每经AI快讯，有投资者在投资者互动平台提问：公司氢能源项目开发和利用项目进度如何，是否还有 其他新能源项目进行完工？ 中钢国际（000928.SZ）12月24日在投资者互动平台表示，公司承建的河钢宣钢张宣高科氢能源开发和 利用示范项目实现稳定连续生产。公司下属子公司中钢设备联合复旦大学、有研工程技术研究院有限公 司等氢能领域产学研优势单位，依托13个国家级/省部级平台，承担"十四五" 国家重点研发计划 "氢能 技术" 重点专项——《中低压氢气管道固态储氢系统及其应用技术》。 （文章来源：每日经济新闻） ...

铂钯专家交流 20251221 摘要 铂金价格大幅上涨，2025 年接近 2000 美元/盎司，主要受成本上升 （2022 年 614 美元至 2024 年 884 美元）、需求增长、政策影响（欧 洲禁燃油车计划摇摆）和供应短缺（2023 年短缺 16.1 吨）等多重因素 驱动。 全球铂矿产量约 176 吨，加上回收共计 218 吨，南非占比 70%，俄罗 斯 12%；钯矿产量约 200 吨，加上回收共计 292 吨，俄罗斯占比 40%，南非 36%。铂生产集中度高，前五大生产商占 89%，钯更高， 前五大占 90%以上。 钯主要用于汽车领域（84%），铂用于汽车（40%以上）、首饰、电子 化工及氢燃料电池。氢能技术发展将增加铂在新能源领域的需求，钯受 益于传统汽车及排放标准提升。 铂供应面临风险，南非电力问题、生产环境不稳定和成本上升影响供应。 中国铂族金属储量匮乏，依赖进口，二次回收占比高（超 60%）。2024 年中国铂消费 68.6 吨，钯 58 吨，铂进口超 100 吨，钯 近 30 吨。 2025 年贵金属市场的主要变化有哪些？ 2025 年以来，贵金属市场经历了显著变化，特别是在税收政策和新产品 ...

我们不是资讯的搬运工 而是有态度的发现者 2.中国人民银行、科技部等部门联合召开科技金融统筹推进机 制第一次会议。 3.发改委主任郑栅洁主持召开民营企业座谈会 就"十五五"时期 服务业高质量发展听取意见建议。 二、行业最新动态 1 谷歌将发布AI眼镜深度集成Gemini, 相关个股: 博士眼镜 (300622) 、恒信东方(300081)等。 万和财富早班车 2025年12月1日 · 国内金融市场 · 宏观消息汇总 1。国家统计局：11月份制造业PMI为49.2% 比上月上升0.2个百 分点。 3.恩捷股份(002812)：公司正在筹划发行股份购买中科华联100% 股权并募集配套资金。 4.嘉戎技术(301148)：拟向厦门溥玉定增募资不超10亿元并购买 杭州蓝然100%股份。 四、市场回顾及展望 11月28日周五，市场探底回升，三大指数集体收红。沪 深两市成交额1.59万亿，较上个交易日缩量1240亿。盘面上热 点快速轮动,全市场超4100只个股上涨。从板块来看,海南 板块持续走高，海南瑞泽4天3板。商业航天概念股爆发，雷 科防务反包5天4板,航天发展再度涨停。福建板块反复活跃, 福建水泥、平潭发展等多股涨 ...

