Investment Rating - The report recommends a positive investment outlook for the nuclear power industry, indicating a recovery in global nuclear power and an upward trend in uranium prices [1]. Core Insights - Nuclear power technology is continuously upgrading, providing a clean and efficient energy solution. The electrification process and the demand for high-quality electricity driven by AI are reinforcing the strategic position of nuclear power [1][7]. - The global nuclear power sector is experiencing a revival, with increasing uranium demand anticipated due to renewed interest in nuclear energy following geopolitical tensions and the need for energy independence in Europe [7][24]. - Supply constraints are evident, with short-term increases in uranium supply relying on the resumption of production from idled mines. A significant supply gap may emerge around 2030 if new projects do not come online [7][55]. - The report predicts a sustained upward trend in uranium prices, supported by a historical supply-demand gap and recent adjustments in production by leading suppliers [7][68]. Summary by Sections 1. Clean and Efficient Energy Source - Nuclear power primarily relies on fission reactions using U235 as fuel, generating significant energy compared to traditional sources [11]. - Current commercial nuclear projects are mostly based on second and third-generation technologies, with ongoing advancements towards fourth-generation designs [7][16]. 2. Global Nuclear Revival and Growing Uranium Demand - The global nuclear power capacity is approximately 397 GW, with 72 GW under construction. Projections suggest that by 2040, capacities could reach between 552 GW and 966 GW depending on various scenarios [24][53]. - The demand for uranium is expected to increase by 118% by 2040, driven by the resurgence of nuclear power and the need for stable energy sources amid rising electricity consumption from AI technologies [7][53]. 3. Supply-Demand Gap and Rising Uranium Prices - The report highlights that the uranium supply is primarily dependent on newly mined resources, with a significant portion of the current supply coming from existing stockpiles [55]. - The cumulative supply-demand gap from 2015 to 2024 is estimated at around 100,000 tons, with uranium prices rising from approximately $20 per pound in 2016 to around $80 per pound currently [68]. - Future projections indicate that if production does not meet demand, uranium prices are likely to continue their upward trajectory, supported by strategic resource management and market dynamics [68].

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 西部证券表示，AI革命进入第二阶段，从"硬投入"转向"软效率"。电力短缺已成为科技巨头面临的 最大挑战，为实现2026年的CAPEX目标，他们必须加速解决电力问题。中国凭借其强大的电力系统和 技术优势，在AI产业中逐渐从"算力配套"转向"电力核心"。此外，中国电力系统的规模、技术和协同能 力在全球范围内领先，这使得其在本轮AI需求下实现了产能价值的兑现。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域 的上市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建 ...

Group 1 - The core viewpoint is that the non-ferrous metal sector is expected to enter a comprehensive bull market, driven by macroeconomic factors and fundamental demand recovery [1] - Industrial metals are anticipated to see significant price increases due to unexpected disruptions in major mines, a recovery in traditional demand from global interest rate cuts, and rising demand from new energy and AI [1] - Energy metals, particularly lithium and cobalt, are expected to experience improved supply-demand dynamics, with lithium's oversupply concerns alleviating and cobalt prices rising due to export bans [1] - Precious metals are projected to maintain a long-term bullish trend as the dollar's credit system undergoes restructuring amid ongoing monetary expansion and weakened fiscal discipline [1] Group 2 - The Non-ferrous 60 ETF (159881) tracks the China Non-ferrous Index (930708), which includes companies involved in the extraction, smelting, and processing of non-ferrous metals, covering sectors like copper, gold, aluminum, rare earths, and lithium [2] - The index represents various aspects of China's non-ferrous metal industry, combining cyclical and some consumption attributes [2]

Group 1: Industrial Metals - The report from Zhongtai Securities is optimistic about a comprehensive bull market in the non-ferrous sector, particularly in industrial metals like copper and aluminum [1] - Significant disruptions in major mines have led to a notable downward revision of global copper mine output for next year, while supply disturbances in electrolytic aluminum are also frequent due to overseas power shortages [1] - Traditional demand is expected to recover due to a global easing cycle, and although the growth rate of new energy demand is slowing, its proportion continues to rise, with AI-driven electricity demand also anticipated to provide incremental support [1] - Industrial metals are expected to experience a resonance of macroeconomic and fundamental factors, with a bullish outlook on copper and aluminum prices [1] - Despite stock prices being at new highs, valuations remain at a neutral to low level, primarily driven by rising commodity prices and the realization of company growth potential [1] Group 2: Energy Metals - The demand forecast for energy metals, particularly lithium carbonate, has significantly improved, shifting from an initial surplus expectation to a more balanced supply-demand scenario for next year [1] - The implementation of an export ban in the Democratic Republic of Congo has led to a substantial increase in cobalt prices, with supply constraints expected to tighten the market and maintain a bullish price outlook [1] Group 3: Precious Metals - The backdrop of overseas monetary expansion and weakening fiscal discipline is reshaping the dollar credit system, maintaining the long-term bullish logic for gold prices [1] - The performance of gold-related stocks has lagged behind the continuously rising gold prices, with current stock valuations at historical lows, presenting a favorable opportunity for investment [1]

