A股 1、12月4日晚间，环保监测设备龙头ST先河公告称，公司股票交易将于12月5日停牌一天，于12月8日开市起复牌。公司股票自12月8日开市起撤销其他风 险警示，证券简称由"ST先河"变更为"先河环保"，证券代码仍为"300137"，撤销其他风险警示后，公司股票交易的日涨跌幅限制不变，仍为20%。 2、上交所官网最新数据显示，2025年11月份，A股新增投资者开户数达到238.14万户，环比增长3.1%。 3、Wind数据显示，截至12月3日，今年以来外资机构已累计调研A股上市公司逾9000次，持续释放看好中国资产的积极信号。其中，以Point72资产管理 公司、高盛为代表的知名外资机构调研频次位居前列。 4、贵州百灵企业集团制药股份有限公司发布公告称，公司实际控制人姜伟因涉嫌内幕交易、信息披露违法、违反限制性规定转让股票，中国证监会决定 对其进行立案。 5、 牧原食品股份有限公司近日发布公告称，公司正在进行申请境外上市外资股（H股）发行并在香港联交所主板挂牌上市的相关工作，于11月28日向香 港联交所更新递交了本次发行并上市的申请，并于同日在香港联交所网站刊登了相关申请资料。牧原股份曾于2025年5月27 ...

Market Overview - US economic data strengthens expectations for interest rate cuts next week, with all three major US stock indices rising, and the S&P approaching record highs [2] - Nvidia fell 0.5% but gained over 3% for the week, while Tesla rose nearly 6% [2] - After agreeing to acquire Warner Bros, Netflix dropped nearly 3% [2] - Chinese concept stocks rose over 1%, with Baidu's US stock surging nearly 6% [2] - US Treasury yields rose to a two-week high, with the ten-year Treasury posting its worst weekly performance in nearly eight months [2] - The dollar index turned higher, and gold reached a new daily high, gaining over 1% intraday before retracing [2] - Silver and copper both hit historical highs, with silver rising over 4% intraday [2] - Crude oil rose for three consecutive days, reaching a two-week high, with WTI closing above $60 for the first time in two weeks [2] Key News - The China Securities Regulatory Commission (CSRC) chairman Wu Qing announced plans to moderately open up capital space and leverage limits for quality brokerages, while firmly avoiding unclear businesses like crypto assets [4] - The CSRC released a draft for China's first administrative regulations on listed companies, aiming to strengthen constraints on key individuals and establish a comprehensive mechanism against financial fraud [5] - The A-share insurance sector surged as risk factors were lowered, allowing for increased investment from insurance capital [6] - China's foreign reserves increased by 0.09% in November, with the central bank increasing gold holdings for the 13th consecutive month [7] - The 2025 China medical insurance drug list was published, adding 114 new drugs, including treatments for pancreatic and lung cancer [8] Company Developments - Baidu's Kunlun Chip plans to go public in Hong Kong with an estimated valuation of nearly $3 billion, having previously considered an A-share listing [10] - Vanke seeks to extend two medium-term notes totaling 5.871 billion yuan and has terminated cooperation with two rating agencies [11] - Wuliangye announced its first price reduction in ten years, clarifying that the "price drop" refers to changes after subsidies [12] - SpaceX's valuation may double to $800 billion, surpassing OpenAI to become the highest-valued private company globally, with plans for an IPO in the second half of next year [13] - The first domestic GPU company, Moore Threads, debuted with a 425% increase, making it one of the most profitable new stocks this year [27] Industry Insights - The insurance sector is expected to see increased capital market participation due to lowered risk factors, enhancing capital efficiency [25] - The semiconductor industry is experiencing strong demand, with companies like AMD and CoreWeave expanding to meet future needs [41] - The cultivation diamond market in China is projected to grow rapidly, with the market size expected to exceed 102.5 billion yuan by 2030 [43] - The cybersecurity sector is seeing regulatory developments, with new risk assessment measures being proposed for data processing activities [44]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 《建议》提出打造新兴支柱产业，加快 新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展 ，这将催生出数个万亿元级甚至更大规模的市 场； 《建议》还提出前瞻布局 未来产业 ，推动 量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等 成为新的经济增长点。这些 产业蓄势发力，未来10年新增规模相当于再造一个中国高技术产业。 那么， 什么是未来产业，具体包括哪些内容？我们应该关注哪些投资方向？本文内容如下： 一、引言 二、十大投资机会 三、未来产业全景图，包括（一）6大重点方向，（二）10大创新标志性产品。 一、引言 对比十四五规划,部分产业例如新能源汽车已成优势产业 | 专栏2 科技前沿领域政关 | 专栏4 制造业核心意争力提升 | | --- | --- | | | 01 高端新材料 | | 01 新一代人工智能 | 推动高端科士功能材料、高品质特殊钢材、高性能合金、高温合金、高纯稀有金属材料、高性能障资 | | 前沿基础理论突破,专用芯片研发,深度学习框架等开源算法平台构 | ...

