新能源及有色金属日报 | 2025-06-05 市场成交有所走弱 铜价高位震荡 市场要闻与重要数据 期货行情： 2025-06-04，沪铜主力合约开于 77910元/吨，收于 78200元/吨，较前一交易日收盘0.71%，昨日夜盘沪铜主力合约 开于 78,050元/吨，收于 78,140 元/吨，较昨日午后收盘下降0.08%。 现货情况： 据 SMM 讯，昨日日内品牌价差继续放大，好铜如金川贵溪等货源十分紧张，早盘升水200-250元/吨；祥光、鲁方、 JCC、波兰大板因贸易流转需求等价格居高，升水180-200元/吨且难寻货源。进口金冠、金凤以及国内市场铁峰、 中金、豫光、中条山PC、大江PC等起先报价升水70-100元/吨，随后市场成交走弱，成交重心一路下调，升水30-50 元/吨成交。 今日，进口货源依旧，目前随着月差收敛指引预计升水仍将有下行空间，关注是否会打破平水价格。 重要资讯汇总： 宏观与地缘方面，昨日，在经济数据方面，5月ADP就业人数新增3.7万人，远低于预期的11万人，前值6.2万人。 特朗普评ADP数据称，"太迟先生"美联储主席鲍威尔现在必须降息。此外，他还称，债务上限应彻底取消，呼吁 ...

证券研究报告 工业/基础材料 华泰研究 2025 年 6 月 04 日│中国内地 中期策略 板块基本面震荡修复中，配置转型跨界与细分景气 回顾今年前五个月，建筑/建材指数均呈现 W 型震荡走势，建材相对跑赢（沪 深 300）系 25Q1 基本面有所改善。展望 25H2，我们认为：1）需求端受内 需投资政策和地产止跌回稳拐点影响，重视国内三个焕新需求（存量翻新、 城市更新及新产业服务）、海外出海等；2）供给侧企业转型跨界明显增加， 水泥/玻璃行业自律行为有所反复，化债修复有望从中小民企向央国企延伸。 在政策及基本面短期无明显催化的背景下，我们建议沿着跨界转型和细分区 域、产业景气主线进行配置，重点推荐中国建筑、中材国际、中国化学、中 国核建、中国建筑国际、华新水泥、中材科技、三棵树、兔宝宝、中国联塑。 焕新提速，供给转型 建筑工程：出海及产业服务高景气，转型跨界中或有弹性 自 2024 年 11 月"6+4+2"万亿元化债方案实施以来，建筑板块资产负债表 仍然承压，现金流整体有所改善，但结构上中小民企或更受益，25H2 建筑 央国企 ROE 和估值修复的核心仍在应收账款周转率的改善。行业景气方面， 我们认为核电 ...

记住，投资就像钓鱼，耐心比技巧更重要。现在市场处在政策底和市场底之间，震荡是常态。别被短期波动影响，咱们要做的就是过滤噪音，抓住那些能影 响长期趋势的变量。今天要是大盘回踩3365点附近，反而是低吸的机会；要是放量突破3382点，就可以适当加仓。但有一条铁律：永远别满仓，半仓左右进 可攻退可守。 好了，今天的干货就到这儿。我是帮主郑重，关注我，每天带你看透市场本质。咱们明天同一时间，接着聊！ 技术面现在有点意思。大盘连续两天收阳，沪指稳稳站在所有中短期均线之上，周线还创了反弹新高，这是典型的多头排列。不过量能有点跟不上，昨天成 交额才刚过万亿，这种缩量上涨就像踩高跷，看着挺稳但容易摔跟头。关键点位得记住了，3365点是20日均线支撑位，要是跌破就得小心技术性调整；压力 位在3382点附近，能不能突破就看今天的量能了。创业板那边更有意思，形成了小双底结构，要是能放量突破60日均线，说不定能开启新一轮行情。 资金面现在是冰火两重天。北向资金在偷偷抄底，昨天净流入50亿，主要买的是科技和医药；但主力资金却在跑路，净流出121亿，华为概念、机器人这些 板块被砸得稀里哗啦。这种分歧说明啥？机构在调仓换股，从题材股转向业 ...

