Group 1 - The core viewpoint of the articles indicates a collective rise in Hong Kong's non-ferrous metal stocks, driven by expectations of a Federal Reserve interest rate cut in December [1][2] - The probability of a 25 basis point rate cut by the Federal Reserve in December has increased to 82.9%, up from 69.4% the previous day, while the probability of maintaining the current rate is at 17.1% [1] - Analysts suggest that the rising probability of a rate cut will positively impact the non-ferrous metal sector in the short to medium term through three main channels: a weaker dollar, lower financing costs, and improved demand expectations [1] Group 2 - Specific non-ferrous metal stocks that saw significant gains include Lingbao Gold (+3.51%), China Daye Nonferrous Metals (+3.41%), and Zhaojin Mining (+2.85%) [2] - Other notable performers include Zijin Mining (+2.63%), China Hongqiao (+2.36%), and Luoyang Molybdenum (+2.20%), with several other companies also experiencing increases [2] - Spot gold prices rose by 0.2% to $4,141.70 per ounce, supported by expectations of a Federal Reserve rate cut and comments from Fed officials advocating for a more accommodative monetary policy [1]

Core Viewpoint - The recent fluctuations in the equity market, influenced by geopolitical conflicts, tempered expectations for a December Fed rate cut, and profit-taking by institutions, have led to a high-level oscillation in major stock indices. This has resulted in a strong performance of convertible bonds, with indices showing significant increases since November [1]. Group 1: Convertible Bonds Performance - The convertible bond indices, including the China Securities Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index, have risen by 1.39%, 1.15%, and 1.64% respectively since November, indicating a robust market sentiment [1]. - The convertible bond market has reached a yearly high, with the Shenzhen Convertible Bond Index surpassing its August peak [1]. Group 2: Characteristics of Convertible Bonds - Convertible bonds are defined as bonds that can be converted into stocks at a predetermined price within a specified period, distinguishing them from regular credit bonds due to their conversion rights [2]. - Key features of convertible bonds include regular principal and interest payments, the ability to convert into stocks, price sensitivity to the underlying stock, and additional clauses such as redemption and put options that complicate their pricing [2]. Group 3: Market Outlook - The core logic supporting the current equity market bull run remains intact, driven by a low-interest-rate environment and domestic policy support, suggesting a sustained bullish trend in the domestic equity market [2]. - The pure bond market is experiencing limited disturbances due to the central bank's supportive monetary policy and a resumption of government bond trading, which keeps yields from rising significantly [3]. - The supply-demand dynamics in the convertible bond market are expected to remain tight, with limited issuance and strong demand driven by the anticipated performance of convertible bonds compared to pure bonds [3].

随着市场对美联储12月降息预期升温，美元当地时间周一（24日）走软，国际金价当天上涨。截至收 盘，纽约商品交易所12月黄金期价收于每盎司4094.2美元，涨幅为0.36%。（总台央视记者 高岩） 编辑：王一帆 ...

◎记者 朱妍 今年以来，金价走势强劲。COMEX黄金价格年内涨幅超50%，国内AU9999金价达每克920元以上，黄 金ETF集体"丰收"，让2025年成为名副其实的"黄金大年"。 黄金"火"了几乎一整年，年末"收官战"的走向备受关注。 然而，在经历了前期的凌厉涨势后，金价近期高位波动，4000美元/盎司关口被多空资金来回争夺。一 边是摩根士丹利等机构喊出每盎司4500美元，甚至更高的目标金价，另一边是美联储降息预期摇摆、地 缘因素反复带来的市场分歧。投资者应该趁势加仓、暂时观望还是落袋为安？"黄金大年"最后的抉择， 正牵动着投资者的心。 "黄金大年"投资体验较佳 2025年，无疑是黄金投资"大年"。 Choice数据显示，截至11月23日，COMEX黄金价格年内涨幅超53%，上海黄金交易所的黄金9999 （AU9999）也从年初的每克600余元，升至924.44元。受此影响，黄金ETF产品水涨船高，年内回报均 超48%，多只产品涨逾70%。 不过，在前期"狂飙"后，近一个月金价陷入调整。其中，COMEX黄金价格区间跌幅为1.31%，振幅达 8.47%，近期重回4000美元/盎司附近。 即便如此，不少黄金投资 ...

