智通财经记者 | 张旭 截至2024年年末，我国60周岁以上人口达3.1亿，占总人口的22%。让所有老年人都能有一个幸福美满 的晚年，是家事，也是国事。 随着我国人口老龄化程度不断加深，养老服务需求日渐增长，养老服务体系建设也面临新的挑战。在此 背景下，1月7日，中办、国办发布《深化养老服务改革发展的意见》（以下简称：《意见》）。《意 见》明确，到2029年，我国养老服务网络基本建成；到2035年，养老服务网络更加健全，适合我国国情 的养老服务体系成熟定型。 《意见》提出17条清晰"路径"。从完善村（社区）养老服务设施站点、巩固居家养老基础作用，到加快 补齐农村养老服务短板、加强养老服务人才队伍建设等，均作出明确部署。 今年7月，民政部会同财政部组织开展向中度以上失能老年人发放养老服务消费补贴试点工作，在浙 江、山东、重庆市等地先行开展项目试点，切实惠及老年群体。与此同时，适老化改造持续推进，全国 同步开展消费品以旧换新补贴，截至今年9月，国家财政补贴资金近10亿元。 此外，居家社区养老服务持续深化，全国启动2025年居家和社区基本养老服务提升行动项目。中央财政 投入9亿元资金支持50个项目地区建设家庭养老床 ...

来源：新华社 新华社北京12月27日电 题：破除卡点堵点 纵深推进全国统一大市场建设 新华社记者吴雨、刘羽佳 建设全国统一大市场是构建新发展格局的基础支撑和内在要求。 市场基础制度不断健全，市场设施互联互通持续增强，商品服务和资源要素流动更加顺畅……一年来， 纵深推进全国统一大市场建设取得积极成效，进一步夯筑中国经济应对变局、开拓新局的坚实底气。 日前召开的中央经济工作会议提出，纵深推进全国统一大市场建设，并提出"制定全国统一大市场建设 条例，深入整治'内卷式'竞争。" 记者在调研中感受到，从中央到地方，一系列旨在破除壁垒、畅通循环的举措持续落地，进一步激发超 大规模市场优势潜力，不断增强经济发展内生动力和活力。 加快破壁清障 让要素"活"起来 12月，来自青海的1876万千瓦时绿色电力，通过市场化交易，跨越数千公里直达吉林，点亮东北"夜经 济"。 青海绿电首次送达东北地区，背后是青海、北京、吉林"三网"联动，共同达成跨省跨区中长期外送电力 交易。 今年以来，全国统一电力市场建设按下"加速键"：跨经营区电力交易加速落地，南方区域电力市场开展 连续结算运行，省间现货市场更加成熟……破除壁垒、统一规则，实现电力资 ...

市场基础制度不断健全，市场设施互联互通持续增强，商品服务和资源要素流动更加顺畅……一年 来，纵深推进全国统一大市场建设取得积极成效，进一步夯筑中国经济应对变局、开拓新局的坚实底 气。 日前召开的中央经济工作会议提出，纵深推进全国统一大市场建设，并提出"制定全国统一大市场 建设条例，深入整治'内卷式'竞争。" 新华社北京12月27日电 题：破除卡点堵点 纵深推进全国统一大市场建设 新华社记者吴雨、刘羽佳 建设全国统一大市场是构建新发展格局的基础支撑和内在要求。 记者在调研中感受到，从中央到地方，一系列旨在破除壁垒、畅通循环的举措持续落地，进一步激 发超大规模市场优势潜力，不断增强经济发展内生动力和活力。 加快破壁清障 让要素"活"起来 12月，来自青海的1876万千瓦时绿色电力，通过市场化交易，跨越数千公里直达吉林，点亮东 北"夜经济"。 青海绿电首次送达东北地区，背后是青海、北京、吉林"三网"联动，共同达成跨省跨区中长期外送 电力交易。 一年来，土地要素市场化配置持续优化，农村集体经营性建设用地入市改革全面提速，房地一体宅 基地确权登记颁证加快推进，进城落户农民合法土地权益得到有效保障……存量土地资源被逐步唤 ...

证券日报网讯 12月19日，圆通速递在互动平台回答投资者提问时表示，今年以来，国家层面多次强调 综合整治"内卷式"竞争，为行业高质量发展营造了良好的政策环境。随着行业反内卷举措的持续落地， 快递终端价格实现合理回升，市场份额逐步向服务品质更优、客户体验更佳、管理能力更强、网络健康 度良好的企业集中。未来，伴随综合整治"内卷式"竞争相关政策的持续推进和高质量发展的逐步深化， 主要快递服务企业将稳步巩固核心竞争优势，各企业综合竞争力差距将进一步扩大，竞争格局将呈现持 续分化趋势。 （编辑 丛可心） ...