Report Investment Ratings No investment ratings for the industry are provided in the report. Core Views The report offers trend judgments and analysis on various commodities, including gold, silver, copper, zinc, etc., based on their respective fundamentals and market news. For example, gold is affected by rising interest - rate cut expectations, while copper is supported by high long - term premium expectations [2][6][10]. Summary by Category Precious Metals - **Gold**: Rising interest - rate cut expectations [2][6] - **Silver**: Oscillating and adjusting [2] Base Metals - **Copper**: High long - term premium expectations support prices. The global copper market is expected to face a supply shortage in 2026 [2][10][12] - **Zinc**: Oscillating weakly [2][13] - **Lead**: Reduced inventory supports prices [2][17] - **Tin**: Supply is disrupted again [2][19] - **Aluminum**: Ranging within a certain interval [2][23] - **Alumina**: Rebounding from a low level [2][23] - **Cast Aluminum Alloy**: Following the trend of electrolytic aluminum [2][23] - **Nickel**: The inventory accumulation pace has slightly slowed down, with short - term disturbances from macro and news factors [2][26] - **Stainless Steel**: Steel prices are under pressure and oscillating at a low level, but the downside is limited [2][26] Energy Metals - **Lithium Carbonate**: The resumption of production by large manufacturers and less - than - expected inventory reduction put pressure on the upside [2][31] Industrial Metals - **Industrial Silicon**: Mainly oscillating within a range [2][34] - **Polysilicon**: Attention should be paid to the position of the 2512 contract [2][35] Ferrous Metals - **Iron Ore**: Limited downstream demand and over - valued [2][38] - **Rebar**: Widely oscillating [2][40] - **Hot - Rolled Coil**: Widely oscillating [2][41] - **Silicon Ferrosilicon**: Widely oscillating due to market sentiment disturbances [2][45] - **Manganese Ferrosilicon**: Widely oscillating with firm ore prices [2][45] - **Coke**: Widely oscillating [2][49] - **Coking Coal**: Widely oscillating [2][49] Forest Products - **Log**: Weakly oscillating [2][51] Chemicals - **Para - Xylene**: Showing a weakening trend [2][55] - **PTA**: Showing a weakening trend [2][55] - **MEG**: Hold a long MEG and short PX position [2][55] - **Rubber**: Oscillating strongly [2][61] - **Synthetic Rubber**: Oscillating with fundamental pressure but valuation support [2][65] - **Asphalt**: Rising production and accelerating inventory reduction in the north [2][69] - **LLDPE**: Positive basis and still abundant supply [2][79] - **PP**: Do not chase short - term short positions, but there is still medium - term pressure [2][82] - **Caustic Soda**: Still under pressure [2][86] - **Pulp**: Oscillating [2][92] - **Glass**: Stable prices of raw sheets [2][99] - **Methanol**: Continuing the short - term rebound pattern [2][102] - **Urea**: Ranging, mainly following spot market sentiment during the day [2][107] - **Styrene**: Oscillating in the short term [2][110] - **Soda Ash**: Little change in the spot market [2][113] Energy - **LPG**: Strong external market and decent demand [2][116] - **Propylene**: Weakening demand support and limited upward driving force [2][117] Plastics - **PVC**: Oscillating at a low level [2][127] Fuels - **Fuel Oil**: Oscillating and consolidating, with short - term fluctuations narrowing [2][128] - **Low - Sulfur Fuel Oil**: Continuing the adjustment trend, with a slight rebound in the price difference between high - and low - sulfur fuels in the external spot market [2][128] Shipping - **Container Freight Index (European Line)**: Oscillating at a low level [2][130] Fibers - **Staple Fiber**: Oscillating in the short term and under pressure in the medium term [2][143] - **Bottle Chip**: Oscillating in the short term and under pressure in the medium term [2][143] Paper - **Offset Printing Paper**: Oscillating at a low level [2][146] Aromatics - **Pure Benzene**: Mainly oscillating in the short term [2][151] Oils and Fats - **Palm Oil**: Reduced trading on high - yield margins and a technical rebound [2][155] - **Soybean Oil**: Ranging within a certain interval [2][155] Grains and Oilseeds - **Soybean Meal**: The US soybean market is closed for Thanksgiving, lacking guidance [2][162] - **Soybean**: Stable spot prices and oscillating futures prices [2][163] - **Corn**: Oscillating strongly [2][166] Sweeteners - **Sugar**: Ranging and consolidating [2][170] Textiles - **Cotton**: Pay attention to the trend of the spot basis [2][175] Livestock and Poultry - **Egg**: Increased elimination volume and expected support [2][180] - **Pig**: Position - limit policies drive the divergence between near - term futures and spot prices [2][182] Nuts - **Peanut**: Pay attention to the spot market [2][186]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The long - term premium of copper is expected to be high, which supports the price [1] - The global copper market will turn into a supply shortage of 150,000 tons in 2026 [3] Group 3: Summary by Relevant Catalogs 1. Copper Fundamental Data - **Futures Information**: The closing