Core Insights - The "Burning Plasma" international scientific program initiated by the Chinese Academy of Sciences aims to enhance global collaboration in fusion research, with a focus on sustainable energy generation through nuclear fusion [1][2] - The BEST research plan, set to be completed by the end of 2027, will conduct experiments on deuterium-tritium burning plasma, targeting a fusion power output between 20 megawatts and 200 megawatts [2] Industry Developments - The global fusion energy landscape is rapidly evolving, with nearly 40 countries advancing fusion plans and over 160 fusion devices in operation, construction, or planning stages [1] - The international cooperation in fusion research is entering a critical phase, with significant breakthroughs achieved but ongoing challenges requiring collective efforts from scientists worldwide [1][3] Investment and Procurement Trends - The fusion energy sector is witnessing unprecedented procurement and financing activity, with significant projects announced, including a procurement project exceeding 2 billion yuan for key components related to the BEST project [3][4] - Recent financing rounds for companies in the fusion energy supply chain indicate a strong market interest, with investments from institutional investors and state-owned enterprises, focusing on high-value core hardware and materials [4]

Group 1: China Equity Market - Multiple factors support the performance of Chinese equities, maintaining a tactical overweight view on A/H shares [1] - The release of micro trading risks due to significant asset volatility and panic selling has occurred, with expectations for new market forecasts as the economy's growth rate becomes important [1] - The regulatory authority shows strong determination and action plans to stabilize the capital market, with factors causing stock market valuation discounts having dissipated [1] Group 2: US Equity Market - Risk appetite has not yet stabilized, and the market may continue to speculate on AI industry trends, maintaining a tactical benchmark view on US stocks [2] - The US September employment report was mediocre, and Federal Reserve officials are cautious in their monetary policy guidance, leading to a downward adjustment in future rate cut probabilities [2] - Despite Nvidia's satisfactory earnings report, market risk appetite remains significantly down, indicating ongoing speculative behavior regarding AI [2] Group 3: US Treasury Market - The decline in endogenous inflationary stickiness broadens the Federal Reserve's monetary policy adjustment space, maintaining a tactical benchmark view on US Treasuries [3] - The US labor market is cooling, and lower energy prices along with slow wage growth contribute to the decrease in inflationary stickiness [3] - The Federal Reserve's monetary policy is expected to closely follow the US economic conditions, with a low probability of further tightening [3] Group 4: Gold Market - Global capital market volatility and trading fund dynamics may amplify gold price fluctuations, maintaining a tactical benchmark view on gold [4] - Previous uncertainties from Trump’s policies, worsening geopolitical situations, and ongoing central bank gold purchases have supported gold prices, attracting speculative trading funds [4] - Recent changes in Eastern European geopolitical conditions may lead to increased volatility in gold prices due to cross-asset fund flows [4] Group 5: Renminbi Exchange Rate - The resilience of the Chinese economy and the decrease in extreme geopolitical conflict risks support the stability of the Renminbi exchange rate, maintaining a tactical benchmark view on the Renminbi [5] - The Chinese economy is performing steadily, with stronger growth momentum compared to other major economies, which is expected to support the Renminbi's appreciation [5] - The overall trend for the Renminbi exchange rate is anticipated to show two-way fluctuations with a central tendency towards appreciation in a complex global macro environment [5]

与会人士表示，经过国际聚变科学界数十年的合作与发展，聚变研究取得了一系列重大突破，但依然面 临诸多挑战，需凝聚全球科学家的智慧与力量，开展更为务实、紧密、开放的国际交流与合作，共同开 创聚变能源未来，实现人类"终极能源"梦想。 国际合作加码 11月24日，中国科学院"燃烧等离子体"国际科学计划项目在合肥未来大科学城正式启动。同时，紧凑型 聚变能实验装置（BEST）研究计划面向全球发布。来自法国、英国、德国、意大利、瑞士等十余个国 家的聚变科学家共同签署《合肥聚变宣言》，该宣言倡导开放共享与合作共赢精神，鼓励各国的科研人 员到中国开展聚变合作研究。 加速走向工程验证 采购、融资"热度"空前 中金公司研报认为，从发展路径来看，当前，欧洲聚焦以ITER为核心的国际合作体系，国内推 进"CFETR-DEMO"自主路线，北美则以私营企业为主体，整体看来，全球核聚变发展正处于向百兆瓦 级工程演进的关键跃迁期，未来5年至10年将有多个示范性装置陆续落地。 聚变工程进入关键期 核聚变能近年来在世界范围内广受关注，国际原子能机构（IAEA）日前发布的《世界聚变能源展望 2025》显示，近40个国家正推进聚变计划，超过160个聚 ...

