华泰研究 2025 年 10 月 29 日│中国内地 动态点评 日美 5,500 亿美元投融资支持电力基建，西屋 800 亿美元核电投资领衔 10 月 28 日，卡梅科（CCJ）宣布和 Brookfield Asset Management 与美国 政府商务部签署 800 亿美元协议，规定美国政府将为西屋(Westinghouse， 卡梅科旗下子公司)在美国建造的核反应堆安排融资并协助其获得许可和审 批，总投资额至少为 800 亿美元（包括短期融资），西屋反应堆建成后预 计将为美国数据中心供电，我们测算 800 亿美元投资约对应 10GW AP1000 反应堆装机，或对应约 6GW SMR 装机。我们认为对西屋 800 亿美元核电 项目的投融资支持主要来自于日本 5,500 亿美元对美投融资框架，投资将集 中于发电和能源管道等基建领域，其中西屋在美建设 AP1000 核反应堆与 SMR 项目也囊括在意向项目之中，投资额最高可达 1,000 亿美元，我们测 算对应约 12.5GW AP1000 反应堆装机，或对应约 8GW SMR 装机。 证券研究报告 工业/能源 美国 800亿美元核电投资领航 AI基建 10 ...

日本对美投资潜在项目曝光！ 今年7月，美日达成贸易协议，美国将日本汽车关税从27.5%降至15%，同时将其他多种商品关税也设定 为15%，而上述投资计划正是该协议的核心组成部分。 当地时间周二（10月28日），日本公布了5500亿美元对美投资工具的潜在项目清单，参与企业包括软银 集团、西屋电气、GE Vernova及日立等，相关项目总规模超过4000亿美元，投资领域包括能源、人工智 能、关键矿物等。 同日，美国总统特朗普在日本表示，丰田将在美国多地建造汽车工厂，规模将高达100多亿美元。特朗 普称，日本首相高市早苗告诉了他关于丰田建厂的计划。特朗普还表示，美国和日本正在寻求提高联合 造船能力，美国商务部长卢特尼克与日本官员签署了谅解备忘录。 重大项目清单曝光 日本政府周二公布了5500亿美元对美投资机制下的潜在项目清单，首次披露了这一美日贸易协定核心条 款可能资助的具体方案。 日本经济产业省周二发布的项目清单显示，软银集团、西屋电气和东芝公司等日企将在能源、人工智 能、关键矿物等领域启动投资项目，单个项目规模从3.5亿美元至1000亿美元不等。 从业务总量来看，能源类项目在清单中占据主导地位。西屋电气拟投建A ...

Group 1: US-Japan Investment Mechanism - The Japanese government has unveiled a potential project list under a $550 billion investment mechanism with the US, detailing specific funding proposals related to the core terms of the US-Japan trade agreement [4][5] - The project list includes investments from companies like SoftBank, Westinghouse Electric, and Toshiba in sectors such as energy, artificial intelligence, and critical minerals, with individual project sizes ranging from $350 million to $100 billion [4][5] - Energy projects dominate the list, with Westinghouse planning to invest nearly $100 billion in AP1000 nuclear reactors and small modular reactors, while SoftBank is interested in a $25 billion power infrastructure project [5] Group 2: Market Reactions and Stock Performance - US stock indices reached new historical highs, with the Dow Jones up 0.32%, Nasdaq up 0.31%, and S&P 500 up 0.01% as of the latest report [1] - Uranium and nuclear power stocks surged, with the uranium sector rising by 11.5%, and notable gains for companies like Cameco and Uranium Energy [6][7] - The partnership between Cameco and Brookfield Asset Management with the US government aims to construct at least $80 billion worth of Westinghouse AP1000 nuclear units, which is expected to create significant job opportunities [7][9] Group 3: Apple and Microsoft Market Performance - Apple's market capitalization briefly surpassed $4 trillion, with strong early sales of the iPhone 17 series, outperforming the iPhone 16 series by 14% in the first 10 days post-launch [10][15] - Microsoft also reached a market cap of approximately $4.03 trillion, driven by a new agreement with OpenAI for additional Azure services [11][13] - The iPhone 17's sales performance indicates a robust market demand, with average sales growth of 31% across China and the US compared to the previous model [15]

据央视新闻报道，10月27日，美国总统特朗普访问日本，并于28日会见日本新任首相高市早苗。另据券商中国报道，日本政府周二公布了5500亿美元对美 投资机制下的潜在项目清单，首次披露了这一美日贸易协定核心条款可能资助的具体方案。 当地时间10月28日，美股三大指数齐涨，盘中再次刷新历史新高。截至发稿，道琼斯指数涨0.32%，纳斯达克指数涨0.31%，标普500涨0.01%。 日本对美投资 潜在项目清单曝光 据券商中国，日本政府周二公布了5500亿美元对美投资机制下的潜在项目清单，首次披露了这一美日贸易协定核心条款可能资助的具体方案。 日本经济产业省周二发布的项目清单显示，软银集团、西屋电气和东芝公司等将在能源、人工智能、关键矿物等领域启动投资项目，单个项目规模从3.5 亿美元至1000亿美元不等。 哪些项目能入选该投资计划，最终将由美国决定，但日本预计也将拥有一定话语权。若日本未能为特朗普选定的投资项目提供资金，特朗普仍有权恢复更 高关税。 彭博社指出，根据美日两国签署的谅解备忘录，该投资计划旨在通过投资半导体、制药、金属、关键矿产、造船、能源、人工智能及量子计算等领域，推 动双方经济利益与安全利益。 日美投资 ...