price of the Shanghai Copper main contract was 86,990 with a daily increase of 0.46%, and the night - session closing price was 87,050 with a night - session increase of 0.07%. The price of the LME Copper 3M electronic disk was 10,930, a decrease of 0.21%. The trading volume of the Shanghai Copper Index was 183,253, a decrease of 13,069 from the previous day, and the position was 538,571, an increase of 7,273. The trading volume of the LME Copper 3M electronic disk was 10,519, a decrease of 11,957, and the position was 330,000, an increase of 3,102. The inventory of Shanghai Copper was 35,873, a decrease of 3,952, and the inventory of LME Copper was 157,175, an increase of 675. The注销仓单 ratio of LME Copper was 3.87%, unchanged from the previous day [1] - **Spot Information**: The LME copper premium was 8.83, a decrease of 0.69 from the previous day. The bonded - area bill of lading premium was 48, unchanged. The bonded - area warehouse receipt premium was 32, unchanged. The price of Shanghai 1 bright copper was 78,800, an increase of 300. The spot - to - near - month futures spread was 105, an increase of 25. The spread between the near - month contract and the consecutive - first contract was - 60, a decrease of 30. The cost of the inter - period arbitrage of buying the near - month contract and selling the consecutive - first contract was 246. The spread between the Shanghai copper spot and LME cash was - 851, a decrease of 188. The spread between the Shanghai Copper consecutive - third contract and LME 3M was - 565, a decrease of 205. The spread between the Shanghai copper spot and Shanghai 1 recycled copper was 3,135, a decrease of 104. The import profit and loss of recycled copper was - 645, a decrease of 349 [1] 2. Macro and Industry News - **Macro News**: In October, the profits of industrial enterprises above designated size in China decreased by 5.5% year - on - year, while the manufacturing and power sectors had relatively rapid growth in the first 10 months. The National Development and Reform Commission Price Department organized a symposium on the cost determination of disorderly price competition, emphasizing the prevention of high - repetition humanoid robot products from "crowding" the market, establishing a sound entry and exit mechanism for the embodied intelligence industry, and encouraging the orderly development of various new energy storage and hydrogen energy technology routes [1] - **Industry News**: In September, the global refined copper market had a shortage of 51,000 tons, while there was a surplus of 41,000 tons in August. After a fatal mud surge accident in September, Freeport's Indonesian branch expects the production activities of the Grasberg Block Cave mine to fully resume in 2027. An executive of Aurubis, Europe's largest copper smelter, said the company was willing to reject low offers for copper concentrates. The negotiation of annual contracts for copper concentrates was in a tense state, and the processing fee was at a record negative value. Chile's state - owned copper company Codelco offered a CIF China electrolytic copper long - term contract base price of $350 per ton in 2026, a $261 increase from $89 per ton in 2025 [3] 3. Trend Intensity - The trend intensity of copper is 1, indicating a moderately positive trend [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - After recent continuous declines, the index is expected to stabilize in the short - term. Policy support for the capital market remains unchanged, and technology growth is still the market's main theme. The medium - to long - term approach for the index is to go long on dips [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is currently in a situation of weak domestic demand recovery and improved inflation expectations, maintaining an overall oscillatory trend. Attention should be paid to the linkage between stocks and bonds and the impact of liquidity [6]. - The expectation of the Fed's loose monetary policy has significantly rebounded, and the overseas interest - rate cut cycle will continue. It is recommended to go long on precious metals on dips [9]. - Most metal prices are expected to oscillate. Some metals have strong price support due to supply - demand relationships, while others may face downward pressure due to factors such as over - supply or weak demand [12][14][16]. - The demand for steel has officially entered the off - season, and the inventory pressure of hot - rolled coils remains. Steel prices are likely to continue weak oscillations in the short term, but there may be a marginal inflection point in demand later [33]. - The prices of most energy - chemical products are expected to oscillate. Some products may have short - term upward or downward trends due to factors such as supply - demand changes and cost fluctuations [54][55]. - The prices of most agricultural products are expected to oscillate. Some products may face downward pressure due to over - supply, while others may have short - term upward potential due to factors such as production reduction expectations [73][82]. Summary by Directory Macro - financial Stock Index - **Market Information**: There are over 150 humanoid robot enterprises in China, and the NDRC encourages the development of new energy storage and hydrogen energy technologies. OPEC+ may reach an agreement on a mechanism to evaluate member countries' maximum production capacity. JPMorgan Chase has upgraded the rating of A - shares to "overweight" [2]. - **Strategy Viewpoint**: After recent declines, the index is expected to stabilize in the short - term. The long - term approach is to go long on dips, with technology growth as the main theme [4]. Treasury Bonds - **Market Information**: On Thursday, the main contracts of TL, T, TF, and TS had positive changes. From January to October, the total profit of industrial enterprises above the designated size increased by 1.9% year - on - year. The NDRC has arranged special treasury bonds for "two major" construction projects. The central bank conducted a net injection of 564 billion yuan through reverse repurchase operations on Thursday [5]. - **Strategy Viewpoint**: In October, the economic data on both the supply and demand sides were weak. The growth rate of social financing may remain weak at the end of the year. The central bank is maintaining an attitude of protecting funds. The bond market is expected to oscillate in the fourth quarter [6]. Precious Metals - **Market Information**: Shanghai gold and silver futures rose, and COMEX gold and silver prices also had certain trends. The market is mainly concerned about the Fed's subsequent personnel changes and monetary policy expectations. The probability of a 25 - basis - point interest - rate cut by the Fed in December is 86.9% [7][8]. - **Strategy Viewpoint**: The expectation of the Fed's loose monetary policy has rebounded. It is recommended to go long on precious metals on dips [9]. Non - ferrous Metals Copper - **Market Information**: Geopolitical concerns have resurfaced, and the RMB has slightly depreciated. LME copper prices have declined, and domestic copper inventories have decreased. The import loss of domestic copper has widened [11]. - **Strategy Viewpoint**: The probability of an interest - rate cut by the Fed in December is high, but there are still uncertainties in the geopolitical situation. The supply of copper raw materials is tight, and the price support is strong. The reference range for the Shanghai copper main contract is 86,200 - 87,800 yuan/ton [12]. Aluminum - **Market Information**: Aluminum prices have corrected. Domestic aluminum ingot inventories have decreased, and LME aluminum inventories have also decreased [13]. - **Strategy Viewpoint**: The global visible inventory of aluminum ingots is relatively low, and the price support is strong. Although the downstream is entering the off - season, the inventory accumulation pressure is not large. The price may strengthen after adjustment. The reference range for the Shanghai aluminum main contract is 21,400 - 21,700 yuan/ton [14]. Zinc - **Market Information**: The Shanghai zinc index rose slightly. Domestic and LME zinc inventories have certain trends, and the import loss of zinc ingots is relatively large [15][16]. - **Strategy Viewpoint**: Zinc ore imports declined significantly in October, and the supply of zinc ore is tight during the winter stockpiling period of smelters. However, it is expected to loosen marginally after stockpiling. The zinc industry is still in an over - supply cycle, and zinc prices are expected to be weak in the short term [16]. Lead - **Market Information**: The Shanghai lead index declined. Domestic and LME lead inventories have certain trends, and the import profit of lead ingots is relatively small [17]. - **Strategy Viewpoint**: The supply of lead ingots is increasing, and the export of lead - acid batteries is declining. Lead prices are expected to decline at a slower pace in the short term [17]. Nickel - **Market Information**: Nickel prices oscillated narrowly. The prices of nickel ore and nickel pig iron have certain trends, and the supply of refined nickel raw materials is expected to increase [18]. - **Strategy Viewpoint**: The fundamentals of nickel are under pressure, and prices are expected to be under pressure in the short term. It is not recommended to chase short or bottom - fish. The reference range for Shanghai nickel prices is 113,000 - 118,000 yuan/ton [18]. Tin - **Market Information**: The Shanghai tin main contract rose. The production of tin smelters in Yunnan and Jiangxi is at a high level, and the demand in emerging fields provides support for tin prices. The inventory has increased slightly [20]. - **Strategy Viewpoint**: The short - term supply and demand of tin are in a tight balance. It is expected that tin prices will oscillate. It is recommended to wait and see. The reference range for the domestic main contract is 280,000 - 310,000 yuan/ton [21]. Carbonate Lithium - **Market Information**: The spot index of carbonate lithium declined. The price of the LC2605 contract also declined [22]. - **Strategy Viewpoint**: Domestic production has declined, and inventory has decreased. There are differences in the market's expectations for next year's demand. It is