Group 1: Government Bonds and Fiscal Policy - The issuance of government bonds has entered a concentrated phase, with the Ministry of Finance auctioning 97 billion yuan of coupon bonds and 60 billion yuan of discount bonds on November 24, and two short-term bonds scheduled for November 26. This reflects the ongoing implementation of proactive fiscal policies [1] - Experts anticipate that the trend of active fiscal policy will continue, emphasizing the effective use of special bonds and project bonds, as well as strengthening the supervision and assessment of bond funds to ensure the full release of policy effectiveness [1] Group 2: Low-altitude Economy - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 2 trillion yuan by 2030, indicating a strong growth trend in the industry [2] Group 3: Mergers and Acquisitions - The trend of mergers and acquisitions (M&A) this year has focused on promoting strategic collaboration and enhancing industrial chains. As of November 23, 151 companies have disclosed M&A activities, significantly surpassing the same period last year, with deep M&A driven by industrial integration becoming mainstream [3] - Future M&A activities are expected to remain active, driven by leading enterprises and "chain masters" in the industry, with a focus on horizontal collaboration and vertical extension [3] Group 4: Stock Market and Fund Activity - In response to recent market volatility, over 60 companies in the Shanghai Stock Exchange have announced share buybacks and positive operational updates, signaling confidence from leading companies [4] - A total of 16 technology-themed funds were approved on November 21, indicating an influx of capital into the hard technology sector, despite discussions about potential overheating in the AI industry [5] - The A-share market has experienced adjustments, with the Shanghai Composite Index falling below 3900 points. However, the fundamental factors supporting the current market uptrend remain unchanged, suggesting potential opportunities for investors to position themselves for the upcoming spring market [6] Group 5: Fund Issuance and Performance - The new fund issuance in China has exceeded 1 trillion yuan for the seventh consecutive year, with 1,340 new funds established by November 23, totaling 1,044.598 billion yuan [7] - Active equity products, particularly stock and mixed funds, have become the dominant force in the new fund market, contributing to over half of the new issuance scale [8] Group 6: ETF Investment Trends - Despite market corrections, over 700 billion yuan has flowed into ETFs as investors increase their positions in a declining market. Major ETFs have seen significant net inflows, indicating continued interest in the Chinese asset market [9] Group 7: Core Index Funds - More than 1,800 funds are now investing in A-share core indices, with significant performance and scale differentiation among different fund products. Core indices have shown substantial gains since the "9.24" market rally, with average increases exceeding 50% [10] Group 8: Securities Industry Trends - The securities industry has seen a net outflow of 6,872 personnel this year, although the rate of outflow has slowed compared to previous years. Conversely, the number of investment advisors has significantly increased [11] Group 9: Satellite IoT Business - The commercial trial of satellite IoT business has officially started, marking a transition from technology validation to large-scale commercialization, which is expected to inject new momentum into emerging industries such as commercial aerospace and the low-altitude economy [12] Group 10: Sustainable Forest Management - Positive progress has been reported in sustainable forest management trials, with significant improvements in forest quality and biodiversity, indicating effective management practices [13]

Core Viewpoint - The appreciation of the Renminbi (RMB) against the US dollar is not a short-term trend but a reflection of China's growing economic strength and the shift in the global currency landscape [1][21]. Group 1: RMB Strength - The recent rise of the RMB against the USD is attributed to years of underlying strength, particularly in cross-border payments, which have reduced reliance on Western systems [4][10]. - The Cross-Border Interbank Payment System (CIPS) now has 187 direct participants and 1,559 indirect participants, with 63.7% being foreign entities, covering 122 countries and regions [6]. - The "Multilateral Central Bank Digital Currency Bridge" project utilizes blockchain for real-time cross-border payment