钨价维持稳固上行趋势，核心逻辑仍旧在于供应端紧缩与战略性溢价的双重驱动。需求端整体表现相对 谨慎，主要由下游刚需托底支撑，增量贡献有限。近期"人造太阳"研究计划的发布，强化了市场对钨合 金在聚变能源领域的应用潜力与发展前景的预期。钨精矿市场上，持货商保持惜售挺价心态，供应仍显 紧张，支撑行情高位运行。65%黑钨精矿价格报33.6万元/标吨，较年初涨135%。65%白钨精矿价格报 33.5万元/标吨，较年初涨135.9%。仲钨酸铵(APT)市场上，成本支撑与需求压力形成博弈格局，厂商谨 慎购销，行情随行坚挺，总体开工率有限。国内APT价格报49万元/吨，较年初涨132.2%。欧洲APT价 格报735-780美元/吨度(折合人民币46.1-48.9万元/吨)，较年初涨129.6%。(中钨在线) ...

每日市场观 2025 年 11 月 25 日 【今日关注】 在周末利好消息的催化下，周一沪深两市双双小幅高开，之后早盘股 指震荡走低，午盘后股指冲高回落,全天震荡收涨。沪指涨 0.05%，深 证成指涨 0.37%，创业板指涨 0.31%。行业板块多数收涨，船舶制造、 航天航空、互联网服务、软件开发、文化传媒等板块涨幅居前。沪深 两市成交额超过 1.7 万亿，较上周五缩量超 2 千亿，市场资金偏向谨 慎。 11 月 24 日，阿里巴巴方面最新披露，其自主研发的 AI 助手千问 APP 自 11 月 17 日开启公开测试以来，一周内应用下载量已突破 1000 万次, 市场反应强烈。在 A 股市场上,近期 AI 应用相关上市公司端持续走强， 投资者可以重点关注。 上证指数创出 4034 高点之后，出现了快速回调，累计最大下跌了 200 多点。从技术形态上来看，沪指在前期整理平台处将获得支撑，并大 概率展开震荡。震荡市场不乏热点，比如 AI 应用、商业航天、军工等， 操作上注意这些热点的持续性，规避相应的交易风险。 【市场回顾】 市场概况：11 月 24 日，市场探底回升，三大指数集体收红。截至收盘， 沪指涨 0.0 ...

来源：央视新闻客户端 今天（24日），中国科学院在合肥正式启动"燃烧等离子体国际科学计划"，并发布紧凑型聚变能实验装 置BEST的全球研究计划，十多个国家的科学家共同签署《合肥聚变宣言》，呼吁全球共同推进"人造太 阳"聚变能源研发。 所谓"人造太阳"，是指通过模拟太阳内部氢核聚合成氦核时释放能量的原理，在地球上创造可控的核聚 变条件，释放清洁、安全、无限的能量，解决未来人类生存发展所需要的能源，聚变能源被视为未来清 洁能源的终极方向。当前，随着国际热核聚变实验堆及BEST等装置的推进，聚变研究正进入"燃烧等离 子体"新阶段。 法国原子能委员会聚变研究所所长 热罗姆·布卡洛西：中国已经是聚变领域的领先国家之一，也是国际 热核聚变实验堆项目最重要的合作伙伴，中欧双方加深合作对推动聚变科学发展至关重要。 据了解，我国依托全超导托卡马克装置EAST等大科学装置平台，已经和50多个国家的120多家科研机构 建立稳定合作，并积极参与国际热核聚变实验堆计划，为全球聚变研究持续作出贡献。 （总台央视记者 帅俊全 李晶晶 王利 安徽台） 中国科学院合肥物质科学研究院副院长 宋云涛：目前国际上共同认为的非常难的挑战就是燃烧等离子 ...

11月24日，中国科学院燃烧等离子体国际科学计划在合肥正式启动，紧凑型聚变能实验装置BEST的研 究计划也同步面向全球发布。来自法国、英国、德国、意大利等10多个国家的聚变科学家齐聚合肥，共 同签署了《合肥聚变宣言》，呼吁加强国际合作，共同推进聚变能源研发。 BEST计划与国际科学计划启动 随着国际热核聚变实验（ITER）及BEST等装置的推进，聚变研究正步入"燃烧等离子体"新阶段。为推 动这一进程，中国科学院等离子体所联合欧洲聚变团队发起"燃烧等离子体国际科学计划"，并通过设立 开放基金、举办国际会议、共建实验平台、引进外籍专家等方式，整合全球资源，开展前沿研究。 中国贡献： 从科学岛走向世界的聚变力量 位于合肥科学岛的全超导托卡马克装置EAST等大科学装置，已成为国际聚变研究的重要平台。等离子 体所与全球50多个国家的120多家科研机构建立了稳定合作，多项装置入选国际大科学装置开放目录。 中法、中俄、中美等多个联合中心也陆续建成运行，持续产出具有国际影响力的成果。 挑战与机遇： 聚变能源呼唤全球合作 聚变能源被视为未来清洁能源的终极目标，素有"人造太阳"之称。尽管过去几十年间全球聚变研究已取 得一系列突破 ...

