泛太平洋铜业公司(Pan Pacific Copper)和伦丁矿业公司已同意，明年将把把铜矿石加工成金属的加工费 用大致维持不变。据知情人士透露，2026年商业条款的展期协议包括冶炼费用（即加工精炼费用）保持 不变。该协议表明了一种趋势：随着全球冶炼行业陷入更深层次的危机，矿商正在向关键的长期客户做 出商业让步。 ...

Core Insights - The U.S. Energy Information Administration (EIA) reported a decrease of 9 billion cubic feet in natural gas inventories in the Pacific region of the United States [1] Group 1 - The reduction in natural gas inventory indicates a tightening supply situation in the Pacific region [1]

宏观 证券研究报告 |点评报告 2025/12/11 出口保持韧性，进口同比增速小幅提升 ——11月贸易数据点评 | 证券分析师： | 徐超 | | --- | --- | | 分析师登记编号： | S1190521050001 | | 证券分析师： | 戴梓涵 | | 分析师登记编号： | S1190524110003 | 报告摘要 事件：12月8日，海关总署发布数据显示，11月中国以美元计价出口3303.5亿美元，同比增长5.9%，前值下降1.1%。 进口2186.7亿美元，同比增长1.9%，前值增长1%。中国11月贸易顺差1116.8亿美元，前值为900.7亿美元。 一、低基数叠加市场多元化发展，出口同比超预期增长。 11月我国出口3303.5亿美元，同比增长5.9%，而上月同比下降1.1%，增速由负转正，11月出口环比增长8.2%，高于 2021-2023年均值4.7%。本月出口同比增速表现超出市场预期，可能受以下因素影响：一是受到去年低基数效应的影 响，2024年11月出口同比增速为6.6%，显著低于前期水平，环比增速为1%，明显弱于季节性，二是我国继续拓展出 口市场多元化发展，如欧盟、日韩、拉丁美 ...

Quantitative Models and Construction Methods 1. Model Name: Industry Crowding Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowding levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowding levels and significant changes in crowding dynamics[3] - **Model Construction Process**: The model calculates the crowding levels of various industries based on daily data. It identifies industries with the highest and lowest crowding levels and highlights industries with significant changes in crowding dynamics. Specific calculation methods or formulas are not provided in the report[3] - **Model Evaluation**: The model provides actionable insights into industry crowding trends, helping investors identify potential opportunities or risks in crowded or undercrowded sectors[3] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products for potential arbitrage opportunities by calculating the Z-score of premium rates on a rolling basis[4] - **Model Construction Process**: The Z-score of the premium rate is calculated for each ETF product over a rolling window. The Z-score helps identify ETFs with significant deviations from their historical premium rates, signaling potential arbitrage opportunities. Specific formulas or parameters are not detailed in the report[4] - **Model Evaluation**: The model effectively identifies ETFs with potential arbitrage opportunities, but it also warns of potential risks of price corrections in the identified ETFs[4] --- Model Backtesting Results 1. Industry Crowding Monitoring Model - No specific backtesting results or quantitative metrics are provided for this model in the report[3] 2. Premium Rate Z-Score Model - No specific backtesting results or quantitative metrics are provided for this model in the report[4] --- Quantitative Factors and Construction Methods No specific quantitative factors are mentioned or constructed in the report --- Factor Backtesting Results No specific backtesting results for factors are mentioned in the report

Core Viewpoint - Deep Longevity, Inc, a wholly-owned subsidiary of Lattice Biologics (00575.HK), is making a strategic move to enter the U.S. health market by appointing key executives [1] Group 1: Executive Appointments - Dylan Kay has been appointed as the Chief Business Officer for the U.S. [1] - Luke Shaffer has been appointed as the Vice President of Sales for the U.S. [1] - Both executives are set to officially start their roles on January 1, 2026 [1] Group 2: Market Entry Strategy - The appointments signify Deep Longevity's proactive approach to penetrate the largest health market globally, which is the United States [1] - The company plans to commence commercial operations in the first quarter of 2026 [1]

Market Overview - On December 10, 2025, the equity market showed mixed performance, with the Shanghai Composite Index down by 0.23%, the Shenzhen Composite Index up by 0.26%, the CSI 300 down by 0.14%, and the CSI 500 up by 0.49%. The Shenwan Real Estate Index increased by 2.53% [1]. Individual Stock Performance - The top five gainers in the real estate sector were: - Shilianhang: +10.07% - Vanke A: +10.06% - Nandu Property: +10.02% - Hainan Expressway: +9.97% - Caixin Development: +9.94% - The top five losers were: - Rongfeng Holdings: -3.78% - Sunshine Shares: -3.46% - Xinhua Lian: -1.69% - Lu Jia B Shares: -1.48% - Zhongtian Services: -1.30% [2]. Industry News - China Railway Real Estate won a residential land parcel in Shenzhen's Meilin area for 792 million yuan, with a premium rate of 65%. The land, covering 4,994.02 square meters, has a planned construction area of 18,550 square meters, including residential space of 15,380 square meters [3]. - Chengdu's land auction on December 10 raised 1.899 billion yuan from two residential land parcels in Jinjiang and Wenjiang districts, with a total area of 51,200 square meters and a planned construction area of 179,000 square meters. The main tower in the Jinjiang district is set to be a landmark building with a height of no less than 140 meters [4]. Company Announcements - New City Holdings announced the issuance of its third phase of medium-term notes for 2025, totaling 1.75 billion yuan with a 4.00% interest rate, maturing in five years [5]. - Chongqing Longfor Enterprise announced the second phase of its medium-term notes for 2023, amounting to 1.2 billion yuan with a 3.66% interest rate, maturing in three years [5].