证券之星消息，根据天眼查APP数据整理，近日，射阳龙源新能源有限公司成立，法定代表人为杜杰， 注册资本10000万元，经营范围包含：许可项目：发电业务、输电业务、供（配）电业务；建设工程施 工（除核电站建设经营、民用机场建设）；建设工程勘察；建设工程设计（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以审批结果为准）一般项目：风力发电技术服务；太阳 能发电技术服务；电气设备修理；海上风电相关系统研发；储能技术服务；新兴能源技术研发；工程管 理服务；海洋工程平台装备制造；租赁服务（不含许可类租赁服务）；船舶租赁；光伏发电设备租赁 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。天眼查APP股权穿透显示，该公司 由龙源电力、江苏长风海洋装备制造有限公司、国家能源集团江苏电力有限公司等共同持股。 来源：证券之星 数据来源：天眼查APP ...

证券之星消息，根据天眼查APP数据整理，近日，射阳龙源新能源有限公司成立，法定代表人为杜杰， 注册资本10000万元，经营范围包含：许可项目：发电业务、输电业务、供（配）电业务；建设工程施 工（除核电站建设经营、民用机场建设）；建设工程勘察；建设工程设计（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以审批结果为准）一般项目：风力发电技术服务；太阳 能发电技术服务；电气设备修理；海上风电相关系统研发；储能技术服务；新兴能源技术研发；工程管 理服务；海洋工程平台装备制造；租赁服务（不含许可类租赁服务）；船舶租赁；光伏发电设备租赁 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。天眼查APP股权穿透显示，该公司 由悦达投资、江苏长风海洋装备制造有限公司、龙源电力集团股份有限公司等共同持股。 数据来源：天眼查APP 数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，射阳龙源新能源有限公司成立，法定代表人为杜杰， 注册资本10000万元，经营范围包含：许可项目：发电业务、输电业务、供（配）电业务；建设工程施 工（除核电站建设经营、民用机场建设）；建设工程勘察；建设 ...

证券之星消息，根据天眼查APP数据整理，近日，中铁建科学技术研究总院有限公司成立，法定代表人 为张国峰，注册资本50000万元，经营范围包含：一般项目：工程和技术研究和试验发展；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；新材料技术研发；新材料技术推广服务；科技 中介服务；会议及展览服务；农业科学研究和试验发展；人工智能公共服务平台技术咨询服务；信息咨 询服务（不含许可类信息咨询服务）；自然科学研究和试验发展；人工智能基础资源与技术平台；物联 网技术服务；生物基材料技术研发；发酵过程优化技术研发；风力发电技术服务；资源再生利用技术研 发；余热余压余气利用技术研发；余热发电关键技术研发；新兴软件和新型信息技术服务；太阳能发电 技术服务；储能技术服务；生物质液体燃料生产工艺研发；技术进出口；以自有资金从事投资活动。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：建设工程设计；建设工程 勘察；人防工程防护设备安装；建设工程质量检测；地质灾害治理工程勘查；测绘服务；水利工程质量 检测；地质灾害治理工程施工；地质灾害治理工程监理；建筑智能化系统设计；特种设备设计；特种设 备安装改 ...

