一、板块热点与轮动 【存储产品现货价格坚挺 行业看涨未来走势】12月25日，TrendForce集邦咨询最新发布的存储现货价格 趋势报告显示，DDR4、DDR5与模组价格仍连日上扬，虽然价格涨幅较先前略有收敛，但观察后研判 并非缺货现象舒缓，比较倾向为部分中间交易商为了年底结账而释出较多库存的短期现象。 作为顶级模组供应商，金士顿本周大幅提高了DRAM（内存）价格，整体现货价格未见疲软迹象。 与此同时，NAND Flash（闪存）现货市场在合约价格上涨的预期下呈现看涨情绪。 TrendForce集邦咨询指出，在合约价格被看好将上调的预期影响下，NAND闪存现货市场反映出偏多的 市场氛围。部分现货供应商基于对后续价格走势的乐观判断，选择延后释出库存、采取惜售策略，使得 市场可流通货源进一步收紧，最终带动Wafer（晶圆）现货价格持续攀升，上行压力仍然存在。 闪存市场近日也指出，尽管本季度存储厂商迅速做出反应并抬高相应成品价格，以应对不断攀升的生产 成本，但存储厂商基于原本保有一定的旧库存，加上新成本传导至成品端也需要时间，其存储产品价格 上涨的速度远不及资源的涨速，以至于部分成品已陷入倒挂的局面。 即便存储产品 ...

卡内基国际和平基金会的可持续发展和地缘政治专家戈登说，特朗普政府官员对电池的"语气有所软 化"，但由于政府对电动汽车持敌对态度，"相关政策仍然前后矛盾"。"他们一方面试图提振电池制造 业，另一方面却在削弱最大的需求来源。" 上述转变源于美国对中国在电池技术领域领先地位的担忧，但美国要在电池产业中迎头赶上并非易事。 分析人士估计，美国制造商至少需要5年时间才能生产出足够的磷酸铁锂电池来满足国内需求，建立相 关零部件的供应链需要更长时间。 【环球时报报道 记者 李萌】美国政府正悄然调整能源政策，以应对中国在电池领域的主导地位。美国 《纽约时报》23日报道称，特朗普政府上台后冻结了拜登政府数十亿美元用于电池制造的联邦拨款，但 如今却在背后推动对电池产业的补贴，试图减少对中国供应链的依赖。 报道称，美国政府正开始认识到电池技术对于许多事务至关重要，包括人工智能和国防。十几名电池行 业高管、说客、军事专家以及其他接近政府的人士在采访中表示，白宫对发展一个不依赖中国的国内电 池产业的兴趣日益浓厚。据3名知情人士透露，最近几周白宫举行了关于电池供应链的高级别会议。美 国国家能源主导委员会一直在与电池公司会面，协调能源政策。 ...

整体来看，上周美股IPO市场"SPAC成主流，传统IPO诞募资王"。 12月15日-21日，美股市场迎来9家新上市公司，合计募资15.6亿美元，上市活动呈现明显SPAC主导特 征。其中7家通过SPAC方式上市，关注领域覆盖科技、国防、人工智能、区块链等多个热门赛道；另有 2家IPO，医疗保健巨头MedlineInc以62.65亿美元（未计绿鞋机制）募资成为今年美股最大IPO，专业服 务机构AndersenGroup（前安达信高管创立）同步登陆。 ...

Group 1: Company Strategy and Operations - Zijin Mining Group is implementing a globalization strategy, operating multiple mining projects in 17 countries, including the completion of the acquisition of the Akim gold mine in Ghana and the Raygorodok gold mine in Kazakhstan, which directly increases gold reserves and expands its presence in West Africa and Central Asia [1] - The company has also completed a controlling acquisition of Zangge Mining, increasing its stake in the Julong copper mine and adding strategic potassium resource reserves, further strengthening its copper and lithium resource reserves [1] Group 2: Market Conditions and Supply Dynamics - Multiple large mines have ceased operations this year, impacting global supply and leading to downward revisions of copper production forecasts for 2025 and 2026, with expectations of a potential 25% tariff on refined copper in the U.S. by mid-2026 exacerbating shortages [2] - The shift of copper inventories towards the U.S. in anticipation of import tariffs is intensifying shortages in other regions [2] Group 3: Demand Drivers and Future Outlook - Copper demand is expected to grow over the next decade, driven by investments in AI, green energy transitions, and defense restructuring, with the IEA predicting that existing and planned mining capacities will only meet about 70% of global copper demand by 2035 [3] - The rapid development of AI, such as the U.S. "Genesis Mission," is significantly increasing copper demand due to enhanced data center construction [3] Group 4: Financial Performance - Zijin Mining's three-quarter results show a 20% year-on-year increase in gold production to 65 tons and a 5% increase in copper production to 830,000 tons, benefiting from rising gold and copper prices, leading to a 10% increase in revenue to 254.2 billion RMB and a 55% increase in net profit attributable to shareholders to 37.86 billion RMB, exceeding market expectations [4] - The company's operating cash flow increased by 44% to 52.11 billion RMB, indicating strong cash generation capabilities [4] Group 5: Future Earnings Projections - Bloomberg forecasts a 28% year-on-year increase in earnings per share for 2026 to 2.475 RMB, with the current price reflecting approximately 12 times the projected earnings multiple [5] - If the copper market experiences further supply-demand imbalances and global gold demand continues to rise, there is potential for upward adjustments in the company's 2026 earnings forecast, positively impacting stock performance [5]