Core Insights - The global competition in fusion energy is accelerating due to the surging demand for AI computing power, positioning zero-carbon fusion energy as a key solution to the energy challenges of the AI era [1][2] Group 1: Global Fusion Energy Landscape - The International Energy Agency's report indicates that global data center electricity consumption will reach 415 terawatt-hours in 2024, accounting for 1.5% of the total global consumption, with a 12% annual growth rate over the past five years, and is expected to double by 2030 [1] - The U.S. and China are leading the investment surge in fusion energy, with U.S. fusion companies attracting over $5.6 billion in equity financing and Chinese companies securing nearly $2.5 billion [2][4] - Helion Energy, a U.S. fusion startup, raised $425 million in Series F funding, achieving a valuation of $5.4 billion, marking a record in the fusion industry [2] Group 2: China's Fusion Energy Development - In China, a collaborative capital structure for fusion innovation has emerged, with significant investments from institutions like the Chinese Academy of Sciences and China National Petroleum Corporation, totaling 14.5 billion yuan for the BEST device, aiming for fusion power demonstration by 2027 [4][5] - New Hope Group, a private enterprise, has invested over 4 billion yuan in fusion research since 2017, achieving significant milestones in plasma current and technology development [4][5] - The Chinese fusion research ecosystem is characterized by a multi-faceted approach, with state-owned enterprises focusing on mainstream technologies while private companies explore commercial prospects [5] Group 3: Technological Innovations and Challenges - The EAST device at the Chinese Academy of Sciences achieved a significant milestone by maintaining a temperature of 100 million degrees Celsius for 1,000 seconds, simulating conditions required for future fusion reactors [5] - New Hope Group's "Xuanlong-50U" device has successfully demonstrated megampere-level hydrogen-boron plasma discharge at 40 million degrees, providing a foundation for future experiments [5][7] - Hydrogen-boron fusion presents commercial advantages due to lower fuel costs and reduced safety equipment investments compared to deuterium-tritium fusion, which involves expensive and challenging fuel preparation [7]

Group 1 - The company has multiple designated and mass production projects with several Tier 1 automotive parts manufacturers and vehicle manufacturers, focusing on applications such as pressure sensors, central control panels, control boards, and ambient light PCBA, as well as developing corrosion-resistant insulation films for the new energy vehicle sector [2] - The new film products are already in mass production at several leading Tier 1 automotive parts manufacturers, providing comprehensive protection for products like electronic dual pumps and electronic oil pumps [2] - In 2024, the company expects significant growth in both revenue and net profit, projecting total revenue of 479.46 million yuan, a year-on-year increase of 55.21%, and a net profit of 45.11 million yuan, marking a turnaround from losses [2] Group 2 - The company established a subsidiary in Wuhan Optical Valley in March 2025, focusing on technology research and development in data communication, servers, and optical communication [3] - The company's nano-protection technology has been applied in mass production projects for hearing aids and medical robotic arms, achieving ISO13485 certification [3] - The company is advancing new product lines such as transparent hardening films and moisture barrier films to meet diverse needs in consumer electronics, automotive, and optical instruments [3] Group 3 - The company is minimally affected by the US-China tariff policy due to its lack of direct sales to the US and the limited portion of major customer products sold to the US [4] - The company has a well-established global layout, with production capacity already in Southeast Asia and is actively evaluating potential expansions in South America and the EU to mitigate geopolitical risks and counter uncertainties from tariff policies [4]

一、行情回顾 市场全天震荡反弹，创业板指涨超1%。大消费板块集体走强，黄金珠宝、美容护理、食品饮料等方向领涨，莱绅通灵、萃华珠宝、豪悦护理、西麦食品等 十余股涨停。算力硬件股集体反弹，华脉科技、得润电子涨停，太辰光、德科立等涨超10%。下跌方面，无人车辆概念股展开调整，福龙马接近跌停。个股 涨多跌少，沪深京三市近4000股飘红，今日成交1.18万亿。 二、当日热点 1.算力 算力板块今日反弹大涨，康盛股份、得润电子、中电鑫龙等涨停。 催化上，6月3日，英伟达股价上涨近3%，达141.22美元，超越微软再次成为全球市值最高的上市公司。 此外，英伟达支持的云计算服务提供商CoreWeave股价收创历史新高150.48美元，涨超25%，公司股价自上市以来已暴涨248%，市值超720亿美元（约5100 亿人民币） 6月10日，2025高工固态电池技术与应用峰会举行； 6月19日，中国国际固态电池科技大会举行； 7月3日，固态电池大会暨硅基负极产创大会举行； | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | ...

