Group 1 - The company has approved a share repurchase plan using its own and raised funds, with a maximum repurchase price of RMB 13.98 per share and a total repurchase amount between RMB 300 million and RMB 500 million [1] - The repurchase period is set for up to 12 months from the board's approval date [1] - As of the latest update, the company has repurchased shares amounting to 0.02% of its total share capital, with a total expenditure of RMB 36,980,492.80, at prices ranging from RMB 9.58 to RMB 9.65 per share [2] Group 2 - The company will adhere to relevant regulations and guidelines during the repurchase process and will disclose progress to investors [2]

Group 1 - The core viewpoint is that the recent executive order by President Trump to promote nuclear energy development is expected to significantly accelerate the deployment of Small Modular Reactors (SMRs) in the U.S. by the end of 2030 [1][2] - The executive order mandates the Nuclear Regulatory Commission to decide on new nuclear power plant applications within 18 months and to adopt shorter approval timelines for specific reactor types, addressing long-standing complaints about lengthy approval processes [1][2] - GE Vernova, a company focused on power systems and clean energy, aims to balance reliability, affordability, and sustainability in energy solutions, particularly through the deployment of SMRs [2][3] Group 2 - SMRs are viewed as the future of nuclear power due to their smaller size, lower construction costs, and faster deployment times compared to traditional large-scale nuclear plants [3][4] - The design of SMRs allows for factory manufacturing and on-site assembly, integrating passive safety systems, which aligns with the growing demand for low-carbon energy sources driven by AI and data centers [3][4] - The increasing power demands from AI server clusters make SMRs an attractive solution, as their compact size and flexible siting capabilities can reduce transmission losses and land approval conflicts [4][5] Group 3 - GE Vernova has received approval to deploy its BWRX-300 reactor in Ontario, Canada, marking the first SMR construction in the Western world, with expectations for operation by 2030 [6] - The company anticipates a surge in interest from clients, particularly data centers and cloud computing giants, for its SMR technology, as they are willing to pay a premium for efficient, zero-carbon energy [6] - GE Vernova's stock has surged nearly 48% this year, significantly outperforming the S&P 500 and Nasdaq 100 indices, driven by strong demand for gas turbines and nuclear power systems [6]

Group 1: 3D Technology - Tencent Games has launched a prototype of a naked-eye 3D gaming handheld device, Sunday Dragon 3D One, and initiated an experience officer program to explore the potential of naked-eye 3D technology in gaming and interactive entertainment [1] - The naked-eye 3D display market is expected to grow rapidly due to increasing user demand for enhanced visual and immersive experiences in gaming and film, with a projected market size of 15 billion RMB by 2025 and over 30 billion RMB by 2030, reflecting a CAGR of 17.8% [1] Group 2: Biodegradable Materials - The State Council has amended the "Interim Regulations on Express Delivery" to promote green, reduced, and recyclable packaging, encouraging the use of biodegradable materials starting June 1, 2025 [2] - The demand for biodegradable packaging is expected to rise significantly due to the increasing volume of express delivery, projected to reach 175 billion packages in 2024, leading to nearly 20 million tons of packaging waste [2] Group 3: Instrumentation and Measurement - The State Administration for Market Regulation has issued a plan to tackle key technical challenges in measurement testing, focusing on enhancing measurement technology innovation and capabilities [3] Group 4: Nuclear Power - The U.S. government aims to test and deploy new nuclear reactors by January 2029, with commercial nuclear fusion expected to become a reality around 2030 [4] - The nuclear fusion sector is experiencing accelerated development, with significant project tenders occurring in China, indicating a positive outlook for related equipment suppliers [4] Group 5: Autonomous Logistics Vehicles - L4 autonomous logistics vehicles are being rapidly adopted in controlled environments like ports and industrial parks, with significant market interest and financing for companies involved in this technology [5] - The market for unmanned delivery vehicles in China is expected to exceed 50 billion RMB by 2025, driven by a 21.6% growth in the express delivery sector in Q1 2025 [5] Group 6: Rare Earth Elements - Tesla has been rated "overweight" by Morgan Stanley, with a target price of $410, as humanoid robots are expected to significantly increase demand for rare earth metals, potentially adding $800 billion to the demand for critical minerals by 2050 [6] - The rare earth market is anticipated to see price increases as supply becomes more concentrated, with humanoid robots expected to enter mass production by 2025 [6] Group 7: Macro and Industry News - The National Bureau of Statistics is developing policies to foster a unified national data market [6] - The Ministry of Commerce has communicated with semiconductor companies in Europe regarding rare earth export control policies to maintain global supply chain stability [6] - State-owned enterprise profits totaled 1.349 trillion RMB from January to April, a year-on-year decrease of 1.7% [6]

