Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The overall economic situation shows a mixed picture. The external demand has improved, and prices have generally increased, but domestic demand is still bottom - seeking. Policies are expected to be more active in 2026 to support economic recovery, and the bond market is expected to have opportunities. Multiple institutions are optimistic about the continued rebound of Chinese assets in 2026 [24][25][30]. Summary by Directory 1. Macro Data - GDP in Q3 2025 grew at a 4.8% year - on - year rate, lower than the previous quarter's 5.2% but higher than the 4.6% of the same period last year [1]. - In November 2025, the manufacturing PMI was 49.2%, the non - manufacturing PMI for business activities was 49.5%, both showing certain trends compared to previous periods [1]. - Social financing scale in November 2025 was not provided, with previous values of 24,885 billion yuan and 8,161 billion yuan, and the same - period value last year of 23,288 billion yuan [1]. - CPI in November 2025 increased by 0.7% year - on - year, and PPI decreased by 2.2% year - on - year [1]. - Fixed - asset investment (excluding rural households) from January to November 2025 had a cumulative year - on - year decline of 2.6%, and the social consumer goods retail total had a cumulative year - on - year increase of 4.0% [1]. - Exports in November 2025 increased by 5.9% year - on - year, and imports increased by 1.9% year - on - year [1]. 2. Commodity Investment Reference Comprehensive - In 2026, expanding domestic demand is the top priority, and efforts will be made to boost consumption from both supply and demand sides. The real estate market will be stabilized from both supply and demand ends [2]. - Anti - dumping duties of 4.9% - 19.8% will be imposed on imported pork and pork by - products from the EU starting from December 17, 2025, for a period of 5 years [2]. - On December 16, 2025, 42 domestic commodity varieties had positive basis, and 25 had negative basis [2]. Metals - Copper prices soared to a record high, partly due to the large - scale copper hoarding by the US. The LME's three - month copper price reached a high of $11,952 per ton last Friday, currently around $11,626 per ton, up about 33% this year [4]. - On December 15, 2025, zinc, lead, tin, and copper inventories reached new highs, while nickel and aluminum inventories decreased [5]. - Morgan Stanley expects nickel prices to rebound to around $15,500 per ton in 2026 [5]. - Goldman Sachs raised its forecast for the average copper price in 2026 from $10,650 to $11,400 per ton, and there is a 55% probability that the Trump administration will announce a 15% copper import tariff in the first half of 2026, which may take effect in 2027 and increase to 30% in 2028 [6]. Coal, Coke, Steel, and Minerals - A series of measures to rectify the "involution - style" competition in the steel industry are being implemented, and the upstream coke and iron ore prices have declined [7]. - Yichun plans to cancel 27 mining licenses, including Jiangte Motor's Yifeng County Shiziling Lithium - bearing Porcelain Stone Mine [7]. - Rio Tinto will launch the first phase of a project in Western Australia, with an estimated iron ore production of 50 million tons per year by 2030 [8]. - Japan will cooperate with Malaysia in the exploration and development of rare earth and other mineral resources [8]. - In November 2025, Brazilian steel sales decreased by 3.5% year - on - year to 1.748 million tons. It is expected that in 2026, exports will decrease by 0.6% to 10.18 million tons, and imports will increase by 3.9% to 6.65 million tons [8]. - As of early December 2025, the prices of coke and coking coal in the circulation field declined [8]. Energy and Chemicals - The National Energy Administration will strengthen energy supervision and ensure the safety of the energy and power system in 2026 [9]. - Hungary signed a 5 - year LNG procurement agreement with Chevron for a total of 2 billion cubic meters [9]. - Last week, US API crude oil inventories decreased by 9.322 million barrels, exceeding expectations [9]. - The price discount of Venezuelan Merey crude oil widened to a $21 - per - barrel discount compared to Brent crude oil [9]. - JP Morgan will seek about $14 billion in funds for Argentina's LNG export project [9]. Agricultural Products - The Indian market regulatory body will propose to relax commodity derivatives rules, cancel the ban on agricultural product derivatives trading, and reduce margin requirements [10]. - As of December 14, 2025, EU's 2025/26 soft wheat exports were 10.5 million tons, barley exports were 5 million tons, corn imports were 7.5 million tons, and soybean meal imports were 8.3 million tons [10]. 3. Financial News Compilation Open Market - On December 16, 2025, the central bank conducted 135.