据悉，国际能源署近期发布的数据显示，即使在高产量的情况下，到2035年全球铜供应缺口仍将达到20%。美国高盛集团日前发布报告预计，自明年开 始，铜价将迈入新的高价交易阶段。 据多家外媒报道，受到全球铜供应趋紧和对美国潜在关税的担忧等，当地时间3日，英国伦敦金属交易所铜价格一度触及每吨11540美元的历史高位，国际 铜价继续刷新历史新高。 业内人士表示，此轮铜价上涨受到多重因素影响。首先，全球铜供应趋紧推高铜价。受到智利矿山坍塌事故影响，全球矿业与大宗商品巨头嘉能可近日宣 布下调今年铜产能至85万到87.5万吨，比2018年减少近4成，同时该公司也下调了2026年铜产量预期。其次，市场普遍预测特朗普政府明年或对铜加征关 税。分析师称，为规避关税，近期出现包括铜在内大量金属运往美国的情况，全球铜库存可能很快降至危急的低位水平。最后，全球对于铜资源需求旺 盛，比如电网和电力基础设施升级带来的需求呈爆发式增长，也是推高铜价的原因之一。 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The US initial jobless claims decreased, and the market risk preference was moderate, with the US dollar index fluctuating in the short - term [1][14]. - Gold prices fluctuated and rose near the $4200 mark, and silver prices retreated from high levels. The upward momentum of commodities slowed down [2][11]. - The macro factors are relatively supportive of copper prices in the short - term, and the price is expected to fluctuate at a high level [38]. - The inventory of soda ash manufacturers decreased, but the soda ash market is still under pressure due to supply expansion and demand reduction [4][70][71]. Summary According to the Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Hasset expects a 25bp interest rate cut at the next meeting. Gold prices fluctuated and rose near $4200, and silver prices retreated from high levels. The market is in a consolidation phase, and the gold - silver ratio is expected to rise [10][11]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The US un - paid national debt exceeded $30 trillion, and the initial jobless claims were lower than expected. The US dollar index is expected to fluctuate in the short - term [12][14][16]. 1.3 Macro Strategy (US Stock Index Futures) - Goldman Sachs suspended the bond issuance for CyrusOne. The US initial jobless claims decreased. The US stock index futures are expected to fluctuate at a high level in the short - term and be treated with a bullish mindset overall [17][18]. 1.4 Macro Strategy (Stock Index Futures) - 16 provinces completed the old - community renovation plan. China and France held talks. The stock market trading was light, and it is recommended to hold long positions in stock index futures evenly [19][20][21]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 100 - billion - yuan repurchase operation. The treasury bond futures fell sharply. It is recommended to hold short positions before the market sentiment stabilizes [22][24][25]. 2. Commodity News and Comments 2.1 Agricultural Products (Corn Starch) - The boxboard and corrugated paper industries' operating rates increased. The corn starch supply pressure is expected to remain low. It is recommended to operate around the current processing fee in the rice - flour price difference strategy [26][27]. 2.2 Black Metals (Steam Coal) - The steam coal price in the northern port market was weak. The coal price is expected to decline seasonally from December to January [28]. 2.3 Black Metals (Iron Ore) - The global new ship order volume decreased by over 40% year - on - year. The iron ore price is expected to fluctuate sideways [29]. 2.4 Black Metals (Coking Coal/Coke) - The coking coal auction price in Lvliang increased. The first round of coke price cuts was implemented. The coking coal and coke market is expected to fluctuate [30][31]. 2.5 Agricultural Products (Corn) - The inventory of corn deep - processing enterprises increased month - on - month but decreased year - on - year. The 01 contract is expected to drive the market upward in the short - term, and mid - and long - term opportunities should be focused on [32][33]. 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Argentina's soybean planting progress was delayed. The vegetable oil market weakened, and the palm oil price rebound was blocked. It is recommended to pay attention to the palm oil's rebound opportunities [34][35]. 2.7 Non - ferrous Metals (Copper) - The dehydration project of Kamoa - Kakula Copper Mine progressed smoothly, and high - grade mining is expected to resume. Mercuria plans to extract over 40,000 tons of copper from LME warehouses. The copper price is expected to fluctuate at a high level, and it is recommended to buy on dips [36][37][38]. 2.8 Non - ferrous Metals (Polysilicon) - Shaanxi's photovoltaic and wind power mechanism electricity prices were announced. The polysilicon supply - demand contradiction worsened. It is recommended to operate cautiously and consider option double - buying opportunities [39][40]. 2.9 Non - ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's controlling shareholder pledged part of its shares. The industrial silicon market is expected to fluctuate between 8800 - 9500 yuan/ton [41][42]. 2.10 Non - ferrous Metals (Lead) - The LME lead 0 - 3 spread was at a discount, and the lead ingot social inventory reached a 15 - month low. It is recommended to buy lead on dips [43][44]. 2.11 Non - ferrous Metals (Zinc) - The LME zinc 0 - 3 spread was at a premium, and the zinc ingot social inventory decreased. It is recommended to hold long positions and pay attention to the pressure near 23,000 yuan/ton [45][46]. 2.12 Non - ferrous Metals (Nickel) - Vale's 2026 nickel production is expected to be 175,000 - 200,000 tons. The nickel market is expected to fluctuate and wait for new drivers [47][48]. 2.13 Non - ferrous Metals (Lithium Carbonate) - Salt Lake Co., Ltd. is expected to exceed its lithium carbonate production plan. It is recommended to short on rallies in the short - term and buy on dips in the mid - term [49][50]. 2.14 Non - ferrous Metals (Tin) - The LME tin 0 - 3 spread was at a premium. The tin price is expected to fluctuate at a high level, and it is recommended to buy on dips [51][52]. 2.15 Energy and Chemicals (Carbon Emissions) - The CEA closing price was 60.03 yuan/ton. The CEA price is expected to fluctuate in the short - term [53][54]. 2.16 Energy and Chemicals (Natural Gas) - The US natural gas inventory decreased week - on - week. The NYMEX natural gas faces downward pressure [55][57]. 2.17 Energy and Chemicals (LLDPE) - China's polyethylene production decreased week - on - week. The LLDPE supply - demand is still relatively loose, and short - selling should pay attention to macro disturbances [58][59]. 2.18 Energy and Chemicals (PTA) - The operating rates of the Jiangsu and Zhejiang textile industries decreased. The PTA price is expected to have limited downward space in the short - term, and it is recommended to buy on dips [59][60][61]. 2.19 Energy and Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally. The caustic soda market is expected to be weak in the short - term [62][63]. 2.20 Energy and Chemicals (Urea) - The urea enterprise inventory decreased. The urea price is expected to be supported by inventory reduction, and attention should be paid to the new upward drive from the macro - level [64][65][66]. 2.21 Energy and Chemicals (PVC) - The PVC price decreased slightly. The PVC market is expected to fluctuate at a low level due to high supply and low demand [67][68][69]. 2.22 Energy and Chemicals (Soda Ash) - The soda ash manufacturer inventory decreased. The soda ash market is under pressure due to supply expansion and demand reduction, and it is recommended to short far - month contracts on rallies [70][71]. 2.23 Energy and Chemicals (Float Glass) - The float glass manufacturer inventory decreased. The float glass market is expected to be weak, and it is recommended to short on rallies in the mid - term [72].

