Core Viewpoint - The construction of infrastructure in Hainan is accelerating, aiming to support the establishment of the Hainan Free Trade Port and enhance its role as a new pivot for opening up the economy [1][2]. Group 1: Infrastructure Development - Hainan's infrastructure is crucial for the Free Trade Port's construction, with a focus on major projects to improve network connectivity and smart capabilities [2][6]. - The port infrastructure features significant characteristics such as functional integration, with Haikou Port being a major hub capable of handling 35 million passengers and 5.6 million vehicles annually [3]. - The capacity of Yangpu International Container Hub Port has increased from 1.02 million TEUs to 3.1 million TEUs, marking a 204% growth [3]. Group 2: Transportation Network - A comprehensive "Five Ring" transportation network has been established, enhancing connectivity within the island and with international destinations [3][4]. - The completion of four highways and the "Two Ring" tourism road has facilitated smoother transportation, with 93 international routes now operational [3][4]. Group 3: Utility Infrastructure - The construction of the electricity, gas, and water networks is progressing alongside transportation infrastructure, creating a resilient support system for openness [4][5]. - Hainan has achieved "Gigabit City" status in three major cities, and the new power system in Boao has been recognized as a national demonstration zone [4][5]. Group 4: Future Development Plans - The "15th Five-Year Plan" emphasizes the need for proactive infrastructure development to enhance connectivity and stability [6][7]. - The focus is on achieving coordinated development across the island, improving logistics networks, and advancing "new infrastructure" initiatives [8][9]. - The aim is to elevate the capabilities of Hainan as a hub for international trade and transportation, ensuring efficient movement of people and goods [9].

2025.12. 13 本文字数：1817，阅读时长大约3分钟 作者 | 第一财经 陈益刊 作为中国重要政策工具，地方政府专项债券（下称"专项债"）将继续优化。 近日中央经济工作会议在北京举行，会议部署2026年经济工作重点。在部署明年推动投资止跌回稳 方面，要求"优化地方政府专项债券用途管理"。 专项债是指地方为有一定收益的公益性项目发行的、约定一定期限内以公益性项目对应的政府性基金 或专项收入还本付息的政府债券。它是落实积极财政政策的重要抓手，是政府拉动投资最直接、最有 效的政策工具之一。 2025年以来的专项债资金投向与2024年相比，投向市政和产业园、交通基础设施等领域比重出现明 显下滑，投向土地储备领域专项债资金规模从2024年的约2亿元增至约5437亿元。另外，今年专项 债首次投向政府投资基金，规模已超800亿元。 今年专项债资金投向土地储备规模大增，目的是改善土地的供求关系、增强房地产企业的资金流动 性，同时有利于补充重点领域的土地储备，推动房地产市场平稳运行。 财达证券常务副总经理胡恒松告诉第一财经，专项债券用途优化更多地是贴合国家相关规划及年度经 济工作任务要求，优先投向当年重点支持领域。此 ...

不过，这钱流向了哪里，才是关键。今天的盘面，可以说是 "新老交替"与"冷热分化" 的生动写照。一 边，是 "电网设备"板块异军突起，多只个股涨停。这绝非偶然，其背后是"新基建"和能源转型的宏大 叙事在支撑。无论是特高压建设、电网智能化改造，还是服务于新能源消纳的配套升级，这都是未来几 年确定性极高的投资主线，有实实在在的政策和订单支撑。另一边，贵金属板块的持续活跃，则是对美 联储降息预期的直接反应，属于全球宏观逻辑的映射。 朋友们，我是帮主郑重。上午收盘，这盘面走得有点意思，三大指数涨跌互现，像个不太整齐的合唱 团。创业板指领涨0.6%，而上证指数几乎平盘。但有一个数据很提气——全市场成交额半天就达到了 1.26万亿元，比昨天同一时间放量了超过900亿！有量就有戏，这说明市场的交投活跃度在回升，有资 金在行动了。 而另一边，前几天还风光无限的零售、海南等板块，今天则明显进入了调整。这种快速的轮动告诉我 们，当前市场很难有全面持续的普涨行情，资金正在不同的逻辑与故事间快速切换，寻找阻力最小、共 识最强的方向。这也解释了为什么指数看起来波澜不惊，但板块间却是冰火两重天。 第一，紧跟资金，聚焦主线。上午放量，且资金 ...