recommended to wait and see or use options. The reference range for the Guangzhou Futures Exchange's carbonate lithium 2605 contract is 91,200 - 99,600 yuan/ton [23]. Alumina - **Market Information**: The alumina index rose slightly. The price of overseas ore has declined, and the inventory of futures has decreased [24]. - **Strategy Viewpoint**: The supply of overseas ore is expected to increase, and the alumina smelting industry has an over - supply situation. It is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton [26]. Stainless Steel - **Market Information**: The stainless - steel main contract declined. The prices of spot and raw materials remained stable, and the inventory decreased [27]. - **Strategy Viewpoint**: The spot market price is stable, and the sales of 300 - series stainless steel are relatively good. However, the consumption in related fields is weak, and the inventory removal speed is slow. Stainless - steel prices are expected to oscillate [28]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuated. The inventory of domestic aluminum alloy ingots decreased, and the inventory in factories increased [29]. - **Strategy Viewpoint**: The cost of cast aluminum alloy provides strong support, and the price is expected to follow the trend of aluminum prices in the short term [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil futures declined. The prices of spot rebar and hot - rolled coil also decreased [32]. - **Strategy Viewpoint**: The supply and demand of rebar have both declined, and the inventory has been continuously removed. The production of hot - rolled coils has increased, and the inventory removal is slow. The export of steel to South Korea may be affected. Steel prices are expected to continue weak oscillations in the short term [33]. Iron Ore - **Market Information**: The iron - ore main contract rose slightly. The price of spot iron ore and the basis have certain trends [34]. - **Strategy Viewpoint**: The overseas shipment of iron ore has decreased, and the demand from steel mills has weakened. The inventory of iron ore is relatively high, and the price is expected to oscillate. If the molten iron output continues to decline, the ore price may decline in the short term [35]. Glass and Soda Ash - **Market Information**: The glass main contract rose slightly, and the inventory decreased. The soda - ash main contract rose slightly, and the inventory decreased [36][38]. - **Strategy Viewpoint**: The cold - repair expectation of glass production lines in December is increasing, and the supply is expected to shrink. The demand for glass is weak, and the price is expected to oscillate at the bottom. The supply of soda ash is in an over - supply situation, and the price is expected to remain weak [37][38]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese - silicon and ferrosilicon futures declined. The prices of spot manganese - silicon and ferrosilicon also decreased [39]. - **Strategy Viewpoint**: The risk appetite of the market has weakened, and the prices of ferrous alloys have declined. However, the expectation of an interest - rate cut by the Fed in December has rebounded. It is recommended to pay attention to the inflection point of market sentiment. For the black sector, it may be more cost - effective to look for opportunities to rebound [40][42]. Industrial Silicon and Polysilicon - **Market Information**: The price of industrial - silicon futures rose slightly, and the inventory decreased. The price of polysilicon futures declined, and the inventory increased [43][45]. - **Strategy Viewpoint**: The production of industrial silicon is declining, and the demand is relatively stable. The price is expected to oscillate. The production of polysilicon is declining, and the supply - demand pattern may improve marginally. The price is expected to oscillate in a wide range [44][46]. Energy and Chemicals Rubber - **Market Information**: Rubber prices rebounded. The flood in Thailand's rubber - producing areas is a positive factor, but the subsequent rainfall has decreased. The inventory of exchange - traded RU is low [48]. - **Strategy Viewpoint**: It is recommended to take a neutral approach and conduct short - term trading. It is recommended to partially build a hedging position by buying RU2601 and selling RU2609 [52]. Crude Oil - **Market Information**: The prices of crude - oil and refined - oil futures rose. The US EIA data shows that the inventory of crude oil and some refined oils has increased [53]. - **Strategy Viewpoint**: Although the geopolitical premium has disappeared, the supply of OPEC has not increased significantly. It is recommended to take a wait - and - see approach in the short term and adopt a low - buy and high - sell strategy [54]. Methanol - **Market Information**: The price of methanol futures rose, and the basis decreased. The price of spot methanol also increased [55]. - **Strategy Viewpoint**: The potential positive factors of Iran's plant shutdown have been realized, and the market has stopped falling and stabilized. The supply is expected to remain high, and the market is expected to oscillate after the