据悉，国际能源署近期发布的数据显示，即使在高产量的情况下，到2035年全球铜供应缺口仍将达到 20%。美国高盛集团日前发布报告预计，自明年开始，铜价将迈入新的高价交易阶段。 另据媒体报道，未来，AI的快速发展将成为铜需求的一大变量。崔钊瑞表示，AI、数据中心对铜的新 需求体现在硬件制造、电路连接、电力传输等方面。AI需要高性能的处理器，数据中心需要高速低延 迟的网络连接以及大量的电力来确保运行，这些需求给铜箔、铜缆等相关铜材的消费带来新的增长动 能。 美联储降息预期也是影响铜价的一大因素。美国自动数据处理公司(ADP)发布的最新就业报告显示，11 月美国私营部门意外减少约3.2万个工作岗位，这一数据远低于市场此前预期的新增岗位。另据美国劳 工统计局公布的数据，9月美国进口物价指数月率为0%，也低于市场预期的0.10%。 上海钢联铜事业部研究员崔钊瑞表示，11月21日多位美联储高级官员集中发表讲话，部分官员表态 偏"鸽"，美联储内部的分歧依然显著。市场对美联储12月降息25bp的预期急速升温，短期内或对铜价有 所支撑。（每日经济新闻综合央视财经、上海证券报） （原标题：国际铜价近期大涨！大量运往美国，全球库存告 ...

