一是可再生能源成本持续下降，2024年全球91%的新建可再生能源项目成本已低于同期新建成本最低的 化石燃料项目，风光发电在全球电力市场中已占据成本优势。 二是能源系统智能化加速，人工智能、数字孪生技术深度赋能发电预测、电网调度和储能管理，推动能 源体系向"智能、安全、低碳"方向加速进化。 三是多能互补体系成熟，"风光氢火储"多能互补、"发输储用造"协同发展格局初步形成。 中国在这场变革中实现了从追随者到引领者的角色转变，2025年上半年，中国太阳能和风能新增装机容 量超过世界其他地区总和，清洁能源增长贡献率全球领先。 全球能源革命正处于从量变到质变的历史性转折点。根据国际能源署报告，2024年全球新增可再生能源 装机容量约700吉瓦，连续第22年创年度新高，全年新增发电量的80%由可再生能源与核能满足，标志 着全球能源体系正经历历史性的结构性变革。这一转型呈现三重特征： 在核电领域，"玲龙一号"小型堆于2025年10月实现冷试成功，标志着中国在核能安全性与模块化设计上 取得领先地位。 当前全球能源革命正处于从"能源消费总量增长"转向"能源替代"的关键阶段。2024年全球清洁电力占比 首次突破40%，创下自20 ...

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index down by 0.42%, the Shenzhen Component Index down by 0.68%, and the ChiNext Index down by 0.69% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.59 trillion yuan, a decrease of 280.5 billion yuan compared to the previous trading day [6] Sector Performance - The lithium battery industry chain led the decline, with significant drops in sectors such as innovative drugs, GPUs, robotics, photovoltaics, AI applications, semiconductors, and new energy vehicles [2][3] - Conversely, the pharmaceutical commerce and consumer electronics sectors showed resilience, with several local stocks in Fujian province experiencing notable gains [2][3] Notable Stocks - Stocks such as Jiarong Technology (+20.01%), Zhaobiao Co. (+20.00%), and Fujian Expressway (+10.10%) were among the top gainers [5][6] - The aerospace sector was active, with Aerospace Development achieving 9 limit-up days in 13 trading sessions [5][6] Capital Flow - Main capital inflows were observed in the consumer electronics, shipbuilding, and automotive sectors, while outflows were noted in the computer, securities, and non-ferrous metals sectors [9] - Specific stocks like Industrial Fulian, New Yi Sheng, and Shenghong Technology saw net inflows of 1.114 billion yuan, 1.077 billion yuan, and 993 million yuan respectively [9] Institutional Insights - Huaxi Securities anticipates that the A-share market will enter a critical policy observation window in December, potentially increasing market risk appetite and setting the stage for a year-end rally [10] - CICC suggests that the current valuation of the A-share market is relatively reasonable, supported by the AI technology revolution and energy transition, which are expected to enhance corporate performance [10] - According to GF Securities, December to January is historically a prime time for positioning in the year-end market, particularly for sectors with positive earnings forecasts [10]

Core Viewpoint - The A-share market experienced a day of fluctuation and adjustment, with all three major indices closing lower, indicating a cautious market sentiment amid sector-specific performance variations [3][4]. Market Performance - The Shanghai Composite Index fell by 0.42% to 3897.71, the Shenzhen Component Index decreased by 0.68% to 13056.70, and the ChiNext Index dropped by 0.69% to 3071.15 [4]. - The lithium battery industry chain led the decline, while sectors such as pharmaceutical commerce and consumer electronics showed resilience [3][4]. Sector Highlights - Local stocks in Fujian province surged, with companies like Jiarong Technology and Zhaobiao Shares hitting the daily limit up [5][6]. - The aerospace sector was notably active, with Aerospace Development achieving nine consecutive trading limits in 13 days [6][7]. Capital Flow - Main capital inflows were observed in consumer electronics, shipbuilding, and automotive sectors, while significant outflows occurred in computing, securities, and non-ferrous metals [10]. - Specific stocks like Industrial Fulian and New Yisheng saw net inflows of 1.114 billion and 1.077 billion respectively, while ZTE Corporation faced a net outflow of 2.968 billion [11][12]. Analyst Insights - Huaxi Securities anticipates that the A-share market will enter a critical policy observation window in December, potentially increasing market risk appetite [12]. - CICC suggests that the current valuation of the A-share market is relatively reasonable, supported by the AI technology revolution and energy transition, indicating a continued upward trend [12]. - Guangfa Securities highlights December to January as a prime window for positioning in the market, especially for sectors with positive earnings forecasts [13].

