Group 1: Market Reactions and Political Developments - The market anticipates favorable policies from the Lujiazui Forum, reflected in a 0.60% increase in the Hang Seng Index [1] - The election of Lee Jae-myung as South Korea's president led to a 2.66% rise in the KOSPI index, entering a technical bull market, with a target of 5000 points set by Lee [1] - Lee's political agenda includes promoting cryptocurrency ETF legalization and establishing a regulatory framework for stablecoins, benefiting companies like OSL Group [1] Group 2: Rare Earth Export Controls and Automotive Industry - China's rare earth export controls have raised concerns among global automakers about potential production delays, prompting urgent discussions for alternative solutions [2] - Jinli Permanent Magnet reported a 14.19% year-on-year revenue increase to 1.754 billion yuan and a 57.85% rise in net profit, with expectations of a 20-30% production increase this year [2] - Lithium resource stocks, including Longpan Technology and Tianqi Lithium, saw gains exceeding 4% [2] Group 3: Energy Sector Developments - Meta signed a 20-year contract with Constellation Energy to purchase nuclear power starting mid-2027, highlighting the shift towards low-carbon energy sources [3] - China General Nuclear Power's stock surged over 28% following a uranium sales agreement with its parent company, indicating strong market interest in nuclear energy [3] - Other green energy stocks, such as Shankai Holdings, also experienced significant gains [3] Group 4: Biotechnology and Clinical Research - Innovent Biologics presented promising Phase I clinical trial data for its dual-specific antibody IBI363 at the ASCO annual meeting, leading to a stock increase of over 14% [4] - Other biotech firms, including Junshi Biosciences and Innovent, reached annual highs, indicating strong investor interest in the sector [4] Group 5: Consumer Market Trends - TOPTOY, a trendy toy platform, is preparing for an IPO, capitalizing on the booming market for collectible toys [5] - Other consumer stocks, such as Mixue Group and Maogeping, also saw significant increases, reflecting a collective bullish sentiment in the consumer sector [5] - The new regulations on e-cigarette production in China are expected to enhance investor confidence in the industry, with related stocks like Smoore International rising over 13% [5] Group 6: Data Center Industry Insights - Neway Network Group is positioned to benefit from the doubling demand for data centers in the Asia-Pacific region, driven by AI and digital transformation [8] - The company is expanding its data center capacity significantly, with projects like MEGAIDC expected to enhance its operational capabilities [9][10] - The firm has established itself as a leading interconnection hub in Asia, with major clients including Amazon AWS and Alibaba [10]

近日，在首届全球企业共建高质量"一带一路"峰会：更好商业、更好世界，加速实现可持续发展目标活 动上，晶澳科技、晶科能源、通威股份、隆基绿能、协鑫集团等协同分布在"一带一路"共建国家产业链 上的共24家企业共同发布《全球光伏行业可持续发展联合倡议（Global Solar Sustainable Alliance, GSSA）》。 21世纪经济报道记者卢陶然 实习生蔡泽华 北京报道 24家光伏企业共同发布《全球光伏行业可持续发展联合倡议》 在全球能源转型的关键时刻，光伏行业作为可再生能源的核心力量，是应对气候变化、实现碳中和目标 的重要解决方案之一，并日益发挥着重要的作用。在行业快速发展的过程中，为应对行业面临的社会和 环境挑战，推动可持续发展，行业领军企业共同发起该倡议，致力于在向世界提供清洁能源的同时，加 强全产业链可持续发展，从源头推动建设绿色矿产，保护生态环境和生物多样性，构建平等向善社会， 促进普惠包容增长。 大会现场，晶澳科技品牌副总裁、可持续发展官李京代表行业正式发布该倡议，并介绍了晶澳新近构建 的以"Together Towards Tomorrow" (携手共赴美好未来) 为主题的负责任供应链 ...

■ 波兰在4月增持12吨黄金，累计今年已增持61吨，黄金储备达到 509吨 ，首次超过欧洲央行（507 吨），显示其在地缘政治与货币主权上的强烈防御需求。 ■ 捷克央行连续26个月增持，土耳其、吉尔吉斯斯坦、哈萨克斯坦等也在持续加仓，表明 东欧及亚洲 部分国家对黄金的战略价值有高度共识 。 ■ 相比之下，乌兹别克斯坦连续三个月减持，总共抛售26吨，属于 局部调整而非系统性抛压 ，对市 场结构影响有限。 ■ 整体来看，尽管月度购金数据出现短暂回落，但当前 地缘政治紧张、货币政策分化、美元波动 等 背景下 黄金作为储备资产的吸引力仍然上升 3、 《 全球央行4月黄金净买入增长放缓》摘 要 1、 《 "光进铜退"将推进至电连接的极限距离 》 摘 要 ■ 盈利模式尚未跑通 ，包括最优秀的AIDC（人工智能数据中心）在内，多数仍在大幅亏损（2024年 亏损50亿元，2025年预计更多）。 ■ 随着大模型实际应用落地，未来有望形成商业闭环， 具备资源整合和技术领先能力的头部数据中心 企业值得关注 。 2、 《 产品渠道双重变革，新消费估值空间打开 》 摘 要 ■ 过去A股消费投资的核心锚是白酒、家电等强品牌龙头，但近年来 ...

