2025年，铂金打破多年沉寂，价格累计上涨超90%，引起投资者广泛关注。当前我国铂金投资市场面临 哪些挑战和机遇？铂金在未来资产配置中将发挥哪些重要作用？在2025广州投资顾问大会暨财富管理转 型发展会议上，新华财经专访了世界铂金投资协会亚太区总经理邓伟斌。 一是强化回收产业。铂金在很多行业被用作催化剂，而催化剂是可以回收的。强化和支持整个回收产业 的发展，充分调动回收资源，是解决供应难点的有效途径。 二是加强与南非矿业公司联系。通过与南非矿业公司加强联系，能够确保战略金属资源未来的长期供应 保障。南非虽然不缺铂金储量，但欠缺合理的价格激励推动矿业公司持续开采。广州期货交易所挂牌铂 期货，能够充分发挥市场价格发现功能，形成公允合理的定价，推动南非矿业公司更好地开采资源，从 而确保市场供应。 三是基础设施逐步完善。广州期货交易所推动铂期货挂牌上市，以及产业链上回购、回流等基础设施的 完善，提高了投资者购买铂金投资产品的便利性和信心，对市场发展起到了很大的推动作用。 在投资者的资产配置组合中，铂金正逐渐崭露头角。过去几年全世界很多国家的央行都在推动去美元 化、叠加通货膨胀和关键矿产资源争夺的背景，铂金作为一种兼具 ...

