亚太主要股指今日跳水，港股主要股指今日再度下挫，恒生科技指数盘中一度大跌至2.7%。截至收盘，恒生指数收跌1.54%，恒生科技指数收跌1.74%， 双双刷新近期阶段低位。 盘面上，大型科技股持续下挫，商汤-W跌6%，阿里巴巴跌近3%，京东、网易、小米集团均跌超2%，百度、美团均跌超1%以上。腾讯控股今日跌 1.08%，盘中股价跌破600港元/股。 黄金股也全线调整，潼关黄金跌6.92%，紫金黄金国际跌6%，赤峰黄金（600988）跌超5%，珠峰黄金跌超3%，紫金矿业（601899）跌4.41%。 | < △ | [HK]贵金属指数(887674) | | | | --- | --- | --- | --- | | | 6543.70 -291.32 -4.26% | | | | 资料 | 成分 资讯 | 相关基金 | 月度收益 | | 名称 | | 现价 | 涨跌幅 == | | 潼关黄金 | | 2.690 | -6.92% | | 0340.HK | | | | | 龙资源 | | 6.530 | -6.58% | | 1712.HK | | | | | 紫金黄金国际 | | 148.900 | -6.0 ...

匈牙利外长：若禁运俄能源提案获准，匈将向欧盟法院起诉。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 ▲ 匈牙利外长西雅尔多（资料图） 当地时间1 2月15日，匈牙利外长西雅尔多在社交媒体表示，一旦欧盟通过禁止进口俄罗 斯能源的计划（REPowe rEU），匈牙利将同斯洛伐克一起向欧盟法院提起诉讼。 匈牙利和斯洛伐克高度依赖俄罗斯能源。此前，欧盟委员会、欧洲理事会和欧洲议会就一 项立 法 草案 达成 政 治 协 议 ， 计划自 2027年 9 月逐 步 禁止 欧盟 成 员 国 通 过 管 道 进 口 俄天 然 气，欧盟委员会还提出自2027年底起禁止进口俄原油。该协议仍需获得各成员国以及欧 洲议会的正式批准方可生效。 来源：央视新闻客户端 ...

Group 1 - The overall asset performance indicates that various asset classes have entered a period of fluctuation, with the equity market experiencing a high-level consolidation phase, primarily driven by the technology sector, while consumer and cyclical sectors remain weak [1][6]. - The Federal Reserve's recent interest rate cut was weaker than expected, limiting its positive impact on the U.S. and global economies, which in turn affects the capital markets [1][6]. - The Central Economic Work Conference in China reiterated a stable growth approach, with a focus on expanding domestic demand and improving investment, although the implementation of these policies may take time to materialize [2][10]. Group 2 - The A-share market is currently in a high-level consolidation phase, with limited substantial positive news and a preference for stability as the new year approaches [2][10]. - The report suggests a "barbell strategy" for asset allocation, recommending maintaining positions in the technology sector while cautiously considering opportunities in the consumer sector due to recent positive macro data [2][11]. - The technology sector is expected to remain a core driver of market performance, with significant opportunities arising from national competition and domestic innovation [10][11]. Group 3 - The bond market is following the trends of the equity market, showing a clear negative correlation, and is expected to remain under pressure without significant positive catalysts [3][32]. - The bond market's configuration suggests limited upward potential in the short term, but it may serve as a stabilizing option against equity market volatility [32]. Group 4 - The commodity market is experiencing a return to a fluctuating trend, with precious metals like silver supporting the upward movement of the precious metals index, while energy and chemical commodities are underperforming [4][41]. - The report anticipates that gold may continue to rise in the long term, driven by a decoupling from the U.S. dollar, although the overall strength of the commodity market will depend on the performance of metals and agricultural products [41][45].

Industry Investment Rating - Not provided in the given content Core Viewpoints - The macro - economic operation in November continued to be stable, with the national industrial added value above designated size increasing by 4.8% year - on - year and 0.44% month - on - month, and the total retail sales of consumer goods reaching 4,389.8 billion yuan, increasing by 1.3% year - on - year and decreasing by 0.42% month - on - month [1] - China has issued the first batch of L3 - level conditional autonomous driving vehicle access permits, marking a key step in the commercialization of L3 - level autonomous driving [1] - The goal is to cultivate service outsourcing leading enterprises and build service outsourcing clusters by 2030, with further improvement in the development level of service outsourcing [1] Summary by Directory Upstream - Energy: International crude oil and liquefied natural gas prices dropped significantly. On December 15, the spot price of WTI crude oil was $57.4 per barrel, down 4.39%; the spot price of Brent crude oil was $61.1 per barrel, down 4.13%; the spot price of liquefied natural gas was 3,652 yuan per ton, down 5.73% [2][36] - Agriculture: Palm oil prices declined slightly. On December 15, the spot price of palm oil was 8,504 yuan per ton, down 1.44% [2][36] Midstream - Chemical: The operating rates of PX, PTA, and polyester declined. On December 15, the spot price of PTA was 4,649.7 yuan per ton, down 0.81% [3][36] - Energy: Coal consumption of power plants increased [3] - Infrastructure: The construction of road asphalt was in the off - season [3] Downstream - Real estate: The sales of commercial housing in first, second, and third - tier cities increased [4] - Service: Flight frequencies and movie box office decreased [4]