| 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | NYm | 3897.71 с | -16.29 | -0.42% | | 399001 | 深证成指 | proving | 13056.70 c | -90.02 | -0.68% | | 399006 | 创业板指 | NASH | 3071.15 c | -21.35 | -0.69% | 盘面上，锂电池产业链领跌，创新药、GPU、机器人、光伏、AI应用、半导体、新能源车概念股跌幅 居前。两岸融合、医药商业、消费电子题材逆势走强。 具体来看，福建本地股逆势爆发，嘉戎技术、招标股份、福建高速、平潭发展等10股涨停。 | 代码 | 名称 | 涨幅量 | 现价 | | --- | --- | --- | --- | | 301148 | 嘉戎技术 | +20.01% | 47.57 | | 301136 | 招标股份 | +20.00% | 19.92 | | 300300 | 海峡创新 | +13.53% | 18.46 | | ...

在能源转型的宏大叙事中，氢能始终扮演着"终极能源"的理想角色。然而，长久以来，受制于高昂的成本与技术瓶颈，它更像是一个存在于PPT中的美好愿 景。直到近期一组震撼数据的发布，市场才猛然惊觉：中国的氢能产业，似乎已经悄然跨过了从"概念"到"落地"的关键分水岭。数据显示，我国绿氢年产能 已突破22万吨，多项技术指标跃居全球首位。但这是否意味着氢能时代已全面到来？在产能狂飙的背后，是一场脚踏实地的能源革命，还是一次资本的虚火 狂欢？ 抛开宏大的投资数据，氢能产业最核心的痛点在于应用场景的匮乏。常有人质疑："造出这么多氢，到底用在哪？"对此，位于西北内陆的宁夏宁东可再生氢 碳减排示范区给出了一份具有标杆意义的答卷。 作为典型的煤化工基地，这里曾是"灰氢"（化石能源制氢）的重镇。而如今，通过光伏发电电解水制取的"绿氢"正在逐步替代传统的煤制氢。数据显示，该 示范区已持续提供绿氢近1100万标方，实现碳减排约2万吨。这并非简单的数字堆砌，而是验证了"绿氢耦合煤化工"这一技术路线的工业可行性。它意味着 绿氢不再仅仅是交通领域的"昂贵燃料"，而是开始深入工业肌理，成为化肥、甲醇等基础化工原料的绿色源头。这种"就地生产、就地消 ...

Market Overview - The Shanghai and Shenzhen stock indices opened lower on December 2, with the Shanghai Composite Index down 0.55% to 3892.55 points and the Shenzhen Component Index down 0.77% to 13045.96 points, reflecting a significant decline across all major indices [1] - The trading volume was approximately 407.4 billion yuan for the Shanghai index and about 639.8 billion yuan for the Shenzhen index, indicating active market participation despite the downturn [1] Sector Performance - AI, insurance, and plant-based meat sectors showed strong performance at the opening, while sectors like photolithography, fluorochemicals, and non-ferrous metals faced declines [1] - By midday, sectors such as insurance, oil, and communication equipment experienced notable gains, while home goods, aquaculture, and military information technology sectors saw significant rebounds [1] - The Fujian and Hainan Free Trade Zones, along with pharmaceutical commerce, were among the top gainers, while energy metals and cloud gaming sectors faced the largest declines [1] Future Outlook - According to China International Capital Corporation (CICC), the A-share market is expected to maintain a reasonable valuation amid a synchronized global liquidity easing cycle, with a focus on large-cap growth styles until early next year [2] - CITIC Securities highlighted the transition of space computing from concept to reality, emphasizing the reliance on photovoltaic technology for energy supply in space, and suggested monitoring investment opportunities in perovskite technology [2] - Huatai Securities projected that the metal industry may see improved supply-demand dynamics by 2026, with gold prices potentially rising above $4800 per ounce, and recommended focusing on undervalued sectors like copper and aluminum [3] Industry Developments - The launch of the Chinese drug price registration system on December 2 aims to provide a transparent pricing mechanism for domestic and foreign pharmaceutical companies, facilitating the global market development of innovative drugs [4] - The Ministry of Industry and Information Technology is preparing to establish the China Artificial Intelligence Terminal Industry Association, which is expected to significantly contribute to the high-quality development of the AI terminal industry [4]

