从规模扩张到高质量发展，中国光伏行业正站在转型的十字路口。 作为全球新能源革命的核心引擎，中国光伏产业用十余年时间完成了从追赶到引领的跨越，但在2025年 遭遇了前所未有的调整转型阵痛。在行业供需错配、政策调整和贸易壁垒多重压力交织之下，制造端与 应用端一改高歌猛进的增长态势，主产业链各环节普遍深陷亏损泥潭，至今仍待曙光出现。 12月18日，中国光伏行业协会名誉理事长王勃华在"2025光伏行业年度大会"上指出，光伏行业阶段性不 景气并不意味着行业衰退的开始。在下一轮爆发式需求来临前，行业亟待向高质量发展进行调整转型， 以适配需求。 中经记者 张英英 吴可仲 西安报道 而伴随着市场持续出清与"反内卷"行动的推进，光伏行业在2026年或将迎来盈利修复的转折点。对于企 业而言，既要面临生存韧性的"淘汰赛"，也要抢占未来市场的"机遇期"。 降速换挡 过去十几年，光伏行业凭借技术迭代与政策红利，保持了迅猛增长态势，成为全球新能源产业的标杆。 但2025年，这一局面发生显著变化，制造端和应用端均全面失速。 中国光伏行业协会数据显示，1—10月，光伏制造端各环节有增有降，增速显著下降。其中，多晶硅产 量约113万吨，同比下 ...

Group 1 - The company, Zhongcai Technology, responded to investor inquiries on December 19, indicating its commitment to the national and industry association's call to "reduce internal competition" and promote high-quality development across the industry chain [2] - The company's subsidiary, Taishan Fiberglass, will issue a "Glass Fiber Price Adjustment Notice" on October 30, 2025 [2] - The company announced three special fiber cloth projects this year, which are set to be completed and put into production in batches during 2026 and 2027 [2]

濮振宇 近日，磷酸铁锂正极材料生产厂家集体提价的消息骤然传出。"不止是磷酸铁锂，包括六氟磷酸锂在内 的电解液材料，现在都是涨价的势头。"瑞浦兰钧内部人士告诉经济观察报。 上海有色网数据显示，12月16日，磷酸铁锂动力型现货报价涨至40850至46050元/吨，均价报43450元/ 吨；磷酸铁锂储能型现货报价涨至38750至42050元/吨，均价报40400元/吨，较年中低点涨幅均超过 30%。 如果将时间线拉长，眼下磷酸铁锂的"涨声一片"与此前锂电产业中上游长达三年的价格下行态势形成了 鲜明对比。此轮涨价究竟是企业长期亏损压抑后的昙花一现，还是行业基本面发生根本逆转的序曲？庞 大的锂电产业能否在2026年迈入一个更健康的新周期？ 电动汽车与储能需求支撑涨价 本轮磷酸铁锂价格上涨的最直接的驱动力，是从锂盐到各类辅料的上游原材料成本全线攀升。 作为磷酸铁锂正极材料最核心的原材料，碳酸锂的成本占比超过40%，其价格走势直接决定了行业的基 本成本面。卓创资讯数据显示，12月17日，富宝电池级碳酸锂市场价格为9.72万元/吨至10万元/吨，相 较于年中的低点，涨幅超过五成。 除了碳酸锂，构成磷酸铁锂前驱体磷酸铁的各类化 ...

