11月27日从核聚变科技成果转化展览展示与对接活动上获悉，我国已成功获得国际热核聚变实验堆 （ITER）组织现金采购合同140余项，仅2025年的合同金额已超1.2亿欧元（约合9.8亿元人民币）。我 国参加ITER计划以来，培育1家公司、助推3家公司上市、牵引20余家企业走向国际市场。 "ITER计划的产业带动效应很明显。"中国国际核聚变能源计划执行中心副主任王敏介绍。ITER是世界 首个核聚变实验堆，其托卡马克装置约由100万个部件、1000万个子部件组成，是当今全球在建的规模 最大、功率最高的核聚变装置。 "核聚变能具有资源丰富、安全高效、环境友好等优点，是人类未来能源发展的重要方向。"科技部六司 副司长薛强介绍。从参与ITER计划实施，到新原子能法明确鼓励和支持受控热核聚变的科学研究与技 术开发，再到"十五五"规划建议将核聚变能作为未来发展新的经济增长点，近年来，我国高度重视核聚 变事业发展。 在此背景下，我国核聚变事业取得突出成就。"一批关键核心技术取得重大突破，实验装置和研发平台 综合能力达到国际水平，核聚变产业、人才培养等工作不断推进，核聚变总体创新能力显著提升。"中 国国际核聚变能源计划执行中心 ...

宏观热点 近日，拓竹科技与汇纳科技开展合作，拓竹科技将助力汇纳科技于深圳建成首个超大型3D打印工厂。 汇纳科技计划在2026年一季度前布局15000台拓竹3D打印机，项目投产后，将成为全球规模最大的3D打 印工厂。目前已有近5000台各型号的拓竹3D打印机陆续抵达并展开部署。 市场监管总局召开2025年第五次企业公平竞争座谈会 17家核聚变公司集中在京路演 11月27日，市场监管总局召开2025年第五次企业公平竞争座谈会，围绕"促进公平竞争，优化营商环 境"主题，与三星、宝马、强生、拜耳、正大、宝洁、宜家等外资企业深入交流，听取意见建议。总局 党组成员、副局长孟扬出席会议并讲话。孟扬介绍了市场监管总局强化反垄断监管执法、深化竞争领域 制度型开放、加强公平竞争治理等方面的工作情况。他强调，总局认真贯彻落实党的二十届四中全会精 神，将进一步加强重点领域反垄断执法，加强公平竞争审查和经营者集中审查，坚决破除阻碍全国统一 大市场建设的卡点堵点，营造市场化、法治化、国际化一流营商环境，充分激发各类经营主体发展活 力。市场监管总局反垄断总监王铁汉，有关司局和单位主要负责同志参会。 国家新闻出版署公布11月份国产网络游戏审 ...

国泰海迪止存 TONG SECURITIES | 研究所 国泰海通电新徐强团队 11月28日 - 上海 中国金融信息中心 16F-国泰海通陆家嘴旗舰店 新能源 177 徐 强 - 国泰海通电新与环保研究首席分析师 庞钧文 - 国泰海通电新联席首席分析师 开场的能 9:00-9:10 陈忠义 - 副总裁、研究与机构业务委员会总裁、 主持人 政策和产业研究院院长 9:10-10:00 以国外商业航天发展历程展望中国商业航天未来 秦贵军 - 太空字节创始人 ■ 10:00-11:00 2026 年全球智能电动车增长展望 朱玉龙 - 芝能汽车创始人 ■ 11:00-12:00 全球核聚变发展现状及展望 董 伟 - 合肥太阿聚变有限公司 CEO 投资人讨论交流 /12:00 特邀嘉宾 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 2026年国内外大储能行业展望 ●商业航天中国加速度,如何进化 >智能电动车 26年全球增速判断 必核聚变的投资机会 * 扫码报名或联系 您的国泰海通对口销售报名 研究运营组制作 2026 年国内外大储能展望 8:00-9:00 闭 交流 本公众订阅号(微信号 GTHT RESEAR ...

格隆汇11月25日｜日本政府将把经济安全保障方面至关重要的技术指定为"国家战略技术"。将指定人工 智能等6个领域，重点分配研究预算、采取税收优惠措施。此举意在针对国际竞争激烈的技术领域促进 投资，提供从创业到实用化的广泛支持。被定位为最重要技术的国家战略技术计划囊括6个领域：(1)人 工智能?尖端机器人(2)量子(3)半导体?通信(4)生物?医疗保健(5)核聚变(6)太空。 ...

