Key Points - The State Council emphasized the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing specific plans [2] - The Ministry of Finance and the Ministry of Industry and Information Technology issued guidelines for establishing domestic product standards in government procurement, focusing on accurate definitions and regulatory oversight [3] - New rules on pricing behavior for internet platforms were released, prohibiting forced price reductions and promotional tactics that could pressure sellers [4] - The Ministry of Commerce highlighted plans to boost consumption and trade innovation in 2026, including support for service exports and the development of digital and green trade [5] - The National Internet Information Office and the China Securities Regulatory Commission took action against accounts spreading false information related to the capital market [6] - The State Administration for Market Regulation revised the regulations on anti-competitive agreements, specifying exemption thresholds for certain vertical agreements [7] - Chang'an Automobile received the first L3-level autonomous driving license in Chongqing, marking a significant milestone in the development of autonomous vehicles [8] - Moore Threads launched a new GPU architecture, "Huagang," which reportedly improves computing density by 50% and efficiency by ten times [10] - Samsung unveiled the world's first 2nm smartphone chip, Exynos 2600, representing a significant advancement in mobile processing technology [11] - China Shenhua announced plans to acquire various assets from the State Energy Group for a total transaction price of 133.598 billion yuan [12] - ByteDance's projected annual profit of approximately $50 billion was disputed by insiders, indicating discrepancies in reported financial data [13] - The World Trade Organization's report suggested that AI could boost global trade by 34% to 37% by 2040, significantly impacting GDP growth [14] - Ongoing constructive talks between the U.S. and Russia regarding the Ukraine conflict were reported, indicating potential diplomatic progress [15] Industry Insights - CITIC Securities remains optimistic about the AI computing power sector, noting strong demand and the ongoing evolution of AI models [24] - Galaxy Securities anticipates a "small surge" in the A-share market around New Year's, driven by structural opportunities in policy-driven sectors and industries recovering from downturns [25]

Investment Rating - The report assigns an "Accumulate" rating for the controllable nuclear fusion industry [5]. Core Insights - The controllable nuclear fusion industry is experiencing a significant acceleration in bidding, with major contracts focusing on components such as magnets and power supplies. The total amount of contracts awarded has exceeded 1 billion RMB [3][4]. - Trump Media Technology has announced a final merger agreement with TAE Technologies, valued at over 6 billion USD, aimed at building large fusion power plants to meet energy demands driven by artificial intelligence [4][18]. - The U.S. Department of Energy has invested 87 million USD to promote the application of artificial intelligence in fusion energy research, indicating a strong governmental push towards technological advancements in this field [24]. Summary by Sections Market Performance - During the week of December 15-19, the nuclear fusion index fell by 0.59%, underperforming the broader market by 0.62 percentage points [8][11]. Bidding and Contract Information - The report highlights that the bidding activity has significantly increased, with major contracts awarded primarily for magnets and power supplies. Notable companies involved in recent contracts include Aike Saibo and Qifan Cable [4][10]. Domestic and International News - Gyro Swin, an AI tool developed by a research team, has achieved a 1000-fold increase in the speed of 5D plasma modeling, reducing computation time from days to seconds [13]. - Thea Energy has unveiled the Helios concept design for a commercial fusion power station, which aims to simplify the manufacturing of complex magnetic fields necessary for plasma confinement [16][17]. Investment Dynamics - The merger between Trump Media Technology and TAE Technologies is expected to facilitate the construction of the first utility-scale fusion power plant, with an initial capacity of 50 MW and plans for future expansion [19][23]. - The report emphasizes the importance of focusing on key components such as magnets, power supplies, and other critical systems within the controllable nuclear fusion sector, identifying several key domestic suppliers [27].

当埃隆·马斯克旗下的SpaceX以创纪录的165次年度发射收官，并因进入"监管静默期"而向"史上最大 IPO"迈出关键一步时，资本市场的兴奋感早已越过太平洋，在A股市场找到了一个看似完美的落脚点 ——SpaceX核心供应商链。 作为国内盛传的SpaceX供应链企业，西部材料（002149.SZ）股价在近期走出强势行情，近一周内从 28.93元攀升，截至12月19日报收37.72元/股，市值达184.2亿元，创历史新高，股价年内大涨116%。 值得一提的是，该公司通过西诺稀贵、西部钛业、天力复合(920576.BJ)等子公司在商业航天、军工钛材 及核电复合材料等细分赛道构建的"隐形冠军矩阵"，是其被市场赋予高估值叙事的重要支撑。 然而，绚烂的概念光环之下，一份冰冷的三季报正投下浓重的阴影：2025年前三季度，公司扣非净利润 同比腰斩。 一边是承载着未来太空经济想象的百倍市盈率，另一边是传统主营业务的疲软与业绩的骤然失速，西部 材料正站在一个前所未有的叙事裂口之上。 A股又跑出一个大牛股，年内涨幅翻倍 西部材料是A股"可控核聚变"赛道龙头之一。 公司位于陕西，第一大股东为西北有色金属研究院。公司依托西北有色院，是 ...

