Core Viewpoint - Citi predicts that copper prices will average $13,000 per ton in Q2 of next year due to supply shortages caused by U.S. stockpiling, with multiple bullish factors supporting the upward trend until 2026 [1][4]. Group 1: Price Predictions - Citi's analysts forecast a 2.5% increase in global copper end-use consumption next year [4]. - Currently, copper prices have risen by 1.97% to $11,675 per ton, surpassing earlier highs this week [2]. - The copper market is expected to enter a structural shortage next year, with a significant supply gap projected over the next decade due to strong demand and limited supply [6]. Group 2: Market Dynamics - The expectation of U.S. import tariffs is causing metal flows to the U.S., leading to inventory depletion in other major regions [6]. - Global exchange copper inventories have surged to over 656,000 tons, the highest level since 2018, with about 60% stored in U.S. warehouses, indicating regional imbalances in the market [9]. - JPMorgan describes the current situation as a "more volatile and urgent bullish mid-stage" for copper prices, driven by the U.S. siphoning effect [9]. Group 3: Long-term Outlook - Citi emphasizes that macroeconomic and fundamental improvements will support its confidence in rising copper prices, driven by lower interest rates, U.S. fiscal expansion, European military restructuring, and energy transition [10]. - Goldman Sachs shares a long-term bullish stance based on structural factors, including strong demand in power infrastructure, AI, and defense sectors, alongside constrained mining supply [10].

格隆汇12月5日｜花旗集团表示，预计未来6至12个月铜价将涨至每吨1.3万美元(涨幅约15%)，2027年铝 价将涨至每吨3500美元(涨幅约20%)；预计明年锡价将触及每吨4.5万美元(涨幅15%)；维持2026年布伦 特原油价格在每桶55至65美元区间波动的预期，预计2026年一季度均价为每桶60美元，二至四季度均价 为每桶62美元，2027年均价为每桶64美元。 ...

来源：滚动播报 花旗预测，美元兑欧元汇率将在2026年升至1欧元兑1.10美元，因预期美元将受益于美国经济重新加速 增长，且美联储的降息力度将小于市场预期。花旗预计欧元兑美元将在2026年第三季度最低跌至1.10， 较当前1.1650水平下跌近6%。Daniel Tobon领导的外汇策略师团队在报告中写道，"我们对2026年美元持 建设性预期，主要源于对美国经济增长复苏的预期，尤其在11月中期选举临近之际。经济增长并非由单 一主导因素驱动，而是多项因素共同作用可能带来更积极前景，这将使市场难以进一步对美联储降息进 行鸽派定价"。 ...

Core Viewpoint - The implementation of the upgraded Free Trade Account (FTA) in the Shanghai Free Trade Zone aims to facilitate cross-border capital flow and support the development of an international financial and trade center in Shanghai [1] Group 1: Implementation Details - The upgraded FTA implementation measures were officially launched on December 5, with HSBC China and Citibank China being the first foreign banks to participate in the pilot program [1] - HSBC China successfully opened an upgraded FTA for a multinational enterprise in the Shanghai Free Trade Zone, while Citibank China opened upgraded FTAs for four corporate clients on the same day [1] Group 2: Objectives and Benefits - The pilot program aims to explore the realization of free cross-border capital payments, meeting the new development needs of real enterprises and deepening the management of cross-border capital flow in the Shanghai Free Trade Zone [1] - The upgraded FTA is expected to significantly enhance the convenience of capital project fund allocation for enterprises, promoting efficient settlement, financing, and circulation of domestic and foreign funds around the real economy [1] Group 3: Industry Perspectives - HSBC China's Global Payments Solutions Managing Director highlighted that the pilot policy represents a new high-level financial opening in China, which will bring a "multiplier effect" to the liberalization and facilitation of cross-border trade and investment [1] - Citibank China's President emphasized that the Shanghai Free Trade Zone has always been at the forefront of China's financial reform, and the upgraded FTA will further enhance the efficiency and convenience of cross-border financial services in the zone [1]

