核心观点 【报告导读】 1. 全球金属软磁粉芯龙头，打造软磁材料一体化布局。 2. 金属软磁粉芯：下游需求持续向好，夯实基本盘。 3. 金属软磁粉末：技术领先，产能不断扩张。 4. 芯片电感：AI服务器带动需求快速增长，未来成长可期。 全球金属软磁粉芯龙头，打造软磁材料一体化布局。公司深耕金属软磁粉芯产业链，通过多年持续的材料技术积累和应用解决方案创新，形成金属软磁 粉、金属软磁粉芯和电感元件的一体化布局，持续扩大产品在光伏储能、新能源汽车、AI算力等高景气赛道的应用空间。其中，金属软磁粉芯业务为公 司主业，夯实底座，芯片电感业务近年来快速放量，成为公司第二成长极，带动公司盈利走高；2025Q1-3公司实现营收13.01亿元，同比增长6.03%，归母 净利润2.94亿元，同比增长2.48%。 金属软磁粉芯：下游需求持续向好，夯实基本盘。金属软磁粉芯凭借其优异的综合性能，在高功率应用场景中逐步替代传统铁氧体材料，在下游光伏储 能、新能源汽车、数据中心等领域应用广泛。伴随AI的快速发展和能源转型的持续深化，QYR预测2025-2031年全球金属磁粉芯市场市场规模CAGR高达 16.8%。公司在金属软磁粉芯行业地位 ...

Group 1 - The core viewpoint of the news is the release of the "Shandong Province Copper Industry High-Quality Development Action Plan (2025-2027)", aiming for a total output value of over 200 billion yuan by 2027, with a focus on technological innovation and equipment strength [1] - The plan emphasizes enhancing the resilience and safety of the supply chain, positioning Shandong as a globally competitive copper smelting base and a leading domestic hub for high-end copper material R&D and application [1] - The demand for copper is expected to grow steadily, driven by traditional demand from domestic power grid investments and high growth in emerging countries, maintaining over 70% of the demand share [1] Group 2 - AI and new energy investments are expected to structurally improve demand, with the share of AI-related demand for copper projected to increase from 16% to 22% by 2030 [1] - Despite optimistic supply conditions with the resumption of major global copper mines, the copper market is expected to remain in a tight balance, with a growing supply gap in the long term as mine supply decreases [1] - Short-term global copper inventory adjustments and ongoing supply shortages at copper mines are likely to support rising copper prices, with investment opportunities identified in companies such as Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper [2]

Core Viewpoint - Beiqi Blue Valley (600733.SH) plans to raise funds through a private placement of shares to provide a loan of up to 600 million yuan to its subsidiary, Beiqi New Energy, for the development of new energy vehicle models and AI intelligent platform projects [1] Group 1: Fundraising and Loan Details - The company intends to use the raised funds specifically for investment projects, ensuring that the loan does not affect the intended use of the raised funds [1] - The loan will be provided to Beiqi New Energy, in which the company holds a total direct and indirect stake of 71.70% [1] - The loan's interest rate will be based on the current bank loan rates applicable to Beiqi New Energy [1] Group 2: Project Implementation - The loan will be available until the completion of the project implementation [1] - The funds will be deposited into a dedicated account for the purpose of the investment projects [1]

