Group 1: General Information - Report title: Carbonate Lithium Futures Daily Report [1] - Date: December 23, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operational Suggestions - Carbonate lithium futures reached a new high this year, with total positions increasing by 26,408 lots, and the 05 - 01 spread widening to 1,900. Spot electric carbon rose 1,350 to 99,000. The trade market's premium/discount to the main contract was reported at (-3,500, -1,500). Australian ore rose 50 to 1,385, lithium mica ore rose 85 to 2,920, ternary materials rose 500 - 1,000, iron - lithium rose 315 - 330, and electrolyte remained flat [9]. - The slowdown in demand at the end of the year was obvious. The weekly production of power lithium batteries, ternary, and iron - lithium all slowed down last week, and the weekly de - stocking volume slowed down for three consecutive weeks [9]. - Overall, there was an expected difference on the supply side of carbonate lithium, and demand slowed down slightly. It was expected that the de - stocking intensity of carbonate lithium would stop falling and rise, and carbonate lithium futures were prone to rise and difficult to fall [9]. Group 3: Industry News - Over 60% of global key mineral demand was met through international trade, making the global supply chain vulnerable to geopolitical tensions, export controls, and refining bottlenecks. The supply - side vulnerability was increasing as the demand for major energy - transition minerals was expected to rise sharply by 2040. Copper and nickel markets might face shortages in the mid - 2030s, and lithium supply was concentrated in a few countries, with the concentration of the refining segment increasing from about 82% in 2020 to 86% in 2024. Governments had accelerated their responses, with the number of key mineral policies issued since 2020 nearly doubling that of the previous two decades [12]. - Battery metals such as lithium, nickel, and cobalt had faced a third difficult year, struggling to digest the supply wave after the 2022 price surge. However, the electric vehicle revolution continued, and the demand for batteries and battery - forming metals was still growing rapidly. Chinese companies were leading a technological revolution to develop more powerful batteries at lower costs. Not all battery metals would succeed in the intense competition. In the first 11 months of 2025, global electric vehicle sales increased by 21% year - on - year to 18.5 million. The Chinese electric vehicle market was mainly dominated by lithium iron phosphate (LFP) batteries, which were safer, cheaper, and had a narrowing performance gap compared to NCM batteries. In 2024, LFP batteries accounted for 48% of global electric vehicle batteries, and Macquarie Bank expected this proportion to rise to 65% by 2029 [13].

Group 1 - Canadian Prime Minister Carney is seeking to diversify trade partnerships, particularly with China, as a response to pressures from the Trump administration [1][3][5] - The relationship with the U.S. has been strained due to tariffs imposed by Trump, leading Canada to reconsider its heavy reliance on the American market [3][7] - Carney's outreach to China has been characterized by cautious optimism, emphasizing the need for a "safety net" in sensitive areas while expressing a desire for cooperation [5][7] Group 2 - China's response to Canada's overtures has been welcoming but conditional on rebuilding strategic trust and mutual interests [8] - There are mixed opinions on whether Canada's shift towards China is too late, with some experts arguing that the market has already been captured by other countries [11][13] - The 55th anniversary of diplomatic relations between China and Canada presents an opportunity for renewed engagement, provided Canada approaches with sincerity and practicality [13]

Core Viewpoint - The article emphasizes the structural differentiation in commodity prices driven by macroeconomic policies and global strategic shifts, predicting that this trend will continue into 2026 [4][5]. Group 1: Review of 2025 - In 2025, commodities experienced "two resonances and two differentiations," with notable price movements influenced by external policy shocks and domestic economic conditions [7][8]. - The first differentiation occurred from post-Spring Festival to the end of March, where black commodities weakened while non-ferrous metals showed strength [8]. - The first resonance happened from early April to late May, where commodities collectively weakened due to tariff impacts, except for precious metals [8][10]. - The second resonance from mid-June to early August saw a recovery in commodity prices driven by both internal and external factors [8][10]. - The second differentiation from mid-August onwards showed weakness in black, energy, and agricultural products, while precious and non-ferrous metals remained strong [8]. Group 2: Global Macro Economy and Strategic Mainline - The article highlights the need to focus on policy effects under the "high-quality development" framework in China, with an emphasis on effective investment and consumption [27][29]. - The U.S. economy is characterized by multiple expectation gaps, with significant policy impacts overshadowing fundamental economic data [37][40]. - Other regions, including Europe and Japan, face economic concerns, with potential shifts in monetary policy as they navigate inflation and growth challenges [48][50]. Group 3: 2026 Outlook - The long-term narratives of energy transition, AI-driven demand, and resource nationalism are expected to continue shaping commodity markets [5][61]. - The growth in energy storage demand is anticipated to be robust, driven by clean energy initiatives and technological advancements [61][63]. - AI investments are projected to stimulate demand for specific commodities, particularly in data center construction, which will require significant amounts of copper and other materials [67][68]. - Global strategic shifts are leading to increased competition for key resources, with nations focusing on supply chain security and self-sufficiency [79][80]. Group 4: Commodity Configuration Strategies - The article suggests that commodity pricing will stabilize in 2026, with a gradual recovery in PPI expected as macroeconomic conditions improve [34][29]. - The focus on stabilizing industrial product prices through policy measures is seen as crucial for maintaining market equilibrium [31][32]. - The anticipated adjustments in production capacity and market dynamics will create both strategic and tactical opportunities for investors [6][34].