与会人士表示，经过国际聚变科学界数十年的合作与发展，聚变研究取得了一系列重大突破，但依然面 临诸多挑战，需凝聚全球科学家的智慧与力量，开展更为务实、紧密、开放的国际交流与合作，共同开 创聚变能源未来，实现人类"终极能源"梦想。 国际合作加码 11月24日，中国科学院"燃烧等离子体"国际科学计划项目在合肥未来大科学城正式启动。同时，紧凑型 聚变能实验装置（BEST）研究计划面向全球发布。来自法国、英国、德国、意大利、瑞士等十余个国 家的聚变科学家共同签署《合肥聚变宣言》，该宣言倡导开放共享与合作共赢精神，鼓励各国的科研人 员到中国开展聚变合作研究。 加速走向工程验证 采购、融资"热度"空前 中金公司研报认为，从发展路径来看，当前，欧洲聚焦以ITER为核心的国际合作体系，国内推 进"CFETR-DEMO"自主路线，北美则以私营企业为主体，整体看来，全球核聚变发展正处于向百兆瓦 级工程演进的关键跃迁期，未来5年至10年将有多个示范性装置陆续落地。 聚变工程进入关键期 核聚变能近年来在世界范围内广受关注，国际原子能机构（IAEA）日前发布的《世界聚变能源展望 2025》显示，近40个国家正推进聚变计划，超过160个聚 ...

【观网财经丨智能早报 11月24日】 月球制造+质量投射器，马斯克瞄准每年100太瓦太空能源产能 今天，被称为"国产GPU第一股"摩尔线程在科创板发行，114.28元/股的发行价也创下了今年A股IPO市 场的最高发行纪录，意味着投资者如果中一签（500股），要缴款57140元。之前，今年以来发行价最高 的新股是登陆沪市主板的天有为，发行价93.5元/股。 传毫末智行已停工解散 有知情人士爆料称，由长城控股，高瓴、高通等投资的智驾公司毫末智行突然通知：员工11月24日起不 用到岗上班，赔偿方案尚未公布。公开信息显示，毫末智行成立于2019年11月，前身为长城汽车智能驾 驶前瞻部，曾是国内首个实现自动驾驶技术量产的企业，其业务涵盖乘用车智能辅助驾驶、末端物流自 动配送车及智能硬件三大领域。其核心产品HPilot系统搭载超20款车型，2024年用户智驾里程突破2.5亿 公里，还曾上榜《胡润全球独角兽榜》。 Meta隐瞒社交媒体危害心理健康的"因果"证据遭起诉 11月24日，美国多个学区起诉Meta及其他社交媒体平台的集体诉讼中，曝光的完整诉讼文件显示，该 公司在发现旗下Facebook和Instagram这两款产品 ...

Core Insights - The report suggests that the current market position may be the starting point of a long-term bull market, supported by gradual improvements in fundamentals and industry highlights [3][4] - The report emphasizes the importance of time over space in the current bull market, indicating that the duration of the bull market may be more significant than the magnitude of the increase [3][4] Industry Research Construction Materials - The investment strategy focuses on three main lines: 1) Real estate chain recovery, emphasizing resilient consumer building material leaders like Dongfang Yuhong and Beixin Building Materials, which are expected to have greater profit elasticity amid rising demand for stock updates 2) Overseas growth, targeting companies with established advantages and mature operations abroad, such as Huaxin Cement and Conch Cement 3) Corporate transformation, highlighting construction companies actively restructuring and innovating during industry downturns, like Shanghai Port and Hongrun Construction [10] Machinery Manufacturing - The investment strategy revolves around three major themes: 1) Cycle recovery in engineering machinery, with internationalization, electrification, and intelligentization opening new growth spaces 2) Data center power generation equipment, driven by increased electricity demand 3) Nuclear fusion, entering a phase of capital expenditure expansion with high technical barriers [11] Company Research Aidi Precision (603638.SH) - Aidi Precision reported revenue of 2.37 billion yuan for Q1-Q3 2025, a year-on-year increase of 16.5%, and a net profit of 320 million yuan, up 12.6% year-on-year - The company is expected to benefit from the recovery in the engineering machinery sector, with continued growth in demand for its hydraulic components and new products like industrial robots and RV reducers [12] NetEase-S (9999.HK) - NetEase's Q3 2025 game revenue fell short of expectations due to the deferral of income recognition - The company maintains revenue forecasts of 114.5 billion yuan for 2025, 123.6 billion yuan for 2026, and 132.2 billion yuan for 2027, with a focus on new game releases expected to contribute significantly in 2026 [13] Yidu Technology (2158.HK) - Yidu Technology has made progress in AI medical innovation, but revenue forecasts for FY26 and FY27 have been reduced by 19.4% and 24.9% respectively - The company is expected to achieve a net profit of 0.08 billion yuan in FY28, maintaining a "buy" rating despite the adjustments [14] NVIDIA (NVDA.O) - NVIDIA's FY26 Q3 performance exceeded market expectations, with a projected GAAP net profit of $113.88 billion for FY2026 - The company has raised its FY2027-2028 net profit forecasts by 14.1% and 14.7%, driven by strong demand for AI computing [15] Lenovo Group (0992.HK) - Lenovo reported revenue of $20.452 billion for FY26 Q2, a 15% year-on-year increase, with adjusted net profit rising 25% - AI-related business revenue accounted for 30% of total revenue, up 13 percentage points year-on-year, despite downward adjustments in profit forecasts for FY26 to FY28 [16]