2025 年 12 月 12 日星期五 重庆市江北区金沙门路 32 号 23 层； 023-63638617 上海市浦东新区世纪大道 210 号 10 楼 1001； 1 市场有风险 投资需谨慎 地址： 电话： | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 21 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 4 市场有风险 投资需谨慎 当前宏观数据保持平稳，但宏观经济复苏动能仍待加强，预计货币政策将保持宽 松。当前的国债收益率处在相对低位；中国经济呈现平稳复苏态势，核心通胀持续回 升，内需政策有发力空间；市场风险偏好明显提升。因此，预计国债期货仍有一定压 力，保持谨慎。 小结：预计仍有一定压力，保持谨慎。 股指： 上一交易日，股指期货涨跌不一，沪深 300 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Central Economic Work Conference emphasized continuing proactive fiscal and moderately loose monetary policies, with 8 key tasks proposed, including stabilizing the real - estate market and resolving local government debt risks [6]. - The World Bank raised its forecast for China's economic growth rate in 2025 to 4.9%, attributing it to the government's policies and diversified export markets [7]. - The storage chip industry is facing a supply - demand imbalance, with DRAM supply shortages expected to last until Q1 2027 [8]. - In 2026, more real - estate policies are expected to boost demand, but the market is still expected to decline slightly and remain divided [8]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - On December 12, 2025, among chemical products, coke, natural rubber, 20 - numbered rubber, and ethylene glycol saw price increases, while others like coking coal, plastic, and PTA decreased [4]. 3.2 Macroeconomic News - The Central Economic Work Conference laid out the economic work for next year, focusing on fiscal and monetary policies, consumption, investment, and various industries [6]. - Mexico will impose tariffs on some products from China and other Asian countries starting next year, and China has launched a trade - investment barrier investigation [6]. - Regarding the EU's anti - subsidy case on Chinese electric vehicles, China welcomes price - commitment consultations but opposes parallel individual consultations [7]. - The World Bank raised China's 2025 economic growth forecast to 4.9% [7]. - The Ministry of Commerce will introduce measures to promote the innovation and development of the retail industry [7]. - In November, China's auto production and sales increased, with new - energy vehicles showing significant growth [7]. - The real - estate market is expected to see more policies in 2026, with a projected 6.2% decline in new - home sales [8]. - The storage chip industry is facing a supply - demand imbalance [8]. 3.3 Morning Meeting Views on Major Varieties 3.3.1 Agricultural Products - Peanut futures are likely to remain weak in the short term due to a weak supply - demand situation [10]. - Sugar prices are expected to be weak due to sufficient supply and low demand [10]. - Corn futures may oscillate in a range, restricted by weak spot prices and supply pressure [10]. - The pig futures market shows a contradiction between weak reality and improved expectations, and it's advisable to wait and see [10]. - Egg prices are expected to oscillate, with a suggestion to hold inter - month reverse spreads [10][12]. - Cotton prices are likely to oscillate, affected by both supply and demand factors [12]. 3.3.2 Energy and Chemicals - Urea futures may continue to oscillate weakly, with attention on support levels and downstream demand [12]. - Caustic soda futures should be treated with a bearish view due to a weak supply - demand pattern [12]. - Coking coal and coke are under pressure and are expected to decline [13]. - Log futures should be treated with a bearish view after breaking through the support level [13]. - Pulp futures may remain strong in the short term, but beware of demand - side risks [13]. - Double - offset paper futures can be considered for light - position long positions near the support level [13]. 3.3.3 Industrial Metals - Copper and aluminum prices are volatile at high levels, and attention should be paid to macro - risks [15]. - Alumina is in an oversupply situation, and attention should be paid to enterprise production cuts [15]. - Rebar and hot - rolled coil prices are expected to decline weakly in the short term, with attention on support levels [15]. - Ferroalloys' prices follow the weak trend of the black - series, with a wait - and - see attitude for new drivers [15][16]. - Lithium carbonate futures have broken through resistance, but beware of high - level corrections [16]. 3.3.4 Options and Finance - On December 11, A - share indices declined, and investors are advised to focus on inter - variety arbitrage and volatility strategies [16]. - The market is waiting for information from the Central Economic Work Conference to find investment opportunities for next year [17]. - In the short term, the market is expected to oscillate, and further upward momentum may be gathered after consolidation [18].

Group 1 - The core viewpoint is that the upstream resource disruptions and midstream smelting capacity issues continue, while resilient demand from new energy and emerging industries like AI opens up long-term growth potential. A loose monetary environment is expected to drive a resonance between macroeconomic factors and fundamentals [1] - In the non-ferrous metals sector, the weakening of the US dollar and potential interest rate cuts by the Federal Reserve are expected to enhance gold's monetary attributes, while a weak dollar provides upward momentum for industrial metals. Supply constraints are becoming a core logic for industrial metals, with copper and aluminum facing resource constraints or capacity bottlenecks [1] - For energy metals like cobalt and lithium, significant improvements in supply and demand are anticipated due to the implementation of policies in major producing countries and the clearing of overseas capacities, leading to an upward shift in price levels [1] - In the precious metals sector, rising US fiscal issues and political risks support gold's safe-haven attributes, with a bullish outlook on gold price levels [1] - Overall, the non-ferrous metals industry is expected to see accelerated price elasticity release driven by both macroeconomic and fundamental factors [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in the mining and processing of resources such as copper, aluminum, lead, zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining sector [1] - This index exhibits strong cyclicality and sensitivity to commodity prices, effectively reflecting market trends in the non-ferrous metal mining sector [1]

南方财经12月12日电，天眼查App显示，近日，上海华明辰廷新能源有限公司成立，法定代表人为陈亦军，注册资本1亿人民币，经营范围包括新兴能源技 术研发、电力行业高效节能技术研发、太阳能发电技术服务等。股权全景穿透图显示，该公司由华明装备（002270）及旗下上海辰廷科技发展有限公司共同 持股。 | | 都在用的商业查询工具 | 皇公司 音表板 查关系 查风险 | | | | | --- | --- | --- | --- | --- | --- | | | 家中小企业发展子基金旗下机构 | 上海华明辰廷新能源有限公司 × 天眼一下 | 品 应用・ | 商务合作 企业级产品、 ■ 开通: | | | 基本信息 999+ | 法律诉讼 | 经营风险 经营信息 1 | 公司发展 | 知识产权 | | | 工商信息 ● | | | | | | | 历史工商信息0 工商信息 | | | | | | | 企业名称 | 上海华明辰廷新能源有限公司 | | | | | | 法定代表人 | 医 陈亦军 猛关联企业 3 | 登记状态 2 存续 | | 天眼评分 2 | | | | | 2025-12-10 成立日期 | | | ...