"我国的光伏产业仍处于机遇与挑战交织的关键调整期。" 在12月18日举行的2025光伏行业年度大会上，中国光伏行业协会理事长、阳光电源（300274.SZ）董事 长曹仁贤如是表示。 "光伏行业下行趋势基本触底，企业亏损逐步收窄，但未来国内外市场需求仍存在不确定性。"但另一方 面，曹仁贤表示，国际贸易环境的日趋复杂严峻及海外产能的加速释放，对我国光伏产业出口及企业竞 争仍构成严峻挑战。 隆基绿能（601012.SH）创始人李振国在会上公开呼吁全行业应强化自律、抵制非理性竞争。 "当前中国光伏产业正经历深刻的周期性调整，面临着产能、价格与'内卷式'竞争的挑战，面对当前形 势，光伏行业需要齐心协力。"李振国提出，一方面，要持续强化创新引领、构建韧性协同的供应链体 系，积极开拓全球市场。 工信部电子信息司司长杨旭东表示，2026年光伏行业治理将步入攻坚期。 他还呼吁产业链上下游企业加强务实合作，强化行业自律，坚决抵制非理性竞争，合力营造开放包容、 规范有序、韧性高效的产业新生态。 在今天举行的光伏行业年度大会上，工信部、国家能源局及中国光伏行业协会相关领导谈及目前中国光 伏行业面临的挑战及后续攻坚的重点。 在回顾20 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Short - term, the RMB is likely to be moderately strong against the US dollar, mostly in a low - volatility range with limited trading value. Key factors include clear policy support, enhanced independent exchange - rate fluctuations, and a resonance of internal and external environments. However, potential risks such as high long - position inventories of USD/HKD and the impact of the Bank of Japan's interest - rate hikes should be noted [3]. - The entry of the national team only boosts the market sentiment in the short term. The stock index is expected to stabilize and fluctuate in the short term, and the small and medium - cap stock indexes may face pressure [4]. - For the bond market, it is not pessimistic in the medium term. Mid - term long positions can be held, while short - term long positions can consider taking profits [5]. - In the container shipping European route, there is a bull - bear mix. The price is expected to be supported in January due to shipping companies' price - holding intentions, but factors such as weak economic data, sufficient shipping capacity, and the expected resumption of Red Sea routes may bring pressure [6]. - For platinum and palladium, the long - term bullish foundation for platinum remains. In the short term, attention should be paid to the risk of adjustment due to the widening price difference between domestic and foreign markets. For gold and silver, be cautious about short - term callbacks, and maintain a long - term bullish view. For copper, the market sentiment is high, but the price increase did not meet expectations. For aluminum, it is expected to fluctuate strongly in the medium term; alumina is expected to be weak; and cast aluminum alloy is expected to fluctuate strongly. For zinc, it is expected to maintain a wide - range shock in the short term. For nickel and stainless steel, they had a short - term correction, and attention should be paid to the supply and demand situation. For tin, it is expected to be strong in the short term, and it is recommended to enter the market on dips. For lithium carbonate, the short - term price may fluctuate more widely, and there are opportunities for long positions in the long term. For industrial silicon, it is in a supply - demand weak situation, and for polysilicon, the trading logic is mainly technical [9][11][13][16][19][20][22][23][24][26]. - For steel products, the price is expected to fluctuate. The price range of the rebar main contract 2605 is likely between 2900 - 3300, and that of the hot - rolled coil main contract 2605 is likely between 3000 - 3400. For iron ore, the downward space is expected to be limited. For coking coal and coke, if the upward trend continues, it may drive a new round of terminal restocking. For ferrosilicon and ferromanganese, the market is in a situation of weak reality and strong expectation, and there may be a short - term rebound [30][31][32][33][34][36]. - For pulp and offset paper, the short - term strategy is mainly to wait and see. For crude oil, the escalation of the US - Venezuela situation may drive up short - term oil prices. For LPG, the near - term is still supported. For PTA - PX, there is no obvious driver, and it will fluctuate with the cost side. For MEG - bottle chips, the short - term downward driving force is weakened, but the medium - and long - term situation is still under pressure. For methanol, it is recommended to maintain a reverse spread. For PP, the cost side provides strong support, and there may be a short - term rebound. For PE, the spot side is weak, and the supply - demand pressure is large. For pure benzene - styrene, pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern. For asphalt, if the US does not directly declare war on Venezuela, the upward space is limited. For rubber, both natural and synthetic rubber are expected to maintain a wide - range shock. For urea, the 01 contract is expected to continue to fluctuate. For soda ash, it is waiting for unexpected supply changes. For glass, the near - month 01 will follow the delivery logic, and the far - month is affected by production line cold repairs. For caustic soda, the price is expected to fluctuate weakly. For logs, the current price has limited trading value. For propylene, it is expected to maintain a shock pattern [38][40][42][44][45][46][47][49][50][52][53][54][55][57][58][60][61][62][63][65][67][68][70][71][72][75][76][78][79][80]. - For oilseeds, the external soybean market will focus on demand in the short term and is expected to fluctuate around the cost line in the medium term. The domestic soybean meal will continue the long - spread trend in the short term, and the medium - term supply depends on reserve releases. For oils, the short - term trend is wide - range shock, and attention should be paid to production and biodiesel information. For cotton, it is recommended to build long positions on dips, paying attention to downstream orders and hedging pressure. For sugar, the price will remain weak. For apples, the strategy is mainly to buy on dips. For red dates, the short - term downward space may be limited, and attention should be paid to pre - holiday procurement [81][82][83][84][85][86][87][88][89]. 