Core Viewpoint - The company, Luoniushan Co., Ltd., confirmed that the "Luoniushan LOGO" displayed at the current Hainan Winter Trade Fair is owned by the company [2] Group 1 - The company responded to investor inquiries on an interactive platform [2] - The Hainan Winter Trade Fair is a significant event for showcasing company branding [2]

11月30日，第二十三届国际潮团联谊年会在潮州国际会展中心闭幕。现场还举行了国际潮团总会会旗交 接仪式，并正式宣告第二十四届国际潮团联谊年会将于2027年在新加坡举行。 年会期间举办的"桑梓行 凤城遇"招商引资推介会取得实质性进展，现场签约16个重点项目，计划总投 资达151.41亿元。其中，落地类项目11个，计划总投资123.82亿元；意向类项目5个，计划总投资27.59 亿元。项目涵盖制造业、电力、热力生产和供应业、房地产、文旅体、现代农业、新能源等多个领域。 潮州各县区同步开展专场推介和县区系列产业招商活动，组织年会嘉宾走园区、看企业、对口洽谈，近 距离触摸家乡产业发展脉搏。 珠海潮州商会会长谢孟谋是湘桥区官塘镇人，多年在外打拼。他深切感受到家乡营商环境的持续优 化："看得见的是环境改善，感受深的是服务提升。"他打心底里点赞这次湘桥区举办的文化交流和考察 活动，并表示将积极向在外潮商推介家乡新机遇，"家乡发展越来越好，我们也要尽份力"。 当前，潮州经济稳中有进。今年前三季度，潮州GDP增速达5%，全市外贸出口168.2亿元。潮州坚 持"制造业当家"，大力发展特色经济、港口经济和文化经济，"一把手招商"" ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Short - term news boosts oil prices, but long - term inventory pressure limits the rebound space and sustainability of oil prices [2] - Precious metals are supported by the expectation of Fed rate cuts and tight spot supply, showing high volatility [3] - Copper prices are expected to rise in the long - term, supported by demand and inventory factors [4] - Aluminum prices are mainly volatile, with limited industrial contradictions and macro - sentiment dominance [5] - The prices of various industrial products and agricultural products are affected by factors such as supply - demand relationships, policies, and geopolitical situations, showing different trends of rise, fall, or volatility [6][7][8] Summary by Related Catalogs Energy and Chemicals - **Crude Oil**: OPEC + maintains the production plan, short - term news boosts prices, but long - term inventory pressure exists [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: High - sulfur fuel oil is supported by geopolitical risks in the short - term, and supply will be loose in the medium - term; low - sulfur fuel oil supply is abundant [20] - **Asphalt**: Demand in some areas drives inventory reduction, but overall, year - end supply - demand is expected to be loose [21] - **Urea**: Short - term market is strong due to downstream procurement, but long - term supply - demand is expected to be loose [22] - **Methanol**: There is a game between strong expectations and weak reality, and port inventory may suppress the market [23] - **Pure Benzene**: Price is in a volatile pattern due to supply - demand factors [24] - **Benzene Ethylene**: Cost support is strengthened, and supply - demand is in a tight balance [25] - **Polypropylene, Plastic & Propylene**: International oil prices drive futures price rebounds, but spot demand is hard to release [26] - **PVC &烧碱**: PVC is in a low - level range, and烧碱 is in a weak operation [27] - **PX & PTA**: PX price rebounds, PTA is cost - driven, and supply - demand situations vary in the short and medium - term [28] - **Ethylene Glycol**: Supply is marginally improved, but mid - term weakness remains [29] - **Short - Fiber & Bottle - Chip**: Short - fiber price follows raw materials, and bottle - chip is cost - driven with over - capacity pressure [30] Metals - **Precious Metals**: Silver drives the strength of precious metals, and platinum is favored [3] - **Base Metals** - **Copper**: Prices are expected to rise, supported by demand and inventory factors [4] - **Aluminum**: Prices are mainly volatile, with limited industrial contradictions [5] - **Zinc**: Prices are in a range - bound state, with strong bottom support [8] - **Tin**: Prices may have short - term space, but mid - term fundamentals are general [10] - **Manganese Silicon**: Bottom support is expected to move down [17] - **Silicon Iron**: Bottom support will be tested [18] - **Ferrous Metals** - **Steel (Thread & Hot - Rolled Coil)**: Steel prices rebound, but demand