Group 1 - The Asia-Pacific stock markets experienced a synchronized rally following the Bank of Japan's decision to raise its policy interest rate from 0.5% to 0.75%, marking the highest level in 30 years [1][3] - The A-share market saw significant trading activity, with over 4,400 stocks rising and a total transaction volume of 1.75 trillion yuan, an increase of 719 billion yuan from the previous day [3] - The controlled nuclear fusion sector emerged as a major winner, with stocks like Wangzi New Materials and Macro Micro Technology hitting their daily limits, driven by a merger announcement between Trump Media & Technology Group and TAE Technologies valued at over $6 billion [3][5] Group 2 - The autonomous driving sector also showed strong performance, with companies like Zhejiang Shibao and Huati Technology achieving consecutive daily limits, supported by the recent approval of L3-level autonomous driving models by the Ministry of Industry and Information Technology [6][10] - The commercial aerospace concept continued to thrive, with companies like Huati Technology and Western Materials achieving consecutive daily limits [8] - The nuclear fusion industry is expected to see significant growth, with the International Energy Agency predicting a market size approaching $500 billion by 2030 [5][10] Group 3 - The recent interest rate hike in Japan was aimed at alleviating yen depreciation pressure and controlling inflation, with the market having anticipated this move, resulting in limited short-term impact on various assets [8][10] - The silver market showed a divergence from gold, with silver prices nearing $66 per ounce, reflecting a year-to-date increase of nearly 130% [10][14] - The approval of L3-level autonomous driving vehicles is expected to pave the way for commercial applications, with specific models approved for use in designated congested and highway areas [6][10]

记者丨凌晨 编辑丨朱益民 当埃隆·马斯克旗下的SpaceX以创纪录的165次年度发射收官，并因进入"监管静默期"而向"史上最大IPO"迈出关键一步时，资本市场的兴奋感早已越过太 平洋，在A股市场找到了一个看似完美的落脚点——SpaceX核心供应商链。 作为国内盛传的SpaceX供应链企业，西部材料（002149.SZ）股价在近期走出强势行情，近一周内从28.93元攀升，截至12月19日报收37.72元/股，市值达 184.2亿元，创历史新高，股价年内大涨116%。 值得一提的是，该公司通过西诺稀贵、西部钛业、天力复合(920576.BJ)等子公司在商业航天、军工钛材及核电复合材料等细分赛道构建的"隐形冠军矩 阵"，是其被市场赋予高估值叙事的重要支撑。 然而，绚烂的概念光环之下，一份冰冷的三季报正投下浓重的阴影：2025年前三季度，公司扣非净利润同比腰斩。 一边是承载着未来太空经济想象的百倍市盈率，另一边是传统主营业务的疲软与业绩的骤然失速，西部材料正站在一个前所未有的叙事裂口之上。 图片来源：新华社 A股又跑出一个大牛股，年内涨幅翻倍 西部材料是A股"可控核聚变"赛道龙头之一。 资金追捧的核心逻辑，是一个极具 ...

记者丨 凌晨 编辑丨朱益民 当埃隆·马斯克旗下的SpaceX以创纪录的165次年度发射收官，并因进入"监管静默期"而向"史上最大IPO"迈出关键一步时，资本市场的兴奋感 早已越过太平洋，在A股市场找到了一个看似完美的落脚点——SpaceX核心供应商链。 作为国内盛传的SpaceX供应链企业，西部材料（002149.SZ）股价在近期走出强势行情，近一周内从28.93元攀升，截至12月19日报收37.72元/ 股，市值达184.2亿元，创 历史新高，股价年内大涨116%。 值得一提的是，该公司通过西诺稀贵、西部钛业、天力复合(920576.BJ)等子公司在商业航天、军工钛材及核电复合材料等细分赛道构建的"隐 形冠军矩阵"，是其被市场赋予高估值叙事的重要支撑。 然而，绚烂的概念光环之下，一份冰冷的三季报正投下浓重的阴影：2025年前三季度，公司扣非净利润同比腰斩。 一边是承载着未来太空经济想象的百倍市盈率，另一边是传统主营业务的疲软与业绩的骤然失速，西部材料正站在一个前所未有的叙事裂口之 A股又跑出一个大牛股，年内涨幅翻倍 西部材料是A股"可控核聚变"赛道龙头之一。 为了进一步确认上述消息，21世纪经济报道记者致电 ...

