天眼查信息显示，合锻智能董事长严建文同时也是聚变新能（安徽）有限公司的董事长。2023年，中科 院等离子体物理研究所孵化成立聚变新能（安徽）有限公司，注册资本50亿元。截至目前，聚变新能 （安徽）有限公司注册资本已达到145亿元。官网资料显示，聚变新能（安徽）有限公司聚焦于可控核 聚变技术研发及产业化，正在围绕托卡马克路线完善产业配套，并以"工程化核聚变"为目标，聚焦聚变 堆关键部件制造、高温等离子体控制技术开发及聚变能商业化应用场景探索。 截至10月9日收盘，核聚变概念指数上涨7.82%，超导概念指数上涨6.17%。 西部超导、哈焊华通、中洲特材、中国核建、海陆重工、合锻智能、中核科技、东方电气、永鼎股份、 上海电气等一批个股收于涨停。 值得一提的是，核聚变和超导板块今年以来一直颇受市场追捧，核聚变指数今年以来累计涨幅达到 60.31%，超导指数今年以来累计涨幅达到53.02%。 从消息面来看，近日，位于安徽合肥的紧凑型聚变能实验装置（BEST）项目建设取得关键突破。BEST 装置主机关键部件——杜瓦底座研制成功并顺利完成交付，精准安装于BEST装置主机大厅内，标志着 项目主体工程建设进入新阶段。 中国工程 ...

可控核聚变赛道利好频出！ 据央视新闻报道，10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST项目建设取得关键突破。BEST装置主机 关键部件——杜瓦底座研制成功并顺利完成交付，成功精准落位安装在BEST装置主机大厅内，标志着项目主体工 程建设步入新阶段。 据悉，BEST采用紧凑高场超导托卡马克技术路线，运用高性能超导磁体、氘氚聚变燃料等新技术，将首次在国际 上演示核聚变发电。2025年5月，BEST的总装工作正式启动，预计将在两年后建成，并在全球范围内首次实现聚 变能发电演示。到2030年，有望通过核聚变点亮第一盏灯。 当地时间10月1日，德国政府在柏林的联邦内阁会议上通过了一项名为"德国迈向核聚变发电站"的行动方案，力图 在德国建造世界上第一座核聚变发电站。根据该行动方案，到2029年，德国将向该领域累计投入超20亿欧元，用 于资助相关研究，支持研究基础设施和技术示范装置建设。 此前，注册资本150亿元的中国聚变能源有限公司公开亮相第二十五届工博会，展示其技术路线及业务布局，被认 为是中国可控核聚变领域的"国家队"。该公司瞄准2050年聚变能源商用目标，在上海、成都两地联动研发。 政策支持、机构看好可控 ...

可控核聚变赛道利好频出！ 据央视新闻报道，10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST项目建设取得关键突破。BEST装置主机 关键部件——杜瓦底座研制成功并顺利完成交付，成功精准落位安装在BEST装置主机大厅内，标志着项目主体工 程建设步入新阶段。 证券时报·数据宝梳理了三季度融资净买入额居前的可控核聚变概念股。其中，融资净买入额超过3亿元的个股有5 只，上海电气遥遥领先，金额高达16.38亿元；西部超导、永鼎股份、中国能建、豫光金铅分列第二至第五名，对 应融资净买入额均在3亿元以上。 据悉，BEST采用紧凑高场超导托卡马克技术路线，运用高性能超导磁体、氘氚聚变燃料等新技术，将首次在国际 上演示核聚变发电。2025年5月，BEST的总装工作正式启动，预计将在两年后建成，并在全球范围内首次实现聚 变能发电演示。到2030年，有望通过核聚变点亮第一盏灯。 当地时间10月1日，德国政府在柏林的联邦内阁会议上通过了一项名为"德国迈向核聚变发电站"的行动方案，力图 在德国建造世界上第一座核聚变发电站。根据该行动方案，到2029年，德国将向该领域累计投入超20亿欧元，用 于资助相关研究，支持研究基础设施和技术示 ...

