迈信林回复称，公司作为沐曦总代，范围主要是浙江地区，包括但不限于国资投建的国家级实验室和其 他政府平台项目集群。 格隆汇11月28日｜有投资者在互动平台向迈信林提问：查阅关于沐曦集成的总代范围，超讯的是中国移 动、中国电信、中国联通、中国能建、中国交通，那么请问贵公司的总代范围具体是指哪些行业或公 司？ ...

Report Investment Ratings No investment ratings for the industry are provided in the report. Core Views The report offers trend judgments and analysis on various commodities, including gold, silver, copper, zinc, etc., based on their respective fundamentals and market news. For example, gold is affected by rising interest - rate cut expectations, while copper is supported by high long - term premium expectations [2][6][10]. Summary by Category Precious Metals - **Gold**: Rising interest - rate cut expectations [2][6] - **Silver**: Oscillating and adjusting [2] Base Metals - **Copper**: High long - term premium expectations support prices. The global copper market is expected to face a supply shortage in 2026 [2][10][12] - **Zinc**: Oscillating weakly [2][13] - **Lead**: Reduced inventory supports prices [2][17] - **Tin**: Supply is disrupted again [2][19] - **Aluminum**: Ranging within a certain interval [2][23] - **Alumina**: Rebounding from a low level [2][23] - **Cast Aluminum Alloy**: Following the trend of electrolytic aluminum [2][23] - **Nickel**: The inventory accumulation pace has slightly slowed down, with short - term disturbances from macro and news factors [2][26] - **Stainless Steel**: Steel prices are under pressure and oscillating at a low level, but the downside is limited [2][26] Energy Metals - **Lithium Carbonate**: The resumption of production by large manufacturers and less - than - expected inventory reduction put pressure on the upside [2][31] Industrial Metals - **Industrial Silicon**: Mainly oscillating within a range [2][34] - **Polysilicon**: Attention should be paid to the position of the 2512 contract [2][35] Ferrous Metals - **Iron Ore**: Limited downstream demand and over - valued [2][38] - **Rebar**: Widely oscillating [2][40] - **Hot - Rolled Coil**: Widely oscillating [2][41] - **Silicon Ferrosilicon**: Widely oscillating due to market sentiment disturbances [2][45] - **Manganese Ferrosilicon**: Widely oscillating with firm ore prices [2][45] - **Coke**: Widely oscillating [2][49] - **Coking Coal**: Widely oscillating [2][49] Forest Products - **Log**: Weakly oscillating [2][51] Chemicals - **Para - Xylene**: Showing a weakening trend [2][55] - **PTA**: Showing a weakening trend [2][55] - **MEG**: Hold a long MEG and short PX position [2][55] - **Rubber**: Oscillating strongly [2][61] - **Synthetic Rubber**: Oscillating with fundamental pressure but valuation support [2][65] - **Asphalt**: Rising production and accelerating inventory reduction in the north [2][69] - **LLDPE**: Positive basis and still abundant supply [2][79] - **PP**: Do not chase short - term short positions, but there is still medium - term pressure [2][82] - **Caustic Soda**: Still under pressure [2][86] - **Pulp**: Oscillating [2][92] - **Glass**: Stable prices of raw sheets [2][99] - **Methanol**: Continuing the short - term rebound pattern [2][102] - **Urea**: Ranging, mainly following spot market sentiment during the day [2][107] - **Styrene**: Oscillating in the short term [2][110] - **Soda Ash**: Little change in the spot market [2][113] Energy - **LPG**: Strong external market and decent demand [2][116] - **Propylene**: Weakening demand support and limited upward driving force [2][117] Plastics - **PVC**: Oscillating at a low level [2][127] Fuels - **Fuel Oil**: Oscillating and consolidating, with short - term fluctuations narrowing [2][128] - **Low - Sulfur Fuel Oil**: Continuing the adjustment trend, with a slight rebound in the price difference between high - and low - sulfur fuels in the external spot market [2][128] Shipping - **Container Freight Index (European Line)**: Oscillating at a low level [2][130] Fibers - **Staple Fiber**: Oscillating in the short term and under pressure in the medium term [2][143] - **Bottle Chip**: Oscillating in the short term and under pressure in the medium term [2][143] Paper - **Offset Printing Paper**: Oscillating at a low level [2][146] Aromatics - **Pure Benzene**: Mainly oscillating in the short term [2][151] Oils and Fats - **Palm Oil**: Reduced trading on high - yield margins and a technical rebound [2][155] - **Soybean Oil**: Ranging within a certain interval [2][155] Grains and Oilseeds - **Soybean Meal**: The US soybean market is closed for Thanksgiving, lacking guidance [2][162] - **Soybean**: Stable spot prices and oscillating futures prices [2][163] - **Corn**: Oscillating strongly [2][166] Sweeteners - **Sugar**: Ranging and consolidating [2][170] Textiles - **Cotton**: Pay attention to the trend of the spot basis [2][175] Livestock and Poultry - **Egg**: Increased elimination volume and expected support [2][180] - **Pig**: Position - limit policies drive the divergence between near - term futures and spot prices [2][182] Nuts - **Peanut**: Pay attention to the spot market [2][186]

