谁都没想到，就在散户们疯狂抛售可控核聚变概念股的时候，外资却在悄悄做一件完全相反的事。 上海电气跌了25.85%，西部超导从90块砸到65块，海陆 重工、中国核建也都跌超25%，整个板块一片哀嚎。 就在这场暴跌中，北向资金和外资机构不仅没有逃跑，反而在2025年三季度新进了五家小盘央国企。 这些公司的市值大多在30亿到90亿之间，看似不起 眼，却藏着外资的深意。 让人意外的是，这些被外资看中的企业，有一个共同特点：它们不是那些被游资爆炒的"概念股"，而是实打实参与国家重大科技项目的企业。 比如中核科 技，它正在为聚变堆研发阀门；比如理工光科，它的传感器用在了"中国环流三号"装置上。 外资这一次的选股思路，和普通散户完全相反。 哈焊华通更受外资青睐，巴克莱、J.P摩根、美林三家机构一起重仓。 这家公司做的是熔焊材料，听起来传统，但它的产品已经用在了可控核聚变项目上。 三季度以来，它的股价逆势涨了17%。 理工光科的市值只有33亿，但它提供的传感器是"中国环流三号"的核心部件。 J.P摩根新进了66万股，位列第六大股东。 这种小市值的科技型央企，正好符 合外资"低位布局"的口味。 百利电气的情况有点特殊。 它的子 ...

Core Viewpoint - The A-share market is experiencing a surge in the controlled nuclear fusion concept, driven by significant advancements in the field and the involvement of foreign capital in related stocks [1][2][3]. Group 1: Market Performance - The controlled nuclear fusion sector has seen notable stock price increases, with Ha Welding Huaton reaching a historical high of 55.31 yuan per share, marking a 186.54% increase in 2025 [1][3]. - Other stocks in the sector, such as Hezhong Intelligent, Antai Technology, and China Nuclear Construction, have also shown significant gains [1][3]. - Ha Welding Huaton's market capitalization is currently 9.054 billion yuan [3]. Group 2: Key Developments - The BEST project in Hefei achieved a critical breakthrough with the successful delivery of the Dewar base, marking a new phase in the project [3]. - The BEST project aims to demonstrate fusion energy generation by 2025, with the potential to light the first lamp by 2030 [3][10]. Group 3: Foreign Investment - Ha Welding Huaton has attracted significant foreign investment, with major institutions like Barclays, Morgan Stanley, Goldman Sachs, and UBS entering its top ten circulating shareholders [1][6]. - The company has seen a "big turnover" in its top shareholders, with seven new entrants, indicating strong foreign interest [6]. Group 4: Financial Performance - Ha Welding Huaton's revenue for 2022-2024 is projected at 1.571 billion, 1.579 billion, and 1.573 billion yuan, with net profits of 46.05 million, 57.99 million, and 40.48 million yuan respectively [4]. - In the first half of 2025, the company reported a revenue of 806 million yuan, a year-on-year increase of 12.89%, but a net profit decline of 14.01% [4]. Group 5: Broader Industry Trends - The global fusion industry has seen explosive growth, with total investments rising from 1.9 billion USD in 2021 to 9.7 billion USD by 2025 [9]. - The Chinese fusion energy company has received significant investments, totaling approximately 11.492 billion yuan from major state-owned enterprises [9]. - Optimistic outlooks for the controlled nuclear fusion sector are supported by increasing policy clarity, enhanced financing, and accelerated construction of facilities [10].