以下文章来源于睿知睿见 ，作者睿知睿见 睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴实易懂的语言，传递正确的投资理念！ ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 睿知睿见 来源：雪球 周五晚上A50期货和中概暴跌。 有人用特朗普的一句话来解释： 也许我们必须停止从中国大量进口。 也就是新一轮贸易战开打了。吓得资本市场瑟瑟发抖。 我并不认同这种观点，相反， 我认为特朗普又要给我们发钱了。 咱们好好分析一下。 一、特朗普总在间接逼东大秀肌肉 自打特朗普发动贸易战以来，我们会发现，每次他都会临阵退缩。 而东大则会秀一秀肌肉，让世界不断地感受到其强大到可怕的力量。 然后，就会有更多资金涌入A股和港股。 要不是央行有意通过释放银行间流动性对抗资金回流，A股恐怕还不止这点涨幅。 这一次也不例外，我们看看最近几天的消息。 1.更加严格的稀土管控； 2.大幅增加出口管控物项； 3.对美船舶收取船舶特别港务费； 4.对高通进行反垄断调查； 5.要求澳大利亚必和必拓用人民币结算铁 ...

Core Viewpoint - The article discusses the upcoming CINE2025 Solid-State Battery Exhibition and Industry Annual Conference, highlighting its significance in the solid-state battery sector and the recent developments regarding the mining rights of Zangge Mining, which impact lithium production [2][4]. Group 1: Event Details - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will take place from November 6 to 8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors and 20,000 professional attendees [2]. - The event will also include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [2]. Group 2: Zangge Mining Developments - Zangge Mining's subsidiary, Geermu Zangge Potash Fertilizer Co., received mining rights certificates, allowing the extraction of various minerals, including lithium, which was previously excluded [3][4]. - The company faced production halts due to regulatory issues regarding lithium resource development, but plans to resume operations once new mining licenses are obtained [4][5]. - Zangge Mining aims to produce 11,000 tons of lithium carbonate in 2025, with production plans contingent on the timely renewal of mining licenses [4][5].

Group 1 - The core viewpoint of the article is that China Uranium Corporation has successfully registered its IPO on the Shenzhen Stock Exchange, marking a significant step in its business operations focused on natural uranium and radioactive co-associated mineral resources [1][3] - The company primarily engages in the mining, sales, and trade of natural uranium resources, as well as the comprehensive utilization and sales of products related to co-associated minerals like monazite and uranium-molybdenum [1] - The IPO process began with acceptance on June 20, 2024, followed by an inquiry phase on July 18, 2024, and approval on September 5, 2025, with the registration submitted on September 8, 2025 [1] Group 2 - China Uranium Corporation aims to raise approximately 4.11 billion yuan through this IPO [2]

Core Insights - The 2025 Fortune Sustainable Development Summit was successfully held in Fuzhou, focusing on the theme "Intelligent Era, Intelligent Coexistence" and gathering nearly 200 global business leaders, policymakers, and academic experts to explore sustainable development paths empowered by technology [1] Group 1: Key Themes and Discussions - The summit featured 40 speakers from various sectors including AI, internet, manufacturing, new energy, finance, and health, discussing how smart technologies can accelerate growth while avoiding excessive environmental consumption [1] - Key topics included the social responsibilities of multinational companies in a fragmented geopolitical landscape and the protection of human creativity and development rights in an algorithm-driven era [1] Group 2: ESG Practices and Globalization - Companies are encouraged to ensure that suppliers meeting ESG standards will gain more orders and global opportunities, highlighting the competitive edge of Chinese suppliers in quality, cost, and delivery [6] - The urgency for green and low-carbon transformation in the chemical industry is emphasized, aligning with national dual carbon goals and the increasing demand for green materials from international brand clients [6] Group 3: Sustainable Consumption and Corporate Responsibility - The importance of circular economy practices is highlighted, where manufacturers must innovate in product design and lifecycle management, while consumers are also encouraged to participate in sustainable practices [30] - The wine industry is recognized as a participant in environmental practices, emphasizing the necessity of establishing a good ecological environment as a fundamental requirement [33] Group 4: Financial Instruments and ESG Integration - Green financial products like green bonds are seen as a driving force for companies to integrate international ESG concepts into their development, effectively addressing regulatory challenges and attracting international capital [41] - Companies are advised to balance production activities with ecological diversity protection, ensuring that sustainable financial tools align with their sustainability goals [45] Group 5: Technological Innovations in ESG - The application of cutting-edge technologies such as AI and big data is crucial for enhancing ESG management, transitioning from compliance to data-driven value creation [62] - Companies are encouraged to leverage technology to improve operational efficiency and sustainability, with a focus on accurate and transparent data for ESG disclosures [68]