Core Viewpoint - The long-term outlook for copper demand is optimistic, driven by sectors such as electric vehicles, AI, and power grids, with expectations of a balanced supply-demand situation from 2025 to 2027, leading to an upward trend in copper prices [2][4][67]. Group 1: Copper Demand Drivers - Electric vehicles (EVs) are expected to significantly increase copper consumption, with a projected CAGR of 14% from 2025 to 2030, resulting in an annual increase of 21 million tons [11][13][67]. - The AI sector is driving demand for data centers, with an anticipated additional copper requirement of 206 million tons from 2025 to 2030, averaging 34 million tons annually [16][67]. - The power infrastructure cycle, including the upgrade of aging power grid systems and AI-driven resource construction, is expected to stabilize copper demand over the long term [20][68]. Group 2: Regional Insights - In China, stable domestic demand and the development of new productive forces are expected to boost copper demand, particularly through new infrastructure projects [20][69]. - In the United States, the need for power grid updates and expansions is anticipated to support a rebound in copper demand, driven by manufacturing return and energy transition [27][30][69]. - The European Union's focus on renewable energy sources and post-war reconstruction efforts is projected to enhance copper demand [42][69]. - Other regions, such as India and Southeast Asia, are expected to see increased copper demand due to infrastructure investments and manufacturing shifts [45][50][70]. Group 3: Short-term Factors and Market Dynamics - Recent tariff impacts are expected to ease after May 2025, contributing to a more stable outlook for copper demand [4][71]. - The copper market is characterized by regional supply and demand dynamics, with geopolitical factors affecting the flow of copper and creating potential supply risks [62][71]. - The transition from aluminum to copper in certain applications is limited by technical and market challenges, which may not significantly impact overall copper demand in the short term [64][71].

智通财经APP获悉，广发证券发布研报称，铜被广泛应用于电气、机械制造、建筑工业、交通运输等领 域。亚太地区持续发展，新能源、算力等新兴经济快速增长，带动全球电力需求长期增长。铜需求2025 年淡季不淡，价格中枢逐步提升，韧性超预期。该行预计2025-2027年铜供需紧平衡，铜价上行方向不 变。 广发证券主要观点如下： 铜需求远景可期，从行业看，新能源汽车、AI产业、电力电网将贡献需求增量 (1)新能源汽车：汽车的电动化程度提升，新能源车拥有更高铜耗，预计其2025-2030年铜用量CAGR达 14%。 (2)AI训练和服务需求持续增长，数据中心的铜需求增长，预计2025-2030年新增铜需求206万吨。 (3)电力基建周期：老旧电力电网系统更新，叠加AI促电力资源建设，电力用铜需求将长期稳定增长。 中国：稳内需+新质生产力发展，将带动铜需求增长。 美国：电力电网更新、扩建是支撑制造业回流、AI发展的基石，该行预计未来美国铜需求将回升。 2025年5月后关税冲击短期预期缓和。该行对铜需求较为乐观，长期大概率仍将增长，原因是： (1)能源需求构筑铜需求的确定性，能源相关的新基建也是对冲经济下滑风险的重要抓手，铜需 ...

摘要 2025年12月，第一财经研究院发布的"第一财经首席经济学家信心指数"为50，稍低于上月，持平于50荣 枯线。经济学家们认为，当前我国经济处于弱复苏状态，未来宏观政策将延续宽松基调，为"十五五"开 局奠定坚实的基础。 毕马威蔡伟认为，总的来看，在稳增长政策发力、外部不确定性缓和的带动下，当前整体经 济处于弱复苏通道。 经济学家们预计11月物价数据将较上月公布数据继续回升，CPI同比预测均值为0.72%，PPI同比预测均 值为-2.05%，他们对固定资产投资累计增速的预测均值为-2.1%，社会消费品零售总额同比增速预测均 值为3.09%，工业增加值同比增速预测均值为5.0%。同时，刚刚公布的进出口数据显示，11月进出口同 比数据均高于上月，贸易顺差上升至1116.8亿美元，符合经济学家们的预期。 兴业银行鲁政委认为，"双11"购物节的提振，叠加餐饮回暖趋势延续，11月社会消费品零售 同比有望回升。 经济学家们预计11月金融数据将较上月有所回升，新增贷款的预测均值为6791亿元、社会融资总量的预 测均值为2.32万亿元，M2同比增速预测均值为8.29%，他们认为11月LPR利率和存准水平调整的可能性 较小。 ...

