从上市公司基本面来看，板块内领涨个股均在细分领域占据技术或市场卡位优势，成为资金追捧的核心逻辑。 作为核聚变装备核心龙头，雪人集团的氦气压缩机是可控核聚变领域大科学工程的关键设备。超导托克马克（人造小太 阳）等装置需在液氦到超流氦温区环境下运行，公司生产的"兆瓦级"氦气压缩机被应用于国家重大科研装备研制项目"液氦到 超流氦温区大型低温制冷系统研制"，可实现-271℃温度下百瓦级制冷量，相关技术经国家科技成果评价达到国际领先水平，市 场应用前景广阔。 深冷技术龙头中泰股份的深冷技术及装置已落地国内外可控核聚变相关项目，公司长期与高校合作开展技术研发，并持续 与国内核聚变项目方进行技术交流，在深冷分离环节形成技术卡位。 本报记者 陈红 1月12日，A股可控核聚变板块热度持续攀升，截至当日收盘，该板块指数冲高至4.74%，多只成份股表现强势。从盘面数 据来看，杭州中泰深冷技术股份有限公司（以下简称"中泰股份"）、福建雪人集团股份有限公司（以下简称"雪人集团"）、安 泰科技股份有限公司（以下简称"安泰科技"）等个股均涨停。 此次板块异动，或与可控核聚变领域近期密集的技术突破与产业进展有关。 据国际能源署与国际原子能机 ...

证券日报网讯1月9日，英杰电气（300820）在互动平台回答投资者提问时表示，公司在可控核聚变领域 可以提供磁场电源、辅助加热电源、控制系统电源以及辅助系统电源等在内的全方位关键电源配套服 务，此前与相关科研院所及项目单位有过多年合作。但公司需要提示的是：该板块业务订单无论从历史 数据还是当前规模来看，在公司整体订单结构中占比均较小，对公司的当前整体业绩影响有限，当前核 聚变行业多技术路线仍处于实验验证阶段，技术商业化进程及此后公司相关电源采购订单是否能落地仍 存在很大不确定性，敬请广大投资者注意投资风险。 ...

Core Insights - The controllable nuclear fusion sector is experiencing significant activity, with multiple stocks reaching their daily limit up, indicating strong investor interest and market momentum [1][2] - The market is driven by the promising prospects of controllable nuclear fusion as a "ultimate energy" source, transitioning from experimental validation to engineering demonstration phase, with new projects set to launch bidding soon [2][3] Stock Performance - Tianli Composite (920576) saw a price increase of 30%, with a year-to-date growth of 182.45% and a trading volume of 5.16 billion [2] - Xuren Group (002639) rose by 9.99%, with a year-to-date increase of 165.11% and a trading volume of 30.48 billion [2] - Other notable performers include Guojizhongzhuang (601399) up 9.98%, Falsen (000890) up 9.93%, and China First Heavy Industries (601106) up 9.89% [2] Market Trends - The International Energy Agency predicts that the global nuclear fusion market could approach $500 billion (3.5 trillion RMB) by 2030, highlighting the sector's growth potential [3] - Recent grassroots research indicates that multiple new projects, including "Xinghuo No. 1" in Jiangxi and "Xianjue" in Chengdu, are set to begin preliminary bidding within the year, marking a shift towards industrialization [3] Sector Analysis - The superconducting materials sector is expected to benefit significantly from the demand for high-performance superconducting magnets essential for plasma confinement in fusion devices [4] - The core component manufacturing sector will see increased orders for precision components like tungsten-based filters and vacuum chambers, which require high-temperature resistance and radiation tolerance [4] - The high-end equipment and system integration sector will experience growth opportunities as large experimental and demonstration reactors require comprehensive design and integration capabilities [4] Supporting Systems - The power supply and control systems sector is crucial for providing stable magnetic fields and heating power, with companies that have historically supported research projects likely to secure bulk orders during the industrialization phase [5]

Core Viewpoint - The company, Yingjie Electric (300820), has announced its capability to provide comprehensive key power supply services in the field of controlled nuclear fusion, including magnetic field power supplies, auxiliary heating power supplies, control system power supplies, and auxiliary system power supplies [1] Group 1 - The company offers a full range of critical power supply services for controlled nuclear fusion [1] - The services include magnetic field power supply, auxiliary heating power supply, control system power supply, and auxiliary system power supply [1]