Core Viewpoint - The A-share market has established a "slow bull" pattern driven by performance, with expected returns of 15% to 20% for major indices in 2026 [1] Group 1: Market Predictions - The target for the CSI 300 index in 2026 is set at 5200 points, while the MSCI China index is projected to reach 100 [1] - Earnings growth is expected to drive market returns, with projected year-on-year growth rates of 13% for the CSI 300 and 15% for the MSCI China index in 2026 [1] Group 2: Market Characteristics - The current A-share market volatility has decreased to nearly half compared to the 2014-2015 period, enhancing its attractiveness as an asset class [2] - The market is increasingly characterized by institutional participation, contrasting with the retail-driven high volatility of previous years [2] Group 3: Corporate Performance - Chinese companies are undergoing a "de-involution" process, allowing them to improve net profit margins and return on equity (ROE) despite slow revenue growth [2] - The expected ROE for Chinese stocks in 2025 is projected to grow by 12%, although the anticipated net profit margin is the lowest in the Asia-Pacific region at 5% [2] Group 4: Sector Insights - The export sector is identified as a core investment theme, with expectations of a relatively loose fiscal and monetary policy in major developed countries in the first half of 2026, which may boost demand for Chinese exports [2] - The food and beverage industry is highlighted as a sector poised for recovery, with current valuations below those of major markets like India, the US, and Japan, and potential for valuation recovery if domestic price indices stabilize [3]

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the total trading volume in Shanghai and Shenzhen reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1][19][20] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1][19] Economic Indicators - Recent economic data from the US, including November's non-farm payrolls and CPI, along with Japan's central bank raising its target interest rate by 25 basis points to 0.75%, have alleviated external uncertainties for the A-share market [20] - The US CPI data has boosted market confidence, leading to increased expectations for a rate cut by the Federal Reserve in January [20][29] Sector Performance - The chemical sector continues to perform strongly, with the Chemical ETF (516020) rising by 1.75% and attracting over 2 billion yuan in net inflows over the past five trading days [4][20][25] - Key stocks in the chemical sector, such as Zangge Mining and Hangyang Co., saw significant gains, with Zangge Mining increasing by 6.56% [4][23] Investment Trends - The market is shifting focus from external factors to internal dynamics, with a notable interest in sectors benefiting from the "anti-involution" trend, particularly in chemicals and non-ferrous metals [20][22] - The Hong Kong market is also seeing a rebound, with the Hong Kong Internet ETF (513770) experiencing a net inflow of 13.3 billion yuan over the past ten days, indicating strong investor interest [20][30] Future Outlook - Analysts from Zhongyin Securities believe that the A-share market remains in an upward channel, with a transition from policy-driven momentum to profit-driven growth expected [22] - The chemical industry is anticipated to see a marginal improvement in its economic outlook, with supply-demand dynamics expected to stabilize [25][26] - The Hong Kong market is positioned for a rebound, with a focus on technology growth stocks as the market prepares for a potential upward trend [30][31]

专题：2025年度中国保险鼎峰50人论坛 12 月 17 日，中保新知联合新时代保险研究院主办的"2025 年度中国保险鼎峰 50 人论坛"在北京举办，本届论坛由中央财经大学金融品牌研究所、中央财经 大学中国精算科技实验室、北京工商大学中国养老金融研究院提供学术指导。 论坛以 "'十五五'启航 擘画保险蓝图" 为核心主题，汇聚近百位 "中国保险鼎峰 108 将" 代表以及金融监管领域资深专家、权威学者与企业核心高管等，围绕 "十五五" 时期保险业高质量发展的破局路径与前行方向展开深度研讨，为行业未来发展凝聚共识、贡献智慧。 中信建投首席政策分析师、牛津大学博士后胡玉玮出席并发表主题演讲。他表示，当前宏观经济稳中向好，关键指标企稳回升，资本市场也呈现"慢牛"趋 势。回望2025年的相关政策，胡玉玮认为"反内卷"是2025年一条重要的政策与投资主线，从2024年7月的中央政治局会议到2025年12月中央经济工作会 议，"反内卷"趋势还将持续，也会不断走向深化。 责任编辑：曹睿潼 展望2026年的发展，他表示消费对经济增长的拉动作用将逐步显著提升，预计到2026年，消费增速将呈现稳步且持续上升的态势，平均增速约为5 ...

Core Viewpoint - The A-share market is approaching a traditional "spring rally" period, with expectations for a potential early start in late December due to favorable market conditions and historical trends [1][2][5][18]. Market Trends - The Shanghai Composite Index has shown signs of recovery, recording three consecutive positive trading days since hitting a low on December 16 [2][14]. - Historical data indicates that the "spring rally" typically occurs from January to April, with a higher likelihood of positive returns during these months compared to December [5][17]. Investment Strategies - Three main investment themes have been identified for the upcoming "spring rally": 1. Technology sector, particularly AI and high-end manufacturing, supported by clear policy backing and industry trends [7][19]. 2. Consumer sector, which is showing signs of recovery after a prolonged adjustment, with improved valuation and institutional holdings [7][19]. 3. Cyclical industries such as non-ferrous metals and chemicals, benefiting from "anti-involution" policies and global demand recovery [7][19]. Performance of Companies - Several companies have reported significant profit increases, with seven stocks showing over tenfold growth in net profit for the first three quarters of the year compared to the previous year. These companies are closely aligned with the identified investment themes [9][21]. - Notable examples include: - Guangdong Mingzhu, with a net profit increase of 4141.92% due to increased production and sales of iron concentrate [10][21]. - AVIC Chengfei, a commercial aerospace stock, reporting a profit increase of 1831.38% [10][21]. Company Performance Data - A summary of companies with significant profit growth includes: - Guangdong Mingzhu: Net profit of 2.34 billion, up from 0.06 billion [23]. - AVIC Chengfei: Net profit of 21.69 billion, up from 1.12 billion [23]. - Other companies like Southern Precision and Huasheng Tiancheng also reported substantial profit increases [11][22].