Report Overview - Report Date: December 12, 2025 - Report Issuer: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Green Finance and New Energy 1. Report Industry Investment Ratings - Not provided in the report 2. Core Views - **Nickel**: There is a transformation in structural surplus, but the game contradictions remain unchanged [2][4] - **Stainless Steel**: Supply and demand continue to operate weakly, and the cost - support logic is strengthened [2][4] - **Lithium Carbonate**: With continuous inventory reduction and uncertain resumption of production of large factories, it will fluctuate at a high level [2][9] - **Industrial Silicon**: Attention should be paid to the weather conditions in Xinjiang [2][12] - **Polysilicon**: The futures market will maintain a high - level oscillation pattern [2][12] 3. Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel main contract was 115,870 yuan, down 1,220 yuan from the previous day; the closing price of stainless steel main contract was 12,500 yuan, down 55 yuan. The import profit of nickel plate was - 973 yuan, up 425 yuan from the previous day [4] - **Macro and Industry News**: The Indonesian forestry working group took over a 148 - hectare nickel mining area of PT Weda Bay Nickel, which is expected to affect the nickel ore output by about 600 metal tons per month. China suspended an unofficial subsidy for imported copper and nickel from Russia. Indonesia imposed sanctions on 190 mining companies [4][5] - **Trend Intensity**: Nickel trend intensity is 0, stainless steel trend intensity is 0 [8] Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 96,980 yuan, up 2,900 yuan from the previous day. The spot - 2601 was - 3,480 yuan, up - 2,100 yuan from the previous day [9] - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price was 93,559 yuan/ton, up 932 yuan/ton from the previous working day. This week, the lithium carbonate output was 21,998 tons, an increase of 59 tons from last week, and the industry inventory was 111,469 tons, a decrease of 2,133 tons from last week [10] - **Trend Intensity**: Lithium carbonate trend intensity is 0 [11] Industrial Silicon and Polysilicon - **Fundamental Data**: The Si2601 closing price was 8,285 yuan/ton, up 35 yuan from the previous day; the PS2605 closing price was 55,765 yuan/ton, down 150 yuan from the previous day. The industrial silicon - social inventory was 56.1 million tons, an increase of 0.3 million tons compared to a week ago [12] - **Macro and Industry News**: The Central Economic Work Conference determined the key tasks for next year's economic work, including promoting reform, building a unified national market, and deepening the reform of state - owned enterprises [12][13] - **Trend Intensity**: Industrial silicon trend intensity is 0, polysilicon trend intensity is 1 [13]