Core Viewpoint - China has taken a significant step by halting the purchase of iron ore from BHP in Australia priced in USD, indicating a strategic move to reclaim pricing power in the iron ore market [1][2]. Group 1: Market Dynamics - The cessation of USD-denominated iron ore purchases is seen as a tactical pause in commercial negotiations, marking the beginning of a long-awaited strategic offensive for pricing power that has been in the making for over two decades [2]. - China, as the world's largest steel producer, has historically been in a vulnerable position due to its heavy reliance on imported iron ore, primarily from Australia and Brazil, despite its dominant steel production capacity [3][4]. Group 2: Profit Disparity - The current pricing mechanism, heavily influenced by the Platts index, has led to a significant imbalance in profit distribution between upstream and downstream players, with Australian mining companies enjoying profit margins exceeding 150%, while Chinese steel producers face an average profit margin of only 0.71% in 2024 [4]. Group 3: Strategic Moves - To address the profit disparity, China has initiated a two-step strategy: first, consolidating its domestic steel industry to reduce competition and enhance bargaining power, exemplified by the merger of major steel companies [5][6]. - The second step involves seeking alternative sources of iron ore to break the existing monopoly, with significant investments in the Simandou iron ore project in Guinea, which is expected to yield high-quality iron ore and reduce dependency on Australian suppliers [7][8]. Group 4: Future Prospects - The Simandou project is projected to produce between 120 million to 150 million tons of iron ore annually, with the first shipments expected as early as November [9][10]. - This strategic pivot not only strengthens China's position in the global iron ore market but also signals a shift in the global resource landscape, potentially diminishing Australia's market share if it continues to resist cooperation [10].

Core Insights - The Shanghai Mayor, Gong Zheng, welcomed the participation of Vale S.A., Mizuho Financial Group, and Sumitomo Mitsui Trust Holdings in the 37th Shanghai Mayor's International Entrepreneurs Consultation Meeting, emphasizing the importance of international enterprises in Shanghai's development goals [1][2] - The meeting serves as a platform for enhancing cooperation, sharing advanced ideas, and promoting international collaboration, particularly in the context of the complex global landscape [2] Group 1 - Shanghai is accelerating its development towards becoming a world-class socialist modern metropolis, guided by the "Five Centers" strategy as per President Xi Jinping's directives [1] - The city aims to create a market-oriented, law-based, and international business environment to support the growth of various enterprises, including international ones [1] - The annual consultation meeting is viewed as a significant event for fostering friendship and collaboration among international business leaders [1] Group 2 - Vale's Chairman, Stone Shi, Mizuho's Chairman, Seiji Imai, and Sumitomo Mitsui's CEO, Takashi Nakajima, expressed optimism about the opportunities in China's market and Shanghai's bright development prospects [2] - They emphasized the need for international enterprises to find the right direction and develop smarter strategies amidst the complex global situation [2] - The leaders expressed a desire to deepen cooperation, implement more collaborative projects, and support both foreign enterprises entering China and Chinese enterprises expanding abroad [2]

10月10日（周五），智利国家铜业公司（Codelco）旗下El Teniente矿场事故造成的铜产量损失料比之前预测高出45%，但Codelco主席Maximo Pacheco仍预 测这家全球最大铜矿商今年的产量将小幅增加。 智利El Teniente项目产量损失，以及包括自由港麦克默伦公司（Freeport-McMoRan）旗下印尼Grasberg项目中断，导致供应收紧，在本周将铜价推升至每吨 11,000美元，接近去年触及的纪录高位。 Pacheco表示："这是由于矿床西北部的几何形状变化和空洞相互作用而产生的垂直卸载过程……削弱了结构，从而促进了物质的向下移动。这意味着在较深 处，岩层会相互错动。" 他补充道，这意味着Codelco需要对整个矿井（该矿井由4,500公里的隧道组成）的地形结构、地震活动以及地质力学因素进行持续监测。 环境许可 Pacheco表示，Codelco计划在2027年之前申请相关环保许可，以实现其Andina矿与相邻的英美矿业的Los Bronces项目联合运营。 El Teniente是智利国家铜业公司（Codelco）最赚钱的一个项目，7月发生的事故将其今年产量削减4.8万 ...

