Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The SW Machinery Equipment Index increased by 1.38% in the last week, ranking 4th among 31 primary industry categories, while the CSI 300 Index decreased by 0.08% [11] - Year-to-date, the SW Machinery Equipment Index has risen by 35.94%, outperforming the CSI 300 Index, which increased by 16.42% [15] Summary by Sections Market Review - The SW Machinery Equipment Index has shown strong performance, ranking 4th among industry categories for the week and 6th year-to-date [11][15] Key Insights - Tractor exports in October saw a significant increase of 54% compared to the previous months, indicating a positive outlook for 2026 [20] - The Middle East is accelerating its natural gas investments, with a projected 97% increase in capital expenditure from 2023-2024 compared to the average from 2014-2022 [22] - GEV has raised its gas turbine production target, indicating a robust demand for turbine blades, with a focus on domestic leader Yingliu [22] - The nuclear fusion sector is entering a new phase with multiple bids expected to be awarded soon, signaling a potential increase in orders for leading supply chain companies [22] Sector Performance Indicators - General Machinery: Continues to face pressure with a PMI of 49.2% [21] - Engineering Machinery: Shows signs of upward momentum with excavator sales increasing by 7.8% year-on-year [30] - Railway Equipment: Maintains steady growth with fixed asset investment around 6% [39] - Shipbuilding: Experiences a slowdown in price decline, indicating stabilization [42] - Oilfield Equipment: Bottoming out with stable demand in the Middle East [44] - Industrial Gases: Demand expected to rise as raw material prices decrease [50] - Gas Turbines: Strong growth with GEV reporting a 39% increase in new orders [51]

Core Insights - The "Burning Plasma" international scientific program initiated by the Chinese Academy of Sciences aims to enhance global collaboration in fusion research, with a focus on sustainable energy generation through nuclear fusion [1][2] - The BEST research plan, set to be completed by the end of 2027, will conduct experiments on deuterium-tritium burning plasma, targeting a fusion power output between 20 megawatts and 200 megawatts [2] Industry Developments - The global fusion energy landscape is rapidly evolving, with nearly 40 countries advancing fusion plans and over 160 fusion devices in operation, construction, or planning stages [1] - The international cooperation in fusion research is entering a critical phase, with significant breakthroughs achieved but ongoing challenges requiring collective efforts from scientists worldwide [1][3] Investment and Procurement Trends - The fusion energy sector is witnessing unprecedented procurement and financing activity, with significant projects announced, including a procurement project exceeding 2 billion yuan for key components related to the BEST project [3][4] - Recent financing rounds for companies in the fusion energy supply chain indicate a strong market interest, with investments from institutional investors and state-owned enterprises, focusing on high-value core hardware and materials [4]

Group 1 - The procurement project by Fusion New Energy (Anhui) Co., Ltd. has a total amount exceeding 2 billion yuan, involving key components such as the BEST ion cyclotron wave source system and low-temperature system parts [1] - CICC believes that nuclear fusion has advantages such as environmental friendliness, abundant resources, high energy density, and self-limiting reaction mechanisms. China has included nuclear fusion as a key direction for future industries, while countries like the US, Japan, and the UK are accelerating implementation through special legislation and funding guidance [1] - According to FIA statistics, the total financing for the global commercial nuclear fusion industry is expected to reach 9.766 billion USD by mid-2025, with an increase of 2.643 billion USD compared to 2024. The global nuclear fusion development is at a critical transition period towards hundred-megawatt-level projects, with multiple demonstration devices expected to be launched in the next 5-10 years [1] Group 2 - Xinfengguang is increasing its efforts in developing key core technologies and new products, actively promoting the development of controllable nuclear fusion power sources and solid-state transformers (SST) to seek new growth opportunities [2] - Hezhong Intelligent has participated in the preliminary research and manufacturing of core components such as fusion reactors, vacuum chambers, and divertors, focusing on material research and performance verification and acceptance [2]

2、3D打印 | 据央视新闻报道，由中国航发自主研制的3D打印极简涡喷发动机，近日圆满完成首次飞行试验，标志着3D打印发动机在工程应用领域取得重要 突破。本次飞行试验持续30分钟，飞行高度达6000米，最大飞行速度0.75马赫，发动机全状态工作，各项工作参数无异常，圆满完成我国自主研制3D打印极 简涡喷发动机，首次唯一动力单发飞行试验。 明日主题前瞻 1、化妆品 | 国家药监局发布《关于深化化妆品监管改革促进产业高质量发展的意见》，其中提出，加大产业扶持力度。鼓励省级药品监管部门积极争取政 府支持，协调相关部门出台化妆品产业扶持政策，营造良好的产业创新环境，支持行业绿色低碳发展，通过政策赋能推动品牌崛起，培育具有国际竞争力的 民族品牌化妆品。鼓励化妆品新品在中国首发。对标国际高标准经贸规则，培育我国化妆品领域首发经济。 点评：分析称，3D打印产业正从技术验证阶段迈入规模化应用的黄金发展期。当前呈现"工业级主导、消费级崛起"的双轨发展格局。2024年全球3D打印市 场规模已达219亿美元，中国市场规模约415亿元人民币。预计到2030年，全球市场规模将突破840-1150亿美元，年复合增长率保持在20%-30% ...