凤凰网财经讯 11月19日，A股三大指数集体低开。沪指跌0.05%，深成指跌0.07%，创业板指跌0.13%。 有机硅、林业、福建国资等板块指数跌幅居前。 2、能源金属：随着储能需求预期的持续上调，明年碳酸锂供需格局从原先的过剩预期大幅改善，行业 见底预期下权益端表现值得期待；刚果金实施出口禁令后钴价大幅上涨，且明年供应约束情况下供需偏 紧，价格仍有看涨预期； 3、贵金属：海外货币超发及财政纪律性持续减弱的背景下美元信用体系的重塑已经成为趋势，金价长 牛逻辑仍然没有改变。股票端的表现显著落后于持续新高的金价，当前股票估值水平处于历史低位，迎 来较好布局时刻。 中信建投表示，需求的强劲导致碳酸锂月度级别短缺、去库，据Mysteel数据，11月碳酸锂月度供给约 11.5万吨，需求12.8万吨，短缺约1.3万吨，市场持续去库。同时淡季消费不淡，订单支撑可延续至明 年，当前碳酸锂供需矛盾已经从供给施压转向为消费驱动。中长期看，储能需求的持续走强，锂电全产 业链迎来一轮涨价，碳酸锂供需基本面也得以大幅改善。静态预测，2026年全球锂资源供给208.9万 吨，消费200.4万吨，在不考虑正极环节及贸易商补库情形下，过剩仅 ...

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

Group 1: Lithium Market Insights - The lithium mining sector experienced a significant surge due to supply disruptions and market sentiment, particularly following the suspension of operations at the Jiangxiawo lithium mine by CATL, which has an annual capacity of approximately 100,000 tons LCE, accounting for about 6% of global supply [1] - The suspension of the Jiangxiawo mine, which has a monthly output of around 8,000 tons, has led to a reversal in supply-demand balance expectations, raising concerns about long-term supply elasticity [1] - In response to the supply constraints, there has been a positive shift in market sentiment, with expectations of increased production in the third quarter for new energy vehicles, which is projected to support prices [1] Group 2: Copper Market Dynamics - Copper prices are maintaining a high-level fluctuation, with LME copper priced at approximately $9,750 per ton, influenced by supply constraints due to a mining accident at Codelco in Chile, resulting in a reduction of about 200,000 tons annually [2] - Demand for copper has shown unexpected resilience, particularly driven by AI-related electricity demand in the U.S., which has increased by approximately 15% year-on-year, contributing significantly to global copper consumption growth of 1%-1.5% [2] - The macroeconomic outlook suggests that with increasing supply constraints and upcoming demand peaks, copper prices are likely to remain supported, especially with expectations of a weaker dollar enhancing the financial attributes of commodities [2]

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase in stock prices relative to the CSI 300 index by over 15% [5][11]. Core Insights - On June 30, 2025, Commonwealth Fusion Systems (CFS) reached a power purchase agreement with Google for 200MW of fusion energy, marking a significant step in Google's energy strategy and accelerating the commercialization of nuclear fusion [3][5]. - The partnership is expected to drive the development of the controllable nuclear fusion industry, with CFS planning to construct its first commercial fusion power plant, ARC, by 2030, which will have a capacity of approximately 400MW [5]. - The report highlights the increasing demand for clean energy solutions driven by the surge in energy consumption from AI technologies, positioning nuclear fusion as a key solution for sustainable energy needs [5]. Summary by Sections Investment Highlights - The report emphasizes the importance of focusing on specific segments such as high-temperature superconducting magnets, power supplies, and detection systems [5]. - Beneficiary stocks include: 1. Midstream Equipment: Lianchuang Optoelectronics, Guoguang Electric, Antai Technology, Hezhuan Intelligent, Yingliu Co., Xuguang Electronics, and Wanyi Technology. 2. Upstream Materials: Yongding Co. and Jingda Co. [5]. Market Context - The agreement with Google signals strong market demand for fusion energy, which could accelerate research and capital investment in the sector [5]. - The competitive landscape includes other companies like Helion and TAE Technologies, which are also pursuing fusion commercialization, potentially leading to rapid industry growth [5]. Financial Metrics - The report provides a valuation table for related stocks, indicating their market capitalization and earnings per share (EPS) projections for 2025 and 2026 [6].