Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The report highlights the significant increase in bidding activities for the Hefei BEST project in the nuclear fusion sector, with a quarterly bidding scale reaching approximately 2.62 billion yuan in Q4 2025, a substantial increase from previous quarters [4][9] - The report emphasizes the growing attention from the capital market towards the nuclear fusion supply chain, particularly following the announcement of multiple large-scale bidding projects [5][9] Summary by Relevant Sections Nuclear Fusion Supply Chain Development - Since Q4 2025, the bidding scale for the Hefei BEST project has shown a marked increase, with Q4 2025 alone seeing approximately 2.62 billion yuan in bids, compared to 620 million yuan in Q3 2025 and 52 million yuan in Q2 2025 [4][9] - In November 2025, the bidding scale reached about 2.26 billion yuan, with significant projects including low-temperature systems and superconducting wires [5][9] - The report suggests that as the bidding results are published, the nuclear fusion supply chain will become clearer, and companies entering this supply chain may receive reasonable market valuations for their nuclear fusion-related businesses [14] Investment Recommendations - The report recommends focusing on companies such as Hezhong Intelligent, Antai Technology, Aike Saibo, Dongfang Precision, New Wind Light, Wangzi New Materials, Tongfeng Electronics, Yongding Co., and Western Superconducting, which are expected to benefit from the nuclear fusion supply chain developments [5][14]