Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The US initial jobless claims decreased, and the market risk preference was moderate, with the US dollar index fluctuating in the short - term [1][14]. - Gold prices fluctuated and rose near the $4200 mark, and silver prices retreated from high levels. The upward momentum of commodities slowed down [2][11]. - The macro factors are relatively supportive of copper prices in the short - term, and the price is expected to fluctuate at a high level [38]. - The inventory of soda ash manufacturers decreased, but the soda ash market is still under pressure due to supply expansion and demand reduction [4][70][71]. Summary According to the Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Hasset expects a 25bp interest rate cut at the next meeting. Gold prices fluctuated and rose near $4200, and silver prices retreated from high levels. The market is in a consolidation phase, and the gold - silver ratio is expected to rise [10][11]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The US un - paid national debt exceeded $30 trillion, and the initial jobless claims were lower than expected. The US dollar index is expected to fluctuate in the short - term [12][14][16]. 1.3 Macro Strategy (US Stock Index Futures) - Goldman Sachs suspended the bond issuance for CyrusOne. The US initial jobless claims decreased. The US stock index futures are expected to fluctuate at a high level in the short - term and be treated with a bullish mindset overall [17][18]. 1.4 Macro Strategy (Stock Index Futures) - 16 provinces completed the old - community renovation plan. China and France held talks. The stock market trading was light, and it is recommended to hold long positions in stock index futures evenly [19][20][21]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 100 - billion - yuan repurchase operation. The treasury bond futures fell sharply. It is recommended to hold short positions before the market sentiment stabilizes [22][24][25]. 2. Commodity News and Comments 2.1 Agricultural Products (Corn Starch) - The boxboard and corrugated paper industries' operating rates increased. The corn starch supply pressure is expected to remain low. It is recommended to operate around the current processing fee in the rice - flour price difference strategy [26][27]. 2.2 Black Metals (Steam Coal) - The steam coal price in the northern port market was weak. The coal price is expected to decline seasonally from December to January [28]. 2.3 Black Metals (Iron Ore) - The global new ship order volume decreased by over 40% year - on - year. The iron ore price is expected to fluctuate sideways [29]. 2.4 Black Metals (Coking Coal/Coke) - The coking coal auction price in Lvliang increased. The first round of coke price cuts was implemented. The coking coal and coke market is expected to fluctuate [30][31]. 2.5 Agricultural Products (Corn) - The inventory of corn deep - processing enterprises increased month - on - month but decreased year - on - year. The 01 contract is expected to drive the market upward in the short - term, and mid - and long - term opportunities should be focused on [32][33]. 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Argentina's soybean planting progress was delayed. The vegetable oil market weakened, and the palm oil price rebound was blocked. It is recommended to pay attention to the palm oil's rebound opportunities [34][35]. 2.7 Non - ferrous Metals (Copper) - The dehydration project of Kamoa - Kakula Copper Mine progressed smoothly, and high - grade mining is expected to resume. Mercuria plans to extract over 40,000 tons of copper from LME warehouses. The copper price is expected to fluctuate at a high level, and it is recommended to buy on dips [36][37][38]. 