国内市场综述 弱势整理 震荡走低 周五（11 月 21 日）大盘弱势整理，震荡走低。截至 收盘，上证综指收于 3834.89 点，下跌 2.45%；深成 指收于 12538.07 点，下跌 3.41%；科创 50 下跌 3.19%； 创业板指下跌 4.02%，万得全 A 成交额共 19836 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业全线下跌，其中综合、 有色金属及基础化工涨幅居前， 概念方面，中船系、 水产及小红书平台等指数表现活跃。 海外市场综述 美股三大指数全线收涨，谷歌涨超 3% 周五（11 月 21 日），美国三大股指全线收涨，道指 涨 1.08%，标普 500 指数涨 0.98%，纳指涨 0.88%。家 得宝涨超 3%，默克涨近 3%，领涨道指。万得美国科技 七巨头指数涨 0.71%，谷歌涨超 3%，苹果涨近 2%。中 概股多数上涨，涂鸦智能涨近 7%，阿特斯太阳能涨逾 5%。 新闻精要 1. 李强出席二十国集团领导人第二十次峰会第二及第 三阶段会议 2. 中国代表致函联合国秘书长古特雷斯：高市涉台言 论极其错误极为危险 3. 2025 中国 5G+工业互联网大会在武汉开幕 4. ...

李强指出，新一轮科技革命和产业变革加速推进，为世界带来前所未有的发展机遇，但也可能形成新的 不平等和发展鸿沟。二十国集团要推动各方坚持开放共赢、机遇共享，努力提升世界各国人民福祉。一 是推进人工智能的普及应用与有效治理。积极推进研发合作与成果共享，弥合智能鸿沟，完善治理规 则。中方欢迎更多国家加入世界人工智能合作组织、《开放科学国际合作行动计划》，推动人工智能朝 着有益、安全、公平方向健康有序发展。二是促进关键矿产的互惠合作与和平利用。支持"联合国秘书 长能源转型关键矿产小组"发挥积极作用，落实《二十国集团关键矿产框架》，推动优化产供链各环节 利益分配，更好维护发展中国家利益，同时审慎对待军事等用途，防范安全风险。欢迎各方积极参与 《绿色矿产国际经贸合作倡议》。三是强化对全球南方的发展赋能与民生支持。加大对非洲等发展中国 家的能力建设帮助，创造更多就业岗位，促进妇女、青年群体发展。中方愿同各方一道落实曼德拉湾目 标，让更多青年从经济全球化中获益。 李强表示，当前气候变化、能源、粮食等多重挑战叠加，需要国际社会以团结凝聚力量、靠协作破解难 题。二十国集团应当推动更为广泛的国际合作，共同应对挑战，合力推动发展。一 ...

● 新华社约翰内斯堡11月23日电 （记者刘万利 王雷） 峰会期间，李强同法国总统马克龙、韩国总统李在明、安哥拉总统洛伦索、西班牙首相桑切斯、世界贸 易组织总干事伊维拉等进行了友好交流。 李强指出，新一轮科技革命和产业变革加速推进，为世界带来前所未有的发展机遇，但也可能形成新的 不平等和发展鸿沟。二十国集团要推动各方坚持开放共赢、机遇共享，努力提升世界各国人民福祉。一 是推进人工智能的普及应用与有效治理。积极推进研发合作与成果共享，弥合智能鸿沟，完善治理规 则。中方欢迎更多国家加入世界人工智能合作组织、《开放科学国际合作行动计划》，推动人工智能朝 着有益、安全、公平方向健康有序发展。二是促进关键矿产的互惠合作与和平利用。支持"联合国秘书 长能源转型关键矿产小组"发挥积极作用，落实《二十国集团关键矿产框架》，推动优化产供链各环节 利益分配，更好维护发展中国家利益，同时审慎对待军事等用途，防范安全风险。欢迎各方积极参与 《绿色矿产国际经贸合作倡议》。三是强化对全球南方的发展赋能与民生支持。加大对非洲等发展中国 家的能力建设帮助，创造更多就业岗位，促进妇女、青年群体发展。中方愿同各方一道落实曼德拉湾目 标，让更多青 ...

