朋友们，今天A股表现整体走跌。但也有板块掀涨停潮，创历史新高！具体来看—— 截至收盘，沪指跌0.4%，深成指跌0.07%，创业板指跌0.19%，北证50指数涨0.49%。全市场成交11241亿元，较上日缩量663亿元。全市场超3000只个股上 涨。在板块题材上，PEEK材料、可控核聚变、汽车零部件、化学制药板块涨幅居前，物流、美容护理、保险、化学纤维板块跌幅居前。 【此前报道：】 PART1 PEEK材料板块领涨 在盘面上，PEEK材料板块今天领涨，涨幅收于3.4%。 近日，PEEK材料领域再次传来利好消息。天赐材料在业绩说明会上表示，公司在PEEK材料方面已针对相关产品制造方法及上游原材料进行了研发及专利 布局，目前处于产品中试验证阶段，已有小批量订单供应。 近期，万润股份也表示其开发的PEEK材料已完成前期研发和中试工作，正积极推进下游推广验证工作。 这标志着国内PEEK材料产业化进程正在加速推 进。 汽车产业链全线走强 汽车产业链板块今日爆发，多股涨停。 【此前报道：】 今年以来，受以旧换新补贴延续政策驱动，汽车市场销量持续高增长。乘联会数据显示，乘用车市场1月至4月累计实现销售687.2万辆，同比增长 ...

Group 1 - Huawei and UBTECH have signed a comprehensive cooperation agreement to promote humanoid robots, focusing on technology research and application in various scenarios [2] - The humanoid robot industry is expected to accelerate significantly, with policy support and increased participation from various market players, leading to mass production by 2025 [2] - The domestic smartphone market saw a shipment of 22.765 million units in March, a year-on-year increase of 6.5%, with 5G phones accounting for 85.3% of total shipments [3] Group 2 - The first AG600 amphibious aircraft has completed assembly and is set for test flights, with significant demand for commercial aircraft engines projected to exceed $600 billion over the next 20 years [4] - Japan is participating in the design of durable and safe nuclear fusion reactors, with domestic projects accelerating, indicating a catalytic period for the nuclear fusion sector [5] - The rapid development of controllable nuclear fusion technology is expected to benefit related companies as experimental reactors are deployed [5]

新能源行业更新：核聚变 AIDC 机器人 20250507 摘要 • 国内外资本开支稳中回升，云厂商资本开支回暖，多模态产品如火山引擎 和 DeepSeek 的发布，将带来对算力需求的持续稳定增长，为相关股票交 易策略提供关键数据支撑。 • 2025 年被视为核聚变元年，未来五年市场空间预计达 7,000 亿元，十年 或达 3 万亿元。国内工程示范堆和实验堆建设带来每年上百亿设备投资， EAST 项目进度提前，预示 75 亿以上设备市场空间释放。 • AIDC 行业受益于火山引擎等多模态产品及云厂商资本开支回暖，5 月迎来 布局机会，推理算力需求持续增长，推动行业发展并创造新的投资机会。 • 机器人领域轻量化是新技术方向，灵巧手传动系统向高分子材料转型，消 费型外骨骼设备渗透率提升迅速，为机器人减重和轻量化技术带来投资机 会。 • 全球核聚变技术在过去三年实现突破，如美国 NIF 装置实现 q 值大于 1.53，中国 EAST 项目创造一亿度 1,000 秒运行纪录，加速核聚变商业化 进程。 Q&A 以及实验堆已经可以带来每年上百亿的设备投资空间。例如合肥等离子物理研 究所的 EAST 项目，其组装进度比预期 ...