接着讲时间线，11月非农就业数据原计划在11月发布，但后来改期到12月16日，意味着美联储在12月11日开会前，既没有完整的10月CPI，也没有11月的非 农，这在市场里像是把决策所需的两只灯都关了，交易员开始打灯笼找方向； 再看美联储内部声音，纽约联储主席约翰·威廉姆斯在11月中下旬表示，随着劳动力市场回落，美联储存在进一步降息空间，这话一出，市场立刻把"鸽 派"预期放大，认为12月降息的概率大增，股债商品价格都开始反应，股市在11月21日迎来大幅反弹，三大股指集体上扬； 美联储其他官员也有不同节奏，理事米兰在11月表示若需要会支持12月降息25个基点，而达拉斯联储主席洛根则认为资产负债表会扩张，但她觉得12月再降 息难度不小，这种内部不一致反而让市场更紧张，投机者和避险买家同时上场； 正文开始，先从关键节点说起，10月的美国CPI原定要在11月发布，但美国劳工统计局在11月表示，因政府"停摆"影响数据收集，取消了10月CPI的即时发 布，并计划把可得的数据在11月报告中一并披露，而完整的10月数据延后到12月18日发布，这就把原本支撑决策的关键数据往后推； 说金价的实战表现，11月中下旬现货黄金盘中一度拉 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][108] Core Views - The report highlights that copper prices are experiencing high volatility due to the Federal Reserve's expectations of a rate cut in December, with recent price changes showing a decline of 1.38% for London copper and 1.43% for Shanghai copper [5][25] - The report indicates a potential shift in the copper supply-demand balance from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mining and frequent supply disruptions [5] - The aluminum market is facing macroeconomic disturbances, leading to a decline in aluminum prices, but a long-term upward trend is still anticipated due to stable demand growth [5][37] - Lithium prices are entering a new cycle driven by demand, with significant price increases observed in lithium carbonate and lithium spodumene [5][78] - The cobalt market remains tight, with prices expected to continue rising due to ongoing supply constraints [5][90] Summary by Sections 1. Industry Overview - The report notes that the U.S. non-farm payrolls exceeded expectations, with 119,000 jobs added in September, impacting market sentiment [9] - The overall performance of the non-ferrous metals sector showed a decline of 6.75%, underperforming the Shanghai Composite Index by 2.85 percentage points [11][12] 2. Industrial Metals 2.1 Copper - London copper prices fell by 1.38%, while Shanghai copper prices decreased by 1.43%, with inventories rising significantly [25] - The copper smelting profit margin is reported at -1909 yuan/ton, indicating a narrowing loss [25] 2.2 Aluminum - London aluminum prices decreased by 2.24%, and Shanghai aluminum prices fell by 2.32%, with a notable increase in inventory levels [37] - The profit margin for aluminum enterprises dropped to 5533 yuan/ton, down 8.56% [37] 2.3 Lead and Zinc - Lead prices fell by 3.97% in London and 2.19% in Shanghai, with significant inventory changes [50] - Zinc prices also saw a decline, with smelting processing fees dropping to 2350 yuan/ton [50] 2.4 Tin and Nickel - Tin prices decreased slightly, while nickel prices also saw a decline, with domestic nickel iron enterprises reporting reduced profitability [63] 3. Energy Metals 3.1 Lithium - Lithium prices have shown significant increases, with lithium carbonate rising to 92,300 yuan/ton, reflecting a strong demand-driven cycle [78] 3.2 Cobalt - Cobalt prices are on the rise, with domestic prices reaching 405,000 yuan/ton, indicating a tightening supply situation [90]

Market Analysis - The A-share market experienced a volume contraction rebound, with the Shanghai Composite Index closing at 3836.77 points, a slight increase of 0.05% [6] - The Shenzhen Component Index rose by 0.37% to 12585.08 points, while the ChiNext Index increased by 0.31% to 2929.04 points, indicating a strong performance in the small-cap sector [6] - The total market turnover was 1.74 trillion, reflecting a decrease of approximately 12.3% from the previous trading day, suggesting a lack of strong buying interest [6] Sector Performance - The military and AI application sectors remained active, with notable gains in related stocks such as China Shipbuilding and commercial aerospace, which rose by 6.41% and 5.78% respectively [5] - AI applications saw a boost from updates in Google's Gemini 3.0 Pro Image model and Alibaba's "Qianwen" app, indicating a shift from concept to practical application [5] - The lithium mining and new energy sectors continued to adjust, with the lithium index dropping by 4.93%, reflecting concerns over supply and demand dynamics [5][11] Bond Market - The government bond futures market showed a slight increase, with the 30-year main contract rising by 0.15% [10] - The overall funding environment remained loose, with the central bank conducting a 3387 billion yuan reverse repo operation at a stable interest rate of 1.40% [10] - The upcoming PMI data will be crucial for assessing market expectations regarding monetary policy and interest rates [10] Commodity Market - The commodity index rebounded, with the South China Commodity Index closing at 2516.25 points, up 0.55% [10] - The market showed structural differentiation, with energy and chemical sectors leading gains, while precious metals and new energy materials faced downward pressure [10] - Lithium carbonate prices continued to decline, influenced by increased trading fees and supply recovery expectations from major producers [9][11] Investment Themes - Key investment themes include attractive dividend yields in the dividend sector, accelerated application of AI technologies, and potential recovery in consumer spending due to currency appreciation [12] - The report suggests a cautious approach to equity markets due to external factors such as U.S. interest rate expectations and geopolitical tensions [12]

