Report Overview - The report is a daily publication from GOLDTRUST FUTURES CO., LTD, dated December 2, 2025, covering various futures markets including coking coal, stock index, gold, iron ore, glass, methanol, and pulp [1][2] Coking Coal Futures - **Investment Rating**: Bullish - **Core View**: The core logic for going long on coking coal futures revolves around supply - demand tight balance, policy support, and industrial chain linkage [3] - **Key Points** - **Supply - side Contraction**: At the end of the year, coal mines are affected by safety production assessment inspections and are close to their annual production targets, leading to active production cuts. Although Mongolian coal has high short - term customs clearance volume, its inventory is low, and winter low temperatures will drag down the clearance volume. With the normalization of environmental protection inspections, supply increment is limited, and the whole - chain inventory continues to decline, supporting price increases [3] - **Robust Demand**: Coking coal is the core raw material for coking. After the price increase of coke is implemented, coke enterprises are operating at a high level, and steel mills' pig iron production has increased year - on - year, resulting in strong rigid demand for coking coal. The winter stockpiling and replenishment of steel mills will start, and the procurement demand will be released intensively, further pushing up the price [3] - **Policy and Industrial Chain Linkage**: Under the "anti - involution" policy in the second half of the year, the industry self - regulates production, and the energy bureau checks over - production, leading to the fermentation of supply contraction expectations. Coking coal has a high correlation with futures such as rebar, and the recovery of steel prices drives the linked rise of coking coal futures. Traders have a strong willingness to hold prices under low inventory, which also helps the futures market to follow the rise [4] Stock Index Futures - **Core View**: On December 1st (Monday), the Shanghai Composite Index had a good start, and the trading volume, which had been shrinking, increased significantly. Technically, the current upward cycle is not over, and the Shanghai Composite Index is expected to fill the previous gap. It is recommended to buy on dips [7] Gold Futures - **Core View**: Gold is currently in a complex oscillation process, which is expected to continue for some time. It is not advisable to chase the rise or kill the fall [9] Iron Ore Futures - **Core View**: The market is looking for a bottom, and domestic demand support is weak. Technically, it should be regarded as a wide - range oscillation, with high - selling and low - buying strategies [11] Glass Futures - **Core View**: The daily melting volume has declined, and inventory reduction started this week, mainly driven by policy - side stimulus policies and the "anti - involution" policy for supply - side clearance. Technically, the market has fallen today and should be regarded as a short - term oscillation [15][16] Methanol Futures - **Core View**: The price has risen by more than 5% this week. Multiple factors support the market, including a sharp decline in coastal sample port inventories, supply disruptions caused by the centralized gas - limited shutdown of Iranian plants (a major international exporter), and the linkage effect formed by active port trading sentiment. Opportunities for long positions should be grasped [18] Pulp Futures - **Core View**: As of November 27, 2025, the inventory of mainstream Chinese pulp ports was 2.172 million tons, a decrease of 0.1 million tons from the previous period, a month - on - month decline of 0.05%. The inventory has changed little in this cycle, showing a trend of slight inventory reduction. Changshu Port has seen inventory accumulation. The futures market has shown an oscillatory trend recently [22]

Group 1 - The Qin Du Service Area officially opened on November 28, featuring a new immersive consumption service model that includes shopping streets, intangible cultural heritage displays, and local cuisine [1][3][12] - Located approximately 30 kilometers from Xi'an, the service area covers 180 acres and offers 484 parking spaces, equipped with smart guidance devices [3][12] - The service area is designed as a cultural hub, showcasing traditional architecture and local cultural elements, creating an atmosphere reminiscent of a Guanzhong-style town [3][5] Group 2 - The service area features interactive experiences with intangible cultural heritage, including workshops for paper-cutting and fabric tiger-making, allowing visitors to engage in traditional crafts [7][9] - A variety of local delicacies are available, such as Qin Town rice noodles and meat sandwiches, enhancing the culinary experience for travelers [10][12] - The establishment of the service area is expected to create over a hundred local jobs and contribute to rural revitalization, reflecting the transformation of transportation hubs into cultural spaces [12] Group 3 - The rise of new consumption scenarios in China highlights the diversification of the consumer market, where new supply and demand continuously generate fresh vitality in the consumption sector [12][19] - The integration of cultural and travel experiences in service areas represents a broader trend in the industry, emphasizing the importance of creating unique consumer experiences [12][19]

Core Points - Qingdao Guoxin Group and China Huadian Shandong Company signed a strategic cooperation agreement to collaborate in marine renewable energy, marine equipment, financial services, and urban operations, aiming to create a new model of "central-local cooperation" in major project investments and technological innovation [1][2] Group 1: Company Overview - Qingdao Guoxin Group is the only municipal enterprise in Qingdao that incorporates marine industry into its main business, focusing on the modern marine industry "4+4+2" system [2] - China Huadian Group is a large central enterprise under the supervision of the State-owned Assets Supervision and Administration Commission, consistently ranked among the world's top 500 companies for 14 consecutive years [1] Group 2: Project Details - Huadian Shandong Company has a complete energy industry layout including coal power, wind power, solar energy, heating, and port logistics, with an installed capacity of 2.38 million kilowatts in Qingdao [1] - The company plans to invest in a 2 million kilowatt offshore wind power project in Jimo, which is expected to generate an annual electricity output of 6.1 billion kilowatt-hours [1] Group 3: Strategic Initiatives - Qingdao Guoxin Group is establishing a marine science and technology innovation center and a marine equipment industry alliance, planning to build a marine equipment industrial park to enhance the local supply chain [2] - The collaboration with Huadian on offshore wind power projects aims to strengthen industry-academia-research cooperation and attract upstream and downstream enterprises in the wind power equipment sector [2] - The company is implementing an "innovation-driven + internationalization" strategy to position itself as a world-class enterprise in marine leadership, financial support, and efficient operations [2]