is weak, and supply pressure is gradually relieved [13] - **Iron Ore**: Prices are expected to be volatile, with a relatively loose supply - demand situation [14] - **Coke**: Prices may be in a weak - volatile pattern [15] - **Coking Coal**: Prices may be in a weak - volatile pattern [16] Agriculture - **Grains and Oilseeds** - **Soybeans & Soybean Meal**: Brazilian soybean production is expected to reach a record high, and domestic supply is sufficient. Observe the callback and look for long - position opportunities [34] - **Soybean Oil & Palm Oil**: Palm oil supply - demand is weak but marginally improving; soybean oil is affected by US soybean exports and South American weather [35] - **Rapeseed Meal & Rapeseed Oil**: Short - term drivers are not significant, and maintain a wait - and - see attitude [36] - **Corn**: Corn futures are in a high - level shock, and pay attention to new - grain sales and trade agreements [38] - **Other Agricultural Products** - **Cotton**: US cotton exports are improving, and domestic new - cotton sales are fast. Look for hedging opportunities [41] - **Sugar**: International supply is sufficient, and domestic production in Guangxi is expected to be good [42] - **Apples**: Short - term prices are strong, but long - term inventory pressure may exist [43] - **Timber**: Low inventory supports prices, and maintain a wait - and - see attitude [44] - **Paper Pulp**: Prices are in a downward trend due to weak fundamentals, and maintain a wait - and - see attitude [45] Others - **Shipping**: The SCFI European route shows weak price increase, and different contracts of the container shipping index have different trends [19] - **Financial Futures** - **Stock Index**: Short - term macro and geopolitical uncertainties exist, and maintain a wait - and - see and defensive strategy [46] - **Treasury Bonds**: Treasury futures show a differentiated performance, and there is a weak - volatile pattern [47]

哈喽，大家好！今天的国际评论，我们来聊聊特朗普重返拉美背后的资源争夺。最近南美各国政治方向 发生了明显变化，尤其是智利大选，成为了中美两国在资源领域博弈的重要战场。随着阿根廷的米莱上 台推行右翼政策，玻利维亚的右翼势力也崛起，智利大选将成为决定未来局势的关键。特朗普的目标似 乎十分明确，那就是南美丰富的矿产资源。我们需要警惕的是，这场选举结果可能会使中国企业陷入困 境。 智利的锂矿储量占全球近40%，对全球新能源产业至关重要。掌控智利的锂矿，就意味着在新能源产业 链中占据了举足轻重的地位。特朗普推动拉美右转的核心目的之一，正是为了实现这一目标。 南美右倾是偶然还是必然？很多人可能认为，拉美国家这次大规模右转是民众心态突变，但背后实际上 有特朗普精准的时机把控。拉美拥有全球最为重要的锂、铜等矿产资源，这些资源是全球新能源和制造 业产业链的关键。此前，左翼政府推行的资源国有化政策以及外资管制，限制了美国资本对当地资源的 掠夺，而美国一直把拉美视为自己后院，资源的控制对他们至关重要。 现在，阿根廷的米莱和玻利维亚的右翼势力相继掌权，他们主张新自由主义政策，推崇私有化和放松外 资管制。这与特朗普提出的重塑西半球资源秩 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 12 月 1 日 0 / 48 研究所 期货眼·日迹 | 钢材：钢价区间震荡，成本存在支撑 13 | | --- | | 双焦：震荡运行 可逢低轻仓试多远月合约 13 | | 铁矿：偏空思路对待 14 | | 铁合金：减产趋势下价格底部震荡 15 | | 金银：12 月降息再成基准情景 金银维持偏强走势 17 | | --- | | 铂钯：铂钯价格上周五小幅回调，今晨注意跳空高开风险 18 | | 铜：美铜高升水，非美地区供应担忧加剧 18 | | 氧化铝：减产难落地 氧化铝持续承压 19 | | 电解铝：宏微观共振 铝价偏强运行 20 | | 铸造铝合金：铝合金随铝价偏强运行 21 | | 锌：宽幅震荡 22 | | 铅：关注冶炼成本支撑有效性 23 | | --- | | 镍：减产刺激镍价反弹 库存压制高度 24 | | 不锈钢：供需两弱 等待宏观刺激 25 | | 工业硅：区间震荡，短期多单及时兑现收益 25 | | 多晶硅：短期偏强，但有回落风险 26 | | 碳酸锂：长线回调充分买入 26 | | 锡：刚果（金）矿端供应扰动，锡价冲高 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides market trend judgments and investment suggestions for various commodities, including macro - financial, black, non - ferrous, agricultural, and energy - chemical sectors. It analyzes the current situation, influencing factors, and future trends of each commodity, aiming to help investors make decisions [2][3][13][14]. Summary by Directory Macro Information - Politburo meetings focus on central inspections and network ecological governance. The official manufacturing PMI in November was 49.2, and the non - manufacturing business activity index was 49.5%, down 0.6 percentage points from the previous month. The central bank cracks down on virtual currency trading, and the Ministry of Finance releases state - owned enterprise revenue and profit data. The China Securities Regulatory Commission solicits opinions on