settlements, bypassing SWIFT, with 164 transactions completed in 2022, totaling over 150 million yuan [8]. Group 2: USD Weakness - The USD is facing challenges due to high fiscal pressures and rising interest payments, leading to a situation where the Federal Reserve is forced into quantitative easing rather than tightening [15][19]. - The reliance on debt financing for AI industry growth poses risks, as tightening monetary policy could lead to increased financing costs and potential valuation collapses [17]. - The historical over-reliance on printing money without supporting the real economy has led to a decline in the USD's credibility and strength [19]. Group 3: Future Trends - The RMB's appreciation is expected to continue over the next 6 to 12 months, signaling important implications for personal finance and asset allocation [21][26]. - The shift from a USD-dominated currency system to a more diversified one is underway, with the RMB's rise aligning with this trend [24][26]. - Individuals are encouraged to pay attention to RMB-denominated assets, as their attractiveness is likely to increase with the currency's appreciation [26].

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The macro - risk appetite in the aluminum market is under pressure, but in the medium - term, the growth potential of aluminum due to AI - related energy and storage demand is still worthy of attention. However, there are also negative factors such as Indonesia's over - expected electrolytic aluminum production and pessimistic photovoltaic demand. In the short - term, the end - of - year destocking of aluminum depends on photovoltaic production and imports [3]. - The fundamental pressure of alumina remains unresolved. The rigid production supply puts pressure on prices, and the price may continue to be under pressure in the short - term [4]. Summary by Relevant Catalogs Aluminum - **Macro and Medium - term Outlook**: The macro risk appetite is under pressure, and the AI narrative bubble is deflating. In the medium - term, the demand for aluminum in the energy and storage sectors related to AI is expected, but there are negative factors like Indonesia's over - expected electrolytic aluminum production and pessimistic photovoltaic demand. In the short - term, the end - year destocking depends on photovoltaic production and imports [3]. - **Short - term Micro - supply and Demand**: The destocking at the end of the year depends on the year - on - year decline in photovoltaic production in late November and December and the reduction in aluminum ingot imports under processing trade. The aluminum ingot social inventory decreased by 0.1 million tons to 61.3 million tons this week [3]. - **Downstream Demand**: The downstream demand is relatively resilient but not strong. The total weekly output of aluminum plate, strip, and foil decreased, and the aluminum profile construction continued to decline slightly. The aluminum rod processing fee increased [3]. Alumina - **Fundamentals**: The fundamental pressure remains unresolved. The rigid production supply puts pressure on prices, and the price may continue to be under pressure in the short - term. The total inventory continued to increase this week [4]. - **Spot and Futures**: The spot price is relatively stable, but if the futures price continues to fall, the spot price may follow. The current spot inventory of futures - cash traders is low, and they are waiting for the right time to sell [4]. - **Inventory**: The total inventory of alumina continued to increase, with the factory inventory decreasing, the electrolytic aluminum factory's alumina inventory increasing slightly, the port inventory decreasing, and the platform/in - transit inventory increasing slightly [43]. Transaction - related (Spread, Volume, and Open Interest) - **Term Spread**: This week, the A00 spot premium/discount was differentiated, and the alumina spot premium strengthened. The average SMM A00 aluminum premium remained at 0 yuan/ton, while the average SMM A00 aluminum (Foshan) premium increased from - 145 yuan/ton to - 115 yuan/ton. The premium of Shandong alumina to the current month increased from - 43 yuan/ton to 41 yuan/ton, and that of Henan alumina increased from 42 yuan/ton to 131 yuan/ton [10]. - **Monthly Spread**: The monthly spread of SHFE aluminum fluctuated slightly [11]. - **Volume and Open Interest**: The open interest of the SHFE aluminum main contract decreased significantly, and the trading volume decreased slightly. The open interest of the alumina main contract increased slightly and is at a historical