昨天有读者朋友问我怎么看待白银基金和白银价格的问题，基金那是瞎搞，价格我说这种东西的涨和跌 没法预测，涨了说什么都对，跌了说什么都不对。 其实今年一直有朋友问我有色金属相关的问题，因为今年一直在涨，不管什么东西，涨的时间越长，关 注的人就会越多，涨得越猛，人们的情绪也会越激动。 不管是什么公司，还是什么产品，市场总是会分成三派，一派看多，另一派看空，看多的人因为利益相 关，只喜欢听好话，恨不得每天创新高。 看空的人自认为很理智，觉得涨了这么多，还看多，不是蠢就是坏。 典型的就是AI，你如果说摩尔线程或者沐曦股份是泡沫，你会被口水淹没，你如果说还会持续大涨， 你也会收到很多不好听的话。 市场绝大部分人就是这样非黑即白，只有极少数第三派，站在一旁理智观看。 交易最重要的逻辑，是有理有据买入，赚了理所当然，亏了也要认，但是要找原因避免犯重复的错误， 日积月累，平均年化收益率自然不会差。 那么对于有色金属来说，你想买入的理由是什么？ 如果是市场情绪高，涨势很好，众多机构和个人预测会继续创新高，那我建议三思。 如果是这样投资，赚了不知道怎么赚的，亏了也不会知道怎么亏的，永远都不会有进步，最差的结果， 你也要把能用的技术 ...

Core Viewpoint - The article emphasizes investment opportunities in upstream metal new materials driven by three key sectors: AI computing power, new energy, and humanoid robots for 2026. The demand for high-frequency, high-power, high-heat dissipation, and miniaturization is leading the material transformation [1]. Group 1: AI Materials - In the inductance field, metal soft magnetic chip inductors are highlighted for their miniaturization and high current resistance, with companies like Platinum New Materials and Dongkui Co. recommended for investment [1][2]. - In the capacitor sector, the recovery of consumer electronics and the AI engine's resonance suggest a new cycle for MLCCs, with nickel powder benefiting directly, making companies like Boqian New Materials a focus [2]. - The demand for liquid cooling materials in data centers is expected to grow significantly, with companies like Bowei Alloy recommended for their liquid cooling solutions [2]. Group 2: New Energy Materials - Copper is leading the cost revolution in photovoltaics, with companies like Boqian New Materials suggested for investment [4]. - Amorphous alloys are identified as suitable for high power density motors, with Yunlu Co. recommended [4]. - The axial flux motor is anticipated to drive the electric revolution, with Dongmu Co. highlighted for its potential [4]. Group 3: Humanoid Robot Materials - Lightweight materials, particularly magnesium, are noted as competitive, with Baowu Magnesium Industry recommended [4]. - Rare earth permanent magnets are expected to open up long-term growth in high-performance magnetic materials for humanoid robots, with companies like Jinli Permanent Magnet and Ningbo Yunsheng suggested [4]. - MIM (Metal Injection Molding) technology is emphasized for its advantages in robot structural components, with Dongmu Co. again highlighted [4]. Group 4: Capacitors - The MLCC industry is poised for recovery, with significant growth expected in 2024 driven by AI applications and consumer electronics [29]. - AI servers are projected to significantly increase MLCC demand, with estimates suggesting a rise from 603 million units in 2025 to 1.55 billion units by 2028, reflecting a CAGR of 37.2% [37]. - Companies like Boqian New Materials are positioned to benefit from the high-capacity MLCC market driven by AI [38]. Group 5: Liquid Cooling Materials - The demand for liquid cooling solutions is increasing due to the high-density requirements of AI servers, with Bowei Alloy recommended for their innovative materials [49]. - Tungsten-copper alloys are expected to meet the stringent thermal management needs of optical modules, with companies like Sui Rui New Materials suggested for investment [50].

