平安证券指出，2026年工业金属行业面临供应约束强化与需求弹性释放的双重驱动。上游资源端及中游 冶炼产能扰动持续，新能源需求韧性叠加AI等新兴产业打开远期增长极，宽松货币环境有望推动宏观 与基本面共振。有色金属方面，美元信用弱化及美联储降息将强化黄金货币属性，同时弱美元为工业金 属提供向上驱动；供给收缩成为工业金属核心逻辑，铜、铝等品种面临资源约束或产能瓶颈；能源金属 中钴、锂伴随主产国政策落地及海外产能出清，供需改善显著，价格中枢有望上移。贵金属方面，美国 财政问题及政治风险抬升支撑黄金避险属性，金价中枢看涨。整体来看，有色金属行业在宏观与基本面 双轮驱动下，价格弹性有望加速释放。 （文章来源：每日经济新闻） 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开采与加工业务的上市公司证券作为指数样本，以反映有色金属矿业相关上市公司证券 的整体表现。该指数具有较强的周期性和商品价格敏感性，能够较好地体现有色金属矿业板块的市场走 势。 ...

Group 1 - The industrial metals sector is expected to face dual drivers of supply constraints and demand elasticity by 2026, influenced by ongoing disruptions in upstream resources and midstream smelting capacities [1] - The resilience of new energy demand, coupled with emerging industries like AI, is anticipated to open up long-term growth opportunities, while a loose monetary environment may enhance macroeconomic and fundamental resonance [1] - In the non-ferrous metals sector, a weakened US dollar and potential interest rate cuts by the Federal Reserve are likely to strengthen gold's monetary attributes, while a weak dollar provides upward momentum for industrial metals [1] Group 2 - Supply contraction is identified as a core logic for industrial metals, with copper and aluminum facing resource constraints or capacity bottlenecks [1] - In the energy metals category, cobalt and lithium are expected to see significant supply-demand improvements due to policy implementations in major producing countries and the clearing of overseas capacities, leading to a potential upward shift in price levels [1] - The gold market is supported by rising US fiscal issues and political risks, with a bullish outlook on gold prices [1] Group 3 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in the extraction and processing of 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 capturing market trends in the non-ferrous metal mining sector [1]

Core Viewpoint - Recently, the establishment of Shen Chuang Low Carbon Technology Development (Jiangxi) Co., Ltd. was reported, focusing on various technology services and manufacturing in the low-carbon and renewable energy sectors [1] Group 1: Company Overview - Shen Chuang Low Carbon Technology Development (Jiangxi) Co., Ltd. has a registered capital of 10 million RMB [1] - The legal representative of the company is Wang Letao [1] Group 2: Business Scope - The company’s business scope includes technology services, development, consulting, and transfer related to low-carbon technologies [1] - It is involved in the manufacturing and sales of optoelectronic devices, electronic components, and various energy-related equipment, including photovoltaic power generation equipment [1] - The company also focuses on carbon reduction technologies, new materials research, and energy-saving management services [1]

本周核心观点：1）江苏广东发布2026年电力市场交易通知。近日，江苏、广东等地发布2026年电力市 场交易通知，明确2026年年度交易安排，其中，广东：2026年年度交易分阶段展开，12月5日至12月22 日，每日滚动开展年度双边协商交易、年度集中竞争交易、年度挂牌交易、年度绿电双边协商交易。江 苏：年度协商交易安排在12月12、15、16日，年度挂牌交易安排在12月11、17日，年度竞价交易安排在 12月11、17日。2）攀西特高压交流工程核准。根据国家和四川省"十四五"电力发展规划，为满足攀西 地区清洁能源基地电力送出需求，保障成都、川南负荷中心电力供应，进一步优化川南500千伏电网结 构，同意建设攀西特高压交流工程。工程总投资2317662万元，其中资本金463533万元，占总投资的 20%，由国网四川省电力公司出资，其余资金通过银行贷款解决。 行业核心数据跟踪：电价：2025年11月全国平均电网代购电价同比下降2%环比+2.8%。煤价：截至 2025/12/05，动力煤秦皇岛5500卡平仓价785元/吨，周环比下跌31元。水情：截至2025/12/05，三峡水库 站水位172.84米，2021、202 ...

