发改委发文防止新能源汽车无序竞争，12月29日，香港汽车ETF（520720）开盘领涨超2% 文章指出，2024年我国新能源汽车销量达1286.6万辆，连续10年位居全球第一，较2020年末增长超8 倍。同期，"新三样"产品出口额较2020年增长2.6倍，成为我国外贸高质量发展的新引擎，在全球绿色 转型中彰显"中国力量"。 然而，文章也坦言，"新三样"产业在快速发展中面临市场竞争失序、核心优势尚不牢固等挑战。文章强 调，"新三样"是我国在激烈市场竞争中培育出的战略性优势产业，未来需在规范中发展、在创新中引 领，持续提升全球竞争力。 香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及整车制 造、零部件及智能驾驶等新兴领域的上市公司证券作为指数样本，以反映汽车产业相关上市公司证券的 整体表现。该指数具有高研发投入和成长性特点，整车板块权重占比超过60%，展现了较强的市场弹性 和国际化特征。 此外，香港汽车ETF（520720）可通过 A 股账户直接交易，无需开通港股通权限，完美解决了普通投资 者缺少投资工具的痛点。 注：提及个股仅用于行业事件分析，不构成任何个股推荐 ...

Core Viewpoint - The unprecedented surge in silver prices, which have doubled since the beginning of the year, is reshaping investment logic in the precious metals market, with silver now being compared to gold [1][4]. Supply and Demand Dynamics - The strong performance of silver prices is primarily driven by structural changes in the supply-demand balance, with industrial demand, particularly from emerging sectors like electric vehicles and computer chips, seeing significant growth [5]. - The global silver market is expected to experience a supply deficit for the fifth consecutive year, with a projected shortfall of approximately 11.7 million ounces in 2025, marking one of the largest supply-demand imbalances in recent years [5]. Geopolitical Factors - Geopolitical changes, including the U.S. government's designation of silver as a strategic commodity, have heightened market tensions and led to domestic hoarding behavior among businesses and investors [6]. Retail Investor Behavior - Retail investor enthusiasm is rising, driven by a "Fear of Missing Out" (FOMO) mentality, leading to increased speculation in silver as investors seek alternatives to traditional assets amid rising inflation expectations [8]. Monetary Policy Concerns - Concerns regarding monetary policy, particularly the Federal Reserve's recent interest rate cuts, are contributing to the rise in silver prices, as investors view precious metals as a hedge against potential currency devaluation [9]. Market Predictions - Analysts predict that silver prices may reach the $100 mark by 2026, supported by ongoing supply shortages and increasing industrial demand, although significant price volatility is expected during this period [11].

来源：中国银行 来源：中国银行 作为中法企业家委员会中方主席，中国银行董事长葛海蛟应邀出席中法企业家委员会第七次会议开幕式 并致辞。葛海蛟表示，近年来，在两国元首的战略引领下，中法务实合作深入推进，经贸合作成为中法 关系的"压舱石"和"推进器"。中法企业家委员会在两国元首的关怀下成立，持续推动两国企业凝聚共 识、深化合作，已经成为中法工商界最高层级的制度化交流平台。站在中法关系"新甲子"的开局之年， 中国银行将继续落实两国元首重要共识，持续发挥中法企业家委员会友谊互信平台作用，与两国工商界 一道，共促全球绿色转型、共享广阔市场机遇、共拓产业协同潜力，助力中法务实合作取得更多积极成 果，推动中法全面战略伙伴关系进一步走深走实。 会议期间，中国银行行长张辉参加"中法产业洞察：创新领域跨境投资新机遇"专题研讨并发言，表示中 国银行将全力发挥"一点接入、全球响应"的综合金融服务优势，围绕绿色金融、科研创新、跨境投资等 重点领域，搭建"机遇之桥""赋能之桥""安全之桥"，为中法友谊之船行稳致远作出新的更大贡献。 中法企业家委员会2018年1月成立，中国银行连续担任第一、第二届中方主席单位，施耐德电气集团、 法国巴黎银行 ...

