新能源行业更新：核聚变 AIDC 机器人 20250507 摘要 • 国内外资本开支稳中回升，云厂商资本开支回暖，多模态产品如火山引擎 和 DeepSeek 的发布，将带来对算力需求的持续稳定增长，为相关股票交 易策略提供关键数据支撑。 • 2025 年被视为核聚变元年，未来五年市场空间预计达 7,000 亿元，十年 或达 3 万亿元。国内工程示范堆和实验堆建设带来每年上百亿设备投资， EAST 项目进度提前，预示 75 亿以上设备市场空间释放。 • AIDC 行业受益于火山引擎等多模态产品及云厂商资本开支回暖，5 月迎来 布局机会，推理算力需求持续增长，推动行业发展并创造新的投资机会。 • 机器人领域轻量化是新技术方向，灵巧手传动系统向高分子材料转型，消 费型外骨骼设备渗透率提升迅速，为机器人减重和轻量化技术带来投资机 会。 • 全球核聚变技术在过去三年实现突破，如美国 NIF 装置实现 q 值大于 1.53，中国 EAST 项目创造一亿度 1,000 秒运行纪录，加速核聚变商业化 进程。 Q&A 以及实验堆已经可以带来每年上百亿的设备投资空间。例如合肥等离子物理研 究所的 EAST 项目，其组装进度比预期 ...

Group 1: Industry Insights - The drug regulatory authority has introduced a new data protection policy for drug trial data, granting 6 years of protection for innovative drugs and 3 years for improved and first-generic drugs [3] - The policy aims to accelerate the development of innovative drugs through faster approval processes and supportive pricing and reimbursement policies, particularly for differentiated innovative drugs [3] - The performance of major drug varieties is expected to accelerate, with significant growth anticipated for PD-1/IL-2 drugs by 2025 [3] Group 2: Automotive and Chip Industry - Local governments are promoting the implementation of L3 autonomous driving, particularly in cities like Beijing and Wuhan, supported by legal frameworks [4] - The cost of intelligent driving systems is significantly decreasing, with expectations that models priced above 150,000 yuan will standardize high-level intelligent driving systems [4] - Horizon Robotics, a leading domestic intelligent driving chip manufacturer, is expected to ship over 10 million units of its chips by 2025 [4] Group 3: Nuclear Fusion Industry - The nuclear fusion sector is attracting significant investment and participation from various companies, with strong government support for its development [5] - The U.S. is constructing the world's first commercial nuclear fusion power plant, with notable advancements in plasma confinement and fusion power output from international facilities [5] - The advantages of nuclear fusion power include stability and minimal greenhouse gas emissions, which are driving interest in the sector [5] Group 4: Chemical Industry - The demand structure for chromium salts is changing, with significant growth expected in the aerospace sector due to the material's properties [6] - Global gas turbine orders are projected to increase from 40 GW/year in 2023 to 80 GW/year by 2026, driving demand for chromium salts [6] - The chemical sector is anticipated to enter a restocking cycle as inventory levels are low and demand is expected to rebound [6]