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 18 billion yuan [11]. Key News - In 2026, expanding domestic demand is the top priority, and efforts will be made to boost consumption from both supply and demand sides. The real estate market will be stabilized from both supply and demand ends [12]. - The National Development and Reform Commission will take measures to stabilize bulk consumption, improve the social security system, and promote a fair market order [12]. - Shenzhen will prevent and resolve financial risks, support the reform of the GEM, and enhance the competitiveness of the capital market [13]. - In 2026, the central bank will continue to implement a moderately loose monetary policy and maintain financial market stability [13]. - The market expects the fiscal deficit rate in 2026 to be no less than 4% [14]. - BofA Securities expects the downward trend of the mainland real estate market to bottom out in 2026 [14]. - Vanke will hold a bondholder meeting to discuss the adjusted extension plan for "22 Vanke MTN004" [14]. - On December 16, 2025, the on - shore and off - shore RMB exchange rates against the US dollar reached new highs in 14 months, and the RMB is expected to appreciate moderately in 2026 [15]. - As of December 16, 2025, commercial banks issued 58 green financial bonds, with a total issuance scale of 458.2 billion yuan, a year - on - year increase of over 202% [15]. - The EU plans to issue about 90 billion euros in bonds in the first half of 2026 [15]. - The US Treasury Secretary is optimistic about the US economic outlook, expecting a 3.5% GDP growth in 2025 [16]. - In November 2025, the US added 64,000 non - farm jobs, but the unemployment rate rose to 4.6% [16]. Bond Market Review - Bond market sentiment improved slightly. Yields of major inter - bank interest - bearing bonds mostly declined slightly, and Treasury bond futures showed a differentiated trend [19]. - In the exchange - traded bond market, Vanke bonds generally rose, and the Wande Real Estate Bond 30 Index rose 0.58%, while the Wande High - Yield Urban Investment Bond Index fell 0.06% [19]. - The CSI Convertible Bond Index fell 0.72% to 478.64 points, with a trading volume of 55.556 billion yuan [20]. - On December 16, 2025, most money market interest rates rose, and Shibor short - term varieties showed a differentiated performance [20][21]. - Inter - bank repurchase fixed - rate bonds generally declined, and silver - silver inter - bank repurchase fixed - rate bonds showed a differentiated performance [21]. - The winning yields of Agricultural Development Bank's 2 - year financial bonds were 1.5899% and 1.6039% respectively [22]. - Most European and US bond yields declined [22]. Foreign Exchange Market - On December 16, 2025, the on - shore RMB exchange rate against the US dollar rose 80 points, and the RMB central parity rate against the US dollar rose 54 points [23]. - In New York, the US dollar index fell 0.06%, and most non - US currencies showed mixed performance [23]. Research Report Highlights - Huatai Fixed Income believes that in November 2025, external demand improved, prices rose, but domestic demand continued to bottom - seek. It is recommended to wait for opportunities in the bond market [24]. - Guosheng Fixed Income believes that in November 2025, the economy was weak in both production and demand. The bond market is expected to stabilize and start a trend - like market in the second half of the first quarter of 2026 [25]. - CICC Fixed Income believes that the November 2025 economic data was below expectations, and the bond market is expected to perform well in 2026. It is recommended to pay attention to the allocation opportunities from the end of this year to the first quarter of next year [25]. - CITIC Securities believes that the November 2025 economic data declined in both supply and demand. Policies in 2026 will be more coordinated and focused on implementation effects [26]. - Changjiang Fixed Income believes that the net investment of repurchase in December 2025 decreased. The money market may face some fluctuations due to tax payments [26]. - Xingzheng Fixed Income believes that credit bond ETFs should focus on product returns and consider individual bond attributes in portfolio selection [27]. 4. Stock Market Key News - On the day, the A - share market declined unilaterally, with nearly 4,300 stocks falling. The Shanghai Composite Index fell 1.11% to 3,824.81 points, and the market turnover was 1.75 trillion yuan [29]. - The Hong Kong Hang Seng Index fell 1.54% to 25,235.41 points, and the trading volume decreased slightly [29]. - Multiple institutions believe that Chinese assets have the basis for a continuous rebound in 2026, and overseas long - term funds have been flowing into the Chinese stock market since 2025 [30].

