Group 1 - Macron's visit to China is significant, marking a crucial moment for Sino-French relations and EU-China interactions amid global instability [2][10] - The visit includes a delegation of over 80 members, highlighting France's emphasis on strengthening bilateral ties across various sectors, including economy, technology, and culture [6][7] - Key discussions during the visit focus on global governance, climate cooperation, nuclear energy, agriculture, and geopolitical issues such as the Ukraine crisis [2][12] Group 2 - France aims to enhance investment and innovation cooperation with China, recognizing China's advanced technologies and potential for collaboration [13][14] - The two countries are set to sign multiple cooperation agreements in areas like nuclear energy, agriculture, and education, reflecting a commitment to deepening practical cooperation [4][14] - The visit is seen as an opportunity for French companies to explore new market opportunities in China, especially ahead of China's upcoming 14th Five-Year Plan [13][14]

Core Insights - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol on October 28, 2023, is expected to significantly boost regional economic cooperation and open new avenues for international trade in the machinery and electronics industry [1] Group 1: Trade Growth and Market Dynamics - Since its inception, the China-ASEAN Free Trade Area has been a crucial growth driver for China's machinery and electronics exports, with exports increasing from $73.8 billion in 2010 to $310.1 billion in 2024, reflecting an annual growth rate of 10%, which is notably higher than the overall export growth rate of 5.67% during the same period [1] - In 2024, ASEAN is projected to surpass the United States, becoming China's second-largest export market for machinery and electronics, following the EU [1] - In the first three quarters of this year, exports of machinery and electronics to ASEAN grew by 26.3% to $281.8 billion, surpassing the EU to become the largest export market [1] Group 2: Bilateral Trade and Economic Impact - The bilateral trade volume of machinery and electronics between China and ASEAN reached $401.4 billion in the first three quarters of this year, marking a year-on-year increase of 16.1%, with all ten ASEAN countries experiencing double-digit growth in exports [2] - The 3.0 protocol's measures, including tariff reductions and lowered market access thresholds, are expected to further decrease import and export costs across various machinery and electronics sectors [2] Group 3: Supply Chain and Green Economy Initiatives - The 3.0 protocol introduces a dedicated chapter on supply chain connectivity, which aims to enhance regional supply chain integration and improve port efficiency, thereby addressing cross-border industrial chain coordination challenges [3] - The protocol incorporates green economy initiatives, defining areas such as green trade and sustainable finance, and establishes a Green Economy Committee to oversee implementation, highlighting a commitment to global economic green transformation [3][4] Group 4: Digital Economy and Technological Advancements - A specific chapter in the 3.0 protocol focuses on the digital economy, promoting an open and fair development environment, which includes provisions for paperless trade and cross-border data transmission, offering significant growth opportunities for the machinery and electronics sector [4] - The protocol's emphasis on digitalization is expected to lower compliance costs for companies and facilitate the transition from traditional low-cost competition to high-value-added sectors [4] Group 5: Future Directions - Under the framework of the 3.0 protocol, the China Machinery and Electronics Chamber of Commerce will focus on emerging fields such as the green economy and digital economy, promoting deep integration and collaborative development of the China-ASEAN machinery and electronics industry [5]