Report Industry Investment Ratings - Thread steel: ★★★ [1] - Hot-rolled coil: ★★★ [1] - Iron ore: ★★★ [1] - Coke: ★☆★ [1] - Coking coal: ★☆★ [1] - Silicon manganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - Steel market has weak domestic demand, high exports, and is expected to fluctuate in a range [2] - Iron ore market has a loose supply-demand situation and is expected to fluctuate [3] - Coke and coking coal markets have abundant carbon supply, and prices are likely to fluctuate [4][5] - Silicon manganese and ferrosilicon markets are affected by various factors and prices are expected to fluctuate [6][7] Summary by Related Catalogs Steel - Thread steel saw a slight recovery in apparent demand and production, with continued inventory reduction; hot-rolled coil had a double decline in supply and demand, and inventory reduction accelerated slightly [2] - Iron water production continued to decline, supply pressure eased, and steel mill profits improved marginally [2] - Real estate investment decline expanded, infrastructure and manufacturing investment growth slowed, and domestic demand remained weak [2] - Steel exports remained high, and the impact of license management needed to be observed [2] Iron Ore - Global iron ore shipments increased month-on-month and were stronger than the same period last year, and domestic arrivals rebounded [3] - Port inventories continued to accumulate, with Australian ore increasing and Brazilian ore decreasing [3] - Terminal demand was low in the off-season, steel mill profitability was poor, and iron water production decreased significantly [3] Coke - The third round of coke price cuts was partially implemented, and daily production decreased slightly [4] - Coke inventory decreased slightly, downstream procurement was on a small scale as needed, and traders' procurement willingness was average [4] Coking Coal - Coking coal mine production decreased slightly, spot auction transactions were okay, and terminal inventories increased [5] - Total coking coal inventory increased slightly, and production-side inventory increased slightly [5] Silicon Manganese - Manganese ore spot prices increased due to the rebound in the futures market [6] - Manganese ore port inventory had a structural problem, and the balance was relatively fragile [6] - Silicon manganese production increased slightly, and inventory continued to accumulate [6] Ferrosilicon - The market expected an increase in coal mine supply guarantee, which led to a decline in power costs and semi-coke prices [7] - Terminal demand was low, and steel mill profitability was poor, and iron water production decreased significantly [7] - Ferrosilicon supply decreased, and inventory increased slightly [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The anti - involution expectation has heated up again, boosting the market sentiment. The central government has emphasized the need to rectify "involution - style" competition, which has led to an improvement in the sentiment of related commodity markets and a short - term rebound in ferroalloy futures prices. However, due to the uncertainty of the implementation time of the expectation and the short - term difficulty in changing the current weak supply - demand pattern, it is advisable to wait for low - price opportunities rather than chasing high prices [1][5]. - The fundamentals of the ferroalloy market show a pattern of both supply and demand decline, with obvious cost - side support. The supply of ferrosilicon and silicomanganese has decreased, and the demand from the steel industry is also under pressure. The cost of ferroalloy electricity has stabilized after an increase, and the US dollar quotes of overseas manganese ore mines have slightly increased [5]. 3. Summary According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - **Supply**: The operating rates and production of ferrosilicon and silicomanganese have both declined. With the overall increase in power prices in production areas, manufacturers' losses have intensified, and the supply is expected to continue to decline [5]. - **Demand**: The production and apparent demand of five major steel products have continued to decline, and pig iron production has also decreased. Based on the blast furnace maintenance plan, the downward trend of pig iron production is expected to last until the end of December, putting pressure on raw material demand [5]. - **Cost**: After the increase in ferroalloy electricity prices in production areas, they have been stable recently. The US dollar quotes of overseas manganese ore mines in January have all increased slightly [5]. - **Market Sentiment**: The anti - involution expectation has boosted market sentiment, leading to a short - term rebound in ferroalloy futures prices. However, due to the uncertainty of the implementation time of the expectation and the short - term difficulty in changing the weak supply - demand pattern, it is advisable to wait for low - price opportunities rather than chasing high prices [5]. 