新华社约翰内斯堡11月23日电 中华人民共和国国务院总理 李强 尊敬的拉马福萨总统， 各位同事： 很高兴出席二十国集团约翰内斯堡峰会。感谢拉马福萨总统和南非政府的热情接待和周到安排。 本次峰会的主题是"团结、平等、可持续"，其中"团结"被置于首位，这让人不禁想起二十国集团一 路走来的历程。1999年，亚洲金融危机暴露出全球经济治理协调不足，二十国集团机制应运而生。2008 年，国际金融危机爆发后，机制升格为领导人峰会，带领世界经济走向复苏。不同地区、不同制度文化 的成员携手同行，一次次攻坚克难，共促全球进步发展，其关键就在"团结"二字。 习近平 主席在二十国集团领导人第十七次峰会上指出，团结就是力量，分裂没有出路。当前，世 界经济再次面临巨大挑战，单边主义、保护主义甚嚣尘上，各种经贸限制和对立对抗增多。很多人在思 考，到底是什么阻碍了国际社会的团结？综合各种分析，比较突出的有两点：一是各方利益诉求存在差 异。对差异如果不进行积极调和，就会带来矛盾和纷争。二是全球合作机制存在不足。特别是公平公正 且具权威性、执行力的协调机制相对缺失，难以在更大范围形成共识和合力。二十国集团应当正视存在 的问题，探寻解决之道，推 ...

Core Insights - South Africa is signaling new cooperation opportunities to global investors, particularly from China, in the context of global green transition and supply chain restructuring [1][2] - The South African Investment Conference held in Beijing emphasized the potential for collaboration in renewable energy, fintech, and agri-tech, highlighting the urgency for early participation [1][5] Renewable Energy - South Africa is actively promoting investments in renewable energy, including hydrogen, solar, and wind energy projects, creating ample opportunities for external investors [4][5] - The urgency for investment in renewable energy is underscored, with the potential for significant mutual benefits for both South Africa and China [5] Financial Services - The financial services sector in South Africa is mature and well-developed, presenting new growth opportunities, particularly in fintech [5] - South Africa encourages Chinese enterprises to engage in digital banking, payments, credit, and blockchain collaborations [5] Agriculture - Agriculture remains a crucial economic pillar for South Africa, with increasing opportunities for investment and collaboration in agri-tech [5] - The opening of the Chinese market has facilitated the entry of more South African products, enhancing bilateral agricultural cooperation [5] Key Mineral Resources - South Africa possesses abundant "critical minerals" essential for battery and renewable energy industries, ranking fifth globally in mining GDP contribution [2][8] - The country produces nearly 60% of the world's platinum group metals, providing a significant resource base for potential investors [2] Strategic Positioning - South Africa serves as a strategic gateway for Chinese investors looking to enter the African market, leveraging its industrialization and financial infrastructure [2][7] - The upcoming G20 summit in South Africa is expected to enhance the country's role in attracting high-quality investments and promoting sustainable development [2][6] Youth and Talent - South Africa has a relatively young population, which is adaptable to new technologies, providing a dynamic labor force for future industries [9] - The country’s industrial base and financial services support innovation, creating a conducive environment for technology-driven investments [9]

Group 1 - The G7 Foreign Ministers' meeting took place in Niagara, Ontario, Canada, on November 11-12, focusing on urgent global economic and security challenges [1] - Key discussion topics included maritime security and prosperity, economic resilience, energy security, and critical minerals [1] - The meeting will also address issues related to ceasefire agreements in Ukraine and Gaza [1] Group 2 - In addition to G7 member countries, invited participants included Ukraine, Brazil, India, Saudi Arabia, Australia, South Africa, South Korea, and Mexico [1]

Core Points - The USGS has updated its critical minerals list, adding copper, silver, and metallurgical coal, which may increase the likelihood of these materials being included in tariff policies [1] - This update is the most significant since the list was first published in 2018, with a total of 10 new minerals added, bringing the total to 60 [3] - The inclusion of these minerals is part of a broader strategy to secure the supply chain of critical minerals deemed essential for the US economy and national security [2][3] Summary by Category New Additions to the Critical Minerals List - The updated list now includes copper, silver, metallurgical coal, uranium, potassium, rhenium, silicon, and lead among others [1] - The total number of minerals on the list has increased to 60, which includes 15 rare earth elements [3] Implications for Tariff Policies - The inclusion of these minerals allows the US government to conduct Section 232 investigations under the guise of national security [1] - The strategic importance of these minerals is underscored by their critical role in manufacturing and potential supply chain disruptions [2] Market Reactions and Concerns - The addition of silver has raised concerns in the market, as any tariffs on silver could significantly impact the silver market [4][5] - The US imports nearly two-thirds of its silver, which is widely used in electronics, solar panels, jewelry, and investment [5] - Increased inventory levels of silver in New York have been observed, reaching historical highs due to tariff concerns [5]