【文/观察者网 陈思佳】"在定义现代世界的每一项技术中，中国都占据主导地位。"澳大利亚广播公司 （ABC）12月8日发表评论文章称，澳大利亚战略政策研究所近期发布的一项报告显示，在人工智能、 国防、航天、能源、生物技术等多个领域，中国都已达到世界先进水平，将世界其他地区甩在身后。 分析人士表示，中国在科技领域的进步速度是全球独一无二的，中国曾试图追赶西方，现在中国已经赶 上了，但西方未来可能无法再追上中国。 这份关键技术追踪报告显示，中国不断在高影响力研究领域取得进展，持续拉开与世界其他地区的差 距，美国正逐渐丧失技术优势。澳大利亚战略政策研究所表示，在报告追踪、评估的74项关键技术中， 中国在66项上领先，美国则在剩余8项技术上保持优势。 报告称，AI领域8项技术中，中国在7项上领先；先进材料和制造技术的13项技术，中国全部领先；国 防、航天、机器人和交通运输的7项技术，中国也都位居首位；能源与环境领域的10项技术，中国领跑 其中9项；生物技术、基因与疫苗领域的9项技术中，中国在5项技术上领先。 报告统计的中国、美国等在74项关键技术领域的论文发表量变化曲线 ABC指出，就在最近几个月里，中国刚刚展现了一系 ...

Core Insights - The research team from the Guangzhou Institute of Geochemistry has discovered a novel method of bio-mineralization of rare earth elements in a plant called "Oumao Fern," which forms a mineral known as "lanthanite" within its tissues [4][5][6] - This finding represents the first observation of bio-mineralization of rare earth elements in a natural plant, providing a potential sustainable method for rare earth extraction [4][5] Group 1: Research Findings - The study reveals that the Oumao Fern acts as a "rare earth vacuum cleaner," efficiently absorbing and concentrating rare earth elements from the environment [5][6] - The rare earth elements are deposited in the form of nanoparticles within the plant's vascular bundles and epidermal tissues, which then crystallize into phosphate rare earth minerals [5][6] - This process serves as a protective mechanism for the plant, effectively "packaging" toxic rare earth ions and locking them into mineral structures, thus achieving detoxification [5][6] Group 2: Implications for Sustainable Resource Utilization - The research suggests that planting Oumao Fern and similar hyperaccumulator plants could facilitate the remediation of contaminated soils while simultaneously recovering valuable rare earth elements, creating a "repair and recovery" green cycle [5][6] - The bio-mineralized lanthanite formed by the Oumao Fern is free from radioactive elements like uranium and thorium, presenting a cleaner extraction alternative compared to traditional mining methods [6] - This discovery enhances the understanding of mineral production capabilities in plants, which have been historically underestimated, and opens new avenues for research into other hyperaccumulator species [6]

Core Insights - The research team from the Guangzhou Institute of Geochemistry has discovered a rare earth mineralization phenomenon in the fern species "Osmunda japonica," which could lead to more sustainable methods of rare earth extraction [1][3]. Group 1: Research Findings - This is the first time that rare earth elements have been found to undergo biogenic mineralization in a natural plant, contrasting with traditional geological processes that require high temperatures [3][5]. - The study reveals that the fern can absorb and concentrate rare earth elements from the soil, forming a mineral called "lanthanite" within its tissues, which acts as a detoxification mechanism for the plant [5][8]. - The research has been published in the journal "Environmental Science & Technology," highlighting the potential for using hyperaccumulating plants like Osmunda japonica for soil remediation and rare earth recovery [3][5]. Group 2: Implications for Industry - Rare earth elements are critical resources in high-tech fields such as artificial intelligence, renewable energy, and national defense, making their sustainable extraction increasingly important [5]. - The biogenic lanthanite produced by Osmunda japonica is free from radioactive elements, presenting a cleaner alternative for rare earth extraction compared to conventional mining methods [5][8]. - This discovery opens new avenues for research into other hyperaccumulating plants, potentially enhancing the understanding of plant mineralization processes [8].

