2026 年度中国期货市场投资报告 铜：需求结构重塑 沪铜步入新纪元 有色金属/铜 内容提要： ◆ 2025 年铜市在"政策扰动+供应紧缩"双重驱动下走出历史级行情。年初 政策预期升温推升价格；二季度关税冲击与矿端收紧博弈，价格深跌反弹； 三季度高位震荡，事件与政策交织；四季度宏观压制缓和、供应焦虑加剧， 推动铜价强势突破，沪铜主力合约年末突破 9.4 万元/吨，伦铜触及 1.16 万 美元/吨，双双创历史新高。 ◆ 宏观层面，美联储全年降息三次，但进程分歧明显，年末定调"鹰派落 地"，2026 年降息节奏预计缓慢且反复。国内"十五五"规划开局，政策托 底明确，高质量发展主线为铜需求提供结构性支撑。中美贸易政策仍是重要 变量，关税预期间歇性扰动市场情绪与贸易流向。 ◆ 供给端进入紧平衡阶段。全球铜矿产量增速仅约 1%，新增项目贡献不 足，地缘与运营风险持续侵蚀供应弹性。铜精矿 TC/RC 深陷负值并进一步下 探，冶炼行业盈利模式崩塌，步入"负利润"生产常态。2026 年全球精炼铜 产量增速或转为负增长，标志产能扩张周期迎来强制性调整。 ◆ 需求端结构性分化延续。新兴领域仍是核心动能，新能源汽车渗透率突破 53 ...

【张玉卓到中国铁塔调研：加大空天地一体网络协同布局力度 推动形成更加符合人工智能发展需要的 数字基础设施体系】智通财经12月17日电，国务院国资委主任张玉卓12月16日到中国铁塔股份有限公 司，对企业认真抓好党的二十届四中全会精神学习贯彻落实工作进行调研指导。张玉卓强调，要牢 记"国之大者"，强化战略使命、战略价值，加大空天地一体网络协同布局力度，筑牢信息通信网络底 座，推动形成更加符合人工智能发展需要的数字基础设施体系，在集约化、规模化、专业化运营上下更 大功夫，全方位提高服务保障能力。要强化科技创新、产业创新，编制好企业"十五五"规划，构建具有 差异化竞争优势的业务体系，加快培育新兴支柱产业，依托核心主业，沿着产业链上下游，着力开辟增 长的"第二曲线"。要强化改革先导、精益管理，确保国有企业改革深化提升行动圆满收官，推动公司治 理和市场化经营机制更加灵活高效，进一步提高资源配置利用效率，全面压实安全生产责任，着力打造 面向市场竞争的、以质量效益为导向的现代企业。 转自：智通财经 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of integrating the spirit of the 20th National Congress with the implementation of key directives from General Secretary Xi Jinping, focusing on high-quality development and innovation in the telecommunications sector [1][2]. Group 1: Company Strategy and Development - China Tower Corporation has been committed to implementing the decisions of the central government, focusing on value creation through sharing, and continuously enhancing efficiency and quality [2]. - The company is advancing the transformation of communication towers into digital towers through the integration of "5G + AI + big data," which supports various industries and enhances its overall value [2]. - SASAC will continue to support the company in strengthening its core business and enhancing its capabilities to build a new generation of information infrastructure [2]. Group 2: Strategic Initiatives and Innovations - The company is urged to strengthen its strategic mission and enhance the collaborative layout of integrated networks, focusing on building a robust digital infrastructure that meets the needs of artificial intelligence development [3]. - Emphasis is placed on technological and industrial innovation, with plans to develop a differentiated competitive business system and cultivate emerging pillar industries [3]. - The company is encouraged to deepen reforms, improve management efficiency, and ensure that state-owned enterprise reforms are successfully concluded, enhancing resource allocation and safety production responsibilities [3]. Group 3: Governance and Leadership - The importance of integrating party leadership with business operations is highlighted, with a focus on promoting high-quality party building to ensure the company's high-quality development [3].