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints - In 2025, the Shanghai tin price fluctuated widely from January to October and reached a three - and - a - half - year high at the end of the year, with an annual increase of about 30%. The year - end rally was driven by the triple factors of supply contraction, loose macro - expectations, and the expected explosion of emerging demand. The global tin supply is tight, while the demand in the new energy and semiconductor industries is growing. The price of tin futures is expected to maintain an upward trend in the long term, with support levels around 260,000 - 280,000 yuan/ton [7]. - The global demand growth rate is expected to be around 3%. The profit will remain low due to tight supply at the mine end and weak processing fees. The LME and SHFE inventories showed a downward trend throughout the year [7]. 3. Summary by Directory Annual Viewpoint and Strategy - **Market**: The Shanghai tin price fluctuated widely from January to October and hit a three - and - a - half - year high at the end of the year, up about 30% year - on - year. The year - end rally was driven by supply contraction, loose macro - expectations, and the expected explosion of emerging demand. In the early part of the year, the price fluctuated widely due to supply disruptions and repeated trade disputes. In the second half of the year, the resumption of tin ore production in the Wa State of Myanmar was significantly slower than expected, and Indonesia's crackdown on illegal mining and the armed conflict in the Bisie tin mine in the DRC further exacerbated the supply shortage. The probability of the Fed cutting interest rates by 25 basis points in December soared to 89.2%, and the semiconductor industry's prosperity continued to recover [7]. - **Supply**: From January to October, the cumulative output of refined tin was 143,000 tons, a year - on - year decrease of 1.25%. It is predicted that the global refined tin output in 2025 will be about 373,000 tons, only a 1.36% increase from 368,000 tons in 2024, with the growth rate significantly lower than the demand growth rate [7]. - **Demand**: From January to October 2025, the cumulative solar energy production was 688.403 million kilowatts, a year - on - year increase of 11.6%; the cumulative integrated circuit production was 386.6 million units, a year - on - year increase of 10.2%; the cumulative automobile production in China was 27.325 million units, a year - on - year increase of 11%. The domestic economy is resilient, and policies continue to support emerging industries. The prosperity of the new energy and semiconductor industries continues to improve. The global demand growth rate is expected to be around 3% [7]. - **Cost and Profit**: The supply at the mine end remains tight, and processing fees continue to decline weakly. Overall, profits will remain low [7]. - **Inventory**: The LME and SHFE inventories showed a downward trend throughout the year [7]. - **Outlook**: Photovoltaic, new energy vehicles, and the semiconductor industry will support marginal demand in the long term. Mine - end disruptions occur from time to time, disturbing the supply of tin, and the futures price shows high elasticity [7]. - **Strategy**: Due to insufficient supply, the domestic economy remains resilient, and the prosperity of the semiconductor and automobile industries generally maintains an upward trend. There are still expectations of interest rate cuts overseas, and the mine end is subject to repeated disruptions. In operation, the long - term upward trend logic remains unchanged, with reference support levels around 260,000 - 280,000 yuan/ton. Later, focus on the implementation of macro - measures, the disturbances of Myanmar and Congo mines, the export speed of Indonesia, and the verification of consumption data [7]. Macroeconomic Situation - **GDP**: China's full - year growth target in 2025 is about 5%, and it is expected to be around 4.6% in the fourth quarter. The annualized quarterly growth rate of the US GDP in the third quarter of 2025 was 3.9%, mainly supported by consumption and AI - related investments. The market generally expects the full - year actual GDP growth rate to be in the range of 2.0% - 2.6% [13]. - **PMI**: In November 2025, China's manufacturing PMI was 49.2%, remaining below the boom - bust line for eight consecutive months with a slight month - on - month recovery. The US ISM manufacturing PMI was 48.6, remaining in the contraction range for 14 consecutive months [17]. - **Monetary Policy**: After the 1 - year and over - 5 - year LPRs were cut by 10 basis points on May 20, 2025, the LPRs have remained unchanged for 6 consecutive months (1 - year LPR: 3.00%; over - 5 - year LPR: 3.50%). China will continue to implement