截至发稿，协鑫集成市值为149亿元。 每经AI快讯，协鑫集成（SZ 002506，收盘价：2.55元）11月21日晚间发布公告称，公司第六届第十九 次董事会会议于2025年11月21日在公司会议室召开。会议审议了《关于注销参股公司暨关联交易的议 案》等文件。 2025年1至6月份，协鑫集成的营业收入构成为：太阳能行业占比100.0%。 （记者 贾运可） 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 ...

在"十五五"期间，中国将大力发展人工智能、可再生能源等领域，这将为刚果（布）承接技术转 移、发展本地制造业创造新的机遇。 此外，中国积极推进碳达峰碳中和，这也将有助于刚中两国在水电、太阳能等领域开展合作。相关 合作有望促进刚果（布）农村地区的电气化建设。 新华社布拉柴维尔11月20日电（记者郑扬子）刚果（布）通讯社新闻网站日前播发对刚果（布）经 济分析与政策研究中心主任、经济学家沃尔夫·穆费雷的专访。文章认为，中国"十五五"规划将为刚中 合作开辟广阔前景。文章摘要如下： 中国"十五五"规划将为刚果（布）提供全新的经济与技术合作机遇。"十五五"规划建议把创新、现 代化产业体系和绿色转型放在重要位置，体现了中国经济发展模式向提升质量、科技自主等方向的转 变。这有望推动刚中长期合作关系的发展，特别是在能源、工业和基础设施等领域。 "十五五"规划建议还强调坚持开放合作，南南合作将为刚果（布）开辟新的融资渠道，推动其更好 地融入全球经济网络。 人才培养为刚中两国新一轮合作提供关键支撑。两国在技术培训、高校合作、建设联合科研中心等 方面的合作，将助力刚果（布）经济多元化发展。 ...

美股，突现集体暴跌。虽然9月经济数据出炉，但两位美联储官员突然"鹰派"表态，反对12月降息，而 特朗普此前威胁，若美联储不降息，他将解雇财政部长斯科特·贝森特。此外，所谓对等关税方面，特 朗普也有新消息。 昨夜，美股高开后集体跳水，截至收盘，道指跌0.84%报45752.26点，标普500指数跌1.56%报6538.76 点，纳指跌2.15%报22078.05点。 中概股普遍下跌，纳斯达克中国金龙指数跌3.26%，个股方面，阿特斯太阳能跌近19%，信也科技跌超 14%。 黄金方面，震荡突然加剧，昨日一度冲上4100美元后回落，今早现货黄金拉升，截至发稿，涨至4080美 元附近。 周四，美国一系列经济数据终于姗姗来迟，美国9月季调后非农就业人口增11.9万人，预期增5万人，前 值增2.2万人，失业率为4.4%，升至2021年10月来最高，预期4.3%，前值4.3%。 虽然相关数据加大了交易员对美联储降息的押注，但预计美联储仍将跳过今年12月的降息。 美联储方面，又有两位官员表态。 美联储哈马克对进一步降息提出明确反对，她认为，持续高企的通胀水平要求央行采取更具限制性的货 币政策立场，这为市场未来的利率预期增添了 ...

美股，突现集体暴跌。虽然9月经济数据出炉，但两位美联储官员突然"鹰派"表态，反对12月降息，而 特朗普此前威胁，若美联储不降息，他将解雇财政部长斯科特·贝森特。此外，所谓对等关税方面，特 朗普也有新消息。 昨夜，美股高开后集体跳水，截至收盘，道指跌0.84%报45752.26点，标普500指数跌1.56%报6538.76 点，纳指跌2.15%报22078.05点。 中概股普遍下跌，纳斯达克中国金龙指数跌3.26%，个股方面，阿特斯太阳能跌近19%，信也科技跌超 14%。 黄金方面，震荡突然加剧，昨日一度冲上4100美元后回落，今早现货黄金拉升，截至发稿，涨至4080美 元附近。 周四，美国一系列经济数据终于姗姗来迟，美国9月季调后非农就业人口增11.9万人，预期增5万人，前 值增2.2万人，失业率为4.4%，升至2021年10月来最高，预期4.3%，前值4.3%。 虽然相关数据加大了交易员对美联储降息的押注，但预计美联储仍将跳过今年12月的降息。 美联储方面，又有两位官员表态。 美联储哈马克对进一步降息提出明确反对，她认为，持续高企的通胀水平要求央行采取更具限制性的货 币政策立场，这为市场未来的利率预期增添了 ...