Group 1: Nuclear Power Stocks Performance - Nuclear power stocks in Hong Kong experienced a significant increase, with China General Nuclear Power Corporation (01164.HK) rising by 20.48%, China National Nuclear Corporation International (02302.HK) increasing by 12.74%, and China General Nuclear Power New Energy (01811.HK) up by 4.39% [1] Group 2: Meta's Long-term Power Purchase Agreement - Meta has signed a 20-year power purchase agreement with Constellation Energy to buy approximately 1.1 gigawatts of power from the Clinton Clean Energy Center starting June 2027, which is the total output of one nuclear reactor [2] - Constellation plans to invest in increasing the output of the Clinton nuclear plant and is considering building a second reactor, which has received federal approval [2] Group 3: Tech Companies' Interest in Nuclear Power - Major tech companies are increasingly engaging in transactions with the nuclear power industry, which may accelerate the construction of data centers needed for the global AI race [2] - In March, tech giants including Amazon and Google signed a commitment to triple the global nuclear power capacity by 2050 under the leadership of the World Nuclear Association [2] Group 4: Energy Demand in the AI Era - The demand for power from AI supercomputing centers is substantial, with individual centers requiring up to 500 megawatts, equivalent to the peak electricity usage of San Francisco [4] - Goldman Sachs noted that the demand for AI computing and data centers is driving global electricity consumption growth at a rate of 2.5%, significantly higher than the average over the past decade [4] - The global uranium market is heading towards a structural shortage, expected to accelerate by 2025, with a projected shortfall of 130 million pounds by 2040 [4]

Core Insights - The rapid growth of artificial intelligence is driving a surge in demand for data centers, leading to a significant increase in market capitalization for four major European industrial groups: ABB, Legrand, Schneider, and Siemens, which collectively gained over €150 billion in value, with Siemens experiencing a growth of over 60% [1] Group 1: Company Developments - Schneider is a leading power supplier in the data center sector, currently valued at €127.9 billion, and anticipates that data center orders will account for approximately 24% of its total orders by 2024 [2] - Legrand has shifted its business focus towards data centers, expecting data center orders to represent 20% of its sales by 2024, which is double the figure from 2019 [2] - ABB has transitioned its sales focus towards data centers, projecting that data center orders will constitute 15% of its electrification division's $16.4 billion orders by 2024, with electrification accounting for nearly half of ABB's $33 billion annual revenue [2] Group 2: Industry Trends - The demand for data processing is identified as a long-term trend, with Dell'Oro analysts forecasting that total capital expenditures for data centers will rise from nearly $600 billion in 2025 to over $1 trillion by 2028 [1] - The annual growth rate of data center orders for ABB from 2019 to 2023 was 24%, with an acceleration in growth over the past year due to the intensifying AI competition [2]

[Table_Title] 研究报告 Research Report 3 Jun 2025 全球工业与能源 Global Industrial and Energy AI 数据中心机架高压架构对电网基础设施改造需求 The HVDC distribution system of AI data center rack further prove the needs for grid investment in U.S. 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： APPENDIX 1 The existing power distribution system cannot meet the higher energy efficiency requirements of AI data centers. At ...

新华财经北京6月3日电 沪深两市主要股指3日早间普遍低开。各股指早盘期间震荡上扬，沪指和创业板 指午后在相对高位窄幅盘整，深成指冲高后回落幅度稍大，收盘时三大指数均收涨。 盘面上，美容护理及免疫治疗板块涨幅靠前，贵金属、创新药、CRO概念、培育钻石、新冠药概念、 宠物经济、减肥药、游戏、乳业、中小银行等板块亦有较大幅度上涨。钢铁、家电、煤炭等板块跌幅靠 前，但整体跌幅不大。 截至收盘，沪指报3361.98点，涨幅0.43%，成交额约4683亿元；深成指报10057.17点，涨幅0.16%，成 交额约6731亿元；创业板指报2002.70点，涨幅0.48%，成交额约3071亿元；科创综指报1172.20点，涨 幅0.76%，成交额约863亿元；北证50指数报1423.15点，涨幅1.03%，成交额约226亿元。 机构观点 6月3日，全国工商联汽车经销商商会发布《关于反对"内卷式"竞争促进汽车经销行业高质量发展的倡 议》。其中提出，全行业应以中国汽车产业实现高质量发展大局为重，严格遵守公平竞争原则，坚决抵 制以"价格战"为主要形式的"内卷式"竞争行为。 防止因频繁调整销售政策和产品销售价格，增加经销 商销售难度， ...