2.8 Non - ferrous Metals (Polysilicon) - Shaanxi's photovoltaic and wind power mechanism electricity prices were announced. The polysilicon supply - demand contradiction worsened. It is recommended to operate cautiously and consider option double - buying opportunities [39][40]. 2.9 Non - ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's controlling shareholder pledged part of its shares. The industrial silicon market is expected to fluctuate between 8800 - 9500 yuan/ton [41][42]. 2.10 Non - ferrous Metals (Lead) - The LME lead 0 - 3 spread was at a discount, and the lead ingot social inventory reached a 15 - month low. It is recommended to buy lead on dips [43][44]. 2.11 Non - ferrous Metals (Zinc) - The LME zinc 0 - 3 spread was at a premium, and the zinc ingot social inventory decreased. It is recommended to hold long positions and pay attention to the pressure near 23,000 yuan/ton [45][46]. 2.12 Non - ferrous Metals (Nickel) - Vale's 2026 nickel production is expected to be 175,000 - 200,000 tons. The nickel market is expected to fluctuate and wait for new drivers [47][48]. 2.13 Non - ferrous Metals (Lithium Carbonate) - Salt Lake Co., Ltd. is expected to exceed its lithium carbonate production plan. It is recommended to short on rallies in the short - term and buy on dips in the mid - term [49][50]. 2.14 Non - ferrous Metals (Tin) - The LME tin 0 - 3 spread was at a premium. The tin price is expected to fluctuate at a high level, and it is recommended to buy on dips [51][52]. 2.15 Energy and Chemicals (Carbon Emissions) - The CEA closing price was 60.03 yuan/ton. The CEA price is expected to fluctuate in the short - term [53][54]. 2.16 Energy and Chemicals (Natural Gas) - The US natural gas inventory decreased week - on - week. The NYMEX natural gas faces downward pressure [55][57]. 2.17 Energy and Chemicals (LLDPE) - China's polyethylene production decreased week - on - week. The LLDPE supply - demand is still relatively loose, and short - selling should pay attention to macro disturbances [58][59]. 2.18 Energy and Chemicals (PTA) - The operating rates of the Jiangsu and Zhejiang textile industries decreased. The PTA price is expected to have limited downward space in the short - term, and it is recommended to buy on dips [59][60][61]. 2.19 Energy and Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally. The caustic soda market is expected to be weak in the short - term [62][63]. 2.20 Energy and Chemicals (Urea) - The urea enterprise inventory decreased. The urea price is expected to be supported by inventory reduction, and attention should be paid to the new upward drive from the macro - level [64][65][66]. 2.21 Energy and Chemicals (PVC) - The PVC price decreased slightly. The PVC market is expected to fluctuate at a low level due to high supply and low demand [67][68][69]. 2.22 Energy and Chemicals (Soda Ash) - The soda ash manufacturer inventory decreased. The soda ash market is under pressure due to supply expansion and demand reduction, and it is recommended to short far - month contracts on rallies [70][71]. 2.23 Energy and Chemicals (Float Glass) - The float glass manufacturer inventory decreased. The float glass market is expected to be weak, and it is recommended to short on rallies in the mid - term [72].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-12-05 股市盘⾯缩量，债市情绪悲观 股指期货：盘⾯缩量，压制微盘。 股指期权：结构分化，防御为主。 国债期货：TL年内新低。 股指期货方面，盘面缩量，压制微盘。周四盘面现止跌迹象，主要指 数收红，科创板及创业板领涨，全天来看，市场量能降至1.5万亿的水 平，缩量趋势明显，在此背景之下，近期资金被抽离的小微盘指数表现弱 势，市场向大市值个股集中。同时，股指期货在周三大幅增仓之后，周四 呈明显减仓趋势，显示前期对冲避险的资金有离场的迹象，隐含恐慌情绪 消散。另外，若比较沪深300指数与IF当季年化基差率的走势，近期呈现 负相关，即在反弹之后，期货市场资金更倾向高抛低吸，而非追涨杀跌， 故上攻空间短期有限。 股指期权方面，结构分化，防御为主。周四标的市场整体企稳，金融 期权成交量较前一日小幅收缩。情绪方面，偏度、持仓量PCR等指标边际 信息有限，成交量PCR较周三明显回落，各品种隐波下沉为主，反映期权 市场担忧改善。展望后市，12月市场上行驱动不足，预计震荡分化格局下 隐波易升难降，波动率卖方策略需低仓位谨慎配置，或叠加 ...