Core Insights - Chancay Port celebrated its first anniversary as a new hub in the South Pacific, handling over 270,000 TEUs and 289 vessels, with 67% being container cargo and 33% general cargo [1] - The port's foreign trade volume reached $1.88 billion, with imports at $1.161 billion and exports at $718 million during the same period [1] - The port collected 821.6 million soles in customs duties from January to October 2025, with key trade products including minerals, fishmeal, avocados, grapes, and blueberries for exports, and heavy machinery, solar panels, appliances, and grains for imports [1] Investment and Economic Impact - The first phase of investment totaled $1.3 billion, creating 7,500 jobs during construction and 830 jobs during operation [2] - Real estate values in the region have increased more than threefold due to the port's development [2] - A social development fund was established to allocate 20% of customs revenue from the province to address infrastructure and public service gaps [2] Future Outlook - The port aims to solidify its position as a regional trade center and national development engine, with plans to improve connectivity in the next phase [2] - Transportation time between Peru and Asia has been reduced by 10 to 15 days, enhancing the competitiveness of Peruvian products and lowering import costs [2] - Total cargo volume is expected to reach 352,591 TEUs by the end of 2025, surpassing the initial target of 350,000 TEUs [1]

Core Insights - The "Marine Geological No. 6" research vessel successfully completed its 15th deep-sea geological survey mission, returning to Guangzhou with multiple significant findings [1][3] - The mission lasted 95 days, covering a total distance of 12,673 nautical miles, focusing on deep-sea environmental surveys and the application of key detection technologies and equipment [1] Group 1: Research Achievements - The vessel conducted a sea trial for the seabed electromagnetic collection station, achieving a maximum deployment depth of 7,663 meters and obtaining high-quality electromagnetic observation data [1] - A batch of marine environmental data and samples, including deep seawater, seabed sediments, polymetallic nodules, and marine organisms, was collected to support deep-sea geological research and marine environmental management [1][3] - The research team discovered a polymetallic nodule resource-rich area during the seabed mineral geological survey [3] Group 2: Technological Innovations - The mission marked the first joint high-precision test operation of a 6,000-meter deep-sea remotely operated vehicle and an autonomous underwater robot in the Pacific deep-water area [1] - The introduction of soilless cultivation technology, combined with existing soil-based cultivation methods, successfully provided fresh vegetables throughout the voyage, improving living conditions for long-duration oceanic research missions [3] Group 3: Future Plans - The "Marine Geological No. 6" vessel is scheduled to return to the Pacific in the first half of 2026 to conduct further basic geological and environmental geological scientific investigations [3]

Core Insights - Deep Longevity, Inc. has appointed Dylan Kay as Chief Business Officer and Luke Shaffer as Vice President of Sales for the United States, effective January 1, 2026, marking its entry into the U.S. health market [1] - The company plans to launch its commercial operations in the first quarter of 2026, focusing on four key areas: corporate health and wellness programs, health insurance and risk-bearing entities, diagnostic laboratories and longevity clinics, and high-end consumer health platforms [1] - Deep Longevity aims to sign over 50 U.S. corporate clients by the end of 2026, positioning its aging clock technology at the center of the preventive healthcare revolution [2] Company Strategy - The appointments of Kay and Shaffer are strategic moves to leverage their extensive experience in health technology and corporate partnerships to drive growth [1][2] - Deep Longevity's clinically validated aging clocks, including BloodAge, EpigeneticAge, MindAge, BiometricAge, and the upcoming FaceAge, provide actionable insights across molecular, physiological, cognitive, and psychological aging dimensions [1] - The company's SaaS solutions enable employers and insurance companies to transition from passive disease care to proactive, quantifiable personalized longevity programs that can extend healthy lifespan and reduce long-term costs [1] Market Context - The U.S. healthcare expenditure is approximately $4.5 trillion annually, with 90% attributed to chronic diseases, highlighting the significant market opportunity for Deep Longevity's solutions [2] - The leadership of Kay and Shaffer is expected to transform emerging science into enterprise-level impact, aligning with the growing focus on preventive healthcare [2]

Core Insights - Deep Longevity, Inc. has appointed Dylan Kay as Chief Business Officer and Luke Shaffer as Vice President of Sales for the U.S. market, effective January 1, 2026, indicating a strategic move to penetrate the U.S. health market [1] Group 1 - The appointment of new executives signifies Deep Longevity's commitment to expanding its presence in the largest health market globally [1] - The company plans to initiate commercial operations in the first quarter of 2026 [1]