投资咨询业务资格：证监许可【2011】1778 期货研究报告 晨会纪要 宝城期货原油早报-2025-12-16 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2602 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，原油震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：近期乌克兰出现妥协迹象，俄乌冲突有望降温，美国从中斡旋试图尽快结束双方战事。 地缘溢价减弱削弱国际油价继续反弹动力。近期沙特将其主要原油品种对亚洲的售价下调至五年来 最低水平，与此同时全球原油库存不断 ...

Oil Market - Oil prices continued to decline, with WTI January contract closing at $56.82 per barrel, down $0.62, a decrease of 1.08% [2][12] - Brent February contract closed at $60.56 per barrel, down $0.56, a decrease of 0.92% [2][12] - China's industrial crude oil production in November was 17.63 million tons, a year-on-year increase of 2.2%, with an average daily production of 588,000 tons [2][12] - Kazakhstan has increased oil supplies to Kyrgyzstan and plans to resume shipments to Uzbekistan in December, which may exert pressure on oil prices [2][12] Fuel Oil - The main contract for fuel oil on the Shanghai Futures Exchange rose by 2.11% to 2417 yuan/ton, while low-sulfur fuel oil increased by 1.08% to 3005 yuan/ton [3][13] - The market remains under pressure due to ample supply, with significant inventory accumulation in November [3][13] - Downstream demand for marine fuel remains stable, but high sulfur fuel oil margins have decreased, potentially increasing demand from refineries [3][13] Asphalt - The main asphalt contract BU2602 rose by 0.54% to 2963 yuan/ton, supported by concerns over raw material shortages due to geopolitical tensions [4][14] - Domestic demand for asphalt shows regional disparities, with the northern market focused on storage and the southern market on actual consumption [4][14] Rubber - The main contract for Shanghai rubber RU2605 fell by 30 yuan/ton to 15200 yuan/ton, while NR rose by 30 yuan/ton to 12360 yuan/ton [5][15] - U.S. tire imports increased by 6.6% year-on-year in the first three quarters of 2025, with notable increases from Thailand [5][15] - Natural rubber inventory in Qingdao increased by 0.94 million tons, indicating a rise in supply [5][15] PX, PTA, and MEG - TA601 closed at 4696 yuan/ton, up 1.78%, while EG2601 closed at 3651 yuan/ton, up 0.66% [6][16] - PX futures closed at 6784 yuan/ton, with a narrowing basis indicating stable demand [6][16] - Ethylene glycol prices remain low, with some facilities operating at a loss, which may alleviate domestic supply pressure [6][16] Polyolefins - Mainstream prices for polyolefins in East China range from 6170 to 6400 yuan/ton, with production margins remaining negative [7][17] - Supply is expected to remain high, but demand is weakening, leading to increased inventory pressure [7][17] PVC - PVC prices in East China increased, with prices for calcium carbide method ranging from 4310 to 4420 yuan/ton [8][18] - Domestic real estate construction is expected to slow down, impacting demand for pipes and profiles [8][18] Urea - Urea futures prices showed slight fluctuations, with the main contract closing at 1629 yuan/ton, down 0.06% [9][19] - Supply levels are decreasing, with daily production at 194,600 tons, while demand remains weak [9][19] Glass - Glass futures prices showed slight increases, with the main contract closing at 950 yuan/ton, up 0.11% [10][20] - The glass market remains cautious, with production levels stable but demand showing signs of weakness [10][20]

欧洲 ARA 周度数据出炉，汽油库存环比去库 0.23 百万桶至 9.23 百万桶，环比去库 2.39%；柴 油库存环比累库 0.34 百万桶至 14.97 百万桶，环比累库 2.29%；燃料油库存环比累库 0.69 百 万桶至 7.19 百万桶，环比累库 10.54%；石脑油环比去库 0.32 百万桶至 5.03 百万桶，环比 去库 5.89%；航空煤油环比累库 0.74 百万桶至 8.79 百万桶，环比累库 9.20%；总体成品油环 比累库 1.22 百万桶至 45.22 百万桶，环比累库 2.78%。 能源化工日报 2025-12-16 2025/12/16 原油 【行情资讯】 能源化工组 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 0.40 元/桶，跌幅 0.09%，报 436.50 元/桶；相关成品油主力期货高硫 燃料油收涨 36.00 元/吨，涨幅 1.50%，报 2441.00 元/吨；低硫燃料油收涨 32.00 元/吨，涨幅 1.08%，报 3005.00 元/吨。 【策略 ...