最后是铜价，周三刚创11540美元的历史新高，周四就小幅下跌，高盛直接警告涨势难持久。这里的关 键是，这次铜价上涨更多是预期驱动，大家都在赌未来供应紧张，而不是当下的基本面真的缺铜。虽然 中长期看，新能源和AI发展需要大量铜，全球铜矿产量增长缓慢，2026年供需缺口还会扩大，但短期 来看，高盛说得没错，现在并没有出现实质性的供应短缺。帮主给中长线投资者的建议是，别被历史新 高吓住，也别盲目跟风卖，铜的工业需求基本面很扎实，电力和新能源领域的需求一直在支撑，这次回 调其实是个观察机会，等价格稳下来，那些有铜矿资源的龙头企业依然值得关注。 说到这里，肯定有朋友问，帮主，中长线到底该怎么操作？三个核心策略记好了，都是基于20年的观察 总结。第一，分品种定方向，原油逢高减仓，重点看OPEC+后续是否减产；白银和铜逢回调布局，盯 着美联储降息落地和库存变化。第二，抓核心逻辑不纠结短期波动，原油看供应过剩是否缓解，白银看 工业需求和降息落地，铜看矿产供应和新能源需求增速，中长线投资拼的是趋势判断，不是盯盘看日内 涨跌。第三，避开单一品种风险，大宗商品之间可以做搭配，比如配置少量黄金对冲波动，再搭配铜这 类有基本面支撑的工 ...

Core Viewpoint - The U.S. government is increasingly investing in key mineral companies to enhance supply chain security and support the development of the technology industry, marking a shift in strategy for ensuring stable and controllable supply sources [1][2] Group 1: Government Investment Strategy - The U.S. government has invested over $1 billion in key mineral and mining companies over the past year, focusing on rare metals, battery materials, and high-performance magnets [1] - Notable investments include a $400 million acquisition of a 15% stake in MP Materials, a $670 million investment in magnet manufacturer VMC, and a $35.6 million stake in Trilogy Metals [1] - The government aims to strengthen its industrial base in global resource competition through these investments, which are expected to become more common in the future [1][2] Group 2: Industry Collaboration and Demand - There is a growing collaboration between the U.S. government and mineral companies, driven by increasing demand for high-performance metals and materials in various industries, including missile guidance systems, radar, jet engines, electric vehicles, and energy storage [2] - The equity investment strategy is seen as a crucial tool for building a more complete mineral supply system and supporting the development of emerging industries [2] - U.S. officials emphasize the importance of exploring more collaborative approaches with the industry to create a robust foundation for critical material supply through both capital and policy support [2]

美股周四尾盘，力拓（RIO）下跌0.5%，此前该公司新任CEO Simon Trott介绍筹集至多100亿美元以再 投资于核心业务的计划，同时缩减包括锂业务在内的宏大目标，以期打造一个专注于铁矿石和铜等核心 领域的精简型矿业公司。 美股周四尾盘，力拓（RIO）下跌0.5%，此前该公司新任CEO Simon Trott介绍筹集至多100亿美元以再 投资于核心业务的计划，同时缩减包括锂业务在内的宏大目标，以期打造一个专注于铁矿石和铜等核心 领域的精简型矿业公司。 力拓列出了一系列关键的增长和成本削减目标，并表示将通过资产剥离、出售少数股权和重组部分现有 融资，从其资产基础中释放50亿至100亿美元的"现金收益"。 责任编辑：张俊 SF065 力拓列出了一系列关键的增长和成本削减目标，并表示将通过资产剥离、出售少数股权和重组部分现有 融资，从其资产基础中释放50亿至100亿美元的"现金收益"。 责任编辑：张俊 SF065 ...

