Core Viewpoint - The company has achieved mass production of high-speed communication cables, which are primarily used in data center applications [1]. Group 1 - The high-speed communication products include single-channel 224G/s, multi-channel 400G/s, multi-channel 800G/s, and PCIE series [1]. - The company has not yet established a subsidiary in Hainan [1]. Group 2 - An investor inquired about the classification of the company's copper cable high-speed connection products, specifically which are suitable for AI data centers and which are for regular data centers [3].

日期 2025 年 12 月 12 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 行业 铜期货日报 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铜价上涨，隔夜美联储如期降息 25BP，市场情绪受到提振，铜价上涨，沪铜主力 最高涨至 9.3 万，但日内随着 A 股开盘后持续走弱，市场抛售情绪增加带动铜价 回落。现货涨 965 至 92665，现货升水跌 25 至 5，临近年末持货商抛售情绪增加， 叠加 12 合约即将结束，现货升水快速下行。周内社库再度累库 0.27 万吨，高铜 价抑 ...

摘要 面向终端消费时，固态电池是在找卖点；走向AIDC时，它才开始参与定义基础设施。 也意味着，固态电池终于开始被产业方明确扎在 AI 时代的新能源基础设施一侧，而不是被更长远 地规划为动力电池迭代的终极目标。 在固态电池应用的故事里，主角通常是车企。但这一轮出手的是一家云计算和电商巨头。 位于加州的固态电池公司 BlueCurrent 日前宣布，完成一笔超过 8000 万美元的 D 轮延伸融资， 领投方为亚马逊，交易完成后，公司累计融资额已超过 1.5 亿美元。 更关键的是， 负责亚马逊 基础设施架构的高级副总裁JamesHamilton 将加入 BlueCurrent 董事 会。 多说一句， 固态电池当然可以先在两轮车、无人机这类细分场景里试水，但真正决定它命运的，或 许不会是这些可有可无的应用，而是能否走进 AI数据中心这样的下一代基础设施场景。 BlueCurrent 成立于 2014 年，总部位于湾区东侧的 Hayward ，背后是一个典型的美国科研体系 故事。 其核心团队来自加州大学伯克利分校和劳伦斯伯克利国家实验室，早期在美国能源部能源储存研究 中心框架下合作，从不可燃液态电解质起步， 2016 ...

Core Viewpoint - The market is cautious ahead of the Federal Reserve's interest rate decision, with silver prices experiencing narrow fluctuations while geopolitical risks continue to support safe-haven buying [1] Group 1: Precious Metals Market Overview - Silver prices surged to $60.47, while gold traded at $4,217 per ounce, with the gold-silver ratio dropping below 70 for the first time in 53 months [1] - London silver prices reached a new high of $61.3, with a year-to-date increase exceeding 110%, significantly outperforming gold [1] - Platinum prices are testing the important level of $1,700 amid increased overall demand for precious metals [1] Group 2: Central Bank Behavior and Economic Factors - Central banks are increasing gold reserves primarily due to its function as a store of value, despite some reduction in purchases from major buyers like China [2] - Geopolitical tensions and economic uncertainty continue to support the gold market, with no significant price pullback expected in the short term [2] - Citigroup predicts that under favorable conditions such as Federal Reserve rate cuts, silver prices could reach $62 per ounce by March next year [2] Group 3: Technical Analysis - For gold, short-term support is at $4,201, with strong support at $4,189, while resistance is noted at $4,220 and $4,265 [3] - Silver is expected to rise further, with the next key resistance at $61.00; however, a bearish divergence is noted [3] - Platinum may gain momentum if prices rise above $1,700, potentially moving towards resistance levels of $1,740 to $1,750 [3]

ING预计，2026年除非新矿提前放量，否则TC/RC仍将"贴地飞行"，中国冶炼厂即便兑现"联合减产 10%"的口头协议，被挤出的精矿也会流向海外炼厂，全球精炼铜实际产出未必会伤筋动骨。 价格层面，ING把2026年伦铜均价锚定在11500美元/吨，节奏上先扬后抑：二季度库存外溢效应最强， 现货紧张或把价格推至12000美元高点;下半年关税路径明朗，若豁免兑现，溢价回吐，铜价温和回落。 上行风险来自中国冶炼厂真刀真枪减产、矿山再出黑天鹅，以及电网、AI数据中心等长赛道需求突然 加速;下行风险则是中国需求退坡、美国关税政策反转导致库存回流，再加上宏观逆风共振。 长期来看，ING认为电气化、可再生能源与算力基建将给铜需求提供"结构性安全带"，故事远未结束， 但2026年这趟车，注定在"供给惊险"与"需求犹豫"之间颠簸前行。 矿山端的"血崩"只是故事的上半集，贸易流的重塑才是下半集的主线。特朗普年初扬言对铜课税，贸易 商抢在关税落地前把精炼铜狂运美国，1—8月美国精炼铜进口同比猛增逾五成，COMEX库存因此飙涨 300%，突破40万吨创历史新高，把美国本土价格硬生生抬出每吨2500美元的溢价;而LME与SHFE库存 ...