(近观中国)走好"新甲子"，习近平为中法关系明路径 中新社北京12月5日电 题：走好"新甲子"，习近平为中法关系明路径 中新社记者 李晓喻 "中法两国人民有着天然亲近感"，4日，在同来华进行国事访问的法国总统马克龙举行会谈时，中国国 家主席习近平如是说。 12月4日，中国国家主席习近平在北京同来华进行国事访问的法国总统马克龙举行会谈。会谈后，两国 元首共同会见中外记者。中新社记者 盛佳鹏 摄 马克龙此行是其任内第四次造访中国，也是对去年习近平访法的回访。频密的高层互动，成为中法两国 关系持续发展的生动注脚。 今年是中法关系"新甲子"的开局之年。新的历史起点上，中法关系如何走得更稳更好备受关注。从习近 平与马克龙此次会谈，外界可解读出推动中法关系行稳致远的三重意涵。 ——展现独立自主。 中法关系是世界大国关系中一对特殊的关系。法国是第一个同新中国建立大使级外交关系的西方大国， 也是第一个同中国开辟直航航线的西方国家、第一个同中国开展民用核能合作的西方国家。一连串"第 一"，足见中法关系始终走在中国同西方主要发达国家关系前列。 复旦大学欧洲问题研究中心主任丁纯接受中新社记者采访时表示，中法之所以能够成为特殊的朋友 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The US initial jobless claims decreased, and the market risk preference was moderate, with the US dollar index fluctuating in the short - term [1][14]. - Gold prices fluctuated and rose near the $4200 mark, and silver prices retreated from high levels. The upward momentum of commodities slowed down [2][11]. - The macro factors are relatively supportive of copper prices in the short - term, and the price is expected to fluctuate at a high level [38]. - The inventory of soda ash manufacturers decreased, but the soda ash market is still under pressure due to supply expansion and demand reduction [4][70][71]. Summary According to the Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Hasset expects a 25bp interest rate cut at the next meeting. Gold prices fluctuated and rose near $4200, and silver prices retreated from high levels. The market is in a consolidation phase, and the gold - silver ratio is expected to rise [10][11]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The US un - paid national debt exceeded $30 trillion, and the initial jobless claims were lower than expected. The US dollar index is expected to fluctuate in the short - term [12][14][16]. 1.3 Macro Strategy (US Stock Index Futures) - Goldman Sachs suspended the bond issuance for CyrusOne. The US initial jobless claims decreased. The US stock index futures are expected to fluctuate at a high level in the short - term and be treated with a bullish mindset overall [17][18]. 1.4 Macro Strategy (Stock Index Futures) - 16 provinces completed the old - community renovation plan. China and France held talks. The stock market trading was light, and it is recommended to hold long positions in stock index futures evenly [19][20][21]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 100 - billion - yuan repurchase operation. The treasury bond futures fell sharply. It is recommended to hold short positions before the market sentiment stabilizes [22][24][25]. 2. Commodity News and Comments 2.1 Agricultural Products (Corn Starch) - The boxboard and corrugated paper industries' operating rates increased. The corn starch supply pressure is expected to remain low. It is recommended to operate around the current processing fee in the rice - flour price difference strategy [26][27]. 2.2 Black Metals (Steam Coal) - The steam coal price in the northern port market was weak. The coal price is expected to decline seasonally from December to January [28]. 2.3 Black Metals (Iron Ore) - The global new ship order volume decreased by over 40% year - on - year. The iron ore price is expected to fluctuate sideways [29]. 2.4 Black Metals (Coking Coal/Coke) - The coking coal auction price in Lvliang increased. The first round of coke price cuts was implemented. The coking coal and coke market is expected to fluctuate [30][31]. 2.5 Agricultural Products (Corn) - The inventory of corn deep - processing enterprises increased month - on - month but decreased year - on - year. The 01 contract is expected to drive the market upward in the short - term, and mid - and long - term opportunities should be focused on [32][33]. 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Argentina's soybean planting progress was delayed. The vegetable oil market weakened, and the palm oil price rebound was blocked. It is recommended to pay attention to the palm oil's rebound opportunities [34][35]. 2.7 Non - ferrous Metals (Copper) - The dehydration project of Kamoa - Kakula Copper Mine progressed smoothly, and high - grade mining is expected to resume. Mercuria plans to extract over 40,000 tons of copper from LME warehouses. The copper price is expected to fluctuate at a high level, and it is recommended to buy on dips [36][37][38]. 2.8 Non - ferrous Metals (Polysilicon) - Shaanxi's photovoltaic and wind power mechanism electricity prices were announced. The polysilicon supply - demand contradiction worsened. It is recommended to operate cautiously and consider option double - buying opportunities [39][40]. 2.9 Non - ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's controlling shareholder pledged part of its shares. The industrial silicon market is expected to fluctuate between 8800 - 9500 yuan/ton [41][42]. 2.10 Non - ferrous Metals (Lead) - The LME lead 0 - 3 spread was at a discount, and the lead ingot social inventory reached a 15 - month low. It is recommended to buy lead on dips [43][44]. 2.11 Non - ferrous Metals (Zinc) - The LME zinc 0 - 3 spread was at a premium, and the zinc ingot social inventory decreased. It is recommended to hold long positions and pay attention to the pressure near 23,000 yuan/ton [45][46]. 2.12 Non - ferrous Metals (Nickel) - Vale's 2026 nickel production is expected to be 175,000 - 200,000 tons. The nickel market is expected to fluctuate and wait for new drivers [47][48]. 2.13 Non - ferrous Metals (Lithium Carbonate) - Salt Lake Co., Ltd. is expected to exceed its lithium carbonate production plan. It is recommended to short on rallies in the short - term and buy on dips in the mid - term [49][50]. 2.14 Non - ferrous Metals (Tin) - The LME tin 0 - 3 spread was at a premium. The tin price is expected to fluctuate at a high level, and it is recommended to buy on dips [51][52]. 2.15 Energy and Chemicals (Carbon Emissions) - The CEA closing price was 60.03 yuan/ton. The CEA price is expected to fluctuate in the short - term [53][54]. 2.16 Energy and Chemicals (Natural Gas) - The US natural gas inventory decreased week - on - week. The NYMEX natural gas faces downward pressure [55][57]. 2.17 Energy and Chemicals (LLDPE) - China's polyethylene production decreased week - on - week. The LLDPE supply - demand is still relatively loose, and short - selling should pay attention to macro disturbances [58][59]. 2.18 Energy and Chemicals (PTA) - The operating rates of the Jiangsu and Zhejiang textile industries decreased. The PTA price is expected to have limited downward space in the short - term, and it is recommended to buy on dips [59][60][61]. 2.19 Energy and Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally. The caustic soda market is expected to be weak in the short - term [62][63]. 2.20 Energy and Chemicals (Urea) - The urea enterprise inventory decreased. The urea price is expected to be supported by inventory reduction, and attention should be paid to the new upward drive from the macro - level [64][65][66]. 2.21 Energy and Chemicals (PVC) - The PVC price decreased slightly. The PVC market is expected to fluctuate at a low level due to high supply and low demand [67][68][69]. 2.22 Energy and Chemicals (Soda Ash) - The soda ash manufacturer inventory decreased. The soda ash market is under pressure due to supply expansion and demand reduction, and it is recommended to short far - month contracts on rallies [70][71]. 2.23 Energy and Chemicals (Float Glass) - The float glass manufacturer inventory decreased. The float glass market is expected to be weak, and it is recommended to short on rallies in the mid - term [72].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-12-05 股市盘⾯缩量，债市情绪悲观 股指期货：盘⾯缩量，压制微盘。 股指期权：结构分化，防御为主。 国债期货：TL年内新低。 股指期货方面，盘面缩量，压制微盘。周四盘面现止跌迹象，主要指 数收红，科创板及创业板领涨，全天来看，市场量能降至1.5万亿的水 平，缩量趋势明显，在此背景之下，近期资金被抽离的小微盘指数表现弱 势，市场向大市值个股集中。同时，股指期货在周三大幅增仓之后，周四 呈明显减仓趋势，显示前期对冲避险的资金有离场的迹象，隐含恐慌情绪 消散。另外，若比较沪深300指数与IF当季年化基差率的走势，近期呈现 负相关，即在反弹之后，期货市场资金更倾向高抛低吸，而非追涨杀跌， 故上攻空间短期有限。 股指期权方面，结构分化，防御为主。周四标的市场整体企稳，金融 期权成交量较前一日小幅收缩。情绪方面，偏度、持仓量PCR等指标边际 信息有限，成交量PCR较周三明显回落，各品种隐波下沉为主，反映期权 市场担忧改善。展望后市，12月市场上行驱动不足，预计震荡分化格局下 隐波易升难降，波动率卖方策略需低仓位谨慎配置，或叠加 ...

