核聚变产业正加速从实验室研发向工程验证阶段转型，规模化商业应用曙光初现。近日，在安徽合肥召 开的2026核聚变能科技与产业大会上，多位院士专家分享了核聚变研发和产业化最新进展。 智通财经记者从业内获悉，当前核聚变产业正加速从实验室研发向工程验证阶段转型，规模化商业应用 曙光初现。根据机构统计，当前已公布的多个核聚变项目的资本开支已近2000亿元，未来随着实现商业 堆的进程提速，可控核聚变市场空间将持续扩容。 业界预计，未来五年内，随着国内外多个大型聚变项目进入工程实施与设备招标周期，产业链将迎来实 质性订单转化机遇。随着高性能磁体、耐辐照材料等关键环节取得突破，以及超千亿资本陆续入场，核 聚变产业化进程正加速推进。 核聚变技术凭借其极高的能量密度，有望大幅缓解未来电力短缺问题；同时，作为一种接近零排放的清 洁能源，它也被视为实现碳中和、构建新型能源体系的关键路径之一。 不过，要让核聚变发电走进现实，科学家们要过几道难关：首先得让"燃料"（等离子体）持续"燃烧"足 够久；还要能自己"生产"维持反应所需的原料氚；更要想办法把反应产生的能量高效地"取出来"变成 电；最后，还要确保未来的示范堆和商业堆足够安全、稳定又 ...

核聚变科学与工程学院院长陈熙萌作学院建设报告，从建设意义与基础、建设定位与目标、建设方案与 预期成效、管理体制与运行机制等方面进行了阐述。他表示，学院将以国家重大能源战略需求为导向， 紧密围绕核聚变关键科学问题开展前沿研究，以高水平科学研究反哺创新人才培养，通过"基础-专业- 实践-创新"的复合模式，融合多学科交叉优势，培养具备国际视野、掌握核心技术、能承担未来聚变工 程重任的拔尖创新人才。 目前，陈熙萌还担任兰州大学核科学与技术学院院长、党委委员。 据兰州大学新闻网消息，12月26日，兰州大学召开"聚力·聚变"拔尖创新人才培养研讨暨核聚变科学与 工程学院成立大会。 会上，举行了学院学术委员会主任与管理层人员聘任仪式、理事会成员单位签约仪式。兰州大学校长杨 勇平为核聚变科学与工程学院学术委员会主任颁发了聘书。副校长范宝军为核聚变科学与工程学院管理 层兼职人员颁发了聘书，副校长王为代表学校与首届五家理事单位签署了合作协议。 消息称，兰州大学党委书记马小洁指出，国家"十五五"规划建议提出，要前瞻布局未来产业，推动量子 科技、生物制造、氢能和核聚变能、脑机接口等成为新的经济增长点。在此背景下，成立核聚变科学与 工程 ...

"懂王"自我表彰的演说，与冰冷的失业数据 特朗普表示，"11个月前我接手了一个烂摊子，而我正在修复它，我上任的时候，通货膨胀正处于48年来最糟糕的状态，通货膨胀使物价空前高涨，使得数 以百万计的美国人难以负担生活开销，这些都发生在一个民主党人执政的时期。" 讲话中，特朗普还展示了多张图表和数据，虽然其中部分内容存在误导性，但他试图证明经济正在好转，或至少强调当前的困境并非由他造成。 特朗普宣称，"我们是全世界最火热的国家，我在过去五个月里与每一位国家领导人交谈时，他们都是这么说的。" 特朗普宣布，将向约140万军人发放每人1776美元的"勇士红利"，资金来自其对进口商品征收的关税。 近日，美国总统特朗普发表全国讲话，用约20分钟向美国民众描绘了一幅"成绩斐然、未来光明"的图景。 特朗普在讲话中，对第二任期内政府的施政成果大加赞赏，并宣扬其在遏制非法移民潮方面所做的努力，他还声称已经结束了八场战争。 当地时间12月18日，特朗普媒体科技集团（DJT.US）跳空大涨近42%。据报道，特朗普媒体科技集团同意以全股票交易方式与核聚变能源企业TAE科技公司 合并，交易总价值超60亿美元。 交易完成后，特朗普媒体科技集团 ...

