转自：智通财经 【陈茂波：2026年香港将持续巩固提升在金融市场的优势领域 包括提升股市竞争力】智通财经12月28 日电，香港特区政府财政司司长陈茂波发布随笔《昂首迈向新一年》称，估计香港2025年经济增长将加 速至3.2%，略高于年初时的预测。总的来说，出口和投资表现良好，是带动经济的主要动力，而股市 和楼市价量齐升，也巩固了市场的正向预期。展望明年，香港经济可望保持良好的势头。2026年，全面 提升国际金中心的功能和内涵。香港将持续巩固提升在金融市场的优势领域，包括提升股市竞争力，吸 引更多来自东南亚、中东，以至全球南方等不同地方的优质公司来港上市。同时，我们亦要丰富本港金 融市场的多元面向，包括加速发展固定收益及货币市场、绿色金融、金融科技，以至积极开拓包括大宗 商品贸易和国际黄金交易等新机遇。 ...

香港特区政府财政司司长陈茂波发表随笔《昂首迈向新一年》，其中提到：全面提升国际金融中心的功 能和内涵。我们将持续巩固提升在金融市场的优势领域，包括提升股市竞争力，吸引更多来自东南亚、 中东，以至全球南方等不同地方的优质公司来港上市。同时，我们亦要丰富本港金融市场的多元面向， 包括加速发展固定收益及货币市场、绿色金融、 金融科技，以至积极开拓包括 大宗商品贸易和国际 黄 金交易等新机遇。此外，人民币在全球跨境贸易和投资的地位正在提升，香港作为离岸人民币业务枢 纽，我们会继续从三方面助力人民币国际化的稳慎推进，包括提升离岸人民币流动性、优化相关金融基 建和丰富投资产品和风险管理工具。 ...

Core Viewpoint - Shanghai Guomao Holding Co., Ltd. has been established with a registered capital of 13 billion RMB, focusing on bulk commodity investment and trade, marking a significant step in enhancing Shanghai's influence and competitiveness in the global commodity market [1][2][4]. Company Summary - Shanghai Guomao was jointly funded by ten state-owned enterprises in Shanghai, including Dongfang International Group and Shanghai International Port Group, with a total investment of 13 billion RMB [4][5]. - The company is registered in Putuo District, Shanghai, and its business scope includes investment activities, trade brokerage, import and export of goods, supply chain management, and various other services related to bulk commodities [6][4]. Industry Context - The establishment of Shanghai Guomao is part of Shanghai's broader strategy to enhance its international trade center capabilities and to cultivate local bulk commodity traders [1][10]. - Putuo District has become a core area for bulk commodity trade, accounting for about one-sixth of the city's trade volume, with a focus on non-ferrous metal trading [7]. - Shanghai's port trade volume is projected to reach 11.07 trillion RMB in 2024, maintaining its position as the leading port trade city globally [8]. Strategic Importance - The Shanghai government has emphasized the importance of nurturing local traders to improve their global competitiveness and to support the city's role as a hub for international resource allocation [10][11]. - The new company aims to fill the gap in Shanghai's lack of influential local large-scale traders in the bulk commodity sector, which is crucial for enhancing the city's trade capabilities [11].

Core Viewpoint - The Baltic Dry Index has risen for five consecutive months, indicating a sustained recovery in global dry bulk shipping demand, with the index reaching its highest level since late September [1] Group 1: Baltic Dry Index Performance - The Baltic Dry Index increased by 44 points, or 2%, closing at 2260 points, marking the highest level since late September [1] - The Capesize Index surged by 120 points, or 3.4%, to 3636 points, also reaching a near two-month high [1] - Capesize vessels' daily earnings rose by $994 to $30,154, driven by increased demand for iron ore and coal transportation [1] Group 2: Commodity and Shipping Demand - Iron ore futures hit a two-week high, supported by strong demand from China and tightening supply, contributing to rising freight rates [1] - The Panamax Index increased by 13 points to 1895 points, reflecting a stable upward trend [1] - Panamax vessels' daily earnings grew by $118 to $17,057, with steady demand for coal and grain transportation [1] Group 3: Market Trends - The Supramax Index slightly increased by 3 points to 1430 points, achieving ten consecutive days of gains, indicating a strengthening market for smaller vessels [1] - The rise in freight rates across all vessel types suggests an increase in global commodity trade activity, potentially signaling an improvement in real economy demand [1] - The ongoing strength in shipping indices supports the narrative of global economic recovery, prompting investors to pay attention to related commodities and shipping sectors [1]

