Core Viewpoint - The Delta Cup International Solar Building Design Competition celebrated its 20th anniversary, focusing on the development of solar energy buildings under the "dual carbon" goals, and fostering new momentum for industry growth [1][2]. Group 1: Competition Overview - The Delta Cup competition has attracted over 12,132 teams from more than 90 countries, collecting 2,636 valid entries, with 7 projects successfully constructed [2]. - The competition has played a significant role in promoting renewable energy building applications and has witnessed a transformative development in green architecture over the past two decades [6][7]. Group 2: Industry Impact - The competition has facilitated international cooperation and showcased China's achievements in green development, as noted by industry leaders [4]. - It has also contributed to the cultivation of a large number of green building professionals and advanced technologies, serving as a model for the industry [7]. Group 3: Future Directions - The Delta Cup will continue to focus on solar building technology innovation and practical applications, aiming to convert green low-carbon design concepts into tangible results for global sustainable development [19]. - The 2025 competition theme is "Sunshine · Urban Renewal," with significant participation from global teams, indicating ongoing engagement and interest in sustainable architecture [21].

Group 1 - The core viewpoint indicates that the refining industry is experiencing increased maintenance and reduced operational loads as several major refineries enter maintenance periods, leading to a decline in overall processing rates [1] - In October, major refineries such as Zhenhai, Shanghai, Guangzhou, and Dajia have begun maintenance on their crude distillation units, while Yunnan and Quanzhou refineries are set for full maintenance in mid-November, contributing to a decrease in operational load [1] - The average operating rate of major refineries in the fourth quarter is reported at 80.87%, reflecting a month-on-month decrease of 5.06 percentage points [1] Group 2 - The decline in operational load has resulted in lower crude processing and refined oil production in the fourth quarter, with total crude processing amounting to 120.645 million tons, a month-on-month decrease of 4.68%, and total refined oil production at 71.358 million tons, down 5.87% [3] - Gasoline production in the fourth quarter is reported at 27.866 million tons, a decrease of 5.32%, while aviation kerosene production has dropped significantly by 16.72% to 13.477 million tons [3] - Diesel production has seen a smaller decline of 0.59%, totaling 30.015 million tons, attributed to seasonal demand and supply stability measures [3] Group 3 - Looking ahead to the first quarter of 2026, refineries that underwent maintenance are expected to resume operations, while the tight crude supply situation is anticipated to ease, leading to a more stable operational environment for most refineries [5] - The upcoming New Year and Spring Festival holidays are expected to boost refined oil consumption, and there is an expectation of increased refined oil exports following the issuance of new quotas [5] - Overall, multiple factors suggest that the operational load of major refineries is likely to show a growth trend in the first quarter of 2026 [5]

Group 1: Oil and Metal Prices - International crude oil prices declined, with West Texas Intermediate (WTI) closing at $57.34 per barrel, down 0.69% and Brent crude at $61.17 per barrel, down 0.62% [1] - Precious metal prices showed mixed results, with silver retreating from high levels, while platinum and palladium prices increased [1] Group 2: Uranium and Iron Ore Prices - Uranium (U3O8) price rose to $77.90 per pound, an increase of 0.45% [2] - Iron ore prices also saw an uptick, with 62% grade iron ore powder at $106.05 per ton, up 0.28%, and 58% grade at $93.55 per ton, up 0.40% [3] Group 3: Base Metal Prices - London Metal Exchange (LME) copper futures fell to $11,551.00 per ton, down 2.39%, while aluminum decreased to $2,873.00 per ton, down 0.78% [3] - Other base metals also experienced declines: lead at $1,966.00 per ton, down 0.88%; zinc at $3,138.50 per ton, down 1.83%; nickel at $14,585.00 per ton, down 0.07%; and tin at $41,125.00 per ton, down 1.56% [3] Group 4: Precious Metal Prices - Gold prices increased to $4,298.0 per ounce, up 0.42%, while silver fell to $62.01 per ounce, down 2.41% [3] - Platinum rose to $1,756.8 per ounce, up 2.98%, and palladium increased to $1,513.0 per ounce, up 0.97% [3]

近日，国家能源局资质和信用信息系统处罚信息显示，中国水电建设集团十五工程局有限公司因转包承 装(修、试)电力设施业务，被西北能源监管局处以责令改正处罚，同时没收违法所得86363.80元，并处 罚款47721.10元。 天眼查显示，中国水电建设集团十五工程局有限公司 (曾用名：陕西省水电工程局 (集团) 有限责任公司 (秦海国际工程总公司) ) ，成立于1986年，中国电力建设集团成员，位于陕西省西安市，是一家以从事 房屋建筑业为主的企业。 ...