参股嘉腾机器人，切入AGV 机器人与智能物流。根据2025 年中报，东方精工持有嘉腾机器人约20%股 权。嘉腾机器人成立于2002 年，专注于移动机器人（AGV）本体的研发和制造，是全球领先的AGV 机 器人与智能物流仓储系统提供商。产品主要用于园区内、车间里、仓库中的物料转运、柔性生产、进出 库位等，迄今已有超70 家世界500 强企业使用过嘉腾的产品。 联手乐聚机器人，切入人形机器人制造及智能控制系统领域。2025 年7 月，公司与乐聚机器人签署了 《战略合作协议》，聚焦具身智能机器人，在生产制造、场景拓展、业务推广等方面开展战略合作。其 中提到，公司将按照乐聚技术标准及产能要求，为其生产制造人形机器人产品。2025 年9 月，公司与乐 聚、和而泰签署协议成立合资公司，专注于人形机器人智能控制系统领域，面向工业操作、人机协作等 核心场景，打造完整的人形机器人智能控制系统应用方案。 乐聚推出人形机器人新品，并已完成IPO 辅导备案。2025 年10 月30 日，乐聚升级推出KUAVO 5/5-W 双形态机器人，是面向工业规模化应用的具身机器人。KUAVO 5 拥有41 个自由度（含灵巧手），单臂 最大负载5 ...

Group 1 - The core issue of "anti-involution" in the industry is to curb price wars and homogeneous competition, which harms corporate interests and hinders technological progress and high-quality development [1] - The "anti-involution" policy aims to shift the focus from scale expansion to quality improvement through policy guidance and market-oriented measures, including tightening energy consumption standards and encouraging industry self-discipline [1] - In the photovoltaic sector, significant improvements have been observed, with polysilicon prices rising from less than 40,000 yuan/ton in June 2025 to 53,000 yuan/ton in November this year, and the average bidding price for components exceeding 0.72 yuan/watt, a 15% increase from previous lows [1] Group 2 - The rumors regarding the consolidation of photovoltaic silicon material production involve integrating quality capacity and eliminating outdated capacity, with plans to acquire around 1 million tons of capacity [2] - Leading companies are expressing intentions to establish a polysilicon integration consortium by the end of the year, indicating potential progress in capacity consolidation [2] Group 3 - The "14th Five-Year Plan" has shifted the focus of the renewable energy industry from rapid growth to high-quality development, with specific tasks outlined to enhance the energy system and promote clean energy [3] - The plan emphasizes the importance of new energy storage and the need for a market and pricing mechanism that supports the new energy system [3] Group 4 - The renewable energy industry in China is expected to experience significant growth over the next five years, with annual new installations likely to exceed levels seen during the "14th Five-Year Plan" [4] - The plan encourages deeper technological innovation and exploration of application models in the renewable energy sector, including offshore wind and nuclear energy [4] Group 5 - The easing of trade relations between China and the U.S. is anticipated to positively impact the storage industry, particularly in the context of North American AI data centers facing power supply challenges [5] - However, uncertainties in overseas trade policies, such as the U.S. "Inflation Reduction Act" and the EU's "Net Zero Industry Act," may pose new challenges for Chinese companies in their global expansion efforts [5]

Core Viewpoint - The fusion energy sector is entering a phase of intensive bidding, with significant procurement projects exceeding 2 billion yuan recently announced by Fusion New Energy, indicating strong growth potential in the industry [1][3]. Group 1: Procurement Projects - Fusion New Energy has recently announced procurement projects totaling over 2 billion yuan, covering critical components such as power systems, low-temperature systems, and shielding layers [1][2]. - The BEST project has seen a notable acceleration in bidding activities, with significant procurement announcements made in October and November, including key components like low-temperature systems and ECRH gyrotrons [2][3]. - Major procurement projects include: 1) Low-temperature system key components: approximately 728 million yuan 2) BEST project ECRH gyrotron: 440 million yuan 3) BEST system magnetic power supplies: 189 million yuan 4) BEST assembly engineering: 180 million yuan 5) BEST ion cyclotron wave source system: 170 million yuan 6) BEST shielding layer system stainless steel shielding blocks: 139 million yuan [2]. Group 2: Industry Trends - The fusion industry is experiencing a surge in capital expenditure, with multiple large-scale bidding events occurring, including a recent announcement of over 1.3 billion yuan in procurement projects by the Hefei Institute of Physical Science [3]. - The strategic value of fusion energy is highlighted by the increasing demand for electricity driven by AI and cloud computing, with predictions that data centers will account for 5%-9% of global electricity consumption by 2050 [4]. - Major tech companies are investing in fusion energy, with agreements such as Helion's deal with Microsoft for 50MW of commercial fusion power starting in 2028, and CFS's agreement with Google for 200MW of power from a planned fusion power plant [4]. Group 3: Investment Opportunities - Companies to watch in the fusion energy sector include: 1) Vacuum chambers and internal components: Huaneng Intelligent (603011.SH), Guoguang Electric (688776.SH), Antai Technology (000969.SZ) 2) Magnet systems: Lianchuang Optoelectronics (600363.SH), Yongding Co. (600105.SH) 3) Power systems: Sichuan Chuang (600990.SH), Wangzi New Materials (002735.SZ) 4) Low-temperature systems: Hangyang Co. (002430.SZ), Ice Wheel Environment (000811.SZ) [5].