近期，铜市场迎来新一波上涨。 伦敦金属交易所（LME）三个月期铜的走势可谓芝麻开花节节高，12月12日盘中一度触及11952美元/吨 的历史新高。此后，铜价高位震荡，截至12月17日19时LME铜价达到11727美元/吨。与此同时，沪铜主 连当日上涨0.4%，收报92820元/吨。 各大投行也扎堆看涨铜价，花旗预测铜价将在明年中期达到15000美元/吨。推动铜价上涨的主要因素包 括能源转型和人工智能领域的强劲需求，尤其是电气化、电网扩展和数据中心建设所需的大量铜。不 过，铜价快速上涨，也把压力传导到下游，已经有空调企业表示要通过涨价消化铜价上涨带来的成本攀 升。 铜价上涨催生 "铝代铜" 铜一直被视为全球经济风向标，今年迄今LME铜价上涨近35%，绝大多数涨幅发生在近一个月。 铜价强劲上涨，除了受到需求激增以及相关关税政策影响，也得益于今年以来持续走弱的美元指数 （DXY）—— 这使得持有其他货币的投资者购买铜等金属更为便宜；此外，美联储与欧洲央行主导的 全球利率下行轨迹，也是推动铜价走高的核心驱动力。 上海钢联铜事业部分析师肖传康表示， 铜价上涨得益于供应偏紧而需求增长。供给端，中国铜原料联 合谈判小组释放 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【宁波通报患儿手术后离世，多人被处理】 2025年11月14日晚，患儿许某某在宁波大学附属妇女儿童医院（以下简称妇儿医院）接受心脏手术后不幸离 世。宁波市卫健委12月14日通报了调查组调查进展。 调查组认为，医疗团队对手术风险评估不足、手术操作存在过失、术中出现突发情况未及时告知、术后监护处 置有缺陷，具体医疗过错及其责任程度需在医疗事故技术鉴定等完成后予以明确；医院存在医疗质量安全制度 落实不到位、风险防范能力不足、应急处置不力、人文关怀缺乏等问题。宁波市卫生健康委员会责成妇儿医院 作出深刻检查，妇儿医院党委书记、院长、分管副院长、主刀医师、麻醉医师、儿童重症监护病房主管医师等 被追责。 【泽连斯基：美欧不支持乌加入北约】 当地时间12月14日，乌克兰总统泽连斯基在接受采访时透露，围绕美方"和平计划"的谈判中，美国及部分欧洲 国家不支持将乌克兰加入北约作为其安全保障核心内容。 泽连斯基强调，加入北约是乌方核心诉求，也是切实有效的安全保障，却未获美欧相关支持。目前各方正为乌 构建替代性双边安全保障体系。 泽连斯基 ...

Group 1 - The company received a government subsidy of 1,961,100.00 yuan on November 26, 2025 [1] - The subsidy is classified as a government grant related to income, which will be recognized in the current profit and loss [1] - The government subsidy is expected to have a positive impact on the company's future annual profits [1]

Core Points - Harbin Air Conditioning Co., Ltd. received a government subsidy of 1,961,100.00 yuan, which accounts for 26.66% of the company's most recent audited net profit attributable to shareholders [1] - The subsidy is classified as revenue-related and will be included in the current period's profit and loss [1] - The company anticipates that this subsidy will have a positive impact on its profits in future years, subject to the final accounting treatment based on the annual audit results [1] Company Performance - As of November 26, 2025, Harbin Air Conditioning's stock closed at 6.03 yuan, down 2.58% from the previous trading day [1] - The stock opened at 6.2 yuan, reached a high of 6.23 yuan, and a low of 6.0 yuan, with a trading volume of 50.87 million yuan and a turnover rate of 2.17% [1] - The company's latest total market capitalization is 2.312 billion yuan [1]