12月4日上午，国家主席习近平在北京人民大会堂同来华进行国事访问的法国总统马克龙举行会谈。这是会谈前， 习近平在人民大会堂北大厅为马克龙举行欢迎仪式。 新华社记者 谢环驰 摄 ●当前，百年变局加速演进，人类又一次站在何去何从的十字路口。中法两国应当展现责任担当，高举多边主义 旗帜，坚定站在历史正确一边●无论外部环境如何变化，中法两国都应当始终展现大国的战略眼光和独立自主， 在彼此核心利益和重大关切问题上相互理解和支持，维护好中法关系的政治基础●中法同为联合国创始成员国和 安理会常任理事国，应当践行真正的多边主义，维护以联合国为核心的国际体系和以国际法为基础的国际秩序， 就政治解决争端、促进世界和平稳定加强沟通和协作，推动改革完善全球治理新华社北京12月4日电（记者 董雪 冯歆然）12月4日上午，国家主席习近平在北京人民大会堂同来华进行国事访问的法国总统马克龙举行会谈。习近 平指出，中法都是有远见、有担当的独立自主大国，是推动世界多极化、促进人类团结合作的建设性力量。当 前，百年变局加速演进，人类又一次站在何去何从的十字路口。中法两国应当展现责任担当，高举多边主义旗 帜，坚定站在历史正确一边。中方愿同法方一道， ...