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2025年11月24日15时57分 一、黄金 报告导读： 今日贵金属震荡偏弱，沪金主力收跌0.52%，沪银主力收跌1.14%。①核心逻辑，短期避险方面，中美会谈利空兑现，地缘异动风 险仍存；美国就业走弱通胀温和，降息预期回调。②避险属性方面，中美经贸磋商成果共识公布。俄乌、中东等地缘异动风险仍存 。③货币属性方面，威廉姆斯讲话提高美联储降息可能性，但政策鹰派仍坚持己见。美国11月工厂活动降至四个月新低，需求疲 软导致库存积压。美国9月就业增长超预期，但失业率升至4.4%。美国政府结束停摆，市场等待更多经济数据指引。目前市场预期 美联储12月降息25基点概率暴涨至70%附近。美元指数和美债收益率高位承压；④商品属性方面，CRB商品指数震荡偏弱，人民 币贬值利多内价格。⑤预计贵金属短期震荡偏弱，中期高位震荡，长期阶梯上行。 | 数据类别 | 指标 | 单位 | 最新 | 较上日 | | 较上周/前值 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 国际价格 | Comex黄金主力合约收盘价 | 美元 ...

Report Overview - Report Date: November 24, 2025 [3] - Data Sources: Wind, Guantong Research and Consulting Department [5] Market Summary - As of the close on November 24, domestic futures main contracts showed mixed performance. Methanol rose over 3%, glass nearly 3%, and ethylene glycol (EG), corn, cotton yarn, and polysilicon rose over 1%. On the downside, lithium carbonate dropped nearly 3%, low-sulfur fuel oil (LU), liquefied petroleum gas (LPG), and pure benzene fell over 2%, and styrene (EB), coking coal, palm oil, and urea dropped over 1% [5][6]. - Among stock index futures, the CSI 300 index futures (IF) main contract fell 0.13%, the SSE 50 index futures (IH) main contract fell 0.20%, the CSI 500 index futures (IC) main contract rose 0.55%, and the CSI 1000 index futures (IM) main contract rose 0.84%. For treasury bond futures, the 2-year (TS) main contract rose 0.01%, the 5-year (TF) main contract rose 0.03%, the 10-year (T) main contract rose 0.06%, and the 30-year (TL) main contract rose 0.15% [6]. - As of 15:18 on November 24, in terms of capital flow, Shanghai Gold 2602 had an inflow of 1.456 billion yuan, Shanghai Silver 2602 had an inflow of 260 million yuan, and Shanghai Copper 2601 had an inflow of 240 million yuan. In terms of outflows, CSI 1000 2512 had an outflow of 7.289 billion yuan, CSI 500 2512 had an outflow of 4.312 billion yuan, and CSI 300 2512 had an outflow of 2.562 billion yuan [6]. Individual Commodity Analysis Copper - Copper opened low and trended higher, showing a strong oscillation. Data led to increased expectations of interest rate cuts, but with a data vacuum before the next Fed meeting, the uncertainty of rate cut expectations is high, and the market generally believes the probability of no rate cut in December is relatively large, causing the US dollar index to continue to rebound [8]. - Nvidia's strong earnings boosted optimistic expectations for copper downstream demand. Copper concentrate inventories have been accumulating for a week, and the Grasberg mine in Indonesia is expected to resume production in Q2 next year. Refined copper imports decreased month-on-month, but domestic supply is relatively abundant, and SHFE copper inventories have also been accumulating [8]. - The 770th document has not been implemented, causing cautious operations in recycled copper rod enterprises. After the copper price dropped last week, downstream purchases increased. In October 2025, China's copper product output was 2.004 million tons, a month-on-month decline of over 10% and a year-on-year decrease of 3.3% [8]. - Overall, the Fed's hawkish and dovish camps are in a stalemate, and the market believes the probability of a rate cut in December is small, suppressing copper prices. Fundamentally, although there is strong support from the expected tight balance of copper mines, the off-season demand and increasing SHFE inventories have weakened market confidence. Short-term copper prices are expected to be under pressure, and attention should be paid to Fed rate cut expectations [10]. Lithium Carbonate - Lithium carbonate opened and trended lower, dropping nearly 3% during the day. As of October 2025, lithium carbonate production was 89,300 tons, with a month-on-month increase of 5,790 tons. As of November 21, the weekly operating rate was 75.34%, 16.04% higher than the same period last year [11]. - In October, China's energy storage battery production was 54.3 GWh, a month-on-month increase of 3.04%. The expected production of lithium iron phosphate in November is 405,600 tons, a month-on-month increase of 2.5%. In October 2025, new energy vehicle production and sales were 1.772 million and 1.715 million respectively, year-on-year increases of 21.1% and 20% [11]. - The market is currently in a situation of strong supply and