隔夜，白银上演"狂飙"行情，内外盘期货价格双双刷新历史纪录！ 纽约COMEX白银主力合约一度冲上57.245美元/盎司，创该合约上市以来新高，盘中最大涨幅达6.79%。伦敦现货白银同样涨势猛烈，盘中飙出5.74%的涨 幅，同步突破历史高点。国内夜盘亦不示弱，沪银主力合约夜盘最高涨至13239元/千克，涨幅达5.55%，同样站上历史新高。 银价续创历史新高，背后推力直指美联储12月降息预期升温。纵观十年，白银累计涨幅超300%。尤其是今年以来，银价表现甚至力压黄金，尽显"黑 马"成色。 白银价还能涨多高？ 宽松预期点燃行情。据芝商所"美联储观察"最新数据，美联储12月降息25个基点的概率已达85.4%。近日，美联储理事沃勒重申其支持12月降息的观点， 认为自美联储上次会议以来，现有数据显示变化不大；通胀率虽有所上升，但将开始下降。 政策转向预期之下，美国银行随之调升多项金属目标价，将2026年白银、铂金、铜、铝价格预测集体上调。 基本面提供坚实支撑。世界白银协会11月发布数据显示，2025年全球白银开采供应预计同比持平，为8.13亿盎司；回收量虽创13年新高，但增幅仅为 1%。协会预计2025年全球白银需求降至 ...

来源：力压黄金，"黑马"跑出历史新高！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 隔夜，白银上演"狂飙"行情，内外盘期货价格双双刷新历史纪录！ 纽约COMEX白银主力合约一度冲上57.245美元/盎司，创该合约上市以来新高，盘中最大涨幅达 6.79%。伦敦现货白银同样涨势猛烈，盘中飙出5.74%的涨幅，同步突破历史高点。国内夜盘亦不示 弱，沪银主力合约夜盘最高涨至13239元/千克，涨幅达5.55%，同样站上历史新高。 银价续创历史新高，背后推力直指美联储12月降息预期升温。纵观十年，白银累计涨幅超300%。尤其 是今年以来，银价表现甚至力压黄金，尽显"黑马"成色。 白银价还能涨多高？ 宽松预期点燃行情。据芝商所"美联储观察"最新数据，美联储12月降息25个基点的概率已达85.4%。近 日，美联储理事沃勒重申其支持12月降息的观点，认为自美联储上次会议以来，现有数据显示变化不 大；通胀率虽有所上升，但将开始下降。 政策转向预期之下，美国银行随之调升多项金属目标价，将2026年白银、铂金、铜、铝价格预测集体上 调。 基本面提供坚实支撑。世界白银协会11月发布数据显示，2025年全 ...

宽松预期点燃行情。据芝商所"美联储观察"最新数据，美联储12月降息25个基点的概率已达85.4%。近日，美联储理事沃勒重申其支持12月降息的观点， 认为自美联储上次会议以来，现有数据显示变化不大；通胀率虽有所上升，但将开始下降。 政策转向预期之下，美国银行随之调升多项金属目标价，将2026年白银、铂金、铜、铝价格预测集体上调。 基本面提供坚实支撑。世界白银协会11月发布数据显示，2025年全球白银开采供应预计同比持平，为8.13亿盎司；回收量虽创13年新高，但增幅仅为 1%。协会预计2025年全球白银需求降至11.2亿盎司，同比下降4%。 尽管如此，供给缺口依然突出。该协会表示："2025年将迎来连续第5年供应赤字，规模估计达9500万盎司，虽同比收窄，但仍处高位。" 一家资源类上市公司的高管接受上证报记者采访时透露，2026年白银供给预计持续短缺，将继续为银价托底。 隔夜，白银上演"狂飙"行情，内外盘期货价格双双刷新历史纪录！ 纽约COMEX白银主力合约一度冲上57.245美元/盎司，创该合约上市以来新高，盘中最大涨幅达6.79%。伦敦现货白银同样涨势猛烈，盘中飙出5.74%的涨 幅，同步突破历史高点。国内 ...

Core Insights - The rapid adoption of electric vehicles (EVs) in China is significantly reshaping the country's oil consumption patterns, with a notable decline in oil demand projected for 2024, marking the first decrease in two decades [1][5][20] - The strategic shift towards EVs not only reduces reliance on oil but also aligns with broader goals of enhancing energy security and technological self-sufficiency [5][8][20] Electric Vehicle Adoption - In 2024, electric vehicles accounted for 25% of new car sales in China, with a total of 3,143.6 million vehicles sold, representing a 4.5% year-on-year increase [10][21] - The penetration rate of new energy vehicles reached 40.9%, with battery electric vehicles making up 60% of new energy vehicle sales [10][11] Oil Consumption Trends - From 2005 to 2024, China's oil consumption more than doubled, becoming the largest crude oil importer and contributing to over half of the global oil demand growth [3][5] - In 2024, a structural change in oil consumption is expected, driven by the rapid proliferation of electric vehicles, leading to a projected reduction of approximately 430,000 barrels per day in gasoline consumption [2][16][20] Long-term Projections - If the transition to electric vehicles accelerates, the reduction in gasoline consumption could double by 2040, potentially reaching 860,000 barrels per day [2][20] - The research indicates that by 2040, the annual savings in gasoline consumption could contribute to a significant reduction in carbon dioxide emissions, estimated at around 267 million tons, which is about 2.3% of China's total emissions in 2023 [20] Strategic Implications - The shift towards electric vehicles is a cornerstone of China's geopolitical and economic strategy, influencing global value chains and competitive dynamics in the automotive industry [8][20] - The findings underscore the importance of strong EV adoption in reshaping China's oil consumption model and achieving substantial emissions reductions, with implications extending beyond China's borders [20]