根据合作协议，inwi将在Medusa系统中部署并运营专用光纤通路，将摩洛哥沿海城市纳多尔与法国马赛 等欧洲关键节点直连，以更好应对不断增长的固定通信和互联网流量需求，为个人和企业用户提供更加 多元、安全和高效的国际网络通道。 inwi表示，此举不仅增强了企业自身的国际通信能力，也契合摩洛哥国家数字化转型和网络主权战略。 通过持续布局关键数字基础设施，摩洛哥有望进一步巩固其作为连接非洲与欧洲的重要数字枢纽地位， 并为吸引科技投资、发展数字经济以及提升云服务和跨区域数据交换能力奠定基础。 摩洛哥《外交报》12月16日报道，摩洛哥电信运营商inwi近日正式接入地中海Medusa海底光缆系统，将 显著提升摩洛哥的国际数字互联能力。 Medusa是目前地中海地区规模最大的海底光纤通信系统之一，贯通大西洋、地中海和红海，连接葡萄 牙、西班牙、法国、意大利、希腊、塞浦路斯等欧洲国家，以及摩洛哥、阿尔及利亚、突尼斯、利比亚 和埃及等北非国家，是区域数据通信的重要战略基础设施。 ...

Core Insights - The report highlights the transformation of Generative AI (GenAI) from a niche technology to a new digital infrastructure, indicating its widespread adoption across various demographics and use cases [2][5][22]. Group 1: User Engagement and Demographics - Global monthly visits to GenAI platforms have surpassed 7 billion, marking a 76% year-over-year increase [5]. - Mobile app downloads have reached 1.9 billion, more than tripling in one year [5]. - The demographic of GenAI users is expanding, with a notable 15% decrease in the proportion of users aged 18-34, indicating an influx of older users [5][22]. Group 2: Changing Internet Dynamics - ChatGPT has entered the top five global websites, complementing traditional search engines like Google, with 95% of users utilizing both platforms [6][31]. - The nature of online behavior is shifting from passive information consumption to active engagement with AI for problem-solving and content creation [10][36]. - The average prompt length for ChatGPT is around 60 words, compared to Google's average query length of 3-4 words, reflecting deeper user interactions [44]. Group 3: Market Competition and Landscape - ChatGPT dominates the GenAI market with nearly 80% of global traffic, while competitors like Gemini and Claude are carving out niche segments [14][18]. - The GenAI ecosystem is evolving towards a dual-track differentiation, with mainstream tools like ChatGPT and specialized products targeting specific user needs [18][21]. Group 4: AI Integration and Future Trends - AI is becoming an embedded layer in digital experiences, with applications like ChatGPT integrating functionalities such as online payments and music playlist generation [30][26]. - The introduction of Google's AI Mode is blurring the lines between traditional search and conversational AI, potentially reshaping user interaction with information retrieval [43][61]. - The future of internet access may see users bypassing traditional search methods in favor of AI-driven interactions, indicating a significant shift in how digital content is consumed [62].

Group 1 - The Digital Infrastructure Technology Expo (DITExpo) was held from December 10 to 11, with the theme "Reshaping Computing Power, Breaking Boundaries" at the Beijing Shougang International Convention and Exhibition Center [1][5][10] - The expo coincided with the 20th China IDC Industry Annual Conference (IDCC2025), showcasing cutting-edge innovations and high-tech products [1][5][10] - The event aimed to provide a platform for communication and collaboration among professionals in the domestic digital infrastructure sector [1][5][10] Group 2 - Staff were seen setting up exhibits at the expo on December 11 [3] - Exhibits included control systems, which were introduced by staff during the event [4] - Guests participated in thematic forums and delivered keynote reports on December 11 [9][11]

12月10日至11日，以"重塑算力 破界而生"为主题的数字基础设施科技展（DITExpo）在北京首钢国际会 展中心举行。本次展会与第二十届中国IDC产业年度大典（IDCC2025）同期举办，展示前沿创新成 果、高科技产品等，为国内数字基础设施领域人士搭建交流与合作平台。新华社记者 潘旭 摄 12月11日， 工作人员在展台上介绍展示的控制系统展品。 ...

