Report Industry Investment Ratings - PX: -1 [78] - PTA: -1 [79] - MEG: 0 [80] - Iron Ore: -1 [54] - Rebar: 0 [56] - Hot Rolled Coil: 0 [56] - Ferrosilicon: 0 [60] - Manganese Silicon: 0 [60] - Coke: 0 [65] - Coking Coal: 0 [65] - Logs: 0 [70] - Rubber: 1 [82] - Synthetic Rubber: 0 [85] - Asphalt: -1 [90] - LLDPE: 0 [101] - PP: 0 [103] - Caustic Soda: 0 [105] - Pulp: 0 [110] - Glass: -1 [116] - Methanol: -1 [119] - Urea: 0 [124] - Styrene: -1 [127] - Soda Ash: -1 [130] - LPG: 0 [132] - Propylene: -1 [132] - PVC: 0 [140] - Fuel Oil: 0 [143] - Low-Sulfur Fuel Oil: 0 [143] - Container Shipping Index (European Route): 0 [145] - Short Fiber: -1 [158] - Bottle Chip: -1 [158] - Offset Printing Paper: 0 [161] - Pure Benzene: -1 [166] - Palm Oil: 0 [171] - Soybean Oil: 0 [171] - Soybean Meal: 0 [179] - Soybean: 0 [179] - Corn: 0 [182] - Sugar: -1 [186] - Cotton: 0 [191] - Eggs: 0 [195] - Hogs: 0 [197] - Peanuts: 0 [203] Core Views - Trump stated that immediate significant interest rate cuts would be a "litmus test" for selecting the new Fed chair and might adjust tariff policies to reduce the prices of some goods [7][8]. - For MEG, multiple plants' unplanned load reduction provides short-term support, but in the medium term, it faces a situation of increasing supply and decreasing demand [9][80]. - Platinum and palladium's short - term and medium - term trends are different. In the short term, there is no basis for a sharp rise in platinum, while palladium shows better performance. In the medium term, the fundamental logic of a bullish outlook remains [12]. - In the short term, soybeans face many negative factors, but in the medium term, the downside space is limited, and the possibility of sideways oscillation is high [13][14]. Summary by Related Catalogs Metals Gold and Silver - Gold: The expectation of interest rate cuts has rebounded. Silver has reached a new high, breaking through 60. The US "small non - farm" ADP has recovered, and the Fed's attention to employment indicators shows mixed signals [20]. Copper - The price is under pressure due to the rise of the US dollar. The production of the Kamoa - Kakula joint copper mine in Congo (Kinshasa) in 2026 will be lower than in 2024, and China's copper ore imports have increased [24]. Zinc - Pressure is gradually emerging. The US and China are promoting economic cooperation, and the US has approved the sale of NVIDIA H200 AI chips to China [27]. Lead - The domestic inventory has increased, and the price is under pressure. The US "small non - farm" ADP has recovered, and there are signals about the Fed's interest rate cuts [30]. Tin - Supply has encountered new disturbances. There are various macro and industry news, including the recovery of the US "small non - farm" ADP [33]. Aluminum, Alumina, and Cast Aluminum Alloy - Aluminum shows range - bound oscillation, alumina shows a downward oscillation trend, and cast aluminum alloy faces downward pressure. There is news about the Fed's possible interest rate cuts and the adjustment of the labor market [36]. Platinum and Palladium - Platinum has broken through the box range, and attention should be paid to the previous high. Palladium's bottom has been continuously rising. Trump has made statements about the Fed chair and tariff policies [39]. Nickel and Stainless Steel - Nickel's structural surplus has changed, but the contradiction in the game remains. Stainless steel's supply and demand continue to be weak, and the cost - support logic is strengthened. There are news about the Indonesian nickel mining industry and the suspension of non - official subsidies for Russian imports [43]. Energy and Chemicals Carbonate Lithium - Spot transactions are still weak, and the price shows a weak oscillation. The price of carbonate lithium has declined, and the sodium - ion battery industry is developing [48]. Industrial Silicon and Polysilicon - The platform company for polysilicon has been established, and the market still focuses on buying on dips. The polysilicon powder quality improvement project of Tianhong Ruike has passed the acceptance [51]. Iron Ore - The downstream demand space is limited, and the valuation is high. The retail sales of the domestic passenger car market in November decreased year - on - year [54]. Rebar and Hot Rolled Coil - The sector sentiment is weak, and the prices show low - level oscillation. The steel production, inventory, and demand data in November and December have changed [56]. Ferrosilicon and Manganese Silicon - Ferrosilicon is affected by supply - side information disturbances and shows wide - range oscillation. Manganese silicon's overseas miners have firm quotations and also shows wide - range oscillation. There are price and procurement news in the ferrosilicon and manganese silicon markets [60]. Coke and Coking Coal - Both show wide - range oscillation. The manufacturing PMI in November has improved [65]. Logs - The price shows low - level oscillation. The manufacturing PMI in November has improved [70]. PX, PTA, and MEG - PX is in a high - level oscillation market. PTA is also in a high - level oscillation market with cost support. MEG has multiple plants reducing loads, with short - term support but a medium - term supply - demand imbalance [73]. Rubber - The price shows an oscillating and strengthening trend. The domestic heavy - truck sales in November decreased month - on - month but increased year - on - year, and the demand for all - steel tires in the replacement market in the fourth quarter is weak [82]. Synthetic Rubber - The price shows range - bound operation. The inventory of domestic cis - butadiene rubber has decreased, and the inventory of butadiene in East China ports has decreased [85]. Asphalt - The price shows a weak oscillation. The domestic asphalt production has increased, the inventory in factories has increased, and the inventory in social warehouses has decreased [90]. LLDPE - The price shows a unilateral decline, and the basis has turned positive passively. The raw material price oscillates, and the supply and demand situation is complex [101]. PP - The upstream selling pressure is high, and the price difference between powder and granular materials is inverted. The cost support is limited, and the demand is weak [103]. Caustic Soda - It is not advisable to chase short positions. The high - production and high - inventory pattern continues, and the demand is weak [105]. Pulp - The price shows oscillating operation. The domestic pulp market is dull, with high inventory and weak demand [110]. Glass - The price of the original sheet is stable. The price of float - glass shows local adjustments, with a slight relaxation in supply and weak rigid - demand orders [116]. Methanol - The price is under pressure. The spot price has declined, and the inventory in ports may accumulate in December [119]. Urea - The price shows oscillating operation, and attention should be paid to inventory indicators. The inventory of urea enterprises has decreased, and the demand has shown phased improvement [124]. Styrene - The price shows short - term oscillation. The pure benzene market shows weak reality and strong expectation, and the supply and demand of styrene are relatively balanced [127]. Soda Ash - The spot market shows little change. The domestic soda - ash market is stable, with an expected increase in supply and general demand [130]. LPG and Propylene - LPG's short - term demand is strong, but it is under pressure in the long term. Propylene's supply is expected to increase, and the upward driving force is limited. There are price and production - capacity news in the LPG and propylene markets [132]. PVC - The price shows a weakening trend. The domestic PVC market has high supply and inventory, and short - term short - chasing is not advisable [140]. Fuel Oil and Low - Sulfur Fuel Oil - Fuel oil has weakened again, and the center of the price has moved down. Low - sulfur fuel oil shows a narrow - range oscillation, and the price difference between high - and low - sulfur in the overseas spot market is temporarily stable [143]. Container Shipping Index (European Route) - The price shows an oscillating market. The spot freight rate shows some changes, and the 02 contract may face a complex price trend, while the 04 contract is suitable for short - selling on rallies [145]. Agricultural Products Short Fiber and Bottle Chip - Both face medium - term pressure, and it is advisable to short the processing margin on rallies. The short - fiber and bottle - chip markets show price and sales changes [158]. Offset Printing Paper - It is advisable to wait and observe. The price of offset printing paper in the Shandong and Guangdong markets is stable, with high industry operation levels and weak demand [161]. Pure Benzene - The price shows short - term oscillation. The inventory of pure benzene in ports has increased, and the market shows weak reality and strong expectation [166]. Palm Oil and Soybean Oil - For palm oil, attention should be paid to the reaction after the MPOB report's negative factors are exhausted. Soybean oil shows an oscillating trend due to insufficient soybean - driven factors. There are production and supply - demand news in the palm - oil and soybean - oil markets [171]. Soybean Meal and Soybean - The USDA report is dull, and the soybean - meal price shows a low - level oscillation. The soybean price shows a rebound and oscillation. The CBOT soybean price has declined due to concerns about Chinese demand and the expected bumper harvest in South America [179]. Corn - Attention should be paid to the spot price. The price of corn in the spot market has declined, and the futures price has also decreased [182]. Sugar - The price shows a weakening trend. The sugar production in India and Brazil has increased, and the global sugar supply is expected to be in surplus [186]. Cotton - The price shows an oscillating and strengthening trend, and attention should be paid to downstream demand. The domestic cotton - spot trading is average, and the price of cotton yarn is stable [191]. Eggs - The spot price shows an oscillating trend. The futures price of eggs has decreased, and the spot price is stable [195]. Hogs - The market is trading the winter - solstice expectation in advance. The spot price of hogs shows some changes, and there is news about warehouse - receipt registration [197]. Peanuts - Attention should be paid to the purchase of oil mills. The spot price of peanuts is stable, and the futures price shows a slight decline [203].

