成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是腾讯控股，合计成交额55.48亿港元， 阿里巴巴-W、中芯国际成交额紧随其后，分别成交51.90亿港元、35.62亿港元。以净买卖金额统计，净 买入的个股共有6只，阿里巴巴-W净买入额为13.60亿港元，净买入金额居首，该股收盘股价上涨 0.55%，美团-W净买入额为2.23亿港元，紫金矿业净买入额为1.12亿港元。净卖出金额最多的是中国移 动，净卖出19.75亿港元，该股收盘股价下跌1.02%，腾讯控股、快手-W遭净卖出10.88亿港元、1.74亿 港元。 今日上榜个股中，阿里巴巴-W、石药集团、长飞光纤光缆等8只股同时上榜港股通（深）、港股通 （沪）成交活跃股， 阿里巴巴-W合计成交额51.90亿港元，成交净买入13.60亿港元，石药集团合计成 交额17.54亿港元，成交净买入9497.61万港元。中国移动合计成交额33.47亿港元，成交净卖出19.75亿港 元，腾讯控股合计成交额55.48亿港元，成交净卖出10.88亿港元。 从连续性进行统计， 有1只股获南向资金连续3天以上净买入，连续净买入天数较多的有中国海洋石 油，连续净买入天数分别为3天。以 ...

周二（12月23日），受全球多个矿山停产以及与特朗普政府潜在的关税政策影响，伦铜价格历史上首次突破每吨1.2万美元大关。 今年以来，铜价累计涨幅已约达37%，并有望创下自2009年以来的最大年度涨幅。 在供应中断预期和关税威胁的双重推动下，视为全球经济风向标的工业金属——铜再创历史性新高。 （LME期铜1H走势图） 市场对特朗普可能对金属加征关税的预期，已成为推高价格的核心因素。为了在潜在关税落地前抢占先机，交易员正将大量铜运 往美国，这导致美国进口量激增，进而迫使其他地区的制造商卷入一场维持库存的激烈竞购战。 与此同时，供应端也面临严峻挑战，美洲、非洲和亚洲的矿山均出现停产情况。市场警告称，供应端将出现重大缺口，为本轮涨 势进一步提供动能。随着铜价持续攀升，花旗预测牛市情景下可能升至1.5万美元。 关税威胁引发全球争夺 据德意志银行分析，全球最大矿商的产量今年将下降3%，并且在2026年可能再次下降。该行分析师在报告中指出： "2025年是受到严重干扰的一年，几座大型矿山经历了重大的运营挑战"，并补充称"总体而言，我们认为市场处于明 显的供应短缺状态。" 多年来，供应风险一直笼罩着铜行业，并与电动汽车、可再 ...

每经AI快讯，12月23日，洛阳盛龙矿业集团股份有限公司深市主板IPO获上市委会议通过。 ...

Core Viewpoint - Jinling Mining (000655) reported that as of December 19, 2025, the number of registered shareholders is 34,658, including credit accounts [1] Group 1 - The company provided an update on its shareholder count through an interactive platform [1] - The data was sourced from the China Securities Depository and Clearing Corporation Limited [1]

Core Viewpoint - The Hong Kong stock market experienced a net inflow of 611 million HKD from northbound trading on December 23, with significant buying in Alibaba, Meituan, and Zijin Mining, while China Mobile, Tencent, and SMIC saw the most selling [1][6]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of 611 million HKD, with Shanghai Stock Connect showing a net sell of 582 million HKD and Shenzhen Stock Connect showing a net buy of 1.193 billion HKD [1]. - The most bought stocks included Alibaba-W (09988), Meituan-W (03690), and Zijin Mining (02899) [1]. - The most sold stocks included China Mobile (00941), Tencent (00700), and SMIC (00981) [1]. Group 2: Stock-Specific Details - Alibaba-W (09988) had a net buy of 13.67 billion HKD, driven by the launch of the AI DingTalk operating system [2][6]. - Meituan-W (03690) received a net buy of 2.23 billion HKD [8]. - Zijin Mining (02899) saw a net buy of 1.11 billion HKD, with an upgraded production forecast for its copper project [6]. - China Mobile (00941) faced a net sell of 14.82 billion HKD [2]. - Tencent (00700) experienced a net sell of 7.78 billion HKD [2]. - SMIC (00981) had a net sell of 6.29 billion HKD, influenced by U.S. export regulations on AI chips [7].

Market Review - Iron ore futures prices increased, with the main contract closing at 781.5 CNY/ton, reflecting a rise of 1.9% [1] Fundamental Summary - Satellite data indicates that from December 15 to December 21, 2025, the total iron ore inventory at seven major ports in Australia and Brazil reached 12.247 million tons, an increase of 527,000 tons month-on-month, showing a slight recovery trend [2] - In the third week of December 2025, Brazil's iron ore shipments totaled 24.725 million tons, down from 30.570 million tons in December of the previous year. The average daily shipment was 1.648 million tons, which is a 13.23% increase compared to 1.456 million tons per day in December of last year [2] - According to customs statistics, China's iron ore and its concentrate imports in November 2025 amounted to 110.54 million tons, a month-on-month decrease of 0.67% but a year-on-year increase of 8.72% [2] Institutional Perspectives - Zhengxin Futures noted that the emergency response to heavy pollution in North China has been lifted, which may lead to a rebound in iron demand, suggesting a strong price trend for iron ore. Although the supply-demand structure has weakened month-on-month, the decline in demand has shown some improvement, coupled with a rebound in finished product demand, indicating a strong price trend. However, the strength in finished products may not be sustainable, and a price correction is expected [3] - Chaos Tiancheng Futures stated that the current iron ore market supply has slightly decreased. Despite a continued decline in pig iron production, steel mills have low inventory levels and there is an expectation of a rebound in pig iron production in January, leading to a short-term oscillating price trend for iron ore [3]