3. Summary by Relevant Catalogs Financial Futures - **Macro**: Overseas, the Fed cut interest rates in December, the US employment market cooled, and the UK's CPI decline increased the expectation of an interest - rate cut. Domestically, policies are "seeking progress while maintaining stability," and in November, industrial production was resilient but domestic demand was weak [1]. - **RMB Exchange Rate**: The previous trading day, the on - shore RMB depreciated slightly against the US dollar. Key information includes China's fiscal revenue growth, the Fed's potential interest - rate cuts, and the UK's CPI decline. The RMB is expected to be moderately strong in the short term, with potential risks [2][3]. - **Stock Index**: The stock index rose collectively in the previous trading day. The entry of the national team boosted market sentiment, but the index is expected to fluctuate in the short term, and small and medium - cap indexes may face pressure [4]. - **Treasury Bonds**: The bond market rose on Wednesday. The market sentiment improved, and it is not pessimistic in the medium term. Mid - term long positions can be held, and short - term long positions can consider taking profits [4][5]. Commodities Non - ferrous Metals - **Platinum and Palladium**: The night - session prices of platinum and palladium rose to new highs this year. The price is affected by factors such as the Fed's policy, supply - demand fundamentals, and EU policies. In the long term, the bullish foundation for platinum remains, and short - term adjustment risks should be noted [9][10]. - **Gold and Silver**: Gold and silver prices rose. Silver shows a long - squeeze phenomenon. The short - term focus is on callback risks, and the long - term view is bullish [11][12]. - **Copper**: The copper price rebounded. The market sentiment was high, but the increase did not meet expectations. It is recommended to pay attention to the pressure around 93500 - 94000, and downstream enterprises can consider buying futures on dips for hedging [13][14][15]. - **Aluminum Industry Chain**: Aluminum is expected to fluctuate strongly in the medium term; alumina is expected to be weak; and cast aluminum alloy is expected to fluctuate strongly. The fundamentals of aluminum are relatively stable, alumina is in a supply - surplus situation, and cast aluminum alloy has strong support [16][17][18]. - **Zinc**: Zinc prices had support at the bottom and rebounded slightly at night. In the short term, it is expected to maintain a wide - range shock, and there may be entry opportunities [19][20]. - **Nickel and Stainless Steel**: They had a short - term correction. The nickel ore market is expected to be stable and strong, and the stainless - steel market is affected by export regulations. Attention should be paid to the supply and demand situation [20][21]. - **Tin**: Tin prices were strong. It is recommended to enter the market on dips, and the short - term view is not to short [22]. - **Lithium Carbonate**: The price rose sharply. The short - term price may fluctuate more widely, and there are opportunities for long positions in the long term. Attention should be paid to supply shocks and demand declines [22][23]. - **Industrial Silicon and Polysilicon**: Industrial silicon is in a supply - demand weak situation, and polysilicon's trading logic is mainly technical. The long - term price of industrial silicon has limited downward space, and polysilicon's fundamentals are ineffective [24][26]. - **Lead**: Lead prices were weakly volatile. In the short term, it is expected to fluctuate between 16700 - 17500, with strong support around 16500 [27]. Black Metals - **Rebar and Hot - Rolled Coil**: The prices rebounded slightly but faced pressure above. After the central economic work conference, the pricing of the steel market returned to fundamentals. Supply may slow down the reduction, demand is seasonally weak, and inventory is in a de - stocking trend. The price is expected to fluctuate [28][30][31]. - **Iron Ore**: The price rebounded. After macro events, the trading logic returned to fundamentals. Supply is relatively restrained, demand is in a bottom - grinding stage, and the price is supported by coking coal [32]. - **Coking Coal and Coke**: The coking coal price may be affected by winter