美联储重磅决议前，标普500、道指两连跌；美联储青睐就业指标意外回暖，盘中美债转跌、加密货币 拉升，以太坊一度涨近10%；白银史上首次涨破60美元。 美联储北京时间周四凌晨将公布利率决议， 料降息25基点，关注最新点阵图。 美国"小非农"ADP回暖，私营企业周均新增就业4750人，结束连续 四周就业流失；美联储关注就业指标10月JOLTS职位空缺不降反升至五个月高点，但招聘减少、裁员人 数创两年多新高。 日央行行长：若实现经济前景将加息，特殊情况下将增加购债规模，正逐步接近持 续的通胀目标，暗示未来加息将"不止一次"。 李强同主要国际经济组织负责人举行"1+10"对话会，表 示开放合作是落实全球治理倡议的重要路径，应当加大市场相互开放，避免经贸问题泛政治化、泛安全 化。 泽连斯基：乌克兰正与美、欧磋商三项关键文件，涉框架性约定、安全保障及战后重建。 报道称 多晶硅收储平台成立。 摩尔线程12月19日至20日举行首届MUSA 开发者大会，届时揭晓新一代GPU架 构。 媒体称银河通用拟赴港上市，最快明年1月交表，估值仅次宇树和智元；银河通用否认上市传闻， 称股改目标指向后续正常融资。 摩根大通盘中大跌近5%，明年 ...

