记者 李晔 工信部近期公示第七批专精特新"小巨人"企业名单，其中上海新晋企业达214家。由此，获这一国 家级称号的上海企业累计首破千家，达1026家，总量居全国第三。 上海市中小企业发展服务中心的分析数据显示，从区域分布看，这1026家"小巨人"的60%集中在浦 东、闵行、嘉定、松江四区。其中，浦东在集成电路、生物医药领域持续领跑；闵行、嘉定的高端装 备、智能网联汽车等优势明显；松江已形成卫星物联网等产业集群。 另据介绍，上海正构建形成"创新型中小企业—市级专精特新—国家级'小巨人'"的优质中小企业梯 度培育体系，企业申报由国家工信部评定的专精特新"小巨人"的前提，是要先成为市级的专精特新企 业。今年4月，《上海市促进专精特新中小企业发展壮大的若干措施》印发，围绕企业全生命周期需求 推出6方面20条具体政策，扶持专精特新中小企业"小升规、规转强、强转股、股上市"，到"十五五"期 末，上海市级专精特新中小企业力争达2万家左右。 从企业性质看，民企挑大梁。1026家企业中，民营企业有776家，占比75.6%，是上海培育硬科 技、发展新质生产力的最活跃主体。如奎芯科技瞄准算力扩展新赛道，成立仅3年即获评国家级"小巨 ...

Core Insights - The report from China Merchants Securities highlights the accelerated industrialization process of controllable nuclear fusion, transitioning from experimental validation to engineering demonstration, with a focus on material performance breakthroughs as a core bottleneck [1][2] - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in core components such as tungsten-based divertors and high-temperature superconducting materials [1] - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with a recommendation to focus on leading companies and suppliers of domestically replaced materials and core components [1] Group 1: Industrialization Progress - The urgency of global energy transition is propelling controllable nuclear fusion as a clean energy solution, moving towards engineering and commercialization [1] - The magnetic confinement tokamak route currently dominates the industrialization process, while inertial confinement and hybrid routes are also developing in parallel [1] - China is leveraging major scientific devices like EAST and BEST to achieve breakthroughs in key areas, with the BEST device expected to demonstrate fusion energy generation by 2027 [1] Group 2: Material Innovation - Material innovation is identified as the core bottleneck and breakthrough point for current industrialization, with extreme operational environments demanding near-limit performance from materials [2] - Key materials include high melting point and radiation-resistant materials for first walls/divertors, and the transition from low-temperature to high-temperature superconductors to enhance magnetic field strength [2] - Domestic companies have made significant progress in areas such as tungsten-copper divertors and superconducting wires, but challenges remain in material reliability verification and cost control [2] Group 3: Market Opportunities - The energy equipment sector is seeing significant growth, with leading enterprises establishing clear paths for core component R&D and industrialization [3] - Companies involved in superconductors, first walls, and divertor materials are expected to benefit significantly from this growth [3] - Military enterprises are extending their high-precision manufacturing capabilities into civilian sectors, with companies like Sui Chuang Electronics and Wangzi New Materials gaining early advantages in supporting roles [3] Group 4: Recommended Companies - Companies to focus on include Guoguang Electric, Hezhu Intelligent, Lianchuang Optoelectronics, Western Superconducting, Sui Chuang Electronics, Wangzi New Materials, Parker New Materials, Antai Technology, Yongding Co., Xuguang Electronics, Sui Rui New Materials, Zhongzhou Special Materials, and Jiuli Special Materials [4]

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

Market Overview - On October 29, the Shanghai Composite Index rose by 0.7%, the CSI 300 increased by 1.19%, the STAR 50 gained 1.18%, the CSI 1000 was up by 1.2%, the ChiNext Index surged by 2.93%, while the Hang Seng Index fell by 0.33% [4][5] - The best-performing sectors on October 29 were power equipment (+4.79%), non-ferrous metals (+4.28%), non-bank financials (+2.08%), basic chemicals (+1.53%), and steel (+1.26%). The worst-performing sectors included banks (-1.98%), conglomerates (-0.56%), food and beverage (-0.56%), textiles and apparel (-0.24%), and light industry manufacturing (-0.22%) [4][5] - The total trading volume for the A-share market on October 29 was 22,906.74 billion yuan, with a net inflow of 2.258 billion Hong Kong dollars from southbound funds [4][5] Key Recommendations - The report recommends Yongding Co., Ltd. (600105) based on its strong growth potential in the optical communication, overseas engineering, and automotive wiring harness sectors, driven by high-temperature superconducting materials and optical chip industries [6] - Despite short-term performance fluctuations mainly due to investment income, the long-term growth potential is supported by high-temperature superconducting materials and optical chip business [6] - The projected revenue for Yongding Co., Ltd. from 2025 to 2027 is 4,587.80 million yuan, 5,063.36 million yuan, and 5,747.82 million yuan, with growth rates of 11.59%, 10.37%, and 13.52% respectively. The net profit attributable to shareholders is expected to be 373.07 million yuan, 191.17 million yuan, and 226.42 million yuan, with growth rates of 507.46%, -48.76%, and 18.44% respectively [6] Important Insights - The strategy report suggests a balanced allocation approach for November, with a market view leaning towards large-cap stocks and value-oriented sectors [8] - The report indicates that the market's feedback mechanism is weakening, and upcoming regulations on public fund performance may further encourage style balance [8] - Key sectors to focus on include brokerage and banking, as well as industries experiencing upward trends such as communications (optical modules), electronics (storage), non-ferrous metals (copper), and basic chemicals [8][9]

