"人造太阳"尚未照进现实，但核聚变概念已经在股市发光发热。年初至今，截至10月10日收盘，中洲特 材（300963.SZ）、合锻智能（603011.SH）、永鼎股份（600105.SH）等10只成分股股价翻倍，最高涨 幅达271.94%。 9月下旬以来，核聚变工程化与商业化加速的消息持续发酵，带升板块热度。近日，位于合肥的核聚变 装置——BEST的建设进展也给二级市场加了一把火。10月10日，A股震荡调整之际，核聚变个股依旧 活跃，合锻智能在近9个交易日收获5个涨停板，公司有关人士告诉《华夏时报》记者，"我们只承接了 合肥BEST项目一半的真空室（聚变反应发生装置）研制，订单接得比较早，目前真空室已在制造并逐 步交付中。" 据了解，国内外已有的核聚变项目主要属于科学实验装置，旨在验证聚变发电的科学和工程可行性，并 不在商业示范或应用范畴。合锻智能有关人士也表示，"虽然目前频繁出现新闻和招标项目，但（核聚 变）并没有结论性或实质性的进展，二级市场投的可能是预期。目前能源紧缺是迫在眉睫的问题，核聚 变是未来的必然方向，至于要像风电一样成熟应用，应该需要很长时间。" 核电个股活跃 国庆节后首个交易日，核聚变、核电概 ...

据了解，国内外已有的核聚变项目主要属于科学实验装置，旨在验证聚变发电的科学和工程可行性，并 不在商业示范或应用范畴。合锻智能有关人士也表示，"虽然目前频繁出现新闻和招标项目，但（核聚 变）并没有结论性或实质性的进展，二级市场投的可能是预期。目前能源紧缺是迫在眉睫的问题，核聚 变是未来的必然方向，至于要像风电一样成熟应用，应该需要很长时间。" 核电个股活跃 国庆节后首个交易日，核聚变、核电概念延续了9月下旬以来的火热状态。10月9日，万得核聚变指数 （8841917.WI）上涨7.82%，核电指数（884046.WI）上涨6.46%。板块内个股普遍上涨，西部超导 （688122.SH）、中洲特材、哈焊华通（301137.SZ）实现20CM涨停，10只个股涨超10%。 10月10日，A股全天震荡调整，沪指等三大指数集体下跌，核聚变板块则延续涨势，当日上涨0.19%。 合锻智能和中国核建（601611.SH）实现10CM涨停。至此，合锻智能收获9天5板，从16.96元/股涨至 23.78元/股，中国核建实现两连板，从8.85元/股涨至10.71元/股。 从年初至10月10日，核聚变板块整体上涨60.62%，主力净流 ...

● 本报记者 葛瑶 10月9日，A股可控核聚变板块集体爆发，哈焊华通、西部超导、合锻智能等概念股掀起涨停潮。这一 轮行情的背后，是国内外利好因素的密集催化。 业内人士认为，随着技术突破加速和资本密集涌入，可控核聚变时代有望加速到来。但值得注意的是， 短期来看可控核聚变技术仍处于发展阶段，商业化进程存在不确定性，建议投资者关注企业实质性订单 落地情况和技术进展。 在高温超导带材领域，永鼎股份的高温超导带材及应用项目产业化进程加快。公司2025年半年度报告显 示，永鼎股份研制出强磁场用高性能超导带材，已实现其在磁约束可控核聚变等领域的研究与应用。公 司上半年营业收入为22.60亿元人民币，同比增长24.07%，其中汽车线束及铜导体市场拓展贡献显著。 作为核聚变关键部件的供应商，安泰科技7月披露的投资者关系活动记录显示，公司可控核聚变领域订 单活跃，其子公司安泰中科批量生产钨铜偏滤器等产品，累计交付超5000件，应用于多项国内外核聚变 项目。安泰科技2025年半年度报告显示，安泰中科上半年成功中标全超导托卡马克核聚变实验装置 此番市场热度，主要源于国内外可控核聚变产业的密集催化。从国内层面来看，9月，中国聚变能源有 ...