中证报中证网讯(王珞)12月26日晚间，川仪股份（603100）发布公告称，公司已完成注册资本、经营范 围及法定代表人变更等相关事项的工商变更登记手续，取得重庆市北碚区市场监督管理局换发的营业执 照，标志着公司近期一系列治理优化与业务拓展举措落地见效。 据悉，此次变更源于公司近期的治理结构优化与业务发展规划。公司先后于12月3日、12月8日召开董事 会，审议通过法定代表人选举、注册资本及经营范围变更等议案，并经12月24日第四次临时股东大会表 决通过相关事项，本次工商登记完成标志着全部流程闭环。值得注意的是，公司同步完成治理制度适配 调整，不再设置监事会，其职权由董事会审计与风险控制委员会行使，同时明确董事会需包含职工代 表，形成更贴合新公司法要求和企业发展实际的治理架构。 资料显示，作为国内工业自动化仪表领域的领军企业，川仪股份市场份额已连续19年位居行业第一， 2024年市占率达18.7%，在核电仪表等高端细分市场市占率超80%，核心产品打破多项外资垄断。公司 表示，此次经营范围扩容与治理结构优化，将进一步强化公司在智能制造、新能源、轨道交通等新兴领 域的布局能力，叠加前期实际控制人变更为国务院国资委直属 ...

智通财经APP获悉，12月26日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月22日— 2025年12月26日)》。中国证监会国际司公示19家企业补充材料要求，其中，要求临工重机补充说明最 近12个月内新增股东入股价格的定价依据及公允性等事项。据悉，临工重机已于2025年11月6日递表港 交所，中金公司、兴证国际为联席保荐人。 中国证监会请临工重机补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 二、请说明最近12个月内新增股东入股价格的定价依据及公允性，该等入股价格之间存在差异的原因， 是否存在入股对价异常，并就是否存在利益输送出具明确结论性意见。 三、请对照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求，(1)完善 说明发行上市方案；(2)说明募集资金的境内外具体用途及相应比例，是否涉及具体的募投项目，是否 已履行必要的审批、核准或备案程序。 四、请说明公司及下属公司业务涉及无人驾驶矿山设备的具体情况，是否涉及获取和使用地理信息数 据，并就经营范围及实际业 ...

Core Viewpoint - In 2025, despite global trade protectionism, China's foreign trade demonstrated resilience with export growth and an optimized trade structure, showcasing the strength of China's supply chain [3][4]. Group 1: Trade Performance - In 2025, China's exports experienced a surge, with a notable increase in non-U.S. market exports effectively offsetting declines in exports to the U.S. [5][6]. - China's goods trade maintained a year-on-year growth for 10 consecutive months since February 2025, with a record-breaking import and export scale exceeding 41 trillion yuan [6]. - The export share of China in global markets reached a historical high of 14.2% in the first half of 2025, with a steady increase in export growth rates throughout the year [6]. Group 2: Policy Support and Economic Outlook - The Chinese government is enhancing policy support for foreign trade enterprises, aiming for sustained growth and structural optimization in foreign trade [7][8]. - The release of policy dividends from the Hainan Free Trade Port and the reduction of the negative list for market access are expected to further bolster foreign trade [8]. - The 2025 version of the Market Access Negative List has been optimized, reducing the number of items from 117 to 106, which is anticipated to strengthen foreign investment [10]. Group 3: Foreign Investment Confidence - Multinational companies are increasingly confident in investing in China, shifting their focus from mere expansion to profitability through local innovation and digital investment [9]. - A significant 94% of surveyed multinational companies continue to invest in China, with 75% planning to maintain or increase their investments in 2025 [9].

