Core Viewpoint - The report from Dongwu Securities highlights the expected growth in demand for phosphate rock driven by emerging sectors, while traditional demand is projected to decline. The overall supply and demand dynamics for phosphate rock and iron phosphate are analyzed for the years 2024 to 2026 [1][2][3]. Demand Side - Phosphate rock demand in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively. The actual increase in demand is estimated at 482 million tons and 612 million tons [1]. - Emerging sectors, particularly energy storage and power batteries, are expected to drive demand for phosphate rock, with an increase of 393 million tons and 431 million tons in 2025 and 2026 respectively. Iron phosphate is anticipated to contribute significantly to this demand [1]. - Traditional demand for phosphate fertilizers is expected to weaken due to rising raw material prices, with a forecasted decline in phosphate fertilizer production in early 2025 [1]. - Iron phosphate demand is projected to reach 214 million tons in 2024, increasing to 325 million tons and 449 million tons in 2025 and 2026, respectively, with significant contributions from energy storage [1]. Supply Side - Phosphate rock production capacity in China is expected to be 19,447 million tons in 2024, with projections of 21,732 million tons and 24,762 million tons for 2025 and 2026. Effective capacity and production are also expected to increase correspondingly [2]. - The supply of phosphate rock is significantly impacted by environmental safety incidents, leading to a gap between planned and actual production capacity [2]. - The iron phosphate industry is characterized by long-term overcapacity, with effective capacity and production expected to rise from 426 million tons and 205 million tons in 2024 to 499 million tons and 540 million tons in 2025 and 2026, respectively [2]. Price Outlook - The operating rate for phosphate rock capacity is projected to be 58% in 2024, with expectations of 57% and 54% in 2025 and 2026. High-grade phosphate rock prices are expected to remain elevated, while low-grade prices may face slight pressure [3]. - The iron phosphate market is anticipated to experience tight supply conditions, with operating rates expected to improve significantly in 2025 and 2026, indicating a potential supply gap [3]. Recommended Companies - Companies with phosphate iron and phosphate rock layouts are recommended, including Tianci Materials, Hunan YN, and Zhongwei Co. [4]. - Integrated chemical companies with phosphate iron production and phosphate rock resources are expected to benefit from rising phosphate iron prices, with suggested companies including Chuanheng Co., Xingfa Group, and others [4].

Group 1 - The core viewpoint of the report indicates that the non-ferrous metal industry index increased by 8.89% over the past two weeks, outperforming the CSI 300 index and ranking second among 31 Shenwan first-level industries [1] - In the sub-sectors, industrial metals led the gains with a 12.91% increase, followed by small metals (6.77%), precious metals (5.28%), and metal new materials (7.71%), while energy metals saw a modest rise of 0.37% [1] Group 2 - As of December 5, COMEX gold closed at $4,227.70 per ounce, up 4.06% over the past two weeks, while LME copper settled at $11,645.50 per ton, reflecting an 8.98% increase [2] - COMEX silver experienced a significant rise of 18.41%, closing at $58.80 per ounce, and LME aluminum increased by 3.60%, closing at $2,865 per ton [2] - The Chinese rare earth price index rose by 3.16% to 213.26, with light rare earths like praseodymium-neodymium oxide increasing by 6.29% to 583,000 yuan per ton [2] Group 3 - Jiangxi Copper Company has made two non-binding cash offers to acquire all shares of SolGold Plc at a price of 26 pence per share, currently holding 12.19% of the target company's issued shares [3] Group 4 - In December, attention should be paid to the Federal Reserve's interest rate policies, geopolitical changes in major resource-exporting countries, and the recovery of domestic downstream demand, with a focus on investment opportunities in the "resources + growth" dual track [4]

国信证券近日发布硫磺行业深度报告：IEA预测，今年全年天然气消费增速为1.3%，明年天然气消费增 速预计为2%。全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部分国家 提交了额外减产计划。 以下为研究报告摘要： 核心观点 硫磺主要伴生于油气开采及炼化，未来油气消费增速下降，同时明年高硫原油产量预计下降，全球硫磺 产量增速预期较低。硫磺主要在油气生产及炼化过程伴生，硫磺产量与化石能源消费紧密相关。主流机 构均预测明年原油消费增速较低，仅约1%。IEA预测，今年全年天然气消费增速为1.3%，明年天然气 消费增速预计为2%。全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部 分国家提交了额外减产计划。伊朗受美国制裁，原油产量不断下降。油气需求增速较低，高硫原油产量 预期下降，全球硫磺产量预计低速增长。俄罗斯本为全球第二大硫磺生产国，今年来其炼厂持续受袭， 直接影响了气硫磺的生产和出口，加剧硫磺供应紧张。 硫磺最重要应用为制备硫酸，硫酸需求预计仍将保持中速增长，这直接导致硫磺全球供应偏紧。2024年 中国93%的硫磺被用来制备硫酸。全球约一半的硫酸用来制备化肥 ...

