新华财经杭州12月18日电（记者王小璐）18日，中国五矿化工进出口商会（以下简称"五矿商会"）副会 长刘丹阳在中国铁矿石现货交易平台第十一届会员大会上表示，当前全球产业链供应链格局面临深刻重 塑，保障包括铁矿石在内的关键矿产资源安全，已提升至前所未有的战略高度，成为必须面对的时代课 题。 刘丹阳介绍，近年来，五矿商会围绕钢铁行业的高质量发展与资源安全保障开展了一系列工作。 三是引领绿色转型，塑造中国标准。近年来，五矿商会陆续开发了四项可持续矿产相关国际标准，《中 国矿产供应链尽责管理指南》已获得伦敦金属交易所（LME）等重要国际机构的认可，使我国企业首 次可以在国际交易中使用"中国标准"。此外发起成立"绿色矿产委员会"，通过搭建矿产供应链上下游协 同共赢的合作机制，帮助企业实现负责任采购和可持续供应链治理，帮助企业在全球市场赢得合规竞争 的先机。 四是拓展全球合作，布局多元供应。五矿商会探索构建多元化、韧性的全球资源供应网络，例如通过主 办"中非绿色矿产合作交流活动"，助力企业探索新的资源合作机会，更将绿色矿业技术、基础设施建设 和履行社会责任相结合，致力于构建长期、稳定、可持续的全球资源供应网络。 "保障资 ...

Core Viewpoint - The meeting led by the Minister of Natural Resources emphasizes the integration of the Central Economic Work Conference's spirit with the 20th National Congress of the Communist Party, focusing on the planning and implementation of the 14th Five-Year Plan for natural resources and key tasks for 2026 [1] Group 1: Planning and Development - The meeting highlights the need for high-quality preparation of the "14th Five-Year" plan in the natural resources sector, aiming for scientific planning and advancement of major reform and development tasks [1] - There is a focus on evaluating and optimizing land spatial planning to ensure the allocation of resources for major projects [1] Group 2: Resource Security and Management - The meeting stresses the importance of maintaining a resource security baseline, adhering to farmland protection regulations, and enhancing exploration and development of strategic mineral resources [1] - Policies to revitalize existing resources will be improved, with active support for urban renewal and redevelopment of inefficient land [1] Group 3: Economic Development and Environmental Protection - The development of emerging marine industries is prioritized to promote high-quality growth in the marine economy [1] - The meeting calls for accelerated integration and optimization of natural protection areas, promoting a holistic approach to the protection and management of ecosystems [1] - There is an emphasis on enhancing monitoring and early warning systems for geological and marine disasters to improve responses to extreme weather events [1]

2025年12月的全球大宗商品市场，现货白银价格一举突破了每盎司60美元的历史关口，年内涨幅超过 110%。 这个曾经安静待在黄金阴影下的金属，如今正上演着资本市场最疯狂的行情。 但如果你认为这只是一场普通的资本投机狂欢，那就大错特错了。 这场席卷全球的"白银风暴"，核心的旋风眼正来自中国的一项将于2026年1月正式实施的出口管制新 政。 中国为何此时选择收紧白银出口呢？而西方世界又将如何接招？ 根据商务部2025年10月发布的公告，2026到2027年度的白银出口要实行国营贸易企业申报制度。 生产企业想申报出口资质，要么之前连续三年有出口实绩，要么新申请的企业年产量得达到一定标准， 西部地区的企业虽然标准稍微放宽，但也有明确要求。 而且不管是生产企业还是流通企业，都得通过质量体系和环境管理体系认证，按时缴纳各项社会保险， 没有违法违规记录才能申报。 以前白银出口是配额加许可证的双轨制，企业拿到配额基本就能出口，现在改成了严格的出口许可证管 理。 也就是说，就算有资质的企业，出口时也得提交用途说明、下游客户资质证明，商务部还要联合相关部 门审核合同的真实性和合规性。 这重点限制那些无序出口和低附加值的加工品外 ...

文 | 钱钱 编辑 | 阿景 伦敦铜价突破11700美元/吨，沪铜也站上91000元/吨，好多做铜生意的老板私下说，这价格涨得让人看 不懂。 美国"锁铜三板斧"，从库存到产业链的围堵 价格疯涨背后，有人发现美国手里攥着不少货。 全球交易所里62%的铜库存都在美国仓库，足足43万吨，这可不是小数目。 这么多货捏在手里，市场不慌才怪。 更让人头疼的是，美国还拿"国家安全"说事，搞起了调查。 这一查，全球贸易商都怕了，赶紧把铜往美国运，结果亚洲这边好多企业想提货，仓库里空空如也。 中国企业最惨，想买铜吧，价格被炒得老高，想卖加工好的产品，成本太高又赚不到钱，等于两头受 气。 铜价跟坐了火箭似的往上冲。 关税大棒也没闲着，美国放话说要加50%的税，这直接打乱了铜的贸易流向。 不光贸易端，美国还在源头动手。 拉着刚果金搞合作，又给中国和南美国家的铜矿合作使绊子，连冶炼设备都不让卖，摆明了想卡死资源 这条路。 上游炼铜的企业更难，矿价涨得比铜价还快，"矿冶倒挂"成了常态，有龙头企业上个月亏了一个多亿。 中游加工企业也别想好过，原材料成本占了70%，利润薄得跟纸一样。 美国盯着铜不放，其实是盯上了新能源。 新能源车用的铜比 ...