Core Viewpoint - The Chinese government is accelerating the cultivation and large-scale application of new scenarios to leverage its vast market and rich application scenarios, aiming to create a new engine for high-quality economic development [2] Group 1: Implementation Opinions - The "Implementation Opinions" aim to utilize China's large-scale market and complete industrial system as a key innovative resource, facilitating the large-scale industrial application of new technologies and products [2] - The document emphasizes the importance of creating "testing grounds" for new technologies and products, acting as accelerators for emerging industries and as a litmus test for institutional reforms [2] Group 2: Policy Measures - Government agencies, state-owned enterprises, and public institutions are encouraged to lead by example, with state-owned enterprises particularly urged to open their main business scenarios to attract participation from private enterprises, small and medium-sized enterprises, and research institutions [3] - The measures are expected to provide significant opportunities for social capital and private enterprises to engage in scenario construction [3] Group 3: Sectoral Support - Various departments, including the Ministry of Science and Technology and the Ministry of Industry and Information Technology, are releasing favorable policies to support innovation and application in different sectors [4] - The Ministry of Science and Technology plans to strengthen the role of enterprises in technological innovation and promote a rapid iterative innovation mechanism [4] - The Ministry of Industry and Information Technology is set to introduce special actions for "Artificial Intelligence + Manufacturing" to enhance AI applications across various manufacturing processes [5] Group 4: Regional Initiatives - Guangdong Province aims to enhance the implementation of major application scenarios in areas such as unmanned systems and intelligent manufacturing [5] - Anhui Province plans to focus on low-altitude economy, quantum information, and artificial intelligence to establish scenario laboratories and develop leading "super scenarios" [5]

Group 1 - The Chinese Academy of Sciences' Metal Research Institute has achieved industrial-scale production of high-purity ton-level Hastelloy C276 metal substrates for second-generation high-temperature superconducting tapes used in controlled nuclear fusion [1] - The controlled nuclear fusion industry is entering a capital expenditure expansion phase, with significant technological barriers in high-value segments, benefiting core companies in the supply chain as project bidding progresses [1] - Domestic investment in nuclear fusion projects is projected to exceed 150 billion yuan by September 2025, indicating a robust growth trajectory in the industry [1] Group 2 - Various technical routes for controlled nuclear fusion, including magnetic confinement, Z-pinch, and FRC, are experiencing significant changes, with public funding dominating current projects while private capital is leading future planning [2] - The global fusion race is intensifying, with frequent financing activities from fusion companies and major tech giants like Amazon and Microsoft entering the nuclear fusion investment space [2] - If nuclear fusion power plants achieve commercialization, annual investment could reach several hundred billion yuan, reflecting a potential for large-scale construction [2]

Core Insights - The commercialization of controlled nuclear fusion is expected to be achieved around 2050, moving away from the long-held belief of "50 years away" [1] - Controlled nuclear fusion is viewed as the "ultimate energy" source due to its abundant resources, inherent safety, and environmental friendliness [1] - China has transitioned from "catching up" to "keeping pace" in fusion energy research and has achieved leadership in certain technological areas [1] Industry Development - The development of controlled nuclear fusion is divided into six stages, with the current focus on the third stage—burning experiments, which are crucial for achieving fusion reactions [2] - China has established partnerships with over 140 fusion research institutions globally and is actively participating in international collaborations [3] - China is a key partner in the ITER project, contributing to the development and manufacturing of critical components, which is the largest tokamak project aimed at validating large-scale fusion energy feasibility [4] Technological Advancements - Significant progress has been made in China's fusion energy capabilities, including the EAST device achieving a world record of 1066 seconds of steady-state plasma operation at over 100 million degrees Celsius [2] - The China Fusion Energy Company has been established to focus on overall design, technology validation, and digital R&D in the fusion sector [6][7] Investment Landscape - Over $10 billion has been invested in the fusion energy sector, with increasing participation from private enterprises alongside state-backed initiatives [5][7] - Private companies are leveraging their agility and innovation to accelerate the transition from experimental research to engineering applications in fusion technology [7] Future Directions - There is a call for enhanced scientific research and innovation in areas such as steady-state combustion, energy gain, and fuel sustainability [8] - Strengthening international cooperation and sharing resources is emphasized to tackle major scientific and engineering challenges in fusion energy development [8]