Group 1 - The commercial aerospace sector experienced a significant surge, with the China Satellite Industry Index rising by 3.5% as of 14:30 on December 26, and previously reaching nearly 5% [1] - Notable stocks such as Electric Science and Technology Network Security and Changjiang Communication hit the daily limit, while companies like China Satellite, Beidou Star, and Xinke Mobile-U saw increases exceeding 9% [1] - The China Satellite Industry Index has accumulated a growth of over 27% since December [1] Group 2 - A recent meeting of the China Aerospace Science and Technology Corporation emphasized the importance of solidifying foundations and fully exerting efforts in planning the "14th Five-Year Plan," focusing on becoming a space power and emerging future industries [1] - The meeting highlighted the critical role of aerospace technology in fulfilling national defense responsibilities and maintaining strategic security, marking a shift from a "task-oriented" to an "industry-oriented" approach [1] - The index includes 50 listed companies covering satellite manufacturing, launching, and application, indicating a high application ratio, concentration of leading firms, and comprehensive industry chain coverage, aligning with long-term development trends [1]

Core Viewpoint - A new wave of price increases is anticipated across various industries, driven by factors such as supply reduction, wage increases, and government policies aimed at stimulating domestic demand [1][5][30]. Group 1: Price Increases in Various Industries - McDonald's will raise prices on several menu items by 0.5-1 yuan starting December 15, 2025 [2]. - Moutai's wholesale prices for all products have increased, with the 25-year Flying Moutai rising by 40 yuan to 1600 yuan per bottle, and the Zodiac Snake variant surging by 230 yuan to 2000 yuan per bottle [3]. - SMIC has implemented a price increase of approximately 10% on certain production capacities, particularly focusing on the 8-inch BCD process platform [4]. - Major global shipping companies, including MSC, CMA CGM, Maersk, and Hapag-Lloyd, have announced plans to adjust freight rates starting January 1, 2026, including seasonal surcharges [4]. - Smartphone manufacturers like Xiaomi, OPPO, vivo, and Honor have raised prices on new models by 100 to 600 yuan compared to previous generations since October [5]. Group 2: Reasons Behind Price Increases - Price increases are partly a response to policies aimed at reducing overcapacity and promoting quality over quantity in production, as seen in industries like Moutai and SMIC [5][6]. - The price of lithium carbonate has risen from 92,800 yuan per ton to 104,900 yuan per ton, reflecting a monthly increase of over 13%, driven by production cuts from leading companies [6]. - The government has emphasized the need to stimulate domestic demand by increasing residents' income, which may lead to higher wages and consequently higher prices [6][7]. Group 3: Economic Outlook and Market Trends - The expectation is that inflation will become the main theme moving forward, with CPI gradually rising as the economy recovers from deflation [28][45]. - Monetary policies, including potential interest rate cuts, are anticipated to continue, providing a basis for inflation as liquidity increases in the market [34][40]. - The A-share market is expected to experience a slow bull market due to improved regulations, increased long-term capital inflows, and enhanced liquidity [41][43]. - As capital markets stabilize and residents' financial conditions improve, consumer spending is likely to increase, further driving price rises across various sectors [42][44].