1. Macroeconomic Data Overview - GDP in Q3 2025 grew by 4.8% year-on-year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In November 2025, the Manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% in the same period last year; the Non-Manufacturing PMI: Business Activity was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1] - In October 2025, the monthly increase in social financing scale was 816.1 billion yuan, significantly lower than 3529.9 billion yuan in the previous month but higher than 1412.0 billion yuan in the same period last year [1] - In November 2025, CPI increased by 0.7% year-on-year, up from 0.2% in the previous month and the same period last year; PPI decreased by 2.2% year-on-year, down from -2.1% in the previous month but up from -2.5% in the same period last year [1] - In November 2025, exports increased by 5.9% year-on-year, turning positive from -1.1% in the previous month but slightly down from 6.58% in the same period last year; imports increased by 1.9% year-on-year, up from 1.0% in the previous month and turning positive from -4.03% in the same period last year [1] 2. Commodity Investment Reference 2.1 Comprehensive - The Central Economic Work Conference emphasized continuing proactive fiscal and moderately loose monetary policies, with 8 key tasks including promoting investment recovery, developing new energy, and stabilizing the real estate market [2] - High-frequency data in November showed positive trends in consumption, investment, and foreign trade, with offline consumption index up 12.0% year-on-year, infrastructure project中标金额 and construction machinery operating rate increasing, and international freight flights up 6.2 percentage points from October [2] - In the first 11 months, China's total goods import and export value increased by 3.6% year-on-year, with private enterprises' imports and exports reaching 23.52 trillion yuan, up 7.1% year-on-year, and the number of private enterprises with import and export records increasing by 66,000 [3] 2.2 Metals - The aluminum industry chain prices are diverging, with alumina prices halved from a year ago while electrolytic aluminum prices are rising, leading to improved profitability for electrolytic aluminum enterprises and potential losses for some alumina enterprises [4] - As of December 11, 2025, the international silver futures price on the COMEX had increased by 113.3% since the beginning of the year, reaching $62.5 per ounce [4] - Goldman Sachs believes there is room to raise the gold price forecast to $4900 per ounce by the end of 2026 if US private investors increase their investment in gold ETFs [5] 2.3 Energy and Chemicals - Jilin Province plans to develop future industries such as artificial intelligence, hydrogen energy, and new energy storage [8] - Citibank revised its oil price forecast, expecting Brent crude oil prices to remain stable in 2026, with an average price of $62 per barrel in the base scenario and potentially reaching $75 per barrel in an optimistic scenario [8] - OPEC maintained its global oil demand growth forecast at 1.3 million barrels per day in 2025 and 1.38 million barrels per day in 2026 [9] 2.4 Agricultural Products - Malaysia's palm oil inventory is expected to continue rising in December, potentially exceeding 3 million tons if exports remain weak, and its 2025 production is expected to exceed 20 million tons for the first time [11] - Argentina reduced the export tax rate for soybeans from 26% to 24% and for wheat and barley from 9.5% to 7.5% [11] - Brazil has been authorized to export beef and beef products to Guatemala [12] 3. Financial News Compilation 3.1 Open Market - On December 11, the central bank conducted 118.6 billion yuan of 7-day reverse repurchase operations, with a net withdrawal of 62.2 billion yuan as 180.8 billion yuan of reverse repurchases matured [14] 3.2 Key News - The Central Economic Work Conference set the tone for next year's economic work, emphasizing proactive fiscal and moderately loose monetary policies, and outlined 8 key tasks [15] - The Ministry of Commerce will issue opinions to promote the innovation and development of the retail industry [15] - In November, China's automobile production and sales reached 3.532 million and 3.429 million vehicles respectively, with year-on-year growth of 2.8% and 3.4%, and new energy vehicle production and sales reached 1.88 million and 1.823 million vehicles respectively, with year-on-year growth of 20% and 20.6% [16] 3.3 Bond Market Summary - China's bond market continued to perform well, with most interest rate bond yields declining, and treasury bond futures rising [19] - In the exchange bond market, Vanke bonds generally adjusted downward, while some other bonds such as "25 TeGuo 03" rose [20] - Most money market interest rates declined on December 11 [21] 3.4 Foreign Exchange Market - The onshore RMB against the US dollar closed at 7.058 on December 11, up 58 points from the previous trading day, and the central parity rate of the RMB against the US dollar was 7.0686, up 67 points [24] 3.5 Research Report Highlights - CITIC Construction Investment believes that the Central Economic Work Conference provided clear policy directions, including more proactive fiscal and moderately loose monetary policies, and emphasized new industries and anti-competition [25] - CITIC Securities expects the fiscal budget deficit rate to remain at around 4% in 2026, with a slight increase in the scale of special treasury bonds and local special bonds, and there may be a 10bps interest rate cut in the first half of the year [25][26] - Huatai Fixed Income believes that the November inflation data has some impact on the bond market, but the bond market's counterattack logic remains unchanged, and it is recommended to hold short-term credit bonds, certificates of deposit, and interest rate bonds with maturities of 5 - 7 years or less [26] 4. Stock Market News - The A-share market declined, with the Shanghai Composite Index down 0.7%, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.41%, while the BeiZheng 50 Index rose 3.84% [29] - The Hong Kong stock market opened higher but closed lower, with the Hang Seng Index down 0.04%, the Hang Seng Tech Index down 0.83%, and the Hang Seng China Enterprises Index down 0.23% [29]

上市企业：西子洁能[002534.SZ]、中国电建[601669]、上海电气[601727]、川润股份[002272]、振江股 份[603507]、首航高科(002665)、江苏国信(002608)、东华科技[002140]、冰轮环境[000811]、科远智慧 [002380]、中国能建[601868]、中控技术[688777.SH） 相关企业：浙江可胜技术股份有限公司、中国华能集团有限公司、河南安彩高科股份有限公司、上海电 气亮源光热工程有限公司 关键词：光热发电行业政策、光热发电行业产业链、光热发电行业在建情况、光热发电行业已建情况、 光热发电市场规模、光热发电市场竞争格局、光热发电行业未来展望 内容概要：光热发电作为安全、清洁且兼具调峰电源和储能的双重功能，具有调峰和基础性电源的潜 力，可实现新能源调节、支撑新能源，为电力系统提供更好的长周期调峰能力和转动惯量，是新能源安 全可靠替代传统能源的有效手段。目前，我国已成功掌握塔式、槽式、菲涅尔式等主流光热发电技术， 并建成了全球领先的光热发电全产业链，技术装备国产化率超过95%，关键材料设备实现自主可控。我 国光热发电产业正以超越全球平均水平两倍的速度迅猛 ...