来源：新鲜速递 白银价格在2025年12月首次突破60美元/盎司，年内涨幅超110%，创历史新高，其暴涨是工业需求爆 发、库存挤兑危机与金融政策转向三重因素共振的结果。 一、核心驱动因素 降息预期强化金融属性 市场普遍预期美联储将在12月降息25个基点（概率达87.4%），低利率环境降低持有白银的机会成本， 推动资金涌入贵金属避险。同时，美元走弱与中东冲突、美债风险等避险情绪升温，白银作为"廉价黄 金替代品"吸引散户及机构投资。 工业需求爆发式增长 光伏领域：2025年全球光伏装机量超655GW，单GW耗银8-10吨，光伏用银占全球白银总需求的55%， 较2022年翻倍。 新能源汽车与AI：电动车单车用银量达25-50克（燃油车的7倍），AI服务器芯片封装耗银量比传统设备 高30%。 供需缺口扩大：全球白银连续5年短缺，2025年缺口达2700吨。矿产银因主产国（墨西哥、秘鲁）罢工 减产，再生银增速仅1.2%，加剧供应紧张。 库存挤兑与资本博弈 金银比修复与政策催化 此前金银比一度突破100:1（历史均值约60:1），当前降至70:1仍存45%修复空间，补涨需求强烈。此 外，美国将白银列为"关键矿产"，贸易商 ...

Core Insights - The World Bank's report on Mauritania highlights the need for economic diversification beyond the mining sector to achieve sustainable and inclusive growth, as the current model is insufficient to meet the country's 2050 income aspirations [1] Economic Challenges and Policy Recommendations - Mauritania faces four long-term economic challenges: low labor demand, weak productivity growth, limited investment outside the mining sector, and high volatility in growth and income [2][3][4] - The labor participation rate is low, especially among youth and women, with 30% of the population living in poverty and only 42% of the labor force engaged in economic activities [2] - Recommendations include enhancing skills training, improving basic education, modernizing labor market regulations, and increasing female labor participation [2] - Productivity growth has been stagnant, with only a 26% increase over the past 22 years, primarily in the mining sector, necessitating reforms to stimulate enterprise innovation and competition [2] - Investment in sectors outside mining is limited, with 52.6% of foreign investment directed towards mining, indicating a need for improved business conditions and a more flexible labor market [3] - Economic growth is highly dependent on the mining sector, making it vulnerable to commodity price fluctuations and climate impacts, which necessitates better fiscal management and climate resilience strategies [4] Strategic Priorities for Reform - The report suggests prioritizing reforms based on feasibility, potential leverage, and impact on growth and employment, focusing on education, regulatory modernization, and private sector support [4] - Emphasis is placed on investing in human capital, particularly in STEM education, to facilitate economic diversification and reduce reliance on commodities [4]

"这是一个既供应过剩、也风险过剩的市场。" 标普全球副董事长、著名能源专家丹尼尔.耶金(Daniel Yergin) 12月11日，在2025国际能源发展峰会期间，标普全球副董事长、著名能源专家丹尼尔.耶金(Daniel Yergin)向媒体指出，全球能源 体系正从"供应过剩"迈向"风险过剩"，地缘政治因素正成为影响能源价格的核心变量。 在需求侧，他指出，中国石油需求正在进入关键的"平台期"，这一变化标志着全球石油市场的重大转折点。他说，在过去约20 年间，中国贡献了全球石油需求增量的一半，但目前中国石油需求已趋于平稳。 耶金称，国际能源署发布报告指出，为维持当前石油天然气产量，全球需在2050年前每年投入约5400亿美元用于勘探开发。当 前，一些公司正在从过度快速向可再生能源转型的战略中回撤，重新对油气勘探表现出兴趣，同时继续探索多元化技术路线。 此外，耶金还特别强调矿产资源的重要性快速上升，包括铜在内的关键矿产将在全球电气化进程中发挥核心作用。"铜在未来电 气化体系中将发挥关键作用。未来能源体系必须同时考虑传统能源、可再生能源以及关键矿产。" 当被问到中国在绿色能源领域的地位时，耶金表示，中国在太阳能、电 ...

Core Points - The signing of the "Critical Minerals Cooperation Framework" between the US and Australia aims to stimulate over $100 billion in investment and collaboration [1][3] - The agreement focuses on creating a supply chain for critical minerals that is independent of China, with a commitment of $3 billion for development within six months [5][9] - Australia is facing challenges in refining capacity and cost competitiveness, as it relies heavily on China for rare earth processing, which accounts for over 90% of global capacity [9][20] Group 1: Agreement and Investment - The US and Australia plan to jointly invest $3 billion to develop critical minerals in Australia, with an estimated resource value of $53 billion [5][9] - The US Export-Import Bank has issued a $2.2 billion financing commitment to support supply chain security projects [5] Group 2: Geopolitical Context - The cooperation is seen as a strategic move to counter China's dominance in the critical minerals market, with Australia positioned as a key partner for the US [3][20] - Australia has committed to deepening defense cooperation with the US, including a $3.8 billion purchase of US military equipment [7] Group 3: Challenges for Australia - Australia faces significant cost disadvantages in refining lithium and other minerals, with costs being ten times higher than in China [9][20] - Environmental regulations in Australia have hindered the development of mineral processing facilities, complicating efforts to modify existing laws [11] Group 4: China's Position - China has made significant discoveries in mineral resources, including a giant zircon mine in Xinjiang, which could reshape global supply dynamics [14][16] - China's complete industrial chain from mining to refining gives it a competitive edge in the critical minerals market [16] Group 5: Market Dynamics - The market for critical minerals in Australia has seen a dramatic increase, with market value rising 895% from AUD 8.67 billion in 2014 to AUD 86.21 billion in 2024 [17] - Australian companies are caught between US pressure to reduce reliance on China and the necessity of maintaining access to the Chinese market [20][22]

