Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

Core Viewpoint - The announcement details the bankruptcy liquidation of Beijing Hongfuyuan Technology Co., Ltd., a subsidiary in which the company holds a 40% stake, and confirms that this will not impact the company's financial status or operations [3][6]. Group 1: Company Overview - Company: Antai Technology Co., Ltd. (安泰科技股份有限公司) [2] - Subsidiary: Beijing Hongfuyuan Technology Co., Ltd. (北京宏福源科技有限公司) [2] - Ownership: The company holds a 40% stake in Hongfuyuan, while Zhuhai Jinfenghang Power Technology Co., Ltd. holds the remaining 60% [2]. Group 2: Bankruptcy Liquidation Details - Hongfuyuan has been inactive since 2016, with its business license revoked in December 2018 [2]. - The company initiated the liquidation process in December 2020, seeking to prevent further risks associated with the subsidiary [2]. - On August 17, 2023, the court accepted the bankruptcy liquidation application for Hongfuyuan's wholly-owned subsidiary, He Rui Technology [3]. - The court has now concluded the bankruptcy liquidation process for Hongfuyuan and its subsidiary [3]. Group 3: Financial Impact - The company had already made a full impairment provision for its investment in Hongfuyuan in November 2014, indicating that the liquidation will not affect its financial results or harm the interests of shareholders, particularly minority shareholders [6].

证券代码：000969 证券简称：安泰科技 公告编号：2026-003 关于参股公司北京宏福源科技有限公司收到法院破产清算 裁定的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 释义： 除非另有说明，以下简称在本公告中含义如下： 安泰科技、公司、本公司：安泰科技股份有限公司 宏福源：北京宏福源科技有限公司（公司参股子公司，持有其 40%股份） 金峰航：珠海金峰航电源科技有限公司（持有宏福源 60%的股份） 和瑞科技：北京和瑞福源科技有限公司（宏福源 100%全资子公司） 一、基本情况概述 公司参股子公司宏福源自 2016 年以来一直处于停产停业状态，已无实际经 营活动，且营业执照于 2018 年 12 月被吊销，为进一步加强参股公司管理，防止 风险加剧，公司于 2020 年 12 月 30 日召开第七届董事会第十一次临时会议审议 通过《关于参股公司北京宏福源科技有限公司清算注销的议案》，同意公司以股 东的身份向法院申请强制清算注销。详细内容请见公司于 2020 年 12 月 31 日在 巨潮资讯网发布的《安泰科技股份有限公司关于对参股公司北京宏福源科技有 ...

证券代码：000969 证券简称：安泰科技 公告编号：2026-004 安泰科技股份有限公司 1 公司 IPO 申报的项目负责合伙人、签字会计师。 李长照不存在违反《中国注册会计师执业道德守则》有关独立性要求的情形， 近三年未因执业行为受到刑事处罚，未受到证监会及其派出机构、行业主管部门 的行政处罚、监督管理措施，未受到证券交易场所、行业协会等自律组织的自律 监管措施、纪律处分。 关于增加签字注册会计师的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 安泰科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第九 届董事会第六次会议，审议通过了《关于续聘 2025 年度财报和内控审计机构的 议案》，董事会同意续聘天健会计师事务所（特殊普通合伙）（以下简称"天健 会计师事务所"）为公司 2025 年度会计审计机构及内部控制审计机构。2025 年 11 月 14 日，公司 2025 年第一次临时股东会审议通过该议案。天健会计师事务 所委派王景波（项目合伙人）、贾炜为公司审计的签字注册会计师，欧阳小云为 项目质量控制复核人员。具体内容详见 ...

