Report Summary 1. Industry Investment Ratings - **Bullish**: Index, Aluminum, Zinc, Nickel, Stainless Steel, Tin, Precious Metals (Gold, Silver, Platinum, Palladium), Carbonate Lithium, Silicon Iron, Glass, Cotton, Corn, PTA, Short Fiber, BR Rubber, LPG - **Bearish**: Palm Oil - **Neutral (Oscillating)**: Treasury Bonds, Copper, Alumina, Industrial Silicon, Rebar, Hot Rolled Coil, Iron Ore, Manganese Silicon, Coke, Coking Coal, Rapeseed Oil, Sugar, Soybean Meal, Pulp, Logs, Live Pigs, Crude Oil, Fuel Oil, Asphalt, Urea, Propylene, PVC, Caustic Soda, Container Shipping on the Europe Route 2. Core Views - The market sentiment and liquidity are in good condition, with the index breaking through the previous oscillation range and expected to remain strong [1]. - Asset shortage and weak economy are favorable for bond futures, but the central bank has recently warned of interest - rate risks [1]. - The macro - sentiment is positive, while the industrial fundamentals are mixed across different metals, leading to varying price trends [1]. - For agricultural products, supply and demand factors, policy expectations, and cost support play important roles in price movements [1]. - In the energy and chemical sectors, factors such as production plans, supply - demand balance, cost changes, and geopolitical events influence prices [1]. 3. Summary by Categories Equity and Bond Markets - **Index**: The index continued to rise yesterday, with increased trading volume. It is expected to maintain a strong trend in the short term [1]. - **Treasury Bonds**: Asset shortage and weak economy are beneficial, but the central bank has warned of interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1]. Metals Market - **Base Metals**: - **Copper**: The industrial situation is weak, but the macro - sentiment is positive, so the copper price remains strong [1]. - **Aluminum**: There is inventory accumulation in domestic electrolytic aluminum, but the macro - sentiment drives the price to oscillate strongly [1]. - **Alumina**: After an over - decline, it rebounded. Policy continuity should be noted [1]. - **Zinc**: The fundamentals have improved, and the cost center has shifted up. The price is expected to oscillate strongly [1]. - **Nickel**: Indonesia plans to cut nickel ore production in 2026. The global nickel inventory is high, but the price has rebounded. It may be strong in the short term, with a long - term surplus [1]. - **Stainless Steel**: Raw material prices are stable, inventory is slightly reduced, and steel mills are reducing production. The price is expected to oscillate strongly in the short term [1]. - **Tin**: The industry association issued an initiative to guide the price back to normal. Considering the Congo situation and market sentiment, low - buying opportunities are recommended [1]. - **Precious Metals**: - **Gold and Silver**: The market sentiment is high, silver is rising rapidly, and the gold - silver ratio has dropped to a low level since 2013. They are expected to be strong in the short term, but silver may have sharp fluctuations [1]. - **Platinum and Palladium**: The overseas prices rose on Friday, which is expected to drive up domestic prices. However, the domestic futures prices have a large premium, so rational participation is advised [1]. Black Metal Market - **Rebar and Hot Rolled Coil**: The basis and production profit are not high, and short - selling is not recommended. The long - short arbitrage positions can take profit on a rolling basis [1]. - **Iron Ore**: The near - term contracts are restricted by production cuts, but the far - term contracts have upward potential due to good market sentiment [1]. - **Manganese Silicon and Silicon Iron**: The direct demand is weak, and the supply is high, so the prices are under pressure [1]. - **Coke and Coking Coal**: After the negative news was released, the prices showed signs of stabilization. Attention should be paid to the spot market