我认为，这绝对不是临时决定的，而是基于实际需求的必然选择。现在，白银已经不再仅仅是贵金属， 它在工业中的需求占了58%。光伏、新能源汽车和电子产业都离不开白银，特别是在军工领域，导弹制 导系统、无人机的电磁屏蔽以及特种电池等，都需要使用白银。因为白银的导电性和耐腐蚀性是其他金 属无法替代的。 然而，中国的白银储量仅占全球的10%。到2024年，白银的需求缺口预计将达到几千 吨，而光伏和新能源汽车产业还在迅猛发展。如果不对出口进行控制，国内的战略产业就可能面临缺银 的困境。 从2026年1月1日起，也就是昨天开始，中国对白银的出口实施了新的管控政策。这项政策的核心内容是 将白银列为战略物资进行管理，所有出口都必须办理许可证，并且要进行一单一审制度。这并不是说完 全禁止出口，而是通过精准的控制，来把握白银的流向和用途。 中国目前的白银精炼产能占全球市场 的60%至70%。一旦这一政策实施，全球市场立刻产生了反应。 可证和资质审核来掌控资源，将资源的优势转化为产业和战略的优势。 从稀土到白银，中国正在系统 性地守护关键的战略资源。这不仅能保障国内高端制造业和国防的需求，还能在全球供应链中掌握更多 主动权。这一步棋展 ...

Core Viewpoint - The electric vehicle (EV) industry is facing significant challenges, with many companies struggling to achieve profitability, as highlighted by the statement from Duan Yongping, a prominent investor in China [4][10]. Group 1: Industry Challenges - Duan Yongping emphasizes that while the automotive industry has value, it is difficult to turn it into a "good business" due to intense competition and product homogenization [6][14]. - The automotive sector has historically experienced a high level of product similarity, which has led to fierce competition and a lack of unique selling propositions [14][18]. - The transition from traditional fuel vehicles to electric vehicles may exacerbate these challenges, as the EV market is predicted to become increasingly homogeneous [15][18]. Group 2: Business Model Insights - A strong business model requires differentiation, which is currently lacking in the automotive industry, making it hard for companies to establish a competitive moat [12][14]. - Duan Yongping argues that the automotive industry is at risk of falling into a price war, which can undermine long-term profitability and innovation [20][21]. - Companies need to focus on creating unique value propositions rather than competing solely on price, as this can lead to a race to the bottom [20][21]. Group 3: Strategic Recommendations - To transform the automotive business into a sustainable venture, companies should concentrate their efforts and resources rather than diversifying too broadly [22][24]. - The single product model, exemplified by companies like Apple, allows for focused resource allocation and can lead to superior product quality and customer loyalty [26][29]. - Companies should explore the potential of electric vehicles as platforms for additional services, leveraging the time consumers spend in their vehicles to create new revenue streams [32][36]. Group 4: Future Outlook - The future of the automotive industry may hinge on the ability to innovate beyond traditional vehicle sales, potentially integrating software and services that enhance user experience [32][36]. - Duan Yongping's evolving views on electric vehicles and autonomous driving reflect a broader trend of adapting to new market realities and consumer behaviors [37][39].

来源：华夏时报 本报（chinatimes.net.cn）记者叶青 北京报道 11月27日，广州期货交易所（下称"广期所"）新能源金属品种板块迎来新成员——铂、钯期货和期权， 这是广期所继工业硅、碳酸锂、多晶硅之后，新增上市的绿色新能源金属品种。铂族金属中的铂和钯被 称为"工业维生素"，在清洁能源转型中扮演着重要角色，从氢能催化到汽车尾气净化，从光伏制造到油 气炼化，均发挥着重要作用。 "首日上市的铂期货2606合约和钯期货2606合约成交活跃，成交金额分别为273.18亿元和122.90亿元，一 方面是近年铂、钯价格波动加剧，产业链上下游企业面对日益频繁的价格波动，对期货套期保值工具的 需求极为迫切；另一方面得益于挂牌基准价较为合理，激发市场交易热情，吸引产业客户入场交 易。"南华期货贵金属新能源研究组负责人夏莹莹接受《华夏时报》记者采访时表示。 铂期货一手保证金36450元 11月27日，铂、钯期货在市场热切关注中正式挂牌交易，铂主力合约2606开盘价441元/克，较405元/克 的挂牌基准价跳空高开，随后快速上行至457.15元/克后震荡回落，最终收盘涨幅为6.25%，呈现"高开 回落但强势收涨"的行情 ...