Report on Manganese Silicon 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - In the short - term, real - world pressure still suppresses the market, but trading based on expectations of important meetings is still promising. The price of the black sector may first decline to release bearish sentiment and then rise with the expectations of the "Fourth Plenary Session". It is more cost - effective to find retracement points to go long rather than shorting. The black sector may gradually have the value of long - term allocation around mid - October [15]. - Manganese silicon's fundamentals are not ideal with high supply and weak demand in the building materials sector. It may follow the black sector's trend and is difficult to have an independent strong market without major contradictions [15]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Market Data**: As of 2025/10/09, Tianjin 6517 manganese silicon spot price was 5670 yuan/ton, down 30 yuan/ton month - on - month and up 70 yuan/ton from the beginning of last month; futures price was 5768 yuan/ton, up 10 yuan/ton month - on - month and up 32 yuan/ton from the beginning of last month; basis was 92 yuan/ton, down 40 yuan/ton week - on - week, with a basis rate of 1.58% [14][20]. - **Profit and Cost**: Manganese silicon's estimated immediate profit remained low. Inner Mongolia was - 321 yuan/ton, Ningxia was - 438 yuan/ton, and Guangxi was - 621 yuan/ton. The estimated immediate cost in Inner Mongolia was 6001 yuan/ton, Ningxia was 6058 yuan/ton, and Guangxi was 6321 yuan/ton [14][23][30]. - **Supply and Demand**: Weekly output of manganese silicon was 20.42 tons, down 0.22 tons week - on - week. In September 2025, the output was 89.84 tons, down 1.08 tons month - on - month. Weekly output of rebar was 203.4 tons, down 3.62 tons week - on - week. Daily average hot metal output was 241.54 tons, down 0.27 tons week - on - week [14][44][60]. - **Inventory**: The estimated visible inventory of manganese silicon was 51.42 tons, down 0.34 tons month - on - month, still at a high level in the same period [14][72]. 3.2期现市场 - As of 2025/10/09, Tianjin 6517 manganese silicon spot price was 5670 yuan/ton, futures price was 5768 yuan/ton, basis was 92 yuan/ton, with a basis rate of 1.58%, at a relatively neutral level in historical statistics [20]. 3.3 Profit and Cost - **Profit**: As of 2025/10/09, manganese silicon's estimated immediate profit remained low. Inner Mongolia was - 321 yuan/ton, Ningxia was - 438 yuan/ton, and Guangxi was - 621 yuan/ton [23]. - **Cost**: As of 2025/10/09, South African ore was 34.2 yuan/ton - degree, Australian ore was 39.8 yuan/ton - degree, Gabonese ore was 40 yuan/ton - degree, and off - grade metallurgical coke was 1190 yuan/ton. The estimated immediate cost in Inner Mongolia was 6001 yuan/ton, Ningxia was 6058 yuan/ton, and Guangxi was 6321 yuan/ton [26][30]. - **Manganese Ore Import**: In August, manganese ore imports were 348.6 tons, up 74.24 tons month - on - month and up 87.53 tons year - on - year. From January to August, cumulative imports were 2068.88 tons, up 181.7 tons or 9.63% year - on - year [33]. - **Manganese Ore Inventory**: As of 2025/09/26, manganese ore port inventory was 447.8 tons, up 20.6 tons month - on - month. Australian manganese ore port inventory was 66.6 tons, up 1.3 tons month - on - month, and high - grade manganese ore port inventory was 121.9 tons, up 9.2 tons month - on - month [36][39]. 3.4 Supply and Demand - **Output**: As of 2025/10/09, weekly output of manganese silicon was 20.42 tons, down 0.22 tons week - on - week. In September 2025, the output was 89.84 tons, down 1.08 tons month - on - month [44]. - **Steel Tendering**: In September 2025, HeSteel Group's manganese silicon tender volume was 17000 tons, up 900 tons month - on - month and up 6500 tons year - on - year; the tender price was 6000 yuan/ton, down 200 yuan/ton month - on - month [57]. - **Consumption**: As of 2025/10/09, weekly apparent consumption of manganese silicon was 12.21 tons, down 0.04 tons week - on - week. Weekly output of rebar was 203.4 tons, down 3.62 tons week - on - week. Daily average hot metal output was 241.54 tons, down 0.27 tons week - on - week. In August 2025, national crude steel output was 7737 tons, down 233 tons month - on - month and down 53 tons year - on - year [60][63]. 3.5 Inventory - **Visible Inventory**: As of 2025/10/09, the estimated visible inventory of manganese silicon was 51.42 tons, down 0.34 tons month - on - month, still at a high level in the same period [72]. - **Sample Enterprise Inventory**: As of 2025/10/09, the inventory of 63 sample enterprises was 24.25 tons, up 0.37 tons month - on - month [75]. - **Steel Mill Inventory**: In September, the average available days of manganese silicon in steel mills was 15.93 days, up 0.95 days month - on - month, still at a relatively low level in the same period [78]. 