Core Insights - The article discusses the investment outlook for the 2025 fund reports, focusing on AI applications, commercial aerospace, and nuclear fusion as potential investment themes for 2026 [1] Group 1: Fund Performance - The fund managed by Chen Zongchao, Tongtai New Energy Preferred 1-Year Holding A, achieved a quarterly return of 26.28%, ranking first among its peers [3][11] - The fund's returns over the past month, three months, and six months were 16.38%, 25.96%, and 70.17%, respectively, with a one-year return of 96.53%, nearly doubling [3][11] Group 2: Investment Strategy - Chen Zongchao emphasizes a structural differentiation in the power equipment and new energy sector, advocating for a focus on cutting-edge and uncertain areas like controllable nuclear fusion [1][2] - The core logic is based on the advantages of controllable nuclear fusion, which is driven by advancements in high-temperature superconductors and the growth of artificial intelligence, positioning it as a key battleground for major powers [1][2] Group 3: Market Dynamics - 2025 is seen as a pivotal year for controllable nuclear fusion to transition from scientific ideal to industrial reality, supported by strong policy drivers and a diversified investment ecosystem involving state platforms, energy state-owned enterprises, local funds, and private capital [2][7] - The investment potential of controllable nuclear fusion is projected to exceed that of wind, solar, and lithium battery industries once the technology matures and achieves large-scale commercialization [2][7] Group 4: Portfolio Composition - The fund's top ten holdings differ significantly from traditional new energy funds, including companies like Yongding Co., Sry New Materials, and Antai Technology, which are closely linked to key aspects of the nuclear fusion industry chain [8][9]

Market Overview - The metal new materials sector experienced a decline of 0.43% on January 14, with Srei New Materials leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Zhongzhou Special Materials (300963) with a closing price of 23.74, up 4.12% and a trading volume of 578,000 shares, totaling 1.378 billion yuan [1] - Antai Technology (696000) closed at 29.27, up 3.46% with a trading volume of 2.1065 million shares, totaling 6.363 billion yuan [1] - Jiangnan New Materials (603124) closed at 88.10, up 2.92% with a trading volume of 27,700 shares, totaling 243 million yuan [1] - Conversely, Srei New Materials (688102) saw a significant decline, closing at 46.63, down 4.41% with a trading volume of 615,000 shares, totaling 296.7 million yuan [2] - Other notable decliners included: - Tianli Composite (920576) down 3.23% to 97.25 [2] - Xinlaifu (301323) down 2.48% to 58.49 [2] Capital Flow - The metal new materials sector saw a net outflow of 1.023 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.172 billion yuan [2] - Specific stock capital flows indicated: - Antai Technology had a net inflow of 475.43 million yuan from retail investors, while institutional investors experienced a net outflow of 302 million yuan [3] - Platinum New Materials (300811) had a net inflow of 891.04 million yuan from institutional investors, with a net outflow of 2.154 billion yuan from retail investors [3]

Group 1 - The main market saw a net inflow of 19.18 billion yuan as of January 14 [1] - The top ten sectors with the largest capital outflows included Energy Metals (-1.365 billion yuan), Wind Power Equipment (-1.086 billion yuan), and Communication Equipment (-0.983 billion yuan) [1] - The banking sector experienced a capital outflow of 0.721 billion yuan, while the healthcare services sector saw an outflow of 0.628 billion yuan [1] Group 2 - The Energy Metals sector had a slight decline of 0.13% with a net outflow of 1.365 billion yuan, led by the company Greenmei [2] - The Wind Power Equipment sector increased by 1.61% but still faced a net outflow of 1.086 billion yuan, with major outflow attributed to Daikin Heavy Industries [2] - The Communication Equipment sector rose by 4.01% despite a net outflow of 0.983 billion yuan, primarily driven by Galaxy Electronics [2][3]

Group 1 - The A-share market saw a collective rise in non-ferrous metal stocks, with notable gains including Xianglu Tungsten reaching the daily limit, Hunan Silver up over 9%, and Antai Technology increasing by over 8% [1] - Several companies, including Huaxi Nonferrous Metals, Hailiang Co., Antai Technology, and Jiangxi Copper, reached historical highs in stock prices [1] - The surge in precious metal prices, including tin futures surpassing 410,000 and LME tin prices exceeding $51,000, is attributed to increasing expectations of interest rate cuts in the U.S. and rising safe-haven demand [1] Group 2 - U.S. inflation data for December indicates a potential easing of price pressures, leading to mixed expectations among investors regarding the Federal Reserve's interest rate cuts, with some anticipating two or three cuts this year [2] - Concerns over the independence of the Federal Reserve have increased due to a criminal investigation into Chairman Powell's June testimony, alongside ongoing geopolitical risks related to potential U.S. intervention in Iran [2] Group 3 - Specific stock performance data shows significant percentage increases for various companies, with Xianglu Aluminum up 10.03%, Hunan Silver up 9.20%, and Antai Technology up 8.45%, among others [3] - The total market capitalization for these companies varies, with Hunan Silver at 27.8 billion and Jiangxi Copper at 206.8 billion, reflecting their market positions and year-to-date performance [3]

Group 1 - The core viewpoint of the article indicates a significant increase in the prices of rare earth products, with specific products like praseodymium and neodymium oxide seeing a rise in average prices, while dysprosium and terbium oxides experienced slight declines [1] - Praseodymium-neodymium oxide averaged 642,700 CNY per ton, up by 6,600 CNY per ton, and praseodymium-neodymium metal averaged 780,000 CNY per ton, up by 7,600 CNY per ton [1] - The market sentiment for rare earths is warming, with downstream raw material procurement demand expected to be released, indicating potential for continued price strength in the near term [1] Group 2 - The A-share market shows positive performance for certain rare earth permanent magnet concept stocks, with Zhongmin Resources (002738) rising by 5.09% and achieving a transaction volume of 3.313 billion CNY [1] - Yahua Group (002497) increased by 3.66% with a transaction volume of 2.505 billion CNY, while Antai Technology (000969) rose by 2.09% with a transaction volume of 610.8 million CNY [1] - The overall trading activity in the rare earth sector reflects a mixed performance, with some stocks showing significant gains while others remain relatively stable [1]