Core Viewpoint - The copper market outlook for the second half of 2025 is characterized by a paradox of sufficient supply but potential localized shortages due to the form and location of the copper available [3][4]. Supply Dynamics - Global mine copper production is expected to increase by approximately 2.3% in 2025, exceeding 23.5 million tons, driven by projects like Kamoa-Kakula in the Democratic Republic of Congo and Oyu Tolgoi in Mongolia [1]. - Refined copper production is projected to jump nearly 3% this year as smelters expand capacity, particularly in China [1]. - The International Copper Study Group (ICSG) forecasts a surplus of 289,000 tons in 2025, more than double last year's surplus, indicating a third consecutive year of supply exceeding demand [1]. Refining Challenges - There is a bottleneck in the supply of copper concentrate, which is necessary for refining, leading to negative treatment charges for smelters [2]. - The shutdown of the Cobre Panama mine has exacerbated the concentrate supply tightness, potentially causing refined copper production to decline by 1.5% by 2026 unless scrap recovery increases [2]. Market Sentiment - Despite the apparent surplus, traders remain bullish due to historical underinvestment in large mines and the reallocation of global copper inventories due to trade policies [3]. - The U.S. warehouse inventories have surged to their highest levels since 2018, while futures exchange inventories have dropped to multi-year lows, indicating a complex supply situation [3]. Price Outlook - Experts anticipate that copper prices will continue to fluctuate rather than follow a single trend, with an average price expected to be around $9,500 per ton this year [4]. - Prices are projected to hover between $4.40 and $4.50 per pound in the latter half of the year, which is manageable for many manufacturers [4]. Potential Upside - Some analysts believe there is potential for copper prices to rise, particularly if global economic recovery, especially outside of China, gains momentum, potentially pushing prices above $10,000 per ton by 2026 [5]. - Resolution or easing of U.S.-China trade disputes could act as a bullish catalyst, releasing pent-up demand and narrowing price gaps [6].

今日导读 4、国家能源集团发布声明称，近期，国家能源集团发现有不法分子假冒国家能源集团在全国多地设立 所谓"拓展中心"，涉嫌从事违法活动，并通过网络平台进行虚假宣传。国家能源集团严正声明，国家 能源集团从未在全国任何地区设立任何"拓展中心"或"拓展服务中心"等机构，从未向社会公众开展任 何形式的"投资理财"或"股权认购"等活动，从未开发或授权他人开发任何投资理财类手机APP。国家 能源集团已就有关情况向相关部门举报。请公众提高警惕，注意防范风险。 5、 据央视新闻报道， 6月1日，我国首部数据中心绿色化评价方面国家标准《绿色数据中心评价》正 式实施，标志着在国家层面绿色数据中心评价有标可依，为我国数据中心的绿色低碳建设提供了明确 指引。《绿色数据中心评价》明确了数据中心在能源资源高效利用、绿色设计、绿色采购、绿色运 维、绿色服务等五大指标上应满足的要求。这部标准可以用于指导数据中心的绿色化建设、运维和改 进，为行业内常态化开展绿色数据中心测评与认证工作提供依据。 1. 近日，交通运输部召开全面深化改革领导小组会议，部署2025年重点任务。会议强调，要 更加注重突出重点，以深化综合交通运输体系改革为牵引，扎实推 ...

近日机器人创企银河通用正式推出自主研发的产品级端到端导航大模型——TrackVLA，据介绍，其具 有纯视觉环境感知、自然语言指令驱动、端到端输出语言和机器人动作，是一个由仿真合成动作数据训 练的"视觉-语言-动作"（Vision-Language-Action, VLA）大模型。该模型已部署到宇树机器狗。 每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年6月3日 星期二｜ NO.1 港股数字货币概念继续活跃，连连数字急涨超60% 6月2日，港股数字货币概念继续活跃，前几个交易日领涨的众安在线急升。截至收盘，连连数字 (02598.HK)涨超60%，欧科云链(01499.HK)涨41.21%，移卡(09923.HK)涨39.87%，众安在线(06060.HK) 涨9.55%。消息面上，中国香港特别行政区政府5月30日在宪报刊登《稳定币条例》，标志着该条例正 式生效，进一步完善了数字资产监管框架。 NO.2 300公里全连接，我国量子直接通信领域有新突破 6月2日，我国科研团队创新提出长距离大规模可扩展全连接量子直接通信理论架构，并成功实现四节点 间300公里级量子直接通信网络，相关研究成果发表于《科学通报》（Sc ...