小型模块化反应堆（ SMR ）依靠批量制造来降低成本，但迄今为止，美国尚未建造过一个。 不过，这并未阻止亚马逊、谷歌、 Meta 和微软参与其中。他们要么签署协议，从核能初创企 业购买电力，要么直接对这些企业进行投资 —— 或两者兼有。 以下是由大型科技企业支持的核裂变初创公司名单。 Kairos Power 导 语：科技巨头押注核能，一场AI算力与核能革新的双向奔赴正在上演。 人工智能的兴起使美国的电力需求飙升，此前电力需求多年来几乎处于零增长状态。这一趋 势促使大型科技公司争相为其数据中心争取发电能力。 对于许多人来说，这意味着转向核裂变作为能源。经历了数十年的核电站关闭后，这一能源 来源在过去几年中迎来了复兴。（核裂变是所有现有核电站使用的技术，与核聚变不同。核 聚变是一种仍处于实验阶段的技术，尝试从原子中获取能量。尽管该技术吸引了投资者，但 至今尚未实现输出电能超过其消耗。） 对于科技公司来说，核裂变的 吸引力部分在于它能够提供稳定、可预测的全天候能源供应， 使得数据中心可以根据需要随时运行计算任务。 然而，核能吸引力的另一部分在于新型反 应堆设计，它们有望克服现有核电站的缺点。传统 核电站通常围绕庞 ...

Group 1 - The company, China Nuclear Engineering Construction Corporation, will participate in a collective investor communication meeting organized by its controlling shareholder, China National Nuclear Corporation, on June 6, 2025 [1][2] - The event aims to provide investors with a comprehensive understanding of the company's operational results and financial status following the release of its 2024 annual report and 2025 Q1 report [1] - The meeting will take place at Nanjing Rongtong Huashan Hotel, Jiangsu Province, starting at 1:00 PM [1] Group 2 - The event has a limited capacity of 30 participants, and interested investors must register by June 3, 2025 [2] - Investors can submit questions via the company's email from May 29 to June 3, 2025, and the company will address common concerns during the meeting [2] - Contact information for the company's board office is provided for further inquiries [2]

Group 1: Interest Rates and Bonds - HSBC suggests that without support from the Bank of Japan, the Japanese government bond yield curve may continue to steepen due to unfavorable factors leading to a prolonged steep curve [1] - The clarity of Japan's fiscal policy trajectory and the Bank of Japan's bond purchasing plan will be crucial for stabilizing the long-term yield curve in the coming weeks [1] Group 2: Commodity Prices - ANZ analysts report that a weaker US dollar and tight market supply are expected to drive up base metal prices, with copper rising 1.2% to $9,614 per ton [2] - Concerns about the economic backdrop are limiting the price increases of other base metals, although aluminum market supply growth is slowing, which may keep the overall market tight [2] Group 3: Trade and Travel - The Royal Bank of Canada indicates that trade tensions are reshaping Canadian travel plans, potentially boosting domestic consumption while widening the US trade deficit [3] - A notable decline in Canadians returning from the US was observed, with a 20% drop in air travel and a 26% drop in car travel in April [3] Group 4: US Fiscal Policy - CICC reports that the "one big beautiful bill" passed in the House is likely to significantly increase the US fiscal deficit over the next decade, with a debt issuance wave expected between July and September [4] - The report highlights that the US may not have the conditions to effectively reduce the deficit due to structural issues and global competition [4] Group 5: Market Trends - Zhongyuan Securities suggests focusing on sectors like power equipment, grid equipment, and cultural media, as the market is expected to steadily trend upwards [5] - CITIC Securities notes that the trade war is causing structural changes in the global stock market, with a shift in capital allocation towards financial and technology sectors [6] Group 6: Nuclear Industry - CITIC Securities indicates that the controllable nuclear fusion industry is expected to accelerate due to favorable policies, increased financing, and technological advancements [7] - Huatai Securities sees opportunities in the nuclear power equipment sector as uranium prices recover and global nuclear energy policies strengthen [8]