Core Viewpoint - The opening of the 2025 International Forum in Guangzhou highlighted the importance of open markets and reduced trade barriers in accelerating the global green transition, as emphasized by former Norwegian Prime Minister Kjell Magne Bondevik [1] Group 1: Electric Vehicle Policies - Norway's electric vehicle policy aims for complete electrification of transportation, with a long-term goal of all new passenger cars being zero-emission vehicles by 2025 [1] - To achieve this goal, Norway has implemented strong incentives, including exemption from high-value-added tax and import duties, priority access on roads, and free parking [1] - As of September 2025, the share of pure electric vehicle sales in Norway reached 98% of total new car sales, according to the Norwegian Public Roads Administration (OFV) [1] Group 2: Market Trends and Collaborations - In the first half of 2024, Chinese brand electric vehicles accounted for 22.2% of new registered passenger cars in Norway, a significant increase from 10.8% in 2023 [1] - Bondevik stressed the need for the international community to gradually eliminate trade barriers for green products, highlighting the rapid development of China in green technology [1] - There are promising prospects for multilateral cooperation between China and Norway in the fields of electric vehicles and clean energy [1]

Group 1 - John Kerry expressed shock at the level of fear among U.S. CEOs regarding President Trump, stating that despite the lucrative returns from green energy investments, many companies are still hesitant to invest due to potential political and legal repercussions [1][2] - Kerry highlighted that the recent COP30 climate conference was the first held without the participation of the U.S. federal government since the inception of the UN climate change conferences in 1995, yet several major companies like Microsoft, Google, and General Motors still attended, indicating a commitment to business development and supply chain security [4] - A recent analysis from the University of Maryland's Center for Global Sustainability indicated that existing policies could lead to a 35% reduction in U.S. emissions by 2035, largely driven by corporate initiatives [4] Group 2 - The renewable energy sector saw $2.2 trillion in spending over the past year, driven by market demand and consumer needs, despite some investors retracting their support due to fears related to climate change and political backlash [2] - Companies are recognizing the economic benefits of climate action, which also positively impacts health, food, and water security, as emphasized by Kerry [3]

Core Insights - The collaboration between Longi, China Electric Construction, and France's ENGIE Group marks a significant advancement in the 1.5GW PV4 Hazza 1 solar project in Abu Dhabi, officially entering the implementation phase after a framework agreement was signed in Paris earlier this year [1][2] - Longi will supply 1.1GW of its high-efficiency BC Hi-MO 9 modules for the project, which is expected to enhance clean energy capacity in the Middle East and set a new benchmark for high-quality solar power plants globally [1] Group 1 - The project is located in a tropical desert climate, requiring high durability for the components due to extreme summer temperatures and significant temperature variations [1] - Longi's Hi-MO 9, based on HPBC 2.0 technology, is designed to maintain efficient and stable power generation in complex conditions such as high temperatures and uneven sunlight [1] - Previous performance validation of Hi-MO 9 in Inner Mongolia showed a 2.45% increase in power generation per kilowatt compared to TOPCon modules, with a 9.05% higher efficiency per unit area [1] Group 2 - Independent verification from Enertis Applus+ in Spain and IPVF in France confirmed the cost advantages of Hi-MO 9, establishing it as a high-value solution recognized by global developers [1] - Longi's Chairman, Zhong Baoshen, emphasized the collaboration's potential to leverage project development, technological innovation, and engineering construction to ensure successful commercial operation and expand cooperative outcomes [1][2] - This partnership represents a milestone in complementing the strengths of the three parties and supports the global energy revolution, showcasing Longi's BC technology adaptability across diverse scenarios [2]