positive factors are realized [55]. Urea - **Market Information**: The price of urea futures rose, and the basis decreased. The price of spot urea also increased [56]. - **Strategy Viewpoint**: The price of urea is expected to gradually emerge from the bottom range. The supply is relatively high, and the demand has improved. It is recommended to go long on dips at low prices [56]. Pure Benzene and Styrene - **Market Information**: The price of pure - benzene futures remained unchanged, and the basis increased. The price of styrene futures declined, and the basis decreased [57]. - **Strategy Viewpoint**: The supply of styrene is under pressure, and the BZN spread has room for upward repair. The price of styrene may stop falling temporarily [58]. PVC - **Market Information**: The price of PVC futures rose, and the basis decreased. The cost of PVC remained stable, and the inventory increased [59]. - **Strategy Viewpoint**: The supply of PVC is in an over - supply situation, and the demand is weak. It is recommended to go short on rallies in the medium term [60]. Ethylene Glycol - **Market Information**: The price of ethylene - glycol futures declined, and the basis decreased. The inventory of ethylene glycol remained unchanged [61]. - **Strategy Viewpoint**: The supply of ethylene glycol is expected to decline in December, and the inventory accumulation may slow down. It is recommended to go short on rallies in the medium term [62]. PTA - **Market Information**: The price of PTA futures declined, and the basis decreased. The inventory of PTA decreased [63]. - **Strategy Viewpoint**: The supply of PTA is expected to increase, and the demand is expected to remain high in the short term. The processing fee of PTA has limited upward space, and there is a risk of PXN valuation correction [64]. Para - Xylene - **Market Information**: The price of PX futures declined, and the basis increased. The inventory of PX increased [65]. - **Strategy Viewpoint**: The load of PX remains high, and the inventory is difficult to continuously remove. The valuation of PX is at a neutral level, and there is a risk of valuation correction [66]. Polyethylene (PE) - **Market Information**: The price of PE futures declined, and the basis increased. The inventory of PE decreased [67]. - **Strategy Viewpoint**: The price of crude oil may have bottomed out. The valuation of PE has limited downward space, but the high number of warehouse receipts suppresses the price. It is recommended to short the LL - 1 - 5 spread on rallies [68]. Polypropylene (PP) - **Market Information**: The price of PP futures rose, and the basis decreased. The inventory of PP decreased [69]. - **Strategy Viewpoint**: The supply of PP is under pressure, and the demand is seasonally oscillating. The inventory pressure is high. The price may be supported after the supply - over - supply situation changes in the first quarter of next year [70]. Agricultural Products Hogs - **Market Information**: The domestic hog price mainly declined. The market demand is increasing slowly, and the supply of hogs is abundant [72]. - **Strategy Viewpoint**: The theoretical supply of hogs is still large, and the demand is weak. It is recommended to short near - term contracts or conduct reverse - spread trading [73]. Eggs - **Market Information**: The national egg price was stable with some increases. The supply is stable, and the downstream digestion speed is average [74]. - **Strategy Viewpoint**: The egg - price futures have rebounded in advance, but the spot price has not followed up as expected. The short - term trend is expected to oscillate. It is recommended to conduct reverse - spread trading in the near - term and far - term contracts, and short on rallies in the medium term [75]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean market was closed due to a holiday. The domestic soybean - meal price was stable, and the inventory increased [76]. - **Strategy Viewpoint**: The global supply of soybeans has decreased, and the domestic soybean inventory is at a high level. The price of soybean meal is expected to oscillate [77]. Oils - **Market Information**: The export of Malaysian palm oil has decreased, and the production has increased. The domestic oil price rebounded [78]. - **Strategy Viewpoint**: The over - supply of palm oil may reverse in the fourth quarter and the first quarter of next year. It is recommended to try to go long on dips [79][80]. Sugar - **Market Information**: The Zhengzhou sugar futures price oscillated strongly. The global sugar supply is expected to be in surplus, and the domestic sugar price is at a relatively low level [81]. - **Strategy Viewpoint**: The global sugar supply - demand relationship has changed from shortage to surplus. It is recommended to short on rallies and close positions when the price falls [82]. Cotton - **Market Information**: The Zhengzhou cotton futures price oscillated narrowly. The downstream spinning - mill operating rate decreased, and the global cotton production increased [83]. - **Strategy Viewpoint**: The demand for cotton is not too bad after the peak season, and the market has digested the negative impact of high yields. The cotton price is expected to oscillate in the short term [84].