Summary of Conference Call on Nuclear Fusion and Quantum Computing Industry Overview - The conference call focused on the nuclear fusion and quantum computing sectors, highlighting significant market movements and investment opportunities in the context of US-China trade relations [1][2]. Key Points on Nuclear Fusion - **Core Components**: The nuclear fusion sector's core components include magnets, vacuum chambers, and cooling systems, with superconducting technology being a high-value area. Companies like Hangyang and Yongding are highlighted for their advantages in cooling systems and superconducting materials, respectively [1][3]. - **Market Dynamics**: There is an expectation of increased high-frequency, large-value order tenders in the coming months, particularly for the BEST project, indicating a growth trajectory for the nuclear fusion sector [1][6]. - **Investment Opportunities**: The demand for superconducting magnets and materials is significant, with high-temperature superconducting materials being particularly important. The overall capital expenditure in nuclear fusion projects is accelerating, suggesting sustained growth in the coming years [1][8]. Key Points on Quantum Computing - **Core Components**: The quantum computing sector includes dilution refrigerants and automated systems. The positive sentiment from US companies like Nvidia has raised the valuation of related firms in the A-share market [1][5]. - **Market Expansion**: The IPO guidance and upcoming listings of companies such as ZTE and Benyuan Quantum are expected to expand the market. The sector is projected to exceed a market value of 200 billion by the second or third quarter of 2026 [1][6]. - **Investment Growth**: Companies like GuoDun Quantum have seen revenue growth of over 200% in the first half of the year, indicating strong demand and order increases, which are crucial for the sector's development [1][15]. Competitive Landscape - **US-China Competition**: The quantum computing field is characterized by intense competition between the US and China, with significant investments from US entities, including a $5.7 million order from the US Air Force and a $10 billion investment plan from Morgan [1][9][10]. - **Domestic Developments**: In China, policy advancements and technological improvements are accelerating the development of quantum computing, with leading companies experiencing substantial revenue growth and increased orders [1][10][11]. Future Outlook - **Market Projections**: Both nuclear fusion and quantum computing are expected to have broad development prospects due to their high technical barriers and strategic importance. The current period is seen as a favorable investment window [1][6]. - **Technological Advancements**: The main technological route in quantum computing is superconducting quantum computers, with key hardware components including chips, dilution refrigerants, and measurement control systems. Companies involved in these areas are recommended for investment [1][16]. Additional Insights - **Funding and Investment Trends**: The entry of Nvidia into quantum computing has shifted global investor perceptions, highlighting the sector's high growth potential and its ability to meet the demands of traditional computing needs [1][14]. - **Order and Revenue Performance**: Domestic companies like GuoDun and GuoYi have shown remarkable performance, with significant revenue increases reflecting the positive changes in the industry [1][15]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the nuclear fusion and quantum computing sectors, their market dynamics, and future growth potential.

Group 1 - The vitality of a city largely stems from the strength of its private economy, with Shanghai's government emphasizing support for private enterprises [2] - Shanghai's investment in technology innovation is highlighted by Shanghai Guotou's management fund size reaching 280 billion yuan, with 45 billion yuan allocated this year [2] - Several "hard tech" companies, such as Shanghai Superconductor and Chip Shine, are accelerating growth due to precise financial resource matching and government support [2] Group 2 - Shanghai private enterprises demonstrate resilience and innovation in the face of external challenges, with companies like Heihu Technology pivoting to AI and achieving profitability in 2023 [3] - Westwell Technology has become a leader in global autonomous driving products, overcoming international scrutiny and geopolitical challenges [3] - Various Shanghai private enterprises are thriving in niche markets, showcasing the dynamism of the local economy [3] Group 3 - Entrepreneurs at the conference proposed practical suggestions for policy implementation, including opening high-end manufacturing scenarios and supporting innovation consortiums [5] - Calls for a fair market environment and solutions to financing difficulties were made, emphasizing the need for streamlined administration and support for high-tech companies [5] - The establishment of a regular communication mechanism between media and enterprises was suggested to enhance policy feedback and improve the business environment [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]