Core Viewpoint - Harbin Air Conditioning (哈空调) is attempting to divest its underperforming subsidiary, Harbin Fushanchuan Biotechnology Development Co., Ltd. (富山川), to streamline operations amid financial pressures and a need for transformation [1][2] Group 1: Asset Divestiture - The company plans to publicly transfer 40% of its stake in Fushanchuan at a minimum price of 3.8126 million yuan, based on an assessed value [2][3] - Fushanchuan has ceased operations and is currently in a "dormant state," with a reported net loss of 16.0963 million yuan for 2024, which is 218.83% of Harbin Air Conditioning's previous year's net profit [2][3] - The valuation of Fushanchuan shows a 7.69% increase from its book value, with total equity assessed at 9.5314 million yuan [2] Group 2: Financial Challenges - Harbin Air Conditioning's revenue for the first three quarters of 2025 was 827 million yuan, a year-on-year decrease of 12.19%, with a net loss of 23.8215 million yuan [3] - Fushanchuan has been listed as a dishonest executor, with its bank accounts frozen due to legal disputes, and it is involved in multiple contract disputes that have led to additional financial liabilities [4] - The company has an outstanding unfulfilled capital contribution of 15.4718 million yuan related to its investment in Fushanchuan, which poses a financial risk [4][5] Group 3: Internal Financial Obligations - Fushanchuan owes Harbin Air Conditioning approximately 19.7955 million yuan in various internal debts, with no clear repayment plan provided [5] - The other shareholders of Fushanchuan have waived their right of first refusal on the share transfer, necessitating Harbin Air Conditioning to seek external buyers [5] - The company has acknowledged the uncertainty surrounding the success of the transaction and the final terms of the sale [5]

Group 1 - TCL Air Conditioner (Zhongshan) Co., Ltd. has undergone a business change, with Guangdong TCL Air Conditioner Holdings Co., Ltd. added as a shareholder [1] - The registered capital has increased from approximately 556 million RMB to about 1.135 billion RMB, representing an increase of approximately 104% [1]

Group 1 - The eighth China International Import Expo (CIIE) is being held from November 5 to 10 at the National Exhibition and Convention Center in Shanghai, with over 500 participants from the Jiading District's investment promotion team engaging in targeted招商活动 [1] - As of November 7, the Jiading District team has connected with 377 enterprises, establishing deep ties with quality companies such as Polylactide Technology, AOS (China), and Medtronic [1] - The Zhejiang trading group signed 24 import procurement agreements with suppliers from 14 countries, covering advanced equipment, energy resources, and agricultural products, with a total contract value of approximately 14.5 billion yuan [1] Group 2 - Dian Diagnostics, a participant in the Zhejiang trading group, signed a procurement contract with Roche Diagnostics for laboratory reagent consumables and is focusing on AI-assisted diagnostic fields [2] - The Jiangsu provincial state-owned enterprise Suhao Holdings signed a strategic cooperation agreement with Mitsubishi Heavy Industries for central air conditioning products, with a procurement amount of 50 million USD [2][3] - The Yangpu trading group in Shanghai signed contracts covering consumer goods, food, art, new materials, and medical devices, with a significant increase in intended transaction amounts [3] Group 3 - The "China-Central Asia Trade Smooth Cooperation Platform Promotion Conference" was held, where Kazakhstan's Akmolinsk region signed an investment development center agreement with Jiangsu Province [5] - The Jiading District's investment promotion event showcased its automotive industry, reporting a total automotive output exceeding 490 billion yuan and over 1,240 industry chain enterprises [6] - The Pudong New Area's Lin-gang New Area signed a strategic cooperation agreement with Beijing's Changping District, focusing on cross-border and international resource integration [6][7] Group 4 - Ningbo City in Zhejiang Province hosted a roundtable for multinational corporate executives, resulting in four investment cooperation intentions in AI, health care, and biomedicine [7]

