除天风证券外，中信建投在晨会上指出，在技术革新与政策红利的共同催化下，国内脑机接口公司有望逐步实现商业化应用。中金公司则发布了对造纸行业 2026年的展望，认为浆纸一体化龙头企业有望继续获得超额利润。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 在12月12日的券商晨会上，天风证券发布观点认为，全球固体氧化物燃料电池（SOFC）行业正进入加速扩产阶段。天风证券指出，美国电力供需紧张为 SOFC带来了新的市场机遇。 天风证券在研报中分析，由于电源建设周期长及电网输电能力受限，美国正面临电力紧缺问题。同时，数据中心因其负荷波动极大，对供电可靠性要求极 高。SOFC因其低冗余配置与功率跟踪等优势，被认为更适配数据中心的供电需求。该机构进一步表示，SOFC的平准化度电成本（LCOE）已接近燃气发 电，随着规模化降本，其成本优势有望进一步体现。 ...

智通财经12月12日讯，市场昨日震荡调整，沪深两市成交额1.86万亿，较上一个交易日放量786亿。板 块方面，商业航天、次新股等板块涨幅居前，福建、房地产等板块跌幅居前。截至昨日收盘，沪指跌 0.7%，深成指跌1.27%，创业板指跌1.41%。 天风证券认为，受到电源建设周期及电网输电能力限制，美国电力紧缺给SOFC发展带来新机遇。数据 中心负荷波动极大，对供电可靠性要求极高。SOFC的低冗余配置、功率跟踪优势，使其更适配数据中 心需求。SOFCLCOE已接近燃气发电，天风证券认为随着规模化降本成本优势有望进一步体现。全球 SOFC进入加速扩产阶段。 中金公司：浆纸一体化龙头有望继续获得超额利润 中金公司发布造纸行业2026年展望称，展望2026年，消费需求仍在温和修复阶段，各类纸种供给变化各 异：浆纸系纸种供需仍然宽松，浆价成为行业补库、及去库关键推动力，浆纸一体化龙头有望继续获得 超额利润；箱板瓦楞纸产能已基本收尾，有望率先走出本轮供需失衡周期，迎来产能利用率修复，吨纸 价格中枢同比抬升的业绩修复行情。 中信建投：国内脑机接口公司有望逐步实现商业化应用 中信建投认为，脑机接口产业链上中游的技术进步带来下游 ...

关注隔夜美股表现。 当地时间12月11日，美股三大指数涨跌不一，道指涨1.34%，纳指跌0.25%，标普500指数涨0.21%。大型科技股多数下跌，甲骨文财报不及预期致股价大 跌超10%。中概股同样涨跌互现，纳斯达克中国金龙指数微跌0.09%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 48704.01c | 646.26 | 1.34% | | IXIC | 纳斯达克指数 | 23593.86c | -60.30 | -0.25% | | SPX | 标普500 | 6901.00c | 14.32 | 0.21% | 大型科技股普跌，博通盘后大跌 当地时间周四，甲骨文股价下跌10.83%。据甲骨文2026财年第二财季财报，该财季公司云业务营收为80亿美元，同比增长34%，不及市场预期。此外，公 司预计2026财年年度资本开支将比原本预计的多出约150亿美元。甲骨文受到了市场对AI泡沫普遍担忧的波及，投资者担心科技公司正过度举债为数据中 心融资，而参与AI热潮的企业还通过巨额循环信贷相互关联，放 ...

关注隔夜美股表现。 当地时间12月11日，美股三大指数涨跌不一，道指涨1.34%，纳指跌0.25%，标普500指数涨0.21%。大型科技股多数下跌，甲骨文财报不及预期致股价大 跌超10%。中概股同样涨跌互现，纳斯达克中国金龙指数微跌0.09%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 48704.01c | 646.26 | 1.34% | | IXIC | 纳斯达克指数 | 23593.86c | -60.30 | -0.25% | | SPX | 标普500 | 6901.00c | 14.32 | 0.21% | 大型科技股普跌，博通盘后大跌 当地时间周四，甲骨文股价下跌10.83%。据甲骨文2026财年第二财季财报，该财季公司云业务营收为80亿美元，同比增长34%，不及市场预期。此外，公 司预计2026财年年度资本开支将比原本预计的多出约150亿美元。甲骨文受到了市场对AI泡沫普遍担忧的波及，投资者担心科技公司正过度举债为数据中 心融资，而参与AI热潮的企业还通过巨额循环信贷相互关联，放 ...

关注 隔夜 美股 表现 。 当地时间 12月11日，美股三大指数涨跌不一，道指涨1.34%，纳指跌0.25%，标普500指数涨0.21% 。 大型科技股多数下跌，甲骨文财报不及预期致股价大跌超 10%。中概股同样涨跌互现，纳斯达克中国金龙指数微跌0.09%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 48704.01c | 646.26 | 1.34% | | IXIC | 纳斯达克指数 | 23593.86c | -60.30 | -0.25% | | SPX | 标普500 | 6901.00c | 14.32 | 0.21% | 大型科技股普跌，博通盘后大跌 当地时间周四，甲骨文股价下跌10.83%。据甲骨文2026财年第二财季财报，该财季公司云业务营收为80亿美元，同比增长34%，不及市场预期。此外，公司预计 2026财年年度资本开支将比原本预计的多出约150亿美元。甲骨文受到了市场对AI泡沫普遍担忧的波及，投资者担心科技公司正过度举债为数据中心融资，而参与 AI热潮的企业还通过巨额循环信 ...