Group 1 - The meeting between Chinese President Xi Jinping and French President Emmanuel Macron emphasizes the importance of multilateralism and the need for both countries to take responsibility in the face of global challenges [3] - Both leaders agree on the necessity of maintaining a strong political foundation for Sino-French relations, highlighting mutual understanding and support on core interests [3] - Xi Jinping outlines opportunities for cooperation in traditional sectors like aviation, aerospace, and nuclear energy, as well as emerging fields such as green economy, digital economy, biotechnology, artificial intelligence, and new energy [3] Group 2 - Macron expresses France's commitment to deepening the comprehensive strategic partnership with China, emphasizing mutual respect and trust [3] - The French side welcomes increased Chinese investment in France and aims to provide a fair and non-discriminatory business environment [3] - Both leaders discuss the importance of cooperation in addressing global issues such as climate change, biodiversity protection, and governance of artificial intelligence [3]

Core Insights - The 19th Shanghai Financial Services for the Real Economy Conference (referred to as "Jin Qiao Hui") concluded with significant activities aimed at connecting financial resources to industrial development needs [1] - The conference facilitated financing connections for nearly 400 real enterprises through specialized "Park Tours" across ten districts in Shanghai, focusing on key industries such as artificial intelligence, integrated circuits, and biomedicine [1] - A series of initiatives were launched to enhance the international financial market in China, emphasizing the importance of financial market capabilities and the aggregation of financial institutions [1] Group 1 - The "Jin Qiao Hui" series of "Park Tours" has organized 12 financing connection events since its opening on September 28, showcasing the commitment to support local enterprises [1] - The conference highlighted the launch of the "Global Financial Institutions Entering the Chinese Financial Market" initiative, aimed at improving the ecosystem for foreign financial institutions in Shanghai [1] - An industry initiative was released to optimize the cooperative environment for foreign financial institutions in Shanghai, focusing on enhancing the internationalization of the financial market [1] Group 2 - The "Shanghai Minhang Dalinghao Bay Shenwan Hongyuan Investment and Financing Service Station" was inaugurated, indicating a focus on localized financial services [2] - The "Shenwan Hongyuan New Quality Productivity Selection Index" was introduced, reflecting ongoing innovation in financial products [2] - The "Jin Qiao Hui" will continue to leverage its platform to support high-quality economic development in Shanghai, with an online exhibition platform available until September 2026 [2]

12月4日，《长江经济带基金投资白皮书（2025）》在 2025 长江经济带（共青城）基金创新发展大会上正式发布。据介绍，白皮书由清华大学全球私募股权 研究院撰写，全文约10万字，分为6大章节，系统总结了长江经济带私募股权投资的发展经验，深度洞察行业未来趋势，凝聚区域发展智慧与投资前瞻理 念，为行业发展与区域经济升级提供重要参考。 上证报中国证券网讯（记者 王凯丰）12月4日，《长江经济带基金投资白皮书（2025）》（以下简称"白皮书"）在2025长江经济带（共青城）基金创新发展 大会上正式发布。 据介绍，白皮书由清华大学全球私募股权研究院撰写，全文约10万字，分为6大章节，系统总结了长江经济带私募股权投资的发展经验，深度洞察行业未来 趋势，凝聚区域发展智慧与投资前瞻理念，为行业发展与区域经济升级提供重要参考。 长三角成核心集聚区 白皮书显示，截至2024年，长江经济带区域内投资机构数量占全国44%，注册基金及管理规模占比均达50%，其中长三角地区是核心集聚区，管理机构数量 占区域76%，基金数量占比近90%，基金规模占比超80%，共青城基金小镇等特色载体形成显著集聚效应。 李诗林介绍，2025年长江经济带私 ...

交通银行副行长杨涛在大会现场表示，未来将携手广大金融机构加大力度支持上海三大先导产业、六大 重点产业以及未来产业的发展，为各类企业在不同发展的阶段协力构筑全生命周期金融服务体系，切实 保障上海现代化产业体系的建设提速增效。 他指出，新一轮科技革命催生了新业态、新赛道，对金融服务的需求更趋多元。要推动金融行业加速构 建从科技创新相适应的金融服务体系，会同银、政、保、投资各类机构，聚焦各自职能定位发挥功能优 势，齐心协力，助力企业更便捷地获得一揽子金融支持，提升上海的营商环境。 据相关负责人透露，微信小程序"上海金洽会"线上展将持续至2026年9月。线上平台除集中展示最新金 融产品、政策信息外，还将上海普惠金融顾问综合服务平台嵌入小程序，为中小微企业提供持续可得的 在线金融咨询窗口，延伸"金洽会"服务效能。 12月4日，金融一线消息，第十九届上海"金洽会"在闵行大零号湾举办闭幕大会，为期三个月的系列活 动正式收官。 自今年9月开幕以来，本届金洽会在黄浦、静安、奉贤、崇明等10个区共举办十二场"园区行"专场融资 对接活动，通过组织金融服务下沉园区、直达企业，将金融资源精准引向产业发展所需的重点园区，打 造出流动的金 ...

王毅参加上述活动。 一是不断拓展双边经贸合作新领域。中方视法方为重要的、不可或缺的经贸合作伙伴，欢迎法方积极参与中国式现代化进 程，支持有实力、有意愿的中方企业赴法投资兴业。双方要挖掘人工智能、绿色和数字经济、生物医药、银发经济等新兴领 域合作潜力，持续推动产业链供应链开放合作，为两国企业提供公平、透明、非歧视、可预期的营商环境。 二是继续推动中欧互利合作新发展。今年是中欧建交5 0周年。中欧经贸关系的本质是优势互补、互利共赢，完全能够在发展 中实现动态平衡。相互依赖不是风险，利益交融不是威胁。中法双方要推动中欧坚持全面战略伙伴关系定位，共创中欧关系 更加光明的下一个5 0年。 三是共同为改革完善全球治理作出新贡献。今年是世界反法西斯战争胜利和联合国成立80周年。为了推动构建更加公正合理 的全球治理体系，继全球发展倡议、全球安全倡议、全球文明倡议后，今年9月我提出全球治理倡议。中法两国要践行真正的 多边主义，共同维护联合国地位和权威，维护以世界贸易组织为核心、以规则为基础的多边贸易体制，为改革完善全球治理 贡献正能量。 习近平强调，中共二十届四中全会审议通过了"十五五"规划建议。中国将全面推进中国式现代化，扩 ...