Core Points - The USGS has updated its critical minerals list, adding copper, silver, and metallurgical coal, which may increase the likelihood of these materials being included in tariff policies [1] - This update is the most significant since the list was first published in 2018, with a total of 10 new minerals added, including uranium, potassium, rhenium, silicon, and lead [1][5] - The updated list now includes 60 minerals, with 15 being rare earth elements, and highlights the supply chain risks associated with certain elements [5] Group 1: New Additions to the List - The USGS defines critical minerals as those essential to the US economy or national security, whose supply chains are vulnerable and whose absence would significantly impact the economy or security [4] - The inclusion of copper and potassium was anticipated, while the addition of silver raises concerns about potential tariffs affecting the silver market [6][7] - The US relies heavily on imports for silver, with about two-thirds of its supply coming from abroad, and the industrial demand for silver has led to a price surge [7] Group 2: Implications of the Update - The updated list signals the US government's priorities, making it easier for designated critical minerals to receive federal support [5] - The inclusion of silver in the list has caused anxiety among traders and manufacturers who depend on it, as tariffs could disrupt the metal market [6][7] - The US has already placed some silver customs codes on the tariff exemption list, indicating that certain types of silver may be less affected by potential tariffs [7]

Core Points - The U.S. Department of the Interior's U.S. Geological Survey (USGS) has made significant adjustments to the critical minerals list, including copper for the first time since its inception in 2018, which will impact future tariff policies and trade restrictions [1][4] - The updated list includes additional minerals such as uranium, silver, metallurgical coal, potassium, rhenium, silicon, and lead, reflecting a strategic shift to reduce reliance on imports and enhance domestic production [1][4][8] - The inclusion of copper is particularly important due to its extensive applications in electrification, defense, and clean energy, with the U.S. relying on imports for nearly half of its copper consumption [5][6] Group 1 - The new critical minerals list will influence the 232 investigation announced by the Trump administration, affecting mining investments, tax incentives for mineral processing, and mining permit approval processes [4][8] - The U.S. government prioritizes increasing domestic supply of these minerals, citing national security and infrastructure development concerns due to over-reliance on foreign sources [4][5] - The list's expansion coincides with a rise in electricity demand in the U.S., driven by developments in data centers and artificial intelligence [4] Group 2 - The inclusion of potassium is aimed at addressing potential trade barriers from major supply countries, as the U.S. imports about 80% of its potassium from Canada [6][8] - The addition of silver has raised concerns among precious metal traders and manufacturers, as the U.S. heavily relies on imports to meet domestic silver demand, which could be impacted by tariffs [7][8] - The final list also includes metallurgical coal and uranium, which were not in the draft version, indicating a comprehensive evaluation of environmental factors and domestic supply conditions [8]

Economic Indicators - The unemployment rate in the U.S. for October is approximately 4.36%, marking a four-year high [9] - Revelio Labs reported a decrease of 9,100 non-farm jobs in October, with a year-on-year increase of 175% in layoffs [9] - The Chicago Fed President expressed caution regarding interest rate cuts due to unreliable inflation data [9] Market Performance - The WTI crude oil price fell by 0.13% to $59.40 per barrel, while Brent crude oil decreased by 0.18% to $63.21 per barrel, amid concerns of oversupply [3] - Major U.S. stock indices declined, with the Dow Jones down 0.84%, S&P 500 down 1.12%, and Nasdaq down 1.9% [3] - The Hong Kong Hang Seng Index rose by 2.12%, with significant gains in large tech stocks like Alibaba and JD.com [4] Corporate Developments - Tesla shareholders approved a compensation plan for Elon Musk valued at nearly $1 trillion [9] - A restructuring platform for polysilicon is being planned, with acquisition details still under discussion [11] - The World Gold Council reported that global gold ETFs saw net inflows for five consecutive months, with daily trading volumes reaching record highs [11]