上周A股 过去一周（11月17日—11月21日），A股三大指数集体下跌。截至11月17日收盘，上证指数报3834.89 点，周跌3.90%；深成指报12538.07点，周跌5.13%；创业板指报2920.08点，周跌6.15%。 具体来看，仅9.5%的个股周内实现上涨，57股周涨超15%，259股周跌超15%。按照申万一级行业分 类，上周无等板块上涨，电力设备、综合、基础化工等板块领跌。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3834.89 | -155.6(-3.9%) | | 深证指数 | 12538.07 | -677.96(-5.13%) | | 创业板指 | 2920.08 | -191.43(-6.15%) | | | 日期:11月17日-11月21日 制图:21投资通 | | 周五外盘 纽约股市三大股指11月21日上涨。截至11月21日收盘，道琼斯工业平均指数比前一交易日上涨493.15 点，收于46245.41点，涨幅为1.08%；标准普尔500种股票指数上涨64.23点，收于6602.99点，涨幅为 0.98%；纳斯达克综合指数上涨 ...

Market Overview - The market experienced a significant decline, with the Shanghai Composite Index dropping over 2% and the ChiNext Index falling over 4% on November 21, leading to a total trading volume of 1.97 trillion yuan, an increase of 257.5 billion yuan from the previous trading day [1][2] - Nearly 5,100 stocks fell, with 99 stocks hitting the daily limit down, indicating a broad market downturn [1] Key Industry Developments - Sixteen hard technology-themed funds were rapidly approved, focusing on AI and chips, which is expected to enhance liquidity in the tech sector, although the impact on market sentiment may be limited due to low risk appetite [3][5] - Changxin Storage launched its latest DDR5 product series, marking a significant advancement in domestic storage chip technology, which is expected to benefit the semiconductor industry in the long term [3][5] - The first large-capacity all-solid-state battery production line in China has been established, potentially leading to significant advancements in battery technology and increased energy density for electric vehicles [3][6] - Huawei officially released and open-sourced its innovative AI container technology, Flex:ai, which aims to improve the utilization of computing resources in AI workloads [3][7] - The Ministry of Industry and Information Technology announced the official launch of commercial trials for satellite IoT services, aimed at stimulating private sector growth and supporting the integration of the digital economy with the real economy [3][7] Global Market Influences - The U.S. government is considering allowing NVIDIA to sell H200 chips to China, which could alleviate AI computing power bottlenecks and benefit the domestic AI industry [3][10] - Federal Reserve officials indicated potential room for interest rate cuts, which has increased market speculation regarding future monetary policy adjustments [3][10] Strategic Insights - The market is expected to continue its volatile adjustment phase in the short term, with a focus on liquidity pressures and the upcoming December economic policy meetings [4] - Long-term investment opportunities may arise from sectors benefiting from policy support and supply-demand improvements, such as steel, agriculture, and lithium batteries [4]

Group 1 - The "Hualong One" Unit 2 in Zhangzhou, Fujian, has successfully connected to the grid, marking a significant advancement in the mass construction of the "Hualong One" nuclear power project [1] - The Zhangzhou nuclear power plant is planned to have 6 "Hualong One" units, with Units 1 and 2 already completed [3] - Once fully operational, the plant is expected to provide over 60 billion kilowatt-hours of clean electricity annually, meeting 75% of the total electricity consumption of Xiamen and Zhangzhou in southern Fujian [3] Group 2 - As of November 22, the "Global Energy Transition Report (2025)" indicates that China has established the largest and most complete clean energy industry chain in the world [4] - The proportion of coal-fired power generation in China has been continuously declining in recent years [4]

近日，国际能源署发布《2025年世界能源展望》报告强调，未来几十年，全球对能源服务特别是电力需 求将持续增长，包括交通、供暖、制冷、照明及其他家庭与工业用途的能源需求将快速上升，同时，数 据和人工智能相关服务需要的能源供应也将大幅上扬。 电力是当代工业和数字经济的命脉，目前，电力仅占全球终端能源消费的20%，但支撑起全球经济总量 40%以上领域，也是大多数家庭的核心能源保障。在可预见的时间内，全球电力需求增速将远高于能源 消费总量增速。这在当前全球能源投资中已有明显体现，对电力供应与终端电气化投资已占全球能源投 资总量的50%。 国际能源署多年来的分析持续凸显电力在全球经济中日益重要的地位。国际能源署署长法提赫·比罗尔 指出，与过去10年的趋势不同，电力消费增长不再局限于新兴经济体和发展中经济体。数据中心和人工 智能带来的电力需求迅猛增长，同样大幅推升了全球发达经济体的用电量。2025年全球数据中心投资预 计将达5800亿美元，已超过全球石油供应投资的5400亿美元，体现出全球经济形态的深刻变革。 报告指出，伴随着国际能源市场变革和国际政治格局动荡，在油气供应等传统能源安全风险之外，其他 关键矿产资源领域的脆 ...

