今日周四(12月11日)亚盘时段，伦敦银目前交投于62.05一线下方，今日开盘于61.80美元/盎司，截至发 稿，伦敦银暂报61.52美元/盎司，下跌0.44%，最高触及62.87美元/盎司，最低下探61.40美元/盎司，目 前来看，伦敦银盘内短线偏向看跌走势。 【要闻速递】 美联储联邦公开市场委员会(FOMC)当地时间周三(12月10日)宣布将联邦基金利率目标区间下调25个基 点至3.50%–3.75%，符合市场普遍预期。美联储降低利率对非收益资产如白银是利好的。 但在政策会议上，美联储表示，联邦基金利率目标区间的额外调整的幅度和时机将取决于即将公布的数 据。相反，市场参与者预计美联储可能会宣布结束降息，因为通胀压力仍远高于2%的目标。然而，美 联储主席杰罗姆.鲍威尔在新闻发布会上表示，进一步降息的门槛非常高。 周四亚洲时段早盘银价上涨至62.00美元。20日指数移动平均线(EMA)上升至56.24美元，显示出价格稳 居趋势支撑之上，形成坚实的上升趋势。20日EMA在最近的交易中陡峭上升，进一步巩固了看涨控 制。 14日相对强弱指数(RSI)为76.52，处于高位，表明强劲的动能接近超买区域。 在20日EM ...

天眼查App显示，近日，深圳市宝宇贸易有限公司成立，法定代表人为林钊宇，注册资本5万人民币， 经营范围为一般经营项目是：纸浆销售；纸浆制造；纸制品制造；纸制品销售；五金产品批发；仪器仪 表销售；金属制品销售；通讯设备销售；建筑材料销售；电子元器件批发；计算机软硬件及辅助设备批 发；办公设备销售；电力电子元器件销售；电子产品销售；家居用品销售；计算器设备销售；国内贸易 代理；集成电路芯片及产品销售；机械电气设备销售；家用电器销售；新能源原动设备销售；集成电路 销售；软件开发；数据处理服务；光伏设备及元器件销售；机械设备销售；塑料制品销售；电池销售； 汽车零配件批发；智能输配电及控制设备销售；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；网络设备销售；资源再生利用技术研发；新兴能源技术研发；储能技术服务；节能管理 服务；新型金属功能材料销售；人工智能基础软件开发；互联网数据服务；生态环境材料销售；物联网 设备销售；合成材料销售；礼仪服务；租赁服务（不含许可类租赁服务）；咨询策划服务；仓储设备租 赁服务；会议及展览服务；物联网应用服务；网络技术服务；集装箱租赁服务；运输设备租赁服务；供 应链管理服务 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million in the Hong Kong Stock Connect [1] - The US Federal Reserve announced another interest rate cut, leading to gains in the US stock market, with the Dow Jones rising 497 points or 1.1% to 48,057 points [2] Investment Opportunities - The report emphasizes the attractiveness of undervalued high-dividend sectors in the Hong Kong market, suggesting that these areas are suitable for capital allocation [3] - Key sectors to focus on include artificial intelligence, semiconductors, industrial software, and state-owned enterprises with low valuations and high dividends [3] - The semiconductor and robotics sectors are highlighted as areas for continued attention, with leading companies expected to benefit from long-term growth opportunities [3] Company Highlights - Volkswagen Group has shifted decision-making authority for new energy vehicle development to its Chinese team, enhancing local autonomy [9] - Alibaba's Qwen team launched a new multimodal model, Qwen3-Omni-Flash, which supports seamless input and output across various media types [9] - Tencent has been active in share buybacks, repurchasing 1.06 million shares for 636 million [12] Stock Performance - The Hang Seng Index has shown a 1-year performance increase of 29%, while the Hang Seng Technology Index has risen by 26% [15] - Notable stock performances include Alibaba, which has increased by 84% over the past year, and Tencent, which has risen by 50% [15]