Group 1 - The core viewpoint of the news is that China Energy Construction's subsidiary, Xi'an Chuangyuan Electric Power Fittings Co., Ltd., has received preliminary approval for an environmental assessment of a technical transformation project aimed at increasing the production capacity of ultra-high voltage transmission line fittings, with a total investment of 22 million yuan [1] - The "A-share Green Report" project, launched by the Daily Economic News in collaboration with the public environmental research center (IPE), aims to enhance the transparency of environmental information from listed companies by monitoring their environmental performance based on authoritative data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that seven listed companies have recently exposed environmental risks [1] Group 2 - China Energy Construction's main business segments include surveying, design and consulting, engineering construction, industrial manufacturing, investment operations, and others [2] - The company's market capitalization is approximately 85.5 billion yuan, with projected operating revenues of 40.6 billion yuan for 2023 and 43.7 billion yuan for 2024 [3] - The net profit attributable to the parent company is expected to be 7.99 billion yuan in 2023 and 8.40 billion yuan in 2024, with a net asset return rate of 7.52% for 2023 [3]

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The industrial silicon market is expected to mainly experience range - bound fluctuations, and attention should be paid to the positions of the 2512 contract of polysilicon [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For industrial silicon Si2601, the closing price is 9,115 yuan/ton, with changes of - 95 yuan compared to T - 1, - 40 yuan compared to T - 5, and - 160 yuan compared to T - 22. The trading volume is 323,524 lots, down 45,701 lots from T - 1, down 250,821 lots from T - 5, and up 62,437 lots from T - 22. The open interest is 237,648 lots, down 22,881 lots from T - 1, down 36,330 lots from T - 5, and up 25,978 lots from T - 22 [2]. - For polysilicon PS2601, the closing price is 55,235 yuan/ton, down 660 yuan from T - 1 and up 2,785 yuan from T - 5. The trading volume is 324,070 lots, down 6,246 lots from T - 1 and up 19,235 lots from T - 5. The open interest is 141,586 lots, down 1,457 lots from T - 1 and up 7,294 lots from T - 5 [2]. - **Price and Basis**: - Industrial silicon spot prices vary by region. For example, Xinjiang 99 - silicon is 8,900 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton. Polysilicon - N - type re - feedstock is 52,300 yuan/ton [2]. - The basis of industrial silicon and polysilicon also shows different trends. For example, the industrial silicon spot premium (against East China Si5530) is + 435 yuan/ton [2]. - **Profit**: - Silicon factory profits in Xinjiang (new standard 553) are - 2,154.5 yuan/ton, and in Yunnan (new standard 553) are - 3,401 yuan/ton. Polysilicon enterprise profits are 7.7 yuan/kg [2]. - **Inventory**: - Industrial silicon social inventory (including warehouse receipt inventory) is 550,000 tons, with an increase of 2,000 tons compared to T - 5 and a decrease of 8,000 tons compared to T - 22. The enterprise inventory of industrial silicon (sample enterprises) is 180,000 tons, with an increase of 1,800 tons compared to T - 5 and an increase of 12,000 tons compared to T - 22. The industry inventory (social + enterprise inventory) is 730,000 tons, with an increase of 3,800 tons compared to T - 5 and an increase of 3,900 tons compared to T - 22. The industrial silicon futures warehouse receipt inventory is 198,000 tons, down 4,000 tons from T - 1, down 14,000 tons from T - 5, and down 42,000 tons from T - 22. The polysilicon factory inventory is 281,000 tons, with an increase of 10,000 tons compared to T - 5 and an increase of 20,000 tons compared to T - 22 [2]. - **Raw Material Cost**: - The prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions are provided. For example, the price of silicon ore in Xinjiang is 320 yuan/ton, and in Yunnan is 290 yuan/ton [2]. 