Group 1 - The U.S. Senate passed a resolution to terminate Trump's comprehensive tariff policy with a vote of 51 to 47, which includes the cancellation of the national emergency declared for global tariffs [2] - OpenAI, Oracle, and Related Digital announced plans to establish the "STARGATE" data center in Michigan, with a projected capacity exceeding 8 GW and an investment of over $450 billion over the next three years [3] - The Federal Reserve's Vice Chair for Supervision, Bowman, announced a restructuring plan to reduce the bank regulatory department's staff by approximately 30%, from nearly 500 to about 350 by the end of 2026 [9] Group 2 - The Chinese government will provide free HPV vaccinations to girls aged 13 and above starting November 10, 2025, as part of the national immunization program [10] - The Hu Run Research Institute released the 2025 Hu Run Women Entrepreneurs List, naming Zhong Huijuan and her daughter as the new richest women in China with a wealth of 141 billion yuan [14] - Xiaomi's "Giant Energy Saving" series has sparked controversy, with some users claiming the cooling performance does not match the marketing claims, while others report satisfactory experiences [21][22]

Core Viewpoint - Springland Co., Ltd. reported a decline in net profit for Q3 2025, primarily due to unrecognized investment income from Guoneng Longyuan Environmental Taizhou Co., Ltd. [1] Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 80.15 million yuan, a year-on-year increase of 6.49% [1] - The net profit attributable to shareholders was 120 million yuan, a year-on-year decrease of 10.41% [1] - The net profit for Q3 was 1.42 million yuan, a significant decline of 90.0% year-on-year [1] - The net cash flow from operating activities was 19.90 million yuan, down 63.66% year-on-year [1] - The weighted average return on equity for the first three quarters was 4.93%, a decrease of 0.73 percentage points year-on-year [1] - The gross margin was 20.93%, down 14.82 percentage points year-on-year [1] - The net profit margin was 150.18%, a decline of 30.40 percentage points year-on-year [1] Asset Quality - The company has a low debt-to-asset ratio of 6.76% and holds cash reserves of 1.206 billion yuan, with no short-term borrowings [1] Business Operations - The company does not have significant investment plans and primarily keeps excess cash in state-owned banks [2] - Springland's business includes sales of air conditioning and refrigeration products, real estate development, and property leasing [2] - The air conditioning business relies on third-party production, leading to lower competitiveness and limited output [2] - The real estate segment has completed prior land development, with minimal new acquisitions due to declining market demand [2] - The company's profitability is heavily reliant on investment income from Taizhou Power Plant and Guoneng Longyuan Environmental Taizhou Co., Ltd. [2] - The company faces strategic challenges regarding potential transformation due to its reliance on investment income and the competitive landscape of its core businesses [2] Market Position - As of the report date, Springland's market capitalization was 2.764 billion yuan [2]

Core Insights - Turkey's industrial sector achieved a record export value of $143.2 billion in the first nine months of the year, driven by a 5% tax reduction policy for exporters and a 2,500 lira employment support subsidy per worker [1] Group 1: Export Performance - Turkey's total export value reached $200.6 billion, marking a year-on-year increase of 4.1% [1] - Industrial product exports grew by 5.7%, accounting for 71.4% of total exports [1] - Six out of fifteen industrial sub-sectors set new export records [1] Group 2: Sector-Specific Exports - The automotive sector led with exports of $30.2 billion [1] - The electrical and electronics sector followed with $12.9 billion in exports [1] - Jewelry exports amounted to $6.2 billion, while defense and aerospace exports reached $6 billion [1] - Air conditioning manufacturing exports totaled $5.4 billion, and the shipbuilding and yacht services sector exported $1.5 billion [1] Group 3: Growth Rates by Sector - Defense and aerospace exports surged by 39.3% year-on-year [1] - Jewelry exports increased by 14.3% [1] - Automotive exports rose by 12.3% [1] - Shipbuilding and yacht services grew by 8.7% [1] - Electrical and electronics exports saw a 5.7% increase [1] - Air conditioning exports grew by 3.2% [1] Group 4: Major Export Markets - Germany remained the largest destination for Turkish automotive exports, totaling $4.9 billion [1] - The UK imported approximately $1.3 billion worth of electrical and electronic products [1] - The UAE purchased around $2.3 billion in jewelry products [1]