Core Viewpoint - The biopharmaceutical ETF (512290) has seen net inflows for three consecutive days, indicating strong performance in the pharmaceutical sector [1] Industry Summary - The pharmaceutical industry is performing well, with several significant developments: - Heng Rui Medicine's Aisuda (JAK1) has submitted a new indication application for market approval [1] - Innovent Biologics' first original IL-23p19 monoclonal antibody in China has been approved for market [1] - BeiGene's application for Sotolacra has been accepted by the FDA in the U.S. and granted priority review status [1] - CanSino Biologics' Cadonilimab has been included as a "preferred option" for first-line treatment of advanced cervical cancer in the NCCN guidelines (China version) [1] - Novo Nordisk's Amycretin diabetes phase II clinical data has been released, while the phase III trial of Semaglutide for Alzheimer's disease has failed [1] - The results of the second round of IRA negotiations in the U.S. have been announced [1] - BioNTech has updated clinical data on PD-L1/VEGFTNBC [1] ETF Summary - The biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets [1] - The index aims to reflect the overall performance of listed companies related to biotechnology and healthcare, showcasing high growth potential and innovation within the biopharmaceutical industry [1]

一是不断拓展双边经贸合作新领域。中方视法方为重要的、不可或缺的经贸合作伙伴， 欢迎法方积极参与中国式现代化进程，支持有实力、有意愿的中方企业赴法投资兴业。双方 要挖掘人工智能、绿色和数字经济、生物医药、银发经济等新兴领域合作潜力，持续推动产 业链供应链开放合作，为两国企业提供公平、透明、非歧视、可预期的营商环境。 二是继续推动中欧互利合作新发展。今年是中欧建交50周年。中欧经贸关系的本质是优 势互补、互利共赢，完全能够在发展中实现动态平衡。相互依赖不是风险，利益交融不是威 胁。中法双方要推动中欧坚持全面战略伙伴关系定位，共创中欧关系更加光明的下一个50 年。 三是共同为改革完善全球治理作出新贡献。今年是世界反法西斯战争胜利和联合国成立 80周年。为了推动构建更加公正合理的全球治理体系，继全球发展倡议、全球安全倡议、全 球文明倡议后，今年9月我提出全球治理倡议。中法两国要践行真正的多边主义，共同维护联 合国地位和权威，维护以世界贸易组织为核心、以规则为基础的多边贸易体制，为改革完善 全球治理贡献正能量。 习近平强调，中共二十届四中全会审议通过了"十五五"规划建议。中国将全面推进中国式 现代化，扩大高水平对外开放 ...

二是拓展务实合作。巩固航空、航天、核能等传统领域合作，拓展绿色经济、数字经 济、生物医药、人工智能等新兴领域合作。推动双边经贸关系平衡发展，扩大双向投资，为 两国企业提供公平、透明、非歧视、可预期的营商环境。 三是促进人文交流。在去年成功举办文化旅游年的基础上，深化文化、教育、科技、地 方等领域交流合作，开展新一轮大熊猫保护合作。 新华社北京12月4日电 12月4日上午，国家主席习近平同法国总统马克龙会谈后共同会见记者。 习近平指出，欢迎马克龙总统对中国进行第四次国事访问。我们进行了友好坦诚、富有 成果的会谈。双方一致认为，中法同为独立自主大国，面对当前变乱交织的国际形势，应当 高举多边主义旗帜，坚持平等对话、开放合作，充分彰显中法全面战略伙伴关系的战略价值 和世界影响，推动平等有序的世界多极化、普惠包容的经济全球化。我们一致同意做好以下4 个方面工作： 一是增进政治互信。无论外部环境如何变化，始终展现大国的独立自主和战略眼光，在 涉及彼此核心利益和重大关切问题上相互理解、相互支持。 到全面、公正、持久解决。中方将向巴勒斯坦提供1亿美元援助，用于缓解加沙人道主义危 机，支持加沙恢复与重建。 习近平强调，对外开 ...