Core Insights - The "1+10" dialogue held by Premier Li Qiang aims to foster global governance and development through open cooperation, emphasizing China's role in providing solutions to global challenges [1][3][4] - China's trade data shows significant growth in imports and exports, highlighting its position as a major player in the global market and the opportunities it presents for other countries [1][7][8] Group 1: Global Governance and Cooperation - The "1+10" dialogue is an important high-level communication mechanism between the Chinese government and major international economic organizations, aimed at enhancing global economic governance [3][5] - Open cooperation is identified as a key entry point for addressing global economic challenges and maintaining stable supply chains, with a focus on innovation and mutual market access [3][4] Group 2: Economic Performance and Trade - China's total goods trade value reached 41.21 trillion yuan in the first 11 months of the year, with a year-on-year growth of 3.6%, indicating a recovery in trade activities [7] - The country has achieved "double growth" in exports and imports with over 110 countries and regions, reflecting its expanding global trade relationships [7][8] - The establishment of 54,000 new foreign-invested enterprises in China this year, a 14.7% increase, underscores the country's attractiveness as a destination for foreign investment [9] Group 3: Future Economic Outlook - Economic forecasts suggest that China will continue to play a crucial role in global economic growth, with GDP growth predictions for 2026 and 2027 being revised upwards by Goldman Sachs [9] - The emphasis on domestic demand and consumption in upcoming economic policies indicates a strategic shift towards sustaining economic momentum and ensuring a strong start to the 14th Five-Year Plan [6][9]

李强指出，今年9月，习近平主席郑重提出全球治理倡议，为国际社会合力应对世界变局、破解紧迫难 题提供了中国智慧和中国方案。这次对话会以"共商全球治理，共谋全球发展"为主题，就是为了进一步 凝聚广泛共识，推动各方协调采取有力行动，构建更加公正合理的全球治理体系，促进共同发展。 ● 新华社北京12月9日电 李强强调，中国始终是开放合作的坚定践行者和推动者。今年中国经济顶压前行，取得新的发展成绩， 我们有信心有能力完成全年经济社会发展目标任务。前不久，中共二十届四中全会审议通过"十五五"规 划建议，对中国未来5年的发展作出战略擘画。中国经济将保持稳健向好势头，经济总量将再上新台 阶，产业升级将创造新的发展空间，超大规模市场需求将加快释放。中国开放的大门将越开越大，欢迎 更多外国企业来华开拓市场。 12月9日，国务院总理李强在北京钓鱼台国宾馆同主要国际经济组织负责人举行"1+10"对话会。新开发 银行行长罗塞芙、世界银行行长彭安杰、国际货币基金组织总裁格奥尔基耶娃、世贸组织总干事伊维 拉、联合国贸发会议秘书长格林斯潘、国际劳工组织总干事洪博、国际清算银行总经理德科斯、金融稳 定理事会主席贝利、亚投行行长金立群、经合组织 ...