12月7日，日本媒体突然报道，中国近期对稀土出口的审批速度变慢，尤其是针对日本企业的出口申请。这一消息一经披露，立即在日本政商界引发了不小 的反响。特别是最近，中日关系因高市早苗的涉台言论而变得异常紧张。 日本媒体将这两件事联系在一起，认为这可能是中国通过稀土出口放缓来释放信号。那么，这次审批放缓究竟是正常的行政流程，还是背后另有深意呢？日 本为何如此激烈反应，核心原因又在哪里？ 事件的源头是日本《读卖新闻》的一篇报道。该报道指出，一些日本企业近期发现，稀土出口审批明显比以往慢了很多，尤其是中国这一环节出现了明显的 延迟。尽管没有官方说明，也没有明确的出口限制，但审批变慢本身就足以让日本方面产生警觉。很快，有日本政府内部人士表示，他们正在评估这种变化 是否与当前中日关系的紧张局势有关。 这一事件之所以敏感，部分原因在于前不久，中国商务部对日本政客高市早苗在台湾问题上的言论进行了严厉批评，并表示这种言论是错误的，警告可能会 有回应措施。虽然中方并没有明确提到稀土问题，但日本媒体和部分政界人士立刻联想到，这次审批放缓可能就是中方的回应。 在日本政府内部，也有不同的声音。有官员认为，现阶段很难断定这是否是政治操作， ...

Core Insights - China has discovered a rare strategic resource, which has attracted immediate interest from the US and several European countries seeking to exchange advanced technology for this critical material [1][7] - The resource, rhenium, is essential for modern aviation and has a global annual production of less than 100 tons [1][3] - China has decided not to engage in resource-for-technology exchanges, emphasizing the importance of self-reliance and technological independence [10][21] Resource Discovery and Historical Context - Historically, China relied on imports for rhenium until significant discoveries were made in the 2010s [3][5] - In 2010, a major breakthrough occurred in Shaanxi, where a rhenium reserve of 176 tons was found, significantly enhancing China's position in the global rhenium market [5][7] - A subsequent discovery in 2017 in Anhui added another 30 tons of rhenium, further solidifying China's resource base [5][7] International Reactions and Strategic Decisions - Following the confirmation of over 200 tons of high-grade rhenium, Western industrial powers reacted strongly, attempting to negotiate technology exchanges [7][9] - Experts noted that many of the technologies offered were already developed in China, and the West's strict export controls on core technologies raised concerns about long-term dependency [9][10] - China's refusal to trade rhenium for technology is seen as a lesson learned from past experiences with rare earth exports, where the country did not gain significant technological advancements [10][19] Technological Advancements and Self-Reliance - China has made significant strides in developing its own rhenium processing capabilities, including the successful production of high-purity rhenium powder [16][17] - The establishment of a complete rhenium industry chain has allowed China to move beyond being a raw material supplier to producing high-value-added products [16][17] - The successful development of single-crystal turbine blades in 2015 marked a significant milestone in China's aerospace component manufacturing [14][19] Future Prospects and Applications - Rhenium's applications extend beyond aviation, including uses in rocket nozzles, superconductors, and as catalysts in various industries [17][19] - China aims to establish a national resource security baseline and actively participate in global industry standards, reflecting its transition from an importer to a technology innovation hub [19][21] - The journey of rhenium development in China illustrates the importance of mastering core technologies to maintain a competitive edge in a changing global landscape [21]

Group 1 - The core viewpoint is that A-shares and Hong Kong stocks are entering a "new four bulls" phase driven by capital inflow, technological innovation, institutional reform, and consumption upgrade, with a gradual upward trend expected through 2026 [2] - The "new four bulls" market is anticipated to focus on themes such as technological self-reliance, industrial upgrading, and resource security, with opportunities identified in AI, semiconductors, computers, primary products, small metals, new energy, high-end manufacturing, humanoid robots, and low-altitude economy [2] - The A-share market is seeing a significant capital inflow into the defense and military industry, with a net inflow of 8.46 billion yuan [2] Group 2 - The A50 ETF, A100 ETF, and A500 ETF are highlighted as key investment vehicles for investors looking to gain exposure to China's market, tracking major indices [2] - The overall market performance shows a decline, with the Shanghai Composite Index down by 0.97% and the Shenzhen Component Index down by 1.93% on the same day [1] - The total trading volume across both markets was 1.96 trillion yuan, reflecting a decrease of 839 billion yuan compared to the previous day [1]

