Report Overview - Report Title: Copper Futures Daily Report [1] - Date: December 23, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The current rise in copper prices lacks demand support and is mainly driven by macro and supply factors. It is expected that copper prices will continue to rise due to sentiment factors [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Shanghai copper broke through the recent trading range, with the main contract reaching a maximum of 94,730. The 01 - 02 spread widened to 210. After the Bank of Japan's interest rate hike, the yen depreciated significantly, and the market's previous concerns about the impact of the interest rate hike did not materialize. The US stock AI sector rebounded sharply, and the market's bullish sentiment recovered. The sharp rise in the precious metals sector also drove copper prices higher [10] - Spot copper rose 1,325 to 93,675 yuan/ton, and the spot discount widened 35 to 195. At the end of the year, downstream demand was weak. China's social inventory increased 0.26 to 16.84 million tons compared to last Thursday. Short - term copper prices were driven up by macro factors, while downstream demand was suppressed by high copper prices [10] - The LME 0 - 3 structure turned to back at 4.73 dollars/ton, and the Shanghai - London ratio dropped to 7.85. The spot import loss widened to around 1,600, indicating limited subsequent imports of copper [10] - Chinese smelters and Antofagasta set the 2026 copper concentrate long - term processing fee benchmark at 0 dollars/ton and 0 cents/pound, suggesting a tight copper ore market in 2026 [10] 3.2 Industry News - Goldman Sachs significantly lowered the probability of the US imposing a refined copper tariff in the first half of 2026 from 80% to 25%. The new base scenario (55% probability) is that a 15% tariff will be announced in the first half of 2026 but postponed until 2027 to take effect, and may be raised to 30% in 2028. This adjustment is based on the US government's policy tendency to reduce interference with enterprises [11] - The International Energy Forum (IEF) reported that over 60% of global key mineral demand is met through international trade. The copper and nickel markets may face substantial shortages in the mid - 2030s, and lithium supply remains concentrated in a few countries. Governments are accelerating their responses by implementing strategic planning, export controls, and domestic processing authorizations [12]

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].

Core Viewpoint - The announcement highlights the successful grid connection and operation of the first unit (10MW) of the Yueshui Electric Buerjin County Wind Power Project (Phase III, 500,000 kW) by Guangdong Construction Engineering Group Co., Ltd.'s wholly-owned subsidiary, which is expected to enhance the company's future operating performance [1]. Group 1 - The first unit of the wind power project has been successfully connected to the grid and is now operational as of December 21, 2025 [1]. - The total installed capacity of clean energy projects that the company has put into operation is 5,094.52 MW, which includes 380.50 MW of hydropower, 800.36 MW of wind power, 3,613.66 MW of photovoltaic power, 300 MW of independent energy storage, and 600 Nm3/h of hydrogen production capacity [1].

Core Viewpoint - Nanfang Electric Power Technology Co., Ltd. (南网科技) has experienced a stock price decline of 2.02% on December 23, with a current price of 43.55 CNY per share and a total market capitalization of 24.593 billion CNY. The company has seen a year-to-date stock price increase of 36.84% [1] Financial Performance - For the period from January to September 2025, Nanfang Electric reported a revenue of 2.099 billion CNY, a year-on-year decrease of 0.51%, while the net profit attributable to shareholders was 287 million CNY, reflecting a year-on-year increase of 2.52% [2] - The company has distributed a total of 443 million CNY in dividends since its A-share listing, with 395 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Nanfang Electric was 9,626, a decrease of 13.69% from the previous period. The average number of circulating shares per person increased by 15.86% to 23,727 shares [2] - The top ten circulating shareholders include various ETFs, with notable positions held by E Fund National Robot Industry ETF and Huaxia CSI Robot ETF, indicating a diversified institutional interest [3] Business Overview - Nanfang Electric specializes in clean energy technology and next-generation information technology, providing comprehensive solutions that include "technical services + smart devices." The main revenue sources are testing and commissioning services (31.99%), energy storage system technology services (23.42%), and smart distribution and power supply equipment (21.51%) [1]