中金公司研报称，2026年看好科技成长投资主线，关注国内需求修复及出口高景气带来的结构性机会。 判断2026年机械行业中科技板块仍具备最大投资机会，看好科技创新驱动的新基建与应用。国内需求筑 底修复，国际化持续推进，关注具备全球竞争力且盈利能力提升的出口链企业，及具备景气拐点和技术 变革的子赛道。 截至2025年12月8日 14:23，创业板指数(399006)盘中涨超3%，现涨2.67%，有望实现三连阳，样本股天 孚通信(300394)上涨19.89%，迈为股份(300751)上涨18.23%，江波龙(301308)上涨14.60%，锐捷网络 (301165)，捷佳伟创(300724)等个股均上涨。 消息面上，12月5日，工业和信息化部碳达峰碳中和工作领导小组会议在京召开。会议强调，要完善工 作体系，加强工业和信息化领域碳达峰碳中和管理制度建设，加快推进重点行业领域技术装备更新升 级，强化碳达峰碳中和技术、标准、检测手段等供给，协同推进工业资源综合利用。 创业板ETF建信紧密跟踪创业板指数，创业板指由创业板中市值大、流动性好的100只股票组成，反映 创业板市场的运行情况。 相关产品：创业板ETF建信(159 ...

Market Overview - Major stock indices in the A-share market experienced a collective rise, with the Shanghai Composite Index up by 0.08%, the Shenzhen Component Index up by 0.39%, and the ChiNext Index up by 0.47% [1] Sector Performance - The optical module sector continued to show strength, with the concept index rising by 4.41%. Other sectors such as superconductors, fiberglass, and charging piles also saw significant gains [2] New Stock Performance - The stock N-Mole-U debuted on the STAR Market, opening with a surge of 468% and reaching a peak increase of 502.03%, trading at 688 CNY per share. By midday, it closed with a gain of 416.79% at 590.59 CNY per share. Investors holding one lot (500 shares) could potentially earn over 286,860 CNY [3] Market Reaction to New Listings - Following the listing of N-Mole-U, related A-share stocks experienced a collective pullback. For instance, Heertai saw a drop of 9.32%, while Yingqu Technology and others also faced declines of over 3% [4] Tungsten Market Dynamics - Tungsten product prices have surged significantly, with black tungsten concentrate prices reaching 353,000 CNY per ton, reflecting a 146.85% increase since the beginning of the year. APT and tungsten powder prices also saw substantial increases of 145.5% and 161.08%, respectively [6][9] Supply and Demand Factors - The price increase in tungsten products is attributed to supply constraints and rising demand. China, being a major producer and consumer, is projected to produce approximately 67,000 metric tons of tungsten in 2024, accounting for 82.7% of global output. The government has also implemented mining quotas, reducing the total output for 2025 by 6.45% compared to 2024 [9] Emerging Applications and Industry Outlook - Companies in the tungsten sector are actively exploring new applications in emerging industries. For instance, Zhongtung High-tech has developed high-quality nano-grade tungsten carbide powder for PCB micro-drills, while Xiamen Tungsten is expanding its tungsten wire applications in the photovoltaic sector [11][12] Company Performance - Tungsten-related stocks have shown positive earnings trends, with companies like Xianglu Tungsten and Guangsheng Nonferrous Metals turning profitable. Other companies reported significant year-on-year profit growth, with Luoyang Molybdenum and Hunan Gold seeing increases of 72.61% and 54.28%, respectively [12]

