear Engineering (601611) and Snowman Group (002639), among others [1] - The Chinese Academy of Sciences has made a breakthrough in controlled nuclear fusion technology, confirming the existence of a density-free zone in the Tokamak, which is crucial for high-density operation of magnetic confinement fusion devices [1] - Controlled nuclear fusion is viewed as a solution to the energy revolution due to its abundant resources, environmental friendliness, and zero-carbon safety [1] Group 2 - The global fusion industry has seen explosive growth, with total investments rising from $1.9 billion in 2021 to $9.7 billion, and an additional $2.6 billion expected in 2024 [2] - The global nuclear fusion market is projected to reach $496.55 billion by 2030 and exceed $1 trillion by 2050, driven by advancements in high-temperature superconductors and artificial intelligence [2] - There are currently 59 stocks in the A-share market related to controlled nuclear fusion, with 22 companies allocating over 5% of their revenue to R&D, including Changguang Huaxin and Aikesaibo, which have R&D expenses exceeding 20% [2] Group 3 - Changguang Huaxin is developing high-efficiency laser chips and array modules for controlled laser nuclear fusion, focusing on low cost, high power, and efficiency [3] - Among the 22 companies, 16 reported an increase in R&D expenses, with Yujing Technology, Jingye Intelligent, and Aikesaibo showing the highest growth rates of 87.76%, 64.87%, and 42.62% respectively [3] - Zhongtai Co. has forecasted a net profit of 420 million to 480 million yuan for 2025, driven by overseas orders and successful application of its helium refrigeration technology in fusion research [3]

点评：算力作为数字经济的核心生产力，正从基础设施供给向价值服务生态转型。权威预计，2025年我 国算力规模将突破300EFLOPS，市场超过2000亿元，其中智能算力占比提升至35%。国家出台《算力基 础设施高质量发展行动计划》《东数西算工程实施意见》等政策文件，推动算力基础设施自主可控。我 国算力完整产业链正在形成，提升自主可控能力。随着"东数西算"工程深入推进、国产技术持续突破以 及绿色算力技术广泛普及，算力将不仅是技术支撑，更将成为重构产业形态的关键要素，概念股包括同 有科技、源杰科技、朗科科技等。 （一）重要市场新闻 1、美股三大指数收盘涨跌不一，道指涨0.47%，标普500指数平收，纳指跌0.16%，其中，道指再创历 史新高；费城金银指数大跌9.57%；大型科技股涨跌不一，亚马逊涨超2%，英特尔、苹果、微软、Meta 小幅上涨；谷歌跌超2%，特斯拉跌超1%，英伟达小幅下跌；通用汽车涨近15%，创最近五年来最佳单 日表现；"人造肉第一股"Beyond Meat大涨超146%，近三个交易日累计涨幅约600%。纳斯达克中国金龙 指数跌0.97%。 2、国际金银大幅收跌，现货黄金大跌5.31%，报4124. ...

Market News - The three major US stock indices closed mixed, with the Dow Jones rising by 0.47%, the S&P 500 flat, and the Nasdaq down by 0.16%, marking a new historical high for the Dow [1] - The Philadelphia Gold and Silver Index fell sharply by 9.57%, while major tech stocks showed mixed performance, with Amazon up over 2% and Google down over 2% [1] - General Motors surged nearly 15%, achieving its best single-day performance in five years, while Beyond Meat, known as the "first stock of artificial meat," skyrocketed over 146%, with a cumulative increase of about 600% over three trading days [1] - The Nasdaq Golden Dragon China Index decreased by 0.97% [1] Commodity Market - International gold and silver prices fell significantly, with spot gold dropping by 5.31% to $4124.36 per ounce, marking the largest single-day decline since April 2013 [2] - Spot silver fell by 7.11% to $48.67 per ounce, also experiencing its largest drop since 2021 [2] - International oil prices rose, with West Texas Intermediate crude increasing by 0.98% to $57.58 per barrel and Brent crude rising by 1.0% to $61.62 per barrel [2] - European stock indices closed slightly higher, with Germany's DAX up by 0.29%, France's CAC40 up, and the UK's FTSE 100 up by 0.25% [2] Industry Insights - The Ministry of Industry and Information Technology of China has drafted the "Guidelines for the Construction of Computing Power Standard System (2025 Edition)," aiming to revise over 50 standards by 2027 to promote the construction of a computing power standard system [3] - The computing power market in China is expected to exceed 200 billion yuan by 2025, with a projected scale of over 300 EFLOPS, and intelligent computing power accounting for 35% [4] - The Guangdong Provincial Government has issued an action plan for AI-enabled high-quality development in manufacturing, focusing on industrial software and intelligent equipment [4] - The successful operation of a helium refrigerator developed by Henan Zhongke Qingneng Technology Co., Ltd. marks a significant advancement in China's nuclear fusion field, providing support for major scientific infrastructure [5][6] Stock Movements - Xianggang Technology announced that a shareholder plans to reduce holdings by up to 2.68% through various trading methods [7] - Lihe Micro announced a planned reduction of up to 3% of its total shares by a major shareholder [7] - Huaxiang Co. and Tuoshan Heavy Industry also announced plans for share reductions of up to 3% and 2.82%, respectively [7] - Yiyaton and Te Fa Services disclosed plans for share reductions not exceeding 1% of their total shares [8]