Core Insights - Brazil's oil production exceeded 4 million barrels per day for the first time in October, reaching 4.03 million barrels per day, marking a month-on-month increase of 2.9% and a year-on-year increase of 23% [1][2] Production Data - Natural gas production was 195 million cubic meters per day, with a month-on-month increase of 2% and a year-on-year increase of 23% [3] - Total oil and gas production reached 5.25 million barrels of oil equivalent per day, reflecting a month-on-month increase of 2.7% and a year-on-year increase of 23% [3] - Subsalt oil and gas production accounted for 81.4% of Brazil's total production, totaling 4.28 million barrels of oil equivalent per day, which includes 3.31 million barrels of oil and 153.7 million cubic meters of natural gas [3] Major Producers - The top five producers in Brazil are Petrobras with 3.27 million barrels of oil equivalent per day, followed by Shell (550,872 barrels per day), TotalEnergies (260,240 barrels per day), PPSA (168,308 barrels per day), and CNOOC (159,335 barrels per day) [3] Key Oil Fields - Búzios has become Brazil's largest oil field with a production of 1.124 million barrels of oil equivalent per day, surpassing Tupi's production of 1.023 million barrels per day [3] - Other significant fields include Mero (889,540 barrels per day), Sépia (169,121 barrels per day), and Atapu (153,330 barrels per day) [3] Future Developments - Six new floating production storage and offloading units (FPSOs) are expected to be operational in the coming years, including P-78, P-79, P-80, P-82, P-83, and Búzios 12 [3] - New platforms (P-84 and P-85) will be deployed at Atapu and Sépia, with Petrobras also exploring the deployment of a new platform at Tupi and an additional one at Mero [4] Long-term Projections - The Brazilian Energy Research Company (EPE) forecasts that oil production will peak at 5.3 million barrels per day by 2031, with natural gas production reaching 316 million cubic meters per day in the same year [4]

通知称，新条件规定矿企需要在48小时内预缴纳10%的权利金并需要获得合规证书，当然还要满足其他 条件。 10月，刚果（金）以配额制度取代了长达数月的出口禁令，目的是增加国家收入，并加强对产量占全球 70%以上的动力电池关键原材料钴的行业监管。 路透社此前报道称，自禁令解除以来，由于生产商等待政策明朗并严守规定而没有出口任何产品。 刚果（金）矿业部和财政部11月26日联合下发的通知规定了出口商的办理流程，包括强制性的配额核 查、联合取样、批量称重和包装，战略矿产市场管控局（Authority for the Regulation & Control of Strategic Mineral Substances' Markets，ARECOMS）颁发新的配额核查证书（Quota Verification Certificate，AVQ）。 据Mining.com网站援引路透社报道，刚果（金）政府通知，为进一步加强对钴的控制，已经为这种关键 电池矿产出口商设定新的条件，这可能使得最新采取的配额制度更趋复杂化。 钴出口面临不确定性 刚果（金）为2025年第四季度设定了18125吨的钴出口配额，2026年起计划每年出 ...

Group 1 - The event "Yibao Cup" Yunnan Rural Motorcycle Sports Culture Carnival successfully took place in Fengqing, showcasing the integration of speed and rural charm with over 500 motorcycle enthusiasts from 24 provinces [4] - The event featured a scenic 114-kilometer racecourse that highlighted the unique appeal of Fengqing, known as the "Hometown of World Dianhong" [4] - The local power supply bureau proactively engaged with the event organizers to ensure reliable electricity supply, customizing plans to address the specific needs of the rural and outdoor environment [4][6] Group 2 - On the day of the event, power supply personnel conducted thorough checks on the main venue's power interfaces and monitored voltage and current data in real-time [6] - A comprehensive safety initiative was implemented, distributing over 400 copies of the "Outdoor Sports Safety Electricity Guide" to participants, emphasizing safety measures during outdoor activities [6] - The power supply team aimed for "zero faults, zero outages, and zero errors," maintaining a 24-hour presence and rapid response to ensure uninterrupted power throughout the event [6][8] Group 3 - The successful conclusion of the event not only highlighted the athletes' achievements but also demonstrated the role of power services in supporting local development [8] - The local power supply bureau's professional support and attentive service contributed to the vibrant atmosphere of rural life and promoted the integration of agriculture, culture, and tourism [8]