中金公司研报称，容量电价政策带来短期抢装潮，看好中长期储能需求增长。初步测算由发电侧电费下 降可支持的2026—2027年独立储能理论装机空间约为158GW/634GWh。 数据显示，截至2025年11月28日，中证新能源指数前十大权重股分别为阳光电源、宁德时代、隆基绿 能、特变电工、华友钴业、亿纬锂能（维权）、中国核电、赣锋锂业、通威股份、三峡能源，前十大权 重股合计占比45.35%。 新能源ETF(159875)紧密跟踪中证新能源指数，是一键布局能源龙头的便利工具。 2025年12月11日早盘，风电设备板块涨幅居前，截至10:16，中证新能源指数强势上涨1.53%，成分股迈 为股份上涨13.38%，金风科技上涨9.52%，捷佳伟创上涨5.51%，德业股份、奥特维等个股跟涨。 风电行业维持高景气度，2025年1-10月陆上风机平均中标单价同比上涨6.86%，含塔筒中标单价同比上 涨9.78%，主机厂商盈利有望回暖。国内2025年1-10月陆上风机招标量同比增长13.16%，项目核准量前8 个月同比增加29%，预计2026年国内装机量将超预期。欧洲市场方面，2026年海上风电新增装机预计达 8.40GW，项目 ...

Group 1 - Jiangxi Yangxuan New Materials Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Li Hongshao [1] - The company's business scope includes sales of metal materials, metal ores, battery manufacturing and sales, and recycling of used batteries [1] Group 2 - The company is involved in various activities such as mineral washing and processing, machinery equipment sales, and technical services [1] - It also focuses on the recycling and utilization of new energy vehicle batteries and other renewable resources [1] - The company engages in the sale of hardware products, electronic materials, and provides import and export services [1]

Summary of Conference Call Notes Industry and Company Overview - The discussion primarily revolves around the Chinese financial market, particularly focusing on monetary and fiscal policies, the bond market, the A-share market, and specific sectors such as AI, renewable energy, non-bank financials, innovative pharmaceuticals, machinery, and commercial aerospace. Key Points and Arguments Monetary and Fiscal Policy - Monetary policy remains accommodative, but the likelihood of further easing in 2026 is low; fiscal policy is actively supportive, focusing on livelihood, consumption, technological innovation, and local government debt resolution, with a projected fiscal deficit exceeding 6 trillion yuan in 2026 [1][2] Bond Market Dynamics - Long-term bond yields have significantly increased, with 1-year, 10-year, and 30-year government bond yields rising by 6.1 BP, 20.1 BP, and 39.6 BP respectively since the second half of the year, driven by reduced expectations for monetary easing, inflation recovery, and increased supply pressure [3] A-Share Market Outlook - The A-share market is expected to continue a slow upward trend, supported by a strong RMB exchange rate and resilient domestic economic fundamentals; the market is anticipated to remain in a consolidation phase without rapid increases or significant declines [4][5] Cross-Year Market Sentiment - The core of the cross-year market sentiment is the expectation of a spring rally in 2026, with recommendations to position for potential market movements in December [6] Sector Focus for 2026 - Key sectors to watch include AI (especially CPO), renewable energy (storage), non-bank financials, innovative pharmaceuticals, machinery, and non-ferrous chemicals; opportunities also exist in Hong Kong's internet sector and commercial aerospace [7][13] Specific Company Insights - **Sungrow Power Supply**: The fundamentals remain solid despite recent price drops; price increases in the storage supply chain are demand-driven and do not pose a significant risk [8][9] - **HiSilicon**: Facing significant unlocking pressure on January 27, which may create short-term challenges; however, opportunities in the renewable energy sector post-unlocking in February are noted [9] AI Industry Prospects - The AI sector, particularly in CPO, shows a clear and high certainty outlook; recent market fluctuations due to asset restructuring in specific companies do not significantly impact the overall AI industry [10] Opportunities in Non-Ferrous Metals - Focus on copper and tin, with additional attention to silver, nickel, and rare metals, which present substantial investment opportunities in the near term [11] Non-Bank Financial Sector - The non-bank financial sector is expected to perform well in 2026, supported by regulatory measures that enhance capital space and leverage limits for quality institutions, potentially increasing ROE [12] Commercial Aerospace Investment - The commercial aerospace sector is highlighted as a significant investment theme for 2026, with ongoing attention and optimism regarding its growth potential [13] Additional Important Insights - The RMB's appreciation historically supports an upward shift in A-share valuations, indicating a positive correlation between currency strength and market performance [4] - The overall sentiment suggests a strategic focus on sectors with high growth potential and favorable market conditions as the year-end approaches [13]