会议要求，国家开发银行要着力配合宏观调控，精准有力服务实体经济。全力配合更加积极的财政 政策，多措并举支持国家重大战略、重点领域和薄弱环节。认真落实适度宽松的货币政策，加力支持扩 大内需、科技创新、中小微企业等重点领域。着力服务基础设施，助力扩大内需、做强国内大循环。围 绕五大基础设施领域持续加大支持力度，积极配合优化"两重"项目和"两新"政策实施，大力支持中央预 算内投资项目，做好对地方政府专项债券、超长期特别国债支持重大项目的超长期贷款配套融资，继续 发挥新型政策性金融工具作用，加大服务城市更新工作力度。着力服务创新驱动，助力科技创新、因地 制宜发展新质生产力。 12月12日，国家开发银行党委召开会议，传达学习中央经济工作会议精神，落实全国金融系统工作 会议部署要求，研究贯彻落实工作。受国家开发银行党委书记、董事长赵欢委托，国家开发银行党委副 书记、行长谭炯主持会议。 要做好科技金融大文章，积极助力建设现代化产业体系。加快支持适度超前布局新型基础设施和信 息通信网络、全国一体化算力网、重大科技基础设施等建设，支持传统基础设施更新和数智化改造，加 大对国家战略科技力量、关键核心技术攻关、科技型企业支持力度。 ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - Nickel: The surplus shows a structural shift, and attention should be paid to Indonesia's policy risks [2][4]. - Stainless steel: Supply and demand are both weak, and steel prices fluctuate at a low level [2][4]. - Lithium carbonate: The impact of mining right cancellation is limited, but sentiment may be supported [2][9]. - Industrial silicon: The strategy is mainly to short on rallies [2][12]. - Polysilicon: Some companies have raised their quotes, and attention should be paid to actual transactions [2][13]. 3. Summary by Relevant Catalogs Nickel and Stainless Steel Fundamental Data - **Futures**: The closing price of the Shanghai Nickel main contract was 112,290, down 2,400 from the previous day; the closing price of the stainless - steel main contract was 12,320, down 160 from the previous day [4]. - **Industry Chain**: The price of 1 imported nickel was 112,350, down 2,700 from the previous day; the price of 304/2B coil - cut edge (Wuxi, Taiyuan/Zhangpu) was 13,250, down 50 from the previous day [4]. Macro and Industry News - Indonesia's forestry working group took over more than 148 hectares of the PT Weda Bay Nickel mining area, which is expected to affect nickel ore production by about 600 metal tons per month [4]. - China suspended an unofficial subsidy for copper and nickel imports from Russia [5]. - Indonesia's energy and mineral resources ministry imposed sanctions on 190 mining companies [5]. - Indonesia's OSS platform suspended the issuance of new smelting licenses [7]. - Some nickel wet - process projects in Indonesia's industrial park will reduce production in December, affecting about 6000 nickel metal tons [7]. Trend Intensity The trend intensity of nickel is 0, and that of stainless steel is 0 [8]. Lithium Carbonate Fundamental Data - **Futures**: The closing price of the 2601 contract was 98,740, down 360 from the previous day; the closing price of the 2605 contract was 100,600, down 460 from the previous day [9]. - **Industry Chain**: The price of battery - grade lithium carbonate was 95,850, up 700 from the previous day; the price of lithium mica (2.0% - 2.5%) was 2,700, up 80 from the previous day [9]. Macro and Industry News - The SMM battery - grade lithium carbonate index price rose by 724 yuan/ton compared with the previous trading day [10]. - Jiangxi Special Electric Co., Ltd.'s mining right in the Shiziling mining area may be cancelled, and the company is striving to renew it and promote the production of the Xikeng lithium mine [11]. Trend Intensity The trend intensity of lithium carbonate is 0 [11]. Industrial Silicon and Polysilicon Fundamental Data - **Futures Market**: The closing price of the Si2605 contract was 8,365, up 15 from the previous day; the closing price of the PS2605 contract was 58,600, up 570 from the previous day [13]. - **Price and Profit**: The price of Xinjiang 99 - silicon was 8,750, unchanged from the previous day; the profit of silicon plants in Xinjiang (new standard 553) was - 2,919.5 yuan/ton, down 85 from the previous day [13]. - **Inventory**: The industrial silicon - social inventory (including warehouse receipt inventory) was 56.1 tons, with an increase of 0.3 tons compared with a week ago; the polysilicon - manufacturer inventory was 29.3 tons, with an increase of 0.2 tons compared with a week ago [13]. Macro and Industry News In 2025, the total installed power generation capacity in China will exceed 3.8 billion kilowatts, a year - on - year increase of 14%, and the total social electricity consumption is expected to exceed 10 trillion kilowatt - hours for the first time [13][15]. Trend Intensity The trend intensity of industrial silicon is - 1, and that of polysilicon is 1 [15].