Core Insights - The Japanese government plans to provide 210 billion yen (approximately 1.34 billion USD) to support companies investing in clean energy, aiming to boost demand for renewable energy and stimulate regional economic growth [1][3] - The subsidies are intended to help Japan, the world's fifth-largest carbon dioxide emitter, achieve its clean energy goals and reduce reliance on imported fossil fuels after setbacks in wind and solar projects [1][3] - The initiative will begin in the fiscal year 2026 and will span five years, with eligible companies potentially receiving subsidies covering up to half of their capital expenditures [1][3] Renewable Energy Goals - Japan aims for renewable energy to account for up to 50% of its power structure by the fiscal year 2040, an increase from 22.9% in the fiscal year 2023, with nuclear power expected to rise to 20% from 8.5% in the same period [2][4] - This new support measure is part of Japan's "GX 2040" vision, a national strategy combining decarbonization and industrial policy, which was approved by the cabinet earlier this year [2][4] GX Strategic Regions - As part of the framework, the Japanese government will establish a "GX Strategic Region" system to create new industrial clusters in low-carbon energy areas [2][4] - Local governments and businesses will collaboratively develop plans, with the national government selecting regions and providing support through subsidies and regulatory reforms [2][4] - Applications from local governments are expected to open later in the current fiscal year [2][4]

Group 1 - The core investment strategy for 2026 focuses on internal demand expansion, with a gradual approach to policy implementation [6][39] - The government aims to address low prices through demand stimulation and supply-side adjustments, which will help increase tax revenue and improve corporate profitability [30][31] - The emphasis on policy analysis highlights the importance of understanding government behavior and its impact on asset allocation [2][25] Group 2 - The 2026 policy goals include a shift from external pressures to internal dynamics, with a consensus on expanding domestic demand [31] - Liquidity will focus on structural adjustments rather than total volume, as the real estate sector's contribution to tax revenue diminishes [32] - The Chinese yuan is expected to appreciate, which could help alleviate internal price stagnation and support asset revaluation [33] Group 3 - A significant increase in bond supply is anticipated, which will serve as a substitute for tax revenue and help address public income distribution issues [34] - Local governments are expected to optimize existing assets to alleviate cash flow pressures, with strategies like resource assetization and securitization [35] - Class stabilization funds will continue to mitigate negative externalities in the market, ensuring that stock market adjustments remain within controllable limits [36] Group 4 - The complete asset allocation strategy for 2026 emphasizes a "risk premium down, profit up, structural differentiation" framework, with a focus on cyclical resonance [38] - The macroeconomic outlook indicates a shift from "weak recovery + strong differentiation" to "overall improvement," with corporate profits expected to recover [40] - The investment direction will prioritize midstream manufacturing and new productive forces, with a focus on high-rated credit bonds and interest rate bonds [42]

Group 1 - The Trump administration announced a halt to all ongoing large offshore wind projects, citing "national security risks" as the reason [1][3] - The U.S. Department of the Interior stated that a recent classified report from the Department of Defense identified offshore wind projects as posing a "real risk" due to radar interference caused by the movement of wind turbine blades and light reflection [1][3] - A Department of Defense official mentioned that they are collaborating with the Department of the Interior and other agencies to assess potential measures to mitigate the national security risks posed by these projects [3] Group 2 - Democratic lawmakers criticized the Trump administration for failing to provide new information justifying the halt of the offshore wind projects [3] - The decision faced backlash from both clean energy organizations and fossil fuel groups, with the National Ocean Industries Association urging the government to reverse the halt to avoid harming jobs and investments [3] - Following the announcement, stock prices of offshore wind companies, including Denmark's Ørsted, experienced significant declines [3]

