Core Viewpoint - Jinli Permanent Magnet (06680) saw a significant increase in stock price, rising over 10% and reaching HKD 20.72 with a trading volume of HKD 411 million, following the news that it and two other rare earth permanent magnet companies have obtained general export licenses [1] Group 1: Company Developments - Jinli Permanent Magnet and two other rare earth permanent magnet companies have received general export licenses, which is expected to streamline their export processes [1] - The issuance of general licenses will accelerate delivery times for rare earth permanent magnet companies, benefiting the recovery of downstream demand in the industry [1] Group 2: Industry Context - The Chinese government is conducting export control measures for rare earth-related items in accordance with laws and regulations, ensuring timely approval for compliant export applications intended for civilian use [1] - The government is actively implementing general licensing and other facilitation measures to promote compliant trade of dual-use items, thereby maintaining the stability and security of global supply chains [1]

Core Viewpoint - Jinli Permanent Magnet (金力永磁) shares rose over 10%, currently up 9.69% at HKD 20.72, with a trading volume of HKD 411 million, following the news that it and two other rare earth permanent magnet companies have obtained general export licenses [1] Group 1: Company Impact - Jinli Permanent Magnet and two other rare earth permanent magnet companies have received general export licenses, which is expected to simplify their export processes and accelerate delivery times [1] - The application of general licenses is anticipated to benefit the downstream demand recovery in the rare earth permanent magnet industry [1] Group 2: Industry Context - The Chinese government is conducting rare earth export control in accordance with laws and regulations, ensuring timely approval for compliant export applications intended for civilian use [1] - The government is actively utilizing general licenses and other facilitation measures to promote compliant trade of dual-use items, thereby maintaining the stability of global supply chains [1]

1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - Multiple foreign institutions have raised their GDP growth forecasts for China. Goldman Sachs has adjusted its 2025 forecast from 4.9% to 5.0%, and its 2026 and 2027 forecasts to 4.8% and 4.7% respectively. The OECD has raised its 2025 forecast for China to 5.0%, and Deutsche Bank has raised its Q4 2025 GDP growth forecast to 4.6% and the full - year forecast to 5.0% [2][17]. - The Chinese economy shows signs of recovery. The real estate market in first - tier cities has improved, with the number of second - hand housing transactions in November reaching a 7 - month high. The new housing market is expected to have a pulse - like recovery in December [18]. - The global commodity market is volatile. Copper prices have reached record highs, and the price of gold is expected to rise by 15% - 30% in 2026 [5][6]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q3 2025, China's GDP grew by 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Experts expect that the CPI in November will rise by 0.9% year - on - year, up 0.7 percentage points from October [2]. - The reduction of some US tariffs is an admission that tariffs push up domestic prices. The business community hopes that China and the US will focus on more cooperation [3]. - Many major projects in China are accelerating, and policy support for "two major" projects is expected to increase [3]. 3.2.2 Metals - The price of lithium iron phosphate is expected to rise, with some leading companies planning to increase the processing fee by 3000 yuan/ton in 2026 [5]. - Copper prices have reached record highs, driven by the Fed's interest - rate cut expectations and regional shortages of global copper inventories [5]. - Gold prices are expected to rise by 15% - 30% in 2026, affected by geopolitical and economic uncertainties [6]. 3.2.3 Coal, Coke, Steel and Minerals - The waterway transportation of key materials such as coal in northern Jiangsu is ensured, with 669,000 tons of coal and key materials handled by November [8]. - JFE Steel plans to acquire a 50% stake in the steel business of Bhushan Power & Steel for 157.5 billion rupees [8]. 3.2.4 Energy and Chemicals - The annual output of the Daqing Gulong continental shale oil demonstration area has exceeded 1 million tons for the first time, and the proven reserves are 158 million tons, with a planned output of 3 million tons by the end of the 15th Five - Year Plan [9]. - Chevron's capital expenditure in 2026 will be between $18 - 19 billion, mainly for US production and investments related to its Guyanese oil shares [9]. - The EU will ban the import of Russian natural gas starting from the fall of 2027 [10]. 3.2.5 Agricultural Products - Australia's beef exports have reached a record high this year, with exports in the first 11 months reaching 14 million tons, a 15% increase year - on - year [13]. - Brazil's exports of corn, soybeans and other agricultural products in December are expected to increase compared with the same period last year [13][14]. 3.3 Financial News Compilation 3.3.1 Open Market - On December 4, the central bank conducted 180.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 175.6 billion yuan on the same day [15]. - On December 5, the central bank will conduct 1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations to achieve equal - amount hedging [15]. 3.3.2 Key News - China and the US have carried out in - depth exchanges on trade and cooperation in various fields [16]. - The EU has terminated the WTO lawsuit against China's trade restrictions [17]. - The real estate market in first - tier cities has improved, and new housing sales in December are expected to have a pulse - like recovery [18]. 3.3.3 Bond Market Review - The Chinese bond market is weak, with the yields of interest - rate bonds generally rising, and the yields of 30 - year treasury bonds rising by more than 4bp [22]. - The prices of Vanke bonds have continued to adjust, with some bonds falling by more than 15% [22]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.069 on December 4, down 29 basis points from the previous trading day [27]. - The US dollar index rose 0.20% in late New York trading, and most non - US currencies fell [28]. 3.3.5 Research Report Highlights - If the Bank of Japan raises interest rates in December, Japanese government bond yields may rise, which may affect exchange rates and equity asset pricing [29]. - In December, investors are advised to actively allocate convertible bonds in the price range of 128 - 136 yuan, and pay attention to low - price large - cap bonds and low - premium equity - like bonds [29]. 3.4 Stock Market Key News - The A - share market shows a divergence between large and small indexes. The Shanghai Composite Index fell 0.06%, while the Shenzhen Component Index and the ChiNext Index rose 0.4% and 1.01% respectively [32]. - The Hong Kong Hang Seng Index rose 0.68%, and the Hang Seng Technology Index rose 1.45% [32]. - The Shenzhen - Hong Kong Stock Connect has reached its 9th anniversary, with a cumulative transaction volume of 131 trillion yuan [32].