Core Insights - The concept of nuclear fusion is gaining traction in the stock market, with several stocks in the sector doubling in price since the beginning of the year, with the highest increase reaching 271.94% [2][5] - Recent developments in nuclear fusion engineering and commercialization have heightened market interest, particularly following progress on the BEST nuclear fusion device in Hefei [2][5] - Despite the excitement, industry insiders caution that current projects are primarily experimental and not yet commercially viable, indicating that significant advancements are still needed before practical applications can be realized [2][5] Market Performance - As of October 10, the nuclear fusion sector has seen an overall increase of 60.62% this year, with net inflows of 2.041 billion yuan, ranking it among the top sectors in the A-share market [5][6] - Individual stocks have shown remarkable performance, with Zhongzhou Special Materials rising by 271.94%, Hezhong Intelligent by 247.15%, and Yongding Co. by 200.39% [5][6] Technological Developments - The nuclear fusion technology aims to replicate the sun's energy production through extreme conditions, primarily using magnetic confinement methods like the Tokamak [7] - Significant breakthroughs have been achieved in China's nuclear fusion research, including the successful operation of the China Circulation No. 3 device, which reached temperatures exceeding 100 million degrees Celsius [7][8] Investment and Funding - Major state-owned enterprises and private capital are increasingly investing in nuclear fusion projects, with plans for new experimental facilities and significant funding commitments exceeding 10 billion yuan [8][9] - The construction of the BEST device is progressing, with key components being installed, marking a significant step towards demonstrating fusion energy generation [8][9] Industry Outlook - The nuclear fusion sector is expected to continue attracting investment due to the growing demand for clean and renewable energy sources, particularly in the context of increasing energy needs driven by advancements in artificial intelligence [6][8] - The current phase of nuclear fusion development is characterized by experimental setups, with substantial investments required for future commercial viability [9]

Core Viewpoint - The nuclear fusion sector is experiencing significant stock market activity, with several companies seeing their stock prices double or more due to increasing expectations around nuclear fusion commercialization and engineering advancements [2][4]. Group 1: Stock Market Performance - As of October 10, 2023, the nuclear fusion sector has seen an overall increase of 60.62% since the beginning of the year, with a net inflow of 2.041 billion yuan [4]. - Individual stocks have shown remarkable gains, with Zhongzhou Special Materials up 271.94%, Hezhong Intelligent up 247.15%, and Yongding Co. up 200.39% [4]. - On October 9, 2023, the Wande Nuclear Fusion Index rose by 7.82%, while the Nuclear Power Index increased by 6.46%, indicating strong market interest [3]. Group 2: Project Developments - The BEST nuclear fusion device in Hefei is progressing, contributing to heightened market enthusiasm [2]. - The construction of the BEST device's key vacuum component has been successfully installed, marking a significant milestone [6]. - The Chinese Academy of Sciences and other institutions are leading nuclear fusion technology advancements, with the China Circulation No. 3 device achieving significant temperature breakthroughs [5][6]. Group 3: Industry Insights - Current nuclear fusion projects are primarily experimental, focusing on validating the feasibility of fusion power generation rather than commercial applications [3]. - The demand for energy, particularly from AI technologies, is driving interest in nuclear fusion as a future energy source [4]. - The cost structure of nuclear fusion reactors is heavily influenced by components such as building structures, magnets, and vacuum chambers, with magnets representing the largest value segment [7].

Core Viewpoint - The recent surge in China's controllable nuclear fusion sector is driven by a combination of domestic and international favorable factors, indicating a potential acceleration towards the controllable nuclear fusion era, despite the technology still being in the developmental stage and facing uncertainties in commercialization [1][2][6]. Market Performance - On October 9, A-shares in the controllable nuclear fusion sector experienced a significant rally, with the Wind nuclear fusion index rising by 7.82%, and several stocks, including Haohan Huadong and Xibu Superconductor, hitting the daily limit [1][2]. Domestic Developments - The establishment of China Fusion Energy Co. and the recent progress in the BEST project, including the successful installation of a key component, have contributed to the positive market sentiment [2][4]. - The upcoming International Atomic Energy Agency Fusion Energy Conference (FEC2025) in Chengdu is expected to showcase significant advancements in the industry [2]. International Trends - Major economies are increasing investments in nuclear power, with Japan planning to close oil-fired plants and restart nuclear stations, and Italy's Eni Group signing a $1 billion electricity sale agreement with a U.S. fusion company [2][3]. - A new agreement between the UK and the U.S. aims to expedite nuclear power development, reducing the average licensing period from four years to two [3]. Company Involvement - Companies like Hezhong Intelligent and Xibu Superconductor are actively participating in the BEST project, with Hezhong securing a contract worth 209 million RMB for vacuum chamber manufacturing [4]. - Yonding Co. has accelerated the industrialization of high-temperature superconducting materials, reporting a 24.07% year-on-year revenue increase [5]. Industry Outlook - The controllable nuclear fusion sector is viewed as a significant clean energy direction, with long-term growth potential. The global fusion industry has seen explosive growth, with total investments rising from $1.9 billion in 2021 to an expected $9.7 billion by 2025 [6][7]. - The construction of 37 new fusion power plants is anticipated globally between 2025 and 2035, with a projected market space of approximately $203.5 billion by 2055 [7].