Group 1 - The company can provide comprehensive key power supply services for controlled nuclear fusion, including magnetic field power, auxiliary heating power, control system power, and auxiliary system power [2] - The inquiry was made by an investor on an interactive platform regarding the company's capability to supply power systems for both nuclear fission and nuclear fusion [2] - The response indicates the company's focus on the nuclear fusion sector and its ability to support various related equipment with power solutions [2]

Core Viewpoint - The company provides comprehensive key power supply services in the field of controlled nuclear fusion, including magnetic field power, auxiliary heating power, control system power, and auxiliary system power [1] Group 1 - The company has responded to investors on November 4, indicating its capabilities in the nuclear fusion sector [1]

Core Insights - The recent breakthrough in China's compact fusion energy experimental device (BEST) marks a significant advancement, paving the way for the world's first fusion energy demonstration in 2027 [3] - Controlled nuclear fusion is considered the "ultimate energy solution," comparable to historical revolutions like the steam engine and electrification, with the potential to transform the global energy landscape [3] - The fusion reactor market is projected to be a trillion-dollar opportunity, with upstream materials and key components expected to benefit first [3] Company Highlights - **Ingeteam**: This company has been providing critical power supply services for national fusion projects, covering essential systems such as magnetic field and heating power supplies, successfully applied in multiple key national projects [4] - **Xiamen Tungsten**: The first domestic company to develop and produce ITER filter tungsten probe components, possessing precision processing capabilities for large-scale ITER-grade tungsten materials, supplying core tungsten components for various fusion devices [5] - **China Nuclear Technology**: Supplies 80% of the vacuum sealing valves and connectors for the Chinese Circulation III project, with products capable of withstanding plasma impacts of 160 million degrees and a lifespan of 100,000 hours, breaking the technical monopoly of France's Framatome [6] - **Western Superconducting Technologies**: Achieved significant breakthroughs in NbTi superconducting wire for nuclear fusion, developing engineering production technology that produces superconducting wire lengths of up to 90,000 meters, meeting ITER project requirements [7] - **Potential Leading Company**: The only global company capable of full industrial chain manufacturing for fusion reactors, securing orders for core components like ITER superconducting coils and vacuum chambers, with proprietary micron-level precision vacuum chamber welding technology [8]

Summary of the Conference Call for Yingjie Electric Company Overview - **Company**: Yingjie Electric - **Industry**: Controlled Nuclear Fusion, Photovoltaic, Semiconductor, AI Server Power Supply Key Points Progress in Controlled Nuclear Fusion - Yingjie Electric has made significant progress in the controlled nuclear fusion sector, with products applied in multiple domestic projects. Sales in this area reached over ten million in 2024, with expected growth in order volume for 2025 [2][3][5] - The company has collaborated with the Southwest Institute of Physics for 20 years, transitioning from laboratory to application stages, leading to increased market demand [3] Photovoltaic Industry Challenges - The photovoltaic sector accounts for about half of Yingjie Electric's revenue, but faces order pressure due to industry downturns. Domestic orders are projected to drop from over 600 million yuan in 2024 to over 40 million yuan in 2025 [2][4][17] - Yingjie aims to deepen its photovoltaic business over the next two to three years, targeting 5 billion yuan in revenue within 3 to 4 years, focusing on semiconductor growth and charging station development [4][23] Technical Advantages - The company possesses strong technical capabilities in high-power and high-voltage power supply, particularly in megawatt-level power for multi-crystalline reduction furnaces and IGBT technology for magnetic field power supplies [2][6][10] - Yingjie Electric's ability to meet special DC power requirements positions it favorably against competitors [6][10] Market Competition and Strategy - Despite early entry into the controlled nuclear fusion market, competition remains fierce. Yingjie Electric focuses on enhancing performance and technical capabilities to gain customer trust and secure more orders [7][8] - The company is actively engaging with new clients to ensure a strong presence during the anticipated procurement peak from late 2025 to early 2026 [9][15] Financial Outlook - Yingjie Electric faces revenue pressure in 2025, particularly in the semiconductor sector, with expected revenue growth slowing. The semiconductor revenue was approximately 350 million yuan in 2024, with projections for over 400 million yuan in 2025 [21][20] - The company has recognized potential risks in accounts receivable and has made provisions for inventory impairment [17][18] Future Development Plans - Yingjie Electric plans to explore new market opportunities in AI server power supply, with ongoing efforts to connect with major clients in the Southwest region [25][29] - The company aims to maintain its competitive edge through technological innovation and rapid response to customer needs, particularly in emerging sectors [26][29] Long-term Goals - The company has set a target to achieve 5 billion yuan in revenue within 3 to 4 years, focusing on semiconductor and charging station markets while ensuring profitability [23][24] Conclusion - Yingjie Electric is positioned to leverage its technical strengths and market opportunities in controlled nuclear fusion and AI server power supply, while navigating challenges in the photovoltaic sector and semiconductor market. The company remains committed to innovation and customer engagement to drive future growth [24][29]