a moderately loose monetary policy. On December 10, 2025, the Fed cut interest rates by 25 basis points, lowering the federal funds rate target range to 3.50% - 3.75% [21]. Technical Analysis Before November, the price fluctuated widely and then broke through. Overall, it showed a bullish trend [29]. Industry Chain and Spot - Futures Market - **Spot - Futures Market**: In 2025, the Shanghai tin price fluctuated widely from January to October and reached a three - and - a - half - year high at the end of the year, up about 30% year - on - year. The year - end rally was driven by the triple factors of supply contraction, loose macro - expectations, and the expected explosion of emerging demand. The basis remained basically stable [40]. Inventory - As of December 5, 2025, the SHFE inventory was 6,683 tons, showing a downward trend throughout the year; the LME total inventory was 3,075 tons, also showing a downward trend throughout the year. The refined tin social inventory was 8,653 tons, with a slight year - on - year increase [49][53]. Cost and Profit As of December 5, 2025, the processing fee for refined tin ore in Yunnan was 11,000 yuan/ton, and in Guangxi it was 7,000 yuan/ton. The processing fees continued to be weak [59]. Supply - **Production**: In October 2025, the output of refined tin was 15,618 tons, returning to normal supply. From January to October, the cumulative output was 143,000 tons, a year - on - year decrease of 1.25%. The domestic tin ore output in September was 6,263.28 tons, with a slight month - on - month decrease. From January to October, the cumulative output was 56,500 tons, a year - on - year increase of 1.8% [66]. - **Capacity Utilization**: In October 2025, the capacity utilization rate of tin enterprises was about 67.05%, returning to normal [71]. - **Overseas Mines**: The tin ore production of PT Timah in Indonesia decreased by 19.8% year - on - year, and the annual output and export were at a near - four - year low. The Bisie tin mine in the DRC was disturbed in March and November. The resumption of tin ore production in the Wa State of Myanmar was slow, and Yunnan Tin Group in China carried out maintenance [74]. Demand - **Automobile and Electronics**: In October 2025, China's automobile production was 3.279 million units, a year - on - year increase of 11.2%. From January to October, the cumulative production was 27.325 million units, a year - on - year increase of 11%. The production of electronic computers in October was 2.5633 million units, a year - on - year decrease of 14.6%. From January to October, the cumulative production was 28.7502 million units, a year - on - year decrease of 1.2%. In the first 10 months of 2025, the production of new energy vehicles in China was 13.015 million units, a year - on - year increase of 33.1%. The penetration rate of new energy vehicles in October and November exceeded 50% and 60% respectively [79]. - **Terminal Consumption**: In November 2025, China's PVC production was 2.1281 million tons, a year - on - year increase of 9.6%. From January to November, the cumulative production was 22.3238 million tons, a year - on - year increase of 4.38%. In October, the production of mobile electronic communications was 14.2735 million units, a year - on - year decrease of 4.2%. From January to October, the cumulative production was 125.1342 million units, a year - on - year decrease of 4.7%. In October 2025, the production of air conditioners was 1.4204 million units, a year - on - year decrease of 13.5%. From January to October, the cumulative production was 23.0344 million units, a year - on - year increase of 3%. The refrigerator production in October was 878,800 units, a year - on - year decrease of 6%. From January to October, the cumulative production was 8.9959 million units, a year - on - year increase of 0.9%. In October 2025, the production of washing machines was 1.1035 million units, a year - on - year decrease of 2%. From January to October, the cumulative production was 10.1078 million units, a year - on - year increase of 6.4%. The production of color televisions in October was 1.804 million units, a year - on - year increase of 1.7%. From January to October, the cumulative production was 16.6176 million units, a year - on - year decrease of 2.3%. In October 2025, the production of solar cells was 6.7938 million kilowatts, a year - on - year decrease of 8.7%. From January to October, the cumulative production was 688.403 million kilowatts, a year - on - year increase of 11.6%. The production of integrated circuits in October was 41.77 million units, a year - on - year increase of 17.7%. From January to October, the cumulative production was 386.6 million units, a year - on - year increase of 10.2% [85][90][94][100]. Import and Export In October 2025, China imported 11,600 tons of tin ore, 526 tons of tin ingots, and exported 1,480 tons of refined tin. In the first 10 months of 2025, China imported a total of 262,000 tons of tin concentrate in physical quantity, equivalent to 43,000 tons of metal, a year - on - year decrease of 0.3%. The cumulative net export of refined tin from January to October was 1,546 tons [106]. Tin Balance Sheet The global tin supply is expected to be 359,500 tons in 2025E and 379,700 tons in 2026E, while the global demand is expected to be 380,000 tons in 2025E and 390,200 tons in 2026E, with supply - demand gaps of 20,500 tons and 10,500 tons respectively [107].