【环球时报驻法国特约记者 邵琦 董铭 环球时报记者 白云怡 褚大业】4日上午，国家主席习近平在北京人民大会堂同来华进行国 事访问的法国总统马克龙举行会谈。习近平强调，无论外部环境如何变化，中法两国都应当始终展现大国的战略眼光和独立自 主，在彼此核心利益和重大关切问题上相互理解和支持，维护好中法关系的政治基础。马克龙表示，法中保持密切高层交往， 始终相互信任、相互尊重。法方重视对华关系，坚定奉行一个中国政策，愿持续深化法中全面战略伙伴关系。会谈后，两国元 首共同见证签署核能、农食、教育、生态环境等领域多项合作文件。法国《费加罗报》将马克龙此访形容为一次"至关重要的战 略性访问"。随代表团访华的法国苏伊士集团首席执行官夏弘业4日接受《环球时报》记者采访时表示，此次中法高层交流体现 出两国合作的持久活力与巨大潜力，也彰显国际合作在应对全球范围内一些挑战方面的关键作用。接受《环球时报》记者采访 的专家表示，马克龙此访传递出两国关系保持稳定、在合作方面存在连续性的信号。 " 中法都是有远见、有担当的独立自主大国 " 习近平在会谈中指出，中法都是有远见、有担当的独立自主大国，是推动世界多极化、促进人类团结合作的建设性力量 ...

二是拓展务实合作。巩固航空、航天、核能等传统领域合作，拓展绿色经济、数字经 济、生物医药、人工智能等新兴领域合作。推动双边经贸关系平衡发展，扩大双向投资，为 两国企业提供公平、透明、非歧视、可预期的营商环境。 三是促进人文交流。在去年成功举办文化旅游年的基础上，深化文化、教育、科技、地 方等领域交流合作，开展新一轮大熊猫保护合作。 新华社北京12月4日电 12月4日上午，国家主席习近平同法国总统马克龙会谈后共同会见记者。 习近平指出，欢迎马克龙总统对中国进行第四次国事访问。我们进行了友好坦诚、富有 成果的会谈。双方一致认为，中法同为独立自主大国，面对当前变乱交织的国际形势，应当 高举多边主义旗帜，坚持平等对话、开放合作，充分彰显中法全面战略伙伴关系的战略价值 和世界影响，推动平等有序的世界多极化、普惠包容的经济全球化。我们一致同意做好以下4 个方面工作： 一是增进政治互信。无论外部环境如何变化，始终展现大国的独立自主和战略眼光，在 涉及彼此核心利益和重大关切问题上相互理解、相互支持。 到全面、公正、持久解决。中方将向巴勒斯坦提供1亿美元援助，用于缓解加沙人道主义危 机，支持加沙恢复与重建。 习近平强调，对外开 ...

习近平：中法两国要抓住机遇，拓展合作空间，巩固航空、航天、核能等传统领域合作，挖掘绿色经济、数字经济、生物医药、人工智能、新能源等领域合作潜力。中方愿进口更多法国优质产品，欢迎更多法国企业来华发展，也希望法方为中国企业提供公平环境和稳定预期。中法两国人民有着天然亲近感，要深化文化、教育、科技、地方等领域交流合作，续写人文交流精彩篇章。马克龙表示，愿同中方促进相互投资，加强经贸、可再生能源等领域合作，促进友好文化交流。法方致力于推动欧中关系健康稳定发展，认为欧中应坚持对话合作，欧中应实现战略自主。面对世界地缘形势不稳、多边秩序受到冲击，法中合作更显重要，不可或缺。会谈后，两国元首共同见证签署核能、农食、教育、生态环境等领域多项合作文件。外汇交易员 (@myfxtrader):央视：12月4日上午，国家主席习近平在北京人民大会堂同来华进行国事访问的法国总统马克龙举行会谈。 ...

12月4日上午，国家主席习近平在北京人民大会堂同来华进行国事访问的法国总统马克龙举行会谈。 习近平指出，中法都是有远见、有担当的独立自主大国，是推动世界多极化、促进人类团结合作的建设性力 量。当前，百年变局加速演进，人类又一次站在何去何从的十字路口。中法两国应当展现责任担当，高举多边 主义旗帜，坚定站在历史正确一边。中方愿同法方一道，始终从两国人民根本利益和国际社会长远利益出发， 坚持平等对话、开放合作，让中法全面战略伙伴关系在"新甲子"走得更稳更好，充分彰显其战略价值，为推动 平等有序的世界多极化、普惠包容的经济全球化作出新的贡献。 习近平强调，无论外部环境如何变化，中法两国都应当始终展现大国的战略眼光和独立自主，在彼此核心利益 和重大关切问题上相互理解和支持，维护好中法关系的政治基础。中共二十届四中全会审议通过"十五五"规划 建议，为未来5年中国发展擘画蓝图，也向世界提供了一份"机遇清单"。中法两国要抓住机遇，拓展合作空 间，巩固航空、航天、核能等传统领域合作，挖掘绿色经济、数字经济、生物医药、人工智能、新能源等领域 合作潜力。中方愿进口更多法国优质产品，欢迎更多法国企业来华发展，也希望法方为中国企业提供 ...