and downstream winter - storage replenishment [1]. Agricultural Products Market - **Palm Oil**: The high - frequency data has improved, but the supply in the producing areas is expected to be loose. Short - selling on rebounds is recommended [1]. - **Rapeseed Oil**: Although there has been a rebound, the subsequent supply is expected to be more abundant. It is recommended to wait and see [1]. - **Cotton**: There is support from the purchase price, but there is no strong driving force. Future policies and demand should be monitored [1]. - **Sugar**: There is a global surplus, and the domestic supply is increasing. The cost provides support if the price drops [1]. - **Corn**: The downstream replenishment demand is expected to drive the price to oscillate strongly [1]. - **Soybean Meal**: The near - term contracts are affected by customs policies, and the overall trend is expected to be strong in the near term and weak in the long term [1]. - **Pulp**: Affected by weak demand and strong supply expectations, it is recommended to wait and see for single - side trading and consider the 1 - 5 reverse spread [1]. - **Logs**: The 01 contract is under pressure due to the approaching delivery month and is expected to oscillate weakly [1]. - **Live Pigs**: The demand is supported, and the production capacity needs further release [1]. Energy and Chemical Market - **Crude Oil and Related Products**: - **Crude Oil**: OPEC+ has suspended production increases until the end of 2026, and geopolitical factors such as the Russia - Ukraine peace agreement and US sanctions on Venezuela affect the price [1]. - **Fuel Oil**: Follows the trend of crude oil in the short term [1]. - **Asphalt**: The short - term supply - demand contradiction is not significant, but the long - term demand is likely to be over - estimated [1]. - **Other Chemical Products**: - **Industrial Silicon**: The production in the northwest is increasing, and that in the southwest is decreasing. The production of polysilicon and organic silicon is decreasing in December [1]. - **Carbonate Lithium**: It is in the peak season for new energy vehicles, with strong energy - storage demand. The supply is increasing, and the price is rising rapidly in the short term [1]. - **PTA and Short Fiber**: The PX price is strong, the PTA device is operating at a high load, and the polyester production and sales are improving [1]. - **Ethylene Glycol**: Some production devices are expected to stop, and the price has rebounded due to supply - side news [1]. - **Styrene**: The price has rebounded due to supply contraction, but the downstream demand is weak [1]. - **Urea**: The supply is increasing, the demand is weakening, and the market expectation is weak [1]. - **Propylene**: The supply pressure is large, and the market expectation is weak [1]. - **PVC**: The supply pressure is increasing, and the demand is weakening [1]. - **Caustic Soda**: There is inventory pressure in Shandong, and the price may decline [1]. - **LPG**: The market is in an oscillating range, and attention should be paid to price changes affected by natural gas [1]. - **BR Rubber**: The cost is rising, the price is increasing, and the market sentiment is strong [1]. Shipping Market - **Container Shipping on the Europe Route**: The price increase in December was lower than expected, the peak - season price increase was pre - priced, and the shipping capacity supply was relatively loose [1].

湖南君见律师事务所出具法律意见书，认为株洲冶炼集团股份有限公司2025年第四次临时股东会的召 集、召开程序，出席会议人员及召集人资格，表决程序和表决结果均符合相关法律法规及公司章程规 定，会议合法有效。本次会议审议通过了2026年度日常关联交易预计、商品期货套期保值及外汇衍生品 业务相关议案。 12月26日主力资金净流入798.09万元，占总成交额2.05%；游资资金净流出663.0万元，占总成交额 1.7%；散户资金净流出135.1万元，占总成交额0.35%。 公司公告汇总株冶集团2025年第四次临时股东会决议公告 截至2025年12月26日收盘，株冶集团(600961)报收于16.52元，上涨2.74%，换手率3.15%，成交量23.72 万手，成交额3.89亿元。 株洲冶炼集团股份有限公司于2025年12月26日召开2025年第四次临时股东会，审议通过了关于2026年度 日常关联交易预计的议案、2026年度开展商品期货套期保值业务和外汇衍生品业务的议案，以及相关可 行性分析报告。会议由董事会召集，董事长主持，采用现场与网络投票结合方式召开，表决程序合法有 效。关联股东湖南有色金属控股集团有限公司和株洲冶 ...

