外交部发言人林剑昨日在例行记者会上就日本一停运核反应堆发生含放射性物质的水泄漏事件答问时表 示，中方敦促日方充分汲取福岛核事故教训，切实履行核安全责任，自觉接受国际监督，减少国际社会 担忧。 中方敦促日方妥善处理核电站退役和放射性废物处置 有记者提问，据日媒报道，23日，位于日本福井县敦贺市正在进行退役作业的"普贤"核反应堆发生含放 射性物质的水泄漏事件。日本原子能规制委员会称，此次泄漏的水中放射性物质的浓度被认为"较高"， 可能有数人遭到辐射。中方对此有何评论？ 林剑表示，此次事件再次暴露出日本的核设施运行状况、运营维护能力、核安全监管等方面存在严重漏 洞。 一段时间以来，日本福岛第一核电站出现辐射检测仪质检造假问题，青森县六所村的后处理厂乏燃料池 冷却水发生外溢事故，接二连三的核设施安全事件令人关切。在核设施老化、管理混乱、监管不力等种 种乱象之下，日方仍决定重启曾发生乏燃料池冷却水外溢事故的柏崎刈羽核电站，已经引发日本国内民 众反对和抗议。 林剑指出，高市首相发表涉台错误言论之后，其侧近人士再次发表谬论，这是在不断试探国际社会底 线，暴露出高市首相和日本右翼势力的一贯错误主张和持续推动"再军事化"的野心 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for central enterprises to promote strategic, specialized restructuring and high-quality mergers and acquisitions, focusing on sectors like new energy, aerospace, and quantum technology [1] - The U.S. plans to impose tariffs on China's semiconductor industry starting in 2027, which China firmly opposes, stating it disrupts global supply chains and harms both countries [1] - SMIC has notified customers of a 10% price increase for its 8-inch BCD process platform, driven by high demand for power chips in AI servers [2] Group 2 - Samsung and SK Hynix have raised the price of HBM3E by nearly 20% for the upcoming year, a rare occurrence before the launch of a new generation of HBM products [2] - Huayin Technology signed a framework procurement contract worth 254 million yuan for special functional materials for aircraft fuselages, which is expected to positively impact its performance [3] - TuoJing Technology's major shareholder, the National Integrated Circuit Fund, reduced its stake by 0.65% through block trading, affecting its ownership from 19.57% to 18.92% [4] Group 3 - Sany Heavy Energy plans to use up to 9.5 billion yuan of its own funds for entrusted wealth management in 2026, ensuring it does not affect its main business operations [4] - Pioneer Precision plans to use up to 250 million yuan of idle funds for entrusted wealth management, focusing on low-risk investment products [5] - Zhuhai Guanyu's shareholders plan to reduce their holdings by up to 3% for operational needs, with the reduction period set from January 20 to April 19, 2026 [6] Group 4 - Anjisi's subsidiary received three medical device registration certificates, enhancing its product line in the endoscopy field [7] - Yangguang Nuohuo signed a technical development contract for the STC008 injection project, securing a total of 500 million yuan in payments, including an initial payment of 50 million yuan [8] - Yuandong Bio's methylene blue injection has received FDA approval, marking its third product for international markets [9] Group 5 - Dize Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [9] - Chunfeng Huayu completed a multi-million A-round financing to accelerate product development and clinical progress in high-end medical devices [10] - Gesong Technology secured angel round financing to focus on embodied intelligence research and production [10]

交易咨询业务资格：证监许可【2012】1091号 贵金属周报（11.17-11.21） 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 上周回顾 2 每周周评 3 4 5 基本面数据 持仓数据 总结 | 指 标 | 前 | 收 | 最 | 高 | 最 | 低 | 涨 | 跌 | 涨跌幅 （%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪金2602 | 926 . | 94 | 948 . | 86 | 920 | 5 . | - 35 . | 10 | - 3 . | 65 | | 沪银2602 | 11680 | | 12306 | | 11661 | | - 760 | 00 . | - 6 . | 1 ...