转自：新华财经 展望后市，短期风格切换较难持续，在中外流动性宽松周期共振的背景下，A股市场估值相对合理，AI 科技革命与能源革命支撑上游原材料到中游制造需求，成长产业高景气带动上市公司业绩改善，震荡上 行的趋势仍在延续。当前时点至明年初，仍重点关注大盘成长风格，较长时间维度的风格切换可能出现 在明年一季度左右。四季度以来通胀预期普遍下调，年末涉及房地产、促消费等相关领域的政策信号有 待观察。 编辑：林郑宏 新华财经上海12月2日电 中金公司研报分析认为，11月A股市场震荡调整，交易活跃度有所下降，风格 演绎阶段性"高切低"但持续时间短且主线不清，红利略有相对表现。从全球范围看，主要经济体股票市 场普跌，一方面投资者对于美联储降息节奏预期反复，另一方面对当前AI资产是否已经出现泡沫、科 技叙事持续性的担忧阶段性升温。 ...

智通财经APP获悉，中金发布研报称，11月A股市场震荡调整，交易活跃度有所下降，风格演绎阶段性"高切低"但持续时间短且主线不清，红利略有相对 表现。从全球范围看，主要经济体股票市场普跌，一方面投资者对于美联储降息节奏预期反复，另一方面对当前AI资产是否已经出现泡沫、科技叙事持 续性的担忧阶段性升温。 展望后市，中金认为短期风格切换较难持续，在中外流动性宽松周期共振的背景下，A股市场估值相对合理，AI科技革命与能源革命支撑上游原材料到中 游制造需求，成长产业高景气带动上市公司业绩改善，震荡上行的趋势仍在延续，当前时点至明年初，仍重点关注大盘成长风格，较长时间维度的风格切 换可能出现在明年一季度左右。四季度以来通胀预期普遍下调，年末涉及房地产、促消费等相关领域的政策信号有待观察。 5）金融：银行高股息属性吸引中长期资金配置，股票市场情绪与活跃度边际回落。在宏观经济寻底阶段，银行股盈利保持稳定，凭借股息确定性与低估 值，吸引保险等中长期资金持续增加配置。10月保险行业保费收入同比增长8%，保险公司资产总额同比增速约为16%，我们认为"开门红"期间保费有望 维持较好增长。11月全部A股日均成交额下行至1.9万亿元，两 ...