新能源汽车产销量稳居世界首位，原生鸿蒙成为全球第三大移动操作系统，"灯塔工厂"数量全球第 一，DeepSeek和人形机器人"出手"即惊艳世界…… 当决胜"十四五"的冲锋号响起，一项项激动人心的成就昭示着，在这场波澜壮阔的科技革命与产业 变革中，中国企业正以中流砥柱之姿勇立潮头，将创新基因深植发展血脉，奏响科技与产业创新的时代 强音。 从研发经费的强劲投入到创新平台的蓬勃生长，从关键技术的攻坚突破到创新成果的产业化浪潮， 企业在科技创新决策、研发投入、科研组织、成果转化中的主体地位不断提升，彰显中国经济高质量发 展的底气与韧性。 中国式创新生态加速形成 量子计算机凭借其颠覆性的计算能力，被誉为未来科技和产业发展的"超级加速器"。 2024年年初，我国第三代自主超导量子计算机"本源悟空"上线运行，仅一年有余，便为143个国家 和地区完成50万次计算任务。这背后，是企业与科研院所联合攻克高密度微波互联模组技术，一举打破 国外垄断的生动实践。 企业是最活跃的科技创新主体。5年来，我国不断完善企业科技创新主体地位的制度安排，推动各 类创新要素向企业聚集：在安徽，近500家省级创新平台中，89%由企业牵头组建，构筑起产业 ...

Industry Insights - Zhang Jie, an academician from the Chinese Academy of Sciences, announced plans to build the first 50 Hz, 1 million kW laser fusion power plant in Shanghai by around 2045, which is expected to provide electricity for a city with a population of 2 million [1] - The fusion energy sector is projected to drive significant advancements in human civilization, with the potential to create a trillion-yuan industry chain encompassing upstream, midstream, and downstream sectors [1] - Under the guidance of China's Atomic Energy Law and top-level industry policies, the nuclear fusion industry is experiencing rapid development, with both state-owned and private capital accelerating the transition from laboratory research to commercialization [1] Company Developments - Hezhong Intelligent has participated in the pre-research work for the manufacturing of core components such as fusion reactors, vacuum chambers, and filters, and has co-founded the Fusion Industry Alliance, serving as a vice-chairman unit [2] - Yongding Co., Ltd. has applied high-temperature superconducting materials in various fields, including superconducting induction heating, single crystal growth, controllable nuclear fusion magnets, and superconducting power equipment [2]

Core Viewpoint - Controlled nuclear fusion is set to initiate a new energy revolution, offering abundant energy, zero emissions, and high safety, making it a strategic choice for achieving carbon neutrality goals [2][20]. Summary by Sections 1.1 Fusion Basic Principles - Fusion reactions involve light atomic nuclei like deuterium and tritium combining under extreme temperatures (over 100 million °C) to form heavier nuclei, releasing significant energy [3]. 1.2 Main Research Methods for Fusion - Global fusion research primarily focuses on two main technical paths: magnetic confinement fusion and inertial confinement fusion [6]. 1.3 Magnetic Confinement Fusion Devices: Tokamak - Tokamak devices utilize a combination of toroidal and poloidal magnetic fields to confine high-temperature plasma, achieving fusion conditions. They represent 90% of global fusion research [10]. 1.4 Magnetic Confinement Fusion Devices: Stellarator - Stellarators use a three-dimensional helical magnetic field to confine plasma without relying on plasma current, allowing for longer continuous operation [13]. 1.5 Inertial Confinement Fusion: Z-Pinch - Inertial confinement fusion compresses fuel pellets using high-power drivers (lasers, ion beams) in a very short time, achieving high density [15]. 1.6 Investment Trends in Controlled Nuclear Fusion - Investment in fusion research is accelerating globally, with significant funding from private enterprises and government projects, particularly in the U.S. and Europe [18][20]. 1.7 Key Companies in the Fusion Industry - Key players include: - Upstream: Jingda Co., Yongding Co., Western Superconducting, Antai Technology, etc. - Midstream: Aikesaibo, Lianchuang Optoelectronics, Shanghai Electric, etc. - Downstream: China National Nuclear Corporation [2]. 1.8 Domestic Major Fusion Projects Financing - Major projects include the China Fusion Engineering Test Reactor (CFETR) with over 20 billion yuan investment planned for the next five years [23]. 1.9 Domestic and International Major Fusion Projects Timeline - The average time from Q-value verification to facility completion is around 10-15 years globally, while China aims to shorten this to 3-5 years [24]. 1.10 Cost-Benefit Ratio of Major Fusion Projects - The investment recovery period for demonstration reactors is about 15 years, with an internal rate of return (IRR) of 8-12% [25]. 2.1 Core Equipment Cost Breakdown - The cost distribution for ITER includes superconducting magnet systems (28%), vacuum chambers (25%), heating and power systems (18%), and construction (14%) [27]. 2.2 Industry Chain Distribution and Key Enterprises Overview - The upstream includes superconducting materials and radiation-resistant materials, while the midstream focuses on magnet systems and cooling systems [28]. 2.3 Key Technology and Material Progress - Companies like Western Superconducting and Lianchuang Optoelectronics are making significant advancements in superconducting materials and systems for fusion applications [29]. 2.4 Lianchuang Optoelectronics: Leading in Optoelectronics and High-End Equipment - Lianchuang Optoelectronics is involved in the "Xinghuo No.1" project, providing superconducting magnet systems for fusion applications [33]. 2.5 Yongding Co.: Leader in Optical Communication and Superconducting Materials - Yongding Co. focuses on high-temperature superconducting tape production for fusion devices, significantly enhancing performance and reducing costs [36]. 2.6 Jingda Co.: Leader in Special Electromagnetic Wire - Jingda Co. is involved in the development of high-temperature superconducting materials for fusion applications [39]. 2.7 Antai Technology: Leader in Advanced Metal Materials - Antai Technology specializes in manufacturing key components for fusion devices, particularly tungsten-based components [43]. 2.8 Guoguang Electric: Core Enterprise in Vacuum and Microwave Applications - Guoguang Electric is a key player in providing vacuum and microwave application products for fusion technology [45].