Group 1 - The commercial aerospace sector has shown strong performance, with multiple stocks hitting the daily limit up, contributing to an 8-day rising streak of the Shanghai Composite Index [1] - International precious metals, including gold, silver, platinum, and palladium, experienced significant price increases, with silver and palladium rising approximately 10% in a single day [5][6] - The lithium carbonate futures on the Dalian Commodity Exchange surged by 8.12%, surpassing 130,000 yuan, indicating a bullish trend in the lithium market [7] Group 2 - The 80th session of the "Digging Gold" competition started on December 15, with participants using a simulated capital of 500,000 yuan, and the competition runs until December 31 [3][7] - Participants in the competition can earn cash rewards based on their performance, with the top positions receiving significant monetary incentives [3][8] - The competition also offers participants access to exclusive market insights and analysis through the "Fire Line Quick Review" service, which includes the latest market events and investment logic [8]

Core Viewpoint - The article highlights the transformation of the Guichi District in Chizhou, Anhui Province, focusing on the dual conversion of ecological and economic value in the renewable energy and environmental protection industries, showcasing significant advancements in green development. Group 1: Bamboo Industry - Anhui Hongye Group Co., Ltd. has innovatively transformed bamboo into over 170 products, with 70% of bamboo waste being converted into green steam and high-quality bamboo charcoal, increasing the value from 300 yuan per ton to a total output value of 4,000 yuan from 5 tons of bamboo waste [1] - The processed bamboo charcoal can further be refined into high-end biomass activated carbon, potentially doubling its value [1] Group 2: Traditional Industries Transformation - Traditional industries like copper and aluminum processing in Guichi are actively upgrading to reduce carbon emissions and enhance sustainability [2] - Anhui Jincheng New Materials Co., Ltd. has implemented a digital transformation in its production processes, utilizing IoT technology and big data to optimize energy management, leading to reduced energy consumption and strengthened green manufacturing advantages [2] - Jiuhua Mingkun Aluminum Industry has transitioned from traditional building aluminum profiles to high-end equipment manufacturing and materials for emerging industries, achieving over 50% utilization of solid waste [2] Group 3: Industrial Park Development - The Chizhou High-tech Zone, initially dominated by heavy industries, has shifted towards greener practices since its merger in 2018, supported by a 500 million yuan industrial guidance fund [3] - The Guizhou Metal Factory's project utilizes 150,000 tons of hazardous waste to produce 40,000 tons of high-purity zinc oxide, contributing to an annual output value of 320 million yuan and increasing the park's solid waste utilization rate to 98% [3] - Since 2018, the industrial landscape of the Chizhou High-tech Zone has transformed from "black" to "green," with one national-level green factory and seven provincial-level green factories established, aiming for recognition as a "national-level green industrial park" by 2024 [3]

Market Performance - Precious metals and industrial metals experienced a historic rally, with gold rising over 60% and silver more than doubling in price during the year [1][3] - Copper prices surged, breaking the $12,000 per ton mark, marking a 30% increase for the year [3][10] - The performance of minor metals like tungsten and cobalt also saw significant increases, with prices rising over 130% [3] Stock Market Reflection - The A-share market reflected the commodity market's enthusiasm, with the non-ferrous metal sector leading all industries with over 70% growth [5] - The overall performance of the non-ferrous metal industry improved significantly, with a 9.3% year-on-year revenue increase to 2.82 trillion yuan and a 41.55% increase in net profit [5] Driving Factors - The surge in metal prices is attributed to multiple factors, including a weakening dollar, expectations of interest rate cuts by the Federal Reserve, inflation concerns, and geopolitical tensions [8][10] - For industrial metals like copper, supply-demand imbalances are a key driver, with increased demand from electric vehicles and renewable energy sources [10] Industry Impact - The rise in metal prices is reshaping profit