Group 1 - A-share investment highlights include Yiyaton Holdings planning to reduce its stake by no more than 1% and Lihua Microelectronics' shareholder Lihua Science and Technology intending to reduce its stake by no more than 3% [2] - The Dow Jones Industrial Average rose by 0.47%, reaching a new historical high, with General Motors increasing nearly 15% [3] - The precious metals market experienced a comprehensive sell-off, with gold and silver prices hitting their largest declines in years [3] Group 2 - Citigroup has a bearish outlook on gold in the short term, setting a target price of $4,000 per ounce within three months [3] - Netflix reported a post-market drop of over 6%, with third-quarter operating profit at $2.86 billion, falling short of market expectations [3] - Longxin Storage plans to list on the Shanghai stock market, with a target valuation of up to 300 billion yuan [3]

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据中证报报道，河南中科清能科技有限公司研发制造的氦制冷机近日一次启机成功。截至10月20日，该 装备已安全稳定运行超过120小时，实际运行的制冷量达到3kW（千瓦），满足设计指标。该设备采用 多用户端工况模式、快速变工况控制等先进技术，实现了高效稳定运行，填补了我国在核聚变领域超低 温制冷装备的空白。该装备是目前我国核聚变领域已投产的最大制冷功率氦制冷机，将为国家重大科技 基础设施CRAFT（聚变堆主机关键系统综合研究设施）稳定运行提供支撑。 中证报指出，核聚变材料在地球上极为丰富，且排放无污染，被人们认为是打开"能源自由"之门的钥 匙。可控核聚变能源产生能量的原理与太阳发光发热的原理一样，它也被称为新一代"人造太阳"。核聚 变的过程可以在碳排放几乎为零的情况下，源源不断地提供绿色能源。可控聚变能源具有无限、经济、 可计划、清洁、安全等诸多优点，是目前科学发展水平下人类能够掌握的终极能源形式，甚至会推动人 类文明进入下一个发展阶段。 公司方面，据中证报表示，A相关概念股主要有金盾股份、 冰轮环境等。 ...

Robotics - The latest development of 3D micro-nano robots by the Chinese Academy of Sciences has made the dream of "nano doctors" capable of entering the body to treat diseases a reality. These robots can perform precise tasks such as capturing cells and releasing particles, measuring around 40 micrometers in size, smaller than a human hair [1] - The demand for minimally invasive surgeries and the rising prevalence of chronic diseases are driving the expansion of nano robots in the medical field. The medical nano robot market in China is projected to grow from 4.5 billion yuan in 2020 to 14.94 billion yuan by 2025, and is expected to exceed 80 billion yuan by 2030, with a CAGR of over 25% [1] Controlled Nuclear Fusion - The helium refrigerator developed by Henan Zhongke Qingneng Technology Co., Ltd. has successfully operated for over 120 hours, achieving a cooling capacity of 3 kW, meeting design specifications. This equipment fills a gap in China's nuclear fusion field for ultra-low temperature refrigeration [2] - Controlled nuclear fusion is seen as a key to achieving "energy freedom," providing a clean, safe, and virtually limitless energy source, akin to the sun's energy production. It is considered the ultimate form of energy that could propel human civilization into the next stage of development [2] Digital Currency - Digital currency is emerging as a strategic tool in modern warfare, reshaping traditional financial warfare models and becoming a significant instrument in geopolitical competition. China is advancing a dual-track system of "digital renminbi + offshore finance" to establish a multipolar global currency landscape [3] Computing Power - The Ministry of Industry and Information Technology has drafted the "Computing Power Standard System Construction Guide (2025 Edition)," aiming to revise over 50 standards by 2027 across various aspects of computing power. This initiative is expected to enhance the construction of a national integrated computing power network [4] - Advanced packaging is becoming a crucial direction for domestic computing chips to overcome performance bottlenecks, with companies like Huawei accelerating chip iterations and domestic supply chains supporting self-sufficiency in computing power [4] Industrial Internet - The Guangdong Provincial Government has issued an action plan to promote high-quality development in manufacturing through artificial intelligence from 2025 to 2027. This includes supporting the establishment of edge data centers and promoting the integration of AI with industrial internet platforms [5] - The push for domestic innovation in industrial software is expected to accelerate, with various funding already in place, indicating a shift towards core system replacements in the industry [5] Macro and Industry News - In the first three quarters of 2025, domestic tourism in China saw 4.998 billion trips, an increase of 761 million trips year-on-year, with a total expenditure of 4.85 trillion yuan, up 11.5% from the previous year [6] - The Shanghai Municipal Government has released an action plan to stabilize real estate investment and promote urban renewal, aiming to enhance the sustainability of urban development [6] - Guangzhou's government has implemented a plan to boost consumption, focusing on enhancing property income channels and managing the market value of state-owned listed companies [6] Hong Kong Stock Market - The asset management scale of ETFs in Hong Kong has increased from approximately 300 billion HKD in 2015 to about 650 billion HKD currently, with a projected average daily trading volume of 38 billion HKD by 2025 [7] - As of the end of the third quarter of 2025, the Hong Kong stock market has seen 66 new listings, raising 23.5 billion USD, marking a 45% increase in the number of new stocks and a 192% increase in financing compared to the previous year [7]

