今天分享的是：摩根大通：2025年炼金术士放眼市场展望报告 报告共计：49页 《摩根大通：2025年炼金术士放眼市场展望报告》核心内容总结 本报告由摩根资产及财富管理市场及投资策略部主席岑博智撰写，聚焦2025年全球市场多个关键领域的趋势与挑战，涵盖人工 智能、核能、美国政策、中国经济、欧洲局势、加密货币等方面。 人工智能：驱动市场但需警惕风险 投资者对核电前景憧憬推动相关股票上涨，美国政府也出台新法加速核电发展，如《Advance法案》简化审批流程。但核能项目 成本超支问题严重，如佐治亚州Vogtle 3核电站多次延误且运行不稳定。小型模块化反应堆虽被寄予厚望，但2025年美国并无此 类项目开工，且新一代核设计（如熔盐堆、高温气冷堆）商业化仍需时日，中国相关项目也面临运行能力不足的问题。 美国政策：多领域影响市场 "炼金术士"政策涉及放宽监管、关税调整、减税等。放宽监管可能提升生产率，但与拜登政府监管激增形成对比。关税方面， 若对中国加征60%关税并实施普遍关税，可能拖累美国GDP增长，且中国反制措施（如限制稀土出口、抛售美债等）会加剧贸 易摩擦。美国政府支出削减困难，福利支出占比高，非国防自由支配支出已处 ...

扫码订阅 智能制造 产业日报， 精选行业新闻，帮你省时间！ 1【安徽赛富乐斯Micro-LED芯片及模组项目正式投产】6月26日，安徽赛富乐斯半导体科技有限公 司Micro-LED显示芯片和模组项目在安徽省六安市金安区正式投产。项目年产能达R系列量子点 mLED芯片15000kk（1.5亿颗），可满足约2万平方米商用显示屏的生产需求。（新浪财经） 2.【我国建成首个干法后处理科研样机集成台架】 6月28日，我国首个乏燃料干法后处理主工艺设备 科研样机集成台架（简称"干法后处理科研样机集成台架"）在中核集团中国原子能科学研究院葫芦岛 基地完成安装，标志着一体化闭式循环快堆核能系统干法后处理主工艺设备实现了从单机研发到系统 集成的跨越，为后续开展验证试验奠定了坚实基础。（财联社） 3.【隆基绿能启动印尼组件制造工厂项目】近日，隆基绿能宣布与印尼国家电力公司旗下新能源公司 Pertamina NRE达成战略合作，正式启动建设印尼先进光伏组件制造基地项目。该工厂年产能预计达 1.6吉瓦（GW），将采用隆基最先进的HPBC 2.0高效电池技术，生产高性能太阳能组件。项目计划 于2025年6月启动生产准备工作，建成后将大 ...

Core Viewpoint - Iran will continue its peaceful nuclear energy program despite external pressures and challenges [1] Group 1 - Iran has a significant number of nuclear experts and scientists who are committed to advancing the country's nuclear technology [1] - The Iranian ambassador highlighted that external actions, such as the killing of scholars and environmental destruction, will not deter Iran's progress in nuclear technology [1] - The ambassador emphasized that knowledge of nuclear technology cannot be erased from the minds of Iranian scientists, regardless of external threats [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603169 证券简称：兰石重装公告编号：临2025-061 兰州兰石重型装备股份有限公司关于公司2024年年度报告问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 兰州兰石重型装备股份有限公司（以下简称"公司"）于2025年6月3日收到上海证券交易所下发的《关于 兰州兰石重型装备股份有限公司2024年年度报告的信息披露监管问询函》（上证公函【2025】0713号） （以下简称"《年报问询函》"）。公司收到《年报问询函》后高度重视，会同利安达会计师事务所（特 殊普通合伙）（以下简称"年审会计师"）就《年报问询函》提及的事项逐项进行了认真讨论、核查与落 实，现就有关事项具体回复如下： 问题1：关于业绩承诺。年报及相关公告显示，公司于2021年10月以12,925.00万元收购完成中核嘉华设 备制造股份公司(以下简称"中核嘉华")55%的股份，交易对手方作出业绩承诺，中核嘉华在2022-2024年 三年业绩承诺期累计实现净利润不低于4,700万元。截至20 ...

Core Viewpoint - The U.S. Department of the Treasury has issued a new general license allowing certain civilian nuclear energy transactions involving designated Russian financial entities, valid until December 19, 2025 [1] Group 1 - The license specifically pertains to transactions that are related to civilian nuclear energy, indicating a potential area of cooperation despite existing geopolitical tensions [1] - The authorization reflects a strategic decision by the U.S. to engage in specific sectors of trade with Russia, which may have implications for the nuclear energy industry [1]

美国核能股上涨，据悉特朗普计划下令以增强电力供应以支持人工智能发展。 ...