Core Viewpoint - Silver prices surged past $60 per ounce on December 9, reaching a historic high, driven by multiple factors including rising expectations of Federal Reserve interest rate cuts, increasing global supply constraints, and its inclusion in the U.S. "critical minerals" list [1] Group 1: Price Performance - As of the report, spot silver was priced at $61.21 per ounce, reflecting a 0.94% increase [1] - Year-to-date, silver has seen an impressive increase of nearly 110%, significantly outperforming gold and platinum [1] Group 2: Comparative Analysis - Gold has also experienced a rise of 60% this year, surpassing the $4200 mark, but its growth rate is still less than that of silver [1] - The gold-silver ratio has dropped below 70 for the first time since July 2021, indicating a shift in market dynamics [1]

Core Points - The European Union has launched the "ResourceEU" plan aimed at critical raw materials, focusing on recycling, joint procurement, strategic reserves, and investment to reduce dependence on China while avoiding further tensions in EU-China relations [1][3][6] - The urgency of the plan reflects the EU's recognition of its vulnerabilities in the critical minerals sector, where it heavily relies on imports from Africa and South America, as well as processing from China [6][20] - The plan is a response to the global competition for key minerals essential for technologies like electric vehicle batteries and semiconductors, which are crucial for future industrial dominance [5][8] Industry Insights - The EU's dependence on China is stark, with over 60% of the global market share in refining critical minerals like rare earths, lithium, and cobalt held by China, and some minerals exceeding 80% [20][21] - The "ResourceEU" plan emphasizes the need for supply chain security, which is a core interest for any economic entity, but the transition to a more self-sufficient supply chain is complex and time-consuming [23] - The EU's proposed "anti-coercion instrument" is seen as a significant economic deterrent, but its actual implementation could lead to substantial losses for European industries that are closely tied to the Chinese market [12][18] Strategic Considerations - The EU's strategy includes enhancing recycling capabilities, which currently face technological and scale limitations, making rapid implementation challenging [23] - The "anti-coercion instrument" is a collective action plan that aims to strengthen the EU's bargaining power in international trade, leveraging its large internal market [16][14] - The EU's approach reflects a balancing act between asserting its economic independence and maintaining cooperative relations with China, as both sides have intertwined interests in the critical minerals sector [25]

Report Investment Rating - Copper: Cautiously Bullish [8] - Arbitrage: On Hold [8] - Options: Short Put [8] Core View - Recently, due to fluctuations in the market's expectations of the Fed's December interest rate cut and geopolitical factors in some regions, copper prices have declined. However, as copper prices fall, downstream purchasing enthusiasm has increased. With more price-fixing by downstream enterprises, some short-hedging positions in the processing end have been closed, providing support for copper prices at the 85,000 yuan/ton level. Currently, one can buy for hedging at the 85,000 - 85,500 yuan/ton level and sell for hedging above 89,000 yuan/ton [8]. Summary by Directory Market News and Important Data - **Futures Quotes**: On November 27, 2025, the main Shanghai copper contract opened at 87,200 yuan/ton and closed at 86,990 yuan/ton, a 0.46% change from the previous trading day's close. The night session opened at 86,800 yuan/ton and closed at 87,050 yuan/ton, a 0.02% decrease from the afternoon close [1]. - **Spot Situation**: According to SMM, on the previous day, the spot premium of SMM 1 electrolytic copper to the 2512 contract was 10 - 200 yuan/ton, with an average premium of 105 yuan/ton, a 25 yuan/ton increase from the previous day. The price range of electrolytic copper was 86,910 - 87,260 