近日，东风股份"整车节能减排关键技术及产业化"项目通过专家鉴定，其整体技术被认定为达到"国际先进"水平。该项目涵盖三大关键模块， 实现了从动力源头、传动效率到整车控制的全链路技术突破。 在新型柴油发动机技术迭代中，热效率提升始终是行业公认的核心难题。M9T混动专用发动机排量为2.3升，可匹配皮卡、轻客、轻卡、SUV等 车型，东风股份围绕发动机燃烧、摩擦、热管理及智能化五大维度开展技术攻关，整体有效热效率从41.3%提升到46.2%，显著提升能源利用效率。 同时，该发动机已具备成熟的工程量产能力，搭载后能有效降低整车运行油耗，每百公里节油20%-30%。 目前，首台搭载M9T发动机和行星齿轮耦合装置的混动轻卡已在东风股份襄阳工厂下线。根据规划，2025年年底前将实现500台批量生产，推 动核心技术的市场应用。 "此次成果是东风股份深化技术创新、加速新能源转型的重要体现。"东风股份总经理助理浦倍雷表示。未来，东风股份将持续加大研发投入， 推动节能降碳与产业升级，为行业绿色转型提供核心支撑，打造更具市场竞争力与环保价值的混动轻型商用车产品。 作为东风股份完全自主研发的核心传动部件，行星齿轮耦合装置总成采用了功率分流 ...

坐标湖北襄阳，东风康明斯迎来了一批特殊访客。 11月10日，东风股份在2025武汉商用车展上发布高端轻卡品牌"东风乾坤"，其搭载的东风康明斯全新一代D2.5/3.0 发动机，以全面 提升的动力性、经济性与可靠性，展现出轻型商用车动力跃升的新高度，引发行业关注。 作为国家级智能制造示范工厂揭榜单位，东风康明斯这座工厂诠释了何为"智造革命"。目前，东风康明斯已构建了中重马力双工厂协同 体系，12条机加线、2条发动机总装线和1条AMT装配线织就高密度智能网络，实现了产能灵活调度与高效联动。柔性生产线可快速响 应订单需求，精准匹配整车装配节奏，有效缩短交付周期。 据了解，在传奇机加线上，90%的生产环节实现"黑灯运行"。这一模式依托先进的机器人技术、自动化设备、人工智能系统，实现生产 线全流程自动化，东风康明斯正以该技术突破为基石，稳步向全面"黑灯工厂"目标迈进。 全链路数字化管控同样关键。这座工厂集成了机器人视觉定位、AI视觉检测、智慧物流等先进技术，实现了生产效率和产品品质的跨越 式提升，实现了从零部件采购到整车交付的全生命周期追溯，产品一致性合格率远超行业平均水平。 技术上，东风康明斯同样走在行业前列。其发动机 ...

11月26日，由《中国汽车报》主办的"车轮上的中国——载星河 照征途"活动在北京举办，东风柳汽荣获"绿色领航企业"称号，同时旗下产品乘龙翼威5 纯电牵引车获得"新能源重卡之星"。 "双碳"战略下的绿色转型 重新定义干线物流"效能标杆" 不过，面对"双碳"战略的绿色转型，当前行业仍面临三重矛盾。一是技术攻坚之难，新能源卡车电耗高、续航短、核心技术"卡脖子"；二是场景适配之 困，在城市配送、港口运输、干线物流等场景需求领域，标准化车辆难以满足差异化需求，折射出产业供给侧与需求侧的失衡；三是生态协同之痛，对用户 TCO全生命周期的诉求，暴露了补能、金融、后市场等生态环节的薄弱，产业链系统整合能力面临考验。 面对时代赋予的课题，东风柳汽以"三个坚持"作答：其一坚持核心技术自主化，筑牢产业根基；其二坚持产业生态协同化，激活产业动能；其三坚持绿 色发展全域化，引领产业发展。 为此，东风柳汽推出了全新新能源商用车品牌——乘龙翼威。据介绍，该品牌以"技术架构与三电核心突破、127个场景化商品布局、共生共享生态赋能 体系"三大领先性破局，构建"人-车-货-路-场"联动的全场景解决方案，向世界彰显了中国新能源商用车的全新风采。 ...