Core Insights - The seminar highlighted the strategic importance of the Putuo District in Shanghai as a core area for bulk commodity trade, emphasizing its historical strengths and future potential in this sector [1][2]. Group 1: Economic and Trade Development - Putuo District is recognized as a significant hub for bulk commodity trade in Shanghai, with a strong foundation in various sectors including non-ferrous metal trade and a leading position in total commodity sales [1][2]. - The district aims to enhance its industrial competitiveness and risk resilience by exploring cross-regional collaboration in bulk trade, optimizing supply chains, industrial chains, and value chains [1][2]. Group 2: Academic and Policy Support - The seminar emphasized the importance of leveraging academic insights from universities and policy research from party schools to support the development of bulk commodity trade in Putuo [2][4]. - Future initiatives will focus on improving policies, strengthening party leadership, and providing practical services to create a more influential bulk trade industry in the district [2]. Group 3: Future Directions - Putuo District plans to contribute to the construction of Shanghai as an international trade center by attracting talent, enhancing party leadership, and optimizing the business environment [5]. - The district is committed to advancing the digital and green transformation of bulk commodity trade, aligning with broader economic goals [5].

Group 1 - The China International Import Expo (CIIE) is being held from November 5 to 10, showcasing China's commitment to market openness and global trade opportunities [2][4] - A record 155 countries, regions, and international organizations are participating, with 4,108 foreign enterprises exhibiting, marking the largest exhibition area in history at over 430,000 square meters [2] - The expo features a significant presence of global companies related to bulk commodities, highlighting the role of futures markets in global trade [2][4] Group 2 - The launch of pulp futures on the Shanghai Futures Exchange provides effective risk management tools for the paper industry, with additional products like printing paper futures and options introduced [2][3] - Vale, a leading iron ore producer, emphasizes the importance of the expo for foreign companies, viewing it as a positive signal for continued investment in the Chinese market [4] - Major global grain traders, including Cargill and ADM, are showcasing their products, with futures markets playing a crucial role in stabilizing the agricultural supply chain [4][5] Group 3 - Cargill plans to sign strategic procurement agreements totaling approximately $2.8 billion in various sectors, including grains and iron ore, during the expo [6] - The expo serves as a platform for companies to demonstrate their commitment to sustainability and innovation in the agricultural supply chain [5][6] - The importance of supply chain management is highlighted, with companies providing comprehensive services to stabilize prices and ensure resource security [6]

中信金属股份有限公司 2025 年第三季度报告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信金屬股份有限公司在二零二五年十月二十七日登載於中華 人民共和國上海證券交易所網站（www.sse.com.cn）關於 2025 年第 三季度報告。中信金屬股份有限公司為中國中信股份有限公司的附屬 公司。 证券代码：601061 证券简称：中信金属 中信金属股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是√否 一、主要财务数据 ...