中泰证券（600918）发布研报称，2025年机械行业整体表现优于大盘，设备板块整体保持上涨，板块内 部涨幅有所分化。内需方面，基建投资增速维持低位，需求虽有修复但动能不足。外需持续回暖，出口 与订单均呈改善趋势。维持机械设备行业"增持"评级，看好新技术包括：人形机器人、核聚变、量子科 技、低速无人、钙钛矿;顺周期方向：工程机械、油服、消费设备。 中泰证券主要观点如下： 产业升级、自主可控要求产业持续推出原创性、颠覆性科技创新，推动制造业产业升级，重点关注人形 机器人、核聚变、量子科技、低速无人、钙钛矿等方向。人形机器人：产业驱动力自主题博弈转向价值 验证，2026年量产节奏与场景订单将重塑投资主线，重点关注全球标杆链与本土放量链的双线机会。核 聚变：行业技术进展加速，政策持续支持，长期商业化前景明确。重点关注托卡马克技术路线及其中的 关键环节。量子科技：产业化进程全面提速，中国追赶窗口已现。重点关注量子计算、量子通信与量子 精密测量三大核心赛道及其上游关键硬件。低速无人：无人环卫具备商业化前景，无人物流正进入高速 增长阶段。重点关注无人物流和无人环卫运营龙头企业。钙钛矿：晶硅叠层电池迎来性价比拐点，GW 级 ...

Summary of Fusion Industry Conference Call Industry Overview - The fusion industry is experiencing accelerated progress with multiple technological routes developing in parallel, including magnetic confinement (tokamak, stellarator) and inertial confinement (laser, Z-pinch) [1][10] - Fusion technology offers high energy density, abundant reactants, high safety, and environmental benefits, making it a potential ultimate energy source for humanity [1][3] - The energy release efficiency of fusion is a million times higher than traditional chemical energy, with 1 gram of deuterium-tritium fusion equivalent to 11.2 tons of standard coal [1][3] Key Developments - The U.S. National Ignition Facility (NIF) has validated feasibility with a laser energy output of 8.6 megajoules from 2.08 megajoules input [5] - Japan's JT60U achieved an energy gain factor of 1.25, confirming the viability of magnetic confinement [5] - China plans to complete the BEST experimental reactor and CFEDR engineering experimental reactor by around 2030, gradually moving towards commercial power generation [1][5] Market Expectations - According to the report "The Global Fusion Industry in 2024," most companies expect commercial power generation between 2031-2035, with over 70% anticipating it before 2035 [6] - The fusion sector is seen as a clear industrial trend, not just a thematic investment, driven by policy, capital, and AI support [2][24] Investment Opportunities - The fusion sector presents significant investment opportunities, particularly in low-temperature superconducting magnets, high-temperature superconductors, vacuum chambers, and power systems [3][21][23] - Major players include Western Superconducting Technologies for low-temperature superconductors and Lianchuang Optoelectronics for high-temperature superconductors [21] - The expected market space for fusion-related projects in China from 2025 to 2030 is over 300 billion yuan, with more than 30 devices anticipated to be operational [24] Challenges and Solutions - Current limitations in fusion technology include energy balance, material performance, and tritium self-sustainability [9] - The extreme environments faced by components like filters and blankets pose significant challenges, but advancements in experimental reactors and AI are expected to accelerate solutions [9][8] Policy and Capital Support - The fusion industry is receiving strong backing from government policies and capital investments, with significant involvement from state-owned enterprises and tech giants [7][8] - AI is playing a crucial role in optimizing reaction conditions and material development, enhancing the overall progress of fusion technology [8] Conclusion - The fusion industry is on the brink of significant advancements, with a clear trajectory towards commercialization and substantial investment potential, driven by technological innovations and supportive policies [24]

Core Insights - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai, focusing on sustainable development and industry upgrades [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Key discussions will revolve around Shanghai's role in global transformation and sustainable development, emphasizing the city's manufacturing strengths and innovation potential [1][3] Group 1: Economic and Industrial Insights - Shanghai's manufacturing sector contributes over 20% to its GDP, which is significant compared to other major cities like Beijing, Tokyo, and New York [3] - The city is recognized for its leadership in sectors such as integrated circuits, biomedicine, and artificial intelligence, as well as in advanced manufacturing like large aircraft and nuclear fusion [3][4] - To sustain its development, Shanghai must focus on significant advancements in industrial upgrades while maintaining its manufacturing advantages [4] Group 2: Innovation and Talent Development - Shanghai aims to transition towards becoming a global center for scientific innovation, aligning with national goals for economic growth [4] - The city has two universities ranked among the top 50 globally, indicating a strong foundation for research and development [4] - To achieve its ambition as a science and innovation hub, Shanghai needs to attract more talent and enhance its status as a financial, open, and service-oriented city [4]