Core Insights - The "insurance + futures" model has shown significant achievements in stabilizing farmers' income and supporting national food security, but there is still room for optimization [1] - The industry needs to explore solutions to development challenges to enhance the effectiveness of the "insurance + futures" model [1] Policy and Regulation - The implementation of the "Business Rules for Futures Companies' Insurance + Futures Business" in December 2024 will clarify the basic principles, definitions, goals, and requirements for the model, emphasizing the need for clear responsibilities among all parties involved [1] - Strengthening policy norms and ensuring accountability among insurance companies, futures companies, farmers, and the government is essential for the model's sustainability [1] Innovation and Ecosystem - Transitioning from single-point protection to an industrial closed-loop is crucial, where banks can offer credit discounts based on insurance policies, and leading enterprises can share part of the premium, creating a stable ecosystem of shared risks and benefits [2] - The establishment of a multi-tiered protection system through regulatory collaboration and innovative fiscal policies, such as the "ladder subsidy" in Heilongjiang, is necessary for a smooth policy exit [2] Technological Integration - The industry is exploring three breakthrough directions: deep integration with digital agriculture using satellite remote sensing and IoT for dynamic crop monitoring, linking "insurance + futures" with green finance scenarios, and creating an inclusive financial ecosystem [3] - The use of AI and big data for precise analysis of historical price fluctuations will enhance risk management and product personalization [3] Future Outlook - Continuous efforts to address development challenges, improve institutional mechanisms, and innovate service models are vital for the "insurance + futures" model to take root in rural areas and provide robust financial support for national food security and agricultural modernization [4]

编者按 强大的专业能力是金融服务实体经济的前提和保障。大成基金认为，对于公募基金而言，卓越的投研能 力、科学的风控体系以及与之相匹配的资产管理规模，共同构成了服务实体经济的"硬实力"。没有持续 提升的管理规模作为根基，服务实体经济就会流于空谈。 近年来，公募基金行业正主动开展一场深刻的自我变革：积极推动"平台式、一体化、多策略"投研体系 建设，全面推进中长期考核激励机制，持续强化业绩比较基准的重要作用，不断夯实合规风控管理举 措。这一系列扎实的内功修炼，推动公募基金管理规模持续提升，也直接转化为服务实体经济的强大动 能。 为深入学习贯彻党的二十届四中全会精神，中国证券报联合中国证券投资基金业协会推出"学习贯彻四 中全会精神"专栏，邀请部分有代表性的基金管理公司，围绕全会作出的重大战略部署，分享公司组织 学习、深化认识的心得体会，探讨将全会精神转化为服务实体经济、推动基金行业高质量发展具体实践 的思路与规划，努力为全面建设社会主义现代化国家贡献基金力量。 党的二十届四中全会围绕推进中国式现代化作出全面部署，明确提出坚持把发展经济的着力点放在实体 经济上，并就加强建设金融强国进行了专门部署，对金融工作提出更高要求 ...