Core Viewpoint - The cooperation between the Democratic Republic of the Congo (DRC) and China is deepening and becoming more substantial, extending beyond economic collaboration to cultural exchanges, which enhances the stability of their relationship [3][4]. Economic Cooperation - Mining cooperation has been a significant part of DRC-China relations, but the collaboration is expanding into agriculture, where DRC has substantial potential due to its land area, climate diversity, water resources, and arable land conditions [3][4]. - Chinese enterprises are increasingly investing in DRC, which is promoting local manufacturing and industrial development, aiming to reduce reliance on raw material exports [4]. Infrastructure Development - The DRC-China cooperation is yielding tangible results in infrastructure, exemplified by the construction of the Kinshasa Ring Road project, which is expected to transform the urban structure and commuting patterns in Kinshasa [4]. Cultural Exchange - The historical presence of Chinese agricultural experts in DRC has left a lasting impact, showcasing the deep-rooted and grassroots nature of the cooperation between the two countries [4]. Future Outlook - The DRC-China cooperation is focused not only on current projects but also on long-term development goals, which will contribute to the economic transformation of DRC and provide ongoing momentum for regional stability and collective development [5].

Group 1 - The core achievement of Serbia-China economic cooperation is highlighted, with significant contributions from Chinese investments to Serbia's economic and social development, creating job opportunities [1] - From 2013 to 2024, Serbia's exports to China increased from $2.2 million to $1.9 billion, an approximately 85-fold growth, while Chinese direct investment in Serbia rose from €2.22 million to €1.4 billion [1] - China has become the largest source of foreign direct investment in Serbia, with investments spanning various sectors including steel, infrastructure, mining, and energy [1] Group 2 - Serbia's exports to China have maintained an annual growth rate exceeding 50%, with the upcoming Serbia-China Free Trade Agreement opening new avenues for Serbian goods in the Chinese market [2] - Serbian enterprises are encouraged to explore cooperation in tropical agriculture, high-end tourism, and healthcare, leveraging opportunities from the Hainan Free Trade Port [2] - The focus of Serbia-China cooperation is shifting towards higher technology and innovation, with ongoing projects in renewable energy, smart industry and agriculture, communication technology, and pharmaceuticals [2] Group 3 - Under the strategic guidance of the leaders of both countries, practical cooperation between Serbia and China has flourished, with numerous infrastructure and investment projects contributing positively to Serbia's national development [3] - The Chinese government is promoting investment from capable Chinese enterprises in Serbia to support high-quality development of the Belt and Road Initiative [3]

Group 1: Precious Metals - Gold prices have reached a historic high, surpassing $4,465 per ounce, with a significant increase of 2.4% in the previous trading day, marking the largest single-day gain in over a month [1] - The investment demand for gold is expected to drive future price movements, as the negative correlation with long-term U.S. Treasury yields is weakening, indicating a strengthening of gold's status as a safe-haven asset [1] Group 2: Industrial Metals - Industrial metal prices are experiencing a positive trend, with LME copper rising by 2.75% and LME aluminum by 2.80%, while Shanghai tin saw a weekly increase of 6.98% [2] - A supply-demand turning point for refined copper is anticipated around 2026, with optimistic economic growth forecasts for the U.S. and resilient copper demand expected from China [2] - The non-ferrous metals sector has shown strong performance this year, with the Shenwan non-ferrous metals index increasing by 86.57% year-to-date, and the mining ETF (159690) tracking a 96.13% gain [2] Group 3: Financial Performance - The non-ferrous metals industry reported a year-on-year net profit growth of 41.43% in the first three quarters of 2025, with the third quarter showing an even larger increase of 50.81% [2][3] - The average return on equity (ROE) for the non-ferrous mining sector stands at 12.14%, while the Shenwan non-ferrous metals index has an ROE of 10.61% [3] Group 4: Market Movements - On December 23, both precious and industrial metals saw price increases, with Shandong Gold rising over 6%, and other companies like Zhongtung High-tech and Xiamen Tungsten also experiencing gains [4] - The mining ETF (159690) rose by 1.71%, reaching a new high of 1.906 yuan since its listing [4] Group 5: ETF Composition - The mining ETF (159690) closely tracks the non-ferrous mining index, focusing on key metal resources such as copper, gold, rare earths, aluminum, and lithium [5] - The top ten holdings of the ETF include leading companies in the sector, such as Northern Rare Earth, Zijin Mining, and Tianqi Lithium [5]

光大期货金融期货日报 光大期货金融期货日报（2025 年 12 月 23 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 市场全天震荡走强，沪指重返 3900 点上方，创业板指涨超 2%。个股涨多跌 | | | | 少，沪深京三市超 2900 股飘红，今日成交逾 1.88 万亿。截止收盘沪指涨 | | | | 0.69%，深成指涨 1.47%，创业板指涨 2.23%。近期，股指期货市场围绕 10 月 | | | | 以来的中枢下沿持续震荡，大小盘指数分化有限，板块间轮动频繁，市场情 | | | | 绪相对温和。12 月政治局会议与中央经济工作会议相继召开，短期内政策对 | | | | 市场的影响有望增强。从政策表述来看，重要会议提到"实现'十五五'良 | | | | 好开局"，预计明年 5%的 GDP 增长目标不会改变。政策发力方向仍主要集 | | | 股指 | 中在"稳内需"和"促进新质生产力快速发展"。会议提到，"必须坚持投 | 震荡 | | | 资于物和投资于人紧密结合"，提振居民收入水平和消费能力是宏观通胀预 | | | | 期回升的重要条件。同时 ...