证券代码：000969 证券简称：安泰科技 公告编号：2026-002 安泰科技股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 安泰科技股份有限公司（以下简称"公司"）股票（证券简称：安泰科技， 证券代码：000969）连续 3 个交易日（2026 年 1 月 9 日、2026 年 1 月 12 日、2026 年 1 月 13 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易 规则》的相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况说明 针对公司股票交易异常波动的情况，公司董事会经与公司董事、高级管理人 员、控股股东及实际控制人就相关事项进行核实，现将截至本公告披露日相关情 况说明如下： 5、公司董事、高级管理人员、控股股东及其一致行动人在公司本次股票交 1 易异常波动期间不存在买卖公司股票的情况。公司未发现可能对股价产生较大影 响的其他重大事项。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应 ...

Core Viewpoint - The metal new materials sector experienced a significant decline, with a drop of 3.39% on January 13, led by Tianli Composite, which fell by 16.24% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1]. - Major stocks in the metal new materials sector showed mixed performance, with notable gainers including Fuda Alloy (+2.77%) and Antai Technology (+2.09%) [1]. - Tianli Composite was the biggest loser, closing at 100.50 with a decline of 16.24% [2]. Group 2: Trading Volume and Capital Flow - The trading volume for the metal new materials sector was substantial, with Antai Technology recording a volume of 2.14 million shares and a transaction value of 6.11 billion [1]. - The sector saw a net outflow of 1.692 billion from institutional investors, while retail investors contributed a net inflow of 1.532 billion [2][3]. - The capital flow data indicates that New Laifu had a net inflow of 32.04 million from institutional investors, while Dragon Magnetic Technology experienced a net outflow of 16.61 million [3].

两融数据显示，该股最新（1月12日）两融余额为10.96亿元，其中，融资余额为10.89亿元，近10日增加 1.01亿元，环比增长10.20%。 公司发布的三季报数据显示，前三季度公司共实现营业收入58.18亿元，同比下降0.60%，实现净利润 2.82亿元，同比下降17.19%，基本每股收益为0.2702元，加权平均净资产收益率5.12%。（数据宝） （文章来源：证券时报网） 安泰科技股价创出历史新高，截至9:35，该股上涨4.47%，股价报28.95元，成交量4018.80万股，成交金 额11.69亿元，换手率3.89%，该股最新A股总市值达304.13亿元，该股A股流通市值299.27亿元。 证券时报·数据宝统计显示，安泰科技所属的有色金属行业，目前整体跌幅为0.22%，行业内，目前股价 上涨的有40只，涨幅居前的有铂科新材、安泰科技、湖南白银等，涨幅分别为4.72%、4.47%、3.82%。 股价下跌的有101只，跌幅居前的有天力复合、银邦股份、西部材料等，跌幅分别为11.84%、10.21%、 9.98%。 ...

近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2026.01.12 | 10.00 | 7.11 | 1825.04 | | 2026.01.09 | 10.00 | 10.75 | 63248.65 | | 2026.01.08 | 1.82 | 12.55 | -4200.80 | | 2026.01.07 | 5.34 | 11.80 | 10547.44 | | 2026.01.06 | -0.42 | 7.06 | -8403.06 | | 2026.01.05 | 2.05 | 9.87 | 3052.47 | | 2025.12.31 | 1.55 | 8.45 | 4563.07 | | 2025.12.30 | 1.82 | 9.09 | 6148.68 | | 2025.12.29 | -1.55 | 5.81 | -9075.93 | | 2025.12.26 | 1.33 | 8.99 | 4357.30 | （文章来源：证券时报网） 安泰科技盘中涨停，已连收3个涨停板，截至9:2 ...

Core Viewpoint - The A-share controllable nuclear fusion sector is experiencing significant growth, with the sector index rising by 4.74% and several stocks reaching their daily limit up, driven by recent technological breakthroughs and industry advancements in the nuclear fusion field [1][2]. Industry Developments - The global nuclear fusion market is projected to reach $496.55 billion by 2030 and exceed $1 trillion by 2050, indicating substantial growth potential for upstream and downstream companies in the industry [2]. - The controllable nuclear fusion industry encompasses high-barrier segments such as ultra-low temperature refrigeration and superconducting materials, creating a competitive moat for companies with core patents and national project certifications [2]. Company Highlights - Snowman Group, a leader in nuclear fusion equipment, produces helium compressors essential for large scientific projects, achieving international leading standards in technology with applications in major national research projects [3]. - Zhongtai Deep Cold Technology Co., Ltd. has established a strong position in deep cooling technology for nuclear fusion projects, collaborating with universities for ongoing research and development [3]. - Antai Technology recently won a significant contract worth 69.9 million yuan for a critical component in nuclear fusion technology, reinforcing its technical capabilities and positioning for future projects [3]. Market Sentiment and Future Outlook - Other companies in the sector are also making progress in nuclear fusion-related business, although some report that their contributions to overall orders remain limited [4]. - Experts suggest that recent breakthroughs in key technologies are transitioning the industry from research and development to engineering validation, which will lead to increased order releases and benefits for companies with core supply capabilities [4]. - The A-share technology sector is shifting focus from mature AI applications to advanced manufacturing, with controllable nuclear fusion aligning with high-end manufacturing and national strategic interests, indicating a potential new investment focus [4].