Market Overview - The market opened high and continued to rise throughout the day, with the Shanghai Composite Index gaining over 1% to return to 3300 points. The trading volume reached 1.36 trillion yuan, with nearly 5000 stocks in the Shanghai, Shenzhen, and Beijing markets showing gains [1]. Key Highlights 1. Nuclear Fusion - The nuclear fusion sector saw significant gains, with stocks like Hezhong Intelligent, Jiusheng Electric, and Lanshi Heavy Industry hitting the daily limit. This surge was catalyzed by the announcement from the ITER organization regarding the completion of the world's largest and strongest pulsed superconducting magnet system, marking a milestone in fusion energy [4][5]. - The Hefei compact fusion energy experimental device (BEST) project has also commenced ahead of schedule, further boosting investor confidence in the sector [4]. - The market for Tokamak nuclear fusion is projected to reach 681 billion yuan by 2025-2030, with potential growth to 3 trillion yuan by 2030-2035, driven by the rapid development of experimental reactors [5][6]. 2. Rare Earth Materials - The rare earth materials sector experienced a notable increase, with companies like Huayang New Materials and Shenghe Resources seeing their stocks hit the daily limit. The price of dysprosium has doubled since early April, reaching $850 per kilogram, while terbium prices surged from $965 to $3000 per kilogram [7][8]. - The Chinese government has implemented export controls on several rare earth elements, which is expected to tighten supply and increase domestic demand for these materials [9]. 3. Huawei Supply Chain - The Huawei supply chain stocks performed well, with companies like Chuanrun Co. and Changshan Beiming seeing significant gains. Huawei's recent launch of the CloudMatrix 384 super node has been a key driver, with the system utilizing 384 Ascend chips to provide high-performance computing capabilities [10][11]. - The upcoming release of Huawei's HarmonyOS-powered computers is anticipated to fill a significant gap in the domestic computer operating system market, enhancing performance and user experience [12].

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss developments in the AI computing power sector and nuclear fusion technology, highlighting advancements in domestic capabilities and international collaborations [1][2][3][4]. Key Insights and Arguments 1. **AI Computing Power Demand**: - The demand for domestic AI computing power is expected to maintain a high growth trend in the long term, driven by innovations in algorithms and architectures [2]. - DeepSeek has released the Prover-V2 model with 671 billion parameters, which supports efficient training and deployment, indicating a significant upgrade from its predecessor [1]. 2. **Strategic Partnerships**: - Companies like润建股份 and拓维信息 are actively engaging in the domestic computing ecosystem, collaborating with major tech firms like Huawei to develop integrated hardware and software solutions [2]. - The partnership with Huawei aims to create a comprehensive technology stack from computing hardware to application software, enhancing the deployment of AI models [2]. 3. **Nuclear Fusion Developments**: - The completion of the world's largest superconducting electromagnetic system for the ITER project marks a significant milestone in nuclear fusion technology [3]. - The system's components, including the central solenoid, are crucial for the operation of the fusion reactor, showcasing advancements in China's nuclear fusion capabilities [3][4]. 4. **Investment and Market Trends**: - There is a notable increase in investments in the nuclear fusion sector, with multiple entities bidding for projects, indicating a growing interest and potential for future growth in this field [3]. - The market is witnessing a rotation of hot sectors, with AI, robotics, and computing power stocks showing significant activity and investment interest [8][14]. Additional Important Content - **Technological Innovations**: The DeepSeek-Prover-V2 model utilizes a mixture of experts (MoE) architecture and supports long context processing, which is essential for complex mathematical proofs [1]. - **Market Performance**: The trading volume for stocks related to AI and computing power has increased, with a notable number of stocks reaching new highs, reflecting investor confidence in these sectors [8][14]. - **Collaborative Efforts**: Companies are forming joint ventures and partnerships to enhance their capabilities in both AI and nuclear sectors, indicating a trend towards collaborative innovation [4][16]. This summary encapsulates the critical developments and insights from the conference call records, focusing on the advancements in AI computing power and nuclear fusion technology, along with the strategic partnerships and market trends shaping these industries.