demand. Although there is news of the resumption of production at the Jiuxiaowo mine, the authenticity is uncertain. Until the actual negative impact is realized, there is support at the bottom of the market [11]. Crude Oil - On November 2, OPEC+ decided to increase production by 137,000 barrels per day in December, the same as the October and November plans, and suspend production increases in Q1 next year. The end of the peak demand season, combined with increased production and exports, has led to a supply surplus in the crude oil market [12][13]. - EIA data shows that refined oil inventories increased more than expected, but due to increased net exports, US crude oil inventories decreased more than expected. US crude oil production is near a record high. Geopolitical tensions in Venezuela and Libya have raised concerns about supply disruptions [12][13]. - The market is worried about crude oil demand due to the end of the consumption peak season, the decline in the US manufacturing index, and the unclear prospects of US interest rate cuts. The supply surplus in the crude oil market has become a consensus, and the risk premium of Russian crude oil has declined. Crude oil prices are expected to oscillate weakly [13]. Asphalt - The asphalt operating rate decreased by 4.2 percentage points to 24.8% last week, lower than the same period last year. The expected production in November is 2.228 million tons, a month-on-month decrease of 454,000 tons (16.9%) and a year-on-year decrease of 274,000 tons (11.0%) [14]. - The operating rates of downstream asphalt industries showed mixed performance. The national asphalt shipments increased by 15.28% to 246,000 tons, at a slightly low level. Asphalt refinery inventory ratios remained flat, near the lowest level in recent years [14]. - With the decline in crude oil prices and the end of road construction in the north, demand is expected to weaken further. With the stable production of some refineries, the asphalt operating rate will increase. Asphalt futures prices are expected to oscillate weakly [14]. PP (Polypropylene) - The downstream operating rate of PP increased by 0.29 percentage points to 53.57%, at a relatively low level in the same period over the years. The operating rate of the plastic weaving industry, the main downstream of PP, remained flat, and orders decreased slightly compared to last year [16]. - On November 24, new maintenance devices were added, and the PP enterprise operating rate dropped to around 81%. The production ratio of standard-grade PP increased to around 29%. Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years [16]. - New production capacity has been put into operation, and maintenance devices have increased recently. Downstream demand is in the late peak season, and orders are limited. The lack of large-scale purchases and the absence of anti-competition policies have led to limited market support. PP prices are expected to oscillate weakly [16]. Plastic - On November 24, new maintenance devices were added, and the plastic operating rate dropped to around 89%, at a neutral level. As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69%. The agricultural film industry is in the peak season, with stable orders, but the overall downstream operating rate is still at a relatively low level in the same period over the years [17]. - Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years. New production capacity has been put into operation recently, and the plastic operating rate has slightly decreased. The agricultural film peak season is ending, and demand in the north is starting to decline [17]. - Downstream purchasing willingness is low, and traders are cautious about the future market. Without anti-competition policies, and with the supply-demand pattern unchanged, plastic prices are expected to oscillate weakly in the near term [17][19]. PVC (Polyvinyl Chloride) - The price of calcium carbide in the northwest region increased by 25 yuan/ton. The PVC operating rate increased slightly to 78.83%, still at a relatively high level in the same period over the years. The downstream operating rate continued to decline slightly, remaining at a relatively low level [20]. - India's termination of the BIS policy on PVC and the likely cancellation of anti-dumping duties have alleviated concerns about exports to India, and export orders increased last week. Social inventories increased slightly last week and remain high, indicating significant inventory pressure [20]. - In 2025, the real estate market is still in adjustment, and the improvement of the real estate market requires time. With positive chlor-alkali comprehensive profits and new production capacity coming online, the PVC operating rate is higher than in previous years. PVC prices are expected to oscillate weakly recently [20]. Coking