Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

智通财经APP获悉，12月12日，第一商用车网发布，2025年11月份，重卡销量同比大增65%，收获同 比"8连增"的同时，还创造了今年重卡市场最高月销量。可以说，11月份的重卡市场比"金九银十"旺季 还要旺。 从累计销量来看，2025年1-11月，重卡市场累计销售104.23万辆，在近五年里排在第二高，在近十年里 则仅能排在第六，比上年同期的81.78万辆增长了27%，净增长超22万辆，最近几月累计销量增幅呈逐 月扩大态势（如下图）。从单月销量来看，11月份重卡市场11.32万辆的销量是今年最高单月销量， 比"金三银四"、"金九银十"旺季销量都要高。今年1-11月，重卡市场平均月销量约9.46万辆，明显高于 2024年和2023年平均月销量水平（2024年和2023年重卡市场平均月销量分别约为7.5万辆和7.6万辆）， 从这一角度看，2025年重卡市场有明显回暖迹象。11月过后，2025年重卡市场累计销量已突破100万辆 大关，达到104.23万辆，同比累计增长27%，全年销量超过110万辆已无悬念。 重汽/解放超2万辆争冠，雷驰/三环跻身月榜前十 11月重卡销11.3万辆同比大增65%，创年内月销量新高 ...

Core Viewpoint - The heavy truck market in China experienced a significant increase in sales in November 2025, with a year-on-year growth of 65%, marking the highest monthly sales of the year and surpassing the traditional peak seasons of "Golden September and Silver October" [1][20]. Sales Performance - In November 2025, the total sales of heavy trucks reached 113,200 units, reflecting a month-on-month increase of 7% and a year-on-year increase of 65%, with the growth rate expanding by 5 percentage points compared to October 2025 [4][11]. - The average sales volume for November over the past decade was approximately 78,700 units, with only two years exceeding 100,000 units, making the November 2025 performance notably strong [4][6]. Cumulative Sales Data - From January to November 2025, cumulative heavy truck sales reached 1,042,300 units, representing a year-on-year increase of 27%, with a net increase of over 224,500 units compared to the same period last year [8][15]. - The average monthly sales for the year stood at approximately 94,600 units, significantly higher than the averages for 2024 and 2023 [8]. Market Share and Competition - In November 2025, five companies sold over 10,000 units each, with the top two companies, Heavy Truck and Liberation, selling 28,800 and 23,800 units respectively, maintaining a combined market share of 87.78% among the top five companies [11][13]. - The top ten companies accounted for 96.43% of the market share, indicating a high level of concentration within the industry [11][17]. Year-on-Year Growth of Companies - All top ten companies in the heavy truck market achieved year-on-year sales growth in November, with some companies like Foton and Xugong experiencing growth rates of 139% and 150% respectively [13][17]. - The market share of the top five companies increased to 90.30%, reflecting a strengthening of industry concentration compared to the previous year [17][18]. Future Outlook - With the strong performance in November, it is anticipated that the total heavy truck sales for 2025 will exceed 1.1 million units, with the final figures expected to be confirmed in December [20].

Group 1 - The duty-free shop concept index declined by 1.60%, ranking among the top declines in the concept sector, with companies like Zhongbai Group, Guangbai Shares, and Youhao Group experiencing significant drops [1] - Among the duty-free shop concept stocks, only four saw price increases, with Lingnan Holdings, Hainan Development, and China Merchants Shekou rising by 1.86%, 0.60%, and 0.45% respectively [1] - The duty-free shop sector experienced a net outflow of 588 million yuan in main funds, with 21 stocks seeing net outflows, and six stocks exceeding 30 million yuan in outflows, led by China Duty Free Group with a net outflow of 174 million yuan [2] Group 2 - The top net outflow stocks in the duty-free shop sector included China Duty Free Group, Caesar Travel, Dongbai Group, and Zhongbai Group, with net outflows of 174 million yuan, 90.89 million yuan, 71.85 million yuan, and 53.13 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included China Merchants Shekou, Dalian Commercial Shares, and Youhao Group, with net inflows of 29.57 million yuan, 5.41 million yuan, and 3.71 million yuan respectively [2][3] - The overall trading activity in the duty-free shop sector showed a mix of performance, with some stocks experiencing significant turnover rates, such as Dongbai Group at 27.58% and Hainan Development at 19.43% [2][3]