2025 has been a strong year for foreign equities. Even before the year began, many market watchers were looking to move from an underweight to neutral or even overweight position. Several factors since then have boosted the case for international, and international equity ETF strategies have benefitted. One such strategy from Avantis Investors currently sits among the top five YTD international performers and merits a closer look. RELATED TOPICS Avantis InvestorsAVDVcore strategies Content Hubinternational ...

Core Insights - The Canadian government announced two batches of 11 major national projects aimed at enhancing economic autonomy and security, with a total investment of CAD 116 billion [4]. Group 1: Major Projects Overview - The Kitimat LNG Phase 2 project in British Columbia will double the LNG production capacity, positioning Canada as the second-largest facility globally [1]. - The Darlington new nuclear project in Ontario will make Canada the first G7 country to operate a small modular reactor (SMR), capable of powering 300,000 homes once the first unit is operational [1]. - The Montreal Port Contrecoeur terminal expansion in Quebec will increase the port's throughput capacity by approximately 60% [2]. Group 2: Mining and Energy Initiatives - The McIlvenna Bay copper and zinc project in Saskatchewan, developed in partnership with local Indigenous communities, aims to become Canada's first net-zero emissions copper mine [2]. - The Red Chris mine expansion in British Columbia, also in collaboration with local Indigenous groups, plans to extend the mine's life by over ten years, increasing Canada's annual copper production by more than 15% [2]. - The NCTL project in British Columbia aims to integrate the Yukon grid into the national grid, providing clean electricity to Northwest communities [2]. Group 3: Additional Projects - The Timmons Crawford project in Ontario will produce high-quality low-carbon nickel, expected to attract CAD 5 billion in investment [3]. - The Saint-Michel-des-Saints graphite mine in Quebec will integrate with a planned battery materials plant, projected to attract CAD 1.8 billion in investment [3]. - The Wison mine in New Brunswick plans to extract tungsten and molybdenum [4]. - The Iqaluit-Nukikshautit hydroelectric project in Nunavut will be the first hydro project fully owned by Inuit, helping the region reduce its reliance on imported diesel [4].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或依賴該等內容而引致 的任何損失承擔任何責任。 XIZANG ZHIHUI MINING CO., LTD.* 西藏智匯礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警 告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向西藏智匯礦業股份有限公司（「本公司」，連同其附屬公司統稱「本集 團」）、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本聆訊後資料集不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法 登記，且在根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國 公開發售證券。 本聆訊後資料集及當中所載資料均非於美國或任何其他禁止進 ...

12月4日，白银创纪录的上涨背后，真正推动行情的并非对冲基金，而是一股矿业短期难以满足的强劲 实物需求浪潮。多位行业资深人士在近期交流中强调，当前实体需求对金融市场的牵引力达到了前所未 有的程度。在全球贵金属行业会议上，"实体为王"成为最引人关注的共识。Mhmarkets迈汇表示，这一 轮白银上涨已明显呈现由实体需求主导金融价格的特征，而非传统的投机力量。当前全球供应端难以快 速扩张，使得实体市场的紧张情绪不断累积，推动企业、投资人和相关机构加速补库存，从而进一步放 大价格波动。 12月4日，白银创纪录的上涨背后，真正推动行情的并非对冲基金，而是一股矿业短期难以满足的强劲 实物需求浪潮。多位行业资深人士在近期交流中强调，当前实体需求对金融市场的牵引力达到了前所未 有的程度。在全球贵金属行业会议上，"实体为王"成为最引人关注的共识。Mhmarkets迈汇表示，这一 轮白银上涨已明显呈现由实体需求主导金融价格的特征，而非传统的投机力量。当前全球供应端难以快 速扩张，使得实体市场的紧张情绪不断累积，推动企业、投资人和相关机构加速补库存，从而进一步放 大价格波动。 行业资深人士指出，过去二十年未曾见过的库存压力与市场 ...