regulatory measures, and the Ministry of Industry and Information Technology promotes battery industry governance and satellite IoT business trials. The National Space Administration establishes a commercial space department, and six major state - owned banks withdraw 5 - year large - denomination certificates of deposit. The real estate TOP100 enterprises' land acquisition increased by 14.1% year - on - year from January to November [7][8][9]. Macro - Financial Stock Index Futures - Adopt an oscillatory approach and wait and see. In November, stock indices fell, and the market turnover reached a 4 - month low. Industrial enterprise data showed a short - term decline in October, but there were highlights in the equipment and high - tech manufacturing industries. The manufacturing and non - manufacturing PMIs in November were below expectations and in the contraction range [13]. Treasury Bond Futures - The bond market may continue to fluctuate widely. The recent sharp decline of bonds was affected by the redemption of public bond funds. For 10 - year medium - short - duration bonds, consider buying on dips, and be cautious with ultra - long - duration bonds. Pay attention to the central bank's bond - buying scale [14]. Black Coal and Coke - The prices of coking coal and coke may continue to oscillate weakly in the short term. Coal production may be restricted by safety supervision and environmental protection at the end of the year, but short - term supply may increase, and potential negative feedback risks from weak steel demand still exist [16]. Ferroalloys - In early December, focus on the settlement electricity fees in Ningxia and Inner Mongolia. Silicon iron plants may have a higher probability of production cuts. It is recommended to go long on silicon iron in the medium term and wait and see on manganese silicon [17]. Non - Ferrous and New Materials Shanghai Zinc - As of November 27, domestic zinc inventories decreased. It is recommended to hold short positions at high levels or take profits and operate cyclically. Zinc prices have been fluctuating, with short - term support from falling processing fees, but downstream procurement is still cautious [22]. Shanghai Lead - As of November 27, lead inventories decreased. It is recommended to hold short positions cautiously. The supply of lead is regionally tight, and the production enthusiasm of secondary lead enterprises has declined [23]. Lithium Carbonate - In the short term, it will fluctuate widely. Although the medium - to - long - term demand is good, the recent fundamental weakening limits the upward space. The concentrated cancellation of warehouse receipts at the end of the month is beneficial to the market, but the policy may have a negative impact [24]. Industrial Silicon and Polysilicon - Both will continue to oscillate. Industrial silicon has limited downward adjustment space due to potential environmental protection impacts on supply. Polysilicon has a strong willingness of upstream to support prices, but weak supply - demand contradictions limit the upward movement [26]. Agricultural Products Cotton - Zhengzhou cotton may oscillate and rebound due to high costs and a strong basis, but the supply pressure is large, and the demand is weak. The USDA's November report was negative for cotton, and domestic cotton inventories are accumulating [28][29]. Sugar - Domestic sugar prices are under pressure from new sugar supply, but cost support limits the decline. Globally, there is an expected surplus of sugar in the 2025/26 season [30]. Eggs - The near - term 01 contract may oscillate. There is an expectation of price increase before the Spring Festival, but the increase may be limited. The far - term contracts may be strong due to the expected decline in inventory, but be cautious about chasing high prices [32][33]. Apples - The price trend is expected