● 新华社北京12月9日电 12月9日，国务院总理李强在北京钓鱼台国宾馆同主要国际经济组织负责人举行"1+10"对话会。新开发 银行行长罗塞芙、世界银行行长彭安杰、国际货币基金组织总裁格奥尔基耶娃、世贸组织总干事伊维 拉、联合国贸发会议秘书长格林斯潘、国际劳工组织总干事洪博、国际清算银行总经理德科斯、金融稳 定理事会主席贝利、亚投行行长金立群、经合组织副秘书长鲁日奇卡出席。 李强指出，今年9月，习近平主席郑重提出全球治理倡议，为国际社会合力应对世界变局、破解紧迫难 题提供了中国智慧和中国方案。这次对话会以"共商全球治理，共谋全球发展"为主题，就是为了进一步 凝聚广泛共识，推动各方协调采取有力行动，构建更加公正合理的全球治理体系，促进共同发展。 李强表示，2025年的世界经济可谓波动曲折，在逆风中艰难前行。一些新情况新动向的出现，对改革完 善全球经济治理、维护国际经贸秩序提出了迫切需求。开放合作是关键切入口，也是落实全球治理倡议 的重要路径。唯有开放合作才能创造更大增量空间、保持产供链稳定畅通、加快技术和产业升级。我们 应当加大市场相互开放，避免经贸问题泛政治化、泛安全化，加强创新国际合作，共同培育壮大发展新 ...

李强表示，中方愿同各方一道筑牢互利共赢的国际经贸格局，推动经济全球化深入发展，提升多边机制 权威和效能，汇聚促进共同发展的更大合力。中国将继续积极承担与自身能力相匹配的国际义务，建设 性参与国际交流合作，提供更多公共产品，为推动世界经济健康稳定发展贡献更大力量。 国际经济组织负责人表示，过去一年，中国经济持续稳健增长，为世界经济增长作出重大贡献。中 国"十五五"规划同国际经济贸易增长高度契合，将为全球发展注入信心和新动能。中国坚定支持多边主 义，支持全球南方发展，推动构建人类命运共同体，为世界树立了典范。各方愿同中方在贸易投资、绿 色发展、人工智能、民生就业、金融稳定、可持续发展等领域加强沟通协作，维护多边主义和自由贸易 体制，共促全球经济发展。 吴政隆参加上述活动。 李强指出，今年9月，习近平主席郑重提出全球治理倡议，为国际社会合力应对世界变局、破解紧迫难 题提供了中国智慧和中国方案。这次对话会以"共商全球治理，共谋全球发展"为主题，就是为了进一步 凝聚广泛共识，推动各方协调采取有力行动，构建更加公正合理的全球治理体系，促进共同发展。 李强表示，2025年的世界经济可谓波动曲折，在逆风中艰难前行。一些新情况 ...

李强强调，中国始终是开放合作的坚定践行者和推动者。今年中国经济顶压前行，取得新的发展成绩， 我们有信心有能力完成全年经济社会发展目标任务。前不久，中共二十届四中全会审议通过"十五五"规 划建议，对中国未来5年的发展作出战略擘画。中国经济将保持稳健向好势头，经济总量将再上新台 阶，产业升级将创造新的发展空间，超大规模市场需求将加快释放。中国开放的大门将越开越大，欢迎 更多外国企业来华开拓市场。 李强表示，中方愿同各方一道筑牢互利共赢的国际经贸格局，推动经济全球化深入发展，提升多边机制 权威和效能，汇聚促进共同发展的更大合力。中国将继续积极承担与自身能力相匹配的国际义务，建设 性参与国际交流合作，提供更多公共产品，为推动世界经济健康稳定发展贡献更大力量。 国际经济组织负责人表示，过去一年，中国经济持续稳健增长，为世界经济增长作出重大贡献。中 国"十五五"规划同国际经济贸易增长高度契合，将为全球发展注入信心和新动能。中国坚定支持多边主 义，支持全球南方发展，推动构建人类命运共同体，为世界树立了典范。各方愿同中方在贸易投资、绿 色发展、人工智能、民生就业、金融稳定、可持续发展等领域加强沟通协作，维护多边主义和自由贸易 ...