3.1.2 Strategies - **Single - side trading**: The anti - involution expectation boosts market sentiment, leading to a short - term rebound, but the current weak supply - demand pattern limits the upside potential. One should not be overly optimistic about the price increase [6]. - **Arbitrage**: It is recommended to wait and see [6]. - **Options**: Sell out - of - the - money straddle combinations at high prices [6]. 3.2 Core Logic Analysis No relevant content provided. 3.3 Weekly Data Tracking 3.3.1 Supply and Demand Data Tracking - **Demand**: The daily average pig iron production of 247 sample steel mills was 2.2655 million tons, a week - on - week decrease of 26,500 tons. The weekly demand for ferrosilicon in five major steel types (about 70% of the total demand) was 18,100 tons, a week - on - week increase of 100 tons. The weekly demand for silicomanganese in five major steel types (70%) was 112,400 tons, a week - on - week decrease of 400 tons [11]. - **Supply**: The operating rate of 136 independent ferrosilicon enterprises was 30.3%, a week - on - week decrease of 2.14%. The weekly supply of ferrosilicon was 99,800 tons, a week - on - week decrease of 6,500 tons. The operating rate of 187 independent silicomanganese enterprises was 35.61%, a week - on - week decrease of 1.24%. The weekly supply of silicomanganese (99%) was 188,200 tons, a week - on - week decrease of 1,000 tons [12]. - **Inventory**: In the week of December 19, the inventory of 60 independent ferrosilicon enterprises was 65,200 tons, a week - on - week decrease of 12,700 tons. The inventory of 63 independent silicomanganese enterprises (accounting for 79.77% of the national capacity) was 384,500 tons, a week - on - week increase of 2,500 tons [13]. 3.3.2 Spot Price - Basis The document presents the market prices of Inner Mongolia silicomanganese and ferrosilicon, as well as the basis of the main contracts of Inner Mongolia silicomanganese and ferrosilicon, from 2021 to 2025 [18]. 3.3.3 Production Situation of Double - Silicon Enterprises The document shows the weekly production and operating rates of Chinese silicomanganese and ferrosilicon enterprises from 2021 to 2025 [24]. 3.3.4 Steel Mill Production Situation The document presents the blast furnace capacity utilization rate, weekly steel production, profit rate, and social steel inventory of 247 steel mills from 2021 to 2025 [30]. 3.3.5 Silicomanganese Cost and Profit - The production costs and profits of silicomanganese in different regions on December 18, 2025, are presented. All regions are in a loss - making state [32]. - The document also shows the cost and profit of silicomanganese in Inner Mongolia, and the production costs and profits in different regions [33][34][35][36]. 3.3.6 Manganese Ore Price The document presents the prices of South African Mn36.5% semi - carbonate manganese lumps at Tianjin Port, the CIF quotes of South African South32 semi - carbonate manganese lumps for shipment, and the prices of manganese ore at Tianjin Port and the CIF quotes for forward shipments from 2021 to 2025 [40]. 3.3.7 Ferrosilicon Cost and Profit - The production costs and profits of ferrosilicon in different regions on December 18, 2025, are presented. All regions are in a loss - making state [42]. - The document also shows the cost and profit of ferrosilicon in Inner Mongolia, and the production costs and profits in different regions [43][44][45][46]. 3.3.8 Cost of Carbon and Electricity The document presents the prices of Fugu blue carbon small materials, Yulin power coal lumps, Ningxia chemical coke, and regional electricity prices from 2021 to 2025 [50][51][52]. 3.3.9 Steel Tendering Prices of Double - Silicon by Hebei Representative Steel Mills The document presents the steel tendering prices of ferrosilicon and silicomanganese by Hebei representative steel mills from 2020 to 2025 [55][56][57][58][59]. 3.3.10 Monthly Production of Silicomanganese and Ferrosilicon The document presents the cumulative and monthly production of silicomanganese and ferrosilicon in China from 2021 to 2025, as well as the year - on - year growth rates [62][63][64][65][66][67]. 