to be oscillatory and slightly strong. The apple storage is almost finished, and the inventory is lower than last year. The trading in the production areas has slowed down, and the sales in the consumer areas are affected by citrus [34][35]. Corn - The 01 contract may oscillate at a high level in the short term, but the upward momentum may weaken. The far - term contracts may be weaker due to potential supply pressure [36]. Red Dates - It is recommended to wait and see. The prices in the production and sales areas are stable at a low level, and the futures market is weak [37][38]. Live Pigs - In the short term, the supply pressure is increasing, and the demand is average. It is recommended to go short on the near - term contracts at high prices. In the long term, the decline in the number of breeding sows is beneficial to future pig prices [38][39]. Energy - Chemical Crude Oil - The price is oscillating. The market is trading around geopolitical conflicts. If a cease - fire agreement is reached, the geopolitical premium may fade. OPEC+ may continue to suspend production increases, but it is difficult to reverse the supply surplus [41]. Fuel Oil - The price follows the trend of crude oil. The supply is loose, and the demand is weak. The short - term focus is on geopolitical factors [42]. Plastics - Polyolefins may oscillate weakly due to high supply pressure and weak demand. Although the upstream is losing money, there is no strong driving force for a sharp rise [43][44]. Rubber - The price may be oscillatory and slightly strong in the short term. Pay attention to the impact of Southeast Asian weather on supply. It is recommended to sell out - of - the - money put options or buy call options [45]. Synthetic Rubber - It is recommended to sell call options at high prices or go short. The raw material may continue to decline, and the price may be under pressure after the restart of maintenance devices [46]. Methanol - Near - term contracts should be treated with an oscillatory approach, and far - term contracts can also be oscillatory. If inventory reduction is smooth, a slightly long - biased configuration can be considered [47]. Caustic Soda - Maintain an oscillatory approach. The spot price is falling, and the fundamentals have not improved significantly [48]. Asphalt - The price fluctuation may increase. The focus is on the price bottom after the winter storage game. The real - time demand is ending, and the winter storage has not started [49]. Polyester Industry Chain - The current supply - demand structure is okay, and the price may be strong in the short term due to rising oil prices, but the upward driving force is weakening [50]. Liquefied Petroleum Gas - The price increase may not be sustainable. Be cautious about chasing high prices. The supply is regionally mismatched, and the demand side may form a negative feedback [51]. Pulp - It is expected to enter an oscillatory range. It is recommended to wait and see. Options can be used for cost - reduction, efficiency - improvement, or hedging [53]. Logs - The fundamentals are oscillatory and weak. The inventory may start to accumulate, and the price is expected to be under pressure [53]. Urea - The spot price may be oscillatory and strong, and the futures market may have short - term emotional trading. Adopt a short - term intraday long approach [54].

报告日期：2025 年 12 月 1 日 申银万国期货研究所 首席点评：黄金原油双反弹 国家统计局发布数据显示，11 月份我国制造业 PMI 为 49.2%，比上月上升 0.2 个 百分点；非制造业 PMI 为 49.5%，比上月下降 0.6 个百分点；综合 PMI 产出指数 为 49.7%，比上月下降 0.3 个百分点，我国经济景气水平总体平稳。中国宏观经 济论坛（CMF）发布年度报告认为，2025 年中国经济奋力寻求突破，基本实现预 期发展目标。展望 2026 年，中国经济发展面临三大新机遇——"十五五"规划 的开启和适度超前布局将打开全新增长空间、更加积极的财政政策和宽松的货币 政策蓄势待发、微观市场主体将在宏观经济回暖基础上进发新的活力。《报告》 建议，设定 2026 年经济社会发展目标时宜审慎乐观，以"十五五"开启为契机， 设定跨周期区间组合目标。 重点品种：股指、铜、原油 股指：美国三大指数上涨，上一交易日股指上涨为主，农林牧渔板块领涨， 银行板块领跌，市场成交额 1.60 万亿元。资金方面，11 月 27 日融资余额 增加 27.51 亿元至 24550.16 亿元。十五五规划仍然聚焦科技自立， ...