Industry Overview - The A-share market experienced fluctuations in November, with a brief "high to low" style switch that lacked clarity in the main themes, while dividend stocks showed slight relative performance [2] - Global stock markets saw declines, influenced by fluctuating expectations regarding the Federal Reserve's interest rate cuts and concerns over potential AI asset bubbles [2] - The outlook suggests that style switching may not be sustainable in the short term, with a focus on large-cap growth styles until early next year [2] Energy and Basic Materials - The "anti-involution" policy is advancing, leading to a divergence in demand between old and new economies, with the Federal Reserve's interest rate cut pace under observation [2] - Prices for various commodities showed mixed performance: thermal coal up 6%, lithium carbonate up 16%, while coking coal and iron ore prices fell by 17% and 1% respectively [2] - The U.S. government has resumed operations, alleviating some liquidity concerns, but the job market remains resilient, warranting attention to future Federal Reserve meetings [2] Industrial Products - The domestic real estate chain remains weak, while emerging markets present significant opportunities for exports [3] - In October, domestic excavator sales grew by 2% year-on-year, while export sales increased by 13% [3] - The photovoltaic industry chain has seen a slowdown in price increases, with prices for polysilicon and solar cells remaining stable month-on-month [3] Consumer Products - Traditional consumer sectors are struggling, with policies aimed at boosting consumption being gradually introduced [4] - Home appliance sales have declined significantly, with washing machines, refrigerators, and air conditioners down by 23%, 27%, and 24% year-on-year respectively [4] - The Central Committee has emphasized the need to stimulate consumption, with plans to create three trillion-level consumption sectors by 2027 [4] Technology - Continuous innovation in AI applications is noted, with domestic models progressing steadily [5] - The technology sector's leading stocks faced adjustments in November, but companies in communication equipment are expected to benefit from increased capital expenditure in North America [5] - The gaming sector remains robust, with 166 game licenses issued in October, maintaining a high level [5] Financial Sector - Bank stocks are attracting long-term capital due to their high dividend yields and stable earnings [6] - The insurance sector saw an 8% year-on-year increase in premium income in October, with total assets growing by approximately 16% [6] - The average daily trading volume in the A-share market fell to 1.9 trillion yuan in November, indicating a decline in market activity [6] Real Estate - The focus remains on destocking and debt reduction, with significant policy support anticipated [6] - In November, the sales area of commercial housing in 30 major cities fell by 36% year-on-year, although it rose by 1% month-on-month [6] - The price index for new and second-hand residential properties in 70 major cities declined by 2.6% and 5.4% year-on-year respectively [6] Recommendations - Focus on AI applications, particularly in domestic computing power, optical modules, and cloud computing infrastructure, as well as sectors like innovative drugs and energy storage [7] - Certain non-ferrous metals are expected to benefit from global monetary order restructuring and demand recovery [7] - Export performance is currently stronger than domestic demand, with companies in sectors like electrical equipment and engineering machinery showing promising prospects [7]

Core Viewpoint - The news highlights a strong performance in the non-ferrous metals sector, particularly focusing on the significant growth of the Non-Ferrous 50 ETF and the recent developments in gold and aluminum production, indicating a positive outlook for investment in this sector. Group 1: Market Performance - As of November 27, 2025, the CSI Non-Ferrous Metals Industry Theme Index (000811) rose by 1.33%, with notable increases in constituent stocks such as Tin Industry Co., Ltd. (000960) up 3.60% and Tianshan Aluminum (002532) up 2.99% [1] - The Non-Ferrous 50 ETF (159652) saw a 1.37% increase, with a recent price of 1.48 yuan, and has accumulated a 19.69% rise over the past three months [1] - The trading volume for the Non-Ferrous 50 ETF was 17.07 million yuan, with a turnover rate of 0.58% [1] Group 2: Fund Flows and Growth - The Non-Ferrous 50 ETF experienced a significant scale increase of 2.085 billion yuan over the past three months [3] - The ETF's shares grew by 94 million over the past week, indicating strong investor interest [3] - Recent net inflows into the ETF totaled 8.79 million yuan, with a cumulative inflow of 294 million yuan over the past ten days [3] Group 3: Industry Developments - A significant gold resource discovery was reported in Sichuan Province, with the Northeast Zhai gold mine adding 28.24 tons of gold resources, bringing the total to 81.06 tons, valued at over 76 billion yuan [3] - China Aluminum announced plans to acquire minority stakes in several subsidiaries for 2.267 billion yuan, increasing its ownership to over 96% in these companies [4] - Analysts predict a strong cycle for copper driven by supply constraints and new demand from AI and energy sectors, with expectations of a continued supply-demand gap into 2026 [4] Group 4: Investment Insights - The Non-Ferrous 50 ETF is highlighted for its high "gold and copper content," with 33% copper and 13% gold, making it a leading choice in its category [6] - The ETF's top five constituent stocks have a concentration of 38%, indicating a strong focus on key strategic metals [6] - The ETF has shown superior performance since 2022, with a cumulative return of 36% and a lower maximum drawdown compared to peers [8]