12月9日，国务院总理李强在北京钓鱼台国宾馆同主要国际经济组织负责人举行"1+10"对话会。新开发银行行 长罗塞芙、世界银行行长彭安杰、国际货币基金组织总裁格奥尔基耶娃、世贸组织总干事伊维拉、联合国贸发 会议秘书长格林斯潘、国际劳工组织总干事洪博、国际清算银行总经理德科斯、金融稳定理事会主席贝利、亚 投行行长金立群、经合组织副秘书长鲁日奇卡出席。 李强指出，今年9月，习近平主席郑重提出全球治理倡议，为国际社会合力应对世界变局、破解紧迫难题提供 了中国智慧和中国方案。这次对话会以"共商全球治理，共谋全球发展"为主题，就是为了进一步凝聚广泛共 识，推动各方协调采取有力行动，构建更加公正合理的全球治理体系，促进共同发展。 李强表示，2025年的世界经济可谓波动曲折，在逆风中艰难前行。一些新情况新动向的出现，对改革完善全球 经济治理、维护国际经贸秩序提出了迫切需求。开放合作是关键切入口，也是落实全球治理倡议的重要路径。 唯有开放合作才能创造更大增量空间、保持产供链稳定畅通、加快技术和产业升级。 我们应当加大市场相互 开放，避免经贸问题泛政治化、泛安全化，加强创新国际合作，共同培育壮大发展新动能。 李强强调，中国始终是 ...

新华社北京12月9日电 12月9日，国务院总理李强在北京钓鱼台国宾馆同主要国际经济组织负责人 举行"1+10"对话会。新开发银行行长罗塞芙、世界银行行长彭安杰、国际货币基金组织总裁格奥尔基耶 娃、世贸组织总干事伊维拉、联合国贸发会议秘书长格林斯潘、国际劳工组织总干事洪博、国际清算银 行总经理德科斯、金融稳定理事会主席贝利、亚投行行长金立群、经合组织副秘书长鲁日奇卡出席。 李强指出，今年9月，习近平主席郑重提出全球治理倡议，为国际社会合力应对世界变局、破解紧 迫难题提供了中国智慧和中国方案。这次对话会以"共商全球治理，共谋全球发展"为主题，就是为了进 一步凝聚广泛共识，推动各方协调采取有力行动，构建更加公正合理的全球治理体系，促进共同发展。 李强表示，中方愿同各方一道筑牢互利共赢的国际经贸格局，推动经济全球化深入发展，提升多边 机制权威和效能，汇聚促进共同发展的更大合力。中国将继续积极承担与自身能力相匹配的国际义务， 建设性参与国际交流合作，提供更多公共产品，为推动世界经济健康稳定发展贡献更大力量。 国际经济组织负责人表示，过去一年，中国经济持续稳健增长，为世界经济增长作出重大贡献。中 国"十五五"规划同国际经 ...

格奥尔基耶娃祝贺上海中心正式开业，表示上海中心将作为重要枢纽，推动新兴市场和中等收入国家相关政策领域的研究工作，深化基金组织与区域内成 员国、区域性机构、以及其他利益攸关方的对话与交流。 上海中心是国际货币基金组织在全球设立的区域中心之一，旨在加强国际货币基金组织与亚太地区经济体的交流与合作，就新兴市场和中等收入国家关注 领域开展相关研究，为区域内经济体提供有针对性的能力建设支持，维护全球和区域金融稳定。 潘功胜指出，习近平主席今年9月提出全球治理倡议，呼吁汇聚团结力量，践行多边主义，注重行动导向，推动构建更加公正合理的全球治理体系。基金 组织上海中心的开业运营，充分体现了中国与基金组织倡导合作共赢的坚定立场，对于深化基金组织与中国的合作，促进亚太区域国家间的宏观经济政策 交流和协调，维护全球和区域金融稳定、完善全球金融治理具有重要意义。人民银行将继续与上海市和基金组织一道，全力支持上海中心的建设与发展。 潘功胜出席国际货币基金组织上海中心开业仪式。 12月8日，国际货币基金组织上海中心正式开业。国际货币基金组织总裁克里斯塔利娜·格奥尔基耶娃、中国人民银行行长潘功胜、上海市市长龚正出席开 业仪式。中国人民银行 ...