Core Viewpoint - The new rise of A-shares and Hong Kong stocks is driven by the "New Four Bulls" logic, which includes capital inflow, technological innovation, institutional reform, and consumption upgrade [1][2]. Group 1: New Four Bulls Logic - Capital inflow is a significant factor driving the market [2]. - Technological innovation is expected to play a crucial role in market dynamics [2]. - Institutional reform is anticipated to enhance market efficiency and attractiveness [2]. - Consumption upgrade reflects the changing consumer behavior and spending patterns [2]. Group 2: Market Outlook - The "New Four Bulls" market trend is expected to gradually unfold along an upward trajectory, with the market center gradually rising, maintaining a "slow bull" pattern through 2026 [2]. - Key investment themes will revolve around technological self-reliance, industrial upgrades, and resource security, with opportunities identified in AI, semiconductors, computers, primary products, precious metals, new energy, high-end manufacturing, humanoid robots, and low-altitude economy [2]. Group 3: Monetary Policy and Economic Environment - The U.S. is projected to be in a rate-cutting cycle over the next two to three years, while China is expected to implement a dual easing of fiscal and monetary policies, creating a favorable external environment [3]. - By 2026, China's monetary policy is anticipated to remain accommodative, with a potential 50 basis point reduction in the reserve requirement ratio and continued interest rate cuts [3]. - The easing monetary policy is expected to positively impact macroeconomic stability and capital markets, supporting growth, employment, and expectations [3]. Group 4: Saudi-China Investment Cooperation - The Saudi stock exchange is focused on deepening capital cooperation opportunities between Saudi Arabia and China, enhancing connectivity [3]. - China's direct investment in Saudi Arabia is rapidly increasing, indicating a growing partnership in both scale and strategic depth [3]. - The Saudi stock exchange has signed memorandums of understanding with Shanghai and Shenzhen exchanges to promote bilateral capital flow [5].

Group 1 - The A-share market experienced fluctuations, with the A500 ETF fund seeing a net subscription of 1.377 billion yuan in the last 10 days and 2.398 billion yuan in the last 20 days, indicating strong capital inflow [1] - Key sectors such as banking, pharmaceuticals, and consumer goods showed resilience, with Agricultural Bank's market value reaching a new high of over 3 trillion yuan [1] - The Shanghai Stock Exchange's International Investor Conference emphasized the importance of guiding capital towards advanced technologies and industries, enhancing corporate governance, and promoting long-term investment strategies [1] Group 2 - CITIC Securities maintains a positive outlook on A-shares and Hong Kong stocks, identifying four driving forces: capital inflow, technological innovation, institutional reform, and consumption upgrade [2] - The market is expected to focus on themes such as technological self-reliance, industrial upgrades, and resource security, with opportunities identified in AI, semiconductors, and high-end manufacturing [2]

Group 1: Event Overview - The CITIC Securities 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum opened on November 11, 2025, in Beijing, focusing on global macroeconomic policies and investment strategies for 2026 [1] - The summit attracted over 2,000 participants, including experts, scholars, entrepreneurs, and investors from various countries, discussing global economic changes and new investment opportunities [1][8] - This summit is co-hosted by CITIC Securities and the Saudi Stock Exchange, marking the first collaboration between a Chinese brokerage and the Saudi exchange in China [1] Group 2: Strategic Goals of CITIC Securities - CITIC Securities aims to accelerate the development of a "value investment bank" to enhance international market competitiveness and provide sustainable returns to shareholders [2] - The company is committed to becoming a "new quality investment bank" by embedding itself in the national innovation system and enhancing its service capabilities across the entire industry chain [3] - CITIC Securities is also focused on becoming a "digital investment bank," leveraging data-driven strategies and digital transformation to improve customer service and business collaboration [3] Group 3: Saudi Stock Exchange Insights - The Saudi Stock Exchange is one of the fastest-growing capital markets globally, with a significant increase in foreign direct investment from China, reaching nearly $8.3 billion by the end of last year [4] - The exchange has signed memorandums of understanding with Shanghai and Shenzhen stock exchanges to deepen capital flow between China and Saudi Arabia [4] Group 4: Economic Outlook for 2026 - The chief economist of CITIC Securities predicts that 2026 will be a year of foundational strengthening and comprehensive efforts, with GDP growth expected around 5% [5] - The monetary policy in China is anticipated to be accommodative, with a potential 50 basis points reduction in the reserve requirement ratio and continued interest rate cuts [6] - The "new four bulls" logic driving the A-share and Hong Kong markets includes capital inflow, technological innovation, institutional reform, and consumption upgrades [6] Group 5: Forum Discussions - The forum featured two roundtable discussions focusing on "cross-border business and long-term capital cooperation" and "asset allocation outlook: China, Saudi Arabia, and globally," with participation from industry leaders and experts [7][8]