Group 1 - The core viewpoint is that traditional manufacturing companies in China are the ones realizing performance amidst the global tech market surge, with the future bull market in China relying on physical assets and manufacturing capacity value [1] - Recommended investment sectors include upstream resources (copper, aluminum, lithium, oil, coal) benefiting from potential increases in physical asset consumption and midstream industries like basic chemicals and steel as PPI rebounds [1] - Domestic sectors such as food and beverage, aviation, and apparel are expected to benefit from price stabilization and recovery in domestic demand [1] Group 2 - The introduction of commercial real estate REITs is expected to accelerate market expansion, with 12 consumer REITs currently listed, benefiting from ample inventory and simplified regulations [3] - AI PCB copper powder materials are entering a prosperous cycle, with the copper powder industry expected to see rapid profit growth due to increased usage in PCB production [3] - The copper powder's processing fee is projected to significantly increase, as its usage in PCB production is expected to rise from 15% to over 27% by 2029 [3] Group 3 - Insurance capital has shown a strong interest in equity stakes, with 39 instances of shareholding this year, primarily favoring high-dividend stocks in banking, infrastructure, and logistics [5] - The liquid cooling market for data centers is projected to reach $21.8 billion by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) [5] - Domestic manufacturers are expected to benefit from the rising demand for liquid cooling solutions in AI servers, with a focus on those capable of mass production of core components [5] Group 4 - The Shanghai Composite Index is experiencing a primary upward trend, with financial stocks driving market gains and trading volumes exceeding 3 trillion yuan [11] - Various style indices have adjusted, with cyclical and growth sectors experiencing notable corrections due to recent rapid increases and external market influences [11] - The growth sector is seeing a reduction in momentum for further adjustments, with a focus on sectors benefiting from domestic demand policies such as machinery, home appliances, and consumer electronics [11]

每经记者｜杨建 每经编辑｜彭水萍 ｜2025年12月3日 星期三｜ NO.1 2025脑机接口大会将于12月4日至5日在上海举行 12月2日，据上海市科委介绍，为推进脑机接口前沿技术创新与未来产业发展，12月4日至5日，以"脑联 世界·智汇上海"为主题的2025脑机接口大会将在"脑智天地"脑机接口未来产业集聚区举行。本届大会实 现多项"首次"突破：首次举办国内大规模多赛道脑机接口竞技赛，首次设立脑机接口开发者大会，首次 开设聚焦投融资的"投资合作"分论坛，旨在全方位搭建"技术-产业-资本"深度融合的生态平台。 NO.2 中信建投：商业航天司落地，我国商业航天高质量发展有望加速 中信建投研报表示，国家航天局正式设立商业航天司，作为专职监管机构，提升发射审批、牌照发放效 率，推动产业规范化、规模化发展。同期发布的《推进商业航天高质量安全发展行动计划（2025—2027 年）》提出四大核心目标：通过开放科研项目支持低成本技术（如可重复火箭、智能卫星），推动民商 标准融合共享国家资源，设立国家基金优化产业生态，并构建全生命周期安全监管体系。2025年产业加 速落地，GW与千帆星座在轨卫星超百颗，民营火箭企业切入国家级 ...

供给稳定需求快速增长，行业短期或酝酿加工费上涨迹象。在铜粉领域，日韩企业在产品纯度、粒径控 制等尖端技术方面仍保持领先优势，当前国内江南新材（603124）和泰兴冶炼厂产能分别为3/1.45万 吨，光华科技（002741）产能超1万吨，预计2026年下半年国内厂商新增产能超过3万吨。今年年底到明 年上半年，在新产能投放出来之前，下游需求旺盛，行业供需格局紧张，铜粉加工费或酝酿涨价迹象。 项目审批资质约束，扩产周期相对较长。根据江南新材招股书公开披露，铜粉加工费约8400-10400元/ 吨，目前铜粉市场集中度较高，参与者较少。铜粉加工主要分为溶铜、蒸氨、烧结、粉体筛分四大工 序，核心设备包括溶铜罐、结晶罐、烘干煅烧机、分筛机等，目前设备环节国产化率大幅提升，资质审 批+扩产周期或超过1年。 中金发布研报称，AI驱动PCB产品向高厚径比、多盲埋孔升级，带动AI PCB电镀铜粉耗材需求旺盛， 量价齐升拉动行业利润快速增长，长期成长确定性强，行业短期产能紧俏，将迎来景气周期。 中金主要观点如下： AI PCB带动铜粉行业加工费利润快速增长。铜球铜粉是PCB电镀耗材，铜球和铜粉分别占PCB成本比重 的6%和13%。A ...