扩大内需是战略之举：申万期货早间评论-20251216

Group 1 - The core viewpoint of the article emphasizes that expanding domestic demand is a strategic move essential for economic stability and security, rather than a temporary measure [1] - The article highlights the need to accelerate the filling of consumption gaps to make domestic demand the main driver of economic growth [1] - November economic data shows that industrial added value increased by 4.8% year-on-year, service production index grew by 4.2%, and retail sales of consumer goods rose by 1.3% [1][7] - Fixed asset investment decreased by 2.6% year-on-year from January to November, with manufacturing investment up by 1.9% and real estate development investment down by 15.9% [1][7] Group 2 - In the silver market, the price is supported by the Federal Reserve's recent interest rate cut and liquidity improvement, maintaining a long-term upward trend despite short-term fluctuations [2][19] - Cotton prices are expected to remain strong due to rapid sales and potential reductions in planting area in Xinjiang, alongside improved expectations for textile exports due to easing US-China relations [2][30] - The coking coal market is experiencing weak demand, with a focus on policy expectations in December to provide upward momentum during the off-season [3][24] Group 3 - The article discusses the divergence in economic and inflation outlooks among Federal Reserve officials, indicating mixed signals for future monetary policy [6] - The industrial and information technology ministry has approved the first batch of L3 conditional autonomous driving vehicles for trial in designated areas, signaling advancements in the smart connected vehicle industry [8]