12月10日，A股三大指数集体回调，电网设备板块盘中触底回升，截止11点13分，全市场唯一的电 网设备ETF（159326）跌幅收窄至0.9%，成交额达1.35亿元，持仓股华菱线缆涨停，智光电气、远东股 份、中天科技等股跟涨。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 电网设备ETF已连续9个交易日获资金净流入，合计"吸金"达6.54亿元，最新规模25.85亿元，创成 立以来新高。 华尔街金融巨头花旗近日发布研报称，随着AI数据中心繁荣式扩张和全球电气化进程加速推进， 推动全球范围电力需求指数级扩张，未来电力资源供给可能将成为制约AI数据中心加速扩张甚至全球 AI技术发展的"最核心瓶颈"，而变压器与大规模储能系统可能将成关键瓶颈资产。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上 看，指数成分股的行业分布以输变 ...

人民财讯12月10日电，近日，在中欧基金2026年度投资策略会上，中欧权益研究部副总监、基金经理任 飞表示，与以往经济周期不同，当前有两股趋势性力量正在形成额外的电力需求：一是AI数据中心的 快速扩张，二是再工业化带来的高耗能产业转移与供应链重建。这两者均独立于传统经济波动，且增速 显著。从中远期来看，全球在未来几年需要额外消耗的用电需求或将面临巨大提升。 在此逻辑下，任飞认为有三大方向值得关注：一是供给约束，电解铝等高耗能行业或受直接限制；二是 需求提振，全球性电力紧张推升光伏、储能需求，2027-2028年海外储能市场或迎增长；三是中国优 势，中国电力供应相对充裕，高耗能制造业成本与供应链优势将进一步凸显。 ...

Core Viewpoint - The optical communication sector is experiencing a resurgence, with significant stock price increases for companies like TeFa Information, which has seen a limit-up in trading, and others reaching historical highs due to advancements in high-speed interconnect technology crucial for AI data center efficiency [1] Group 1: Market Performance - TeFa Information has achieved a limit-up in trading, marking its second consecutive day of gains over four days [1] - Other companies such as Changguang Huaxin, Dongtian Micro, Saiwei Electronics, Fuzhijing Technology, Dekeli, and Yuanjie Technology have also shown strong performance, with notable increases in stock prices [1] Group 2: Industry Growth Projections - According to TrendForce's latest research, high-speed interconnect technology is pivotal for the efficiency and scalability of AI data centers [1] - The global market for optical transceiver modules exceeding 800G is projected to reach 24 million units by 2025, with an estimated growth to nearly 63 million units by 2026, representing a growth rate of 260% [1]

Group 1 - The core factor driving the rise in copper prices is the continued tightness in supply, with several mining companies lowering their mid-term production forecasts and a significant number of cancellation requests for LME warehouse receipts [2] - The demand side is also strong, with steady growth in the rigid demand for copper from sectors such as electric vehicles, power grid construction, and AI data centers [2] - Institutions maintain an optimistic outlook for copper prices in the medium to long term, with expectations of new highs in 2026 due to ongoing U.S. interest rate cuts and a weaker dollar benefiting copper prices [2][3] Group 2 - The copper industry has seen active performance in related A-share sectors, with notable increases in stock prices for companies like Shengton Mining (up 17.36%) and Jiangxi Copper (up 13.96%) since November 28 [1] - The global copper supply is expected to face a structural shortage in the long term, with an estimated supply gap of 150,000 tons by 2026 due to limited new copper mining capacity [3] - The increasing power demand from AI data centers is projected to significantly boost copper demand over the next decade, contributing to stable and rapid growth in the industry [3]

贵金属方面， 市场已提前消化美联储本月降息25个基点的影响，交易员普遍谨慎看待明年降息前景，部分投资者选择获利了结，国 际金价周一下跌。 截至收盘，纽约商品交易所明年2月交割的黄金期价收于每盎司4217.7美元，跌幅为0.60%。 当地时间周一，投资者等候美联储本周晚些时候将要公布的利率决议，市场交投情绪谨慎。尽管外界预计美联储本月降息25个基 点"板上钉钉"，但投资者普遍担忧在降息同时，因关键经济数据缺失，美联储可能就未来货币政策路径走向释放"鹰派"信号，美国三 大股指当天高开低走，最终集体收跌。截至收盘，道指跌0.45%，标普500指数跌0.35%，纳指跌0.14%。受AI数据中心投资热潮 与存储芯片供应短缺影响，周一多数美股热门芯片股上涨，美光科技股价涨超4%；博通股价涨幅近2.8%，微芯科技股价收涨 2.34%。 8日国际油价下跌 原油期货方面， 投资者密切关注俄乌谈判进展，加之国际油价上周五触及三周来高位，部分投资者选择获利了结，导致国际油价周一 下跌。 截至收盘，纽约商品交易所明年1月交货的轻质原油期货价格收于每桶58.88美元，跌幅为2%；明年2月交货的伦敦布伦特原 油期货价格收于每桶62.49 ...