Group 1 - China Shenhua plans to acquire assets worth 133.98 billion yuan from the State Energy Group and its subsidiary, significantly enhancing its resource reserves and production capacity [2] - ByteDance's net profit for the first three quarters of this year is approximately 40 billion dollars, with an expected annual profit of 50 billion dollars, driven by strong revenue growth and expansion in e-commerce and new markets [2] - The Bank of Japan raised interest rates by 25 basis points to 0.75%, the highest in 30 years, but the yen depreciated, raising concerns about future monetary policy [2] Group 2 - The lithium battery industry is experiencing a surge in orders, with Shengxin Lithium Energy signing a framework agreement worth over 20 billion yuan with Zhongchuang Xinhang for 2026-2030 [3] - The global largest silver ETF saw an increase in holdings by 47.95 tons, reaching a total of 16,066.24 tons, while silver prices surpassed 67 dollars per ounce, marking a historical high [3] - The price of electrolytic manganese has risen for 13 consecutive days, with a cumulative increase of nearly 15%, driven by supply constraints and improved demand [4] Group 3 - The nuclear fusion sector is attracting significant capital, with several A-share companies winning large contracts as the domestic nuclear fusion industry enters a bidding phase [5] - Eight chief economists predict that China's economy will show resilience in 2025, with fiscal policy expected to strengthen and monetary policy having room for rate cuts in 2026 [5]

赛迪研究院信息化与软件产业研究所人工智能研究室副主任刘丽超介绍，2025年，我国人工智能产 业规模呈现爆发式增长态势。截至9月，我国人工智能核心产业规模超过9000亿元，人工智能企业数量 超过5300家，国家级人工智能专精特新"小巨人"企业超400家。 赛迪研究院日前发布的《2026年我国人工智能产业发展形势展望》预计，2026年，我国人工智能产 业将维持高速增长态势。其中，智能算力占比有望突破35%，国产芯片将在部分场景实现规模化应用。 此外，同步发布的《2026年我国未来产业发展形势展望》预计，明年我国未来产业发展将迎来重要 转折点，多赛道有望实现从技术突破到产业化落地的关键跨越。如量子科技逐步从实验室走向特定场景 应用；生物制造技术在医药研发、农业育种等领域的应用深度不断拓展；可控核聚变进入工程可行性验 证关键阶段。（记者周圆） 【纠错】 【责任编辑:焦鹏】 报告预计，明年我国大模型技术能力将聚焦物理认知深化、推理效能提升、架构范式革新等关键维 度，迎来进一步升级；数据要素质量与开放度同步提升，高质量中文语料与行业数据集建设提速；人工 智能技术从前端服务环节加速向研发、生产等核心领域延伸。 ...

在探索宇宙奥秘与解决能源危机的双重驱动下，自上世纪五六十年代起，人类开始将目光投向了核聚变 ——这一被誉为"人造太阳"的终极能源解决方案。核聚变，作为自然界中恒星发光发热的基本原理，其 能量释放巨大且几乎无放射性废物产生。如果拥有了它，人类长期面临的能源危机、碳排放等一系列问 题将迎刃而解。 挑战 本报记者 张炯强 近日，复旦大学举办了一场名为"聚核之光：启终极能源，筑未来之光"的论坛，探讨"人造太阳"何时到 来。复旦大学现代物理研究所/核科学与技术系教授许敏在演讲中指出，毫无疑问，核聚变带来的是清 洁、高效、可持续的理想能源。聚变能源的核心目标是突破"聚变三乘积"这一关键指标。全球科学家历 经数十年攻关，当前国内BEST建设，环流器三号升级改造等项目如火如荼，国外国际热核实验堆 （ITER）、美国国家点火装置（NIF）频传捷报，但仍面临三大核心挑战：燃烧等离子体稳态运行控 制、耐高能中子辐照和高热负荷材料、氚循环及氚自持。 许敏介绍，实现核聚变取决于三个要素——密度：足够多的反应粒子；离子温度：足够的能量；能量约 束时间：足够的能量保存。 核聚变燃料主要包括氘和氚，这些燃料在核聚变反应中释放出巨大的能量，具 ...

从核心参数来看，BEST主机直径18米、高19米，总重6000吨，重量仅为国际热核聚变实验堆（ITER） 的四分之一左右，但核心性能毫不逊色。其等离子体大半径3.6米、小半径1.1米，拉长比控制在1.7—1.9 之间，通过优化的磁场构型让能量更集中；环向磁场最大强度达6.15特斯拉，相当于地球磁场的12万 倍，能将上亿度的氘氚等离子体牢牢约束在真空室中，避免高温触碰装置内壁；等离子体电流可达到4 —7MA，聚变功率预计在20—200MW之间，足以支撑商业化发电的技术验证。尤为关键的是，BEST通 过高温超导混合磁体、精密控制技术的深度融合，实现了长脉冲持续运行能力——规划脉冲持续时间超 过1000秒，远超同类装置的短时放电模式，为聚变能商业化所需的"稳定供电"提供了关键实验基础。 技术内核 可控核聚变行业资深观察员，合肥太阿聚变科技有限公司 刘芳 翁竑 "把太阳的能量装进18米直径的'容器'，让上亿度等离子体稳定燃烧并转化为电能——这不是科幻，而 是合肥紧凑型聚变能实验装置BEST正在攻克的核心任务。"2025年5月1日，紧凑型聚变能实验装置 （BEST）项目的工程总装启动仪式在聚变堆主机关键系统综合研究设施 ...