数字金融是优化金融服务的有力抓手，也是推进科技金融、绿色金融、普惠金融、养老金融等领域 发展的重要支撑。习近平总书记指出，"金融是实体经济的血脉，为实体经济服务是金融的天职，是金 融的宗旨""金融机构要加快数字化转型，提高金融服务便利性和竞争力"。做好数字金融这篇大文章， 需推动金融与数字技术深度融合，延伸金融服务的广度和深度，提升服务实体经济质效，不断满足经济 社会发展和人民群众需求。 数字金融将大数据、云计算、区块链、人工智能等数字技术应用于金融行业，创造出新的产品、服 务和商业模式，有助于打破传统金融信息壁垒、拓展服务边界，让资金更精准、高效地流向实体经济， 为实体经济高质量发展提供有力支撑。 缓解金融服务信息不对称。传统金融服务存在信息不对称问题，金融机构无法准确评估企业和个人 信用风险，对抵押物有一定的依赖性，融资门槛较高。数字金融可以通过深度挖掘数据构建多维度信用 评估体系，为金融机构提供全面准确的客户信息，助力其精准把握企业有效需求和潜在风险，引导信贷 资金精准投向实体经济重点领域和薄弱环节，实现融资结构的优化。数字金融服务平台可以快速精准匹 配实体项目与金融资源，提升服务普惠性与渗透率，降低资 ...

Core Viewpoint - Enhancing China's global pricing power is crucial for its position and competitiveness in the global financial system, directly impacting its voice in resource allocation and rule-making [1]. Group 1: Global Pricing Power - The competition for global pricing power is a deep-seated struggle for institutional discourse, rule dominance, and value assessment systems [1]. - Historical experience shows that controlling key assets, core technologies, and strategic resources grants the ability to shape global economic rules and direct international capital flows [1]. - The success of the IPO of Ningde Times on the Hong Kong Stock Exchange, which became the largest globally in 2023, demonstrates the attractiveness of Chinese core assets to global capital [2]. Group 2: Role of Chinese Investment Banks - Chinese investment banks have transitioned from being "channel-type intermediaries" to global comprehensive financial service providers [1]. - The total scale of domestic and foreign direct financing facilitated by the company since its establishment has exceeded 67 trillion yuan, providing a value basis for asset pricing [1]. - The company has developed an innovative bond assessment framework in Hong Kong that aligns with the Sustainable Finance Common Classification Directory, contributing Chinese wisdom to global sustainable finance standards [2]. Group 3: Strategic Development - The competition for global pricing power is a long-term, systemic, and ecological battle that tests institutional resilience, professional depth, and strategic determination [2]. - Chinese investment banks must deeply integrate into high-level institutional openness in capital markets and articulate the long-term development logic of the Chinese economy to global investors [2]. - There is a need to enhance international business capabilities, transitioning from "follow-up service" to "proactive leadership" [2]. Group 4: Talent and Internationalization - Strengthening the pricing power of Chinese assets and supporting the internationalization of the renminbi is essential [3]. - The company should maintain reasonable valuations in cross-border capital operations of Chinese enterprises and actively develop offshore renminbi financial products [3]. - Attracting professionals with global market experience and expertise in domestic and foreign regulatory environments is crucial for high-quality development [3].

Group 1: Core Insights - Multiple provinces have released local "14th Five-Year" planning suggestions focusing on technology finance, promoting quality enterprise listings, and developing green finance as high-frequency terms [1] - Experts believe these initiatives address the actual needs of enterprises for technological innovation and green transformation, optimizing financial resource allocation to inject financial vitality into regional economic development during the "14th Five-Year" period [1] Group 2: Technology Finance Initiatives - Various regions emphasize leveraging government investment guiding funds to enhance technology finance, with Jiangsu and Shandong highlighting the role of strategic emerging industry funds [2] - Some areas are exploring risk-sharing mechanisms due to the long return cycles and high risks associated with emerging industries, as seen in Heilongjiang's proposal for a future industry investment growth and risk-sharing mechanism [2] - The integration of diverse financial tools can effectively match the financing needs of enterprises at different development stages, promoting the optimization of financial resource allocation [3] Group 3: Supporting Quality Enterprise Listings - Local governments are deploying strategies to support the quality and quantity of listed companies, with initiatives in Guizhou, Henan, and Chongqing focusing on nurturing mechanisms and integrated service systems [4] - Emphasis is placed on improving the quality of listed companies, with suggestions for establishing quality assessment mechanisms and dynamic management to ensure timely adjustments [4] - Recommendations for mergers and acquisitions include implementing pre-review processes and performance evaluation mechanisms post-merger to ensure industry logic and valuation rationality [4] Group 4: Development of Green Finance - Energy-rich provinces like Inner Mongolia, Shanxi, and Qinghai are proposing the development of green finance, with innovative financial products and services based on ecological product values [5] - Green finance is seen as a means to reshape local government industrial policy preferences and enterprise project selection, promoting green investment expansion and restructuring regional growth models [5][6] - Future efforts should focus on unifying green standards, enhancing information disclosure, activating long-term capital, and preventing risks in green finance practices [6]