3.3.11 Import and Export of Manganese Ore and Ferrosilicon The document presents the monthly net imports of manganese ore and the monthly net exports of ferrosilicon in China from 2013 to 2025, as well as the year - on - year growth rates [70]. 3.3.12 Demand for Magnesium Metal The document presents the price of Fugu magnesium metal Mg99.9% and the cumulative production of magnesium metal in Yulin, Shaanxi from 2013 to 2025 [72]. 3.3.13 Ferrosilicon Inventory of Alloy Plants and Steel Mills The document presents the ferrosilicon inventory of alloy plants, the ferrosilicon inventory of alloy plants in different regions, the available days of ferrosilicon inventory in steel mills, and the available days of ferrosilicon inventory in steel mills in different regions from 2021 to 2025 [76][77][78][79][80][81]. 3.3.14 Manganese Ore Inventory of Alloy Plants, Steel Mills, and Ports The document presents the available days of silicomanganese inventory in steel mills, the available days of silicomanganese inventory in steel mills in different regions, the total manganese ore inventory at Tianjin Port, and the silicomanganese inventory of alloy plants from 2021 to 2025 [84].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on December 19, 2025, including whether they will be in a strong or weak shock state and their corresponding support and resistance levels [2][3][4][5][8] - The report also provides macro - information and trading tips, including national policies, international events, and economic data, which may affect the futures market [8][9][10][11] Summary by Related Catalogs 1. Futures Market Outlook - **Stock Index Futures**: Expected to be strongly volatile on December 19. For example, IF2603 has resistance at 4539 and 4576 points and support at 4486 and 4461 points. In December 2025, the main contracts of IF, IH, IC, and IM are likely to be in wide - range fluctuations [2][19] - **Treasury Bond Futures**: The 10 - year T2603 and 30 - year TL2603 are expected to be strongly volatile on December 19. The 10 - year T2603 has resistance at 108.07 and 108.14 yuan and support at 107.92 and 107.87 yuan; the 30 - year TL2603 has resistance at 112.7 and 113.2 yuan and support at 111.9 and 111.7 yuan [3][34][36] - **Precious Metal Futures** - **Gold**: The main contract AU2602 is expected to fluctuate and consolidate on December 19, with resistance at 988.8 and 993.0 yuan/gram and support at 975.7 and 972.5 yuan/gram. In December 2025, it is likely to be strongly and widely volatile [40] - **Silver**: The main contract AG2602 is expected to be weakly volatile on December 19, with support at 15033 and 14779 yuan/kg and resistance at 15521 and 15666 yuan/kg. In December 2025, it is likely to be strongly volatile and may hit a new high [46][47] - **Platinum**: The main contract PT2606 is expected to be weakly and widely volatile on December 19, with resistance at 550.0 and 570.0 yuan/gram and support at 542.6 and 535.0 yuan/gram [51] - **Palladium**: The main contract PD2606 is expected to have wide - range fluctuations on December 19, with resistance at 490.0 and 510.0 yuan/gram and support at 476.6 and 470.0 yuan/gram, and may hit a new high [54] - **Base Metal Futures** - **Copper**: The main contract CU2602 is expected to fluctuate and consolidate on December 19, with resistance at 93800 and 94700 yuan/ton and support at 91600 and 91100 yuan/ton. In December 2025, it is likely to be strongly volatile and may hit a new high [57] - **Tin**: The main contract SN2601 is expected to be strongly volatile on December 19, with resistance at 342000 and 345000 yuan/ton and support at 334300 and 331600 yuan/ton. In December 2025, it is likely to be strongly volatile [62] - **Other Commodity Futures** - **Polysilicon**: The main contract PS2605 is expected to be weakly and widely volatile on December 19, with support at 58000 and 56800 yuan/ton and resistance at 60000 and 62000 yuan/ton. In December 2025, it is likely to be strongly volatile [64][66] - **Lithium Carbonate**: The main contract LC2605 is expected to have wide - range fluctuations on December 19, with resistance at 106300 and 110000 yuan/ton and support at 104500 and 102700 yuan/ton. In December 2025, it is likely to be strongly volatile [72] - **Rebar**: The main contract RB2605 is expected to be weakly volatile on December 19, with support at 3096 and 3075 yuan/ton and resistance at 3137 and 3157 yuan/ton. In December 2025, it is likely to have wide - range fluctuations [77] - **Hot - Rolled Coil**: The main contract HC2605 