报告显示，以光伏为首的可再生能源增速领先其他主要能源，到2035年，全球80%的能源消费增长将发 生在太阳辐照优质区域。同时，全球核电产业加速复苏，经历20多年停滞后，预测在2035年前，全球核 电装机容量至少能够实现三分之一的增长。同时，对传统大型核电站和小型模块化反应堆等新型设计的 投资将保持双线增长。 近日，国际能源署发布《2025年世界能源展望》报告强调，未来几十年，全球对能源服务特别是电力需 求将持续增长，包括交通、供暖、制冷、照明及其他家庭与工业用途的能源需求将快速上升，同时，数 据和人工智能相关服务需要的能源供应也将大幅上扬。 电力是当代工业和数字经济的命脉，目前，电力仅占全球终端能源消费的20%，但支撑起全球经济总量 40%以上领域，也是大多数家庭的核心能源保障。在可预见的时间内，全球电力需求增速将远高于能源 消费总量增速。这在当前全球能源投资中已有明显体现，对电力供应与终端电气化投资已占全球能源投 资总量的50%。 国际能源署多年来的分析持续凸显电力在全球经济中日益重要的地位。国际能源署署长法提赫·比罗尔 指出，与过去10年的趋势不同，电力消费增长不再局限于新兴经济体和发展中经济体。数据中心 ...

Group 1: 5G and Industrial Internet - The Ministry of Industry and Information Technology emphasizes accelerating the construction of 5G factories and enhancing forward-looking research on the integration of 6G and industry [1] Group 2: Memory Products - Changxin Storage launched its latest DDR5 product series with a maximum speed of 8000 Mbps and a maximum chip capacity of 24 Gb, showcasing its competitive technological strength in the market [2] Group 3: Low-altitude Economy - The low-altitude economy market in China is expected to reach 1.5 trillion yuan this year, with projections to exceed 2 trillion yuan by 2030, driven by significant growth in the low-altitude equipment industry [3] - A report indicates that the next five years present a strategic opportunity for low-altitude infrastructure development, recommending the construction of various facilities to support local economic needs [8] Group 4: Clean Energy Industry - China has established the world's largest and most complete clean energy industry chain, with energy transition investments reaching 818 billion USD last year, marking a 20% increase [4] Group 5: Commercial Aerospace - The establishment of the Commercial Aerospace Office is expected to enhance coordination in the satellite industry, improving efficiency in satellite operation licensing and launch approvals [5] Group 6: Satellite IoT - The Ministry of Industry and Information Technology has initiated commercial trials for satellite IoT services, aiming to enrich the satellite communication market and support emerging industries [10] Group 7: Nuclear Power - The world's largest "Hualong One" nuclear power base has successfully connected its second unit to the grid, marking significant progress in the batch construction of this technology [11]

Core Insights - China's "Hualong One" nuclear power unit 2 has successfully connected to the grid, marking a significant advancement in the mass construction of this technology [2] - The completion of the "Hualong One" nuclear power base in Zhangzhou, Fujian, with six units planned, is expected to provide over 60 billion kilowatt-hours of clean energy annually, meeting 75% of the electricity demand for Xiamen and Zhangzhou [4] Clean Energy Industry - China has established the world's largest and most complete clean energy industrial chain, with a significant decrease in coal power's share from 58.7% in 2015 to 33.1% in the first half of 2025 [5] - The country's green hydrogen production capacity exceeds 150,000 tons per year, accounting for over 50% of the global total, with 540 hydrogen refueling stations built, representing 40% of the global share [8] Satellite IoT Business - The commercial trial of China's satellite IoT business has officially started, aimed at supporting the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy [9] Infrastructure Development - The completion of the world's largest span four-cable-stayed bridge, the Yanjin Changjiang Bridge, with a main span of 1860 meters, adds to China's infrastructure achievements [11] Battery Technology - China has built its first large-capacity all-solid-state battery production line, which is expected to enhance electric vehicle range from 500 kilometers to over 1000 kilometers [13] - The production line is currently undergoing small batch testing, with plans for mass production between 2027 and 2030 [15]