Group 1 - Kangnibei Group plans to transfer up to 5,065,900 shares, representing no more than 2% of the total share capital, to its controlling shareholder, Zhejiang Pharmaceutical Group, through a block trade [1] - Guiguan Network elected Dai Qingsong as the chairman of the fifth board of directors, who will also act as the general manager [2] - Huayin Technology's shareholders plan to transfer a total of 10,725,600 shares, accounting for 3.93% of the total share capital [3] Group 2 - Wireless Media's subsidiary won a bid for an AI-enabled media platform project with a contract amount of 4.8895 million yuan [4] - Chaosheng Electronics plans to invest 1.008 billion yuan in a high-performance HDI circuit board expansion and upgrade project, aiming to increase production capacity by 240,000 square meters annually [5] - Yingfeng Co., Ltd. disclosed a plan to raise no more than 522 million yuan through a private placement for various projects [6] Group 3 - Yongtai Technology's executives plan to collectively increase their holdings by no less than 5 million yuan without a price range [7] - Guangdong Construction's subsidiary's wind power project has successfully connected its first unit to the grid, contributing to a total installed capacity of 5,094.52 MW [8] - *ST Jiaotou was selected as the first candidate for a sewage treatment plant project with an estimated contract value of 128 million yuan [9] Group 4 - Sanhua Intelligent Control expects a net profit of 3.874 billion to 4.649 billion yuan for 2025, representing a year-on-year increase of 25% to 50% [10] - Aolian Electronics is planning a change in control, leading to a temporary suspension of its stock [11] - ST Zhengtong will resume trading on December 24 after lifting risk warnings and changing its stock name [12] Group 5 - China Nonferrous Metal Industry's subsidiary acquired a 99.9004% stake in Raura Company for 106 million USD, which includes a zinc polymetallic mine in Peru [13] - Xusheng Group's actual controller will change to the Guangzhou Municipal Government, with stock resuming trading [14] - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately 1.75 billion USD [15] Group 6 - Yichang Technology is planning a change in control, leading to a temporary suspension of its stock [16] - Runyang Technology's controlling shareholder intends to transfer 5% of the company's shares at a price of 30.08 yuan per share [17] - Hongqi Chain's shareholder, Yonghui Supermarket, plans to reduce its holdings by up to 3% [18][19] Group 7 - Jiaojian Co., Ltd.'s actual controller is under criminal investigation, but the company's control has not changed [20][29] - Tianji Technology is facing a lawsuit for alleged collusion in bidding [21] - Yuehai Feed's controlling shareholder plans to reduce its holdings by up to 3% [22][23] Group 8 - Bojie Co., Ltd. plans to distribute a cash dividend of 0.94 yuan per 10 shares for the 2025 interim period [24] - Dongjiang Environmental plans to invest up to 12 million yuan in a capital increase for a technology company [25] - Taiankang's product received a drug registration certificate for a combination treatment for benign prostatic hyperplasia [26] Group 9 - Lingyun Optical plans to invest up to 5 million USD in a cornerstone investment for an IPO [27] - Canar Co., Ltd. intends to acquire 70% of Jiangxi Fenglin for 21 million yuan [28] - Enjie Co., Ltd.'s subsidiary received a government subsidy of 20 million yuan, accounting for 3.6% of the latest audited net profit [34] Group 10 - China Nuclear Construction plans to introduce investors for a total capital increase of 5 billion yuan, maintaining control over its subsidiaries [35] - Xinzhu Co., Ltd. signed a framework cooperation agreement for an integrated energy project in Tibet [36] - Beibo Co., Ltd. plans to establish a holding subsidiary focused on high-temperature industrial equipment [37] Group 11 - Emei Mountain A plans to establish a wholly-owned subsidiary for tea industry integration with an investment of 10 million yuan [38] - Tianpu Co., Ltd. confirmed the results of a tender offer, with a total of 201 shares accepted [39] - *ST Dongtong's stock will be delisted, entering a 15-day delisting period [40] Group 12 - Zhuoran Co., Ltd.'s subsidiary signed a significant order worth 4.033 billion yuan for a project, representing 142.09% of the company's expected revenue for 2024 [41]

这项收购旨在为Alphabet旗下的谷歌提供更多电力，以满足其数据中心的需求。由于人工智能等因素的 影响，美国老旧的电网难以满足数十年来首次出现的电力需求激增。此前报道称，谷歌去年通过与 Intersect合作，在数据中心园区附近建设大型发电厂，从而获得了这家能源供应商的少数股权。 Alphabet首席执行官Sundar Pichai在一份声明中表示："Intersect将帮助我们扩大产能，更灵活地建设新 的发电设施，与新的数据中心负荷同步增长，并重新构想能源解决方案，以推动美国的创新和领导地 位。" 人工智能竞赛推动了数据中心和电力行业的并购活动。例如，软银一直在研究潜在的收购目标，其中包 括数据中心运营商Switch Inc.。Sandbrook Capital周一宣布，随着电力需求的增长，该公司将收购公用 事业公司United Utility Services。 能源咨询公司 Wood Mackenzie Ltd. 的 Ben Hertz-Shargel 表示，Intersect 的这笔交易标志着大型科技公 司首次收购一家主要的可再生能源开发商，并且"再次确认了谷歌用清洁能源为其数据中心供电的意 图"。 ...

Group 1 - The company, Tongyuan Petroleum, emphasizes its commitment to solidifying oil services while significantly developing clean energy and CCUS (Carbon Capture, Utilization, and Storage) business strategies [1] - The company plans to leverage its core competency in perforation technology to consolidate and expand its integrated drilling and completion technical service system [1] - The company aims to strengthen its domestic market layout to enhance market competitiveness [1]