来源：中国能源网 开源证券近日发布电力行业周报：九院中标5亿元等离子所氚工厂项目，NIF完成第十次点火实验12月1 日，劳伦斯利弗莫尔国家实验室（LLNL）正式公布，今年10月1日美国国家点火装置（NIF）成功开展 了一项核生存能力实验，也是NIF进行的第十次点火实验。 以下为研究报告摘要： 板块回顾：全部细分环节上涨，个股涨多跌少 本周（20251201-20251205）可控核聚变板块下，个股涨多跌少。具体来看，涨幅前五标的分别为宏微 科技（+22.0%）、雪人集团（+12.7%）、应流股份（+9.2%）、弘讯科技（+8.4%）、航天晨光 （+7.4%）；跌幅前五标的分别为天沃科技（-15.7%）、爱科赛博（-14.0%）、英杰电气（-13.2%）、 海陆重工（-4.4%）、赛晶科技（-3.7%）。细分环节来看，本周可控核聚变板块下多数细分环节上涨， 微波和电源器件（+7.1%）、上游金属材料（+3.0%）、磁体（+1.9%）涨幅居前。 行业动态：九院中标5亿元等离子所氚工厂项目，NIF完成第十次点火实验12月1日，劳伦斯利弗莫尔国 家实验室（LLNL）正式公布，今年10月1日美国国家点火装置（NIF）成 ...

北京市海淀区某电动车销售门店负责人 郭平：新车都是现货。价格有2199元、2599元、2799元、2999 元。 据央视财经消息，本月1日起，新版电动自行车强制性国家标准正式实施。随后，部分车型的新品由于 设计和车辆供应的问题，在网络上引起广泛关注。目前，电动自行车市场的最新情况如何？ 12月7日，记者在北京市海淀区一家电动自行车销售门店看到，目前店内已有4款符合新国标的车型在销 售。门店负责人介绍，现有这4款车型都带有后座、取消了脚蹬，其中部分车型装有前车筐，后视镜则 可以根据消费者意愿来选装。 中国自行车协会副理事长兼秘书长 郭文玉：据不完全统计，目前已经累计投放市场的新标准车辆超过 70多万辆，涵盖了高、中、低档不同档次的车型。同时我们要密切关注广大消费者对电动自行车产品的 意见和建议，推出更实用、更舒适、更安全的车型。 北京市朝阳区某电动车销售门店负责人 郭东光：以往（旧标准）的车型也是有载人的、有单人骑的， 都是一样（有不同类型）的。（这两天）大概卖了4台，现在的淡季销量也还算可以。 采访中记者了解到，不同品牌的新款电动车售价上涨幅度也不同，从二三百元至六七百元不等。据工信 部介绍，目前全国已有10 ...

Core Insights - The electronic industry index increased by 1.17% during the week of December 1-5, 2025, driven by the emergence of AI glasses and improvements in the supply-demand dynamics of the panel industry [1][2] - The optical and optoelectronic sector led the gains with a rise of 4.28%, followed by consumer electronics at 1.32% and semiconductors at 1.02% [1][2] - In the overseas technology sector, major North American indices rose due to increasing expectations of interest rate cuts and a recovery in global risk appetite, with the Philadelphia Semiconductor Index up by 3.84% [1][2] Industry Updates - AI terminal products are being launched intensively, with notable releases including the Quark S1 AI glasses from Alibaba and the Livis AI glasses from Li Auto, which emphasize an integrated "person-vehicle-home" ecosystem [2] - Meta is shifting its focus from the metaverse to AI and hardware, indicating a strategic pivot in its business model [2] - The U.S. Secretary of Commerce has been meeting with leaders in the robotics industry, suggesting potential administrative actions in 2026 [2] Market Developments - The successful listing of Moore Threads on the STAR Market on December 5, 2025, saw its stock price surge by 468.8%, reaching a market capitalization of over 280 billion [3] - The DeepSeek-V3.2 model was released, showcasing enhanced capabilities that may further enrich the open-source model ecosystem [3] - The HBM4 supply competition is intensifying, with Samsung completing production readiness and Micron exiting the retail storage business to focus on AI storage chips [3] Investment Recommendations - The recent launches of AI products are expected to catalyze the consumer electronics sector, although challenges related to privacy and security remain [4] - The successful IPO of Moore Threads and the high subscription interest in Mu Xi shares indicate a rapid capitalization of computing chips [4] - Suggested investment opportunities include companies like SMIC, Hua Hong Semiconductor, and others involved in AI and semiconductor sectors [4]