【中信证券新材料】行业跟踪点评：关注自主可控同时有明显增量的核聚变&核电、半导体及机器人材料 （2025/5/6） 关税影响暂时趋于缓和，但中期展望贸易形势仍旧较为复杂，我们看好以内需为主导，景气度长期向上的可控 核聚变、核电、军工等标的，同时建议关注机器人材料在政策引导下的板块回暖，以及半导体相关材料和零部件 自主可控和国产替代的持续演绎。 可控核聚变：5月1日BEST项目工程总装工作正式 【中信证券新材料】行业跟踪点评：关注自主可控同时有明显增量的核聚变&核电、半导体及机器人材料 （2025/5/6） 核聚变关键零部件在国内均有成熟供应体系，受外部冲击较小，作为新基建可拉动产业链需求释放。 建议关注国光电气、合锻智能、永鼎股份等。 核电：中越、中马联合声明提及核电合作，我们判断核电出口预期加强，有望进一步打开市场空间，建议关注 大西洋、中核科技、中密控股等。 人形机器人：板块回调较早且幅度较深，政策驱动下反弹趋势更为确定，建议关注南山智尚、同益中、福莱新 材、聚杰微纤。 半导体：美国特朗普政府可能最快于本周公布针对半导体加征关税的细节，市场预估税率可能高达25%～ 100%，国内将加快科技自立自强步伐，国 ...

Group 1: AI Companion Robots - ZTE Corporation is entering the AI companion robot market, planning to launch home robots that provide emotional value and safety protection [1] - The global companion robot market is projected to grow from 75 billion yuan in 2023 to 304.3 billion yuan by 2029, with a CAGR of 25.56% from 2024 to 2029 [1] Group 2: Instrumentation and Equipment - Tektronix announced a price adjustment due to rising tariffs and component costs, effective from April 27 [2] - Domestic substitution in the instrumentation sector is accelerating, with only 15.2% of analytical instruments and 37.7% of general electrical measurement instruments being domestically produced [2] Group 3: Data Elements - The National Data Bureau has released 70 demonstration scenarios for public data utilization, aiming to enhance data supply and empower industry development [3] - Key tasks include establishing data property rights, efficient data circulation systems, and fair data revenue distribution [3] Group 4: Commercial Aerospace - The Shenzhou-20 manned spacecraft successfully docked with the Tiangong space station, marking a significant milestone in China's space history [4] - The 2025 China Aerospace Conference showcased various aerospace companies and their core products, including models of rockets and commercial space stations [4] Group 5: Low-Code Development - DeepSeek's new model, DeepSeek R2, is set to launch in early May, expected to reduce costs by 97% compared to GPT-4 [5] - The model will enhance low-code development, with predictions that 70% of enterprise applications will be based on low-code platforms in the next five years [5] Group 6: Controlled Nuclear Fusion - China's "Xuanlong-50U" spherical hydrogen-boron fusion device achieved a breakthrough by generating high-temperature, high-density plasma currents [6] - Hydrogen-boron fusion is gaining attention for its clean fuel source and potential for commercialization [6] Group 7: Brain-Computer Interfaces - The Chinese Academy of Sciences has developed a flexible microelectrode implantation robot, CyberSense, which has passed pre-acceptance tests [7] - This technology supports brain-computer interface research and brain science studies [7]

随着人工智能（AI）加速向各行各业渗透，其在核聚变领域也掀起新一波科研与应用的 探索热潮。 4月21日，一场"受控核聚变与人工智能技术"为主题的学术会议在河北廊坊举行。会议 由中国核学会核聚变与等离子体物理分会主办，吸引学界和业界近200位头部尖端人才参 加。 在三天时间里，上百位专家以主旨报告、墙报张贴的方式分享各分支板块对聚变领域人 工智能研究的最新成果与经验，涉及AI在核聚变装置运行控制中的应用、受控核聚变的智 能模拟、聚变装置数字化与智能化平台等多个前沿课题。 有专家在现场接受媒体采访时直言，在高温超导技术与人工智能的加持下，聚变研发正 从"永远50年"进入"10—20年"窗口期，商业公司的高效运作可能进一步缩短时间。目前，业 内开始倾向于形成一个新共识——最快在2035年，就有望看到聚变商业应用的曙光。 AI赋能作用开始显现 "近年来，AI在等离子体物理与可控核聚变研究领域展现出强大的赋能作用。深度学 习、强化学习等前沿算法技术被引入，应用于等离体模型程序的加速计算、复杂物理现象的 实时识别与预测，以及聚变装置智能化运行控制等场景，带来一系列令人鼓舞的技术突 破。"核工业西南物理研究院（以下简称"西 ...