high, while the trading volume decreased slightly [13]. - **Open Interest - to - Inventory Ratio**: The open interest - to - inventory ratio of SHFE aluminum decreased, and that of alumina continued to decline and is at a historical low [18]. Inventory (Bauxite, Alumina, Electrolytic Aluminum, and Processed Products) Bauxite - **Port Inventory**: As of November 21, the port inventory of imported bauxite decreased by 49.87 million tons week - on - week, and the port inventory days remained basically the same [23]. - **Enterprise Inventory**: As of October, the bauxite inventory of 43 sample enterprises increased by 67 million tons month - on - month, and the inventory days in the alumina factory increased [28]. - **Port Shipment and Floating Inventory**: As of November 21, the weekly shipment volume from Guinea and Australia ports decreased, and the floating inventory in Guinea increased while that in Australia decreased [29]. - **Out - port and In - port Volume**: As of November 14, the out - port volume from Australian ports decreased, while that from Guinean ports increased. The in - port volume increased significantly [34]. Alumina - **Total Inventory**: The total inventory of alumina continued to increase, with the factory inventory decreasing, the electrolytic aluminum factory's alumina inventory increasing slightly, the port inventory decreasing, and the platform/in - transit inventory increasing slightly [43]. Electrolytic Aluminum - **Seasonal Pattern and Current Inventory**: According to the seasonal pattern, the domestic electrolytic aluminum social inventory usually reaches its peak in the fifth or sixth week after the holiday and then enters a destocking cycle. As of November 20, the social inventory of aluminum ingots decreased by 0.1 million tons to 61.3 million tons [51]. Processed Products - **Aluminum Rod**: The spot inventory and factory inventory of aluminum rods showed a differentiated trend this week [57]. - **Aluminum Profile and Plate, Strip, and Foil**: As of October, the finished - product inventory ratio of SMM aluminum profiles decreased slightly, and the raw - material inventory ratio increased slightly. For SMM aluminum plate, strip, and foil, the finished - product inventory ratio increased slightly, and the raw - material inventory ratio decreased slightly [60]. Production (Output, Capacity, and Operating Rate) Bauxite - **Domestic Supply**: The domestic bauxite supply is mainly stable. In October, the SMM - caliber domestic bauxite output decreased slightly. Imported bauxite is an important factor driving the growth of the total supply. By province, the bauxite output in Shanxi showed different trends in different calibers, and the output in Henan decreased while that in Guangxi increased [65]. Alumina - **Capacity Utilization and Output**: The capacity utilization rate of alumina remained basically stable. As of November 21, the total operating capacity of alumina in the country was 96.6 billion tons, with a weekly increase of 0.6 billion tons. The domestic metallurgical - grade alumina output was 1.845 billion tons this week, an increase of 0.002 billion tons from last week, remaining at a high level in recent years. The short - term supply of alumina remains loose [70]. Electrolytic Aluminum - **Operating Capacity and Output**: As of October, the operating capacity of electrolytic aluminum remained at a high level, and the capacity utilization rate was high due to profit recovery. As of November 20, the weekly output of electrolytic aluminum was 0.8547 billion tons, an increase of 0.0003 billion tons from last week, remaining at a six - year high. During the peak consumption season, the proportion of molten aluminum increased, and the ingot casting volume is expected to decrease [73]. Downstream Processing - **Output**: The output of recycled aluminum rods decreased by 500 tons this week. The output of aluminum rods increased by 0.31 million tons, and the output of aluminum plate, strip, and foil decreased by 0.14 million tons [76]. - **Operating Rate**: The operating rate of domestic aluminum downstream leading enterprises remained unchanged. The operating rate of aluminum plate and strip increased slightly, while that of aluminum foil decreased. The operating rate of aluminum profiles decreased slightly, and that of aluminum cables increased slightly. The operating rates of recycled and primary aluminum alloys remained unchanged [77]. Profit Alumina - **Overall and Provincial Profits**: The profit of alumina decreased slightly this week. The profit of metallurgical - grade