Core Viewpoint - The article discusses the financial performance and strategic direction of MINISO, emphasizing the importance of a strong business model for long-term returns and the challenges faced in maintaining competitive pricing and profitability in the retail sector [1][12]. Financial Performance - MINISO reported Q3 2025 revenue of 5.797 billion RMB, a year-on-year increase of 28.2%, achieving a record high for a single quarter. Gross profit rose by 28% to 2.58 billion RMB, with a gross margin of 44.7%. However, net profit attributable to shareholders decreased by 31% to 441 million RMB, while adjusted net profit increased by 12% to 767 million RMB, with an adjusted net profit margin of 13.2% [1]. - For Q1 2025, MINISO's revenue was 4.427 billion RMB, up 18.9%, but operating profit fell by 4.51% to 710 million RMB, and net profit dropped by 28.92% to 417 million RMB. Adjusted net profit was 587 million RMB, down 4.81%, with a net profit margin of 13.3% [3]. - In Q2 2025, total revenue reached 4.97 billion RMB, a 23.1% increase, with a gross margin of 44.3%. Operating profit grew by 11.3% to 836 million RMB, while net profit was 489.5 million RMB, down from 591.4 million RMB in the previous year [3]. Business Segments - MINISO brand revenue was 5.22 billion RMB, reflecting a 23% increase, while TOP TOY brand revenue surged by 111.4% to 570 million RMB. The total number of stores globally reached 8,138, with 7,831 MINISO stores and 307 TOP TOY stores [1]. - The same-store GMV showed single-digit growth across the group, with MINISO in China experiencing high single-digit growth, indicating a stable base in the domestic market [1]. Business Model Analysis - The article critiques MINISO's business model, questioning whether it aligns more with unique product offerings or cost efficiency. The current strategy appears to lean towards the former, aiming for distinctive product strength rather than merely competing on price [5][12]. - The founder's past assertion of a "quality at low price" model is challenged, as the current gross margin exceeds 50%, suggesting that the pricing strategy may not be as competitive as claimed [6][8]. - The company is seen as focusing on brand and IP management rather than traditional retail efficiency, which may limit its ability to compete on price against discount retailers [12][9]. Competitive Landscape - The article highlights the competitive pressures faced by MINISO, particularly from established players in the market. The potential for competitors to offer lower prices poses a significant risk to MINISO's market position [12][15]. - The discussion includes comparisons with other brands, such as Bubble Mart, which operates on a unique product model with higher gross margins, suggesting that MINISO's strategy may not be sustainable in the long term [14][15].

自11月10日起，人民币将正式退出伦敦金属交易所的期货合约交易。单看这一事件或许波澜不惊，但结合美国 12 月即将启动的量化宽松政策，以及刚 组建的十国关键矿产联盟来看，这本质是一场针对人民币定价权的精准狙击，且时间节点的把控堪称刻意。 大宗商品的"定价权"是什么？它并非一个单一的权力，而是一套由交易规则、货币流动性与实物控制权共同构成的三足鼎立的权力结构。 近期，国际上看似孤立的三件事，恰恰是在这三个维度上，清晰地勾勒出一场深刻博弈的轮廓，其核心指向未来全球经济秩序中美元与人民币的地位之 争。 定价权的基石，是对被全球认可的交易规则和金融工具的掌控，伦敦金属交易所（LME）正是这一"制度层"的传统主导者，其价格影响着全球超八成的 有色金属贸易。 更值得注意的是，这一决策发生在港交所全资控股的LME内部，却带有英国金融行为监管局（FCA）干预的痕迹。这揭示了金融平台的归属权与其规则 制定权，在地缘政治面前的复杂分离，构建一个具备全球公信力的新制度，面临的正是这种根深蒂固的壁垒。 中国同样在物理层展开布局，近期在西昆仑带发现的巨大锂资源潜力，以及国内锂产量超过30%的增幅，都意在增强供应链的自主权。这场博弈的时 ...

