Core Viewpoint - The commodity market is experiencing a transitional phase where old equilibria are loosening, and new equilibria have yet to stabilize, leading to increased volatility in prices, particularly in silver and other commodities [1][6]. Group 1: Commodity Price Dynamics - Recent fluctuations in silver prices reflect a broader trend where multiple commodities are undergoing significant price changes without a clear, consistent driving factor [1]. - Since 2016, the volatility of major commodity price indices has shown a synchronized increase, particularly around 2020 and 2022, indicating a high level of uncertainty across various commodities [1][2]. - The current state of the commodity market is characterized by simultaneous high uncertainty across different types of commodities, influenced by various underlying factors [1][2]. Group 2: Structural Changes in Demand and Supply - The restructuring of the global manufacturing system, driven by energy transition, digital expansion, and infrastructure updates, has led to resilient demand for certain industrial raw materials [2]. - Traditional investment and real estate-related demand are entering an adjustment phase, revealing structural differentiation in demand [2]. - The supply side has been constrained due to weak capital expenditure in the commodity sector over the past decade, leading to reduced supply elasticity and increased sensitivity to geopolitical and climatic disruptions [4][5]. Group 3: Financial Participation and Pricing Mechanisms - Increased financial participation in commodity markets has altered pricing dynamics, making prices more sensitive to short-term information and leading to more frequent adjustments [3][5]. - The relationship between inventory levels and prices has become unstable, with prices often adjusting through jumps rather than gradual changes, reflecting the complexities introduced by multiple structural changes [5][6]. Group 4: Macroeconomic Implications - The current pricing behavior of commodities mirrors the broader macroeconomic environment, where traditional growth models are losing effectiveness, and new technologies and policies are reshaping demand and cost structures [6][7]. - The high frequency of price adjustments indicates that the market is continuously recalibrating its expectations in response to new information, reflecting a transitional phase in the global economy [6][8]. - The ongoing volatility in commodity prices serves as a micro-level representation of the macroeconomic shifts, highlighting the need for dynamic coordination in forming macroeconomic equilibria [7][8].

中新社伦敦12月4日电 (欧阳开宇 刘施岑)英国能源监管机构4日批准一项总额约280亿英镑(约合2137亿元 人民币)的五年能源网络投资计划，用于升级全国电力和天然气输送基础设施。 英国天然气和电力市场管理局(Ofgem)表示，这是英国数十年来规模最大的能源网络扩展项目，旨在提 升电网与天然气管网的安全性和韧性，减少能源输送瓶颈，支撑可再生能源发展。 Ofgem首席执行官乔纳森·布雷尔利说，英国目前在供暖和发电中仍高度依赖天然气，通过升级输电网 络、扩大接入能力，有助于减少因电网拥堵导致的可再生能源"弃风""限电"现象，并从长期稳定能源价 格、保护消费者利益。 根据监管机构测算，该项投资将在2031年前使英国家庭能源账单增加约108英镑(约合1017元人民币)， 主要用于承担电网和气网升级的网络费用。Ofgem表示将通过分阶段实施来控制涨幅，并称政府此前提 出的削减部分附加费用措施有望在一定程度上抵消账单压力。 英国监管机构批准280亿英镑能源网络投资计划 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转 ...

ZAWYA新闻网11月2日消息，阿布扎比工商会宣布将参加2025阿布扎比国际石油展暨会议 （ADIPEC 2025），展会将于11月3日至6日在阿布扎比国家会展中心举行。工商会表示，参展旨在推动 私营部门竞争力和增长，助力能源体系向清洁、高效、智能方向转型。ADIPEC汇聚能源、科技、金 融、海运与制造业领域代表，将为全球能源产业创新合作搭建交流平台。 （原标题：阿布扎比工商会宣布参加2025阿布扎比国际石油展） ...