Group 1: US-Japan Investment Cooperation - The Japanese government has unveiled a potential project list under a $550 billion investment mechanism with the US, detailing specific funding proposals related to the US-Japan trade agreement [3][4] - The project list includes investments from companies like SoftBank, Westinghouse Electric, and Toshiba in sectors such as energy, artificial intelligence, and critical minerals, with individual project sizes ranging from $350 million to $100 billion [3][4] - Energy projects dominate the list, with Westinghouse planning to invest nearly $100 billion in AP1000 nuclear reactors and small modular reactors, while SoftBank is interested in a $25 billion power infrastructure project [4] Group 2: Market Reactions and Stock Performance - US stock indices reached new historical highs, with the Dow Jones up 0.32%, Nasdaq up 0.31%, and S&P 500 up 0.01% as of the report [1] - The uranium sector saw significant gains, with uranium stocks rising by 11.5%, including Cameco up over 20% and Uranium Energy up over 11% [6] - The nuclear power sector also experienced a rise of 3.87%, with NuScale Power increasing by nearly 12% [6] Group 3: Apple and Microsoft Market Performance - Microsoft’s market capitalization briefly surpassed $4 trillion, with shares trading at approximately $541.68 [9][12] - Apple’s market capitalization also briefly exceeded $4 trillion, although it later fell back to around $3.99 trillion, with the stock price showing a slight increase of 0.02% [12][13] - Reports indicate strong early sales for Apple's iPhone 17 series, outperforming the iPhone 16 series by 14% in the first ten days post-launch in China and the US [14]

Core Points - Japan has unveiled a potential project list under a $550 billion investment mechanism aimed at the U.S., with a total project scale exceeding $400 billion, focusing on sectors like energy, artificial intelligence, and critical minerals [1][3] - President Trump announced that Toyota will build automotive plants across the U.S. with an investment exceeding $10 billion, highlighting the strengthening economic ties between the U.S. and Japan [1][7] Investment Project Details - The project list includes major Japanese companies such as SoftBank, Westinghouse Electric, and Toshiba, with individual project sizes ranging from $350 million to $100 billion [3] - Energy projects dominate the list, with Westinghouse planning to invest nearly $100 billion in AP1000 nuclear reactors and small modular reactors, while Hitachi GE Vernova is also expected to invest up to $100 billion in similar projects [3] - SoftBank is interested in a $25 billion large-scale power infrastructure development project, with potential contributions from Carrier for cooling systems and Panasonic for energy storage systems [3] Economic Context - The investment plan is part of a broader trade agreement that aims to enhance economic and security interests between the U.S. and Japan, particularly in sectors like semiconductors, pharmaceuticals, and shipbuilding [4] - Japan's exports to the U.S. have significantly declined due to high tariffs, with automotive exports dropping by 22.7%, leading to a 10.2% decrease in total exports to the U.S. [5] Bilateral Relations - Trump praised the U.S.-Japan alliance and the investment commitments from Japan, emphasizing the importance of these investments for the U.S. economy [7] - The investment plan is linked to a memorandum of understanding signed in September, which established a bilateral committee to oversee the investment initiatives [3][4]

Group 1 - The core of the US-Japan trade agreement includes a potential investment list of $550 billion, with Japan announcing 21 strategic projects valued over $400 billion [1][2] - Japanese companies such as SoftBank and Toshiba are interested in projects in energy, AI, and critical minerals, with individual project investments ranging from $350 million to $100 billion [1][2] - Major projects include investments in nuclear power and small modular reactors led by Westinghouse Electric, with total investments reaching $100 billion for each project [1][2] Group 2 - The agreement includes financial backing from Japanese government-affiliated financial institutions for the listed projects [2] - The investment framework aims to focus on sectors critical to national security, including semiconductors, pharmaceuticals, metals, and energy [5][6] - The US retains the final decision-making power on which projects receive funding, raising concerns among Japanese officials about the strategic significance of selected projects [6]

Core Viewpoint - Japan has announced a significant investment plan of up to $550 billion in the U.S., covering various sectors including nuclear energy, AI, and semiconductors, which is expected to act as a major catalyst for the ongoing bull market in U.S. stocks [1][3]. Investment Overview - The investment plan includes potential projects from major Japanese companies such as SoftBank, Westinghouse, and Toshiba, with individual project investments ranging from $350 million to $100 billion [1][4]. - Energy-related projects, particularly in nuclear energy, are highlighted, with Westinghouse's AP1000 and small modular reactors (SMR) projects each valued at up to $100 billion [3][4]. Economic Implications - The investment is anticipated to boost U.S. economic growth and national security by focusing on sectors like semiconductors, pharmaceuticals, metals, critical minerals, shipbuilding, energy, AI, and quantum computing [3][5]. - The influx of Japanese investment is expected to enhance U.S. manufacturing capacity and employment, particularly in the semiconductor and AI infrastructure sectors [5]. Regulatory Framework - An investment committee will be established to oversee project selection, with the ability to increase tariffs if Japan does not contribute funding [5]. - The investment distribution mechanism involves creating special purpose vehicles (SPVs) for each selected project, with an initial 50/50 allocation, followed by a 90% (U.S.) to 10% (Japan) profit-sharing model [5].