锂电产业链价格下行趋势有望反转，固态电池产业化提速。锂电产业链经历几年下行期后，2026年多数 产品价格、盈利有望显著回暖。新技术方面，钢壳电池、硅负极、储能大电芯均有望在2026年实现批量 供应；固态电池技术产业化处于加速阶段，有望在2026年实现产线规模扩大以及装车测试增加，为 2027-2030年的批量化应用奠定基础。建议关注【宁德时代】、【亿纬锂能】、【中创新航】、【珠海 冠宇】、【天赐材料】、【恩捷股份】、【当升科技】、【厦钨新能】。 风电主机厂盈利能力修复，出口贡献业绩增长。2026年国内风电新增装机有望保持10%-20%增长，订单 饱和价格具有良好支撑。主机盈利逐季提高，出口放量提振业绩，国内外呈现景气共振态势。零部件在 2026年有望实现"量增价稳"，长期成长性值得期待。在海风装机、招标同比显著增长背景下，海缆和管 桩环节企业有望迎来订单和业绩共振。重点关注主机、零部件和海风龙头企业，包括【金风科技】、 【三一重能】、【时代新材】、【大金重工】、【东方电缆】、【海力风电】、【德力佳】。 光伏供给侧调整持续，无银化浆料、钙钛矿等新技术值得关注。在"反内卷"政策推动下供需改善推动盈 利筑底，硅料盈 ...

Core Viewpoint - The construction materials sector experienced a decline of 1.41% during the week of December 6-12, 2025, underperforming against the Shanghai Composite and Wind All A indices, which saw changes of -0.08% and +0.26% respectively, resulting in excess returns of -1.33% and -1.67% [1] Group 1: Cement Market - The national average price for high-standard cement was 354.8 yuan/ton, reflecting a slight increase of 0.2 yuan/ton from the previous week but a significant decrease of 69.2 yuan/ton compared to the same period in 2024 [2] - The average cement inventory level among sample enterprises was 64.8%, down 1.6 percentage points from the previous week but up 0.9 percentage points year-on-year [2] - The average cement shipment rate was 43.9%, a decrease of 0.7 percentage points from the previous week and down 0.9 percentage points compared to 2024 [2] Group 2: Glass Market - The average price for float white glass was 1165.1 yuan/ton, up 1.2 yuan/ton from the previous week but down 247.0 yuan/ton year-on-year [2] - The inventory of float glass among sample enterprises was 5.542 million heavy boxes, a decrease of 133,000 heavy boxes from the previous week but an increase of 1.254 million heavy boxes compared to 2024 [2] - The domestic market for non-alkali roving yarn remained stable, with mainstream transaction prices for 2400tex non-alkali yarn ranging from 3250 to 3700 yuan/ton, unchanged from the previous week [2] Group 3: Industry Outlook - The cement industry is expected to see a gradual improvement in profitability due to proactive supply-side adjustments, with a projected increase in clinker capacity utilization [6] - The glass industry is facing a supply contraction, which may provide price elasticity in 2026, although current conditions are characterized by widespread losses among producers [7] - The fiberglass sector anticipates stable growth in demand driven by wind power and new applications, with a projected increase in effective capacity for 2026 [4][5]

Group 1: Industry Overview - In November, excavator sales reached 20,027 units, representing a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.1%) and exports at 10,185 units (up 18.8%) [1][2] - The construction machinery sector is experiencing a broad recovery, with loader sales in November reaching 11,419 units, a year-on-year increase of 32.1%, including domestic sales of 5,631 units (up 29.39%) and exports of 5,748 units (up 34.8%) [1][2] - The demand for AI-related infrastructure continues to grow, supported by the U.S. government's approval for NVIDIA to export AI chips to China and other clients, which is expected to alleviate domestic computing power bottlenecks [2] Group 2: Company Highlights - **Riyuan Technology**: A leading supplier of industrial X-ray intelligent detection equipment, the company saw new orders nearly double year-on-year in the first half, with a 44.01% increase in revenue and an 18.83% increase in net profit for the first three quarters. The company is expected to convert orders into revenue effectively, with profit elasticity anticipated to improve as cost impacts diminish [2] - **Kangst**: Engaged in the development and sales of digital testing instruments, the company experienced a positive turning point in Q3, with revenue, net profit, and net profit excluding non-recurring items increasing by 22.24%, 30.66%, and 36.2% respectively. The company demonstrates strong operational resilience under tariff pressures and is expected to have significant growth potential with the gradual introduction of MEMS sensors into production [3] - **Xinxin Co., Ltd.**: The company, which produces hard alloys and tools, reported a Q3 revenue increase of 38.02%, net profit growth of 75.40%, and a 94.83% increase in net profit excluding non-recurring items. The strong profit performance is attributed to the company's ability to pass on rising raw material costs to downstream customers, indicating a stable business growth and improving profitability [4]

