Core Viewpoint - UBS has released a report expressing increased optimism regarding China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double the previous forecast [1] Group 1: Company Performance - Harbin Electric (01133) shares rose by 13.79% to HKD 13.53 - Dongfang Electric (600875) shares increased by 11.24% to HKD 20.38 - Shanghai Electric (601727) shares climbed by 5.54% to HKD 4.95 [1] Group 2: Market Drivers - UBS attributes the increased demand forecast to structural drivers such as AI data centers, exports, and electrification, with the impact of these factors exceeding earlier expectations [1] - The report indicates that the adjustments reflect enhanced confidence in the growth of AI data center construction, accelerated electricity export growth, and faster electrification, which will benefit capital expenditures in power equipment and grid starting next year [1] Group 3: Industry Outlook - The Central Committee of the Communist Party of China has proposed forward-looking plans for future industries, promoting nuclear fusion energy as a new economic growth point [1] - Everbright Securities believes that since 2025, China's nuclear fusion sector has entered a rapid development phase in technology breakthroughs and industrial layout, with multiple technological routes advancing simultaneously [1] - The domestic market is gradually entering a phase of accelerated bidding and engineering construction for controllable nuclear fusion projects, indicating promising long-term development [1]

Core Viewpoint - The report from UBS indicates a more optimistic outlook for China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double the previous forecast [1] Group 1: Stock Performance - Several power equipment stocks have strengthened, with Harbin Electric rising by 13.79% to HKD 13.53, Dongfang Electric increasing by 11.24% to HKD 20.38, and Shanghai Electric up by 5.54% to HKD 4.95 [1] Group 2: Market Drivers - UBS attributes the increased demand forecast to structural drivers such as AI data centers, exports, and electrification, with expectations that these factors will significantly exceed earlier predictions [1] - The report reflects enhanced confidence in the acceleration of AI data center construction, increased power export growth, and faster electrification, which will benefit capital expenditures in power equipment and grid starting next year [1] Group 3: Future Industry Developments - The Central Committee of the Communist Party of China has proposed forward-looking layouts for future industries, promoting nuclear fusion energy as a new economic growth point [1] - Everbright Securities notes that since 2025, China's nuclear fusion sector has entered a rapid development phase in technology breakthroughs and industrial layout, with multiple technological routes advancing simultaneously [1] - The domestic market is gradually entering a phase of accelerated release for controllable nuclear fusion project bidding and engineering construction, indicating promising long-term development [1]

Investment Rating - The report maintains a "Recommendation" rating for the transportation and public utilities industry, indicating an expected outperformance of the industry index by over 5% in the next 3-6 months [19]. Core Insights - The report highlights the clear direction of the "14th Five-Year Plan" focusing on emerging pillar industries, particularly low-altitude economy and nuclear fusion energy, which are expected to create trillion-level markets [5]. - The emphasis on low-altitude economy development is reiterated through various government reports and initiatives, showcasing its strategic importance [5]. - The report identifies two major highlights: the cluster development of low-altitude economy and the potential for a trillion-level market, which is seen as a strong encouragement for industry participants [5]. - The report outlines four key application scenarios for low-altitude economy over the next 3-5 years, including tourism, passenger transport, logistics, and production operations [5]. - The report also discusses the expected acceleration in capital expenditure for nuclear fusion projects, predicting a peak in project tenders over the next 3-5 years with an estimated investment of 146 billion yuan [5]. Industry Overview - The transportation and public utilities industry consists of 121 listed companies with a total market capitalization of approximately 3368.47 billion yuan [2]. - The industry has shown absolute performance of 1.8% over the past month and 7.5% over the past six months, while relative performance has been -0.3% and -15.7% respectively [3][4]. - The report emphasizes the importance of low-altitude digitalization and infrastructure construction as foundational elements for the healthy development of the low-altitude economy [5]. Key Companies and Valuation - The report provides a detailed analysis of 12 key companies across five segments of the low-altitude economy, including manufacturers, supply chain, digitalization, infrastructure, and operations [8]. - Notable companies mentioned include WanFeng AoWei, Xirui, and YiHang Intelligent, with projected significant changes in their market valuations and profit margins over the next few years [8].