Core Viewpoint - The global market experienced a significant downturn on November 18, 2025, with major indices and assets plummeting, yet UBS and Morgan Stanley maintain a bullish outlook on the Chinese market for 2026, highlighting a stark contrast in market sentiment [2][3]. Group 1: Market Reactions and Predictions - The U.S. Federal Reserve's interest rate cut expectations have dramatically shifted, with the probability of a 25 basis point cut in December dropping from 95% to below 50% due to hawkish signals from Fed officials [2]. - Japan's 10-year government bond yield surged to 1.75%, the highest since 2008, raising concerns about a potential massive fiscal stimulus plan from Prime Minister Fumio Kishida, estimated at 17 trillion yen [2][3]. - Bitcoin fell over 6% within 24 hours, with over 180,000 liquidations amounting to $1 billion, while gold also dropped below $4,000, indicating a rare simultaneous decline in risk and safe-haven assets [7][19]. Group 2: UBS and Morgan Stanley Insights - UBS forecasts a 14% upside for the MSCI China Index by the end of 2026, driven by a projected 10% growth in earnings per share, supported by revenue growth and improved profit margins due to policy changes [8][11]. - Morgan Stanley adopts a more cautious stance, predicting a modest increase for the Hang Seng Index and the CSI 300 Index, emphasizing a "stability-first" strategy with a focus on high-quality tech and dividend stocks [12][13]. Group 3: Structural Adjustments and Market Dynamics - UBS has made significant portfolio adjustments, removing high-dividend stocks and increasing exposure to "outbound" concept stocks, while also favoring sectors like internet, hardware technology, and brokerage [10]. - The A-share market showed a clear shift in focus, with AI application concepts performing well despite overall declines, indicating a movement of funds from high-priced themes to undervalued tech stocks [15][16]. - Domestic tech companies are accelerating AI commercialization, with Baidu reporting AI application revenue of 2.6 billion yuan, reflecting the ongoing innovation-driven profit logic [16]. Group 4: External Factors and Risks - Japan's bond market volatility poses risks to global liquidity, as its net foreign assets stand at $3.7 trillion, potentially impacting global capital flows [18]. - The upcoming Nvidia earnings report is seen as a critical factor for market direction, with concerns about a repeat of the negative market reaction following its previous report [18]. - The correlation between Bitcoin and tech stocks has reached concerning levels, with potential for a chain reaction of sell-offs if Bitcoin continues to decline [19].

Core Viewpoint - The company Qianzhao Optoelectronics (300102) reported a significant increase in the sales volume of its gallium arsenide solar cell products, maintaining the top position in the domestic market as of the third quarter of 2025 [1] Group 1 - The company's gallium arsenide solar cell product sales are expected to see a substantial year-on-year growth by the third quarter of 2025 [1] - The company has achieved the highest shipment volume in the domestic market for its solar cell products [1]

| 硅片现货价格(wafer) | | | | | | --- | --- | --- | --- | --- | | 项目 | 最高价 | 最低价 | मश्री | 波动% | | P 型 M10 单晶硅片 -182*182 mm /150um | | | | --- | | N 型 G10L 单晶硅片-182*183.75 mm /130μm | 1.3 | 1.2 | 1.25 | -2.34% | | N 型 G12R 单晶硅片 -182*210 mm /130μm | 1.3 | 1.22 | 1.25 | -0.79% | | P 型 G12 单晶硅片-210*210 mm /150um | --- | | | | | N 型 G12 单晶硅片-210*210 mm /130µm | 1.6 | 1.56 | 1.58 | -1.25% | | 单位:元/片 | | | 更新日期: 2025-11-20 | | 据安泰科统计，本周硅片价格承压运行。其中， N 型 G10L 单晶硅片 (182*183.75mm/130 μ m) 成交均价在 1.25 元 / 片，环比上周下跌 2.34% ； N ...