Market Overview - The Hang Seng Index closed at 26,085, up 0.58%, successfully surpassing the 26,000-point mark[9] - The S&P 500 index rose by 0.19% to 6,870, while the Nasdaq increased by 0.31% to 23,578[3] - The Shanghai Composite Index gained 0.70%, closing at 3,903, reflecting a year-to-date increase of 16.44%[3] Sector Performance - Major technology stocks in Hong Kong saw significant gains, with Baidu rising over 5%[9] - The copper sector surged, driven by LME copper prices reaching a record high of $11,570.5 per ton, with predictions of $12,000 per ton by June 2026[9] - Insurance stocks performed strongly, with China Pacific up over 7% and Ping An up over 6%, following regulatory changes that lowered investment risk factors[9] Economic Indicators - The U.S. core Personal Consumption Expenditures (PCE) price index met expectations, indicating stable inflation[14] - Market expectations for a 25 basis point rate cut by the Federal Reserve in December stand at 87%[9] - U.S. Treasury yields have shown fluctuations, impacting market sentiment ahead of the Fed's decision[18] Notable Company Movements - DigitalBridge Group's stock surged by 45.27% amid acquisition talks with SoftBank[10] - UBS upgraded the rating of the largest lithium producer, Albemarle, from "neutral" to "buy," raising the target price from $107 to $185 per share[10]

SpaceX冲击8000亿美元估值，瞄准明年IPO。最新消息显示，SpaceX正在启动新一轮股份出售，目标 估值高达8000亿美元（约合人民币5.65万亿元）； 公司有望再度超越OpenAI、字节跳动，成为全球估 值最高的独角兽； 另有消息称，SpaceX向投资者透露目标于明年下半年进行IPO，且考虑整体上市。 OpenAI宣布将于下周二发布GPT-5.2应对谷歌Gemini 3竞争。Gemini 3是上个月发布后登顶了性能排行 榜，并获得了OpenAI首席执行官Sam Altman和马斯克高度评价的竞争模型。近日，Altman宣布公司进 入"红色警报 (code red)"状态，以快速应对来自谷歌Gemini 3和Anthropic等竞争对手带来的日益增长的 压力。 突发！俄罗斯多地遭袭。当地时间5日，乌克兰总参谋部称，当天凌晨乌克兰武装部队袭击了俄罗斯克 拉斯诺达尔边疆区的海港和萨马拉州的炼油厂。乌克兰国防军部队袭击了捷姆留克海港的基础设施。此 外，位于俄罗斯萨马拉州的瑟兹兰炼油厂也遭到袭击。该炼油厂年加工原油量为700万至890万吨，为俄 罗斯武装部队提供石油供应。俄方对此暂无回应 美股方面，三大指数均 ...

Core Insights - Blue Owl is accelerating its expansion in the digital infrastructure sector, having raised $1.7 billion for its latest data center-focused fund [1] - The company has provided over $50 billion in financing for data centers for Meta and Oracle this fall, indicating a strong commitment to this market [2] - The establishment of the new fund is part of a series of proactive measures by Blue Owl in the digital infrastructure space, with a project reserve exceeding $100 billion [5] Fundraising and Operations - The Blue Owl Digital Infrastructure Trust has completed its initial fundraising and commenced operations, acquiring interests in 11 data centers valued at approximately $1.5 billion net of debt [1] - From October 1 to December 1, Blue Owl raised a total of $4.3 billion across all its evergreen non-traded funds, with about $2.6 billion allocated to physical asset platforms [4] Market Response and Stock Performance - Following concerns over liquidity due to the suspension of redemptions in another fund, Blue Owl's stock experienced a decline but has since rebounded by over 20% from its low point [2][3] - The stock price of Blue Owl was affected by the market's reaction to the suspension of redemptions and subsequent merger plans, which led to a significant drop in share value [6][7]