3.2 Macro and Industry News - On November 22, 2025, the list of winning bidders for the 2025 photovoltaic module centralized procurement project of China Energy Engineering Group Co., Ltd. was publicly announced. The total scale of the tender is estimated to be 17GW, divided into 8 bid packages, covering 182mm TOPCon modules, 210mm TOPCon modules, HJT modules, and BC modules [2]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral outlook. The trend intensity of polysilicon is - 1, indicating a slightly bearish outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - China's industrial profit data shows that in October, the profit of large - scale industrial enterprises decreased by 5.5% year - on - year, but the profit in the first 10 months increased by 1.9% year - on - year. Among the three major sectors, the mining industry decreased by 27.8%, the manufacturing industry increased by 7.7%, and the production and supply of electricity, heat, gas and water increased by 9.5% in the first 10 months [7]. - The long - term supply of copper is tight, and the consumption is expected to pick up. In 2026, the copper market will be in a state of supply shortage, with a high premium for refined copper. The long - term trading strategy for copper is mainly long - position [8][9]. - Cotton futures are expected to fluctuate due to the dual effects of short - term high - yield pressure and high basis support [10]. - After the listing of platinum and palladium futures on the Guangzhou Futures Exchange, there are still risk - free arbitrage opportunities in the cross - market structure, and the prices of platinum and palladium are expected to rise in the short - term due to the easing of the Russia - Ukraine war situation [11][12]. 3. Summaries by Related Catalogs 3.1 Metal Products 3.1.1 Gold and Silver - Gold: The expectation of interest rate cuts has rebounded. The trend strength is 0, indicating a neutral view [15][19]. - Silver: It is in a state of shock adjustment. The trend strength is 0, indicating a neutral view [15][19]. 3.1.2 Copper - The long - term supply of copper is tight, and the long - term consumption is expected to pick up. In 2026, the global copper market will have a supply shortage of 150,000 tons. The long - term trading strategy is mainly long - position. The trend strength is 1, indicating a relatively strong view [8][9][25]. 3.1.3 Zinc - Zinc is in a state of weak shock. The trend strength is 0, indicating a neutral view [15][26]. 3.1.4 Lead - The inventory of lead has decreased, which supports the price. The trend strength is 0, indicating a neutral view [15][30]. 3.1.5 Tin - The supply of tin has been disturbed again. The trend strength is 0, indicating a neutral view [15][32]. 3.1.6 Aluminum, Alumina, and Cast Aluminum Alloy - Aluminum is in a state of range - bound shock; alumina rebounds from a low level; cast aluminum alloy follows the trend of electrolytic aluminum. The trend strength of all three is 0, indicating a neutral view [15][36]. 3.1.7 Nickel and Stainless Steel - The inventory accumulation rhythm of nickel has slowed down, and it is affected by macro and news in the short - term. Stainless steel prices are under pressure and fluctuate at a low level, but the downward space is limited. The trend strength of both is 0, indicating a neutral view [15][39]. 3.1.8 Carbonate Lithium - With the gradual resumption of production by large manufacturers and the less - than - expected inventory reduction, the price of carbonate lithium is under pressure. The trend strength is - 2, indicating a very bearish view [15][44]. 3.1.9 Industrial Silicon and Polysilicon - Industrial silicon mainly fluctuates within a range. Polysilicon requires attention to the position of the 2512 contract. The trend strength of industrial silicon is 0 (neutral), and that of polysilicon is - 1 (weakly bearish) [15][47][48]. 3.1.10 Iron Ore - The downstream demand space for iron ore is limited, and the valuation is high. The trend strength is - 1, indicating a weakly bearish view [15][51]. 3.1.11 Rebar and Hot - Rolled Coil - Both rebar and hot - rolled coil are in a state of wide - range shock. The trend strength of both is 0, indicating a neutral view [15][53][54]. 3.1.12 Ferrosilicon and Silicomanganese - Ferrosilicon fluctuates widely due to market sentiment disturbances, and silicomanganese fluctuates widely due to the firm price of ore. The trend strength of both is 0, indicating a neutral view [15][58]. 3.1.13 Coke and Coking Coal - Both coke and coking coal are in a state of wide - range shock. The trend strength of both is 0, indicating a neutral view [15][62]. 3.2 Agricultural Products 3.2.1 Cotton - Cotton futures are expected to fluctuate due to the dual effects of short - term high - yield pressure and high basis support. Attention should be paid to the change of the basis of spot cotton [10][15][18]. 3.2.2 Palm Oil, Soybean Oil, and Other Oils - Palm oil has a technical rebound due to the weakening of high - yield marginal trading. Soybean oil mainly fluctuates within a range [18]. 3.2.3 Corn - Corn is in a state of shock and upward trend [18]. 3.2.4 Sugar - Sugar is in a state of range consolidation [18]. 3.2.5 Eggs - The increase in the number of culled hens provides expected support for egg prices [18]. 3.2.6 Live Pigs - The limit on positions drives the divergence between the near - term futures and spot prices of live pigs [18]. 3.2.7 Peanuts - Attention should be paid to the spot price of peanuts [18]. 3.3 Others 3.3.1 Logs - Logs are in a state of weak shock [18][64].