yuan/ton. Import losses widened to over a thousand yuan, market trading became lighter, and both procurement and sales intentions declined. Due to copper prices returning to around 87,000 yuan/ton and month-end settlement factors, downstream procurement slowed. Supplies of Jinchuan and Guixi decreased, and some holders quoted a premium of 200 yuan/ton. Shanghai Jintun large plates with a premium of around 150 yuan/ton were quickly traded, indicating a tight supply of high-quality copper. The trading of flat copper was average with regional differences. As it entered the end of the month, there was still a demand for current-month invoices, and the trading of next-month invoices might be relatively dull [2]. - **Important Information Summary**: Geopolitically, Russian President Putin said that a US delegation will visit Moscow next week. He reiterated that Russia generally agrees to use the US list for resolving the Ukraine issue as the basis for future negotiations. He also stated that if the Ukrainian armed forces withdraw from the areas they currently control, Russia will stop military operations; otherwise, Russia will use military means to achieve its goals. In terms of interest rates, the European Central Bank released its October meeting minutes, explaining the reasons for keeping rates unchanged at that meeting, strengthening the market's expectation that the current interest rate cut cycle has ended. European Central Bank Governing Council member Kazaks said that given that inflation in the eurozone may still be higher than expected, it is too early to discuss another interest rate cut [3]. Supply Side - **Mine End**: On November 26, the Canadian government launched a national security review of the proposed merger between Anglo American and Teck Resources. The review will focus on the impact of the transaction on key minerals and related supply chains. Copper is considered a key mineral in Canada. Teck Resources and Anglo American have promised to invest approximately C$4.5 billion over five years, but most of this (including the expansion project of the Highland Valley copper mine) was previously announced by Teck Resources. Anglo American also proposed to move its global headquarters from London to Vancouver and rename itself "Anglo Teck." Market insiders said that Canada still wants Anglo American to further relocate its headquarters to Canada [4]. - **Smelting and Import**: The International Copper Study Group (ICSG) Secretary-General Paul White said at the 2025 Asian World Copper Conference on November 27 that the global copper market will face a supply shortage of 150,000 tons in 2026. Global copper mine production is expected to increase by 2.3% in 2026, while global apparent refined copper consumption is expected to increase by 2.1% in the coming year. White also said that the copper production growth rate is expected to slow to 0.9% in 2026, compared with a 3.4% growth rate expected in 2025. These data are consistent with the ICSG's previous forecast in its October statement. On November 26, Chilean copper giant Codelco made a record-high offer to Chinese copper buyers, causing some Chinese enterprises to announce that they will abandon next year's long-term contracts. The applicability of this benchmark offer to Chinese buyers has also raised more and more questions. According to three informed sources, Codelco's offer to Chinese buyers is $350 per ton higher than the LME price, a significant increase from the $89 per ton negotiated last year. This offer is a "take it or leave it" final proposal, and buyers are expected to make decisions starting next week [5]. Demand Side - **Consumption**: According to customs data, in October, China imported 1,155.1 tons of copper tubes, a 41.31% month-on-month increase and an 8.37% year-on-year decrease; the cumulative import volume was 15,585.2 tons, a 10.77% cumulative year-on-year decrease. In October, China exported 25,287.9 tons of copper tubes, a 2.33% month-on-month decrease and an 18.57% year-on-year decrease; the cumulative export volume was 309,326.6 tons, a 0.16% cumulative year-on-year increase [6]. Inventory and Warehouse Receipts - LME warehouse receipts decreased by 75.00 tons to 157,175 tons compared with the previous trading day. SHFE warehouse receipts decreased by 3,952 tons to 35,873 tons. On November 27, the domestic electrolytic copper spot inventory was 173,500 tons, a decrease of 71,000 tons compared with the previous week [7]. Strategy - **Copper**: Cautiously Bullish. Currently, one can buy for hedging at the 85,000 - 85,500 yuan/ton level and sell for hedging above 89,000 yuan/ton [8]. - **Arbitrage**: On Hold [8] - **Options**: Short Put [8]