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - China's industrial profit data shows that in October, the profit of large - scale industrial enterprises decreased by 5.5% year - on - year, but the profit in the first 10 months increased by 1.9% year - on - year. Among the three major sectors, the mining industry decreased by 27.8%, the manufacturing industry increased by 7.7%, and the production and supply of electricity, heat, gas and water increased by 9.5% in the first 10 months [7]. - The long - term supply of copper is tight, and the consumption is expected to pick up. In 2026, the copper market will be in a state of supply shortage, with a high premium for refined copper. The long - term trading strategy for copper is mainly long - position [8][9]. - Cotton futures are expected to fluctuate due to the dual effects of short - term high - yield pressure and high basis support [10]. - After the listing of platinum and palladium futures on the Guangzhou Futures Exchange, there are still risk - free arbitrage opportunities in the cross - market structure, and the prices of platinum and palladium are expected to rise in the short - term due to the easing of the Russia - Ukraine war situation [11][12]. 3. Summaries by Related Catalogs 3.1 Metal Products 3.1.1 Gold and Silver - Gold: The expectation of interest rate cuts has rebounded. The trend strength is 0, indicating a neutral view [15][19]. - Silver: It is in a state of shock adjustment. The trend strength is 0, indicating a neutral view [15][19]. 3.1.2 Copper - The long - term supply of copper is tight, and the long - term consumption is expected to pick up. In 2026, the global copper market will have a supply shortage of 150,000 tons. The long - term trading strategy is mainly long - position. The trend strength is 1, indicating a relatively strong view [8][9][25]. 3.1.3 Zinc - Zinc is in a state of weak shock. The trend strength is 0, indicating a neutral view [15][26]. 3.1.4 Lead - The inventory of lead has decreased, which supports the price. The trend strength is 0, indicating a neutral view [15][30]. 3.1.5 Tin - The supply of tin has been disturbed again. The trend strength is 0, indicating a neutral view [15][32]. 3.1.6 Aluminum, Alumina, and Cast Aluminum Alloy - Aluminum is in a state of range - bound shock; alumina rebounds from a low level; cast aluminum alloy follows the trend of electrolytic aluminum. The trend strength of all three is 0, indicating a neutral view [15][36]. 3.1.7 Nickel and Stainless Steel - The inventory accumulation rhythm of nickel has slowed down, and it is affected by macro and news in the short - term. Stainless steel prices are under pressure and fluctuate at a low level, but the downward space is limited. The trend strength of both is 0, indicating a neutral view [15][39]. 3.1.8 Carbonate Lithium - With the gradual resumption of production by large manufacturers and the less - than - expected inventory reduction, the price of carbonate lithium is under pressure. The trend strength is - 2, indicating a very bearish view [15][44]. 3.1.9 Industrial Silicon and Polysilicon - Industrial silicon mainly fluctuates within a range. Polysilicon requires attention to the position of the 2512 contract. The trend strength of industrial silicon is 0 (neutral), and that of polysilicon is - 1 (weakly bearish) [15][47][48]. 3.1.10 Iron Ore - The downstream demand space for iron ore is limited, and the valuation is high. The trend strength is - 1, indicating a weakly bearish view [15][51]. 3.1.11 Rebar and Hot - Rolled Coil - Both rebar and hot - rolled coil are in a state of wide - range shock. The trend strength of both is 0, indicating a neutral view [15][53][54]. 3.1.12 Ferrosilicon and Silicomanganese - Ferrosilicon fluctuates widely due to market sentiment disturbances, and silicomanganese fluctuates widely due to the firm price of ore. The trend strength of both is 0, indicating a neutral view [15][58]. 3.1.13 Coke and Coking Coal - Both coke and coking coal are in a state of wide - range shock. The trend strength of both is 0, indicating a neutral view [15][62]. 3.2 Agricultural Products 3.2.1 Cotton - Cotton futures are expected to fluctuate due to the dual effects of short - term high - yield pressure and high basis support. Attention should be paid to the change of the basis of spot cotton [10][15][18]. 3.2.2 Palm Oil, Soybean Oil, and Other Oils - Palm oil has a technical rebound due to the weakening of high - yield marginal trading. Soybean oil mainly fluctuates within a range [18]. 3.2.3 Corn - Corn is in a state of shock and upward trend [18]. 3.2.4 Sugar - Sugar is in a state of range consolidation [18]. 3.2.5 Eggs - The increase in the number of culled hens provides expected support for egg prices [18]. 3.2.6 Live Pigs - The limit on positions drives the divergence between the near - term futures and spot prices of live pigs [18]. 3.2.7 Peanuts - Attention should be paid to the spot price of peanuts [18]. 3.3 Others 3.3.1 Logs - Logs are in a state of weak shock [18][64].