distribution within the industry, with the mining sector's profit share increasing to 28.3% [12] - Copper supply challenges have led to reduced processing fees, prompting some smelters to pay miners instead of earning processing profits [12] Future Outlook - Financial institutions predict a shift from a broad rally to structural differentiation in the metal market, with optimistic forecasts for copper and precious metals [14][16] - Gold prices are expected to challenge $5,000 per ounce by 2026, while silver may outperform gold due to favorable market conditions [14][16] - The demand for copper in AI data centers, electric vehicles, and grid construction is anticipated to continue growing [14]

Core Viewpoint - The Chinese commodity market experienced a significant surge in precious and non-ferrous metal prices, with multiple products reaching historical highs, driven by various market factors and government policies [1][3][5]. Group 1: Market Performance - Platinum futures on the Shanghai Futures Exchange hit a record high of 709.85 yuan per gram, marking a 61.9% increase for the month [1]. - Silver futures rose over 8.5% during the day, closing at 18,658 yuan per kilogram, with a total trading volume of 267.69 billion yuan [3]. - Copper futures reached a peak of 99,730 yuan per ton, closing at 98,720 yuan per ton, up 3.60% [3]. - Lithium carbonate futures surged by 8.12%, hitting a new high of 131,000 yuan per ton since November 2023 [3]. Group 2: Market Drivers - The recent surge in non-ferrous metals is attributed to a combination of factors, including a tightening supply outlook for copper and aluminum due to government policies aimed at optimizing traditional industries [5][6]. - The U.S. Federal Reserve's potential shift towards a more accommodative monetary policy, indicated by rising unemployment rates, has increased expectations for interest rate cuts, enhancing the appeal of dollar-denominated metals [8][9]. - Geopolitical tensions and conflicts have heightened market risk aversion, leading to increased investment in precious metals as safe-haven assets [9]. Group 3: Supply and Demand Dynamics - The copper market is expected to face supply constraints due to recent mining accidents and declining ore grades, which are anticipated to tighten the market by 2025 [12]. - Demand for copper is projected to continue rising due to global economic growth and technological advancements, further supporting price increases [13]. - The zinc market is also showing signs of recovery, with expectations of increased supply and demand balance, potentially leading to a new upward trend in prices [14]. Group 4: Future Outlook - Analysts suggest that the long-term investment appeal of precious and base metals remains strong, with firms like Goldman Sachs and Citigroup projecting significant price increases for copper by 2026 [15]. - The overall revenue for the non-ferrous metal industry is expected to grow, with a reported 9.3% year-on-year increase in revenue for the first three quarters of 2025 [16]. - Investment strategies should focus on companies with strong resource reserves and integrated supply chains, while also considering a phased approach to building positions during market volatility [18].

Report Industry Investment Ratings - Bullish: Carbonate Lithium, BR Rubber [1] - Bearish: Palm Oil, Soybean Meal, Rapeseed Oil [1] - Neutral (Oscillating): Stock Index, Treasury Bonds, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless Steel, Tin, Gold, Platinum, Industrial Silicon, Polysilicon, Rebar, Hot Rolled Coil, Iron Ore, Ferroalloy, Glass, Coke, Coking Coal, Cotton, Sugar, Piglets, Pulp, Logs, Live Pigs, Crude Oil, Bitumen, MEG, Short - Fiber, Styrene, Propylene, Butadiene, Ethylene, Propylene Oxide, Chlor - Alkali, LPG, Container Shipping to Europe [1][2] Core Views - The stock index is expected to remain strong in the short - term after breaking through the previous shock range, while the bond futures are affected by asset shortage and weak economy but face interest - rate risks in the short - term [1]. - Metal prices are mainly affected by macro - sentiment, industrial fundamentals, and policy factors. For example, nickel and stainless - steel prices are influenced by Indonesian policies, and tin prices are affected by industry initiatives and geopolitical situations [1]. - In the energy and chemical sector, factors such as OPEC+ policies, supply - demand relationships, and cost changes affect prices. For instance, BR rubber is supported by