Core Insights - Goldman Sachs reports that the primary barrier to unleashing AI potential is not capital but electricity, predicting a 50% increase in global data center electricity demand by 2027 and a 160% increase by 2030 [1][2] Group 1: Urgent Demand for Electricity - After a decade of stable electricity demand, the rise of high-energy AI data centers is expected to drive a 160% increase in electricity consumption by 2030, necessitating multi-layered solutions [2] - Collaborations between power companies and tech firms are emerging, such as Enterg and Meta's agreement to develop power generation and transmission assets for reliable electricity supply to data centers [2] - The approval process for new natural gas plants can take 5-7 years, highlighting the need for federal policy support to alleviate delays in electricity grid improvements [3] Group 2: Future Electricity Sources for Data Centers - Approximately 60% of the increased electricity demand from data centers will need to be met through new capacity, with sources projected to include 30% from combined cycle gas turbines, 30% from gas peaking plants, 27.5% from solar energy, and 12.5% from wind energy [4][5] - Renewable energy is currently the fastest and most efficient way to obtain incremental electricity, although it cannot meet the 24/7 power demands of data centers [5] Group 3: Embracing Nuclear Power - Nuclear power is seen as a key asset for providing 24/7 zero-carbon baseload electricity, essential for decarbonization and grid stability, aligning well with the needs of data centers [6] - The revival of nuclear energy faces challenges such as cost overruns and construction delays, exemplified by the Vogtle Unit 3 project, which exceeded its budget by over $17 billion and was delayed by about 7 years [6] - Small modular reactors (SMRs) are being explored as a reliable source of zero-carbon electricity, with large enterprises considering investments or long-term power purchase agreements to meet their energy needs [6] Group 4: Exploring "Behind-the-Meter" Power Solutions - Tech companies and data center developers are increasingly considering "behind-the-meter" solutions, acting as their own power suppliers to secure baseload electricity [7] - Many operators are exploring on-site microgrids or locating data centers near existing power plants to expedite electricity access and reduce reliance on the grid [7] - Companies like Solaris Energy Infrastructure and PowerSecure are providing distributed energy solutions to enhance reliability and reduce emissions amid growing demand [7] Group 5: Controversies Surrounding "Behind-the-Meter" Solutions - The "behind-the-meter" approach has sparked public debate regarding local cost burdens and potential environmental issues, as seen in complaints from communities near AI facilities [8] - Plans to co-locate data centers with nuclear plants have faced regulatory scrutiny due to concerns over increased electricity prices for local users [8]

Market Overview - A-shares experienced a strong opening in October, with the Shanghai Composite Index breaking through 3900 points, closing at 3933.97 points, up 1.32% [3] - The Shenzhen Component Index rose 1.47% to 13725.56 points, while the ChiNext Index increased by 0.73% to 3261.82 points [3] - The total trading volume in the Shanghai and Shenzhen markets reached 26.532 trillion, a significant increase of 471.8 billion compared to the previous trading day [3] Financial Sector Influence - The financial sector, including banks, insurance, and securities, played a crucial role in pushing the index higher, with key stocks showing a "first suppressed then lifted" trend [5] - Important stocks like CITIC Securities, Industrial Bank, and China Pacific Insurance acted as significant tools for index regulation, particularly in the afternoon session [5] Sector Rotation - Initially, the market focused on technology stocks, particularly in fields like nuclear fusion, new energy, and energy storage chips, but by the afternoon, cyclical stocks took the lead [6] - The cyclical stocks, including non-ferrous metals, steel, and coal, replaced semiconductor and chip stocks, indicating a shift in market focus [6] Market Dynamics - Despite a notable increase in the index, the majority of individual stocks saw limited gains, with approximately 2000 stocks declining and nearly 3000 rising [6] - The median increase for stocks in the Shanghai and Shenzhen markets was around 0.3% to 0.5%, suggesting that most stocks merely participated in the overall market rise without substantial individual returns [7] Future Outlook - The upcoming October market is expected to focus on consolidation, with limited volatility anticipated, regardless of whether the trend is upward or downward [8] - The upcoming Q3 reports will serve as a critical test for individual stocks, as their valuations will fundamentally depend on performance [8]