Core Viewpoint - The stock of Yuanda Holdings has experienced extreme volatility, showcasing a dramatic "limit up" and "limit down" within a short time frame, reflecting intense market speculation and trading activity [1][2][3]. Trading Activity - Yuanda Holdings saw a trading volume that reached a historical high with a turnover rate exceeding 18% and an intraday fluctuation of 20%, resulting in a transaction value of 938 million [3]. - The stock has achieved five consecutive limit ups, accumulating a total increase of over 58%, with a current market capitalization of 5.441 billion [4]. Market Dynamics - The trading activity is characterized by a fierce battle between bullish and bearish investors, with significant capital inflows and outflows [5]. - Recent data indicates that on October 17, the stock experienced a net outflow of 50.41 million from institutional investors, while retail investors saw a net inflow of 26.56 million [6]. Stock Performance and Announcements - The company announced an abnormal trading fluctuation due to a cumulative price deviation of 24.37% over two trading days, confirming that there were no undisclosed significant events affecting its operations [8]. - The stock has been under scrutiny, appearing on the "Dragon and Tiger List" due to its significant price deviation over three consecutive trading days [7]. Financial Performance - Yuanda Holdings has faced financial challenges, reporting a net profit of -377 million and -302 million for 2023 and 2024, respectively [14]. - In the first half of the year, the company reported a revenue of 41.68 billion, a decrease of 6.93% year-on-year, but managed to turn a profit with a net income of 29.07 million, marking a 172.02% increase [15][17]. - Despite the positive net profit, the core business remains weak, with a non-recurring net profit loss of 1.25 billion, reflecting a 229.35% year-on-year decline [16]. Shareholder Activity - Recent insider trading activity includes a reduction in holdings by the company's vice president, who sold 400,000 shares at an average price of 7.96 per share, totaling 3.184 million [13]. - The largest shareholder, China Yuanda Group, holds over 42% of the shares, indicating a strong control over the company [11].

Core Viewpoint - The article discusses the rapid shift in BHP's stance towards China, highlighting the impact of China's decision to halt purchases of dollar-denominated iron ore, leading BHP to agree to settle transactions in RMB, reflecting a significant change in the global commodity settlement landscape [4][10][39]. Group 1: BHP's Initial Stance and Response - Initially, BHP maintained a strong position, believing that China needed their iron ore and would not easily walk away from the relationship [10][12]. - However, after China’s directive to stop purchasing dollar-denominated iron ore, BHP's stock price began to decline sharply, indicating market reactions to the situation [6][10]. - Within a week, BHP was compelled to agree to China's terms, demonstrating a rapid loss of negotiating power [12][14]. Group 2: China's Strategic Positioning - China's ability to leverage its position stems from years of strategic planning, consolidating the purchasing power of over 600 steel companies through the establishment of the China Mineral Resources Group [18][22]. - The diversification of iron ore sources, including long-term agreements with Brazil's Vale, has strengthened China's negotiating position [18][26]. - The West Mangdu iron ore project, expected to produce significant quantities by 2025, further enhances China's supply chain resilience [24]. Group 3: Shift in Global Commodity Settlement - The agreement to use RMB for iron ore transactions marks a significant shift in the global commodity settlement landscape, traditionally dominated by the US dollar [31][35]. - Other major players, including Vale and Fortescue Metals Group, have also agreed to RMB settlements, indicating a broader trend away from dollar dependency [33][35]. - This change is expected to gradually reduce the dollar's dominance in global commodity trade, with RMB becoming a more reliable option for international transactions [35][39].

Core Insights - The successful arrival and storage of the first batch of 1,200 tons of No. 20 rubber at Tianjin marks the first bonded delivery of this futures product in the region, enhancing the operational capabilities of the East Jiang Comprehensive Bonded Zone [2][4] - The establishment of the No. 20 rubber futures delivery warehouse in Tianjin is significant as it is the city's first and only facility with bonded delivery capabilities for this futures product, which is crucial for the rubber processing industry [2][4] Industry Developments - The East Jiang area is leveraging its multiple functional policies as a Free Trade Zone, Comprehensive Bonded Zone, and Port to enhance its role in international shipping and financial innovation [4] - The successful implementation of the No. 20 rubber futures delivery business aligns with the trend of stable supply of bulk raw materials, which is increasingly important for the manufacturing sector in the context of the Beijing-Tianjin-Hebei coordinated development [4] Future Outlook - The East Jiang area plans to continue expanding the range of futures delivery categories and innovate service models, aiming to attract more upstream and downstream enterprises in the rubber industry [4] - The development of the No. 20 rubber futures delivery business is expected to enhance the port's resource allocation capabilities within the international trade network, contributing to the integration of port, industry, and city [4]