Group 1 - The core viewpoint highlights the significant rise in rare metal stocks driven by the dual forces of new energy transition and high-end manufacturing upgrades, with the rare metal theme index showing a strong performance [1][2] - As of November 27, 2025, the rare metal ETF fund has accumulated a 15.14% increase over the past three months, indicating strong investor interest and market momentum [1] - The liquidity of the rare metal ETF fund is notable, with a turnover rate of 5.29% and a total transaction volume of 975.95 million yuan, reflecting active trading [1] Group 2 - The strategic value of rare metals is emphasized, with traditional demand remaining stable while emerging fields like humanoid robots and low-altitude economy are becoming significant growth drivers [2] - The industry is experiencing increased concentration due to tighter domestic supply controls and enhanced export regulations, which are expected to support rising rare metal prices and improve corporate profitability [2] - The top ten weighted stocks in the rare metal theme index account for 60% of the index, with companies like Northern Rare Earth and Luoyang Molybdenum leading the way [2][4]

Core Viewpoints - The report from China Galaxy highlights a positive outlook for cobalt prices due to the implementation of annual export quota management in the Democratic Republic of Congo (DRC), which dominates global cobalt supply [1][2] - The report anticipates a recovery in the non-ferrous metals industry starting in 2025, driven by macroeconomic improvements and supply chain disruptions, leading to a new upward cycle in metal prices and industry performance [1][2] - The gold market is expected to continue its bullish trend, supported by potential Federal Reserve rate cuts and increased global demand for gold as a safe-haven asset [1][2] Non-Ferrous Metals Industry - The industry is projected to stabilize in 2024, with a recovery in macroeconomic expectations following the Geneva Agreement between the US and China, leading to improved performance in 2025 [1][2] - The combination of US tariffs, China's countermeasures, and resource control policies from other countries will continue to disrupt supply chains, contributing to rising prices and profitability in the non-ferrous metals sector [1][2] Precious Metals - The report suggests that the gold bull market is likely to persist, driven by continued liquidity easing from the Federal Reserve and increasing purchases of gold by global central banks and private investors [1][2] - The acceleration of US debt growth and potential challenges to the Federal Reserve's independence may exacerbate credit issues, prompting a shift towards gold in asset allocation [1][2] Industrial Metals - The narrative surrounding copper supply remains positive, with ongoing production disruptions and limited new projects expected to maintain upward pressure on copper prices [2][3] - Demand for copper is expected to benefit from macroeconomic improvements and structural demand from sectors like renewable energy and data centers [2][3] Energy Metals - The DRC's new export quota management is anticipated to create upward price elasticity for cobalt, as global supply shortages become more apparent [2][3] - The demand for cobalt is expected to grow due to the high-end electric vehicle market and increased military and strategic reserve needs [2][3] Rare Metals - The strategic value of rare earth metals is increasing, with stable long-term demand and new applications emerging in robotics and low-altitude economies [3] - Domestic supply controls are expected to enhance the global monopoly position of China's rare earth industry, leading to improved profitability for rare earth enterprises [3] Investment Recommendations - The report recommends investing in companies such as Zhongjin Gold, Zijin Mining, Luoyang Molybdenum, Huayou Cobalt, and Northern Rare Earth, based on the anticipated upward trends in gold, copper, cobalt, and rare earth prices [3]

Core Insights - The U.S. faces three major pressures in the AI sector: power shortages, legislative confusion, and increasing global competition [1][3][5] Group 1: Energy and Infrastructure - By 2028, AI training is expected to consume around 5GW of power, equivalent to the simultaneous lighting of five million American homes [1] - Trump announced a plan to invest $92 billion to rebuild the U.S. energy and infrastructure system, emphasizing the need for sufficient power supply to maintain a competitive edge in technology [5] - Google plans to invest $25 billion in a new data center in Pennsylvania to address future energy demands [1] Group 2: Legislative Challenges - Over 260 AI-related bills have been proposed across the 50 states, with 22 already enacted, leading to a fragmented regulatory environment that complicates industry operations [1][3] - Trump advocates for a unified federal AI standard to prevent state-level regulations from stifling innovation, contrasting with China's more cohesive regulatory approach [3] Group 3: Key Players and Political Dynamics - Elon Musk is identified as a crucial figure for the success of Trump's AI initiatives, given his influence across multiple tech sectors [5][7] - The relationship between Trump and Musk is complex, with differing views on energy sources; Musk supports renewable energy while Trump favors fossil fuels [7][9] - Maintaining a non-hostile relationship with Musk is seen as essential for Trump, especially with upcoming elections and the need for political stability [9][11] Group 4: Future Implications - The dynamics between Trump and Musk will significantly impact the future trajectory of AI development in the U.S., with potential for collaboration or conflict based on their differing interests [12]