alumina was 135.4 yuan/ton. By province, the profits in Shandong, Shanxi, and Henan remained stable, and the profit in Guangxi was better due to relatively firm cost [83]. Electrolytic Aluminum - **Profit Level and Uncertainties**: The profit of electrolytic aluminum remains at a high level, but the complex global macro - economic situation, overseas geopolitical conflicts, and changing trade policies have increased uncertainties and affected market expectations [95]. Downstream Processing - **Aluminum Rod Processing Fee and Profit**: The aluminum rod processing fee increased by 170 yuan/ton this week, but the downstream processing profit remains at a low level [96]. Consumption Import and Export Profit and Loss - **Import**: The import profit and loss of alumina and SHFE aluminum narrowed [105]. - **Export**: In October 2025, the export of un - wrought aluminum and aluminum products decreased by 1.7 million tons month - on - month. The export demand for aluminum products is blocked by trade policy adjustments, and the export profit and loss of aluminum processed products is differentiated [107]. Apparent Demand - **Consumption Volume**: The commercial housing transaction area decreased, and the automobile production increased month - on - month [115].

展望后市，摩根资产管理认为可关注以下方向：一是超跌科技主线中优质公司的低吸机会；二是具备政 策支持与基本面改善预期的反内卷行业（如光伏、化工）以及供给逻辑强化的有色金属（如铜、铝）； 三是避险属性较强的红利资产（如银行、煤炭）。 11月21日，A股主要指数集体收跌。对此，摩根资产管理认为，本次调整是内外因素共振的结果，外部 因素是导火索，但并非A股市场的主要矛盾。当前市场的波动可能为中长期布局提供机会。 上证报中国证券网讯（记者 王彭）11月21日，A股主要指数集体收跌。对此，摩根资产管理认为，本次 调整是内外因素共振的结果，外部因素是导火索，但并非A股市场的主要矛盾。当前市场的波动可能为 中长期布局提供机会。 具体而言，摩根资产管理认为，A股市场调整主要受以下几方面因素影响：第一、外部流动性担忧加 剧。美联储官员对12月降息持谨慎态度，市场对12月降息的预期快速降温，导致前期全球风险资产普遍 承压，对流动性较为敏感的科技股首当其冲。 第二、AI产业逻辑出现市场分歧。投资者开始担忧美国AI巨头资本开支的可持续性及最终回报，尽管 AI龙头公司业绩超预期，但其营收质量受到质疑，引发全球AI硬件板块共振下跌。第三， ...

Core Viewpoint - The U.S. stock market experienced a dramatic reversal on November 20, 2025, influenced by Nvidia's strong earnings report and subsequent investor concerns about tech stock valuations and interest rate expectations [1][4][15]. Group 1: Market Performance - The Nasdaq index opened high, rising 2.18% to a peak of 23,147.33 points, but ultimately closed down 2.15%, a drop of 486.18 points, ending at 22,087.05 points [1]. - The Dow Jones Industrial Average and S&P 500 exhibited similar single-day movements, reflecting overall market sentiment [3]. - The VIX index, a measure of market volatility, surged 11.67% to 26.42 points, marking a 32.10% increase over the past five days [3]. Group 2: Factors Influencing Market Reversal - Concerns over tech stock valuations arose after Nvidia's third-quarter revenue and profit exceeded expectations, leading to fears that the positive news was fully priced in and that growth may have peaked [6]. - The release of mixed U.S. non-farm payroll data showed an increase of 119,000 jobs, significantly above the forecast of 52,000, but the unemployment rate rose to 4.4%, higher than the expected 4.3% [7]. - The market's expectations for interest rate cuts diminished, with the probability of a 25 basis point cut in December dropping from 50.1% to 35.5% [7]. Group 3: Impact on Tech Stocks - The decline in interest rate expectations negatively affected tech stocks reliant on cheap capital, leading to significant sell-offs, including Oracle's stock, which fell 6.58% [9]. - Concerns about private credit risks and potential asset valuation vulnerabilities in the financial system contributed to a broader market sell-off [10]. - Bitcoin prices continued to decline, further correlating with tech stock performance, as leveraged trading in Bitcoin exacerbated selling pressure on high-valuation tech stocks [11]. Group 4: Trading Dynamics - Programmatic trading strategies, particularly from CTA funds, amplified market volatility as they triggered further sell-offs when market thresholds were breached [12]. - The options market, particularly zero-day-to-expiration options, played a role in exacerbating market movements, as market makers adjusted positions to hedge risks, leading to concentrated selling pressure [13]. - The "iron condor" strategy in options trading was identified as a factor suppressing market rebounds, as it required market makers to sell stocks to manage risk exposure [13]. Group 5: Future Outlook - The uncertainty surrounding Federal Reserve monetary policy and reduced investor interest in high-risk assets suggest that global markets, particularly U.S. stocks, may continue to face downward pressure [15]. - This environment may present opportunities for long-term investors to identify value amidst market volatility [15].