cost and market sentiment, and PTA benefits from strong PX prices and high polyester consumption [1]. - Agricultural product prices are affected by factors such as production expectations, supply - demand relationships, and weather conditions. For example, palm oil has a bearish outlook due to supply expectations, and cotton is in a state of "supported but no drive" [1]. Summary by Categories Stock Index and Bonds - Stock Index: The market sentiment and liquidity are in good condition. The index broke through the previous shock range and is expected to remain strong in the short - term [1]. - Treasury Bonds: Asset shortage and weak economy are favorable, but the central bank has warned of interest - rate risks in the short - term. Attention should be paid to the Bank of Japan's interest - rate decision [1]. Metals - Copper: The industrial situation is weak, and the macro - sentiment is volatile, resulting in high - level oscillations [1]. - Aluminum: The driving force in the electrolytic aluminum industry is limited, and the macro - sentiment is volatile, leading to price oscillations [1]. - Alumina: The domestic fundamentals are weak, and the price remains low in the short - term [1]. - Zinc: The fundamentals have improved, the cost center has moved up, and the negative factors have basically been realized. The price is expected to oscillate strongly as market risk appetite improves [1]. - Nickel: Global nickel inventory is high, but supply concerns have led to a recent sharp rebound in Shanghai nickel. The Indonesian policy has not been implemented but is difficult to disprove. The price may oscillate strongly in the short - term, and the long - term supply of primary nickel is in surplus [1]. - Stainless Steel: The raw material price has stabilized, the social inventory has decreased slightly, and steel mills have increased production cuts in December. The futures price is expected to oscillate strongly in the short - term [1]. - Tin: Affected by the industry initiative, the price oscillates weakly in the short - term. Considering the tense situation in Congo - Kinshasa and the improved market risk appetite, low - buying opportunities are recommended [1]. - Gold: After reaching a record high, it may oscillate at a high level in the short - term due to strong US economic data and weakened interest - rate cut expectations [1]. - Platinum: The domestic futures price has a large premium over the spot and foreign markets, and the market is expected to be volatile. Rational participation is recommended [1]. Energy and Chemicals - Crude Oil: Affected by OPEC+ policies, the Russia - Ukraine peace agreement, and US sanctions on Venezuela, the short - term supply - demand contradiction is not prominent [1]. - Bitumen: It follows crude oil in the short - term. The supply of Marey crude oil is sufficient, and the profit is relatively high [1]. - BR Rubber: The transaction has improved, the cost has increased, and the market sentiment is strong due to rumors of a factory shutdown [1]. - PTA: The PX price is strong, the PTA device operates at a high load, and the polyester consumption is high [1]. - MEG: Supply - side news has stimulated a rebound, and the polyester downstream demand is better than expected [1]. - Styrene: The cost has some support, the market sentiment has improved slightly, but the inventory is high [1]. Agricultural Products - Palm Oil: High - frequency data has improved, but the supply in the producing areas is expected to be loose. Rebound selling is recommended [1]. - Cotton: It is currently in a state of "supported but no drive". Attention should be paid to policies, planting intentions, and weather conditions in the future [1]. - Sugar: There is a global surplus and an increase in domestic supply. The short - term fundamentals lack continuous drive [1]. - Piglets: Affected by weather and supply - demand relationships, the price is expected to oscillate weakly in the short - term, with limited decline [1]. - Soybean Meal: There is a risk of selling pressure due to high - yield expectations, and the price is affected by reserve rumors [1]. - Pulp: Affected by weak demand and strong supply expectations, unilateral investment is recommended to be on the sidelines, and 1 - 5 reverse spreads can be considered [1]. - Logs: Affected by external quotes and spot price declines, the 01 contract is expected to oscillate weakly [1]. - Live Pigs: The supply is yet to be fully released, and the price is affected by demand support and inventory [1].