Domestic Market Overview - The domestic market experienced a weak consolidation and downward trend, with the Shanghai Composite Index closing at 3834.89 points, down 2.45% [1][4] - The Shenzhen Component Index closed at 12538.07 points, down 3.41%, while the ChiNext Index fell by 4.02% [1][4] - The total trading volume of the A-share market was 198.36 billion yuan, showing a slight decrease compared to the previous day [1][4] - All 30 sectors of the CITIC first-level industries declined, with the comprehensive, non-ferrous metals, and basic chemicals sectors showing the least decline [1][4] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones rising by 1.08%, the S&P 500 increasing by 0.98%, and the Nasdaq up by 0.88% [2][4] - Notable gainers included Home Depot, which rose over 3%, and Merck, which increased nearly 3% [2][4] - Chinese concept stocks mostly rose, with Tuya Smart gaining nearly 7% and Canadian Solar rising over 5% [2][4] News Highlights - Chinese Premier Li Qiang attended the G20 Leaders' Summit, discussing global challenges such as climate change and food security [3][11] - The 2025 China 5G + Industrial Internet Conference was held in Wuhan, focusing on the integration of industrial internet and artificial intelligence [3][17] - Wenta Technology urged ASML Netherlands to respond to control issues to ensure global supply chain stability [3][19] Market Drivers - The A-share market saw 354 stocks rise and 5072 decline, indicating a significant sell-off amid short-term panic [10] - The ongoing discussions between U.S. and Ukrainian representatives regarding the conflict with Russia have shown some progress, which may influence market sentiment [22][23]

Group 1 - The current challenges of climate change, energy, and food security require international cooperation and solidarity to address these issues effectively [2] - The G20 should enhance ecological and environmental cooperation, emphasizing scientific principles and shared responsibilities to improve development resilience [2] - China is willing to strengthen cooperation under the "Kunming-Montreal Global Biodiversity Framework" and expedite the outcomes of the 30th Conference of the Parties to the UN Framework Convention on Climate Change [2] Group 2 - There is a need for increased cooperation in green energy to facilitate a just transition and maintain stable supply chains for global green industries [2] - China aims to support global energy transitions and promote the free flow of related technologies and products [2] - Strengthening food security cooperation is essential to ensure stable supply and optimize global food circulation [2] Group 3 - The new wave of technological revolution and industrial transformation presents unprecedented development opportunities but may also create new inequalities [3] - The G20 should promote the widespread application and effective governance of artificial intelligence, encouraging research collaboration and sharing of results [3] - There is a call for mutual cooperation in critical minerals and their peaceful use, with an emphasis on protecting the interests of developing countries [3] Group 4 - The summit adopted the "G20 South Africa Summit: Leaders' Declaration," indicating a collective commitment to the discussed initiatives [4] - During the summit, China engaged in friendly exchanges with leaders from various countries, including France, South Korea, Angola, and Spain [4]

Group 1 - The current challenges of climate change, energy, and food security require international cooperation and solidarity to address these issues effectively [2] - The G20 should enhance ecological and environmental cooperation, emphasizing the principle of common but differentiated responsibilities, and accelerate the implementation of international climate agreements [2] - China is willing to strengthen cooperation under the "Kunming-Montreal Global Biodiversity Framework" and support global energy transition efforts [2] Group 2 - The new wave of technological revolution and industrial transformation presents unprecedented development opportunities but may also create new inequalities [3] - The G20 should promote the widespread application and effective governance of artificial intelligence, encouraging research collaboration and sharing of outcomes [3] - There is a need to enhance cooperation on critical minerals, ensuring equitable distribution of benefits and addressing security risks associated with military uses [3] Group 3 - Strengthening food security cooperation is essential to ensure stable supply chains and optimize global food circulation [2] - China aims to collaborate with other countries to implement international food security initiatives and enhance agricultural technology cooperation [2] - The G20 summit resulted in the adoption of the "G20 South Africa Summit: Leaders' Declaration" [3]