restocking, and the coke price may continue to decline. If the upward trend continues, it may drive a new round of terminal restocking [33][34]. - **Ferrosilicon and Ferromanganese**: The market is in a situation of weak reality and strong expectation. Supply is likely to continue to decline, demand is expected to decrease, and inventory is at a high level. There may be a short - term rebound [35][36]. Energy and Chemicals - **Pulp - Offset Paper**: Pulp prices fluctuated, and offset paper prices were weakly volatile. The Crofton pulp mill's shutdown was postponed, and the pulp port inventory is still high. The short - term strategy for both is to wait and see [38][40][41]. - **Crude Oil**: Oil prices stopped falling and rebounded. The US - Venezuela tension may drive up short - term oil prices, and attention should be paid to the development of the situation [42][43][44]. - **LPG**: The near - term is still supported. The supply increased slightly, demand remained stable, and attention should be paid to marginal changes [45][46]. - **PTA - PX**: There is no obvious driver, and it will fluctuate with the cost side. PX supply is expected to be high, PTA supply and demand are in a tight - balance situation in December, and the polyester demand is expected to decline seasonally in December [47][49]. - **MEG - Bottle Chips**: The short - term downward driving force is weakened, but the medium - and long - term situation is still under pressure. Supply has shown initial signs of support, and demand is expected to decline seasonally in December [50][52]. - **Methanol**: It is recommended to maintain a reverse spread. Factors such as commodity trends and unloading problems have affected the price, and the unloading problem will be resolved in the future [53][54]. - **PP**: The cost side provides strong support, and there may be a short - term rebound. Supply may be relieved in January, and demand has some support [55][57]. - **PE**: The spot side is weak, and the supply - demand pressure is large. Supply is increasing, and demand is decreasing, especially in the agricultural film sector [58][60]. - **Pure Benzene - Styrene**: Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern. The supply of pure benzene is slightly decreasing, and the demand is weak. The supply of styrene has increased, and the demand is stable [60][61]. - **Asphalt**: If the US does not directly declare war on Venezuela, the upward space is limited. The supply and demand have changed slightly, and the US - Venezuela situation may affect the supply of heavy oil [62]. - **Rubber**: Both natural and synthetic rubber are expected to maintain a wide - range shock. Natural rubber is affected by supply - side disturbances and weak demand. Synthetic rubber has limited fundamental improvement, and the upward space is restricted [63][65][67]. - **Urea**: The 01 contract is expected to continue to fluctuate. High supply pressures the price, but export policies relieve the pressure, and the inventory is in a de - stocking trend [68][70]. - **Soda Ash, Glass, and Caustic Soda**: Soda ash is waiting for unexpected supply changes, glass's near - month 01 will follow the delivery logic, and the far - month is affected by production line cold repairs. Caustic soda prices are expected to fluctuate weakly due to supply pressure and weakening demand [71][72][75]. - **Logs**: The current price has limited trading value. It is in a position - shifting market, with the inventory decreasing and the spot price falling [76][78]. - **Propylene**: It is expected to maintain a shock pattern. The supply is relatively loose, demand is stable, and it is affected by the "anti - involution" policy [79][80]. Agricultural Products - **Oilseeds**: The external soybean market will focus on demand in the short term and is expected to fluctuate around the cost line in the medium term. The domestic soybean meal will continue the long - spread trend in the short term, and the medium - term supply depends on reserve releases. The rapeseed meal is in a supply - demand weak situation [81][82]. - **Oils**: The short - term trend is wide - range shock. Palm oil is affected by supply pressure, soybean oil is affected by soybean auctions, and rapeseed oil is affected by global supply. Attention should be paid to production and biodiesel information [82][83]. - **Cotton**: It is recommended to build long positions on dips. The downstream shows resilience, but short - term pressure exists. Attention should be paid to downstream orders and hedging pressure [84]. - **Sugar**: The price will remain weak. Global sugar production and trade data affect the price, such as India's high production and Brazil's high exports [85][86]. - **Apples**: The strategy is mainly to buy on dips. Consumption is sluggish, and inventory is slowly decreasing [87][88]. - **Red Dates**: The short - term downward space may be limited. New - season production is slightly reduced, and new - product supply is sufficient. Attention should be paid to pre - holiday procurement [89].