今天上午， A股继续反弹，三大股指齐涨 。截至上午收盘，上证指数上涨0.43%，深证成指上涨 0.91%，创业板指上涨1.22%。 盘面上， 算力产业链迎来反弹 ，稀土永磁、固态电池等板块上涨，大消费继续走强，啤酒板块领涨。 上午临近收盘， 大金融板块异动 ，证券板块拉升明显，光大证券领涨。 算力产业链反弹 今天上午，算力产业链走强，铜缆高速连接、光模块、CPO、算力租赁等板块涨幅居前。新易盛、中际 旭创、沪电股份、太辰光等龙头股均大涨，其中， 新易盛（300502）上午上涨5.94%，成交额为41.07 亿元，居A股第一 。 另外，算力产业链最近有一个潜在的催化因素。日前，海光信息与中科曙光双双发布公告，宣布拟进行 战略重组。公告显示，海光信息与中科曙光筹划由海光信息通过向中科曙光全体A股换股股东发行A股 股票的方式换股吸收合并中科曙光，并发行A股股票募集配套资金。双方自5月26日起停牌，预计停牌 时间不超过10个交易日。 新消费概念走强 被网友称为港股"新消费三姐妹"的 蜜雪集团、泡泡玛特、老铺黄金最近不断刷新历史新高，今天上 午，这三只个股盘中股价再创历史新高 。 A股方面，盐津铺子、万辰集团、有友食品 ...

一、行情 6月4日，算力概念多股大涨，德润电子、润建股份等涨停，英特科技、德科立等涨幅超10%。 1）CoreWeave公司成立于2017年，于2019年转型运营数据中心租赁业务，向第三方出售云训练和推理算力和方案。公司共经历13轮 融资，总融资额达134亿美元，并于2023年获英伟达投资，确立其作为英伟达GPU云服务商的市场定位。 英伟达长期向CoreWeave提供资本与技术支持，形成深度绑定。公司早期依赖英伟达GPU挖掘以太坊，并通过GPU抵押实现资本扩 张，在23年上半年-24年上半年间累计融资约127亿美元。（华泰证券） 2）英伟达业绩超预期和Coreweave的股价快速上涨表明，推理端对高性能计算的需求快速释放，AI算力景气度持续验证。 3）国内方面，阿里巴巴集团官方表示未来三年，阿里将投入超过3800亿元人民币，用于建设云和AI硬件基础设施。腾讯"计划在 2025年进一步增加资本支出，并预计资本支出将占收入的低两位数百分比。"腾讯今年的Capex将达到千亿级别。H20被禁，下游客 户将转向算力租赁和国产算力来满足旺盛的算力需求。 二、事件： 1）6月3日，英伟达股价上涨近3%，达141.22美元， ...

节后下游采购情绪一般 但宏观因素仍偏利好 新能源及有色金属日报 | 2025-06-04 市场要闻与重要数据 期货行情： 2025-06-03，沪铜主力合约开于 77920元/吨，收于 77650元/吨，较前一交易日收盘0.06%，昨日夜盘沪铜主力合约 开于 77,910元/吨，收于 78,180 元/吨，较昨日午后收盘上涨0.50%。 现货情况： 据 SMM 讯，昨日日内各个品牌电解铜差异明显，盘初持货商报好铜如金川大板、贵溪等升水320-370元/吨，鲁方、 祥光、JCC升水300元/吨附近，而常州地区铁峰、豫光以及上海地区进口金冠金凤等近仅升水150元/吨附近。随着 低价货源成交，整体报价下移，金川等升水300元/吨成交，JCC货源紧张且江西门市消费较好近期来沪货源紧张， 日内成交200-250元/吨。节后首日下游消费清淡，采购情绪下降，且随着价格走跌，下游还盘心理明显。进入第二 交易时段，铁峰、大江PC等成交100-120元/吨，临近上午交易时段末低于百元每吨以下货源亦有成交。非注册紧张， 成交于升水20-50元/吨。 今日仍有进口货源到货，日内上海地区货源虽小幅减少但后续仍有入库，预计今日低价 货源 ...

Group 1 - The core viewpoint highlights the contradiction between the short-term uncertainty of AI computing power investment and the rapid development of AI large model capabilities, alongside the strong commitment from major players in the industry [1] - NVIDIA has reported impressive performance and guidance despite export restrictions in H20, indicating innovation in the AI industry across multiple dimensions [1] - More countries and regions globally are increasing investments in AI infrastructure, emphasizing the need for synchronized system innovations in computing, storage, and networking to overcome the bottleneck in AI innovation [1] Group 2 - The communication sector may benefit from the ongoing investment and upgrades in computing power, as it is a key theme in AI infrastructure development [1] - The Communication ETF (515880) tracks the communication equipment index (931160), which includes A-share listed companies in communication equipment manufacturing and related services, reflecting the performance of core enterprises in the communication technology industry [1] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect A (007817) and Connect C (007818) for exposure to this sector [1]