is expected to be weakly volatile on December 19, with support at 3238 and 3225 yuan/ton and resistance at 3282 and 3298 yuan/ton [82] - **Iron Ore**: The main contract I2605 is expected to have wide - range fluctuations on December 19, with resistance at 784 and 788 yuan/ton and support at 770 and 767 yuan/ton. In December 2025, it is likely to be weakly and widely volatile [84] - **Coking Coal**: The main contract JM2605 is expected to be weakly and widely volatile on December 19, with support at 1100 and 1070 yuan/ton and resistance at 1133 and 1145 yuan/ton. In December 2025, it is likely to have wide - range fluctuations [90] - **Glass**: The main contract FG605 is expected to be weakly and widely volatile on December 19, with support at 1033 and 1021 yuan/ton and resistance at 1069 and 1085 yuan/ton. In December 2025, it is likely to have wide - range fluctuations [94] - **Soda Ash**: The main contract SA605 is expected to be weakly and widely volatile on December 19, with support at 1170 and 1160 yuan/ton and resistance at 1193 and 1205 yuan/ton. In December 2025, it is likely to have wide - range fluctuations and may hit a new low [100] - **PTA**: The main contract TA605 is expected to be strongly volatile on December 19, with resistance at 4850 and 4894 yuan/ton and support at 4742 and 4726 yuan/ton [104] 2. Macro - Information and Trading Tips - The National Development and Reform Commission will take measures to expand effective investment, including expanding investment in emerging industries and adjusting the pilot scope of local government special bond projects [8] - The State Administration for Market Regulation will promote the construction of a unified national market and strengthen fair competition governance [8] - The US has launched a US $11 billion arms sale to Taiwan, which China firmly opposes [8] - Hainan Free Trade Port officially started the whole - island customs closure operation on December 18, 2025, expanding the "zero - tariff" commodity range [9] - China has re - implemented export license management for steel products and approved some rare - earth export general license applications [9] - The State - owned Assets Supervision and Administration Commission of the State Council has issued a new method for holding central enterprises accountable for illegal business investment [9] - Market institutions expect the central bank to cut the reserve requirement ratio by about 0.5 percentage points and the interest rate by about 0.1 percentage points in 2026 [10] - A new consumption model called the "reward economy" is emerging among young people [10] - US President Trump will announce the next Fed chair nominee who supports "substantial" interest - rate cuts [10] - Trump will sign a nearly US $1 trillion annual defense policy bill, with the approved annual military expenditure reaching a record high of US $901 billion [10] - The US November core CPI rose 2.6% year - on - year, and the overall CPI rose 2.7% year - on - year, both lower than expected, but the data reliability is questioned [11] - The number of initial jobless claims in the US last week decreased by 13,000 to 224,000, and the number of continued jobless claims increased by 67,000 to 1.897 million [11] - The European Central Bank maintained the benchmark interest rate at 2% for the fourth consecutive time [11] - The Bank of England cut the interest rate by 25 basis points to 3.75% [11] 3. Commodity Futures - Related Information - On December 18, London base metals showed mixed performance. LME copper fell 0.13%, LME zinc fell 0.44%, LME nickel rose 1.84%, LME aluminum rose 0.38%, LME tin rose 1.53%, and LME lead fell 0.05% [12] - On December 18, international precious - metal futures generally closed down. COMEX gold futures fell 0.23%, and COMEX silver futures fell 2.17% [12] - A large undersea gold mine was discovered in Laizhou, Shandong, with the city's total proven gold reserves accounting for about 26% of the country's total [12] - On December 18, US oil and Brent crude oil futures rose slightly [13] - Goldman Sachs predicts that copper prices will consolidate in 2026, with an average price of US $11,400 per ton in the baseline scenario, and gold prices will rise 14% to US $4,900 per ounce by December 2026 [13] - On December 18, the on - shore RMB against the US dollar rose 41 basis points at the 16:30 close [13] - In November, the RMB ranked sixth in the global payment currency ranking by amount, accounting for 2.94% [13] - On December 18, the US dollar index rose 0.04%, and most non - US currencies rose [14]