Group 1: Financial Futures Report Industry Investment Rating Not mentioned Core View The Fed cut interest rates by 25 basis points in December, with a more dovish tone. The US employment market is cooling, and the domestic economy continues the "seeking progress while maintaining stability" policy. The RMB exchange rate is likely to be moderately stronger in the short term, but there are potential risks. The stock index is in a shrinking adjustment, and the bond market can be bullish in the medium - term [2][5][6]. Summary by Directory - **Macro**: The US unemployment rate reached a four - year high. Investment and consumption growth are expected to recover next year, and the real estate supply side should control incremental and revitalize inventory [1]. - **RMB Exchange Rate**: The on - shore RMB against the US dollar rose, and it is likely to be moderately stronger in the short term, supported by policies, exchange rate characteristics, and internal - external environment. However, there are potential risks such as high long - positions in the USD/HKD market and the impact of the Bank of Japan's interest - rate hike [3][5][6]. - **Stock Index**: The stock index fell collectively, and the US non - farm data had limited impact. The market is expected to stabilize and rebound after continuous adjustments, but the upward drive is insufficient [6][7]. - **Treasury Bonds**: The bond market is weak, but there is no need to be pessimistic from the fundamental perspective. Mid - term long positions can be held, and short - term trading should control positions [8]. - **Container Shipping to Europe**: The market is in a long - short tug - of war, with positive factors such as spot price increases and seasonal cargo volume, and negative factors such as the expectation of resuming navigation and future supply - demand pressure [9][10][11]. Group 2: Commodities Report Industry Investment Rating Not mentioned Core View The prices of precious metals are expected to rise in the medium - long term, with short - term high - level fluctuations. Base metals have different trends, and energy - chemical products are affected by various factors such as supply - demand, policies, and geopolitics [15][18][20]. Summary by Directory - **Precious Metals** - **Platinum & Palladium**: The prices rose at night, and are expected to be boosted by central bank gold purchases and investment demand in the medium - long term. Attention should be paid to the internal - external price difference [13][14][15]. - **Gold & Silver**: The prices were in high - level fluctuations. The US non - farm data had limited impact on the Fed's interest - rate cut expectation. Short - term high - level fluctuations are expected, and it is bullish in the medium - long term [16][17][18]. - **Base Metals** - **Copper**: The price was in high - level adjustment. The non - farm data had little impact, and it is necessary to wait for the recovery of trading volume to determine the trend [19][20]. - **Aluminum Industry Chain**: Aluminum is expected to be in shock - strengthening, alumina in weak operation, and cast aluminum alloy in shock - strengthening. The macro - drive is suspended, and the fundamentals are different [23][24]. - **Zinc**: The downstream receiving capacity is limited, and it is in weak operation, with short - term wide - range fluctuations expected [28]. - **Nickel & Stainless Steel**: The prices fell sharply due to market sentiment. The fundamentals of nickel are complex, and stainless steel is affected by export regulations [28][29]. - **Tin**: The price was in technical adjustment, and it is expected to be in wide - range fluctuations in the short term, with opportunities to enter the market on dips [30][31]. - **Lead**: The price was under pressure, and it is expected to fluctuate between 16700 - 17500 in the short term, with strong support around 16500 [36]. - **Energy - Chemical Products** - **Paper Pulp - Offset Paper**: The pulp spot price fell, and the price is expected to fluctuate in the short term. The offset paper is affected by the pulp price and supply [46][47][48]. - **Crude Oil**: The price hit a new low this year, and it is expected to be in weak fluctuations in the short term, with attention paid to EIA inventory [49][50]. - **LPG**: The price was stable while crude oil fell. The supply increased slightly, and the demand was stable [51][52]. - **PTA - PX**: There is no obvious upward drive, and it will fluctuate with the cost side. The downstream polyester demand is expected to be high in the short term, but the negative feedback will be transmitted in December [53][54][55]. - **MEG - Bottle Chips**: The supply negative feedback appears, and the price is under pressure in the long - term, with the short - term valuation fluctuating with the macro - sentiment [56][57]. - **Methanol**: Maintain the reverse spread strategy [59]. - **PP**: The cost side provides strong support, and the supply pressure may be relieved in January, with