1. Report's Industry Investment Ratings - Gold: Short - term gold price to fluctuate; silver over - bought, watch for downside risk; gold - silver ratio expected to rise [15] - US Dollar Index: To weaken [20] - US Stocks: To continue high - level volatility in the short term [22] - A - share Index Futures: Long - position balanced allocation for each index [25] - Treasury Futures: Be cautious about the rise of TL; be cautious when chasing the rise [28] - Power Coal: Port coal price to continue to decline; observe policy changes around 700 yuan [31] - Iron Ore: Overall black market to remain volatile; ore price to have no short - term trend [32] - Soybean Meal: To remain weak; consider shorting on rallies for the May contract if no major South American weather anomalies [35] - Vegetable Oils: Monitor Indonesian biodiesel policy and Malaysian high - frequency supply - demand data, wait for supply pressure relief [37] - Corn Starch: Short - term rice - flour price difference may not deviate significantly from processing cost; may widen after approaching previous lows [39] - Corn: Contracts 03 and 05 to remain weakly volatile in the near term [41] - Live Pigs: Consider closing short positions on near - term contracts; focus on medium - to long - term layout opportunities for far - term contracts at low levels [44] - Steel: Treat steel prices with a volatile mindset in the short term [49] - Polysilicon: Spot price may not decline; new price depends on downstream conduction; consider buying on dips after market pull - back [52] - Industrial Silicon: Look for short - selling opportunities on rallies [55] - Lead: Unilaterally, close short positions; for arbitrage, remain on the sidelines [56] - Zinc: Unilaterally, buy on medium - term pull - backs; for arbitrage, hold positive spread contracts for monthly spreads and maintain reverse spread strategy for domestic - foreign spreads [59] - Copper: Unilaterally, maintain the idea of buying on dips in the medium - term; for arbitrage, remain on the sidelines [62] - Nickel: Monitor whether the quota tightening can be implemented [66] - Lithium Carbonate: In the medium - to long - term, buy on dips; expect a pull - back after factory复产 [68] - Tin: Be wary of inventory build - up pressure and price decline risks [72] - Carbon Emissions: CEA price to fluctuate in the short term [75] - Natural Gas: Nymex downward trend remains unchanged [77] - PTA: Narrow - range volatility in the short term; try to go long lightly on dips [80] - LLDPE: Polyethylene price likely to decline [81] - Methanol: Adopt a bullish mindset for the 05 contract, target price range 2200 - 2250 [84] - Caustic Soda: Supply - demand contradiction eases; liquid chlorine price decline may support caustic soda price [86] - PVC: Short - term rebound may not be sustainable; expect improvement in the supply - surplus situation in 2026 [89] - Soda Ash: Adopt a bearish mindset for the medium - term; short far - term contracts on rallies [91] - Float Glass: Adopt a short - selling mindset on rallies in the medium - term [92] 2. Report's Core Viewpoints - The US core inflation has slowed down unexpectedly, which has an impact on the US dollar index, gold, US stocks and other financial products. The domestic commodity market shows different trends due to factors such as supply and demand, policies and inventory [14][19][21] - The A - share market shows a pattern of small - and large - cap differentiation, and the long - term bullish pattern needs policy support [24] - The bond market shows a differentiation between short - and long - term bonds, and the trend of ultra - long bonds is difficult to judge [27] - The commodity market is affected by factors such as supply and demand, policies and inventory, and different varieties show different trends [29][32][34] 3. Summaries According to Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The Bank of England cut interest rates as expected, and the US November CPI growth rate slowed down. The gold price fluctuated and closed down, and the silver price corrected. The market's expectation of interest rate cuts increased slightly, but the inflation data may be inaccurate. The short - term gold price is expected to fluctuate, and the silver price may decline [13][14][15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US House of Representatives passed a bill to simplify AI infrastructure construction approval. Trump is interviewing Fed chair candidates. The US core inflation slowed down unexpectedly, and the US dollar index is expected to weaken [16][17][19] 3.1.3 Macro Strategy (US Stock Index Futures) - The US November inflation pressure further eased, and the market's expectation of Fed interest rate cuts became more optimistic, but concerns about over - investment in AI still exist. The US stocks are expected to continue high - level volatility in the short term [21][22] 3.1.4 Macro Strategy (Stock Index Futures) - Market regulators aim to create a high - quality and competitive market order, and the NDRC plans to expand emerging industry investment. The A - share market shows small - and large - cap differentiation, and the long - term bullish pattern needs policy support. Allocate long positions in each index evenly [23][24][25] 3.1.5 Macro Strategy (Treasury Futures) - The central bank conducted reverse repurchase operations. The bond market shows a differentiation between short - and long - term bonds. The price of ultra - long bonds is dominated by institutional behavior, and its trend is difficult to judge. Be cautious about the rise of TL [26][27][28] 3.2 Commodity News and Comments 3.2.1 Black Metals (Steam Coal) - Indonesian low - calorie steam coal prices remained stable. The domestic port coal price continued to decline rapidly, and the actual inventory was high. The coal price may reach 700 yuan soon. Observe policy changes around this price [29][30][31] 3.2.2 Black Metals (Iron Ore) - An Australian mining company raised funds for an iron ore project. The iron - making volume decreased, and the steel mills' raw material procurement was cautious. The overall black market remained volatile, and the ore price had no short - term trend [32] 3.2.3 Agricultural Products (Soybean Meal) - The estimated soybean yield in Brazil's Paraná state remained unchanged, and the USDA's weekly export sales report was in line with expectations. The CBOT soybean price continued to decline due to export concerns. The domestic soybean meal