Core Points - Longi Green Energy Technology Co., Ltd. issued the first phase of its 2025 technology innovation green corporate bonds, with a total issuance scale of 1.48 billion yuan and a coupon rate of 2.89% [1][2] - The bonds are categorized as high-growth industry bonds, featuring enhanced information disclosure and special investor protection clauses to ensure investor rights [1] - Longi Green Energy aims to become the world's most valuable solar technology company, focusing on technological innovation and offering a product matrix that supports global zero-carbon development [1] Summary by Sections - **Bond Issuance Details** - The bond issuance scale is 1.48 billion yuan, with a term of 3+2 years and a coupon rate of 2.89% [1] - The bonds are the first green corporate bonds issued by a private enterprise in China [1] - **Investor Protection and Market Features** - Special arrangements have been made for investor protection and information disclosure, highlighting five key features: reliable information disclosure, active market trading, effective market pricing, smooth financing communication, and diverse investor structure [1] - **Company Mission and Business Focus** - Longi Green Energy's mission is to "make good use of sunlight to create a green energy world," with a brand positioning of "stable and reliable, technology-driven" [1] - The company focuses on technological innovation across various business segments, including monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, ground photovoltaic solutions, and hydrogen equipment [1]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The Fed meeting minutes showed significant differences among participants regarding the December interest - rate decision. Many thought it was not suitable to cut rates in December, while some were concerned about the disorderly decline of the stock market. The "new Fed newswire" believed that a slight majority of policymakers were uneasy about a December rate cut [8][23]. - For precious metals, the long - term upward trend of gold and silver is certain, but the short - term prices are volatile. Gold should be bought on dips, and silver may reach a new high this year if the macro - sentiment is favorable [9][10]. - Fuel oil and low - sulfur fuel oil have been following the decline of crude oil. High - sulfur fuel oil is expected to remain weaker than low - sulfur fuel oil, and the long - term strength reversal of low - sulfur fuel oil should be watched out for [11]. - PX supply is tight due to increased overseas aromatics blending demand and the planned reduction of South Korea's GS disproportionation unit, and its price has risen [12]. - The short - term trend of lithium carbonate is strong, but the risk of a price correction in the first - quarter demand off - season should be noted [13]. 3. Summary by Relevant Catalogs 3.1 Fed Meeting and Macro - news - The Fed meeting minutes revealed that participants had different views on the December policy decision. Some thought a rate cut in December might be appropriate, many preferred to keep rates unchanged this year. Most believed that rate cuts in the context of high inflation and a cooling job market could exacerbate inflation risks. Almost all supported ending the balance - sheet reduction in December, and many supported increasing the proportion of short - term debt holdings [8]. - U.S. economic data is missing after the government shutdown, which has reduced the December rate - cut expectations. The 10 - month non - farm payroll report will not be released, and the 11 - month report is rescheduled to December 16 [10]. 3.2 Precious Metals (Gold and Silver) - Gold: The price has been affected by the change in rate - cut expectations. The recent fundamentals show that the price of Shanghai Gold 2512 closed at 937.00 with a daily increase of 2.01%, and the night - session price was 935.42 with a 0.53% increase. The overall trend is that the long - term is upward, but short - term fluctuations are large [9][10][20]. - Silver: It is in a state of shock adjustment. The price of Shanghai Silver 2512 closed at 12141 with a daily increase of 3.81%, and the night - session price was 12035.00 with a 0.63% increase. The spot supply is tight, and there is potential for a new high [9][10][20]. 