Investment Highlights - Precious metals are recommended to hold firmly, with COMEX gold rising by 2.42% and COMEX silver by 5.59%. The volatility of silver is high, and the rebound in London inventory may temporarily pause the short-term squeeze logic. The long-term trend of de-dollarization will not reverse, and with the inflow of ETF funds under short-term rate cut trades, the precious metals sector is expected to perform well [1] - Copper prices experienced fluctuations due to market risk appetite adjustments, with LME copper down by 0.96%. This decline is primarily driven by a decrease in risk assets linked to the U.S. market. However, the inventory relocation logic remains, and due to the downward adjustment of production expectations from Freeport and Teck Resources for 2026, a supply-demand tightness is anticipated. The expectation of increased fiscal spending by the U.S. government further reinforces this outlook, suggesting that adjustments present buying opportunities [1] - Aluminum prices fell by 0.88%, following copper price trends. Despite being in a traditional consumption off-season in December, demand from the automotive, power, and electronics sectors remains resilient. The inventory of electrolytic aluminum was reported at 584,000 tons, a decrease of 11,000 tons, indicating a relatively low level that supports aluminum prices. Overall, the decline in aluminum prices is linked to copper, and buying opportunities are suggested amid supply disruptions and surging energy storage demand in 2026 [2] - Tin prices surged past 330,000 yuan/ton, driven by strong market sentiment and continuous capital inflow. The rise in tin prices is attributed to ongoing supply issues, with expectations of supply chain disruptions due to large-scale evacuations in the Bisie mine area. Additionally, supply risks in Nigeria and slow recovery in Myanmar's tin mines contribute to the challenges. The macroeconomic benefits from the Federal Reserve's rate cuts amplify the upward potential for tin prices, with expectations that the price center will remain above 300,000 yuan in 2026 [2] - Tungsten prices continue to rise, with black tungsten concentrate reaching 370,000 yuan/ton. The decline in mine output and increased maintenance by APT companies have tightened upstream raw material supplies. In Europe, severe raw material shortages and pre-Christmas production halts have led to stagnant market trading. Traders expect European APT prices to exceed 1,000 USD/ton, with end-users accepting this price level. The short-term supply-demand imbalance in tungsten is expected to persist, with attention on next year's quota issuance and overseas mine production [3] Investment Recommendations - Companies to focus on include Shengda Resources, Xingye Silver Tin, Chifeng Gold, Shenhuo Co., and Zijin Mining [4]

近期，受持续低温寒潮天气影响,城乡居民取暖及农业生产用电负荷显著攀升。为确保辖区电力安全稳 定供应,特别是保障养殖、加工等农业产业冬季生产用电需求，国网洛南县供电公司积极部署，组织基 层供电所开展专项服务行动。12月14日,八里供电所党员服务队深入八里社区养殖集中区，主动上门为 养殖户开展用电隐患排查与安全指导，全力筑牢寒潮期间农业生产"电力防线"。 服务过程中，工作人员针对冬季用电特点，逐户走访摸排用电负荷变化，重点对养殖棚舍取暖设备、照 明线路、饲料加工机械以及配电保护装置等进行全面检查。累计发现并协助消除线路老化、接头松动、 开关容量不匹配等安全隐患12处。结合现场情况，工作人员向养殖户细致讲解冬季安全用电常识，包括 防范过载用电、电气火灾应急处置、设备维护要点等，并建议其合理安排生产时段、错峰启用大功率机 械，以减轻电网压力，避免因用电集中导致故障跳闸。 针对检查中发现的3户存在线路过载风险的养殖户，工作人员现场制定整改方案,明确整改措施与时限， 并纳入重点服务台账进行跟踪督办。"这几天大幅降温，最担心的就是用电出问题影响养殖。供电所主 动上门帮忙检查线路，还教我们怎么安全用电，心里踏实多了！"养殖户 ...

Group 1 - The fluorochemical index increased by 0.12% this week, outperforming the Shanghai Composite Index by 0.47% [1][2] - The fluorochemical index closed at 4922.45 points, with a performance that surpassed the CSI 300 Index by 0.20% and the basic chemical index by 2.63%, but lagged behind the new materials index by 0.54% [2] - The 2026 refrigerant quota is expected to be issued, with limited changes compared to the 2025 quota, indicating a stable market outlook [2] Group 2 - The shutdown of a major PVDF producer, Wanhao Company, is anticipated to catalyze market changes, with current prices for PVDF reaching up to 56,000 yuan/ton [3] - The price of fluorite has shown downward pressure, with the average market price for wet fluorite at 3,290 yuan/ton, down 0.87% from last week [4] - Refrigerant prices have shown an upward trend, with R134a prices exceeding 60,000 yuan/ton, supported by long-term contracts from automotive companies [5] Group 3 - Recommended stocks benefiting from the fluorochemical sector include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology [6] - Other stocks that may benefit include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [6]