Group 1 - French President Macron's visit to Indonesia aims to deepen strategic partnerships in defense, energy, trade, and education, coinciding with the 75th anniversary of diplomatic relations between France and Indonesia [1] - Macron emphasizes ambitious and structurally impactful projects to enhance bilateral relations, focusing on key metals and energy transition sectors to create a "tomorrow's economy" [3] - The visit includes a delegation of French business leaders from companies such as EDF, Dassault Aviation, Airbus, Naval Group, and CMA CGM, highlighting France's strengths in nuclear energy and military equipment [3] Group 2 - Indonesia plans to accelerate its nuclear energy development, with plans to build its first nuclear power plant and deploy around 20 small modular reactors across various islands in the coming years [3] - During the visit, Indonesia is expected to announce an additional order for approximately 12 Rafale fighter jets, following a previous agreement worth $8.1 billion for 42 Rafale jets, with the first delivery expected in early 2026 [4] - France aims to enhance cooperation in higher education and research, addressing the relatively low number of Indonesian students studying abroad despite the country's population of over 270 million [4]

Core Viewpoint - The A-share controllable nuclear fusion sector has seen significant growth, driven by accelerated commercialization of nuclear energy, with the potential for limitless energy generation if controllable nuclear fusion is realized [1] Industry Overview - Controllable nuclear fusion is based on the fundamental principles of stellar energy release, offering a clean, efficient, and sustainable energy source with minimal radioactive waste [1] - The primary fuels for nuclear fusion are tritium and deuterium, with 1 liter of seawater capable of extracting 0.035 grams of deuterium, releasing energy equivalent to burning 300 liters of gasoline, and the global supply of deuterium from seawater could last for over a hundred billion years [1] Technological Pathways - Global fusion research primarily focuses on two main technological pathways: magnetic confinement fusion and inertial confinement fusion, with ITER being the most representative project for magnetic confinement and the National Ignition Facility (NIF) for inertial confinement [1] - Magnetic confinement fusion is considered the most effective approach for developing fusion energy due to its longer energy confinement time, higher technological maturity, and stronger engineering feasibility [1] Domestic Industry Chain - The domestic controllable nuclear fusion industry chain is taking shape, with upstream companies providing raw materials such as superconducting materials and tungsten-based materials [2] - Key players in the upstream include Western Superconducting (SH688122), Shanghai Superconductor, and Antai Technology (SZ000969), among others [2] - Midstream equipment manufacturers include Western Superconducting and Guoguang Electric (SH688776), which supply components for magnetic confinement systems [2] Application and Commercialization - Downstream application firms include China National Nuclear Power Co. and China General Nuclear Power Group, responsible for the operation and construction of nuclear power plants [3] - The commercialization of controllable nuclear fusion is progressing, with various companies involved, although many have not disclosed the revenue contribution from related businesses [3] - Guoguang Electric's products are key components for the ITER project, while Western Superconducting is the only domestic producer of superconducting materials for ITER and is also involved in the CFETR project [3] Future Prospects - The timeline for the commercialization of controllable nuclear fusion is projected around 2030, with significant advancements expected by 2035 [5] - The BEST project in Hefei aims to enhance the economic viability of nuclear fusion energy and is expected to complete by 2027, potentially becoming the world's first compact fusion energy experimental device [5][6] - Achieving commercial viability requires meeting specific criteria, including maintaining plasma conditions and achieving a fusion gain greater than one [6]

本篇评级为★★★，主要围绕以下内容展开： 1、成交量继续萎缩，会有反转吗？ 所以，如果稍微把时间拉长一点，很可能因为政策推动，这些赛道会再次聚集关注度。但短期来看，因 为还在酝酿期间，处于非常初步的阶段，所以不太可能在市场上掀起风浪。这就是政策层面兑现较少的 原因。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 今天国内市场遇到的一个比较大的问题是成交量的下滑，成交量继续下跌并跌破了1万亿。一般来说， 跌破整数关口会对市场情绪造成一定的向下压力。所以今天大家看到市场上整体性的机会比较缺失。 除了个别赛道，比如我们之前跟大家聊到的核能和资源板块仍在继续上涨之外，其他板块的表现机会都 不大。这导致资金再次回流到一些避险性赛道，比如银行，或者是一些稳健型赛道，如消费。但即使这 些赛道，今天的涨幅也乏善可陈。 那么，成交量的问题会不会成为市场上巨大的压制因素，让整个市场向下砸出一个深深的坑呢？我们一 起来看一下。个人认为，今天市场包括前两天成交量不足，有一个时间点的问题，那就是越来越接近5 月底月末。一 ...

Core Viewpoint - The Italian business community emphasizes the urgent need to return to nuclear energy and supports the development of small modular reactor (SMR) technology [1] Group 1 - The Italian business sector is advocating for a swift transition back to nuclear energy as a solution to energy challenges [1] - There is a strong endorsement for small modular reactors, which are seen as a key technology for future energy production [1] - The call for nuclear energy reflects a broader trend in Europe towards sustainable and reliable energy sources [1]