3.3 Fuel Oil and Low - sulfur Fuel Oil - High - sulfur fuel oil: The spot trading was active in November, but the premium remained low. With the end of refinery maintenance in the Middle East, the supply is expected to increase, and it will be under pressure in the Asia - Pacific region [11]. - Low - sulfur fuel oil: It has been strengthening recently due to ongoing refinery maintenance in Brazil, Japan, etc., and the high cracking spread of European gasoline and diesel. However, as overseas refineries return to operation in mid - November, there is a risk of price decline [11]. 3.4 PX - The supply of PX is tight due to increased overseas aromatics blending demand and the planned reduction of South Korea's GS disproportionation unit. The price has risen, and operations such as 5 - 9 spread positive arbitrage, long PX and short PTA/PF/PR, and long PX and short pure benzene hedging are recommended [12]. 3.5 Lithium Carbonate - The short - term trend is strong, but the industry is still in the de - stocking cycle. The spot trading is light, and downstream acceptance of high - price lithium salts is low. In the medium - term, the risk of price correction in the first - quarter off - season should be noted [13][48]. 3.6 Other Commodities - Copper: The price lacks a clear driver and is in a state of shock. The fundamentals show that the price of Shanghai Copper's main contract closed at 86110 with a 0.53% daily increase [24]. - Zinc: LME inventories have increased. The price of Shanghai Zinc's main contract closed at 22420 with a 0.49% daily increase [27]. - Lead: The reduction in inventory limits the price decline. The price of Shanghai Lead's main contract closed at 17250 with a 0.12% daily increase [30]. - Tin: The price has fallen from a high level. The price of Shanghai Tin's main contract closed at 288890 with a - 0.51% daily increase [34]. - Aluminum: It is in a range - bound shock. The price of Shanghai Aluminum's main contract closed at 21570 [39]. - Nickel: The price has broken through the support level and is under pressure. The price of Shanghai Nickel's main contract closed at 115650 [42]. - Stainless steel: The weak reality suppresses the steel price, but the downside space is limited. The price of the stainless - steel main contract closed at 12335 [43]. - Industrial silicon: It is recommended to short on rallies. The price of Si2601 closed at 9390 [52]. - Polysilicon: Attention should be paid to when the positive - arbitrage funds leave the market. The price of PS2601 closed at 54625 [52]. - Iron ore: The downstream demand space is limited, and the valuation is high. The price of the iron - ore futures contract closed at 791.5 [55]. - Rebar and hot - rolled coil: Both are in a wide - range shock. The price of RB2601 closed at 3070, and the price of HC2601 closed at 3277 [58]. - Ferrosilicon and silicomanganese: Both are in a wide - range shock. The price of ferrosilicon 2601 closed at 5462, and the price of silicomanganese 2601 closed at 5642 [62]. - Coke and coking coal: Both are in a wide - range shock. The price of JM2601 closed at 1139.5, and the price of J2601 closed at 1639 [65]. - Logs: The price fluctuates repeatedly [67].

新能源及有色金属日报 | 2025-11-19 现货成交较少，期货盘面大幅减仓 市场分析 2025-11-18，碳酸锂主力合约2601开于96200元/吨，收于93520元/吨，当日收盘价较昨日结算价变化0.93%。当日成 交量为1487724手，持仓量为484357手，前一交易日持仓量562954手，根据SMM现货报价，目前基差为-7160元/吨 （电碳均价-期货）。当日碳酸锂仓单26611手，较上个交易日变化-342手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价84800-90000元/吨，较前一交易日变化1250元/吨，工业级碳酸锂 报价84550-85550元/吨，较前一交易日变化1250元/吨。6%锂精矿价格1140美元/吨，较前一日变化60美元/吨。据SMM 数据，市场情绪高涨，下游材料厂持谨慎观望态度，仅维持刚需采购，市场成交较少。目前，上下游企业正在就 明年的长期协议进行谈判，现阶段主要围绕系数展开博弈。供应端来看，锂盐厂整体开工率保持高位运行，其中 锂辉石端与盐湖端开工率均维持在60%以上，成为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级， 环比大致持平。需求方面，动力市场 ...