Core Insights - AI is recognized as a new general-purpose technology (GPT) that has the potential to drive economic growth, but it requires significant time to impact productivity meaningfully [1][4][5] - Despite the ongoing AI revolution, productivity growth has not accelerated significantly, with the EU's hourly labor productivity declining by 0.6% in 2023 and only expected to grow by 0.4% in 2024 [4][5] - The adoption rate of AI in enterprises remains low, with the EU's average at 13.5% and the US at 9.2%, indicating that AI has not yet permeated traditional industries that need productivity improvements [8][10] - Investment in AI is increasing, with major tech companies allocating a significant portion of their revenue to capital expenditures, which is contributing to GDP growth despite low profitability in AI model firms [10][14] - The belief in AI's potential is driving economic growth more than the actual productivity gains from AI at this stage [18] Group 1: AI as a General-Purpose Technology - AI is characterized by continuous improvement, broad applicability, and complementary innovations, similar to historical GPTs like the steam engine and computer [1][4] - Historical data shows that it took decades for previous GPTs to significantly enhance productivity after their invention and commercialization [1][3] Group 2: Current Productivity Trends - The average labor productivity growth in the US since 2020 is 1.8%, below the long-term average of 2.2%, with future projections for AI's contribution to productivity growth being modest [5][4] - The EU's productivity growth from 1995 to 2019 averaged 1%, contrasting sharply with current projections [4] Group 3: AI Adoption Rates - AI adoption rates vary widely, with the EU ranging from 3.1% to 27.6% and the US at 9.2%, indicating that enterprise applications of AI are still in early stages [8][10] - The shift in value from chips and data to model providers is noted, but traditional industries have yet to see significant improvements in productivity [10] Group 4: Investment Trends - Major internet companies in the US and China are significantly increasing their capital expenditures, with the US companies averaging 27.4% of revenue and Chinese BAT averaging 12.5% [10][12] - AI data center spending is projected to contribute more to GDP growth than consumer spending for the first time, highlighting the shift in investment focus [14][17] Group 5: Future Perspectives on AI and Fusion Energy - The belief in AI's transformative potential is compared to historical expectations surrounding nuclear energy, with significant investments being made in both fields [18][19] - Nuclear fusion companies have raised substantial funding, indicating a growing interest in alternative energy solutions alongside AI advancements [25][26]

Summary of Key Points Core Viewpoints - The IPO market on the Beijing Stock Exchange is accelerating, with increased participation in new stock offerings, while the Shanghai and Shenzhen markets are experiencing a contraction in new stock issuance [2] - The performance of various industries is diverging significantly, with improvements in profitability for the float glass sector, while coal and livestock industries are expected to maintain negative profit growth [3] - Market sentiment is optimistic, with a notable increase in the number of rising stocks in the Shanghai and Shenzhen markets, indicating a sustained increase in risk appetite among investors [4] Company Research - **Changsha Bank**: The bank reported a revenue of 13.2 billion yuan for the first half of 2025, a year-on-year increase of 1.6%, and a net profit of 4.3 billion yuan, up 5.1% year-on-year. The annualized return on equity was 12.6%, slightly down by 0.6 percentage points [8] - **Suzhou Bank**: The bank achieved a revenue of 6.5 billion yuan, a 1.8% increase year-on-year, with a net profit of 3.13 billion yuan, up 6.2% year-on-year. The annualized return on equity was 12.34%, down by 1 percentage point [9] - **China Energy Construction**: The company reported a revenue of 292.76 billion yuan for the first half of 2025, a 2.7% increase year-on-year, but a net profit decline of 13.8% to 5.43 billion yuan [22] - **China Chemical**: The company achieved a revenue of 90.72 billion yuan, a slight decrease of 0.3% year-on-year, but a net profit increase of 9.3% to 3.1 billion yuan [23] Industry Research - **Magnesium Oxide**: The application potential of magnesium oxide in rare earth metallurgy is promising, with various grades affecting production efficiency and cost [7] - **Phosphate Fertilizers**: The company reported stable revenue growth in the phosphate fertilizer sector, driven by an improved product mix and favorable industry conditions [11] - **Carbon Fiber**: The company anticipates an increase in net profit due to rising sales volumes in the carbon fiber sector, with projections for 2025-2027 showing significant growth [12] - **Specialty Gases**: Despite a decline in profitability due to increased competition, the demand for specialty gases remains strong, supported by new capacity releases [13]