Core Insights - The global industry is increasingly focusing on graphene, a two-dimensional material composed of carbon atoms, due to its exceptional electrical, thermal, and mechanical properties, marking the dawn of a golden application era for graphene [1] Group 1: Industrial Applications - Graphene has transitioned from a theoretical material to practical applications, with successful uses in batteries, electronics, thermal management, carbon capture, and hydrogen energy [2] - The versatility of graphene, as a "material family," allows for customization based on different molecular structures and defects, providing vast opportunities for industrial applications [2] - Graphene's role in the industry is evolving from being seen as an "industrial seasoning" to a "vitamin," indicating its deepening application value [3] Group 2: Market Development - The graphene industry is still in its early developmental stage, with a historical timeline of investment enthusiasm from 2013 to 2015, followed by a rational adjustment period until 2018, when practical applications began to emerge [3] - The global graphene industry is witnessing a shift from conceptual applications to real-world products, with advancements in photonics, modulators, and photodetectors [3][4] Group 3: Ecosystem and Collaboration - A healthy development of the graphene industry relies on a supportive ecosystem, with a complete support system from national strategies to local policies [5] - Collaborative innovation among academia, industry, and government is essential for overcoming challenges such as high production costs and low standardization [5][6] - Establishing joint research centers between universities and enterprises can bridge market needs with research resources, accelerating technology and product innovation [6] Group 4: Future Prospects - The next decade is expected to see graphene enter a golden application era, with significant demand projected, particularly in cooling technologies for AI computing and carbon-based chip technologies [7] - The European Union's roadmap anticipates a potential increase in global graphene demand to 170,000 tons annually by 2030, indicating substantial market growth [7] - Key focus areas for graphene in the coming years include sustainable development, healthcare, and communication technologies, particularly in the context of 6G and quantum communication [8]

Core Insights - The revenue ranking of capacitor companies for the first half of 2025 has been released, with Dongyangguang leading at 7.124 billion yuan, showcasing its technological accumulation and large-scale production in the aluminum electrolytic capacitor sector [1][2] - The products of Dongyangguang are widely used in consumer electronics and new energy vehicles, highlighting the company's strong position in supply chain and market channels [1] - Other notable companies include Three-circle Group, Fenghua High-tech, Jianghai, and Faratronic, with revenues of 4.149 billion yuan, 2.772 billion yuan, 2.694 billion yuan, and 2.499 billion yuan respectively, demonstrating their competitiveness in specific segments [1][2] Revenue Rankings - The top companies by revenue are as follows: - Dongyangguang (HEC) - 7.124 billion yuan [2] - Three-circle Group - 4.149 billion yuan [2] - Fenghua High-tech - 2.772 billion yuan [2] - Jianghai - 2.694 billion yuan [2] - Faratronic - 2.499 billion yuan [2] - The list includes both established players and newer entrants, indicating a mix of long-standing industry strength and fresh innovation [2] Industry Outlook - The capacitor industry is expected to see intensified technological and market competition, particularly with the growth of new energy and artificial intelligence sectors [1][2]

"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。 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。全 国首艘氢电拖轮正在这里执行任务。 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，记者在一艘船的甲板上，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 氢电拖轮亮点多 · 公开 政务信息 · 发布 行业动态 ·提供 公众服务 了解更多能源动态,请长按图片识别或扫描右侧二维码,关注国家能源局官方微信公众号。 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 ...

Core Points - Xiamen City has released a draft for public consultation on measures to promote the integrated circuit industry [2] - The measures include financial support for companies involved in core equipment development for integrated circuit manufacturing and testing, with subsidies up to 10 million yuan per year [2] - There is a focus on supporting key materials research, with subsidies up to 5 million yuan for companies developing critical materials for integrated circuits [2] - The initiative also targets strategic emerging industries, providing up to 5 million yuan for companies engaged in high-performance chip manufacturing and advanced packaging technology [2] Financial Support Measures - Companies developing core equipment for integrated circuit manufacturing can receive subsidies of up to 30% of their R&D expenses, capped at 10 million yuan annually [2] - For companies focused on key materials such as photolithography materials and semiconductor materials, subsidies can reach 5 million yuan, also at 30% of R&D expenses [2] - Companies addressing urgent needs in strategic sectors like AI and new energy can receive similar support for advanced manufacturing processes, capped at 5 million yuan [2]

2025年12月09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：基本面向上驱动有限，区间震荡 | 4 | | 工业硅：关注新疆当地后续环保情况 | 6 | | 多晶硅：政治局会议再提"双碳"，盘面逢低做多为主 | 6 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 2025 年 12 月 09 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】 请务必阅读正文之后的免责条款部分 1 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） | 118,030 | 240 | 180 | 2,50 ...

在全球科技叙事持续的背景下，A股科技板块继续震荡上涨，中证TMT指数2025年以来涨幅达36.95%，而随着行情的快速攀升，相关领域的 估值已处于历史中高水平，投资者难免有些"恐高"情绪。 截至2025年11月18日。中证TMT指数2020-2024年、2025年上半年涨跌幅依次为14.03%、3.69%、-30.86%、3.54%、18.83%、4.29%。指数数 据仅供参考，不作为任何投资建议或收益暗示。指数过往涨幅不预示其未来表现，也不代表跟踪该指数的指数基金未来业绩。 那么，当下投资科技创新领域，还有哪些估值相对合理、性价比较高的选择？创业板综合指数是值得关注的标的之一，当前PE（TTM）为 66.07倍，低于近10年72倍左右的平均值，仍处于近10年56%左右的分位水平。 截至2025年11月18日。 提及创业板市场，除了投资者熟知的创业板指、创业板50指数，其实创业板综合指数也是核心指数之一，且对创业板具有更广泛的覆盖面和 更全面的代表性。目前，创业板综合指数的成份股、总市值为1344只、17.17万亿元，分别占创业板市场的97%、99%。 截至2025年11月18日。 从多方面来看，创业板综合指 ...