Core Insights - The article discusses the results of a comparative test conducted by the Shenzhen Consumer Council on 16 brands of outdoor jackets, highlighting the performance of these jackets in terms of waterproofing, breathability, and durability [1][3][4]. Group 1: Test Results Overview - All 16 jacket samples met the basic requirements for tear strength according to national standards, but over half of the samples had tear strength below 20N, indicating weaker performance [1][6]. - Specific brands such as UNDER ROCK, Camel, and The North Face showed lower tear strength, with UNDER ROCK's sample having a tear strength of only 9.3N, which is a quarter of the strength of the best-performing brand [3][6]. - The overall quality of the samples was stable, but significant performance differences were noted across various tests [3][4]. Group 2: Waterproofing and Moisture Resistance - The test evaluated surface moisture resistance and static water pressure, both critical for assessing waterproof performance [7][9]. - Seven brands, including Li Ning and Anta, achieved a surface moisture resistance rating of 4 or higher after three washes, indicating better waterproof capabilities [7][9]. - Conversely, brands like Camel and The North Face scored lower, with moisture resistance ratings of 2.5 and 3, respectively [9]. Group 3: Recommendations for Consumers - The Shenzhen Consumer Council advises consumers to check for the GB/T 32614-2023 standard label when purchasing jackets, as it indicates the level of waterproof and breathability features [10]. - Consumers are encouraged to select jackets with tightly woven fabrics and high-quality waterproof coatings, and to avoid those with strong odors that may indicate harmful chemical residues [10]. - It is recommended to minimize high-intensity washing and prolonged soaking of jackets to maintain their functional properties [10].

Metal Market - Domestic base metals generally rose, with the exception of tin, which fell by 0.28%. Copper and zinc both increased by over 2%, with copper rising by 2.19% to a record high of 92,910 CNY/ton, and zinc rising by 2.04% to 23,305 CNY/ton, marking a new high since April 3, 2025 [1] - Aluminum rose by 1.29%, reaching a new high of 22,395 CNY/ton after nine consecutive increases, while other metals saw gains of less than 1% [1] - In the external market, base metals also saw a general increase, with copper leading at a 1.93% rise to 11,705 USD/ton, continuing to set a new historical high [1] Precious Metals - As of 15:04, COMEX gold rose by 0.28% and COMEX silver increased by 2.27%. In the domestic market, Shanghai gold rose by 0.36% and Shanghai silver by 0.45% [2] Macro Environment - The National Development and Reform Commission announced a total of 35.5 billion CNY in central investments for the year, aimed at creating over 1.1 million jobs for low-income individuals [5] - The central bank conducted a 1,398 billion CNY reverse repurchase operation, resulting in a net withdrawal of 161.5 billion CNY for the day [5] Energy Market - Both domestic oil prices fell slightly, with WTI down by 0.18% and Brent down by 0.08%. However, WTI is expected to record a nearly 2% increase for the week, supported by Fed rate cut expectations and geopolitical tensions [11][12]

Group 1 - Liquid cooling technology is essential for addressing the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO) [1][2] - The value of liquid cooling systems is expected to grow significantly alongside chip upgrades, with a projected increase of over 20% for rack liquid cooling modules in GB300-GB200 servers [1][2] - The market for ASIC liquid cooling systems is estimated to reach 35.3 billion yuan by 2026, while the market for NVIDIA liquid cooling systems is projected to reach 69.7 billion yuan [1][2] Group 2 - The domestic supply chain is accelerating its entry into the liquid cooling market, with NVIDIA opening its supplier list to allow more flexibility in supply chain composition [2] - The Rubin architecture requires new liquid cooling solutions due to its high thermal design power (TDP) of 2300W, necessitating alternatives to single-phase cooling plates [2] - Two viable solutions for the Rubin architecture include phase change cooling plates and microchannel plates, with the latter likely becoming the preferred option as power requirements increase [2] Group 3 - The demand for AI server computing power is rapidly increasing, driving the penetration rate of liquid cooling solutions, and leading to an explosive demand for efficient and energy-saving heat exchange solutions in data centers [3] - Companies to watch in this sector include Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology [3]

自今年8月首次预告亮相，在等待近4个月后，12月4日，影石首款全景无人机影翎Antigravity A1终于发售，限时国补价6499元起。 从影石Insta 360创始人刘靖康在社交平台上透露的内容来看，这款新品并非临时起意，而是一场从5年前就已启动的长期投入。他称"这是趟无悔的旅 程"，"因为在消费电子行业解决了以前没有人解决过的需求，在科技史上留下了小小的痕迹。" 截至12月5日中午，这台影翎A1已经在淘宝平台销量超400台。 A1的发布，也意味着影石第一次把最擅长的"全景能力"从手持设备带向空中，在一个已有市场"霸主"的市场里，撕开了一条新的技术路径。 P te Intelligence 无人机开始从"看见天空"到"置身天空" 系统方面，搭载了全新OmniLink 360全景图传系统，影翎A1实现了飞行视角的实时同步，将用户目光所及的画面稳定传输至 Vision飞行眼镜中。用户可通过 头部动作自由查看四周景色，画面视角将实时响应而变化，但飞行方向依然保持稳定，带来更接近本能的沉浸飞行体验。 相比传统无人机在飞行过程中需要同时操控飞行方向与云台角度、依赖实时构图完成画面捕捉，A1所采用的全景拍摄方式则将" ...