Core Viewpoint - Similarweb's stock is experiencing a decline following the release of its third-quarter results, which showed mixed performance with earnings exceeding forecasts but sales falling short [2][4]. Financial Performance - For Q3, Similarweb reported adjusted earnings per share of $0.05 on sales of $71.79 million, while Wall Street analysts had estimated earnings of $0.02 on sales of $71.95 million [4]. - Year-over-year, sales increased by 11%, and the customer base grew by 15% compared to the previous year [4]. Guidance and Forecast - The company reaffirmed its full-year sales guidance, expecting sales to be between $285 million and $288 million [5]. - Similarweb raised its full-year adjusted operating income target to a range of $8.5 million to $9.5 million, up from the previous guidance of $5 million to $7 million [5]. Market Reaction - Despite the positive adjustments in profit forecasts, the stock price fell by 8.7% during trading, with a peak decline of 16.9% earlier in the session [1][2]. - Investor concerns are growing regarding the company's pricing power, as customer growth is significantly outpacing sales growth [6].

Core Viewpoint - China has suspended the purchase of iron ore from BHP Billiton, marking a significant shift in its long-standing reliance on Australian iron ore, driven by negotiations over pricing and payment terms [2][7][19] Group 1: Pricing Dispute - China proposed a price of $80 per ton for iron ore, which is significantly higher than BHP's production costs of $30 to $40 per ton, indicating a substantial profit margin for BHP [3] - BHP insisted on a price increase of 15% based on post-war reconstruction costs, raising the price to $109.5 per ton, which would result in an additional cost of over $200 billion for China annually given its import volume of 700 million tons [5] - The longstanding pricing mechanism based on the Platts index has been criticized for favoring mining companies, leading to China's demand for a shift to pricing in RMB [5][7] Group 2: Strategic Alliances and Supply Sources - Chinese steel companies have established strategic partnerships with other mining companies like Rio Tinto and Vale, which have already begun using RMB for transactions, reducing reliance on BHP [9] - The Simandou iron ore project in Guinea, with reserves of 4.7 billion tons and a planned annual supply of 120 to 150 million tons, is set to begin shipments to China in November 2025, potentially offsetting the loss from BHP [13] - Domestic iron ore production is increasing, with a target of adding 6.56 million tons by 2025, and a focus on recycling steel, which is expected to reach 250 million tons in 2024 [13][15] Group 3: Market Dynamics and Future Outlook - China's shift towards domestic production and recycling reduces its dependency on Australian iron ore, leading to a more favorable supply-demand balance for China [15] - The Australian government has softened its stance in negotiations, indicating a willingness to cooperate on trade agreements following China's assertive actions [15] - The ongoing transformation in pricing strategies reflects China's growing influence in international trade, as it seeks to establish its own pricing mechanisms in various sectors, including natural gas and agricultural products [19]

Core Insights - Shake Shack reported record revenue of $356 million in Q2 2025, exceeding analyst expectations of $354 million, with adjusted earnings of $0.44 per share compared to the consensus of $0.38 per share [1] - The company experienced a same-store sales growth of 1.8%, which fell short of the expected 2%, leading to a significant drop in share price by nearly 15% on the earnings report day [2] - Despite the disappointing share performance, Shake Shack's net income grew by 77% last quarter, indicating strong underlying business performance [4] Financial Performance - Shake Shack's revenue grew by 12.6% year over year, and the company added 63 stores, marking an 11.5% increase in store count [1] - The company has raised menu prices multiple times, including a 3% increase in the most recent quarter, contributing to revenue growth that has nearly doubled since Q1 2022 [8] - Shake Shack's restaurant-level profit margin increased by 190 basis points to 23.9%, significantly higher than the average fast-casual dining sector margin of 6% to 9% [13] Expansion Plans - Management announced plans to operate or license 1,500 stores, a significant increase from the 330 stores currently open, with 80 to 90 new locations planned for this year [11] - The current rate of store openings is the fastest in the company's 21-year history, indicating strong growth potential [12] Market Position and Valuation - Shake Shack's stock is currently trading at a price-to-earnings ratio just shy of 200, compared to 28 for the S&P 500, suggesting a high valuation [15] - The company is guiding for 20 to 25 new restaurant openings and 14% revenue growth for the third quarter, with low-single-digit same-store sales growth expected [16] Customer Loyalty - Shake Shack has demonstrated strong customer loyalty, being recognized as having the most loyal customer base among fast-casual dining chains [9] - This loyalty is crucial for the company's pricing power, allowing it to raise prices without losing customers [8]