supply was sufficient, and the inventory was high. The soybean meal price is expected to remain weak [33][34][35] 3.2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia's palm oil exports decreased year - on - year. The palm oil market fluctuated, and Indonesia's supply was relatively tight. Monitor relevant policies and data, and wait for supply pressure relief [36][37] 3.2.5 Agricultural Products (Corn Starch) - The operating rates of the corrugated paper and boxboard paper industries decreased, while the consumption of corn and starch in starch sugar products increased slightly. The CS - C futures price difference remained low and volatile. The short - term rice - flour price difference may widen after approaching previous lows [38][39] 3.2.6 Agricultural Products (Corn) - The inventories of deep - processing enterprises and feed enterprises increased. The spot price was stable with a weak trend, and the 03 and 05 contracts are expected to remain weakly volatile [40][41] 3.2.7 Agricultural Products (Live Pigs) - A company's executive left, and another provided guarantees. In the short term, the live pig market is expected to remain weakly volatile. In the long term, if capacity is cleared, the far - term contracts may see valuation repair [44] 3.2.8 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products decreased. China's steel exports and production showed different trends. The Ministry of Commerce stated that the steel export license management does not limit the quantity and business qualification. The steel price is expected to remain volatile in the short term [45][46][49] 3.2.9 Non - ferrous Metals (Polysilicon) - The exchange adjusted the minimum order quantity for polysilicon futures. The silicon material manufacturers planned to control production, and the prices of silicon materials, silicon wafers, and battery cells changed. The spot price may not decline, and consider buying on dips after market pull - back [50][51][52] 3.2.10 Non - ferrous Metals (Industrial Silicon) - The Ministry of Industry and Information Technology plans to strengthen photovoltaic capacity regulation. The production of industrial silicon in some regions may change, and the inventory situation is uncertain. Look for short - selling opportunities on rallies [53][54][55] 3.2.11 Non - ferrous Metals (Lead) - The LME lead price and domestic lead price fluctuated weakly. The social inventory of lead decreased marginally. The supply of recycled lead was under pressure, and the demand was weakening. Consider closing short positions [56] 3.2.12 Non - ferrous Metals (Zinc) - The LME zinc price fluctuated narrowly, and the domestic zinc inventory decreased. The domestic refinery production cuts were gradually realized, and the zinc demand was strong. Recommend buying on medium - term pull - backs, holding positive spread contracts for monthly spreads, and maintaining reverse spread strategy for domestic - foreign spreads [57][58][59] 3.2.13 Non - ferrous Metals (Copper) - China's copper production showed different trends. The BHP CEO said that the copper supply shortage would continue. The US core CPI decline supported the copper price, but the short - term fundamentals were weak. Maintain the idea of buying on dips in the medium - term [60][61][62] 3.2.14 Non - ferrous Metals (Nickel) - A nickel brand was approved for LME delivery. The planned nickel ore output in 2026 may decrease, which may affect the supply - demand balance. The current nickel production is facing losses, and the inventory is accumulating. Monitor the implementation of the quota policy [63][64][65] 3.2.15 Non - ferrous Metals (Lithium Carbonate) - Bolivia hopes to use lithium mines and US assistance to end its economic recession. The lithium carbonate market corrected, the inventory decreased, and the supply increased slightly. The price may decline after the factory复产. In the medium - to long - term, buy on dips [67][68] 3.2.16 Non - ferrous Metals (Tin) - Micron Technology's revenue forecast exceeded expectations. The tin inventory continued to accumulate, and the previous supply disruptions were alleviated. The demand remained weak. Be wary of price decline risks [69][70][71] 3.2.17 Energy Chemicals (Carbon Emissions) - The CEA price increased slightly, and the trading volume decreased. The impact of the carry - over policy may be mainly emotional. The CEA price is expected to fluctuate in the short term [73][74][75] 3.2.18 Energy Chemicals (Natural Gas) - The US natural gas inventory decreased, but the decline rate may slow down. The Nymex price is expected to continue its downward trend [76][77] 3.2.19 Energy Chemicals (PTA) - The operating rates of the Jiangsu and Zhejiang terminals decreased. The PTA price fluctuated narrowly. The near - term inventory is expected to decrease, and the bottom support is strong. Try to go long lightly on dips [78][79][80] 3.2.20 Energy Chemicals (LLDPE) - The polyethylene production decreased slightly. Producers are eager to destock, and the downstream purchasing intention is weak. The polyethylene price is likely to decline [81] 3.2.21 Energy Chemicals (Methanol) - The methanol port inventory increased slightly. Iran's second - round production cuts may benefit the bulls. Adopt a bullish mindset for the 05 contract, target price range 2200 - 2250 [82][83][84] 3.2.22 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong remained stable. The supply was sufficient, and the demand was stable. The device operating rate decreased slightly, and the inventory increased. The supply - demand contradiction eased, and the liquid chlorine price decline may support the caustic soda price [85][86] 3.2.23 Energy Chemicals (PVC) - The PVC price strengthened slightly. The industry operating rate decreased, and the inventory decreased slightly. The short - term rebound may not be sustainable, and the supply - surplus situation may improve in 2026 [87][88][89] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash manufacturers' inventory decreased. The supply pressure will gradually appear, and the downstream demand is weak. Adopt a bearish mindset for the medium - term; short far - term contracts on rallies [90][91] 3.2.25 Energy Chemicals (Float Glass) - The float glass manufacturers' inventory increased. The market was driven by market sentiment and short - covering. The glass market remains in a surplus situation. Adopt a short - selling mindset on rallies in the medium - term [92]

