Group 1: Netflix and Warner Bros Acquisition - Netflix announced the acquisition of Warner Bros. Discovery's film studio and streaming business for $82.7 billion, with a transaction price of $27.75 per share in cash and stock, expected to close in Q3 2026 [2][7] - The acquisition is anticipated to enhance Netflix's studio capabilities and expand production and investment, signaling a significant transformation in the entertainment industry [2][7] Group 2: Chinese Securities Industry - The chairman of the China Securities Regulatory Commission emphasized the need for securities firms to shift from scale-driven profit expansion to a function-first approach, focusing on serving the real economy and investors [2][7] - Concerns were raised regarding individual stock risks in December, including high valuation stocks, lock-up expirations, and shareholder reduction plans, which could impact stock prices [2][7] Group 3: GPU Industry and IPOs - The IPO process for the "Four Little Dragons" of domestic GPUs, including Moer Technology, Muxi Co., Suiruan Technology, and Birun Technology, is accelerating, with significant movements in financing and stock performance [3][8] - Over 30 A-share companies that are invested in "Zhiyu + Suiruan + Birun" have seen an average increase of over 45% this year, indicating strong institutional interest [3][8] Group 4: Currency and Economic Impact - The Chinese yuan has been rapidly appreciating, with expectations of breaking the 7.0 mark against the US dollar due to factors like Fed rate cut expectations and year-end corporate demand [3][8] - A potential decline in Chinese tourists to Japan could result in an economic loss of approximately ¥101.16 billion for Japan, impacting its GDP by 0.36% [3][9] Group 5: Rare Earth Exports - China has relaxed export restrictions on rare earth permanent magnets, leading to a positive response in related stocks and an increase in export efficiency [4][9] Group 6: Silver Market - Silver prices have been rising, with ETF holdings increasing significantly, indicating strong investor demand, and analysts predict prices could reach $62 per ounce in the next three months [4][9] Group 7: Semiconductor Company Developments - Cambrian Technologies issued a statement refuting false information circulating about its products and clients, while its third-quarter report showed significant growth driven by cloud product sales [5][10] - Multiple institutions have raised their price targets for Cambrian Technologies, indicating positive market sentiment [5][10] Group 8: Currency Swap Agreement - The People's Bank of China and the Monetary Authority of Macao expanded their currency swap agreement from 30 billion RMB/34 billion MOP to 50 billion RMB/57 billion MOP, aimed at enhancing financial stability and promoting RMB internationalization [5][10]

Core Insights - International spot silver prices surged by 2.5%, reaching a peak of approximately $54.84 per ounce, nearing the $55 per ounce mark, thus surpassing the historical high set in October [1] - The rise in silver prices is supported by increasing hopes for a Federal Reserve rate cut in December, inflows into ETFs, and ongoing supply constraints [1] - International spot gold also maintained its upward trend, approaching the $4200 per ounce level [1]