potential for a short - term rebound [60][61][62]. - **PE**: The supply is increasing while the demand is decreasing, and the upward space is limited. The PP supply - demand expectation is better than that of PE [63][64]. - **Pure Benzene - Styrene**: Pure benzene shows a near - weak and far - strong pattern, and styrene shows a near - strong and far - weak pattern [66]. - **Fuel Oil**: The high - sulfur fuel oil cracking is weak, and the low - sulfur fuel oil cracking is expected to rise [67][68]. - **Asphalt**: The bottom space is limited, and it is in shock in the short term, with attention paid to the winter - storage policy [69][70]. - **Rubber**: The price center is moving up in shock. Natural rubber is in a wide - range shock, and synthetic rubber is running strongly with limited upward space [73][74]. - **Urea**: The market is in the range between fundamentals and policies, with the 01 contract expected to continue to fluctuate [75][76]. - **Soda Ash & Caustic Soda**: Soda ash is waiting for new supply variables, glass is affected by cold - repair and inventory, and caustic soda is expected to be in weak fluctuations [76][77][78]. - **Log**: The price is in low - level shock, with high uncertainty in trading [79][80][81]. - **Propylene**: It is in shock, with a loose supply situation and unchanged supply - demand pressure [81][82]. Group 3: Agricultural Products Report Industry Investment Rating Not mentioned Core View The supply - demand situations of different agricultural products vary, with some having short - term pressure and others having long - term potential [84][86][89]. Summary by Directory - **Hogs**: The supply - demand in the peak season needs verification. The long - term can be bullish, but the short - term is based on fundamentals [83][84]. - **Oilseeds**: The outer market is weak, and the domestic soybean meal is in a positive spread in the short term. Wait for low - buying opportunities [85][86]. - **Oils**: The delay of the US biofuel policy makes the oils market weak [87]. - **Cotton**: The domestic downstream shows resilience, and it may rise in the medium - long term, with short - term pressure. Consider buying on dips [89]. - **Sugar**: The price is in weak decline [90][91]. - **Eggs**: The long - term egg - laying hen capacity is excessive, but there is a short - term rebound opportunity. Be cautious with long positions [92]. - **Apples**: The price stops falling and rebounds. Consider buying on dips [93][94]. - **Jujubes**: The new jujube harvest is almost completed. The short - term price may have limited downward space, and pay attention to downstream pre - holiday procurement [95].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The Fed cut interest rates by 25 basis points in December, with a more dovish tone than expected. The subsequent non - farm data will affect the direction of interest rate cut expectations. Domestically, the government will continue to implement a more proactive fiscal policy and a moderately loose monetary policy, with expanding domestic demand as the primary task for next year [2]. - In the short term, the RMB is likely to be moderately strong against the US dollar, with low - volatility trading. The stock index is expected to continue to fluctuate in the short term, and the bond market sentiment is weak, but the downside of the index is limited. The container shipping market for the European route will continue to see a tug - of - war between bulls and bears [5][8][9]. - For commodities, precious metals are expected to be bullish in the medium - long term and volatile in the short term; base metals have different trends, such as copper showing an internal - weak and external - strong pattern, aluminum being oscillatingly strong, and zinc having short - term wide - range fluctuations; energy and chemical products also have diverse trends, like crude oil being weakly volatile, and LPG being oscillating; agricultural products have different outlooks, for example, the supply - demand situation of pigs in the peak season needs verification, and the oil market is weakly operating [16][19][20][23][43][44][83] Summary by Related Catalogs Financial Futures - **Macro**: Pay attention to the release of the US non - farm payroll report. The Fed's interest rate cut decision and domestic economic data, such as the industrial production in November showing resilience while consumption and investment facing pressure, are important factors affecting the market [1]. - **RMB Exchange Rate**: It continues the callback trend. The on - shore RMB against the US dollar rose on the previous trading day. In the short term, it is likely to be moderately strong against the US dollar, supported by policy, seasonal factors, and the external environment [3][5]. - **Stock Index**: The previous trading day's stock index closed down, and the trading volume decreased. The fundamentals are still weak, and the market sentiment is cautious. It is expected to continue to fluctuate