Core Viewpoint - Indonesia's Ministry of Finance is set to issue investment tools for natural resource export revenues to enhance compliance among exporters and retain foreign exchange earnings within the country [1] Group 1: Regulatory Changes - New regulations will require natural resource exporters to retain all foreign exchange earnings in state-owned banks for at least one year starting January 1, 2026, and limit the use of these funds [1] - The new rules aim to increase onshore dollar liquidity and stabilize the rupiah exchange rate [1] Group 2: Industry Impact - Indonesia is the world's largest exporter of palm oil, coal, nickel, and tin, and a major exporter of rubber, coffee, and other commodities [1] - The planned regulations have faced complaints from the palm oil and mining associations, as the new rules will restrict the maximum proportion of foreign exchange earnings that can be converted to Indonesian rupiah to 50% [1] Group 3: Industry Reactions - The Secretary-General of the Indonesian Palm Oil Association (GAPKI) expressed concerns about operational funding needs, emphasizing the necessity of Indonesian rupiah [1] - The Executive Director of the Indonesian Mining Association indicated that miners also hope the government will maintain the current regulations unchanged [1]

智汇矿业公布配发结果，全球发售1.22亿股H股，其中香港公开发售占10%，国际发售占90%。发售价 为每股4.51港元，净筹约4.95亿港元。H股预计于2025年12月19日上午九时起在联交所买卖。香港公开 发售获5248.15倍认购，国际发售获2.68倍认购。 ...

今年5月份，海南矿业氢氧化锂项目首批合格产品下线，产线全流程打通。该公司位于非洲的布谷尼锂 矿首批3万吨锂精矿产品已于11月份从科特迪瓦圣佩德罗港启运，预计2026年1月中上旬运抵海南洋浦 港，为海南矿业的锂盐加工项目提供核心原材料。公司从海外进口的锂精矿，享受自贸港进口原辅 料"零关税"政策。 "该批锂精矿运抵海南洋浦后，将为氢氧化锂项目的连续性生产提供稳定的原料供应，标志着海南矿业 新能源一体化产业链的正式打通。公司依托自有优质矿山与高品质先进加工产线，叠加海南自贸港的政 策优势，将大幅提升产品的市场竞争力。"滕磊透露。 此外，近期，海南矿业上述氢氧化锂产品已完成首批产品销售，目前正在加速推进碳化产线的技改方 案。技改完成后，可在不影响氢氧化锂正常生产的前提下，将部分氢氧化锂晶浆作为原材料用于生产电 池级碳酸锂，提升项目产品结构灵活性和毛利率。 本报记者 李雯珊 "近年来，公司积极把握海南自贸港发展的历史机遇，根植海南，面向全球，推动企业实现高质量发 展，助力自贸港建设。海南矿业的业务布局也从铁矿石逐步拓展至石油、天然气以及新能源产业。"海 南矿业股份有限公司（以下简称"海南矿业"）董事长、总裁滕磊在接受 ...

滕磊表示，海南矿业对现有铁矿石、油气两大传统业务，以提质增效为目标，围绕数智化转型和绿色发 展，重点在勘探、采矿、选矿、资源综合利用等领域的技术应用方面培育新质生产力；在新能源赛道， 结合自身优势，通过产业投资，深化和拓展在新能源赛道的产业布局。 今年5月份，海南矿业氢氧化锂项目首批合格产品下线，产线全流程打通。该公司位于非洲的布谷尼锂 矿首批3万吨锂精矿产品已于11月份从科特迪瓦圣佩德罗港启运，预计2026年1月中上旬运抵海南洋浦 港，为海南矿业的锂盐加工项目提供核心原材料。公司从海外进口的锂精矿，享受自贸港进口原辅 料"零关税"政策。 "该批锂精矿运抵海南洋浦后，将为氢氧化锂项目的连续性生产提供稳定的原料供应，标志着海南矿业 新能源一体化产业链的正式打通。公司依托自有优质矿山与高品质先进加工产线，叠加海南自贸港的政 策优势，将大幅提升产品的市场竞争力。"滕磊透露。 "近年来，公司积极把握海南自贸港发展的历史机遇，根植海南，面向全球，推动企业实现高质量发 展，助力自贸港建设。海南矿业的业务布局也从铁矿石逐步拓展至石油、天然气以及新能源产业。"海 南矿业股份有限公司（以下简称"海南矿业"）董事长、总裁滕磊在接 ...