据"中国矿产"微信公众号12月10日消息，12月5日，中国矿产资源集团在河北雄安新区注册成立全资子 公司——中国矿产资源集团国际铁矿石贸易有限公司。 新公司的设立，是中国矿产资源集团在专业化、平台化发展上迈出的新步伐，也是支持雄安新区建设发 展的务实举措，旨在更好运用国内国际两个市场、两种资源，促进矿产资源公平公正贸易，提升产业链 供应链韧性。 据介绍，中国矿产资源集团有限公司，是经国务院批准成立的国有独资公司和国家授权投资机构，是中 央直接管理的国有重要骨干企业。集团注册地在雄安新区，注册资本200亿元，目前下设舟山发展、中 矿国链、中矿数据、金石实业四家子企业和矿产资源研究院一家直属单位。集团主要从事矿产资源开 采、洗选加工、进出口以及货运代理、仓储服务、供应链管理等综合服务；与主业相关的投资活动和资 产管理服务；工程管理、规划设计、工程和技术研发、技术进出口和技术综合服务；大数据和数据处理 服务、信息咨询、市场调查等业务。 新公司将聚焦铁矿石业务，坚持开放协同、合作共赢，坚持市场化、法治化运营，通过与上下游企业建 立长期稳定合作关系、提升市场统筹和客户服务能力，推动构建安全、高效、共赢、可持续的矿产资源 ...

Core Viewpoint - The establishment of a trusted data space in the central state-owned enterprise sector is aimed at accelerating the market-oriented and value-oriented process of data elements, leveraging the role of state-owned enterprises in the national data market reform [1][2]. Group 1: Pilot Program and Key Participants - The State-owned Assets Supervision and Administration Commission announced a pilot program for the construction of trusted data space systems, involving major central enterprises such as China Telecom, China Mobile, China Unicom, and others [1]. - The core task of the pilot program is to promote interconnectivity and ecological co-construction of trusted data spaces across industries and enterprises within the central state-owned enterprise sector [1][2]. Group 2: Infrastructure and Operational Model - The trusted data space will be built on a model of "co-construction, co-creation, sharing, and common use," utilizing dedicated public cloud computing and data transmission networks provided by the three major telecom operators [1][2]. - A unified set of rules for data circulation and a secure environment for trusted data usage will be established, facilitating efficient data sharing, trading, and utilization [2]. Group 3: Innovation and Collaboration - The trusted data space will explore innovative data operation models and revenue distribution mechanisms, promoting collaboration among central enterprises and their upstream and downstream partners [3]. - The initiative aims to incubate new technologies, products, models, and business formats through demand-driven approaches and scenario validation, thereby empowering industrial upgrades and high-quality development [3].

证券日报网讯12月9日，西藏珠峰（600338）在互动平台回答投资者提问时表示，塔吉克斯坦共和国政 府于2025年上半年调整精矿产品的出口相关税收，对于公司生产冶炼产品涉及相关税收政策没有变化。 ...

Core Viewpoint - The company will change its name from 荣晖国际集团有限公司 to 至源控股有限公司 and will expand its business focus to include exploration, mining, processing, and trading of various resources such as sulfur iron, nickel, titanium, vanadium, phosphorus, and aluminum, while also considering expansion into gold, silver, copper, and lithium sectors [1] Business Expansion - The company aims to diversify its business beyond its current operations, which include commodity trading (iron ore, nickel ore, and precious metals), ore processing, and financial licensing [1] - The board believes that broadening the business focus will benefit future growth and development, aligning with the best interests of the company and its shareholders [1]

新华财经上海12月8日电中信建投证券研报分析认为，四季度以来，全球宏观经济与地缘政治不确定性 加剧，凸显了战略矿产资源在安全保障与价格弹性方面的投资价值。基于当前供需格局、政策导向及产 业趋势，铜、铝、黄金三大品种的中长期配置逻辑清晰。 铜受益于矿端供应紧张与绿色经济需求拉动；铝受限于国内产能天花板，并受益于轻量化及绿电需求； 黄金则具备对冲风险及通胀的独特属性。 对于资源板块的投资应围绕三大主线：一是供给刚性，关注受资源约束和产能政策限制显著的品种；二 是绿色需求，把握能源转型在新能源汽车、光伏风电等领域带来的结构性增长；三是金融属性，利用流 动性预期变化配置避险资产。 （文章来源：新华财经） ...

以下文章来源于LP波谱 ，作者黎曼 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 三家产业巨头的同时入局。 作者丨黎曼 来源丨LP波谱 宁德时代、洛阳钼业、伊泰煤炭三家产业巨头，各自将 5 亿元资金托付给一家刚刚接管星巴克中国 运营权的私募机构。 这家机构就是中国知名 PE ，博裕资本。博裕资本凭借其成功投资阿里巴巴、美团、小红书、蜜雪 冰城等企业的往绩，以及在消费领域收购星巴克中国和 SKP 的近期动作，进一步巩固了头部 PE 的 位置。 三大产业 LP 出手 博裕新基金将募集 80-100 亿元 博裕新基金的具体消息是： 公告明确，基金管理人为博裕陶然（上海）股权投资管理有限责任公司，普通合伙人为博裕天枢（宁 波）自有资金投资有限责任公司。 三家产业资本参与私募股权基金投资，反映出的动机和战略意图各有侧重。 次日，洛阳钼业发布关联交易公告，其全资子公司西藏施莫克商贸有限公司认购 5 亿元基金份额。 由于宁德时代间接持有洛阳钼业 24.91% ...