Report Overview - Date: November 28, 2025 - Report Type: Commodity Research Morning Report - Green Finance and New Energy - Covered Commodities: Nickel, Stainless Steel, Lithium Carbonate, Industrial Silicon, Polysilicon 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Nickel: The inventory accumulation pace has slightly slowed down, with short - term disturbances from macro and news factors [2][4] - Stainless Steel: Steel prices are under pressure and oscillating at a low level, but the downside potential is limited [2][4] - Lithium Carbonate: The approaching resumption of production by large manufacturers and the failure to meet de - stocking expectations are putting pressure on the upside [2][9] - Industrial Silicon: Mainly in a range - bound oscillation [2][12] - Polysilicon: Attention should be paid to the position of the 2512 contract [2][13] 3. Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: For nickel, the closing price of the Shanghai Nickel main contract was 116,900 yuan, down 360 yuan from the previous day. The trading volume of the Shanghai Nickel main contract was 97,221 lots, a significant decrease of 79,345 lots. For stainless steel, the closing price of the main contract was 12,410 yuan, down 45 yuan, and the trading volume was 186,323 lots, down 37,935 lots [4] - **Macro and Industry News**: Multiple events including the takeover of a nickel mine in Indonesia, China's suspension of non - official subsidies for Russian copper and nickel imports, and various regulatory policies in Indonesia have affected the market. Also, the Fed's dovish remarks have influenced market sentiment [4][5][7] - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral outlook [8] Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 94,000 yuan, down 500 yuan. The trading volume was 216,915 lots, a large decrease of 145,740 lots. The inventory decreased by 2452 tons compared to last week [9][11] - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price increased, and the production this week decreased slightly [9][10][11] - **Trend Intensity**: The trend intensity is - 2, indicating a very bearish outlook [11] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2601 contract for industrial silicon was 9,115 yuan, up 95 yuan. The trading volume was 323,524 lots, down 45,701 lots. For polysilicon, the closing price of the PS2601 contract was 55,235 yuan, down 660 yuan [13] - **Macro and Industry News**: China Energy Construction's 2025 photovoltaic module centralized procurement project bid candidate was announced [13][15] - **Trend Intensity**: The trend intensity of industrial silicon is 0 (neutral), and that of polysilicon is - 1 (slightly bearish) [15]

Market Overview - The infrastructure sector experienced a decline of 0.34% on November 27, with Beixin Road and Bridge leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers in Infrastructure Sector - Guosheng Technology (603778) saw a closing price of 10.54, with a significant increase of 10.02% and a trading volume of 608,200 shares, totaling a transaction value of 634 million [1] - Nongshang Environment (300536) closed at 8.38, up 3.46%, with a trading volume of 82,800 shares [1] - Huitong Group (603176) closed at 6.58, up 2.02%, with a trading volume of 264,400 shares [1] Underperformers in Infrastructure Sector - Beixin Road and Bridge (002307) closed at 5.33, down 7.14%, with a trading volume of 2,166,000 shares and a transaction value of 1.148 billion [2] - Xinjiang Jiaojian (002941) closed at 16.12, down 2.95%, with a trading volume of 255,500 shares [2] - ST Huawang (603007) closed at 5.46, down 2.15%, with a trading volume of 142,600 shares [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 191 million from institutional investors, while retail investors saw a net inflow of 207 million [2] - The top three stocks with significant net inflows from retail investors include Mengcao Ecology (300355) with 49.19 million, Huitong Group (603176) with 28.90 million, and Meili Ecology (000010) with 21.63 million [3] - Conversely, Beixin Road and Bridge (002307) experienced a net outflow of 77.32 million from retail investors [3]