Core Viewpoint - The development of Solid Oxide Fuel Cells (SOFC) is gaining momentum due to the electricity shortages in the U.S., driven by power construction cycles and transmission capacity limitations [1] Group 1: Market Opportunities - The high reliability requirements for power supply in data centers, coupled with significant load fluctuations, create a favorable environment for SOFC technology [1] - SOFC's low redundancy configuration and power tracking advantages make it particularly suitable for meeting the demands of data centers [1] Group 2: Cost Competitiveness - The Levelized Cost of Energy (LCOE) for SOFC is approaching that of gas-fired power generation, indicating a competitive edge as scaling reduces costs further [1] - The global SOFC market is entering a phase of accelerated capacity expansion, suggesting strong future growth potential [1]

Core Viewpoint - The development of Solid Oxide Fuel Cells (SOFC) is gaining momentum due to the electricity shortages in the U.S., driven by power construction cycles and grid transmission capacity limitations [1] Group 1: Market Opportunities - The high reliability requirements for power supply in data centers, coupled with significant load fluctuations, create a favorable environment for SOFC technology [1] - SOFC's low redundancy configuration and power tracking advantages make it particularly suitable for meeting the demands of data centers [1] Group 2: Cost Competitiveness - The Levelized Cost of Energy (LCOE) for SOFC is approaching that of gas power generation, indicating a competitive edge as costs scale down [1] - The global SOFC market is entering a phase of accelerated expansion, suggesting increased production capabilities and potential cost reductions [1]

Core Viewpoint - The article discusses the advancements and potential of wide-temperature range fuel cells and hydrogen energy drones, emphasizing their importance in the hydrogen energy sector and the upcoming forum dedicated to these topics in December 2025 [3][4]. Group 1: Wide-Temperature Range Fuel Cells - Fuel cells primarily operate at temperatures ≤80℃, facing challenges such as limited reaction activity and complex thermal management, which hinder their market promotion [3]. - Wide-temperature range proton exchange membrane fuel cells (PEMFCs) can operate from -40℃ to ≥120℃, offering high reaction activity and good catalyst resistance, thus becoming a key driver for the large-scale application of hydrogen energy [3]. - Research teams are developing technologies to enhance the temperature tolerance of fuel cells, such as the 105℃ high-temperature fuel cell membrane electrode technology and the M30+ fuel cell capable of operating at 105℃ [3]. Group 2: Forum Details - The "2025 Wide-Temperature Range Fuel Cell and Hydrogen Energy Drone Forum" will be held on December 18-19, 2025, in Suzhou, Jiangsu, focusing on the development of wide-temperature range fuel cells and their applications in drones and vehicles [4]. - The forum aims to create a multi-dimensional dialogue and cooperation platform among fuel cell industry players, drone manufacturers, academic experts, and investment institutions to promote the large-scale development of fuel cells [4]. Group 3: Forum Highlights - This forum is the first in China to focus on wide-temperature range fuel cells and their applications in hydrogen energy drones [14]. - It will feature 15 in-depth reports and discussions addressing current challenges in fuel cells, particularly breakthroughs in high power density, low platinum usage, and simplified thermal management [14]. - The event will bring together leading drone manufacturers, fuel cell companies, and experts from renowned universities and research institutions to foster collaboration across technology, products, markets, and capital [14].

Core Viewpoint - The company, Ice Wheel Environment, has been collaborating with Xi'an Jiaotong University since 2022 on the industrialization research of a "Distributed Energy Solid Oxide Fuel Cell Power Generation System Key Technology Research and Application Project" [1] Group 1: Project Development - The project has developed unique output characteristics and large-scale integration technology for the bamboo segment tube SOFC [1] - The company has filled a domestic gap by developing sealing materials for the bamboo segment tube SOFC stack [1] - A round tube single cell has been independently developed, and performance testing of the single cell has been successfully completed [1] Group 2: Technical Achievements - The design of a 5kW stack module and its integration design have been completed [1] - Sealing materials and sealing solutions for the tubular SOFC stack have been developed [1] - A preparation method for high stability hundred-watt bamboo segment tube batteries has been optimized, along with the research and integration methods for key parts of the stack module [1] Group 3: Academic Contributions - Four papers have been published as part of the project [1] - The project leader has been recognized as a "Taishan Industry Leading Talent" [1]

报告指出，Ceres商业模式的核心问题在于，将所有产品研发、产业化和资本需求都转嫁给了合作伙 伴，而这一策略在过去十多年里一直以失败告终。此外，Ceres还面临其他问题，包括技术可靠性差、 维护和可操作性不足、市场规模有限等。Ceres从未产生过实质性的特许权使用费收入，且该机构认为 在可预见的未来也不会实现。该公司目前仅依靠一次性的许可费和工程费维持运营。 格隆汇12月11日｜知名做空机构灰熊研究(Grizzly Research)发布针对英国燃料电池制造商Ceres Power的 看空报告。该机构认为，Ceres Power利用一系列高调的公告和远大的预测掩盖了其商业模式的缺陷， 实际盈利潜力极其有限。截至发稿，Ceres Power在英国伦敦上市股份跌超10%，报277.12英镑。 来源：格隆汇APP ...