Group 1: Industry Insights - The successful grid connection of the Fujian Zhangzhou Nuclear Power Unit 2 on November 22 marks significant progress in the mass construction of the "Hualong One" nuclear power technology [1] - Zhangzhou Nuclear Power is the starting point for the mass construction of "Hualong One" and is currently the largest "Hualong One" nuclear power base globally, with plans to build six units [1] - Once fully operational, the base is expected to provide over 60 billion kilowatt-hours of clean electricity annually, meeting 75% of the electricity demand for Xiamen and Zhangzhou in southern Fujian [1] - The global demand for electricity is increasing, and nuclear power is becoming a crucial energy choice due to rising environmental awareness and fluctuations in fossil fuel prices and supply [1] - According to the World Energy Statistics Yearbook 2025, nuclear power is projected to account for 9% of the global electricity generation in 2024, with 417 operational nuclear reactors and a total installed capacity of 377 million kilowatts as of March 2025 [1] Group 2: Company Developments - Jiangsu Shentong has 150,000 nuclear power valves online, with a market share exceeding 90% for key products like nuclear-grade butterfly and ball valves, covering major reactor types including AP1000 and Hualong One [2] - China Nuclear Power is primarily focused on constructing "Hualong One" units, expecting to have 3-4 nuclear power units reach the First Concrete Pouring (FCD) stage each year in the coming years [2]

明日主题前瞻 1、算力 | 日前，谷歌在其全员大会上披露了未来AI基础设施的宏伟目标，计划"每6个月将算力容量翻倍"，并在未来4到5年内实现"1000倍能力提升"，谷歌 云AI基础设施负责人Vahdat强调，AI基础设施竞争是整个AI竞赛中最关键、也最昂贵的部分。他指出，谷歌的任务不是比谁花得更多，而是要构建更可靠、 更高性能、更具扩展性的基础设施。 点评：分析认为，本周谷歌接连发布Gemini3通用AI模型与Nano Banana Pro专业图像生成模型，实现双产品AI革新，现象级多模态模型的推出有望进一步提 升算力与存力的需求。谷歌CEO皮查伊近日指出，计算能力供应是当前的核心瓶颈。与此同时，英伟达数据中心业务的强劲增长，直接印证了人工智能和大 型模型训练对高性能计算的巨大渴求，显著减缓了市场对AI泡沫预期破裂的风险。机构认为，AI正逐步推动基础设施投资与商业模式形成闭环，看好AI产 业链业绩上修与估值提升机遇以及AI需求带动下的投资机遇。 2、存储 | 11月23日，长鑫存储正式发布其最新DDR5产品系列，最高速率达8000Mbps，最高颗粒容量24Gb，并同步推出覆盖服务器、工作站及个人电脑全 领域的 ...

Core Insights - The U.S. is facing a "national emergency" due to electricity shortages, primarily driven by the explosion of AI industry demand for power [5][6] - The U.S. government is restructuring its energy policy, shifting focus from renewable energy sources like wind and solar to fossil fuels and nuclear energy [1][2] - Nuclear power is being recognized as the optimal solution to meet the increasing electricity demands driven by AI, with significant investments planned in new nuclear facilities [4][11] U.S. Nuclear Power Developments - The U.S. government plans to directly procure and own up to 10 new large nuclear reactors, with a total investment of several hundred billion dollars, including $550 billion from Japan [2] - A $1 billion loan has been allocated to restart the Three Mile Island nuclear plant, which had been dormant for 40 years, to quickly address power needs [3] - The nuclear sector is expected to see a surge in investment opportunities, with a focus on small modular reactors (SMRs) and a projected doubling of global nuclear power demand by 2040 [8][11] AI's Impact on Energy Demand - McKinsey estimates that AI will increase U.S. electricity demand by 10% to 20% over the next 5 to 7 years, with significant power consumption from AI data centers [6][7] - The U.S. Energy Information Administration predicts that by 2030, AI data centers could account for 20% of global electricity consumption, leading to a projected power shortfall of 73.2 GW in the U.S. [6] China's Nuclear Power Initiatives - China is also experiencing a surge in electricity demand due to AI, with plans to triple its nuclear capacity by 2035 [13][14] - The investment in nuclear power construction in China is projected to reach 146.9 billion yuan in 2024, marking a 54% increase year-on-year [13] - China's nuclear power sector is expected to benefit from policy support and integration with AI infrastructure, with significant growth in electricity demand anticipated [14][15] Investment Opportunities - The nuclear power sector is poised for substantial growth, driven by both U.S. and Chinese initiatives, creating investment opportunities across the entire nuclear supply chain [8][22] - The anticipated increase in uranium prices due to supply-demand imbalances is expected to benefit companies involved in uranium exploration and production [8] - The nuclear power industry's growth is supported by technological advancements and strategic investments, enhancing the certainty of future growth [11][22]