Core Viewpoint - The market experienced a significant downturn on November 21, with major indices declining, particularly the ChiNext Index which fell over 4% [1] Group 1: Market Performance - The ChiNext 50 ETF (159949) closed at 1.384 CNY, down 3.89% with a turnover rate of 9.89% and a trading volume of 2.429 billion CNY [1][2] - The ETF has seen a net inflow of 489 million CNY over the past five trading days, indicating positive investor sentiment despite the market decline [2][3] Group 2: ETF Details - As of November 20, 2025, the ChiNext 50 ETF has a total circulation scale of 25.25 billion CNY, leading among similar ETFs [2][3] - The top ten holdings of the ChiNext 50 ETF include leading companies such as CATL, Zhongji Xuchuang, and Dongfang Caifu, reflecting a focus on high-growth sectors [3] Group 3: AI Industry Insights - NVIDIA reported a quarterly revenue of 57 billion USD, a 62% year-over-year increase, and projected next quarter revenue to reach 65 billion USD, addressing concerns about AI asset price bubbles [4] - Analysts suggest that the AI industry is still in its early development stage, with significant long-term growth potential despite current high valuations [5] Group 4: Investment Strategies - The ChiNext 50 ETF (159949) is recommended as an efficient investment tool for those optimistic about the long-term growth of China's technology sector [5] - Investors are advised to consider dollar-cost averaging strategies to mitigate short-term volatility risks while monitoring the performance of index constituent stocks [5]

Group 1: Market Trends - Continuous inflow of funds into equity ETFs, with over 20 billion yuan entering in the first three trading days of the week and a total net subscription of 542.32 billion yuan since November 1 [1][2] - Specific sector ETFs, such as the Southern Growth Enterprise Board AI ETF and Guotai Junan ETF, have seen significant net subscriptions of 32.52 billion yuan and 21.4 billion yuan respectively [2] - Hong Kong-themed ETFs also attracted substantial inflows, with several exceeding 30 billion yuan in net subscriptions [2] Group 2: Bond Fund Dynamics - In stark contrast, bond funds have faced large-scale redemptions, with over 15 bond funds experiencing significant withdrawals in November [4] - Major bond funds, including Tianhong Fund and Yuanxin Yongfeng Fund, have raised their net asset value precision due to large redemptions [4] - The issuance of new bond funds has been sluggish, indicating a decline in attractiveness for pure bond funds amid poor market performance [4] Group 3: Future Market Opportunities - The market is currently experiencing a rebalancing phase, with funds rotating between sectors, particularly moving towards defensive sectors like finance and public utilities [5] - The AI industry is still in its early development stage, with potential for growth as large models improve, leading to a positive cycle of capital investment and revenue [6] - In the Hong Kong market, high-dividend stocks are becoming increasingly attractive, especially with the potential for a new round of interest rate cuts in the US, supporting valuations in this sector [6]