Group 1 - The article discusses the recent developments in US-China relations, highlighting that despite tensions between China and Japan, the US is moving forward with plans to engage China through a delegation led by Senator Steve Daines [3][6] - Daines, a close ally of Trump, has significant experience in China and is expected to discuss not only US-China relations but also economic cooperation during his visit [5][6] - The timing of Daines' visit is strategic, as it precedes Trump's planned visit to China in April, indicating a preparation for key discussions [6] Group 2 - The article emphasizes the US's cautious approach towards imposing semiconductor tariffs, as there are concerns about reigniting trade tensions and the potential disruption of rare earth supplies from China [8][12] - The US's reliance on China for rare earth elements, crucial for high-tech industries, poses a significant challenge, as alternatives to establish a new supply chain would take at least five years [10] - The previous trade confrontations have shown that tariffs primarily harm the US economy, leading to higher costs for American businesses and consumers, which influences the decision to pause the semiconductor tariff plans [12]

Core Viewpoint - The U.S. government may delay the implementation of previously promised semiconductor tariffs, which could impact President Trump's economic agenda [1][2] Group 1: Tariff Implementation - U.S. officials have privately indicated that semiconductor tariffs may not be implemented soon, reflecting a more cautious approach from the government [1] - Trump's aides are reportedly stalling on the chip tariff issue to avoid trade conflicts with China, which could disrupt critical rare earth mineral supplies [1] - The government is still debating the timing and details of the tariffs, which could potentially reach triple-digit percentages [1] Group 2: Government Stance - White House spokesperson and Commerce Department officials denied any change in the government's position regarding semiconductor tariffs [2] - The Commerce Department stated that there has been no change in policy regarding the semiconductor 232 tariffs, without providing a timeline for final decisions [2] Group 3: Economic Context - The timing is sensitive for Trump, as rising consumer anxiety over holiday shopping prices could be exacerbated by increased import taxes on semiconductors, affecting costs of various electronic devices [2] - Trump recently canceled tariffs on over 200 food items but claimed that import taxes have not significantly impacted inflation [2] - Since President Biden took office, inflation rates have consistently exceeded the Federal Reserve's target level [2] Group 4: National Security Concerns - Trump believes that tariffs can help revive domestic manufacturing jobs that have been lost to other countries, including China [3] - In April, the Trump administration announced investigations into drug and semiconductor imports to assess national security risks associated with reliance on foreign production [3]

Core Viewpoint - The U.S. government may delay the implementation of long-promised semiconductor tariffs, which could impact Trump's economic agenda and avoid escalating trade tensions with China [1][3][4]. Group 1: Tariff Implementation - U.S. officials have indicated that they might not impose the previously discussed 100% tariffs on imported semiconductors in the near future [1]. - The government is taking a more cautious approach to avoid provoking China and reigniting trade conflicts, particularly concerning critical rare earth minerals [3]. Group 2: Economic Implications - Delaying or scaling back semiconductor tariffs could be sensitive for Trump, especially with rising consumer prices ahead of the holiday shopping season [4]. - Increased tariffs on imported semiconductors could lead to higher costs for consumer electronics, affecting products from refrigerators to smartphones [4].

Core Viewpoint - U.S. officials may delay the implementation of long-promised semiconductor tariffs, potentially postponing a key aspect of Trump's economic agenda [1] Group 1: Tariff Details - U.S. government previously indicated plans to impose approximately 100% tariffs on imported semiconductors, with exemptions for companies manufacturing or committing to manufacture in the U.S. [1] - Recent communications suggest a more cautious approach, with ongoing debates about timing and specifics of the tariffs [1] Group 2: Stakeholder Communication - Officials have conveyed this shift in strategy to both government and private sector stakeholders over the past few days [1] - Despite the change in guidance, it is noted that any decisions are not final until officially signed by the government, and the possibility of imposing three-digit tariffs remains [1]