Coal - Coking coal opened low and trended higher, with a decline during the day. The spot price in the Shanxi market decreased, and the self-pickup price of Mongolian No. 5 coking coal also decreased [21]. - In October, China's coal imports decreased year-on-year. The utilization rate of coking coal mine production capacity increased slightly. As of November 16, the cumulative import volume of coal at the Ganqimaodu Port was large, and the daily customs clearance vehicles may increase next week [21][22]. - Under the winter coal supply and price stabilization policy, the tight supply expectation is partially offset. Mine inventories have increased significantly, while coke enterprise inventories have decreased. Steel mill operating rates and molten iron production increased this week, but profits are weakening. There is potential bullishness in mine production cuts at the end of the year, so be cautious about potential price rebounds [22]. Urea - The futures price opened low and trended lower, showing a downward oscillation. The spot price of urea increased due to the continuous rebound of futures prices and improved downstream demand, but since the weekend, downstream resistance to high prices has led to weak order receipts and stable prices [23]. - Before the seasonal shutdown of gas-based devices, the daily output of upstream factories is expected to fluctuate above 190,000 tons. The upward trend of coal costs has slowed, and downstream demand needs verification. Last week, demand was strong, and orders were good. Northeast fertilizer preparation has begun, and compound fertilizer factory operating rates have rebounded [23]. - After the price rebound, downstream feedback has been poor, and order receipts have been weak since the weekend. Domestic demand cannot support high prices, and the Indian tender price has not boosted the market. However, exports continue, and there is still demand support from off-season storage and compound fertilizer winter storage. The futures price is expected to oscillate within a narrow range [23].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The Fed's hawkish and dovish camps are in a fierce stand - off, but economic data and market expectations suggest a low probability of a December rate cut. The US dollar index has rebounded significantly, suppressing copper prices. Fundamentally, although there is strong support from the expected tight balance of copper mines, the current off - season demand and the increase in SHFE copper inventories have weakened market confidence and intensified the cautious attitude of waiting and seeing. In the short term, copper prices are expected to be under pressure, and the Fed's rate - cut expectations should be closely monitored in the future [2]. 3) Summary by Relevant Catalogs Market Analysis - **Macro Aspect**: US non - farm payrolls in September increased by 119,000, with the unemployment rate rising to 4.4%. The data led to an increase in rate - cut expectations, but there is uncertainty before the next Fed meeting. The market generally believes the probability of no rate cut in December is relatively high, and the US dollar index continued to rebound. Nvidia's strong earnings report boosted the optimistic expectations for copper downstream demand [2]. - **Supply Aspect**: Copper concentrate inventories have been accumulating for a week. The Grasberg mine in Indonesia is expected to resume production in the second quarter of next year. The long - term contract negotiations for copper smelting are ongoing, and the refining fees remain stable. Refined copper imports decreased month - on - month, but domestic supply is relatively abundant, and SHFE copper inventories have been accumulating. The 770th document has not been implemented, and the operation of recycled copper rod enterprises is cautious, but it is expected to improve after the policy implementation [2]. - **Demand Aspect**: After the decline in copper prices last week, downstream purchases increased. In October 2025, China's copper product output was 2.004 million tons, a month - on - month decline of over 10% and a year - on - year decline of 3.3%. High copper prices in October restricted production. SHFE inventories continued to increase and are higher than last year. As of November 21, SHFE copper inventories were 49,800 tons, a week - on - week increase of 14.83% [2]. Copper Price Trends - **SHFE Copper**: This week, SHFE copper fluctuated downward. The weekly high was 86,900 yuan/ton, the low was 85,520 yuan/ton, the weekly amplitude was 1.59%, and the range decline was 1.43% [4]. - **LME Copper**: As of November 21, LME copper fell 1.38% during the week, closing at $10,700/ton. Due to the divergence in the Fed's rate - cut expectations, copper prices are mainly under pressure [14]. Spot Market - As of November 24, the