Economic Overview - The Reserve Bank of India's (RBI) recent repo rate cut of 25 basis points to 5.25% signals a strong easing approach despite headline GDP growth exceeding 8% [1][19] - The RBI's actions, including a liquidity injection of Rs 1 lakh crore through open market bond purchases and a $5 billion dollar–rupee swap, indicate a need for economic support [1][19] Inflation and GDP Analysis - The Indian economy is experiencing rapid disinflation, with inflation at an unprecedented low, while real GDP growth is accelerating, creating a favorable economic environment [1][19] - Despite a reported Q3 growth of 8.2% year-on-year, the underlying strength appears uneven, with sequential growth stable at 1.8% quarter-on-quarter [6][19] - Nominal GDP growth has cooled to 8.7%, influenced by a GDP deflator that has dropped to 0.5%, suggesting that real growth may be overstated [7][19] External Economic Pressures - The rupee has declined nearly 5% this year, becoming the worst-performing currency in Asia, driven by a record merchandise trade deficit and weak exports due to tariffs [9][10] - Foreign portfolio investors (FPIs) have withdrawn over Rs 1.5 lakh crore this year, indicating a lack of confidence in the market amid stalled trade negotiations [13][19] Market Sentiment and Future Outlook - Analysts express concern over the underlying health of the economy, questioning the necessity of such significant easing measures when headline growth appears robust [5][19] - Despite the current market challenges, major financial institutions like Morgan Stanley and Goldman Sachs predict a rebound in India's markets next year as earnings stabilize and policy support is expected to take effect [17][19]

Core Viewpoint - The copper price has reached a historical high, driven by optimistic price forecasts from Citigroup and expectations of a supply shortage due to increased U.S. inventories [1][3]. Group 1: Price Forecasts - Citigroup analysts predict that the average copper price will reach $13,000 per ton by Q2 2026 due to supply gaps in other regions as U.S. inventories rise [1][3]. - Morgan Stanley expects copper prices to reach $12,500 per ton by Q2 2026, with an annual average of approximately $12,075 per ton [6]. - UBS has a more aggressive forecast, predicting copper prices will rise from $11,500 per ton in March 2026 to $13,000 per ton by December 2026 [6]. Group 2: Demand Drivers - Global terminal consumption of copper is expected to grow by 2.5% next year, driven by low interest rates, U.S. fiscal expansion, European military spending, and energy transition [3]. - The AI revolution is creating a new consumption pattern for copper, particularly in large-scale AI data centers, which require significantly more copper than traditional data centers [4]. - By 2030, global copper demand from data centers is projected to reach 400,000 tons annually, with a peak consumption of 572,000 tons by 2038, indicating an annual growth rate of 8% to 12% [4]. Group 3: Supply Challenges - Ongoing operational disruptions, such as declining ore grades and water shortages, along with community protests in major producing countries like Chile and Peru, are exacerbating supply challenges [4]. - The development cycle for new mines, which can take 17 to 23 years, is hindering rapid supply adjustments [4]. - Major Chinese smelters have announced significant production cuts by 2025 due to declining profitability, further constraining supply [4]. Group 4: Market Dynamics - The copper market is expected to enter a structural shortage in 2024, with a projected gap of 150,000 tons by 2026, driven by strong demand and limited supply [5]. - The International Copper Study Group (ICSG) indicates that the supply gap could reach 30% by 2035, highlighting copper's critical role in global supply chains for energy transition and AI expansion [5]. - Global copper inventories have surged to over 656,000 tons, the highest level since 2018, with about 60% stored in U.S. warehouses [7].

格隆汇12月4日｜花旗银行将甲骨文目标价从415美元下调至375美元，将Adobe目标价从400美元下调至 366美元。 ...

Core Viewpoint - Citigroup's long position in Bilibili Inc. decreased from 6.05% to 5.99% as of November 28, 2025 [1] Summary by Category - **Company Holdings** - Citigroup's stake in Bilibili Inc. has been reduced, indicating a slight decrease in their investment interest [1]

Core Viewpoint - Citigroup has lowered the target price for Pure Storage from $110 to $105 while maintaining a "Buy" rating [1] Group 1 - The target price adjustment reflects a strategic reassessment of Pure Storage's market position and future growth potential [1] - Maintaining the "Buy" rating indicates continued confidence in the company's long-term performance despite the price adjustment [1]

来源：瑞恩资本RyanbenCapital 《彭博社》报道，花旗集团Citi Group晋升276名员工为董事总经理，是2020年以来人数最少的一次。 花旗在声明中表示，市场业务部门共有55人晋升为董事总经理，银行、财富管理、服务等部门分别有45 人、40人和33人晋升为董事总经理。 新晋董事总经理中49%来自北美地区，但整体来自21个国家，其中三分之二会说多种语言。女性占比略 高于28%。 去年花旗集团晋升344位董事总经理，是最少6年来最多的一次。2023年晋升304人，2022年331人，2021 年306人。 Below is the full list of Citi's newly promoted managing directors. Banking (45) Ram Anand Siddharth Bansal Irina Berg Aaron Bloch Thomas Brancourt Sarah Briddon Matteo Casadei Ricardo Celayeta Varun Chokhani Alexios Coscoros Nick J Dragisic Samuel H ...