Group 1 - Controlled nuclear fusion is a focal point in the global energy sector due to its advantages of abundant fuel, environmental cleanliness, high energy density, and safety [1] - The Chinese Academy of Sciences has achieved a record magnetic field strength of 35.6 Tesla with a fully superconducting user magnet, marking a significant advancement in high-temperature superconducting applications [1] - The mainstream technical routes for nuclear fusion are magnetic confinement and inertial confinement, with magnetic confinement being the most mature and closest to commercialization [1] Group 2 - The capital market's interest in the controlled nuclear fusion sector has significantly increased, with projected global financing for the nuclear fusion industry reaching $9.766 billion by 2025, an increase of $2.643 billion from 2024 [2] - There are currently 58 fusion energy device companies globally, with 14 of them based in China [2] Group 3 - Listed companies in the industry are actively positioning themselves to seize opportunities in the controlled nuclear fusion field, with China Energy Construction Corporation conducting research on various aspects of fusion technology [3] - Suzhou Hailu Heavy Industry Co., Ltd. has been involved in nuclear power equipment manufacturing since 1998 and is currently participating in domestic and international controlled nuclear fusion projects [3] - Antai Technology Co., Ltd. is the first domestic company to achieve mass production of key components for nuclear fusion [3] - The period from 2026 to 2030 is seen as a critical window for transitioning controlled nuclear fusion from "scientific experimental devices" to "energy equipment," emphasizing the need for companies to focus on high-value segments and collaboration with national teams [3]

Core Viewpoint - Antai Technology positions itself as a global leader in high-end tool materials and solutions, focusing on continuous technological innovation and structural adjustments to enhance its market share in high-end alloy materials [2] Group 1: Market Position and Strategy - Hard alloys and high-speed steel have distinct advantages and applications, maintaining stable market shares while also exhibiting complementary characteristics [2] - The company is transitioning its high-speed steel products towards specialized and high-performance areas, such as powder high-speed steel and spray steel, to drive growth in the high-end segment [2] Group 2: Innovation and Development - Antai Technology emphasizes strengthening technological innovation to improve its offerings in the high-end alloy materials market [2] - The company's efforts in structural adjustments are aimed at enhancing its competitiveness and market presence in the high-end tool materials sector [2]

Group 1 - The company, Antai Technology (000969), provides supporting materials and components for chemical vapor deposition equipment used in the production of third-generation semiconductor materials, including GaN [1] - The company does not engage in the production of silicon carbide or gallium nitride materials [1]

Core Viewpoint - Antai Technology (000969) has confirmed that its new 10,000-ton amorphous strip project is on track for completion and acceptance by June 30, 2025, and is currently in the production ramp-up phase [1]. Group 1 - The company is in the process of achieving full production capacity for its new project [1]. - The project is expected to be completed on schedule, indicating effective project management [1].

Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

Core Insights - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the nuclear fusion index rising by 12.91% so far in January 2026, and monthly trading volume approaching 780 billion yuan [1] - Several companies, including Zhongji HuanKe and Antai Technology, are actively involved in the nuclear fusion business, while others are clarifying their limited involvement to manage market expectations [1] Industry Developments - The nuclear fusion industry in China has entered a rapid development phase, with significant progress reported in the compact fusion energy experimental device (BEST) located in Hefei, expected to be completed by 2027 [2] - The fundamental principle of controllable nuclear fusion mimics the sun's energy production, requiring extreme conditions to sustain the fusion reaction safely [2] - The implementation of controllable nuclear fusion typically involves magnetic confinement methods, with abundant and easily obtainable raw materials like deuterium from seawater [2] Market Participation - A-share market participants are focusing on the upstream, midstream, and downstream sectors of the Tokamak equipment supply chain, including superconducting materials and power plant operations [3] - The implementation of the "Atomic Energy Law" in China on January 15, 2026, supports the development of controlled thermonuclear fusion, laying a foundation for the emerging industry [3] Investment Trends - Over the past five years, approximately 6.5 billion USD has been invested in the commercialization of fusion energy, with around 70% of companies expecting to achieve their first commercial demonstration by 2035 [4] - Star Ring Fusion recently completed a record 1 billion yuan Series A financing, with plans to start commercial demonstration pile construction by around 2032 [5] - Companies like Zhongji HuanKe are exploring partnerships in the nuclear fusion sector, investing 30 million yuan in Star Ring Fusion while leveraging their expertise in high-tech fields [5] Corporate Activities - Antai Technology has engaged in significant projects related to nuclear fusion, including a partnership with the Hefei Comprehensive National Science Center for advanced filter development [6] - Tian Gong International has made breakthroughs in new materials for nuclear fusion devices, while Western Superconducting is involved in producing superconducting materials for international fusion projects [6]