以下文章来源于东四十条资本 ，作者杨博宇 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 一场围绕终极能源的产业竞赛已经开始了。 作者丨 杨博宇 来源丨 东四十条资本 AI之后，下一个风口是什么？这个月，硅谷巨头和中国央企都给出了答案。 本月，英伟达旗下的风险投资部门NVentures投资了比尔·盖茨创办的核技术公司泰拉能源（TerraPower）。参与投资的还 包括韩国现代重工（HD Hyundai）和比尔盖茨本人。这轮融资共计6.5亿美元，约合人民币47亿元，将是泰拉建设首座反应 堆的资本"燃料"。 在泰拉能源发布公告的前一天，中石油也发布重磅消息：将为中石油昆仑资本增资32.75亿元，用来投资可控核聚变项目。据 澎湃新闻报道，投资标的正是可控核聚变国家队——中国聚变能源公司。 一边是硅谷AI巨头，一边是央企中国石油，不约而同重金押注"人造太阳"，一场围绕终极能源的产业竞赛已经开始了。截至目 前，中国已经有9家核聚变产业链公司获得投资，美国创业团队则占到了全球近50家核聚变企业的一半以上。中美两 ...

据塔斯社：哈萨克斯坦预计将在今年年底前与俄罗斯签署关于核电站建设的政府间协议，成本可能至少 需要140亿美元。 ...

Core Insights - The global clean energy sector is evolving, with nuclear energy stocks like Oklo Inc. (OKLO) and NANO Nuclear Energy Inc. (NNE) gaining attention due to rising government support and investment in small modular and advanced nuclear technologies [1][2] Group 1: Company Achievements - Oklo's subsidiary, Atomic Alchemy, began site characterization work for a commercial radioisotope production facility in Idaho in June 2025 [3] - Oklo received a Notice of Intent to Award for deploying its Aurora powerhouse at Alaska's Eielson Air Force Base, which would allow it to design, build, and operate the plant [4] - The U.S. Nuclear Regulatory Commission started reviewing Oklo's Licensed Operator Topical Report, indicating progress towards obtaining a license for its Aurora powerhouses [5] - NANO Nuclear signed a Memorandum of Understanding with the Namibia Industrial Development Agency to explore building a domestic nuclear fuel supply chain in Namibia [8] - NANO Nuclear filed six new utility patent applications for its ZEUS microreactor, showcasing its commitment to innovation in compact nuclear technologies [9] Group 2: Financial Stability - Oklo ended Q1 2025 with $201 million in cash and cash equivalents, indicating a solid financial footing to support its Aurora powerhouse development [6] - NANO Nuclear ended the fiscal second quarter of 2025 with $119 million in cash and cash equivalents, also showing a strong liquidity position [10][11] Group 3: Challenges - Oklo is in the pre-revenue stage, with its first Aurora powerhouse not expected to be operational until 2027, leading to limited income opportunities in the short term [7] - NANO Nuclear is also in the pre-revenue stage, focusing on R&D for its microreactors, which presents limited income opportunities and long regulatory timelines [12] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Oklo's 2025 EPS is a loss of 46 cents per share, an improvement from a loss of 74 cents per share the previous year [13] - The Zacks Consensus Estimate for NNE's fiscal 2025 EPS is a loss of $1.05 per share, a deterioration from a loss of 39 cents per share the previous year [14] Group 5: Stock Performance and Valuation - Oklo shares increased by 549.2% year over year, significantly outperforming NNE's 119.9% stock price gain [10][18] - Oklo's trailing 12-month Price/Book (P/B TTM) ratio is 28.72X, compared to NNE's 10.02X, indicating that NNE may offer a more attractive valuation [19] Group 6: Conclusion - Oklo has a stronger cash position and recent regulatory progress, while NANO Nuclear is at an earlier stage with a smaller capital base [22] - Oklo shows stronger stock momentum and improving EPS trends, while NNE appeals to value-oriented investors [23]

Group 1: Investment Trends in Nuclear Energy - Nvidia's NVentures invested $650 million in TerraPower, co-founded by Bill Gates, to support the construction of its first reactor [1][3] - China National Petroleum Corporation (CNPC) announced a capital increase of 3.275 billion yuan for Kunlun Capital to invest in controllable nuclear fusion projects [2][13] - The competition in the nuclear fusion industry is intensifying, with China having nine companies in the nuclear fusion supply chain and the U.S. accounting for nearly half of the global nuclear fusion firms [2][10] Group 2: TerraPower's Technology and Development - TerraPower focuses on sodium-cooled fast reactors (Natrium), which utilize liquid sodium as a coolant and can integrate with renewable energy sources [4][5] - The U.S. Department of Energy has allocated $2 billion to TerraPower, which has raised over $1 billion prior to the recent funding round [5][6] - TerraPower plans to build its first small modular reactor near a retiring coal plant in Wyoming, aiming for commercial operation by fall 2030 [6][10] Group 3: Broader Industry Dynamics - Bill Gates has invested in multiple nuclear technology companies through Breakthrough Energy Ventures, indicating a strong belief in nuclear energy as a clean power source [7][8] - Silicon Valley investors are increasingly backing nuclear energy, with significant investments in companies like TAE Technologies and X-energy [9][10] - The nuclear energy sector is experiencing a surge in startups, with 43 nuclear fusion companies globally as of the end of 2023, compared to only 14 before 2017 [10][11] Group 4: China's Nuclear Fusion Initiatives - China is advancing its nuclear fusion capabilities with significant investments from state-owned enterprises and private companies [13][16] - The China National Nuclear Corporation has made progress in developing the "Chinese Circulation No. 3" nuclear fusion reactor, achieving significant milestones in plasma current and temperature [14][16] - The Chinese nuclear fusion industry is characterized by a combination of state-led and private sector initiatives, with various companies making strides in technology development [16][17]