Key Points The shift toward efficient solar technologies is increasing the demand for silver, which is used in global green energy production. The iShares Silver Trust serves as a primary vehicle for investors to gain exposure to the metal during periods of tight global supply. A supportive Federal Reserve and new government designations for critical minerals are creating a strong foundation for higher prices. Interested in iShares Silver Trust? Here are five stocks we like better. While the financ ...

因势而动，精耕个券 - 2026 年转债策略展望 20251201 摘要 2025 年双低指数表现不佳，受偏股标的青睐及 2024 年涨幅影响。高 评级大盘转债规模快速下降，因再融资政策收紧，银行转债发行受阻。 ETF 规模迅速增加，配置工具呈现指数化特征，转债估值偏向股市化， 长期维持高位。 截至 2025 年 11 月底，可转债 ETF 规模达 620,682 亿，占转债市场 12.5%，较年初增长超 50%。其透明、低费率、灵活交易及分散风险的 特性，使其成为险资、年金社保等机构的重要配置工具，并部分替代了 可转债直投。 预计 2026 年转债供给压力持续，虽预案充足，但需抵消强赎退市规模。 大股东发新券意愿强烈，因融资成本降低。中小盘结构主导下波动或加 大，但固收配置需求支撑估值，预计不会出现大幅下滑。 对 2026 年 A 股市场持乐观态度，基于中国经济有望探底回升、经济结 构调整和深化改革提升确定性，以及 2025 年二三季度全 A ROE 企稳回 升。稳增长政策推动经济反弹，低利率促储蓄向权益市场转移。 预计 2026 年转债市场相对乐观，政策红利和低利率支撑估值，供需紧 平衡格局强化。存量转债 ...

Core Viewpoint - The transformation of "gutter oil" from a notorious food safety hazard to a highly sought-after resource for sustainable aviation fuel illustrates a dramatic shift in perception and market dynamics, driven by global demand for eco-friendly energy sources [1][3][30]. Group 1: Historical Context - Ten years ago, gutter oil was infamous for its health risks, including cancer-causing substances and food poisoning, leading to widespread public fear and government crackdowns on its production and sale [1][3][5]. - The 2011 major gutter oil scandal involved a vast criminal network across 14 provinces in China, with over 99.2 million yuan involved, highlighting the severity of the issue [5][13]. Group 2: Current Market Dynamics - In 2023, China exported nearly 2 million tons of gutter oil, accounting for over half of the country's waste cooking oil production, marking a historical high [3][18]. - The demand for gutter oil has surged, particularly in Europe and the United States, with the U.S. importing 718,000 tons in 2023, and projections indicating a continued increase in imports [3][18][20]. Group 3: Price Trends - The price of gutter oil has risen significantly, reaching an average of 6,525 yuan per ton by August 2025, a 24% increase year-on-year, with peak prices exceeding 10,000 yuan per ton [5][18]. Group 4: Transformation into Sustainable Resource - The shift began with the use of gutter oil in sustainable aviation fuel (SAF), which utilizes waste cooking oil to produce a low-carbon alternative for aviation, thus creating a new market for what was once considered waste [17][20]. - The global aviation industry has increasingly adopted SAF, with over 40 airlines using it, and a projected need for millions of tons annually to meet carbon neutrality goals [17][18]. Group 5: Future Implications - The competition for gutter oil has intensified, with countries recognizing its strategic importance in the energy transition, leading to the establishment of numerous biofuel plants in Europe and the U.S. [23][25]. - China is also ramping up its production capabilities for SAF, with several factories set to begin operations, indicating a shift towards domestic utilization of gutter oil for higher-value products [25][27]. Group 6: Geopolitical Considerations - The global demand for gutter oil has led to geopolitical tensions, with Western countries wary of China's potential profits from this resource, resulting in trade barriers and anti-dumping measures [28][30]. - The future of gutter oil as a commodity will depend on balancing domestic needs with export opportunities, as well as navigating international trade dynamics [28][30].

Core Viewpoint - The silver market is experiencing significant price increases, driven by dovish comments from Federal Reserve officials and strong demand in industrial sectors, particularly in green energy and AI, leading to a bullish outlook for precious metals [1][2]. Group 1: Market Performance - As of December 1, silver spot prices surpassed $57 per ounce, with COMEX silver breaking through $58 per ounce for the first time [1]. - The main contract for silver on the Shanghai Futures Exchange rose over 7%, reaching 13,475 yuan per kilogram, marking a new high [1]. - Several A-shares related to silver, such as Hunan Silver and Xingye Silver, hit their daily limit up, although some later experienced price corrections [1]. Group 2: Fundamental Analysis - The recent rise in silver prices has increased activity in the precious metals sector, with cost pressures in industrial applications like photovoltaics and electronics becoming apparent [2]. - The long-term support for silver prices remains strong due to persistent supply-demand gaps and increasing demand from green energy and AI sectors, alongside expectations of loose monetary policy [2]. - The combination of monetary easing and industrial demand is driving silver prices, with a significant portion of demand (over 60%) coming from the industrial sector [2]. Group 3: Future Outlook - Short-term silver prices may experience fluctuations, but the medium to long-term outlook remains positive, driven by the ongoing energy transition and potential for further price increases if interest rate cuts materialize [2]. - Investors are advised to approach the market rationally, taking advantage of structural opportunities while being mindful of potential risks such as inflation, economic downturns, and geopolitical changes [2].