工业硅日报 工业硅&多晶硅日报（2025 年 12 月 25 日） 一、研究观点 点评 24 日工业硅震荡偏强，主力 2605 收于 8860 元/吨，日内涨幅 1.43%，持仓 增仓 4414 手至 21.8 万手。百川工业硅现货参考价 9063 元/吨，较上一交易 日上调 23 元/吨。最低交割品#421 价格持稳在 8850 元/吨，现货升水转至 贴水 10 元/吨。多晶硅震荡偏弱，主力 2605 收于 58300 元/吨，日内跌幅 1.3%，持仓减仓 4519 手至 12.7 万手；百川多晶硅 N 型复投硅料价格下调 至 52350 元/吨，最低交割品硅料价格下调至 52350 元/吨，现货对主力贴 水收至 5960 元/吨。西北厂家新增检修动态，因新产出品被前期套保单锁 定，厂家整体压力不大。年末西北存在进一步环保减产预期，工业硅受减 产和多晶硅提振，短期延续偏强态势。硅厂大幅提升现货报价，部分咨询 网站坚持稳价发布。受银价持续攀升影响，电池片全尺寸及硅片价格上 涨，下游在协会新的配额要求下面临一定减产压力。交易所再度进行规则 调整，针对全合约实施交易限额，叠加新纳入交割的两家品牌注册了少量 仓单， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The US job market shows resilience with initial jobless claims falling to 214,000 and continued claims rising to 1923,000 but well below the annual high. Policy discussions are advancing, and the stock market is generally rising. In China, the Beijing property market policy has been marginally relaxed, and the central bank will continue a moderately loose monetary policy. The A-share market has seen a general rise [2][3]. - The prices of platinum and palladium futures in the domestic market have reached the daily limit for three consecutive days, and the prices of gold and silver futures have hit new highs. However, the market is expected to experience increased volatility in the short term, and there is a risk of a callback due to regulatory policy changes [4][5]. - The price of copper is expected to remain strong in the short term due to a weak US dollar, strong demand expectations, and a tight supply situation in the global mining sector [6][7]. - The aluminum price is expected to fluctuate as the end - of - year consumption weakens and there is pressure on inventory accumulation [8]. - The zinc price is expected to continue to fluctuate due to limited short - term supply - demand contradictions and a lack of overseas guidance during the Christmas holiday [9][10]. - The lead price is expected to be slightly stronger in the short term, but the upside is limited by weak spot trading at the end of the year [11]. - The tin price faces increased pressure for a high - level adjustment due to a weakening supply - side support and weak consumption [12]. - The price of industrial silicon is expected to rebound slightly as supply contracts and demand shows marginal improvement [13][14]. - The steel price is expected to fluctuate as the steel market faces a situation of weak supply and demand, with a game between macro - policy expectations and weak terminal reality [15]. - The iron ore price is expected to be under pressure and fluctuate due to a supply - strong and demand - weak market situation [16]. - The prices of coking coal and coke are expected to fluctuate weakly in the short term as the market is affected by multiple factors such as production cuts and cautious procurement [17]. - The price of soybean and rapeseed meal is expected to oscillate weakly as the appreciation of the RMB reduces import costs and weather conditions affect crop growth [18]. - The price of palm oil is expected to fluctuate as the production contraction supports the price, but there are uncertainties in the market due to various factors [19][20]. 3. Summary by Related Catalogs 3.1 Macro - Overseas: The US job market is resilient, with initial jobless claims at 214,000 and continued claims at 1923,000. Policy discussions are advancing, and the stock market is generally rising. The dollar index rose to 97.9, the 10Y US Treasury yield fell to 4.13%, the gold price adjusted to 4480 after breaking through 4500, the copper price reached a new high, and the oil price slightly declined [2]. - Domestic: The Beijing property market policy has been marginally relaxed to support housing demand. The central bank will continue a moderately loose monetary policy. The A - share market had a general rise, with the Shanghai Composite Index reaching 3940 points, and the trading volume slightly decreased to 1.9 trillion [3]. 3.2 Precious Metals - Wednesday saw platinum and palladium futures in the domestic market hitting the daily limit for three consecutive days, and gold and silver futures reaching new highs. The silver futures contract had a net inflow of nearly 6.5 billion yuan, while the gold futures had an outflow of 3.5 billion yuan. The night - session prices of platinum and palladium in the NYMEX market fluctuated, and the prices of gold and silver in the overseas market showed different trends. The market is expected to be more volatile in the short term, and there is a risk of a regulatory - induced callback [4][5]. 