李强 指出，中德互为重要经贸伙伴。两国政府应当一道努力，加强对话沟通，妥处各自关切。希 望德方秉持理性务实的对华政策，排除干扰压力，聚焦共同利益，巩固合作根基。中方愿同德方共同把 握未来发展机遇，以开放姿态开展创新合作，打造新能源、智能制造、生物医药、氢能技术、智能驾驶 等新兴领域合作亮点，推动产业转型升级，激发合作新动能。今年是中欧建交50周年。希望德方推动欧 盟以更广阔视野、更长远眼光、更开放心态看待中欧关系，坚持对华伙伴定位，加强双方对话合作，共 促中欧发展繁荣。中方愿同德方加强在联合国、二十国集团等机制的沟通协调，推动完善全球治理，维 护多边主义和自由贸易，做促进和平与发展的建设性、确定性力量。 默茨表示，德中关系自建交以来发展良好，两国经贸联系日益紧密，各领域合作成果丰硕。德中长 期以来互为重要经贸合作伙伴，经济高度互补。德方重视发展对华关系，相信中国"十五五"规划将为德 国和欧盟带来机遇，愿秉持开放姿态，深化双边政治、经贸关系，加强对话交流，拉紧合作纽带，面向 未来挖掘科技等新兴领域合作潜力。德方愿为推动欧中对话发挥建设性作用。德中都是经济全球化的受 益者、支持者，德方愿加强同中方在国际事务中的沟 ...

Core Viewpoint - Heraeus Precious Metals has established a Hydrogen Innovation Center in Shanghai, aimed at advancing hydrogen technology breakthroughs and industrial applications, thereby supporting the development of China's green hydrogen industry and accelerating the global adoption of hydrogen solutions [1] Group 1: Innovation Center Details - The Hydrogen Innovation Center is equipped with advanced laboratory facilities, including catalyst synthesis rooms, analysis testing rooms, and clean rooms for membrane electrode preparation [1] - The center focuses on the research and testing of PEM fuel cells and PEM electrolysis catalysts [1] - The center is actively recruiting talent in hydrogen technology to enhance its research and development capabilities [1] Group 2: Company Commitment and Achievements - The establishment of the innovation center is considered a significant milestone for Heraeus Precious Metals in the hydrogen sector [1] - The company has been consistently investing in hydrogen-related products, achieving local mass production of iridium oxide catalysts in 2023 [1] - Recently, Heraeus Precious Metals has also achieved local mass production of supported iridium oxide catalysts and showcased this achievement at the 2025 Import Expo [1]

Core Viewpoint - Heraeus Precious Metals has established a Hydrogen Innovation Center in Shanghai, aimed at advancing hydrogen technology breakthroughs and industrial applications, thereby supporting the development of China's green hydrogen industry and accelerating the global adoption of hydrogen solutions [1] Group 1: Innovation Center Details - The Hydrogen Innovation Center is equipped with advanced laboratory facilities, including catalyst synthesis rooms, analysis testing rooms, and clean rooms for membrane electrode preparation [1] - The center focuses on the research and testing of PEM fuel cells and PEM electrolysis catalysts [1] - The center is actively recruiting talent in hydrogen technology to enhance its research and development capabilities [1] Group 2: Company Commitment and Achievements - The establishment of the innovation center is considered a significant milestone for Heraeus Precious Metals in the hydrogen sector [1] - The company has been consistently investing in hydrogen-related products, achieving local mass production of iridium oxide catalysts in 2023 and recently localizing the production of supported iridium oxide catalysts [1] - Heraeus Precious Metals showcased its achievements at the 2025 China International Import Expo [1]