可控核聚变赛道利好频出！ 据央视新闻报道，10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST项目建设取得关键突破。BEST装置主机 关键部件——杜瓦底座研制成功并顺利完成交付，成功精准落位安装在BEST装置主机大厅内，标志着项目主体工 程建设步入新阶段。 政策支持、机构看好可控核聚变领域 政策面上，9月12日,《中华人民共和国原子能法》由第十四届全国人民代表大会常务委员会第十七次会议通过， 并给予公布，自2026年1月15日起施行。值得关注的是，此次颁布的《原子能法》，是我国首部统领原子能领域的 基础性法律。 当地时间10月1日，德国政府在柏林的联邦内阁会议上通过了一项名为"德国迈向核聚变发电站"的行动方案，力图 在德国建造世界上第一座核聚变发电站。根据该行动方案，到2029年，德国将向该领域累计投入超20亿欧元，用 于资助相关研究，支持研究基础设施和技术示范装置建设。 此前，注册资本150亿元的中国聚变能源有限公司公开亮相第二十五届工博会，展示其技术路线及业务布局，被认 为是中国可控核聚变领域的"国家队"。该公司瞄准2050年聚变能源商用目标，在上海、成都两地联动研发。 《原子能法》第十四条明确，国家鼓 ...

Group 1 - The company has been actively communicating with investors since the release of its semi-annual report on August 25, with a total of 103 institutional meetings held by September 16, indicating strong investor interest in its performance and future plans [1] - The company plans to raise 1.2 billion yuan through a private placement, with significant support from its actual controller, China Nonferrous Metal Group, and its controlling shareholder, China Nonferrous East Group, which together account for about half of the total funds raised [2] - The company has signed a procurement contract with Taboca for approximately 3,000 tons of iron niobium tantalum alloy raw materials, with an estimated procurement amount of 540 million yuan, enhancing its supply chain autonomy [2] Group 2 - In the first half of 2025, the company achieved operating revenue of 797 million yuan, a year-on-year increase of 34.45%, and a net profit attributable to shareholders of 145 million yuan, up 29.08% year-on-year, driven by strong demand in downstream markets [3] - The high-temperature alloy market has seen rapid growth due to increased demand from gas turbines, aerospace engines, and automotive turbochargers, contributing to the company's performance [3] - The semiconductor sector has experienced explosive growth in demand for tantalum target materials and high-purity tantalum ingots, driven by advancements in AI and computing chips, with the company achieving breakthroughs in production technology [3] Group 3 - The tantalum capacitor market is showing signs of recovery due to the resurgence of the consumer electronics market, while the superconducting materials market is also expanding due to advancements in high-tech fields [4] - The company is constructing a new wet metallurgy production line to address outdated equipment and insufficient capacity, which is expected to enhance its production capabilities [4] - The company aims to establish a "three-tier product hierarchy" strategy to ensure supply chain security and competitive advantages, focusing on raw material supply, core products, and future growth points [4]

Group 1 - The core issue of the recent stock market decline is the disconnect between speculative hype and industrial reality, particularly in the nuclear fusion sector [3][4] - Wangzi New Materials, once a "star stock" due to its involvement in nuclear fusion projects, faced a significant drop due to its minimal business contribution to the sector and concerns over its financial viability [3][4] - The exit of Mitsui Chemicals from the trifluoride business raised market concerns about the ability of domestic companies to secure orders, especially for those like Wangzi New Materials that are considered marginal players [3][4] Group 2 - The commercialization of nuclear fusion technology remains a distant goal, with significant technical challenges that need to be overcome before it can be realized [4] - Recent capital flows have favored more established sectors like energy storage and photovoltaics, leading to a rapid decline in nuclear fusion stocks as speculative enthusiasm wanes [4][5] - Misinterpretation of policies, such as the automatic emergency braking system (AEB), has led to misguided optimism in the nuclear fusion sector, highlighting the disconnect between different technological domains [6] Group 3 - Companies with genuine technological barriers and order visibility, like Western Superconducting Technologies, are more likely to survive the current market turbulence compared to those merely riding the hype [7] - The market correction serves as a cleansing mechanism, allowing companies with real technological advancements and strategic plans to emerge stronger [8] - Investors are advised to differentiate between true growth potential and mere concept-driven narratives, as many companies may lack the substantive capabilities to deliver on their claims [7][8]