average spot premium in East China was 75 yuan/ton, and in South China it was 125 yuan/ton. After the decline in copper prices during the week, downstream purchases increased, and the spot premium strengthened [9]. Copper Concentrate Supply - As of November 21, copper concentrate port inventory was 596,000 tons, a week - on - week increase of 12.45%. The Grasberg mine in Indonesia is expected to resume production in the second quarter of next year. SMM predicts that the global copper concentrate supply - demand balance in 2025 will be - 330,000 metal tons. In October 2025, China imported 2.451 million tons of copper ore and concentrates; from January to October, the cumulative import was 25.086 million tons, a year - on - year increase of 7.5% [18]. Scrap Copper Supply - In October 2025, scrap copper imports were about 196,607 tons, a month - on - month increase of 6.81% and a year - on - year increase of 7.35%, with Japan being the largest source. The 770th document has not been implemented, and the production of recycled copper rods in Jiangxi and Anhui has declined, but it is expected to improve after the policy implementation [22]. Smelter Fees - As of November 21, the domestic spot smelting fee (TC) was - 41.82 dollars/dry ton, and the RC fee was - 4.37 cents/pound, remaining weakly stable. The tight supply of copper concentrate has led to negative processing fees. During the 2026 long - term contract negotiations, it is expected that smelters will have limited profit margins. The first "zero processing fee" has appeared in the negotiations [26]. Refined Copper Supply - In October, SMM's Chinese electrolytic copper output was 1.0916 million tons, a month - on - month decrease of 29,400 tons, and it is expected to be 1.0876 million tons in November. Five smelters are expected to be under maintenance in November, affecting 48,000 tons of production, but production may increase due to the resumption of some plants and the increase in copper prices. In October 2025, China imported 438,000 tons of unwrought copper and copper products; from January to October, the cumulative import was 4.456 million tons, a year - on - year decrease of 3.1%. In September 2025, the global refined copper supply shortage was 81,300 tons [30]. Apparent Demand - As of September 2025, the apparent consumption of copper was 1.4665 million tons, a month - on - month increase of 2.98% [34]. Copper Products - In October 2025, the domestic copper strip production was 189,100 tons, a month - on - month decrease of 3.62%; the copper tube production was 121,800 tons, a month - on - month decrease of 11.29%. In October, China's copper product output was 2.004 million tons, a month - on - month decline of over 10% and a year - on - year decline of 3.3%; from January to October, the cumulative output was 20.124 million tons, a year - on - year increase of 5.9%. High copper prices restricted production [39]. Power Grid Project Data - As of the end of September, the national cumulative installed power generation capacity was 3.72 billion kilowatts, a year - on - year increase of 17.5%. Among them, solar power installed capacity was 1.13 billion kilowatts, a year - on - year increase of 45.7%; wind power installed capacity was 580 million kilowatts, a year - on - year increase of 21.3%. From January to September, the average utilization hours of national power generation equipment were 2,368 hours, 251 hours lower than the same period last year [43]. Real Estate and Infrastructure Data - From January to October, national real estate development investment was 735.63 billion yuan, a year - on - year decrease of 14.7%; the sales area of new commercial housing was 719.82 million square meters, a year - on - year decrease of 6.8%; the sales volume of new commercial housing was 690.17 billion yuan, a year - on - year decrease of 9.6% [50]. Automobile/New Energy Automobile Industry Data - In October, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, a year - on - year increase of 21.1% and 20%. New energy vehicle sales accounted for 51.6% of total vehicle sales. From January to October, new energy vehicle exports were 2.014 million, a year - on - year increase of 90.4% [54]. Global Copper Inventories in Major Exchanges - **LME**: As of November 21, LME copper inventories increased by 19,300 tons to 155,000 tons, which put pressure on international copper prices. - **COMEX**: As of November 21, COMEX copper inventories were 402,900 tons, a week - on - week increase of 5.66% and 353% higher than the same period last year. - **Shanghai and Guangdong Bonded Areas**: On November 20, the cumulative copper inventory in Shanghai and Guangdong bonded areas was 119,200 tons, with limited changes. - **SHFE**: As of November 21, SHFE copper inventories were 49,800 tons, a week - on - week increase of 14.83% [60][65].