Core Insights - The controlled nuclear fusion technology landscape is diversifying, with significant developments in magnetic confinement, Z-pinch, and FRC technologies [1][2] - Current nuclear fusion projects are primarily funded by public capital, while planned projects are increasingly driven by private investment, indicating a shift towards a more varied technological approach [2] - Major tech companies like Google, Amazon, and Microsoft are actively investing in nuclear fusion companies, highlighting the growing interest and competition in the global fusion race [1][2] Group 1: Technological Developments - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [3] - The performance of Tokamak devices is significantly influenced by the strength of the toroidal magnetic field, with a theoretical increase in fusion power by an order of magnitude for every 1.8 times increase in magnetic field strength [3] - The emergence of new fusion companies utilizing high-temperature superconducting solutions, such as CFS and TokamakEnergy, indicates a shift in technological capabilities [3] Group 2: Investment and Market Dynamics - The domestic Z-pinch hybrid reactor is anticipated to accelerate its development, with significant private capital interest in FRC devices [4] - Helion's FRC device has seen substantial funding, totaling approximately $96 million from 2021 to the first half of 2025, indicating strong investor confidence [4] - The potential for commercial nuclear fusion plants could lead to annual investments reaching several hundred billion yuan if successful [2] Group 3: Industry Growth and Opportunities - The controlled nuclear fusion industry is entering a rapid incubation phase, moving towards commercialization [5] - Increased technological advancements and funding are driving the industry forward, creating investment opportunities in upstream equipment and materials [6] - Key beneficiaries of this growth include companies involved in superconducting materials, vacuum chambers, power systems, and detection equipment [6]

Core Viewpoint - Jiangsu Yongding Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in various business segments, particularly in investment income from joint ventures and strategic market expansions [2][3][10]. Financial Performance - The company achieved a revenue of approximately 2.26 billion RMB, representing a 24.07% increase compared to the same period last year [2]. - The total profit reached approximately 312.22 million RMB, a substantial increase of 339.86% year-on-year [2]. - The net profit attributable to shareholders was approximately 318.53 million RMB, marking a remarkable increase of 917.66% compared to the previous year [2]. Business Segments - In the optical communication segment, revenue was lower than the previous year, but improvements in gross margin were noted due to technological innovations and cost optimizations [3][4]. - The automotive wiring harness and copper conductor segments experienced significant revenue growth, although initial project costs led to a decrease in gross margin [3][10]. - The power engineering segment saw increased revenue from the completion of projects, but overall profit decreased due to lower margins from other projects [3][10]. Industry Trends - The global optical module market is projected to grow from 11.5 billion USD in 2023 to 22 billion USD by 2028, with AI computing demand being a major driver [8]. - The demand for high-performance optical fibers is increasing due to the expansion of data centers and the implementation of AI technologies [7][8]. - The automotive market is experiencing steady growth, particularly in the electric vehicle sector, with a reported 41.4% increase in production and sales of new energy vehicles in the first half of 2025 [10][11]. Strategic Developments - The company is expanding its overseas power engineering projects, focusing on the "Belt and Road" initiative, with significant projects underway in Bangladesh and Ethiopia [10][13]. - In the superconducting materials sector, the company is advancing the industrialization of high-temperature superconducting tapes, which are crucial for various applications including energy and medical fields [15]. - The company is enhancing its digital transformation and automation processes in manufacturing, which is expected to improve operational efficiency and product quality [14].