Group 1: Recent Developments in Nuclear Fusion - The field of controllable nuclear fusion has seen significant advancements, with the Southwest Institute of Physics announcing progress in intelligent control of magnetic confinement fusion plasma on October 8 [1] - The BEST project in Hefei achieved a major milestone with the successful installation of a 400-ton core component with millimeter-level precision [1] - The "China Circulation No. 4" R&D plan revealed by China Fusion Energy Co. has sparked heightened market interest in nuclear fusion technology [1] Group 2: Market Response - On October 9, nuclear fusion-related stocks surged, with the Wande Nuclear Fusion Concept Index rising by 7.82% and the Wande Superconducting Concept Index increasing by 6.17% [1] - Several companies, including Western Superconducting, Hanhai Huaton, and China Nuclear Construction, reached their daily trading limits [1] Group 3: Commercialization Efforts - Multiple enterprises are actively pursuing the commercialization of nuclear fusion, although achieving practical power generation from fusion will take time [2] - China Fusion, representing the "national team," aims for commercial fusion energy by 2050 and has established five business centers in Shanghai and Chengdu [2] - Hanhai Fusion, the first linear field reverse configuration fusion company in China, is utilizing neutrons generated during fusion for various applications, thereby realizing some commercial value ahead of full-scale fusion power [2] Group 4: Application Scenarios and Market Projections - Hanhai Fusion plans to achieve a market scale exceeding 1 billion in industry testing by 2026 and over 10 billion in nuclear medicine by 2027 [3] - The company aims for significant market scales in semiconductor neutron irradiation and environmental applications by 2029 [3] - New entrants from universities, such as Dongsheng Fusion and Honghu Fusion, are also making strides in the fusion sector [3] Group 5: A-Share Companies Involvement - Several A-share listed companies are entering the nuclear fusion sector, focusing on core components, key systems, and supporting materials [4] - Hongxun Technology is investing in key subsystems while collaborating with research institutions and private fusion companies [4] - Guo Da Special Materials has successfully won a bid for the BEST coil box machining project and has begun mass production of superconducting coil armor materials [4] Group 6: Technological Contributions - Zhongtai Co. is applying its cryogenic technology to the low-temperature aspects of controllable nuclear fusion, with successful operations in South Korea [5] - Guojin Securities believes that the commercialization path for nuclear fusion technology is becoming clearer, with global investments increasing [5] - The industry is expected to enter a capital expenditure acceleration cycle during the 14th Five-Year Plan period, presenting potential investment opportunities [5]

Core Insights - The controlled nuclear fusion sector is experiencing significant advancements, with recent developments from various research institutions and companies indicating a strong momentum towards commercialization [2][3][4] - The nuclear fusion concept index saw a substantial increase, with a rise of 7.82% on October 9, reflecting growing investor interest in the sector [2] - Multiple companies are actively pursuing the commercialization of nuclear fusion, although achieving practical power generation will take time [2][4] Industry Developments - The traditional energy system faces dual pressures of increasing demand and resource scarcity, making nuclear fusion an ideal solution for energy challenges [3] - The domestic nuclear fusion landscape is characterized by four main groups: China National Nuclear Corporation, Chinese Academy of Sciences, commercial companies, and universities, with most companies established in the last decade [4] - China Fusion Energy Co., representing the "national team," aims for commercial fusion energy by 2050 and has established multiple business centers focusing on key technologies [4] Commercialization Pathways - Hanhai Fusion, the first linear-type commercial nuclear fusion company in China, is advancing nuclear fusion power generation while also exploring commercial applications of neutron sources in various high-tech fields [4][5] - Specific market targets for neutron source products include achieving a market scale of over 1 billion by 2026 for industry testing platforms and over 10 billion for nuclear medicine by 2027 [5] - New entrants from universities, such as Dongsheng Fusion and Honghu Fusion, are also emerging as key players in the nuclear fusion field, with plans to develop advanced fusion devices within the next decade [5] Company Engagements - Several A-share listed companies are entering the nuclear fusion sector, focusing on core components, key systems, and supporting materials to facilitate commercialization [6] - Hongxun Technology is investing in key subsystems while collaborating with research institutions and private fusion companies [6] - Guoda Special Materials has successfully secured contracts for the BEST superconducting coil box project, indicating progress in the industrialization of fusion components [6] - Companies like Lansi Heavy Industry and Hangyang Co. are targeting the nuclear fusion market with specific products and solutions [6][7] Investment Outlook - The commercialization path for nuclear fusion technology is becoming clearer, with global investments increasing [7] - The industry is expected to enter a capital expenditure acceleration cycle during the 14th Five-Year Plan period, presenting potential investment opportunities in related component sectors [7]