3.6 Graphical Trends - In September, manganese silicon's disk price fluctuated within a range, with a monthly decline of 20 yuan/ton or 0.35%. On the daily - line level, it was still in the range of 5600 - 6000 yuan/ton, and its recent trend was weak, close to the lower limit of the range. Attention should be paid to the support around 5600 yuan/ton [81]. Report on Ferrosilicon 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - In the short - term, real - world pressure still suppresses the market, but trading based on expectations of important meetings is still promising. The price of the black sector may first decline to release bearish sentiment and then rise with the expectations of the "Fourth Plenary Session". It is more cost - effective to find retracement points to go long rather than shorting. The black sector may gradually have the value of long - term allocation around mid - October [98]. - Ferrosilicon's supply - demand fundamentals have no obvious contradictions and drivers, and it is likely to follow the black sector's trend, with low operational cost - effectiveness [98]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Market Data**: As of 2025/10/09, Tianjin 72 ferrosilicon spot price was 5700 yuan/ton, futures price was 5472 yuan/ton, basis was 228 yuan/ton, with a basis rate of 4.00%, at a relatively high level in historical statistics [97][103]. - **Profit and Cost**: Ferrosilicon's estimated immediate profit declined significantly. Inner Mongolia was - 581 yuan/ton, Ningxia was - 497 yuan/ton, and Qinghai was - 584 yuan/ton. The estimated production cost in main producing areas was basically stable [97][108][114]. - **Supply and Demand**: Weekly output of ferrosilicon was 11.58 tons, basically stable week - on - week. In September 2025, the output was 48.82 tons, down 0.51 tons month - on - month. Daily average hot metal output was 241.54 tons, down 0.27 tons week - on - week. From January to September 2025, cumulative output of magnesium metal was 62.09 tons, down 3.13 tons year - on - year. From January to August 2025, cumulative exports of ferrosilicon were 27.1 tons, down 1.89 tons or 6.52% year - on - year [97][119][131]. - **Inventory**: The estimated visible inventory of ferrosilicon was 14.96 tons, up 0.23 tons month - on - month, at a relatively high level in the same period [97][142]. 3.2期现市场 - As of 2025/10/09, Tianjin 72 ferrosilicon spot price was 5700 yuan/ton, futures price was 5472 yuan/ton, basis was 228 yuan/ton, with a basis rate of 4.00%, at a relatively high level in historical statistics [103]. 3.3 Profit and Cost** - **Profit**: As of 2025/10/09, ferrosilicon's estimated immediate profit declined significantly. Inner Mongolia was - 581 yuan/ton, Ningxia was - 497 yuan/ton, and Qinghai was - 584 yuan/ton [108]. - **Cost**: As of 2025/10/09, the price of silica in the northwest region was 210 yuan/ton, and the price of semi - coke small materials was 750 yuan/ton, both stable month - on - month. The estimated production cost in main producing areas was basically stable [111][114]. 3.4 Supply and Demand - **Output**: As of 2025/10/09, weekly output of ferrosilicon was 11.58 tons, basically stable week - on - week. In September 2025, the output was 48.82 tons, down 0.51 tons month - on - month [119]. - **Steel Tendering**: In September 2025, HeSteel Group's 75B ferrosilicon alloy tender volume was 3151 tons, up 316 tons month - on - month and up 650 tons year - on - year; the tender price was 5800 yuan/ton, down 230 yuan/ton month - on - month [125]. - **Steel Consumption**: As of 2025/10/09, daily average hot metal output was 241.54 tons, down 0.27 tons week - on - week. In August 2025, national crude steel output was 7737 tons, down 233 tons month - on - month and down 53 tons year - on - year [128]. - **Non - steel Consumption**: From January to September 2025, cumulative output of magnesium metal was 62.09 tons, down 3.13 tons year - on - year. As of 2025/10/09, the price of magnesium metal in Fugu area was 16450 yuan/ton, down 200 yuan/ton month - on - month. From January to August 2025, cumulative exports of ferrosilicon were 27.1 tons, down 1.89 tons or 6.52% year - on - year. As of 2025/10/09, the estimated export profit of ferrosilicon was - 15 yuan/ton, at a relatively low level in the same period. From January to August 2025, the total output of overseas crude steel was 5.57 billion tons, down 300 million tons or 0.54% year - on - year [131][134][135]. 3.5 Inventory - **Visible Inventory**: As of 2025/10/09, the estimated visible inventory of ferrosilicon was 14.96 tons, up 0.23 tons month - on - month, at a relatively high level in the same period [142]. - **Steel Mill Inventory**: In September, the average available days of ferrosilicon in steel mills was 15.52 days, up 0.85 days month - on - month, still at a relatively low level in the same period [145]. 3.6 Graphical Trends - In September, ferrosilicon's disk price fluctuated within a range, with a monthly decline of 62 yuan/ton or 1.12%. On the daily - line level, it was still in the range of 5400 - 5800 yuan/ton, and its recent trend was weak, with five consecutive negative daily lines and once breaking through the support at 5400 yuan/ton to reach a new low. Attention should be paid to the support around 5400 yuan/ton [150].