Core Viewpoint - The A-share controllable nuclear fusion sector has seen significant growth, driven by accelerated commercialization of nuclear energy, with the potential for limitless energy generation if controllable nuclear fusion is realized [1] Industry Overview - Controllable nuclear fusion is based on the fundamental principles of stellar energy release, offering a clean, efficient, and sustainable energy source with minimal radioactive waste [1] - The primary fuels for nuclear fusion are tritium and deuterium, with 1 liter of seawater capable of extracting 0.035 grams of deuterium, releasing energy equivalent to burning 300 liters of gasoline, and the global supply of deuterium from seawater could last for over a hundred billion years [1] Technological Pathways - Global fusion research primarily focuses on two main technological pathways: magnetic confinement fusion and inertial confinement fusion, with ITER being the most representative project for magnetic confinement and the National Ignition Facility (NIF) for inertial confinement [1] - Magnetic confinement fusion is considered the most effective approach for developing fusion energy due to its longer energy confinement time, higher technological maturity, and stronger engineering feasibility [1] Domestic Industry Chain - The domestic controllable nuclear fusion industry chain is taking shape, with upstream companies providing raw materials such as superconducting materials and tungsten-based materials [2] - Key players in the upstream include Western Superconducting (SH688122), Shanghai Superconductor, and Antai Technology (SZ000969), among others [2] - Midstream equipment manufacturers include Western Superconducting and Guoguang Electric (SH688776), which supply components for magnetic confinement systems [2] Application and Commercialization - Downstream application firms include China National Nuclear Power Co. and China General Nuclear Power Group, responsible for the operation and construction of nuclear power plants [3] - The commercialization of controllable nuclear fusion is progressing, with various companies involved, although many have not disclosed the revenue contribution from related businesses [3] - Guoguang Electric's products are key components for the ITER project, while Western Superconducting is the only domestic producer of superconducting materials for ITER and is also involved in the CFETR project [3] Future Prospects - The timeline for the commercialization of controllable nuclear fusion is projected around 2030, with significant advancements expected by 2035 [5] - The BEST project in Hefei aims to enhance the economic viability of nuclear fusion energy and is expected to complete by 2027, potentially becoming the world's first compact fusion energy experimental device [5][6] - Achieving commercial viability requires meeting specific criteria, including maintaining plasma conditions and achieving a fusion gain greater than one [6]

Group 1 - The Chinese government is focusing on expanding inbound consumption, as highlighted in the 2025 government work report, with ongoing policy benefits being released [2] - The number of foreign visitors entering and exiting China during the May Day holiday reached 1.115 million, a 43.1% increase compared to the previous year, with 380,000 entering under visa exemption policies, marking a 72.7% increase [4] - GE Healthcare plans to invest 500 million RMB in its MRI headquarters in Tianjin over the next five years, emphasizing the market vitality and innovation prospects in China [4][5] Group 2 - Airbus is building a second assembly line for the A320 series in Tianjin, expected to be operational by early 2026, indicating the company's recognition of China's market potential [7] - Tesla achieved a record sales figure of over 650,000 electric vehicles in mainland China in 2024, showcasing the demand for American brands in the Chinese market [7] - Saudi Aramco's cumulative investment in China is expected to exceed 200 billion RMB by 2024, reflecting the stable investment environment and considerable returns provided by China's large-scale market and resilient supply chain [7]

Group 1 - Xi'an Economic Development Zone has achieved significant recognition with multiple awards, including "National Labor Model" for Yuan Hongming, Chairman of Shaanxi Automobile Holding Group [1][2] - Shaanxi Automobile has been a leader in the commercial vehicle sector, achieving a production volume of 137,000 units in 2024, ranking third in the industry with a market share of 16.6% [3] - The company has seen a remarkable 200% year-on-year increase in new energy vehicle sales, exceeding 10,000 units [3] Group 2 - Xi'an Economic Development Zone emphasizes the importance of talent, establishing training programs and international cooperation bases to enhance the business environment [4] - West Superconducting Materials Co., Ltd. has become a leader in the new materials sector, solving critical challenges in aerospace, energy, and medical fields [4] - The region aims to build a world-class industrial innovation development zone, focusing on collaborative innovation mechanisms and enhancing the vitality and competitiveness of the industry [5][6]