一、贵金属期货 高盛上调2026年铜价预测，从每吨10,650美元上调至11,400美元，维持2027年预测在10,750美元不变， 并指出铜价易受人工智能相关回调影响。 美国银行则预计明年铝将出现供应短缺，铝价有望突破每吨3000美元。 四、宏观与市场影响 纽约期金突破4340美元/盎司，日内涨0.09%。 现货黄金同步走高，突破4310美元/盎司，日内涨幅0.10%。 二、能源与航运期货 国际原油价格承压下跌，WTI原油期货收跌1.08%，报56.82美元/桶；布伦特原油期货收跌0.92%，报 60.56美元/桶。 盘中WTI原油曾突破57美元/桶，但最终日内仍跌0.27%。 此外，俄乌和平谈判取得进展的消息进一步打压油价，美国原油期货价格日内下跌1美元。 三、基本金属期货 美股三大指数集体收跌，道指跌0.09%，纳指跌0.59%，标普500指数跌0.16%；纳斯达克中国金龙指数 收跌2.17%，复朗集团、能链智电等多只中概股跌幅超6%。 国际原油价格承压下跌，WTI原油期货收跌1.08%，报56.82美元/桶；布伦特原油期货收跌0.92%，报 60.56美元/桶。 盘中WTI原油曾突破57美元/桶，但最 ...

Group 1: Market Overview - The overall market is experiencing a contraction with major indices showing declines, including the Shanghai Composite Index down by 0.55% to 3867.92 points and the ChiNext Index down by 1.77% to 3137.80 points [4][6] - The A-share market saw a total trading volume of 17,944.2 billion yuan, a decrease of 3,245.9 billion yuan compared to the previous trading day, indicating reduced market activity [7][9] - The insurance sector is leading gains due to favorable regulatory changes, while technology stocks are under pressure amid concerns over AI market bubbles [6][9] Group 2: Economic Indicators - From January to November 2025, fixed asset investment (excluding rural households) totaled 444,035 billion yuan, reflecting a year-on-year decline of 2.6% [17][18] - In November, the retail sales of consumer goods reached 43,898 billion yuan, growing by 1.3% year-on-year, which is below the expected growth of 2.9% [20] - The industrial added value for large-scale enterprises increased by 4.8% year-on-year in November, slightly below the expected growth of 5% [21] Group 3: Industry Dynamics - In November, China's crude oil production accelerated with a year-on-year increase of 2.2%, while natural gas production grew by 5.7% [24][25] - The investment in urban rail transit construction is projected to reach 450 billion yuan in 2025, marking a continuous decline over five years [26][27] - The industrial power generation in November grew by 2.7% year-on-year, with significant increases in solar power generation, which rose by 23.4% [31][32] Group 4: Company Updates - Yipin Hong (300723.SZ) announced that its associated company, Arthrosi, is being acquired for a total of 9.5 billion USD upfront, with additional milestone payments potentially reaching 5.5 billion USD [33][34] - Jingjiawei (300474.SZ) reported progress in the development of its edge AI SoC chip, achieving key milestones in testing and performance metrics [35]

特斯拉盘中股价创下近一年来新高 当地时间12月15日，美股三大指数集体下跌。数据显示，截至收盘，道琼斯工业指数跌0.09%，纳斯达克指数跌0.59%，标普500指数跌0.16%。 | 美洲市场 [二 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48416.56 | 23057.41 | 6816.51 | | -41.49 -0.09% -137.76 -0.59% -10.90 -0.16% | | | | 多伦多300 | 巴西IBOVESPA | 墨西哥MXX | | 31483.44 | 162481.74 | 64712.07 | | -43.95 -0.14% +1715.3 +1.07% +1302.6 +2.05% | | | | 欧非中东 △ | | | | 英国富时100 | 法国CAC40 | 德国DAX | | 9751.31 | 8124.88 | 24203.43 | | +102.28 +1.06% +56.26 +0.70% | | +16.94 +0.07% | | 意大利MIB | 俄罗斯MOEX | 欧洲STOXX ...