格隆汇12月18日｜随着黄金价格持续迅猛上涨，且尽管部分地区钢铁产量下滑但铁矿石价格保持坚挺， 澳大利亚上调了大宗商品出口收入预测。澳大利亚政府在其《资源与能源季度报告》中表示，截至2026 年6月的一年内，预计所有原材料出口额将达到3830亿澳元（约合2530亿美元），较三个月前的预测高 出近4%。对随后12个月的预测则上调了200亿澳元，至3740亿澳元。报告称，澳大利亚资源和能源大宗 商品的总体出口前景已显著改善。黄金出口正在快速增长，铁矿石出口表现好于预期，同时澳元兑美元 的汇率并未如预期般上涨。报告预测，随着新供应进入市场以及钢铁需求减弱，铁矿石价格到2027年将 仅会逐步下降。基准价格预计在2026年平均为每吨85美元，2027年平均为每吨82美元，低于2024年的每 吨93美元。黄金预计将在本财年超过液化天然气，成为澳大利亚第二大最有价值的出口商品，其价格可 能保持坚挺。澳政府表示，截至6月的一年内，国内黄金产量预计将增长16%，达到约340吨。 ...

Group 1 - The core viewpoint of the news is that Tibet Zhihui Mining Co., Ltd. has successfully completed its global offering, with a fixed issue price of HKD 4.51 per share, raising approximately HKD 550 million in total funds, and a net amount of about HKD 500 million after deducting estimated listing expenses [1][2] - The total number of shares offered in the global sale is 121,952,000 H-shares, with 12,196,000 shares allocated for public offering in Hong Kong and 109,756,000 shares for international placement, without any over-allotment option [1] - The subscription results indicate a high demand, with the Hong Kong public offering receiving 177,542 valid applications, resulting in a subscription rate of 5,248.15 times, while the international placement had a subscription rate of 2.68 times involving 164 participants [1] Group 2 - Several cornerstone investors participated in the offering, including Spico International Limited, which was allocated 32,000,000 shares, and GIGA Industries Limited and Poly Platinum Enterprises Limited, which received 11,086,000 shares and 6,651,000 shares respectively, totaling 49,737,000 shares or 40.78% of the global offering [2] - The joint sponsors for this global offering are Guotai Junan Securities (Hong Kong) Limited and Mai Shi Capital Limited, with trading expected to commence on the Hong Kong Stock Exchange on December 19, 2025, under the stock code 2546 [2]

Core Viewpoint - Baodi Mining (601121) acknowledges that its stock price is influenced by multiple complex factors, including macroeconomic conditions, market environment, industry cycles, and secondary market sentiment [1] Group 1: Company Strategy - The company emphasizes the importance of market value management and actively engages in mergers and acquisitions to strengthen its fundamentals [1] - Resource reserves are continuously being enhanced, and the company is actively organizing mining production and iron concentrate sales [1] - Baodi Mining maintains market value stability through standardized governance, compliant disclosures, and performance improvements [1] Group 2: Future Plans - The company plans to enhance overall profitability by optimizing management models, implementing cost reduction and efficiency improvement measures, and expanding sales channels [1]

Core Viewpoint - On December 18, several A-share listed companies disclosed their shareholding changes, with notable increases in holdings from some companies and reductions from others [1]. Group 1: Shareholding Increases - Dazhong Mining's director and general manager Lin Pushi plans to increase his shareholding by no less than 15.08 million shares [2]. - Sichuan Road and Bridge received a stake increase from Zhongyou Insurance, raising its holding to 5% [2]. - Tibet Pharmaceutical intends to repurchase shares worth between 170 million to 200 million yuan for equity incentives or employee stock ownership plans [2]. Group 2: Shareholding Reductions - Lidasin's fifth-largest shareholder reduced their stake by 1.56% between December 10 and December 17 [2]. - WuXi AppTec's 18 shareholders collectively reduced their holdings by 29.5 million shares from November 26 to December 17 [2]. - Feilong Co.'s controlling shareholder recently reduced their total shareholding by 0.59% [2]. - Ruichen Environmental's shareholder plans to reduce their stake by no more than 3% [2]. - Lihuk Co.'s shareholder Wang Xiaojun and his concerted actors plan to reduce their holdings by up to 2.98% [2]. - Yidong Electronics' third and fifth largest shareholders recently reduced their holdings by 2.3463 million shares [2]. - Junshi Biosciences' Shanghai Tanying plans to reduce its stake by no more than 2% [2]. - Huahai Chengke's shareholder intends to reduce their stake by no more than 1% [2]. - Boshuo Technology's director Yang Chuanqi and executive Zhou Dan plan to reduce their holdings by no more than 0.011% [2]. - Allianz Vision's chairman Xu Jin plans to reduce his stake by no more than 0.96% [2]. - Dazhong Mining's major shareholders, including the chairman and senior management, plan to reduce their holdings [2].