Summary of Lianchuang Optoelectronics Conference Call Company Overview - **Company**: Lianchuang Optoelectronics - **Industry**: Focused on controllable nuclear fusion, high-temperature superconductors, commercial aerospace, and laser technology Key Points Industry and Market Position - Lianchuang Optoelectronics is actively involved in the controllable nuclear fusion sector, particularly through the participation in the Spark One project, which is expected to enter the main equipment construction phase by 2026-2027, potentially generating orders worth approximately 5.1 billion yuan for the company [2][9] - The company collaborates with Shanghai Superconductor, which holds over 80% market share in the domestic second-generation high-temperature superconductor tape market. This market is projected to exceed 10 billion yuan by 2030, with an expected annual compound growth rate of over 50% in the coming years [2][3][8] - Lianchuang has made progress in the commercial aerospace sector based on high-temperature superconducting magnet technology and has entered the anti-drone laser business, securing a 19.6 million yuan order from the Ziyang Commercial Aerospace Launch Technology Research Institute [2][4][10] Financial Performance and Projections - The company’s traditional business, including backlight sources and smart controllers, has shown stable growth through production optimization and market expansion, contributing to overall performance stability [2][6][12] - Future net profit projections for Lianchuang Optoelectronics are 580 million yuan, 720 million yuan, and 880 million yuan for the next three years, with year-on-year growth rates of 142%, 24%, and 21%, respectively. Corresponding price-to-earnings ratios are expected to be 47x, 38x, and 31x, indicating significant valuation upside potential [2][14] Emerging Business Opportunities - The controllable nuclear fusion sector presents significant growth opportunities, with the company expected to complete system and device debugging by 2028-2029, entering the demonstration power generation phase [9] - The commercial aerospace market is anticipated to grow at 15% annually from 2024 to 2034, with superconducting magnet technology being a key application area [10] - The laser business, particularly the "Guangren" product, is expected to drive future growth, supported by a rapidly expanding global and Chinese laser weapon market [11][16] Risks and Challenges - Key risks include the potential underperformance of the nuclear fusion industry, disappointing market performance of laser products, and inherent risks in traditional business operations, which could impact overall profitability and market performance [4][15] Investment Recommendations - Investors are encouraged to monitor Lianchuang Optoelectronics due to its growth potential across both traditional and emerging business segments. The company’s current valuation presents a significant upside opportunity compared to peers [17]

Investment Rating - The report gives a "Buy" rating for the company Yongding Co., Ltd. (600105.SH) [2] Core Views - Yongding Co., Ltd. is positioned to benefit from the integration of optical and electronic technologies, with significant growth potential in laser chip and high-temperature superconducting materials [5][8] - The company has diversified its operations beyond cable manufacturing to include automotive wiring harnesses, optical communication, power engineering, superconductors, and big data services, establishing itself as a comprehensive solution provider [5][8] - The report highlights the robust growth in the optical module industry and the potential for domestic superconductors to exceed 10 billion in market size [5][25] Summary by Sections Section 1: Development and Growth - Yongding Co., Ltd. has evolved from a single cable manufacturer to a multi-industry player, with projected revenue contributions from automotive wiring harnesses (29.3%), optical communication (27.1%), and power engineering (25.3%) in 2024 [5][8] - The company is focusing on the full industrial chain of optical communication, with significant investments in laser chips and superconducting materials [5][8] Section 2: Optical Module Industry - The optical module market is expected to grow at a CAGR of approximately 22% from 2024 to 2029, with domestic suppliers increasing their market share [51] - Major global tech companies are significantly increasing their capital expenditures, which is expected to drive demand for optical modules [49][51] Section 3: Laser Chip and Superconducting Material Expansion - Yongding Co., Ltd. is set to establish a domestic IDM laser chip factory, with an expected annual production capacity of 15 million photonic integrated chips [5][8] - The company plans to expand its production capacity for high-temperature superconducting materials to 20,000 km within the next 2-3 years [5][8] Section 4: Financial Forecast and Valuation - The company is projected to achieve net profits of 360.05 million, 140.73 million, and 209.56 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.25, 0.10, and 0.14 yuan [5][8] - The report emphasizes the company's strong financial performance and growth trajectory, driven by its diversified business model [5][8]