Market Overview - The A-share market opened lower but rebounded, with the Shanghai Composite Index closing at 3883.46 points, up 0.21% [1] - The Shenzhen Component Index rose by 0.72%, and the ChiNext Index increased by 0.71% [1] Trading Volume - The trading volume in the Shanghai and Shenzhen markets was below 1 trillion yuan, decreasing by 112.3 billion yuan compared to the previous trading day [2] - A total of 3568 stocks rose, with 59 hitting the daily limit, while 1626 stocks declined [2] Sector Performance - The energy and metals sector led the gains, with lithium mining and semiconductor equipment concepts performing strongly [2] - The dairy sector saw significant movement, with stocks like Yantang Dairy and Sunshine Dairy hitting the limit up [6][7] - The precious metals sector rebounded, with stocks like Longgao Co. and Shengda Resources seeing notable increases [11][12] Consumer Sector - The consumer sector showed strength, particularly in soft drinks, food, and alcoholic beverages, with dairy stocks experiencing a strong rally [6] - The implementation plan announced on November 26 aims to optimize the supply structure of consumer goods by 2027, targeting three trillion-level consumption areas and ten hundred-billion-level consumption hotspots [8] Precious Metals - The precious metals sector continued to rise, influenced by the increasing probability of a Federal Reserve rate cut in December [10] - Spot gold prices surged, reaching approximately $4186.52 per ounce [12] Real Estate Sector - The real estate sector continued its downward trend, with stocks like China Merchants Shekou and Poly Developments declining [18] - Vanke A's stock price fell over 3% during the day, hitting a new low since August 2015 [18]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: November 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The copper price is still expected to rise. The domestic social inventory is accelerating the destocking process, and domestic and foreign spot prices are supportive of the copper price. The market is also continuously trading on the expectation of a Fed rate cut in December [11]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Shanghai copper rose slightly, with the main contract closing at 86,990. Overnight, the overseas market continued to trade on the expectation of a Fed rate cut in December, driving up the copper price. The spot price rose by 430 to 87,085 during the day, and the spot premium rose by 25 to 105. The domestic social inventory decreased by 0.7 tons this week and 2.1 tons compared to last Thursday. The import loss of spot copper was nearly 1,000 yuan, and subsequent imported supplies will continue to decrease, driving domestic destocking. The C - L spread has widened again, supporting non - US spot prices [11]. 3.2 Industry News - The International Copper Study Group (ICSG) predicts that the global copper market will face a supply shortage of 150,000 tons in 2026. Global copper mine production is expected to increase by 2.3% in 2026, and the growth rate of copper production is expected to slow to 0.9% in 2026 from 3.4% in 2025 [12]. - A London Metal Exchange (LME) executive said that due to the uncertainty of US copper tariff policies, the COMEX copper price will remain higher than the LME copper price in the next 18 months. The spread between COMEX and LME has led to a continuous loss of LME inventory, and copper inventory is shifting to COMEX warehouses. COMEX copper inventory exceeded 400,000 short tons for the first time this Monday [12]. - Aya Gold&Silver announced strong mineralization intercept results from the latest drilling at its Boumadine polymetallic project in Morocco and discovered a new high - grade parallel structure. The company holds an 85% stake in the project and plans to build 6 open - pit mines and 3 underground mines with a target daily ore processing capacity of 8,000 tons [12][13]. - The Canadian government has launched a national security review of the proposed merger between Anglo American and Teck Resources. The review will focus on the impact of the transaction on key minerals and related supply chains. Copper is listed as a key mineral in Canada. The two companies have promised to invest approximately C$4.5 billion in five years, but most of the investment was previously announced by Teck Resources. Anglo American also proposed to relocate its global headquarters from London to Vancouver and rename itself "Anglo Teck" [13].

Group 1 - The market is increasingly betting on a rate cut by the Federal Reserve in December, with the probability of a 25 basis point cut now at approximately 80%, up from 30% just days prior [1] - The recent employment data released for September showed mixed results, leading to a shift in interest rate expectations [3] - New York Fed President John Williams indicated that there is still room for further rate cuts due to a softening labor market, which intensified the rate cut expectations [3] Group 2 - There is a significant divide within the Federal Reserve, but the dovish sentiment appears to outweigh the hawkish views, as indicated by various officials supporting a rate cut [4] - The net long positions in the bond market have reached their highest level in nearly 15 years, reflecting the dovish sentiment in the futures market [4] - The yield on the 10-year U.S. Treasury bond fell below 4% for the first time in a month, signaling a response to the dovish outlook [4]

Core Viewpoint - The market's expectation for a Federal Reserve interest rate cut in December has increased, leading to a rebound in gold prices, although short-term resistance remains evident [1][3] Group 1: Market Dynamics - The support level for gold is noted at $4100, with a secondary support at $4070, while the resistance level is at $4150, with a potential upward target of $4200 [1][3] - Following the end of the U.S. government shutdown, the probability of a December rate cut rose from below 40% to 70% in one day, and further to 81% within the week, which has supported the rebound in gold prices [1] Group 2: Technical Analysis - The daily chart indicates a moderate rebound in gold, with short-term fluctuations showing a bullish bias; key indicators such as the 5-day moving average and MACD suggest a potential for upward movement [3] - Despite the recent rebound, gold faced resistance at $4150, failing to maintain a breakout above this level, which limits the upward potential [3]