Core Viewpoint - The trade war is in a stalemate phase, making unexpected stimulus and compromise-based trade agreements unlikely to occur [2][3][4] Group 1: Economic Resilience and Policy Options - The stalemate phase tests the economic resilience of both countries, with China having more policy options, greater space, and longer endurance compared to the U.S. [4] - For China, maintaining its interests and bottom line in the trade war is more important than sustaining a specific economic growth figure [3] - The U.S. faces challenges such as supply chain disruptions, production slowdowns, and inflationary pressures, which limit its fiscal and monetary policy options [6] Group 2: A-Share Market Dynamics - The A-share market is a key element in boosting confidence during the trade war, with strong government commitment to stabilize the capital market [9] - Since April 7, significant inflows into passive ETFs have been observed, with a total net inflow of 1.5 trillion yuan into large-cap ETFs and 491 billion yuan into small-cap ETFs [10] - The central bank's liquidity support for the stock market indicates a long-term holding strategy, aiming to stabilize the domestic stock market regardless of overseas fluctuations [10] Group 3: Hong Kong Market Outlook - The Hong Kong market may be a weak link in the short term, but there is still a noticeable underweight of mainland funds in Hong Kong stocks [11][12] - The potential for future capital inflows into the Hong Kong market is significant, driven by both domestic and international investors seeking to diversify their portfolios [12] Group 4: Investment Opportunities - From a risk-averse perspective, sectors such as autonomous technology, those benefiting from European capital expenditure expansion, essential consumer goods, stable dividends, and materials not reliant on short-term performance are expected to outperform [13][14] - Key trends to monitor include the increasing recognition of China's technological self-sufficiency, rising European demand in various sectors, and strengthened trade and technological cooperation between China and non-U.S. markets [14]

Group 1: Industry Insights - The drug regulatory authority has introduced a new data protection policy for drug trial data, granting 6 years of protection for innovative drugs and 3 years for improved and first-generic drugs [3] - The policy aims to accelerate the development of innovative drugs through faster approval processes and supportive pricing and reimbursement policies, particularly for differentiated innovative drugs [3] - The performance of major drug varieties is expected to accelerate, with significant growth anticipated for PD-1/IL-2 drugs by 2025 [3] Group 2: Automotive and Chip Industry - Local governments are promoting the implementation of L3 autonomous driving, particularly in cities like Beijing and Wuhan, supported by legal frameworks [4] - The cost of intelligent driving systems is significantly decreasing, with expectations that models priced above 150,000 yuan will standardize high-level intelligent driving systems [4] - Horizon Robotics, a leading domestic intelligent driving chip manufacturer, is expected to ship over 10 million units of its chips by 2025 [4] Group 3: Nuclear Fusion Industry - The nuclear fusion sector is attracting significant investment and participation from various companies, with strong government support for its development [5] - The U.S. is constructing the world's first commercial nuclear fusion power plant, with notable advancements in plasma confinement and fusion power output from international facilities [5] - The advantages of nuclear fusion power include stability and minimal greenhouse gas emissions, which are driving interest in the sector [5] Group 4: Chemical Industry - The demand structure for chromium salts is changing, with significant growth expected in the aerospace sector due to the material's properties [6] - Global gas turbine orders are projected to increase from 40 GW/year in 2023 to 80 GW/year by 2026, driving demand for chromium salts [6] - The chemical sector is anticipated to enter a restocking cycle as inventory levels are low and demand is expected to rebound [6]