Core Insights - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points [1] - Mergers and acquisitions, along with semiconductor cleanroom-related stocks, showed significant gains this week, driven by heightened expectations for U.S. production expansion [1][2] - The focus remains on infrastructure opportunities in regions like Xinjiang and Tibet, as well as on mergers and acquisitions and small-cap construction transformation stocks [1] Construction Sector Performance - In the week from September 22 to September 26, the construction index fell by 1.67%, while the CSI 300 index rose by 0.74%, leading to a 2.42 percentage point underperformance of the construction sector [5] - Among sub-sectors, only the architectural design sector recorded a positive return of 1.02%, while other sub-sectors experienced declines [5] - Notable individual stock performances included Huajian Group (+23.17%), Haibo Heavy Industry (+17.25%), Suzhou Planning (+12.08%), *ST Huawang (+11.95%), and Yaxiang Integration (+11.89%) [5] Infrastructure Development - In Sichuan, the number of newly awarded projects reached 218, amounting to approximately 72.2 billion yuan, reflecting a year-on-year growth of 22.20%, with infrastructure orders growing by 25.88% [3] - Despite the increase in new projects, the commencement of construction has been hindered by land approval and project red line issues, leading to revenue pressure in the first half of the year [3] - A recent meeting emphasized the need to accelerate project initiation and completion in the remaining months of the year, suggesting a potential improvement in the fundamentals for Sichuan Road and Bridge [3] Material Indicators - The cement shipment rate was reported at 50.83%, with a week-on-week increase of 2.50 percentage points, while the asphalt plant operating rate was at 40.10%, up by 5.7 percentage points [4] - The recovery in cement and asphalt rates indicates a positive outlook for the conversion of physical workload in infrastructure projects [4]

Core Viewpoint - MediaTek has launched its new flagship mobile SoC, the Dimensity 9500, which will debut in the vivo X300 series smartphones [1] Group 1: Product Features - The Dimensity 9500 utilizes TSMC's N3P process and features a full big-core CPU design, including the world's first Arm C1 series CPU cluster and G1-Ultra GPU, along with new dual NPU and ISP image processing units [1] - The CPU architecture consists of 1 C1-Ultra super core at 4.21GHz, 3 C1-Premium super cores, and 4 C1-Pro big cores, supporting 4-channel UFS4.1 flash storage [3] - Single-core performance has improved by 32% and multi-core performance by 17% compared to the previous generation, with peak power consumption for super cores reduced by 55% and multi-core peak power consumption down by 37% [3] Group 2: Performance Metrics - MediaTek's lab data shows the Dimensity 9500 achieving a GeekBench single-core score of 4007 and a multi-core score of 11217 [4] - Real-world testing by @Zealer reported a single-core score of 3610 and a multi-core score of 10765, indicating that Android flagship performance is now comparable to Apple's current flagship [4] Group 3: Market Position and Future Plans - The first smartphones featuring the Dimensity 9500 are expected to launch in Q4 2025, with vivo's X300 series and OPPO's Find X9 series confirmed to use the new chip [6] - MediaTek is negotiating with TSMC to produce some chips in the U.S. to mitigate potential tariff risks, particularly for automotive and sensitive application chips [7] - MediaTek has announced further collaboration with TSMC to be among the first to adopt TSMC's 2nm process technology, with a new SoC design expected to achieve an 18% performance increase and a 36% reduction in power consumption compared to the current N3E process [7]

Core Viewpoint - Citigroup analysts find ASML Holding's stock attractive due to recent positive developments in the news [1] Group 1: Market Conditions - ASML, a Dutch chip manufacturing equipment supplier, previously expressed uncertainty about guaranteeing growth by 2026 due to President Trump's tariff policies, disappointing investors [1] - A recent agreement between the EU and the US sets a 15% tariff cap on semiconductor exports, improving the market outlook [1] Group 2: Key Client Developments - Intel, a key customer of ASML, has shown improved news, with the US government planning to hold a 10% stake in Intel [1] - NVIDIA announced a $5 billion investment in Intel as part of a collaboration to develop customized data center and personal computing products [1]