Core Viewpoint - The article emphasizes the importance of energy security as a strategic issue for national economic and social development, highlighting China's progress in building a new energy system under the guidance of the "Four Revolutions, One Cooperation" strategy proposed by President Xi Jinping [1]. Group 1: Energy Production and Safety - The city of Wuhai has become the first major coal-producing area in China to implement a "no night shift" production model, leading to changes in production and energy safety [2]. - Wuhai's coal reserves have decreased to less than 3 billion tons, while limestone reserves are abundant at 20 billion tons, facilitating local processing and production of various chemical products [3]. Group 2: Technological Advancements - Wuhai has adopted advanced automation in its chemical production processes, with minimal human presence in control rooms and production sites, showcasing a shift towards high-tech operations [3]. - The city has established a leading BDO production line with the highest single-line capacity globally, reflecting significant advancements in chemical engineering [3]. Group 3: Renewable Energy Initiatives - Wuhai is integrating renewable energy projects, including solar and wind power, into its energy landscape, with a total installed capacity of over 5 million kilowatts, and renewable energy accounting for 19% of the total [4]. - The city is collaborating on cross-regional renewable energy projects, such as the 4 million kilowatt project from Alxa League, enhancing its energy structure [4]. Group 4: Innovative Energy Solutions - Superconducting energy panels are being utilized in Wuhai to store and convert solar energy for heating and cooling, demonstrating innovative approaches to energy management [5]. - The city is also focusing on hydropower, with significant projects like the 90,000-kilowatt capacity of the Datang Haibowan Hydropower Station contributing to energy supply [6]. Group 5: Future Development Plans - Wuhai aims to develop its energy storage and hydrogen industries while exploring virtual power plants and zero-carbon industrial parks as part of its future energy strategy [7].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of emerging and future industries, identifying key sectors such as new energy, new materials, aerospace, and low-altitude economy, which are crucial for building a modern industrial system and fostering new productive forces [3][4]. Emerging Industries - The four major emerging industries highlighted are new energy, new materials, aerospace, and low-altitude economy, while six future industries include quantum technology, biomanufacturing, hydrogen and nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [3]. - Emerging industries have established clear industrial forms and development models, transitioning from "quantitative accumulation" to "qualitative leaps," presenting significant growth opportunities [3]. Investment Insights - Investment in emerging industries requires a deep understanding of the entire cycle from technological emergence to commercial realization, focusing on pioneering companies that can define the future and build competitive barriers [3]. - The core themes of advanced manufacturing revolve around "development, safety, and low carbon," indicating a strategic focus for investors [3]. New Energy and New Materials - New energy is essential for economic operation, with the "14th Five-Year Plan" introducing the "Energy Power" strategy to accelerate the construction of a new energy system and expand green electricity applications [6]. - New materials are critical for modern economies and high-end manufacturing, with increasing demand driven by technological advancements and applications in AI and new energy [6]. - The investment landscape includes over 15 actively managed funds focused on new energy and new materials, with notable performance metrics indicating substantial returns [8]. Aerospace and Low-altitude Economy - The aerospace sector is becoming a strategic focal point for national competition, with significant market opportunities emerging from commercial space exploration and advancements in green aviation and smart manufacturing [11]. - The low-altitude economy is recognized as a new growth engine, with a clear market scale and timeline outlined by the government, presenting investment opportunities across various sectors [11]. Fund Performance - Several funds have shown exceptional performance, such as the Jia Shi Environmental Low Carbon Fund, which has achieved a net value growth of 223.4% since its inception, significantly outperforming its benchmark [8]. - The Jia Shi New Energy and New Materials Fund has also demonstrated strong returns, with a net value increase of 173.43% since its establishment [8]. Product Offerings - Jia Shi Fund has systematically laid out a range of products in the new energy and new materials sectors, including ETFs that cover upstream materials, power generation, and energy storage, ensuring comprehensive market coverage [9]. - The high-end equipment ETF tracks a specialized index, providing investors with targeted exposure to the aerospace and high-end manufacturing sectors [12].

整体来看，短期锡价大概率维持33-35万元/吨核心区间高位震荡，回调压力逐步积聚；若节前备货不及 预期，价格或测试区间下沿，反弹动能受现货成交疲软制约，难成趋势性上涨。 本观点仅供参考，不做操盘指引（长江有色金属网www.ccmn.cn） 新浪合作大平台期货开户 安全快捷有保障 今日午盘后沪锡走势：今日沪锡合约2602上涨，开盘价报338640元/吨，盘中最高报344470元/吨，最低 报332820元/吨，结算价报337950元/吨，收盘报338550元/吨，上涨4590元，涨1.37%；沪锡主力月2602 合约成交量369071手，持仓量52276手，较前一日减少968手。今日现货锡价走势：据长江有色金属网获 悉，12月26日ccmn长江综合市场1#锡价报332400元/吨-335400元/吨，均价报333900元/吨,较前一日价格 上涨1800元；今日长江现货市场1#锡价报333000元/吨-335000元/吨，均价334000元/吨，较上一交易日 价格上涨1750元/吨。ccmn锡市分析：宏观面，当前锡价正迎来"宏观政策、汇率、流动性"的共振式驱 动。一方面，美联储降息预期因美国CPI数据超预期放缓而 ...