in the short term [6][8]. - **Treasury Bond**: The bond market closed down on Monday, and the market sentiment is weak. The economic data in November shows weakening economic momentum, but the market focus is not on the fundamentals. The policy focus on expanding domestic demand has not yet formed a clear impact on the bond market [8][9]. - **Container Shipping to Europe**: The price increase is less than expected. The market is in a tug - of - war between the support of spot prices and the expectation of future capacity release. In the short term, the market will continue this situation, and different contracts need to pay attention to different factors [9][10][12] Commodities Non - ferrous Metals - **Platinum & Palladium**: The prices rose sharply at night. The Fed's expected loose monetary policy and the EU's relaxation of the fuel - vehicle ban are beneficial to the demand for platinum and palladium in automobile catalysts. It is recommended to pay attention to the internal - external price difference of platinum [14][16]. - **Gold & Silver**: The prices are in a high - level shock. Focus on the release of the US non - farm payroll report tonight. In the short term, it is expected to be in a high - level shock, and bullish in the medium - long term [17][18][19]. - **Copper**: The fixed - asset investment growth rate declined, and the copper price shows an internal - weak and external - strong pattern. Pay attention to the high - level adjustment risk and support at 90,000 [20][21][22]. - **Aluminum Industry Chain**: The trends are different. Aluminum is expected to be oscillatingly strong in the medium term; alumina is weakly operating; cast aluminum alloy is oscillatingly strong [22][23][24]. - **Zinc**: It is in short - term wide - range fluctuations. The macro environment is favorable, and the fundamentals show tight supply at the mine end and support from inventory de - stocking [25][26]. - **Tin**: It is in a technical correction. Although the supply at the mine end is tight, the downstream demand has not increased significantly. It is expected to enter a wide - range shock stage [26]. - **Lithium Carbonate**: It is oscillatingly strong. In the short term, it is driven by market sentiment, and in the medium - long term, it has a long - value support from the demand side [27][28]. - **Industrial Silicon & Polysilicon**: Industrial silicon has limited downside space in the medium - long term; polysilicon is in a wait - and - see situation, with the trading logic mainly based on technical aspects [29][30]. - **Lead**: The inventory accumulation exerts pressure. The price is in a weak shock, and it is expected to oscillate between 16,700 - 17,500 in the short term [31]. Black Metals - **Rebar & Hot - Rolled Coil**: They are oscillatingly weak. After the central economic work conference, the market pricing returns to the fundamentals. The supply may slow down in the reduction, and the demand is seasonally weak. The prices are expected to oscillate within a certain range [32][33]. - **Iron Ore**: The price first fell and then rose. The trading logic returns to the fundamentals. The supply is relatively stable, the demand is in a bottom - grinding stage, and the price is expected to have limited downside space [34]. - **Coking Coal & Coke**: They are in a weak consolidation. The supply of coking coal has limited marginal changes, and the demand is weak, resulting in a marginal oversupply. The supply of coke may increase in the future, and the price is likely to continue to decline [36][37]. - **Silicon Iron & Silicon Manganese**: They face a situation of weak reality and strong expectation, with limited upside space. The supply and demand are both weak, and the inventory is at a high level [37][38]. Energy and Chemicals - **Pulp - Offset Paper**: The pulp price is in an oscillating state. The high - price pulp has poor sales, and the demand is weak. The offset paper is affected by the pulp price and supply factors. It is recommended to wait and see [40][41]. - **Crude Oil**: The price hit a new low this year due to the progress of the Russia - Ukraine peace talks. It is weakly oscillating in the short term, and attention should be paid to the potential support of Brent crude oil at $60 per barrel [42][43]. - **LPG**: It is oscillating. The supply has increased slightly, and the demand is relatively stable. The external market is in an oscillating pattern, and the domestic spot is relatively strong [44][45]. - **PTA - PX**: There is no obvious driving force, and it fluctuates with the cost side. The supply of PX is expected to be high in the fourth quarter, and the demand for polyester will decline in the later stage. The PTA processing fee has limited repair space [46][49]. - **MEG - Bottle Chip**: The supply negative feedback appears, but it is difficult to reverse the situation. The demand is declining, and the supply has some support signals. The short - term downward driving force is weakened, but the long - term oversupply situation remains [50][52]. - **Methanol**: Maintain the reverse - spread view. The 1 - 5 spread shows a positive - spread pattern, mainly due to market trends and unloading problems. It is recommended to add positions in the 1 - 5 reverse - spread [53][54]. - **PP**: The cost side still has strong support. The supply pressure may be alleviated in January, and the demand has some support. It is necessary to pay attention to the spot situation [56][57]. - **PE**: Pay attention to the spot situation. It shows a pattern of increasing supply and decreasing demand. The supply pressure is large, and it is difficult to form strong support [58][59]. - **Pure Benzene - Styrene**: Styrene's inventory decreased on Monday. Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [60][61][62]. - **Fuel Oil**: The cracking is weak. The supply is stable, the demand is weak, and the high - sulfur cracking is under pressure. It is recommended to wait and see [63]. - **Low - Sulfur Fuel Oil**: The cracking is rising. The supply is tightening, and the cracking has an upward driving force. It is recommended to wait and see [64][65]. - **Asphalt**: The bottom - space is limited, and the winter - storage policies are gradually introduced. The supply is slightly reduced, the demand is weakening, and the cost side is weakly oscillating. It is expected to oscillate in the short term [65][66]. - **Rubber**: The macro atmosphere is warm, but the fundamental benefits are limited. The supply of natural rubber is slightly tightened, the downstream demand support is weakening, and the inventory is still accumulating. It is expected to oscillate [68][70]. - **Urea**: The futures and spot prices tend to converge. The supply is high, and the price is under pressure, but the export policy weakens the downward driving force. It is expected to oscillate [71][72]. - **Soda Ash & Caustic Soda**: They fluctuate at a low level. Soda ash has an increasing over - supply expectation, and glass may have some production - line cold - repairs in the future. Caustic soda has weak fundamentals and is expected to decline weakly [73][74][75]. - **Log**: The short positions left the market intensively, and the price rose and then fell. The price is in a game state, with limited trading value [76][78][79]. - **Propylene**: It is weakly oscillating. The cost pressure is increasing, the supply is relatively loose, and the demand is not strong. It will remain in a weak state before more maintenance [79][80]. Agricultural Products - **Pigs**: The supply - demand situation in the peak season needs verification. The policy may affect the long - term supply, and the short - term is mainly based on fundamentals. The near - month has an over - supply pressure, and the far - month is stronger [82][83]. - **Oilseeds**: The customs - clearance time is extended. The import soybean buying sentiment is reduced, and the domestic soybean meal and rapeseed meal have different supply - demand situations. The external market of soybeans is weakly oscillating, and the domestic soybean meal is in a positive - spread trend in the short term [84][85][86]. - **Oils**: They are weakly operating. Palm oil is under supply pressure, soybean oil is affected by soybean auctions, and rapeseed oil is affected by market news. The short - term price center of gravity is moving down [87][88]. - **Cotton**: Pay attention to downstream orders. The domestic cotton supply - demand is expected to be tight in the long term, and the price is relatively strong, but there is short - term pressure. It is recommended to buy on dips [89]. - **Sugar**: The price hits a new low. Affected by the high - supply situation in major producing countries, the sugar price is in a weak state [90][91][92]. - **Eggs**: The chicken culling is in progress. The long - term egg - laying hen capacity is still excessive, but there is a turning point. It is recommended to participate in long positions lightly if betting on a rebound [93]. - **Apples**: The price has a large retracement. The consumption is not smooth, and the inventory is slowly decreasing. It is recommended to buy on dips [94][95]. - **Jujubes**: The new - product supply is sufficient. The new - season jujube production is expected to decrease slightly, and the short - term price has limited downside space. Pay attention to downstream pre - holiday purchases [96][97].

汽车产业作为国民经济的支柱产业，其健康发展关乎科技创新突破与民生福祉改善。近日，国家市场监 督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称《指南》），以全链条规范 划定汽车价格竞争"红线"，这既是落实中央综合整治"内卷式"竞争要求的具体举措，更是推动行业 从"价格战"迈向价值竞争的重要一步。 近年来，我国汽车市场尤其是新能源汽车领域竞争日趋激烈，部分企业为抢占份额，采取低于成本价销 售、虚假促销等不正当手段。这种"内卷式"竞争看似短期让利消费者，实则扭曲市场机制，使得行业整 体利润率持续下滑，上游供应商账期拉长，下游经销商陷入"价格倒挂、越卖越亏"的困境。 此次发布的《指南》在此基础上，更加聚焦汽车这一具体产业，构建了覆盖生产、销售全链条的价格合 规体系，政策导向鲜明且精准。 正如政策初衷所指，规范价格行为是为了保护合法竞争，推动落后产能出清，促进优质资源向创新型企 业集中，形成创新引领、优质优价的良性格局。 《指南》的发布恰逢其时，以法律法规为依据，明确划定汽车企业价格行为"红线"，为市场竞争立规 矩、树导向。今年年中，价格法迎来实施27年来的首次修订（征求意见稿），其中的一大亮点就是增 ...

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