Global Manufacturing Industry Overview - In 2026, the global manufacturing sector is expected to exhibit a combination of structural differentiation and resilience, with overall growth projected to remain low, but significant disparities in growth across different sectors and regions [2] - The acceleration of technological iteration and structural transformation, driven by the fourth industrial revolution focusing on AI, industrial internet, and green energy, will push manufacturing towards smart, service-oriented, and low-carbon evolution [2][3] - Global supply chain restructuring and cost pressures will arise from geopolitical conflicts, trade protectionism, and carbon neutrality goals, leading companies to reassess their supply chain layouts [2][3] Investment Trends - Foreign Direct Investment (FDI) in global manufacturing is expected to see a slight rebound, but with increasing regional and sectoral differentiation, primarily driven by policy incentives and expansion in technology-intensive fields rather than a broad recovery [3] - Investment in strategic emerging industries will continue to increase as governments and companies aim to capture future industry leadership in areas like AI and quantum computing [3] - Traditional industries such as steel and cement will face contraction and consolidation due to environmental policy pressures, leading to capacity exits [3] Trade Dynamics - Global manufacturing trade will face dual challenges of total contraction and structural differentiation, with growth expected to be below 1% [4] - Trade protectionism will continue to impact the sector, with potential expansions in tariffs and export controls raising compliance costs for exporting companies [4] - Emerging trade networks, particularly South-South trade, will become growth highlights, while technology trade barriers will reshape competitive rules [4] Regional Economic Conditions - The EU is expected to maintain a moderate recovery, but with weakened growth momentum due to structural issues [5] - BRICS nations will show significant regional differentiation, with some economies leveraging structural advantages for growth while others face transformation challenges [6] - ASEAN economies will rely on labor dividends and regional cooperation for moderate growth, but disparities among member countries will widen [7] Major Economies - The US manufacturing sector is projected to continue its strong recovery, supported by government policies and market demand, although it faces challenges from high inflation and geopolitical tensions [9][10] - Germany's industrial sector is expected to maintain steady growth, bolstered by its core position in global supply chains and strong export capabilities, despite facing transformation pressures [11] - Japan's manufacturing is anticipated to experience moderate recovery, driven by digital economy expansion and government investments in strategic technologies, although it is constrained by demographic challenges [12] - South Korea is likely to sustain its position as a global manufacturing hub, particularly in semiconductors and electric vehicles, but must navigate risks related to market volatility and domestic consumption [13]

期货市场交易指引 2025 年 12 月 01 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 观望不追高 | | | 有色金属 | | ◆铜： | 区间短线交易 | | ◆铝： | 建议反弹至高位多单减仓 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 多单持有，新开仓谨慎 | | ◆碳酸锂： | 偏强震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 暂时观望 | | ◆纯碱： | 暂时观望 | | ◆苯乙烯： | 区间交易 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡运行 | | ◆PTA： | 区间震荡 | | ◆苹果： | 震荡偏强 | | ◆红枣： | 震荡偏弱 | | ...

当被问到哪些中国成就最受启发，冰岛总统托马斯多蒂尔脱口而出："这个问题很容易回答！"想知道她 点赞了哪些中国实践？答案就在这段对话里。 总台记者 邹韵：总统阁下，我们很好奇，在中国现代化发展的进程中，哪些方面的成就让您深受启 发？ 冰岛总统 托马斯多蒂尔：我认为我们当前正面临两个相互关联的重大危机：其一是气候紧急危机，另 一大危机我认为是不平等问题。在这两个领域，中国都取得了显著进展。如果讲到脱贫，即使对我这样 一个人口小国的总统而言，也是非常困难的，很难想象需要付出怎样的努力才能让数亿人摆脱贫困。但 中国做到了。中国在清洁能源领域也取得巨大进步，尤其是太阳能和风能。可以说，中国在应对全球挑 战的同时，也在妥善处理国内的各类问题。所以我认为各方都应该认识到，中国定下的宏伟目标总能出 色落实，甚至超额完成任务。 总台记者 邹韵：您高度评价了中国在帮助数亿人民摆脱贫困、推动性别平等和发展绿色能源方面的成 就。您称这些成就"印证了改变的可能性"。 冰岛总统 托马斯多蒂尔：没错。 ...