Group 1: New Stock Offerings - Muxi Co., Ltd. has an offering code of 787802 with an issue price of 104.66 CNY per share and a subscription limit of 0.6 million shares [1] - Angrui Micro has an offering code of 787790 with an issue price of 83.06 CNY per share and a subscription limit of 0.35 million shares [1] Group 2: Government Policies and Regulations - The Ministry of Commerce held a press conference addressing export controls on rare earth-related items, stating that compliant export applications for civilian use are approved promptly [1] - The State Administration for Market Regulation has implemented a recommended national standard for food delivery platform service management to address issues like "ghost deliveries" and competition [1] Group 3: Industry Developments - The Hubei Provincial Government has issued a work plan aiming for the shipbuilding industry to exceed 130 billion CNY in output value by 2027, with an annual growth rate of over 15% [3] - The plan includes the establishment of two hundred billion-level leading enterprises and the construction of three digital benchmark shipyards [3] Group 4: Company News - Cambrian Technologies has noted that recent media reports regarding its products and market predictions are misleading [4] - Country Garden's offshore debt restructuring plan, amounting to approximately 17.7 billion USD, has been officially approved by the Hong Kong High Court [4] - Tencent Holdings repurchased 1.044 million shares for 636 million HKD on December 4 [4] - Dong'e Ejiao plans to repurchase shares worth between 100 million to 200 million CNY for capital reduction [4] - Zhongwei Electronics is planning a change in control and will be suspended from trading starting December 5 [4]

Key Points - The article discusses recent developments in various industries, including new stock offerings, regulatory changes, and corporate actions [2][3][8]. Group 1: New Stock Offerings - Muxi Co., Ltd. has a subscription code of 787802 with an issue price of 104.66 yuan per share and a subscription limit of 0.6 million shares [2]. - Angrui Micro has a subscription code of 787790 with an issue price of 83.06 yuan per share and a subscription limit of 0.35 million shares [2]. Group 2: Regulatory Developments - The Ministry of Commerce held a press conference addressing export controls on rare earth items, stating that compliant applications for civilian use are approved promptly [3]. - The State Administration for Market Regulation has implemented a national standard for food delivery platforms to address issues like "ghost deliveries" and competition [3]. Group 3: Corporate Actions - Hubei Province aims to achieve a shipbuilding industry output value exceeding 130 billion yuan by 2027, with an annual growth rate of over 15% [5]. - Tencent Holdings repurchased 1.044 million shares for 636 million Hong Kong dollars on December 4 [11]. - Dong'e Ejiao plans to repurchase shares worth between 100 million to 200 million yuan for capital reduction [12]. - Zhongwei Electronics is planning a change in control and will suspend trading from December 5 [13]. - Chuangya Technology's PCB products have a minimal revenue contribution from humanoid robots [14]. - Naxinwei's H-share issuance price was finalized at 116 Hong Kong dollars per share [15]. - Chaoying Electronics plans to invest 100 million US dollars in its Thai subsidiary to expand AI computing power circuit board production [16]. - Huashu High-Tech intends to establish a joint venture in the 3D printing service sector [17].