Group 1: Automotive Industry - In the first nine months of the year, China's automotive production and sales both exceeded 24.4 million units, with production at 24.33 million and sales at 24.36 million, representing year-on-year growth of 13.3% and 12.9% respectively [2] - New energy vehicle (NEV) production and sales surpassed 11 million units, with both categories showing over 30% year-on-year growth, and NEV sales accounted for 46.1% of total new car sales [2] - In terms of exports, 4.95 million vehicles were exported from January to September, marking a 14.8% increase year-on-year, with NEV exports reaching 1.758 million units, a significant 89.4% increase [2] Group 2: Shipping and Trade - The successful launch of the first China-Europe Arctic container fast shipping route was marked by the arrival of the "Istanbul Bridge" cargo ship in the UK, which is expected to provide significant time and cost advantages for trade between China and Europe [3] - This new shipping route is anticipated to optimize transportation paths and enhance the resilience of the industrial and supply chains between China and Europe [3] Group 3: Energy Sector - The establishment of the world's first fusion energy research and training collaboration center in Chengdu, China, signifies a notable enhancement of China's international standing in the fusion energy field [4] - This center is expected to inject critical momentum into Chengdu's development as a global hub for fusion energy innovation and to promote the commercialization of controlled nuclear fusion [4] Group 4: Technology and AI - OpenAI announced a partnership with Broadcom to develop its first AI chip, which is expected to enter mass production in nine months and be deployed by 2026, with a goal of completing a 10GW computing system by 2030 [13] - Google plans to invest approximately $15 billion in building an AI infrastructure center in southern India over the next five years, marking a significant commitment to the rapidly growing AI sector in the country [15] - Ant Group launched the Ring-1T model, a trillion-parameter thinking model, which has been open-sourced to enhance its natural language reasoning capabilities [10] Group 5: Financial Markets - SoftBank's PayPay is preparing for an IPO in the U.S. as early as December, with an expected valuation exceeding $20 billion, indicating strong investor interest [17] - The Chinese stock market saw declines across major indices, with the Shanghai Composite Index down 0.62% and the Shenzhen Component down 2.54% [20]

Core Viewpoint - The establishment of Honghu Fusion (Shanghai) Energy Technology Co., Ltd. marks a significant step in China's pursuit of commercial fusion energy, with a focus on high-temperature superconducting stellarator technology, which is seen as a strategic high ground in global energy technology competition [1] Company Summary - Saint Shine (688289.SH) has indicated its interest in the fusion energy sector, which is recognized as a potential solution to global energy crises and environmental issues [1] - The company’s actual controller and chairman, Dai Lizhong, founded Honghu Fusion in 2023, making it the first domestic enterprise focused on commercial fusion using stellarator technology [1] - Honghu Fusion possesses world-leading capabilities in stellarator design and development [1] Industry Summary - Shanghai has identified nuclear fusion as a key future industry, emphasizing its importance in the global energy landscape [1] - The collaboration between Honghu Fusion and Shanghai Jiao Tong University aims to enhance domestic commercial fusion development through joint laboratory construction, technology research, and talent cultivation [1] - The project is currently funded solely by Dai Lizhong's personal investment, with any potential involvement from the listed company subject to careful consideration and necessary approvals [1]

Group 1 - The total economic output of Anhui Province has crossed two trillion thresholds, with GDP rising from 3.87 trillion yuan at the end of the 13th Five-Year Plan to an expected 5.06 trillion yuan in 2024, marking an increase of 1.4 trillion yuan over five years [1] - The number of high-tech enterprises in the province has increased by 1.7 times, and the number of specialized and innovative "little giant" enterprises has grown by 7.6 times compared to the end of the 13th Five-Year Plan [1] - Over 80% of R&D funding and technology projects, as well as over 90% of provincial industrial innovation research institutes, are led by enterprises [1] Group 2 - Anhui Province ranks first in both automobile and new energy vehicle production in China, and it also leads the nation in automobile exports [2] - The province holds the largest global market share in driver chips and ranks first in DRAM memory production capacity in China [2] - The development evaluation of the artificial intelligence industry in Anhui has risen to the fifth position nationwide [2] - Anhui is at the forefront of quantum technology industry concentration and is leading the commercialization process of fusion energy [2] - The low-altitude economy development level of Anhui is among the top in the country [2]