福斯特 20251210 摘要 福斯特明确第二增长曲线为电子材料，受益于 AI 技术和硬件投资，预计 电子材料领域将迎来更高增速和更多中高端材料发展，尤其在 PCB 企业 需求驱动下。 公司财务稳健，资产负债率低于 20%，资金储备充足，保障高比例分红， 为未来在新能源（光伏、锂电）和电子材料两大领域扩张提供坚实基础。 光伏领域，市场反内卷政策逐步落地，福斯特凭借市场竞争力，预计在 光伏行业反转后迎来盈利修复，同时，电子材料方面，与建鼎、东山精 密、沪电等头部客户合作，预计 2026 年保持 30%以上增速。 公司计划在华南新基地投产新的电子材料产能，专注于 HDR 等高端干 膜产品，目标是往中高端发展，满足客户对窄版用干膜的需求。 干膜业务盈利能力已超过胶膜产品，毛利率超过 20%，净利润接近 10%，随着结构优化和规模优势形成，预计毛利率将达到 25%以上甚 至 30%。 未来五年内，新业务（非光伏）的营收占比预计将从不到 5%提升至 20%-30%，长期目标是光伏及非光伏业务各自营收占比达到 50%，转 型为平台型材料公司。 铝塑膜业务受益于固态电池量产，出货量增长迅速，国内市场排名第二 或第三，全球排 ...

在山东青岛港，绿色的能源正在改变港口的运行方式。这里不仅用上了光伏、风能和储能，连拖轮都用 上了绿色燃料。 "更新"是今年经济主要的变化之一，消费场景的"更新"、基础的设备"更新"，再到城市"更新"，持续激 发中国经济的活力，也为百姓带来"更新"的生活。 港口作业进行时 年吞吐量超7亿吨 在山东青岛港集装箱码头的作业现场，记者来到一艘船的甲板上。这艘船是今年6月刚投入使用的全国 首艘氢电拖轮。记者从青岛港了解到，今年港口的货物吞吐量突破了7亿吨大关，其中集装箱的吞吐量 也突破了三千万标准箱。这些数据的背后离不开港口工作者的辛勤付出，也离不开新能源、新技术的加 持。 续航超12小时 助力绿色港口建设 氢电拖轮亮点多 记者所在的氢电拖轮搭载"氢燃料电池+液冷锂电池"的混动系统，在现场几乎感受不到发动机的震动和 轰鸣，在9节航速的情况下，续航可超12个小时，与传统燃油拖轮相比，它在设备寿命、能源利用等方 面优势显著，预计每年减少二氧化碳排放约1500余吨。此外，驾驶室是采用分体式的双岛布局，不仅可 以提供更好的驾驶视野，还方便各类设备的操作，还有北斗卫星导航系统、智能岸基充电系统，填补了 多项国内空白。 新能源、新 ...

2025年12月11日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 碳酸锂：大厂复产消息反复，高位震荡 | 4 | | 工业硅：关注工业硅厂挺价情况 | 6 | | 多晶硅：平台公司股权细节公布，盘面继续逢低做多 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 12 月 11 日 镍：结构性过剩转变，博弈矛盾并未改变 不锈钢：供需延续双弱运行，成本支撑逻辑增强 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 117,090 | -260 | - ...

Core Viewpoint - A new company, Chuzhou Jingyi Electronic Technology Co., Ltd., has been established with a registered capital of 50,000 RMB, focusing on various technology services and products in the fields of IoT, renewable energy, and industrial automation [1] Company Overview - The legal representative of the company is Li Rui [1] - The registered capital of the company is 50,000 RMB [1] Business Scope - The company’s business includes technology services, development, consulting, and transfer, as well as IoT technology research and development [1] - It offers services related to wind power generation and energy storage technology [1] - The company is involved in the research and development of motor control systems and smart control system integration [1] - It also engages in the sales of industrial automation control systems, power electronic components, and smart distribution and control equipment [1] - The company is focused on emerging energy technology research and the sales of distribution switch control equipment and electric vehicle accessories [1] - Internet sales are part of the business, excluding items that require special permits [1]