【深圳经济新闻联播】 广东遴选湾区景观地标 深圳湾成形象品牌 据深圳商报，12月4日下午，广东省人大常委会在广州举行《广东省人民代表大会常务委员会关于促进 粤港澳大湾区内地九市内涵式高质量发展的决定》新闻发布会。记者从会上获悉，广东将率先探索一条 彰显中国气派、岭南风格、湾区特色的城市群发展路径，前瞻布局未来产业，高水平打造"黄金内湾"， 打造环湾绿带，共同构建湾区级的蓝绿开敞空间体系。 亚马逊首个全球智能枢纽仓落地深圳 12月4日，美国电商巨头亚马逊首个全球智能枢纽仓正式落地深圳，并计划于2026年3月向所有卖家全面 开放。该设施将提供从货源地始发的全球一体化仓储与分拨服务，标志着亚马逊在全球供应链布局上的 又一重要举措。根据公开资料整理，该智能枢纽仓将于2026年1月开始推广使用，逐步扩大服务范围， 并于3月实现全面开放。 【国内财经新闻】 稀土出口管制：合规的、用于民用用途的出口申请，中国政府都及时予以了批准 12月4日下午，商务部新闻发言人就开展稀土相关物项出口管制进行了回应。商务部新闻发言人何亚 东：中国政府依法依规开展稀土相关物项的出口管制工作，据我所知，只要是用于民用用途的，合规的 出口申请，中 ...

商务部新闻发言人何亚东4日表示，中国政府依法依规开展稀土相关物项出口管制工作。 在商务部当天举行的例行新闻发布会上，有记者问，中国欧盟商会周一发布了一份快速调查，多数受访 企业表示受到了中国稀土出口管制的影响，包括成本上升、交付周期延长等。商会呼吁建立通用许可机 制，为企业提供稳定性和可预测性。请问商务部有何回应？是否正在讨论适用通用许可制度？ 何亚东说，中国政府依法依规开展稀土相关物项出口管制工作。只要是用于民用用途的、合规的出口申 请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施，促进两用物项合规 贸易，切实维护全球产供链安全稳定。 （原标题：关于稀土出口管制，中方最新发声！） 来源：新华社 商务部：中国政府依法依规开展稀土相关物项出口管制工作 ...

何亚东说，中国政府依法依规开展稀土相关物项出口管制工作。只要是用于民用用途的、合规 的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施， 促进两用物项合规贸易，切实维护全球产供链安全稳定。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 来源：新华社 商务部：中国政府依法依规开展稀土相关物项出口管制工作 商务部新闻发言人何亚东4日表示，中国政府依法依规开展稀土相关物项出口管制工作。 在商务部当天举行的例行新闻发布会上，有记者问，中国欧盟商会周一发布了一份快速调查， 多数受访企业表示受到了中国稀土出口管制的影响，包括成本上升、交付周期延长等。商会呼 吁 ...

Group 1: Trade Relations - The trade volume between China and France reached $68.8 billion in the first ten months of the year, representing a year-on-year increase of 4.1% [2] - The total investment between the two countries has exceeded $27 billion, with both sides committed to enhancing bilateral investment and providing a fair business environment [2] - A memorandum of understanding was signed between China's Ministry of Commerce and France's Ministry of Economy, Finance, and Industrial and Digital Sovereignty to strengthen bilateral investment [2] Group 2: Consumer Promotion - The Ministry of Commerce plans to combine livelihood improvement and consumption promotion, especially during the traditional peak consumption season at the end of the year [3] - Various promotional activities will be organized, including the Spring Festival consumption season and online New Year goods festival, to create a vibrant consumption atmosphere [3] - The Ministry will also focus on innovative consumption scenarios and enhance the supply of essential goods to stimulate new consumption growth [3] Group 3: Export Control - The Chinese government is implementing export controls on rare earth-related items in accordance with laws and regulations, ensuring timely approval for compliant applications intended for civilian use [1] - The government is actively using general licenses and other facilitation measures to promote compliant trade of dual-use items and maintain the stability of global supply chains [1]

【重点关注】 ·市场监管总局发布实施《外卖平台服务管理基本要求》国家标准 ·人民银行：12月5日将开展10000亿元买断式逆回购操作 ·商务部：中国政府依法依规开展稀土相关物项出口管制工作 ·针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及外卖配送员权益保障不足等问题，近日，市 场监管总局发布实施推荐性国家标准《外卖平台服务管理基本要求》。其中提出，明确平台收费规则及 促销活动管理要求，督促引导外卖平台简化收费项目、规范促销行为，推动各类收费信息透明化、促销 规则合理化，营造公平有序的市场竞争环境。 ·商务部发言人何亚东4日在商务部例行新闻发布会上表示，岁末年初是传统的消费旺季，商务部将坚持 惠民生和促消费紧密结合，扩大优质商品和服务供给，创新消费场景，更好地满足人民美好生活需要。 何亚东介绍，商务部将加快推进消费新业态、新模式、新场景试点和国际化消费环境建设工作，打造更 加舒适便捷的消费环境。同时指导各地打造一批带动面广、显示度高的消费新场景，包括服务消费、数 字消费、绿色消费、人工智能+消费等领域。 ·12月4日，商务部召开例行新闻发布会，商务部新闻发言人何亚东就开展稀土相关物项出口管制进行了 回应。 ...