Core Viewpoint - The collapse of a soybean storage facility in the U.S. has led to a significant loss of over 800 tons of soybeans, while Brazilian soybean prices have surged, creating a stark contrast in the market dynamics between the two countries [1][3][4]. Group 1: Market Dynamics - The collapse of a soybean warehouse in Illinois resulted in the loss of over 800 tons of soybeans, which has left U.S. farmers in despair as they seek government assistance that has not materialized [3][4]. - Brazilian soybean prices have increased dramatically, with quotes exceeding the Chicago Board of Trade (CBOT) benchmark by $2.9 per bushel, compared to a $1.7 premium for U.S. soybeans, indicating opportunistic pricing behavior from Brazilian traders [4][6]. Group 2: China's Position and Strategy - Chinese buyers are strategically pausing purchases in response to Brazil's inflated prices, leveraging their substantial national strategic reserves of soybeans to negotiate better terms [8][10]. - China has diversified its soybean import sources, including Argentina, Uruguay, and Canada, which helps mitigate risks associated with relying solely on Brazilian imports [10][12]. - Technological advancements in feed formulation have allowed China to increase the substitution rate of soybean meal with alternatives like rapeseed and cottonseed meal, reducing overall soybean demand and weakening the bargaining power of sellers [12][14]. Group 3: Long-term Implications - The current situation presents an opportunity for China to reshape the international trade order, aiming to transition from being a price taker to a rule maker in global soybean trade [14][19]. - A report from Goldman Sachs predicts that if China successfully increases its soybean meal substitution rate to 20%, it could lead to a fundamental shift in global soybean trade dynamics, potentially lowering South American soybean prices by 10% to 15% [17][22]. - Experts suggest that China's approach should involve both leveraging international markets and enhancing domestic oilseed crop self-sufficiency, which is crucial for national economic sovereignty [19][24]. Group 4: Conclusion - The price surge from Brazil inadvertently provides China with a chance to address its pricing power shortcomings in the soybean market, signaling a potential shift in global commodity market dynamics [26].

Core Viewpoint - The article highlights the continued confidence of investor Duan Yongping in Kweichow Moutai, as he publicly announced his purchase of the stock again, indicating a strong belief in the company's long-term potential [3][6]. Group 1: Investment Actions and Market Performance - Duan Yongping publicly stated on October 13 that he bought more Kweichow Moutai shares, following a similar endorsement in late June [3]. - After Duan's encouragement in June, Kweichow Moutai's stock price rose from ¥1403.9 to a peak of ¥1538.02, marking a 9.6% increase over three months [3]. - As of the latest report, Kweichow Moutai's stock price was down 0.76% to ¥1419.2 per share [4]. Group 2: Long-term Investment Strategy - Duan Yongping has held Kweichow Moutai shares since 2012, experiencing over a 20-fold increase in stock price during this period, and has never sold any shares, even during industry downturns [6]. - His investment philosophy is based on the belief that Kweichow Moutai possesses unique advantages such as brand monopoly, pricing power, and inflation resistance, making it irreplaceable compared to other assets [10]. Group 3: Comparisons with Other Investments - In a response to an investor's query about alternatives to Kweichow Moutai, Duan suggested that while Shenhua may not be as strong as Moutai, it is likely a better investment than keeping money in a bank [8]. - He also emphasized that investing in Tencent would likely yield better returns than bank savings, reinforcing his view on the value of equity investments [8].