Core Insights - Nokia's Q3 2025 earnings performance exceeded market expectations, driven by growth in network infrastructure and optical network businesses [1] - The company reported a 12% year-on-year increase in net sales to €4.828 billion, surpassing analyst expectations of €4.64 billion [1][2] - Adjusted operating profit decreased by 10% to €435 million, but was better than the average analyst forecast of €324 million [1][2] Financial Performance - Net sales for Q3 2025 reached €4.828 billion, up from €4.326 billion in Q3 2024, marking a 12% increase [2] - Gross margin decreased to 43.7% from 45.2% year-on-year, reflecting a 150 basis points decline [2] - Operating profit for Q3 2025 was €239 million, down 14% from €278 million in Q3 2024 [2] - Profit for the period fell to €80 million, a 54% decrease from €175 million in the same quarter last year [2] Business Segment Performance - Network infrastructure segment reported net sales of €1.953 billion, a 28% increase year-on-year [2] - Mobile networks segment saw net sales of €1.842 billion, a slight decline of 1% [2] - Cloud and network services segment achieved net sales of €645 million, up 8% year-on-year [2] - Nokia Technologies segment reported net sales of €391 million, a 1% increase [2] Future Outlook - Despite previous adjustments to profit expectations due to tariffs and currency fluctuations, Nokia reaffirmed its full-year operating outlook, now expecting comparable operating profit between €1.7 billion and €2.2 billion [3] - The company is focusing on expanding into sectors like artificial intelligence and defense to diversify its customer base beyond mobile operators [3] - CEO Justin Hotard is set to outline strategic plans on November 19 during the capital markets day [3]

Group 1 - The CEO of trading company Trafigura, Richard Holtum, stated that traditional applications will drive copper demand over the next decade, rather than data centers and defense industries [2] - Holtum emphasized that the demand for copper from consumer goods this year will far exceed that from the AI sector, with air conditioning systems alone using more copper than data centers [2] - Despite the focus on emerging applications, Holtum noted a disparity between the attention given to defense and AI sectors and their actual copper demand [2] Group 2 - Trafigura predicts that copper demand from the AI sector will increase by approximately 70,000 tons year-on-year by 2025, while durable consumer goods will contribute an additional 250,000 tons of demand growth [2] - Over the next decade, AI is expected to account for 1 million tons of copper demand growth, representing 10% of the total demand increase of 10 million tons during the same period [2]

Economic Growth Outlook - South Korea's economic growth is expected to slow down this year, marking the slowest growth since the pandemic-induced contraction in 2020, primarily due to potential disruptions from U.S. tariffs [1] - The government forecasts a 0.9% growth in 2025, slightly above the Bank of Korea's May prediction of 0.8% [1] Export Performance - Exports remained resilient in the first half of the year as manufacturers shipped ahead of U.S. tariff increases, but a recent trade agreement with the U.S. may weaken exports [1] - Data shows a 2.7% decline in exports to the U.S. in the first 20 days of August, indicating a slowdown following a 1.4% growth in July [1] Economic Challenges - The forecast highlights the vulnerability of South Korea's economy, which is closely tied to global supply chains and is seen as a leading indicator of global economic growth [1] - The economy is recovering slowly from a political crisis and faces structural issues such as weak construction activity and high household debt [2] Government Stimulus Measures - The South Korean parliament and cabinet approved an additional budget of 31.8 trillion won (approximately $23.3 billion) to mitigate trade headwinds [2] - A support plan worth 45.8 trillion won is set to be launched to enhance supply chain resilience [2] Future Economic Plans - The government acknowledges that achieving the 0.9% growth target for the year will be challenging, requiring approximately 1% growth in the second half [2] - A fiscal plan of 210 trillion won for 2026-2030 aims to boost potential growth rates to 3% through significant investments in artificial intelligence, biotechnology, healthcare, and defense [2]