Group 1: Photovoltaic Industry - The prices of silicon wafers, battery cells, and modules have slightly decreased this week, but overseas market demand remains strong, providing some support for battery cell prices [1] - The upstream price trends are experiencing slight fluctuations, while overseas orders and policy environments continue to be the main driving forces supporting the industry chain [1] - Short-term prices are expected to remain stable due to these factors [1] Group 2: Wind Power - The domestic bidding for wind power projects continues to show high levels of activity, with Mingyang Smart Energy winning a bid for a 700MW wind-solar hydrogen project [2] - Goldwind Technology, Envision Energy, and CRRC Zhuzhou have also secured bids for a total of 1084MW offshore wind turbine procurement from State Power Investment Corporation [2] - The orderly progress of domestic offshore and onshore wind power project bidding indicates a gradual increase in industry prosperity [2] Group 3: Energy Storage - New regulations from the National Development and Reform Commission clarify the profitability model for energy storage, leading to a continuous breakthrough in domestic energy storage orders [3] - Global large-scale energy storage bidding data remains robust, with rising prices for energy storage cells confirming strong downstream demand [3] - The demand for large-scale energy storage is expected to grow non-linearly after reaching an economic inflection point, driven by surging electricity consumption in U.S. data centers and a moderate recovery in European household storage demand [3] Group 4: Power Grid Equipment - The investment in power grid projects reached 482.4 billion yuan in the first ten months of this year, reflecting a year-on-year growth of 7.2% [4] - The fourth round of equipment bidding for the State Grid's ultra-high voltage projects has commenced, with total bid quotations amounting to approximately 16.539 billion yuan [4] Group 5: Electric Vehicles - The chairman of Tianqi Lithium predicts that global lithium demand will reach 2 million tons of lithium carbonate equivalent by 2026, indicating a potential balance in supply and demand [5] - Longpan Technology has signed a major contract worth over 45 billion yuan for lithium iron phosphate cathode materials [5] - NIO reported year-on-year growth in revenue and gross margin, while Li Auto experienced a net loss due to product cycle factors [5] Group 6: Humanoid Robotics - The establishment of an entry and exit mechanism for the humanoid intelligence industry is anticipated, with UBTECH winning a 143 million yuan project and achieving 1.3 billion yuan in orders for its Walker series this year [6] - The launch of new humanoid robot joint module products by Aikexi Intelligence highlights ongoing innovation in the sector [6] - Current recommendations focus on new technology and order targets, as well as domestic potential in body manufacturing [6]

信达证券近日发布2026电力行业年度策略报告：电改步入下半场，现货铺开&电源入市成为主 线。"136"号文落地与衔接：各地保障机制差异较大，增量竞价结果分化。"136"号文官宣中国新能源发 电正式进入到全面入市阶段。由于存量项目和增量项目的"机制三要素"差别较大，导致25年上半年出现 新能源项目"531"抢装热潮。 市场表现回顾：公用事业累计涨幅滞后，关注25Q4风格切换。2025年初以来，电力公用涨幅相对大盘 滞后。2025年以来A股市场逐级上行，科技板块表现尤为亮眼，而公用事业行业作为稳健防御属性板 块，整体跑输大盘。Q4以来，受市场风格切换和电力需求持续转好，公用事业行业相对市场的涨幅差 距有所收窄。展望2026年，公用事业行业基本面有望持续保持平稳，市场需关注风格切换后低估值板块 的补涨机遇。 电力基本面回顾：电改步入下半场，现货铺开&电源入市成为主线。"136"号文落地与衔接：各地保障 机制差异较大，增量竞价结果分化。"136"号文官宣中国新能源发电正式进入到全面入市阶段。由于存 量项目和增量项目的"机制三要素"差别较大，导致25年上半年出现新能源项目"531"抢装热潮。存量项 目方面，大部分地区做 ...

责任编辑：刘础琪 天眼查App显示，近日，国电投（日照）海上风电有限公司成立，法定代表人为罗朝发，注册资本20亿 人民币，经营范围包括风力发电技术服务、海上风电相关系统研发、光伏发电设备租赁、太阳能发电技 术服务、新能源汽车换电设施销售等。股权全景穿透图显示，该公司由中国电力（02380.HK）旗下国 家电投集团山东能源发展有限公司全资持股。 ...