Core Viewpoint - The construction industry in China is seeking structural growth opportunities amid traditional demand pressures, driven by national strategic infrastructure projects and emerging trends in urban renewal [1][3]. Group 1: Industry Overview - In the first three quarters of 2025, 152 listed companies in the construction sector reported a total revenue of 5.84 trillion yuan, a year-on-year decrease of 5.14%. The net profit attributable to shareholders was 123.62 billion yuan, down 9.76% [2]. - The urban development is shifting towards improving existing stock, with urban renewal actions expected to create a market worth trillions, particularly in underground pipeline investments exceeding 5 trillion yuan during the 14th Five-Year Plan [3]. Group 2: Major Projects and Trends - Significant projects such as the Yaxi Hydropower and the Sichuan-Tibet Railway are highlighted, with the Yaxi Hydropower project alone having an investment of 1.2 trillion yuan and the Sichuan-Tibet Railway segment costing approximately 319.8 billion yuan [4]. - The regulatory environment is becoming more favorable for mergers and acquisitions, which will benefit construction companies [4]. Group 3: Investment Recommendations - Investment focus areas include major projects like Yaxi Hydropower and Sichuan-Tibet Railway, with recommended companies such as China Power Construction and China Railway Construction [6]. - Urban renewal, high dividend stocks, and overseas expansion are also key investment themes, with companies like China State Construction and Shanghai Construction recommended [6]. - Growth sectors include low-altitude economy, welding robots, and computing infrastructure, with suggested companies like China Communications Construction and Shanghai Institute of Building Science [6]. - The coal chemical industry in Xinjiang and nuclear power projects are highlighted as areas of improvement, with recommendations for companies like China Chemical and China Nuclear Engineering [6].

Core Viewpoint - The recent auction of a residential land plot in Chaoyang District, Beijing, reflects a significant increase in market competition and expectations for future property prices, with the winning bid reaching 50.24 billion yuan and a premium rate of 18.21% [1][2]. Group 1: Auction Details - The land plot, located between the East Third and Fourth Ring Roads, covers approximately 28,900 square meters with a planned construction area of 80,800 square meters and a plot ratio of 2.8, starting at a base price of 4.25 billion yuan [2]. - The auction involved seven real estate companies and lasted for two hours, resulting in a total of 166 bidding rounds, showcasing intense competition [2]. - The final bid by Maoyuan at 50.24 billion yuan indicates a strong willingness to acquire land in a market with limited supply [2]. Group 2: Market Context - The Chaoyang area has not seen new residential land supply for two consecutive years, leading to a scarcity of new housing and a predominance of older properties in the secondary market [1][5]. - The surrounding second-hand housing market primarily consists of older units, with many properties over 30 years old, which has suppressed demand for improved housing options [1][5]. - The anticipated future price for the new project on the acquired land is expected to exceed 100,000 yuan per square meter, reflecting the high demand and limited supply in the area [4][5]. Group 3: Location Advantages - The land plot is strategically located near Beijing University of Technology and has excellent transportation links, being only about 100 meters from the North Gongda West Gate subway station, with future access to a second subway line [3]. - The area is well-equipped with commercial facilities, including multiple shopping complexes and quality medical institutions, enhancing its attractiveness for potential residents [3]. - Educational resources in the vicinity include several schools covering all educational stages, further increasing the area's appeal for families [3]. Group 4: Future Market Outlook - The current market conditions indicate a structural mismatch between aging housing stock and the demand for improved living conditions, with the new project expected to offer larger units of 120-180 square meters to meet this demand [5]. - The overall market for new residential properties in the CBD area remains constrained, with no new land supply expected until 2025, which may lead to continued upward pressure on prices [4][5].

格隆汇11月25日｜当地时间11月23日，由中国能建总承包建设的摩洛哥最大燃机电站——艾勒瓦达 2×495MW燃机项目1号机组燃机筏板完成混凝土浇筑，标志着该项目全面进入土建施工阶段。艾勒瓦达 燃机项目位于摩洛哥丹吉尔-胡塞马大区，规划建设两台H级燃气发电机组，是中国能建在北非地区承 建的首个燃机总承包项目。 ...