Market Overview - The A-share market continues to show strength, with the Shanghai Composite Index reaching a new 10-year high, closing up 0.71% at 3950.31 points, while the Shenzhen Component and ChiNext Index rose by 2.02% and 3.57% respectively [3] - The total market turnover increased significantly to 1.99 trillion yuan, up 19.9% from the previous trading day, indicating a notable influx of new capital [3] Sector Performance - The "14th Five-Year Plan" has established a focus on technology, leading to a surge in technology stocks, with sectors such as telecommunications, electronics, and new energy seeing gains of 4.62%, 4.54%, and 1.89% respectively [5] - Conversely, defensive sectors such as oil, coal, and real estate experienced declines, suggesting a shift in market sentiment from defensive to offensive strategies [5] Trading Hotspots - Recent trading activity has highlighted a strong performance in large-cap stocks, with notable gainers including Cambrian Biologics (up 9.01%) and Zhongji Xuchuang (up 12.05%) [7] - The report emphasizes the importance of monitoring the "14th Five-Year Plan" and developments in US-China relations for future market direction [6][9] Bond Market Insights - The bond market is experiencing slight adjustments, with government bond futures showing a downward trend, particularly in long-term contracts, reflecting market pricing for long-term interest rate pressures [6] - The central bank's liquidity remains ample, with a net injection of 32 billion yuan through reverse repos, maintaining a stable interbank market [6] Commodity Market Trends - Oil prices continue to show strength, supported by geopolitical factors and a decrease in US crude oil inventories, with domestic crude prices reflecting this upward trend [8][10] - Copper prices are nearing previous highs, driven by low inventory levels and improved demand expectations from the manufacturing sector [10] Investment Themes - Key investment themes include the acceleration of capital expenditure in AI by global tech giants, ongoing support for domestic semiconductor development, and the potential for breakthroughs in quantum technology [10] - The report suggests that the market may continue its upward trajectory, with a focus on the implications of upcoming macroeconomic events such as the Federal Reserve's meetings and APEC summit [9][11]

发改委主任郑栅洁：《建议》提出加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展，将催生数个万亿元级甚至更大规模的市场；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，未来10年将再造一个中国高技术产业。外汇交易员 (@myfxtrader):发改委主任郑栅洁：《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》把“建设现代化产业体系，巩固壮大实体经济根基”摆在战略任务的第一条，部署四方面重点任务，可以从“固本升级、创新育新、扩容提质、强基增效”来把握。 ...

麻省理工学院牵头的研究团队利用科学机器学习，将物理定律与实验数据智能融合。开发了一种神经状态空间模型，通过少量数据就能预测托 卡马克配置变量 (TCV) 缓降过程中的等离子体动力学，以及可能出现的不稳定情况。 然而理想很丰满，现实却极其「敏感」。对于托卡马克装置而言，放电末期的电流缓降，是一个「高危」阶段。其面临的是，每秒速度高达 100 公里、温 度超过 1 亿摄氏度的等离子体流，并且此时的等离子体处于强烈的瞬态变化中，任何微小的控制误差都可能触发破坏性扰动，对装置造成伤害。 在此背景下， 由麻省理工学院牵头的研究团队利用科学机器学习（SciML），将物理定律与实验数据智能融合。开发了一种神经状态空间模型 （NSSM），通过少量数据就能预测托卡马克配置变量（TCV）缓降过程中的等离子体动力学，以及可能出现的不稳定情况，为安全控制「人造太阳」的 停止又增添了一把助力。 相关研究以「Learning plasma dynamics and robust rampdown trajectories with predict-first experiments at TCV」为题，发表于 Nature Commun ...