Core Insights - The "First Future Chemical Frontier Forum (2025 3FCE)" held in Shanghai marks a significant advancement in the construction of a green energy system, supported by various institutions including East China University of Science and Technology and Shanghai Fuke Technology Co., Ltd [1] - The establishment of the "Shanghai Green Fuel Innovation Port International Think Tank" aims to provide strategic consulting and clarify industrial development paths for building a world-class green fuel hub in Shanghai [1] - The release of the "Biogas All-Carbon Directional Conversion to Green Methanol (BESTm) Disruptive Technology" is a key component of Shanghai's 2025 strategic initiative on green fuels, highlighting the potential of green methanol as a marine fuel alternative [2][4] Company Developments - Fuke Technology has shifted its strategic focus from traditional advanced environmental equipment manufacturing to core technologies for energy conservation and carbon reduction, emphasizing three main industry lines: resource utilization of wastewater and sludge, comprehensive carbon reduction services, and green clean energy [4] - The BESTm technology aims to enhance local biogas resource supply and high-value utilization, integrating anaerobic fermentation, biogas purification, gas reforming, and green methanol synthesis into a cohesive process [4] - The company is positioned to leverage recent national policies promoting green hydrogen, ammonia, and methanol, which are critical for the large-scale application of renewable energy [5] Industry Trends - The global shipping and aviation sectors are increasingly focused on emission reduction, with green methanol gaining attention as a viable alternative fuel [2][6] - Shanghai has initiated the construction of a "Green Shipping Corridor" to create a low-carbon logistics chain, aiming to establish a complete industrial ecosystem for green fuel production, storage, and shipping applications [5][6] - By 2030, Shanghai aims to achieve a "dual hundred" target for liquefied natural gas and green methanol fueling capabilities, positioning itself as a leading green fuel service center globally [6]

三大利空集体来袭，A股承压？踏空者或因此避险，散户如何应对 2025年的A股市场真是让散户朋友们捏了把汗，刚熬过年初的震荡调整，最近盘面又变得沉甸甸的——指数上攻乏力，热门 板块轮流跳水，手里的股票不涨反跌，没入场的踏空者更是不敢轻易出手。打开财经新闻，各种利空消息似乎凑到了一 起：行业监管政策收紧、宏观经济数据不及预期、市场资金面承压，三重压力叠加让A股蒙上阴影。不少散户疑惑：这到底 是短期回调的"纸老虎"，还是新一轮下跌的信号？踏空者该趁机避险，还是抄底入场？持有股票的又该如何守住收益、避 开雷区？ 今天就聊聊2025年官方实锤的几大核心利空，再给散户们送上接地气的应对攻略，所有信息都有权威来源，绝不瞎忽悠。 一、行业监管"亮红灯"：两大板块迎政策收紧，利空落地 2025年下半年，监管层针对重点行业的调控政策密集出台，直接击中部分板块的核心逻辑，成为A股局部承压的重要原因。 房地产板块首当其冲。2025年11月15日，住建部发布《关于进一步规范房地产开发企业融资行为的通知》，明确要求房企 融资杠杆率不得超过50%，同时加强预售资金监管，严禁挪用预售款。紧接着11月20日，多地跟进暂停第三套及以上住房 商业 ...

本文字数：1710，阅读时长大约3分钟 作者 | 第一财经 秦新安 "防止形成规模性返乡滞乡"——近日，农业农村部一则会议新闻中的这一表述，引发社会广泛关注。 部分自媒体将其曲解为"不准进城务工人员返乡"，制造了无端的焦虑。 事实上，这一表述源于"全国乡村工匠培育暨脱贫人口务工就业'两稳一防'（稳定脱贫人口务工规模、 稳定脱贫人口务工收入，防止因失业导致规模性返贫）工作会议"，会议主要精神的完整表述是："要 继续实施好返乡回流脱贫人口促就业专项行动，防止形成规模性返乡滞乡。"可见会议针对的只是脱 贫人口，而非所有农民工，并且施政目的是"促就业"而不是"阻流动"。 既然是"防止"，说明脱贫人口"规模性返乡滞乡"现象尚未发生。但有关部门提出这一要求，应该是关 注到了发生这种现象的苗头或隐患。这种前瞻意识和能力值得肯定。不管该现象是否会发生，把准备 工作做在前面，总比临时抱佛脚好。 2025.11. 30 一是加强对农民工的职业技能培训，帮助他们掌握新技术、新工种所需的能力，提高在新兴产业中的 求职竞争力。 2025年以来，重庆和山东两地开展劳务协作，其中巫溪县立足本地十大特色产业，联 合泰安企业和培训机构，开展订 ...