为应对即将来袭的寒潮降雪冰冻天气，近日，国网晋中供电分公司闻令而动，提前部署，迅速组织太行 黎明共产党员服务队和青年突击队，对所辖35千伏变电站开展了一次全方位、针对性的特殊巡视与红外 测温工作，全力确保电网在极端天气下的安全稳定运行。 下一步，该公司将密切关注天气变化，加强应急值守与设备监测，优化抢修力量与物资配置，强化与气 象部门联动，全力保障电网平稳运行，为人民群众温暖过冬筑牢可靠电力防线。 （赵晓鹏， 武平，李涛） 本次特巡坚持以"防风险、保安全"为导向，采取"人工巡检+智能测温"相结合的模式，聚焦关键设备和 薄弱环节。队员们重点对站内主变压器、断路器、隔离开关及母线等一、二次设备进行了红外精确测 温、机械指示及密封状况检查，并特别关注了充油设备的油位、油温。同时，针对寒潮天气特点，重点 排查了户外设备的防冻、防凝露措施，仔细检查了绝缘子、避雷器的外绝缘状况，并严密测试了机构 箱、端子箱的密封与加热除湿功能，确保内部干燥。此外，还对站内排水、电缆沟封堵、周边环境等进 行了全面排查。通过细致工作，发现并现场处理各类隐患，有效夯实了电网御寒基础。此次超前特巡， 标志着该公司迎峰度冬保供电工作已进入实战状态 ...

在中煤新集阜阳矿业千米井下的巷道中，一台台满载生产物料的单轨吊机车，如同悬挂在"天轨"上的专 属列车，正依照预设路线有序穿梭。沿途动态视频实时监视、关键节点语音智能播报、巷道风门自动开 闭，一套流程下来，实现了从采区车场到各采掘迎头各类物料的"一站式"直达运输，勾勒出矿井智能辅 助运输的全新图景。 这一高效运输模式的实现，离不开矿用无线通信和工业环网技术的强力支撑。依托两大核心技术，该矿 单轨吊运输系统成功集成了多项智能功能：不仅能实现单轨吊机车的即时语音通讯，保障井下运输指令 传递高效畅通；还搭载了尾气自动净化装置，助力井下作业环境绿色升级；同时实现了风门司控（遥 控）或自动控制、自动声光预警报警以及动态视频监视等功能。相较于传统物料打运模式，这套智能系 统让运输作业综合效率提升了60%，大幅缩短了物料运输周期。 "供料的运输速度直接影响采掘一线的生产任务完成进度，智能运输模式的落地彻底打通了井下运输的 关键堵点。"该矿生产办负责人黄仁屏介绍，单轨吊运输具备多重显著优势，既能实现长距离、大坡度 条件下的无转载运输，从根源上消除了传统运输中的"中梗阻"问题；又能有效破解传统运输方式环节繁 琐、用工数量多、人员 ...

合同显示，LG能源将从2028年3月—2035年6月向奔驰位于北美和欧洲工厂提供动力电池。据推测，合同标的主要 为搭载于中低端电车的动力电池。 据韩联社12月8日报道，韩国动力电池制造商LG能源当日表示，其与梅赛德斯-奔驰集团股份公司签署了一份关于 供应动力电池的合同，合同金额达2.06万亿韩元（约合人民币98.9亿元）。该合同金额相当于LG新能源去年全年 销售额的8%。 公开资料显示，LG能源在去年10月签署了关于向奔驰位于北美及其他地区工厂供应50.5GWh动力电池的合同，之 后又于今年9月签署了向奔驰位于美国和欧洲工厂分别供应75GWh、32GWh动力电池的合同。 除奔驰外，LG能源的主要客户还包括特斯拉和通用汽车。目前，LG新能源正在美国和欧洲建设电池工厂。 韩媒在报道中称，此次LG能源与奔驰的签约有望为韩国电池制造商夺回市占率创造契机。 据韩国研究机构SNE Research公布的数据，2025年前三季度，全球动力电池总装车量约811.7GWh，同比大增 34.7%。数据显示，在统计期内，宁德时代和比亚迪分别以297.2GWh和145GWh的装车量，以及36.6%、17.9%的 市占率位居榜单前两位 ...

华金证券近日发布2026年电新行业年度策略：2025年，电力设备及新能源行业指数下半年加速上涨，年 初以来整体涨幅为39.0%。全市场而言，2025年指数上涨的行业有29个，其中电力设备及新能源行业位 列第3位。电新行业在经历了产能扩张、供需失衡、产品价格暴跌、企业大面积亏损后，在反内卷政策 支持下，行业已逐步走出困境，实现供需再平衡，并通过新技术、新市场开拓提升需求。 以下为研究报告摘要： 2025年，电力设备及新能源行业指数下半年加速上涨，年初以来整体涨幅为39.0%。全市场而言，2025 年指数上涨的行业有29个，其中电力设备及新能源行业位列第3位。 电新行业在经历了产能扩张、供需失衡、产品价格暴跌、企业大面积亏损后，在反内卷政策支持下，行 业已逐步走出困境，实现供需再平衡，并通过新技术、新市场开拓提升需求。 行业投资类指标整体向下，已度过无序扩张期，整体处于出清尾声阶段，未来投资更加呈现结构化特 征。 资本开支：为当期投资重要指标，电池、光伏21年高点后持续下滑，风电资本开支已触底反弹。 筹资现金流/营收：为远期投资重要指标，代表企业融资意愿，电池此指标触底反弹为正，有固态电池 等新投资方向支撑。 电 ...