Group 1 - The exploration of commercializing controlled nuclear fusion is gaining momentum, with various enterprises participating in discussions and showcasing innovations in the field [1] - China is at the forefront of controlled nuclear fusion technology, with several A-share companies disclosing their involvement in this sector, including Lianchuang Optoelectronics, Yingjie Electric, and Hezhuo Intelligent [1] - Controlled nuclear fusion is expected to bring a qualitative change to human civilization, as stated by Liu Minsheng, the director of the New Energy Research Institute [1] Group 2 - There are multiple technical routes for controlled nuclear fusion, with hydrogen-boron fusion being highlighted as the most commercially viable due to its abundant fuel, low cost, and safety [2] - Compared to conventional energy sources, nuclear fusion has the potential to release energy at a significantly higher rate, with one nuclear reaction releasing energy over 1 million times that of a chemical reaction [3] - Nuclear fusion remains in the experimental stage, with most experiments proving scientific feasibility but not commercial viability [3] Group 3 - Hydrogen-boron fusion has shown commercial potential, with New Energy starting research on this technology in 2017 and setting a goal to verify its commercial feasibility by 2035 [4] - The "Xuanlong-50" device, built by New Energy, achieved a world record for electron cyclotron resonance heating (ECRH) with a current drive of 170 kA [5] - The upgraded "Xuanlong-50U" is expected to achieve significant advancements, including a plasma discharge of 40 million degrees Celsius and a strong magnetic field operation [6] Group 4 - Global collaboration is essential for advancing nuclear fusion technology, as emphasized by experts from various countries and organizations, including the ITER project [7] - Hydrogen-boron fusion faces challenges, such as achieving the ideal reaction temperature exceeding 1 billion degrees, but research into non-equilibrium states and fuel optimization shows promise [7][8] - The goal of entering the fusion reactor phase by 2035 is set by New Energy, aiming to contribute to the first electricity generated from fusion energy in China [9]

Group 1: Industry Overview - The controlled nuclear fusion, known as "artificial sun," is considered a key to achieving infinite, clean, and safe energy, and has become a strategic direction for many countries since the 20th century [3] - The nuclear fusion industry is experiencing rapid commercialization and industrialization, with significant interest in both primary and secondary markets [4] - The global market for nuclear fusion is expected to reach a scale of trillions, with various regions in China, including Shanghai, Guangdong, Zhejiang, and Sichuan, targeting nuclear fusion as a future industry [7][8] Group 2: Company Developments - Several A-share companies, including Yingjie Electric, Lianchuang Optoelectronics, Hezhong Intelligent, and Jingye Intelligent, are accelerating their layouts in the nuclear fusion field, with recent disclosures of progress [10] - Yingjie Electric provides comprehensive key power supply services for nuclear fusion projects, successfully applied in multiple national-level projects [10] - Lianchuang Optoelectronics is advancing its "3+N" product layout in high-temperature superconducting equipment, aiming for increased product and technology contract amounts [10] - Hezhong Intelligent focuses on the R&D and manufacturing of complex components for fusion reactors, participating in the preliminary research of core components [10] - Shanghai Electric Group has become one of the most comprehensive equipment manufacturers in the nuclear fusion field, achieving 36 breakthroughs in key manufacturing technologies over 20 years [9] Group 3: Recent Milestones - Hanhai Fusion announced the completion of its HHMAX-901 main unit construction, marking a transition from laboratory to application for controlled nuclear fusion technology in China [2] - The BEST project in Hefei has advanced its total assembly work two months ahead of schedule, achieving significant milestones in plasma current and ion temperature [5] - The International Fusion Association (FIA) indicates that most fusion companies expect to achieve the first power supply to the grid between 2031 and 2035 [5]