Core Viewpoint - The article emphasizes the importance of aligning the public fund industry with the strategic directives from the 20th Central Committee of the Communist Party of China, focusing on serving the real economy and promoting high-quality development in the fund industry [2][8]. Group 1: Service to the Real Economy - The public fund industry is tasked with the mission of supporting the real economy, which is essential for its own sustainable growth [3]. - Dachen Fund recognizes the need to enhance the quality and effectiveness of its services to the real economy, aiming to direct financial resources towards innovative and growth-oriented sectors [3][4]. - The company aims to integrate the service to the real economy into its development strategy and daily operations, aligning with the construction of a modern industrial system [3][4]. Group 2: Strengthening Professional Capabilities - Strong professional capabilities are deemed essential for financial services to effectively support the real economy, including excellent research and investment capabilities, a scientific risk control system, and a matching asset management scale [4]. - Dachen Fund has been actively transforming its operations by developing a comprehensive investment research system and enhancing compliance and risk management measures [4]. - The company has seen its total management scale for equity products reach 300 billion yuan, doubling over the past three years, and its fixed-income products reach 400 billion yuan, also nearly doubling [4]. Group 3: Strategic Focus on Key Areas - Dachen Fund is committed to focusing on key strategic areas such as technology finance, green finance, and pension finance, aligning its investment practices with national strategic goals [6][7]. - The company has increased its asset allocation in the information technology sector, with a growing proportion of its public funds directed towards this area [6]. - In green finance, Dachen Fund has integrated ESG factors into its investment decision-making process and has seen its assets in green finance-related funds nearly double over the past three years [6][7]. Group 4: Product Innovation - Product innovation is identified as a crucial approach for public funds to enhance their service to the real economy, addressing the diverse and complex financing needs of market participants [7]. - Dachen Fund has developed a range of innovative products, including ETFs focused on technology and green finance, to better meet the financing demands of strategic sectors [7]. - The company has actively participated in the development of multi-layered capital markets, launching various funds and engaging in new stock issuances and refinancing activities [7]. Group 5: Future Outlook - Looking ahead, Dachen Fund plans to continue its commitment to the principles outlined in the 20th Central Committee's directives, focusing on enhancing professional investment capabilities and innovating practices to contribute to the real economy and national strategies [8].

Core Viewpoint - The article emphasizes the importance of public funds in supporting the real economy and highlights the commitment of Dachen Fund to align its operations with national strategies for high-quality economic development [1][2]. Group 1: Service to the Real Economy - Dachen Fund recognizes that serving the real economy is a fundamental mission of public funds, essential for their own prosperity and development [2]. - The company aims to enhance the quality and effectiveness of its services to the real economy, leveraging its market power to guide financial resources towards innovative and growth-oriented sectors [2][3]. - Dachen Fund's management of various equity products has reached a total scale of 300 billion, doubling in size over the past three years, which enhances its ability to support corporate financing [3]. Group 2: Professional Capability Enhancement - Strong professional capabilities are deemed essential for financial services to the real economy, with Dachen Fund emphasizing the importance of excellent research and investment capabilities, a scientific risk control system, and a matching asset management scale [2][3]. - The company has been actively transforming its investment research system to improve its service quality and adapt to the evolving market demands [3]. Group 3: Strategic Focus and Innovation - Dachen Fund is committed to focusing on key strategic areas, aligning its investment practices with national strategic deployments, and accurately seizing opportunities in the financial sector [3][4]. - The company has significantly increased its investment in technology sectors, with the proportion of assets allocated to information technology rising continuously over the past three years [4]. - Dachen Fund has developed a range of innovative financial products, including ETFs focused on technology and green finance, to better meet the diverse financing needs of the market [5]. Group 4: Future Outlook - Looking ahead, Dachen Fund plans to continue its commitment to serving the real economy, enhancing its professional investment capabilities, and contributing to national strategies and the growth of residents' wealth [6].