News Focus - The National Development and Reform Commission announced a plan to establish 28 million charging facilities by the end of 2027, aiming to provide over 300 million kilowatts of public charging capacity to meet the needs of over 80 million electric vehicles, effectively doubling the charging service capacity [2] - China is collaborating with over 140 nuclear fusion research institutions globally, contributing to the innovation and development of fusion energy technology and industry integration [2] Domestic News - In September 2025, the energy regulatory hotline received 2,804 complaints, with 2,613 related to the electricity sector and 191 to renewable energy. The complaint resolution rate was 100%, with a satisfaction rate of 89.92% for follow-up calls [3] - China's deep earth energy exploration made significant progress as the drilling depth of the deep earth project in Sichuan exceeded 1,000 meters, marking a key step in exploring deep earth energy resources [3] - Shandong Province has implemented a development plan for direct green electricity connections, supporting various renewable energy projects [4] - The first phase of the coal-to-natural gas project in Northeast China has been completed, providing stable gas supply to 1,596 million people across five cities [4] - The Dengtianxia water conservancy hub reached a normal water level of 61 meters for the first time this year, aiding flood control and water supply in the Guangdong-Hong Kong-Macao Greater Bay Area [4] International News - Israel has restricted the entry of fuel and natural gas into Gaza, allowing only humanitarian aid, with a significant reduction in the number of aid trucks permitted to enter [5] - A fire at an electricity facility in Curitiba, Brazil, caused widespread power outages across 14 states, affecting densely populated areas [6] Corporate News - China's first self-operated deepwater oilfield group, the Liuhua oilfield group, has achieved a cumulative crude oil production of over 38 million tons, marking a significant milestone in deepwater oil production [7] - Equipment for Namibia's first grid-side energy storage project has arrived, indicating progress in the country's clean energy transition [7]

这个形如海葵的BEST装置杜瓦底座 "人造太阳"核心吗？ 0:00 来源：央视新闻客户端 你见过重400吨的 来源：央视社教 国庆期间在合肥精准落位！ 朝着"用核聚变能点亮第一盏灯"的目标 全速前进 它将承载四代中国聚变人的梦想 ...

Core Viewpoint - Nuclear fusion energy is seen as the ultimate solution for human energy needs, providing green, safe, and unlimited energy sources, with expectations to see the first operational fusion light by 2032 [1][3]. Group 1: Nuclear Fusion Development - The construction of a fusion energy experimental device is expected to be completed by 2027, with a roadmap leading to the world's first fusion demonstration power plant [1][3]. - The Chinese fusion engineering demonstration reactor (CFEDR) has begun its design phase, aiming to bridge the gap between ITER and prototype fusion power plants [1][3]. Group 2: Nuclear Fission and Fusion Synergy - The "Good Hope Science Salon" discussed the collaborative innovation between fission (small reactors) and fusion, emphasizing the strategic importance of nuclear energy in addressing climate change and energy security [1][3]. - Experts highlighted that nuclear power is a crucial pillar for solving energy issues in China, with a target of 65 million kilowatts of nuclear power capacity by the end of 2025 [3][4]. Group 3: Small Modular Reactors (SMRs) - The next decade is critical for the development and promotion of small modular reactors (SMRs), which have various design options and advantages over large reactors, such as shorter construction times and lower investment costs [4][6]. - SMRs are expected to play a significant role in powering data centers and replacing retired coal power plants, with commercial demonstration projects anticipated by around 2030 [6][7]. Group 4: Future Energy Transition - The transition from fossil fuels to green energy is projected to occur by the end of the century, with both fusion and fission technologies being essential for this shift [7]. - The collaborative development of SMRs and controllable nuclear fusion is viewed as a dual-engine driving the energy revolution, requiring supportive policies and public understanding [7]. Group 5: Community and Collaboration - The "Good Hope Science Salon" aims to foster cross-disciplinary exchanges in technology innovation, with future discussions planned on various cutting-edge fields [7].

Group 1 - Nuclear fusion energy is viewed as the ultimate solution for human energy needs, providing green, safe, and unlimited energy [1] - The construction of a fusion energy experimental device is expected to be completed by 2027, with the first demonstration of fusion energy anticipated within five years [1] - The strategic value of nuclear energy is increasing under the dual pressures of climate change and energy security, with plans to achieve 65 million kilowatts of nuclear power capacity by the end of 2025 [1] Group 2 - The next decade is critical for the development and promotion of small modular reactors (SMRs), with nearly a hundred design proposals covering various reactor technologies [2] - SMRs are characterized by shorter construction periods, lower individual investment, and greater site adaptability, making them increasingly popular globally [2] - By 2030, China's data center electricity consumption is projected to reach 400 TWh, doubling from 2020, highlighting the commercial potential of SMRs in energy supply [2] Group 3 - Both SMRs and fusion reactors are current research and investment hotspots, with SMRs combining the maturity of Generation III reactors and the innovation of Generation IV [3] - There is a need for standardization and mass production of SMRs to reduce costs and prove their competitiveness against large reactors [3] - Fusion reactors face challenges related to materials, costs, and engineering, with expectations of completing experimental and demonstration phases within the next twenty years [3]