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The report presents overnight market information on the soybean, soybean meal, and palm oil industries, including export sales, planting progress, and price - setting data [1]. 3. Summary by Related Catalogs Overnight Market Information - A private exporter reported selling 312,000 tons of soybeans to China for the 2025/2026 market year [1]. - For the week ending October 16, US soybean export sales net increased by 1.108 million tons, up 41% from the previous week and 34% from the four - week average, with exports loading at 1.7301 million tons, up 150% from the previous week and 173% from the four - week average [1]. - For the week ending October 16, US soybean meal export sales net increased by 543,100 tons, up 52% from the previous week and 288% from the four - week average, with exports loading at 380,400 tons, up 86% from the previous week and 46% from the four - week average [1]. - Patria Agronegocios reported that the 2025/26 Brazilian soybean planting rate was 86.97%, lower than 89.54% in the same period last year but higher than the five - year average of 85.13%, and most areas may have lower yields than the 2024/25 season [1]. - The EIA reported that US soybean oil used for biofuel production in September rose to 1.053 billion pounds, up from 1.041 billion pounds in August [1]. - Indonesia set the reference price of crude palm oil in December at $926.14 per ton, lower than $963.75 in November, and the export tariff will drop to $74 from $124 in the previous month [1]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 24 to November 28, 2025 are presented [2].

文字早评 2025/12/01 星期一 宏观金融类 股指 【行情资讯】 1、国家统计局：11 月份制造业 PMI 为 49.2% 非制造业商务活动指数为 49.5%； 2、国家航天局设立商业航天司 持续推动商业航天高质量发展； 3、央行：继续坚持对虚拟货币的禁止性政策 持续打击虚拟货币相关非法金融活动； 4、金属价格周五飙升，白银和铜创下纪录新高。白银一度跃升 5.7%，至每盎司 56.46 美元，突破了 10 月伦敦市场历史性吃紧期间创下的峰值。伦敦期铜一度上涨 2.5%，触及纪录新高每吨 11210.50 美元。。 期指基差比例： IF 当月/下月/当季/隔季：-0.46%/-0.80%/-1.20%/-2.26%； IC 当月/下月/当季/隔季：-0.82%/-1.61%/-3.28%/-6.25%； IM 当月/下月/当季/隔季：-1.00%/-2.03%/-4.20%/-7.46%； IH 当月/下月/当季/隔季：-0.22%/-0.34%/-0.36%/-0.75%。 【策略观点】 近期市场轮动加快，风偏有所降低。从大方向看，政策支持资本市场的态度未变，科技成长仍是市场主 线，指数中长期仍是逢低做 ...

Group 1: Agricultural Development - The province aims to strengthen its agricultural sector, which is crucial for national food security, contributing nearly 10% of the country's grain output and over 25% of wheat production [1][5] - Agricultural technology progress rate is at 65.7%, with over 97% coverage of quality seeds for major crops, highlighting the importance of modernizing agriculture [1][5] Group 2: Manufacturing Sector - The manufacturing industry is seen as the backbone of the economy, with 41 industrial categories and a complete supply chain from raw materials to end products [2] - The province is focusing on creating a robust manufacturing base, leveraging its geographical advantages to integrate into the global economy [2] Group 3: Education and Technology - The province is prioritizing education and technology to foster innovation, with initiatives to address key technological challenges and enhance talent development [2] - There is a recognition of the need to strengthen original innovation capabilities and attract top-tier talent to overcome existing limitations [2] Group 4: Digital Transformation - Digital transformation is a key focus, with extensive coverage of 5G networks and the establishment of integrated online government service platforms [3] - The development of digital infrastructure is essential for the province's high-quality growth and aligns with global technological trends [3] Group 5: Transportation Infrastructure - The province's strategic location enhances its transportation capabilities, with a comprehensive high-speed rail network and major national transport corridors [3] - The development of transportation infrastructure is seen as a significant opportunity for economic growth and integration into a unified national market [3] Group 6: Cultural and Tourism Development - The cultural and tourism sector is viewed as a driver for economic growth, creating jobs and enhancing the region's image [4] - The province aims to leverage its cultural heritage to promote tourism and contribute to the overall economic development [4] Group 7: Implementation of Goals - The province has set clear goals for enhancing agricultural production, strengthening the real economy, and promoting technological innovation [5] - There is an emphasis on integrating various sectors and improving market infrastructure to stimulate economic activity [5]