Core Insights - The article emphasizes the importance of tangible assets like gold and copper stocks over real estate as a means of wealth transfer to future generations [1][4][7] Group 1: Real Estate Perspective - The mother views the family home as a retirement asset, reflecting a generational mindset that values property ownership as security [3][4] - The article contrasts the mother's attachment to the home with the daughter's focus on liquid assets that can appreciate in value [4][6] Group 2: Investment Opportunities - Gold prices have increased from approximately $3,800 to over $4,000 per ounce, marking a 50% rise this year, highlighting its status as a solid investment [4][6] - Copper stocks have shown a nearly 25% unrealized gain, driven by demand from industries such as AI and semiconductor manufacturing, indicating a strong market for copper [7] - The domestic metal ETF has risen by 17%, benefiting from the copper market's growth, suggesting a favorable investment climate for related sectors [7]

1、李强签署国务院令 推动我国生物医学技术创新发展 重要程度：★★★★★ 国务院总理李强日前签署国务院令，公布《生物医学新技术临床研究和临床转化应用管理条例》，自2026 年5月1日起施行。《条例》旨在规范生物医学新技术临床研究和临床转化应用，促进医学科学技术进步和 创新，保障医疗质量安全，维护人的尊严和健康。 有分析指出，受益于国内政策、出海授权、业绩增速，创新药行业基本面持续向好。数据显示，2025年上 半年，我国医药领域海外授权金额超668亿美元，国际头部跨国制药公司外部引进的创新药物中31%源自中 国，全球双抗药物管线中50%的品种来自中国，创新影响力持续提升。 2、高通公司涉嫌违反反垄断法被查 重要程度：★★★★ 中国国家市场监管总局10日通报，因高通公司收购Autotalks公司未依法申报经营者集中，涉嫌违反《中华 人民共和国反垄断法》，国家市场监管总局依法对高通公司开展立案调查。 根据《反垄断法》第58条规定，若企业在收购过程中违反承诺，且行为具有排除、限制竞争效果，可能会 面临上一年度销售额1%~10%的罚款。 而2024财年，高通全球营收389.62亿美元，其中中国市场贡献178.26亿美元 ...