证券日报网讯12月9日，西藏珠峰（600338）在互动平台回答投资者提问时表示，塔吉克斯坦共和国政 府于2025年上半年调整精矿产品的出口相关税收，对于公司生产冶炼产品涉及相关税收政策没有变化。 ...

证券日报网讯 12月9日，西藏珠峰在互动平台回答投资者提问时表示，截至2025年11月28日，公司股东 总户数116038户。 （文章来源：证券日报） ...

证券日报网讯12月9日，西藏珠峰（600338）在互动平台回答投资者提问时表示，在能源转型的长期趋 势下，公司所掌握的稀缺、优质的盐湖锂资源是构建未来核心竞争力的基石，是公司面向未来的核心战 略资产。公司坚定看好锂行业的长期发展前景，将充分发挥安赫莱斯项目优秀的资源禀赋及3万吨碳酸 锂当量项目规模优势，持续优化生产工艺，通过精细化管理加强成本管控，推动技术创新、践行绿色开 发，提升在未来市场中的盈利韧性和竞争力。 ...

西藏珠峰（600338.SH）12月9日在投资者互动平台表示，塔中矿业重点推进的选矿厂抛废项目、600万 吨/年技改项目和低品位矿石选精项目均取得积极进展，关于项目进展情况，公司将严格按照相关法律 法规，及时履行信息披露义务。 每经AI快讯，有投资者在投资者互动平台提问：请问公司塔国600万吨技改项目什么时候完成？ （文章来源：每日经济新闻） ...

证券之星消息，12月8日工业金属板块较上一交易日上涨0.41%，银邦股份领涨。当日上证指数报收于 3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300337 | 银邦股份 | 3.58亿 | 25.02% | -2.10 Z | -14.66% | -1.48 Z- | -10.35% | | 601899 紫金矿业 | | 1.77亿 | 2.73% | -2698.50万 | -0.42% | -1.50 Z | -2.31% | | 000737 北方铜业 | | 1.13 Z | 6.16% | -4365.40万 | -2.38% | -6907.47万 | -3.77% | | 000878 云南铜业 | | 1.11亿 | 6.12% | -2008.66万 | -1.11% | -9106 ...

12月6日，以"乘势向上 聚力向新"为主题的山东重工潍柴集团2026年商务大会在潍坊举 行。1200余名合作伙伴齐聚一堂，共同分享潍柴2025年高质量发展成果，见证重磅新品与 新服务模式发布，探讨未来产业发展新路径。 2025年，是国家"十四五"规划的收官之年、"十五五"布局的关键一年。面对复杂严峻的外 部环境与日趋激烈的行业竞争，潍柴依托山东重工整车整机和全球市场优势，锚定六大转型 方向，与合作伙伴携手共进，营收、利润等主要经营指标均实现同比增长，铸就了"乘势向 上"的坚实根基。 聚力向新：新产品+新服务，继续引领行业升级 会议期间，潍柴展出了商用车动力、工程机械动力、农业装备动力、能源电力、高端船舶动 力、液压动力、新能源动力等150余台套绿色低碳高端产品，并发布了16款重磅新品与全 新服务模式，以全方位的技术创新和服务升级，诠释"聚力向新"的核心内涵，引领行业进 入高质量发展新阶段。 商用车动力产品领域，多款升级迭代产品彰显硬核实力。作为NG4.0系列产品的集大成之 作，WP14NG发动机最大马力610Ps、最大扭矩2800N・m，自重较同排量竞品轻 180kg，通过高热效率+总成降耗技术，实现干线高车 ...