Core Viewpoint - The prices of tungsten products have surged significantly in 2023, with black tungsten concentrate prices increasing over 140% year-to-date, driven by supply constraints and rising demand in high-end manufacturing and emerging industries [1][3]. Price Trends - As of December 5, black tungsten concentrate (≥65%) is priced at 353,000 CNY/ton, up 3.8% week-on-week; APT (ammonium paratungstate: ≥88.5%) is at 518,000 CNY/ton, up 4.7%; tungsten powder is at 825 CNY/kg, up 3.8% [1]. - Compared to the beginning of the year, black tungsten concentrate has increased by 146.85% from 143,000 CNY/ton, APT by 145.5%, and tungsten powder by 161.08% [1][3]. Supply and Demand Dynamics - China is the world's leading tungsten producer and consumer, with an estimated production of 67,000 metric tons in 2024, accounting for 82.7% of global output [3]. - The Ministry of Natural Resources and the Ministry of Industry and Information Technology have set a total mining control target of 58,000 tons for tungsten concentrate (65% WO3) in 2025, a decrease of 4,000 tons (6.45%) from 2024 [3]. - The demand for tungsten is driven by its unique physical properties, making it essential in high-end manufacturing and emerging industries such as photovoltaics, military, and semiconductors [3]. Future Outlook - According to Zhejiang Securities, the recovery of China's manufacturing sector is expected to accelerate post-global interest rate cuts, which will boost tungsten consumption [4]. - New applications in AI, controlled nuclear fusion, and new infrastructure are anticipated to increase marginal demand for tungsten-based new materials [4]. Company Developments - Seven A-share companies involved in tungsten production have seen collective stock price increases, averaging 2.02%, with notable gains from Zhongtung High-tech, Xianglu Tungsten, and Luoyang Molybdenum [5]. - Companies are actively expanding tungsten applications in emerging industries, with Zhongtung High-tech successfully producing high-quality nano-grade tungsten carbide powder for PCB micro-drills [5]. - Xiamen Tungsten is focusing on expanding its tungsten wire applications in photovoltaics, achieving significant results with mainstream product lines reaching below 28μ in diameter [5]. - Zhangyuan Tungsten is committed to high-value hard alloy markets, focusing on aerospace and new energy sectors, and developing core business areas including cutting tools and high-end ceramic materials [6]. Financial Performance - In the first three quarters, tungsten-related companies reported improved profitability, with Xianglu Tungsten and Guangsheng Nonferrous turning profitable, while others like Luoyang Molybdenum, Hunan Gold, and Zhangyuan Tungsten saw significant year-on-year profit growth of 72.61%, 54.28%, and 29.71% respectively [6].

Group 1 - The core viewpoint of the article emphasizes that blockchain technology has transcended its initial association with digital currencies and is now recognized as a strategic infrastructure deployed by multiple countries globally, impacting areas such as data security, supply chain, financial services, and national security [1][2]. Group 2 - Blockchain is being utilized as a new generation of information infrastructure in China, with a focus on standardization and practical applications. The number of blockchain-related policies issued by central and local governments has exceeded a thousand, with 79 new policies introduced in 2023 alone [5][6]. - The application of blockchain in national security and critical infrastructure is highlighted, with NASA conducting research on using Ethereum for debris detection and decision-making in autonomous spacecraft, indicating its importance beyond traditional financial applications [3][5]. Group 3 - The European Union has established the Markets in Crypto-Assets (MiCA) framework, which is the first comprehensive regulatory framework for the crypto asset industry, aiming to address real market issues and providing regulatory certainty [10][11]. - In contrast, the United States faces challenges with fragmented jurisdiction in its regulatory approach, with Congress proposing the "Eliminate Barriers to Innovation Act" to create a joint working group for digital assets [12][13]. Group 4 - The article discusses various industry standards being developed in China, including those for the insurance sector and IoT, aimed at ensuring secure and trustworthy data circulation [6][9]. - The regulatory landscape is evolving, with recommendations to enhance governance capabilities and improve the legal framework for digital assets, while encouraging self-regulation among enterprises [9].