Core Viewpoint - The Federal Reserve's potential interest rate cut in December shows significant divergence, while precious metal prices remain supported, indicating that gold is likely to maintain an upward trend [1] Group 1: Precious Metals - The price of antimony has rebounded after a six-month decline, supported by low inventory levels among traders and a limited sales model from smelters, which bolsters price increase expectations [1] Group 2: Mining ETFs - The mining ETF (561330) tracks the non-ferrous metals index (931892), which selects listed companies involved in the extraction and processing of copper, aluminum, lead, zinc, and rare metals to reflect the overall performance of related securities [1] - This index exhibits strong cyclical characteristics and is closely related to changes in the global economic environment [1]

Report Summary 1. Report Industry Investment Rating No information is provided regarding the industry investment rating. 2. Report's Core View - Gold is trading in a range between 4000 - 4200 dollars. In the short - term, precious metals will continue to trade in a range. As PCE and GDP data are released, the market will re - price the Fed's path and the dollar interest rate center, and directional fluctuations are expected to resume in the second half of the week. The price of London Gold should be monitored in the range of [3950, 4200], and London Silver in the range of [48, 53] [1][3] - The market's core contradiction revolves around the December interest - rate cut path. The Fed faces a "data vacuum period" before the interest - rate meeting, and the market's expectation of a December interest - rate cut is fluctuating. The upper driving force for gold prices is limited, but the bottom - support factors are still solid, resulting in gold price fluctuations [3] 3. Summary by Relevant Catalogs Key Information - Multiple Fed officials, including Powell's allies Daly and Williams, support another interest - rate cut in December, which has rapidly increased the market's expectation of Fed easing [2] - The Trump administration is considering approving the sale of Nvidia's H200 AI chips to China due to the easing of bilateral relations [2] - On the evening of November 24, the heads of state of China and the United States had a phone call [2] Price Logic - Gold is in a volatile range with weak upward and downward driving forces. The core market contradiction is centered on the December interest - rate cut path. The Fed faces a "data vacuum period" before the interest - rate meeting, and internal differences have intensified, causing the market's expectation of a December interest - rate cut to swing. The dollar is in high - level consolidation [3] - The upper driving force for gold prices is limited, but the bottom - support factors are solid, including the risk premium of geopolitical events, stable central - bank gold purchases, and the market's optimistic expectation of the medium - term interest - rate cut path. The intersection of long and short factors leads to gold price fluctuations [3] - In the short term, precious metals will maintain a range - bound pattern. After the release of PCE and GDP data, the market will re - price the Fed's path and the dollar interest - rate center, and directional fluctuations are expected to resume in the second half of the week [3] Index Information - On November 24, 2025, the commodity index was 2228.09, up 0.46%; the commodity 20 index was 2528.06, up 0.43%; the industrial products index was 2195.71, up 0.52%; the PPI commodity index was 1335.17, up 0.55% [41] - The precious metals index on November 24, 2025, had a daily increase of 0.59%, a 5 - day increase of 0.98%, a 1 - month increase of 0.59%, and a year - to - date increase of 48.96% [42]

Group 1 - The core viewpoint of the articles highlights the recent increase in gold and silver futures prices, driven by market expectations of a potential interest rate cut by the Federal Reserve in December [1][3] - On November 24, 2026 February gold futures rose by $71.0, closing at $4,170.2 per ounce, marking a 1.73% increase [1] - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 81%, up from 69.4% the previous day, following dovish comments from Federal Reserve Governor Waller [1] Group 2 - Analysts noted that the surge in gold prices in October was primarily due to unprecedented demand for exchange-traded products (ETPs) backed by gold, although there has been a slowdown in ETP inflows recently [2] - Despite the slowdown in ETP inflows, the physical gold market has not shown the expected level of weakness, indicating strong and broad investment demand for gold [2] - The future demand potential for gold remains significant, with limited risks anticipated [2]

Group 1 - The necessity for a rate cut in December is increasing due to signs of a slowing U.S. labor market, as stated by San Francisco Fed President Daly [1] - Daly expressed concerns that the labor market could deteriorate quickly, making it harder for the Fed to respond in a timely manner [1] - There is a division within the Fed regarding policy direction, with some officials focusing on inflation pressures while others support a rate cut [1] Group 2 - Market expectations for a December rate cut have surged to approximately 76%, up from 42% a week prior, influenced by dovish signals from multiple officials [2] - The U.S. Treasury yields have declined, enhancing the appeal of non-yielding assets like gold, which saw a price increase of over 1.6% [2] - Key economic indicators are set to be released this week, which may influence market recalibration of rate cut expectations [2]