Investment Rating - The report rates the mechanical equipment industry as "Outperform the Market" [3][57]. Core Insights - The mechanical equipment sector outperformed the CSI 300 index with a weekly increase of 4.71%, compared to the CSI 300's 3.24% [3][13]. - The best-performing sub-sector was abrasives and grinding materials, which rose by 10.42% [3][21]. - The overall PE-TTM valuation for the mechanical equipment sector is 37.7x, with the highest valuations in robotics (185.6x), other automation (153.1x), and machine tools (99.4x) [20][21]. Summary by Sections Industry Performance - The mechanical equipment sector ranked 4th out of 31 in the Shenwan industry rankings for the week [3][13]. - The top five companies by weekly increase included ShenKai Co. (+55.94%), DeShi Co. (+46.41%), and DingTai High-Tech (+39.98%) [18][19]. Valuation Changes - The PE-TTM for the mechanical equipment sector increased by 4.58% this week [21]. - The sub-sectors with the highest PE-TTM increases were abrasives and grinding materials (+10.42%), laser equipment (+8.74%), and other automation (+6.78%) [21]. Investment Recommendations - Focus on platform semiconductor equipment manufacturers that are expanding product categories and streamlining processes, such as North Huachuang, Zhongwei Company, and TuoJing Technology [5]. - Attention is recommended for leading robot manufacturers and their core component suppliers, including DeChang Electric and ZhongDa LiDe [5]. - In the nuclear fusion industry, investment should target companies with clear performance timelines and established customer validation, such as HeZhu Intelligent and GuoJi Heavy Industry [5].

Core Insights - The Central State-Owned Enterprises Modern Energy ETF (561790) has shown a positive performance, with a recent increase of 0.16% and a two-week cumulative rise of 4.39% as of October 22, 2025 [3][4] - The index tracks 50 listed companies involved in modern energy sectors, reflecting the overall performance of state-owned enterprises in this field [4] Market Performance - The Central State-Owned Enterprises Modern Energy Index rose by 0.29%, with notable increases in constituent stocks such as China Nuclear Engineering (up 10.01%) and Petrochemical Machinery (up 8.24%) [3] - The ETF's trading volume was active, with a turnover rate of 10.96% and a transaction value of 4.92 million yuan [3] Industry Developments - As of mid-2025, China's operational power storage projects reached a cumulative installed capacity of 164.3 GW, marking a 59% year-on-year increase, with new energy storage growing by 110% [4] - The number of charging infrastructure units nationwide reached 17.34 million, reflecting a 57.72% increase [4] - The new power generation capacity added from January to August 2025 grew by 64.40%, with power investment totaling 499.2 billion yuan, a 0.50% increase [4] Technological Advancements - The successful operation of a 3kW@4.5K helium refrigerator developed by Zhongke Qingneng supports the stable operation of the CRAFT facility, a key project in China's nuclear fusion research [3] - XINWANDA has launched a polymer solid-state battery with an energy density of 400 Wh/kg, with plans to establish a 0.2 GWh production line by the end of 2025 [3]

中科清能有关负责人表示，中科清能专注于20K（开尔文）以下温区的超低温技术研发和装备制造，包 括氢液化装备、氦低温装备。今年3月12日，长征八号火箭在海南商业航天发射场一号工位成功发射， 其燃料是由中科清能自主研发的1吨/天氢液化装备提供，这也是国内航天领域首次采用全国产液氢装备 生产的液氢燃料。自长征八号火箭首发成功后，中科清能的氢液化装备持续稳定运行，保障了海南商业 航天发射场年内所有长征八号系列火箭发射的液氢燃料供应，显示了中科清能技术和装备的稳定性和可 靠性。 21日，记者从河南中科清能科技有限公司（以下简称中科清能）获悉，中科清能研发制造的3kW@4.5K 氦制冷机于今年10月15日在合肥一次启机成功。截至20日，该装备已安全稳定运行超过120小时，实际 运行的制冷量达到3kW（千瓦），满足设计指标。该装备是目前我国核聚变领域已投产的最大制冷功率 氦制冷机，将为国家重大科技基础设施CRAFT（聚变堆主机关键系统综合研究设施）稳定运行提供支 撑。 CRAFT项目的核心目标是探索和掌握聚变DEMO（示范）级关键技术，3kW@4.5K氦制冷机可为聚变 装置大型超导磁体提供严苛的低温运行环境。3kW@4.5 ...