3.3 Copper - The Shanghai copper and London copper prices continued to rise. The spot market trading was weak, and the inventory situation in different markets varied. The Fed's potential interest - rate cut expectations and China's central bank's MLF operations affected the market. The import of scrap copper in China increased in November. The copper price is expected to remain strong in the short term [6][7]. 3.4 Aluminum - The Shanghai aluminum price fell slightly, while the LME price rose. The spot price increased, and the inventory increased. The end - of - year consumption is weakening, and the aluminum price is expected to fluctuate [8]. 3.5 Zinc - The Shanghai zinc price fluctuated, and the LME price was weak. The spot market trading was mainly among traders, and the LME inventory increased. The short - term supply - demand contradiction is limited, and the zinc price is expected to continue to fluctuate [9][10]. 3.6 Lead - The Shanghai lead price rose, and the LME price was stable. The spot market inventory was low, and the trading was weak. The LME inventory decreased, and the domestic refinery's resumption of production was slow. The lead price is expected to be slightly stronger in the short term, but the upside is limited [11]. 3.7 Tin - The Shanghai tin price adjusted downward, and the LME price was weak. The US job market recovery reduced the expectation of an interest - rate cut in January. The supply - side support is weakening, and the consumption is weak. The tin price faces increased pressure for a high - level adjustment [12]. 3.8 Industrial Silicon - The price of industrial silicon rebounded slightly. The supply is contracting, and the demand shows marginal improvement. The inventory decreased last week, and the price is expected to rebound slightly in the short term [13][14]. 3.9 Steel (Spiral and Coil) - The steel futures prices fluctuated. The spot market trading volume was 96,000 tons. The Beijing property market policy adjustment had limited impact. The supply has shrunk, and the demand is seasonally weak. The steel price is expected to fluctuate [15]. 3.10 Iron Ore - The iron ore futures prices fluctuated and adjusted. The port spot trading volume was 1.28 million tons. The steel mills' profits have shrunk, and the demand is in the off - season. The supply is at a high level, and the price is expected to be under pressure and fluctuate [16]. 3.11 Coking Coal and Coke (Double - Coking) - The double - coking futures prices fluctuated and adjusted. The spot prices of coking coal and coke decreased. The production of coking coal is affected by maintenance, and the coke enterprises' profits have shrunk. The market is affected by multiple factors, and the prices are expected to fluctuate weakly [17]. 3.12 Soybean and Rapeseed Meal - The soybean meal futures price fell, and the rapeseed meal futures price rose slightly. The Argentine soybean sales data and the weather conditions in Brazil and Argentina are factors to watch. The appreciation of the RMB has put pressure on the price, and it is expected to oscillate weakly [18]. 3.13 Palm Oil - The palm oil futures price rose, while the soybean oil futures price fell slightly and the rapeseed oil futures price rose. The production of Malaysian palm oil decreased in the first 20 days of December. The Indonesian government's actions may affect production and prices. The price is expected to fluctuate [19][20]. 3.14 Metal Main Variety Trading Data - The report provides detailed trading data for various metals, including copper, aluminum, zinc, lead, nickel, tin, gold, and silver, such as closing prices, price changes, trading volumes, and inventories in different markets on December 24 [21][23][26]. 3.15 Industry Data Perspective - The report presents a comprehensive set of industry data for different commodities, including price changes, inventory levels, and spreads between different varieties and markets, covering metals, energy, and agricultural products [23][26][28].

年终盘点。 2025年，是港股市场全面回暖的一年。回望2021年至2024年，港股市场堪称历经"寒冬"，其间恒生指数一度下跌超50%，持续的"杀估 值"行情让市场悲观情绪蔓延。 经过2024年下半年的蓄势，"9·24"行情火爆启动，2025年初DeepSeek的横空出世更是瞬间激活了港股市场，让全球重新审视中国科技资 产的价值。这种由技术突破引发的产业景气预期，迅速传导至资本市场各环节，为港股的全面反攻奠定了坚实基础。这一轮反攻不仅推动港 股市场估值重构，更在IPO、再融资、二级市场、互联互通等多个维度创下历史纪录。 尤其是在香港交易所的交易大堂中，2025年以来锣声不断。香港交易所集团行政总裁陈翊庭评价称，2025年是全球投资者纷纷重返香港市 场的一年，中国内地和亚洲的创新发展为市场注入源源不绝的活力。一系列上市改革以及"科企专线"吸引了不少创新公司来港上市，互联互 通机制则继续为连接中国内地与国际资本市场发挥着独特的桥梁作用。 | 排名 | 交易所 | 融资额(亿港元) | IPO家数 | | --- | --- | --- | --- | | 1 | 香港交易所 | 2863 | 114(预计) | | ...