来源：市场投研资讯 （来源：富国基金） 目录 Part 1：A股市场分析 Part 2：港股市场分析 Part 3：下周宏观事件关注 Part 1 A股市场分析 国内方面，11月制造业PMI数据仍然在荣枯线之下，但边际改善、产需同步回暖，外需的贡献显著，内生动能不足之下，随着12月重磅会议渐近，稳增长 政策预期有所升温，跨年行情或徐徐展开。11月30日，国家统计局公布11月PMI指数，制造业PMI为49.2%、前值49%，边际改善主因外需修复；非制造业 PMI为49.5%、前值50.1%，主因假期效应消退等影响下服务业季节性回调；综合PMI产出指数为49.7%，前值50.0%，在年内首次进入荣枯平衡线以下。具 体来看，制造业PMI在低基数下呈现"弱改善"特征，结构上生产指数表现弱于新订单，10月末中美经贸磋商达成主要成果共识，带动我国外贸环境有所改 善，11月份，新出口订单指数为47.6%，边际回升1.7个百分点，创下半年以来的最大涨幅。向后看，外部的扰动影响消散后，价格低位运行是经济的薄弱 环节，反映内需有待进一步提振，叠加明年作为"十五五"开局之年，稳增长政策"适时加力"的必要性有所提升。伴随着12月政治 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Insights - The wind power equipment sector is experiencing positive fundamentals, with price increases for LFP (Lithium Iron Phosphate) and separators [1] - The report highlights a strong demand for energy storage and the upward trend in lithium battery material prices [5] - The report emphasizes the strategic partnerships and expansions among key players in the lithium battery and energy storage sectors [5] Summary by Sections Lithium Battery Sector - LFP prices have increased by over 3000 yuan per ton, with long-term contracts covering over 1 million tons signed by major companies [12] - The price of lithium battery separators has been raised, with wet separators increasing by 30% [13] - Notable contracts include Nord's agreement to supply over 373,000 tons of copper foil to a major client over three years [14] and Enjie’s acquisition of a company to expand separator production capacity by 4 billion square meters [16] Energy Storage Sector - The National Development and Reform Commission has included energy storage facilities in the 2025 REITs project scope, indicating a growing recognition of energy storage's importance [22] - A significant upgrade project in Henan aims to enhance coal-fired power plants' flexibility and efficiency, with 33 projects totaling 4.8GW planned [23] Power Equipment Sector - Starting in 2026, the proportion of fixed costs recovered through capacity pricing will increase to no less than 50%, up from 30% in previous years, marking a significant shift in the power market [26] Photovoltaic Sector - The report notes a stable price for silicon materials, with the average price for polysilicon remaining at 52 yuan per kilogram [33] - Silicon wafer prices have decreased, with expectations of further reductions due to high inventory levels and weak demand [33] Wind Power Sector - The report indicates ongoing progress in offshore wind projects, with several major projects in China and Europe moving forward [5] - Key companies benefiting from this trend include leading cable manufacturers and turbine producers [5]

2025年12月07日 国泰君安期货研究周报-绿色金融与新能源 观点与策略 | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 工业硅：新疆环保消息发酵，关注实际减产 | 11 | | 多晶硅：预计下周盘面波动放大 | 11 | | 碳酸锂：现实环比走弱叠加预期充分计价，锂价上方承压 | 20 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 二 〇 二 五 年 度 2025 年 12 月 07 日 镍：结构性过剩转变，博弈矛盾并未改变 不锈钢：供需延续双弱运行，成本支撑逻辑增强 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 报告导读： 沪镍基本面：镍过剩结构性变化，预计镍价暂稳运行。精炼镍边际转向供需双弱格局，市场普遍预期 隐性补库放缓，耐腐合金需求承压，叠加镍合金端使用镍铁取代镍板的比例有所提高，但前期重心下移挤 压精炼镍利润，不少企业转向硫酸镍生产，精炼镍累库矛盾稍有所缓和，本周全球显性库存小幅微降。这 也将精炼镍过剩 ...

Group 1 - The company has focused on photovoltaic power generation system technology research and development, establishing strong long-term partnerships with major state-owned enterprises such as State Power Investment Corporation, China Power Construction Group, and Guangzhou Development Group [1] - The company is expanding its capabilities in smart energy comprehensive technology services, investing in areas such as photovoltaic new energy, intelligent microgrid for new energy storage, commercial vehicle charging and swapping systems, and intelligent cloud operation and maintenance systems for new energy power plants [1] - The latest upgrade of the "Little Ant" battery swapping robot (AGV 2.31) incorporates multiple technologies such as non-track intelligence, AI visual recognition, and SLAM laser positioning, enabling it to replace heavy truck batteries weighing up to three tons in just three minutes [1] Group 2 - The company has successfully entered overseas markets for energy storage systems, launching products like the integrated liquid-cooled energy storage system cabinets NE233L and NE261L, achieving full coverage of mainstream certifications such as IEC62477 [2] - Demonstration projects for the energy storage systems have been successfully connected to the grid in regions such as Europe and the Middle East, specifically in the Czech Republic and Iraq [2] - The company has developed a dual-side battery swapping station specifically for electric mining trucks, successfully collaborating with end customers to establish the first fully automated dual-side battery swapping station in Xinjiang [2] Group 3 - The company is projected to achieve revenues of 1.369 billion, 1.707 billion, and 1.968 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 58 million, 90 million, and 107 million yuan, and EPS of 0.37, 0.58, and 0.69 yuan [2]