Core Points - COP30 has integrated trade issues into its outcome documents, marking a significant development in climate negotiations [1] - The conference emphasized the urgent need for increased climate financing, particularly for developing countries, with a commitment to double adaptation funding by 2035 [4][5] - The absence of the U.S. federal government at COP30 is notable, as it is the first time since the inception of the UN climate conferences that the U.S. did not send a high-level representative [7] Climate Financing - The final document from COP30 calls for developed countries to double their adaptation funding to developing nations by 2025 compared to 2019 levels, and to triple it by 2035 [1][4] - A target of mobilizing at least $1.3 trillion annually for climate funding by 2035 was established, with developed countries expected to contribute at least $300 billion each year [5] Trade Issues - The conference highlighted the importance of sustainable development for developing countries and warned against unilateral actions that could create unfair trade barriers [5] - A new dialogue aimed at enhancing international cooperation on trade was initiated, involving various countries and organizations like the WTO [5] Renewable Energy Investment - Investment in renewable energy has surpassed that in fossil fuels, with renewable investments now being twice that of fossil fuel investments [8] - The commitment to achieving net-zero emissions has been made by over 80% of global economies, indicating a strong shift towards sustainable energy [7] Future Actions - While there was consensus on accelerating the implementation of the Paris Agreement, no specific plans were made to phase out fossil fuels [9] - The next climate conference (COP31) will be hosted by Turkey, with Australia taking a leadership role in negotiations [9]

Group 1: Report Overview - Report Name: Paper Pulp Daily Report [1] - Date: November 14, 2025 [2] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Viewpoint - In the short - term, pulp prices are strong due to low warehouse receipt quantities and rising overseas November quotes. It is recommended to observe the cost digestion performance of downstream paper enterprises and adopt a wait - and - see approach [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5486 yuan/ton, the closing price was 5534 yuan/ton, with an overall increase of 0.87% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4900 - 6500 yuan/ton, remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5550 - 5580 yuan/ton [7] - Overseas quotes: Finnforest Metsa notified Chinese customers that the November quote for softwood pulp was raised by $20 [7] - Production and sales data: In September, the chemical pulp shipments of 20 major pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market also increased [7] - Inventory data: As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7] - Downstream paper market: The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publication was ongoing, but social demand was limited [7] 2. Industry News - During the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, vice - president of APP, was invited to attend and share the company's innovation exploration in technology and full - industry chain collaboration [8] 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [14][16][18][24][25][27]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core View - In the short term, pulp prices are trending stronger due to low warrant quantities and rising overseas quotes in November. It is recommended to monitor the cost digestion performance of downstream paper mills and adopt a wait - and - see approach [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,492 yuan/ton, and the closing price was 5,482 yuan/ton, a decline of 0.18%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,870 - 6,500 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing quotation was 5,520 - 5,530 yuan/ton [7]. - Finnforest Metsa notified Chinese customers that the November quote for softwood pulp would be raised by $20. In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market continued to grow [7]. - As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7]. - The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publications was ongoing, but social demand was limited [7]. 2. Industry News - On November 12, during the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, Vice President of Asia Pulp & Paper (APP), was invited to attend and discuss with domestic and foreign political, business, academic, and research guests [8]. 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warrant totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [14][16][18][25][26][27]

Core Viewpoint - The event "Ecological Civilization and Beautiful China Practice" at COP30 highlighted China's significant role in renewable energy and the importance of international cooperation in addressing climate change [1][2]. Group 1: China's Role in Renewable Energy - China is recognized for its important contributions to renewable energy and its long-term vision is commendable [1][2]. - The year 2025 marks the 10th anniversary of the Paris Agreement and the 20th anniversary of the "Green Mountains and Clear Water are Golden Mountains and Silver Mountains" concept, emphasizing China's commitment to environmental sustainability [1]. Group 2: International Cooperation and Dialogue - Continuous and deepened dialogue is essential for countries to collectively address the climate crisis, sharing successful experiences and restoring the spirit of cooperation [1][2]. - The past decade has seen dialogue play a crucial role in the evolution of environmental regulations, enabling the passage of effective laws [2]. Group 3: Future Actions and Expectations - There is a call for large-scale coordinated actions to tackle the decisive challenges of the era, integrating ecological protection with economic development [2]. - The COP30 is viewed as a "conference of action," moving beyond discussions to the implementation of solutions [2].