Market Performance - The US stock market showed a broad increase, with all three major indices rising for four consecutive days, and the S&P 500 index reaching a new closing high [1] - The Dow Jones Industrial Average rose by 0.16% to 48,442.41 points, the Nasdaq Composite increased by 0.57% to 23,561.84 points, and the S&P 500 gained 0.46% to 6,909.79 points [2] - Major technology stocks performed well, with Nvidia's stock price surging over 3%, adding approximately $134.1 billion (about 94.25 billion RMB) to its market capitalization [1][2] Commodity Market - The commodity market also experienced strong performance, with LME copper futures prices surpassing $12,000 per ton for the first time in history, leading to gains in copper-related stocks [3] - Precious metals saw significant increases, with spot gold prices rising by 1.02% to $4,489.18 per ounce, nearing the $4,500 mark, while COMEX gold and silver futures rose by 1.02% and 4.44%, respectively [3] - In the energy sector, WTI crude oil futures settled at $58.38 per barrel, up 0.64%, and Brent crude oil futures increased by 0.50% to $62.38 per barrel [3] Individual Stocks - Novo Nordisk's stock surged over 7% following FDA approval of its first oral GLP-1 weight loss drug, expected to launch in early 2026 at a starting cash price of $149 per month [4] - Chinese concept stocks mostly declined, with the Nasdaq China Golden Dragon Index falling by 0.58%, while some stocks like BrainCo and Suzhou Dazhong Bio performed well, with gains exceeding 14% and 12%, respectively [4] - The cryptocurrency market faced a sharp decline, with Bitcoin dropping below $87,000, leading to significant liquidations across various cryptocurrencies [4] Economic Indicators - The US Department of Commerce reported a preliminary estimate showing a 4.3% annualized growth in GDP for Q3, up from 3.8% in Q2 [5] - Market attention is focused on the Federal Reserve, with President Trump expressing a desire for the new Fed chair to lower interest rates when the market performs well, and indicating potential candidates for the position [5] - According to CME FedWatch, there is an 86.7% probability that the Fed will maintain interest rates in January, with a 40.7% chance of a 25 basis point cut by March [5]

Core Viewpoint - The article discusses the influence of structural power on commodity pricing, emphasizing that this influence is formed through the combined effects of production, trade, finance, and information dimensions. It highlights the evolution of the global cotton pricing center and outlines both the favorable conditions and constraints faced by China in enhancing its commodity pricing influence [1][2]. Group 1: Structural Power in Commodity Pricing - Structural power, as defined by Susan Strange, refers to the ability of certain countries or organizations to shape and influence the behavior of others through the establishment of rules and standards in the international political economy [3]. - In the global commodity market, structural power can be obtained through various channels, including production, trade, finance, and information [3]. Group 2: Production Structural Power - Possessing resource endowments is fundamental for gaining pricing influence, as seen with the U.S. being a leading exporter of corn, sorghum, and soybeans, significantly impacting global food prices [4]. - Cross-border capital control over production resources allows entities to influence commodity production decisions, as demonstrated by large mining groups and multinational financial capital [4]. - Technological advancements have led to increased production efficiency, exemplified by the U.S. shale gas production rising from 11 billion cubic meters in 2000 to 840 billion cubic meters in 2024, making the U.S. the largest natural gas producer and exporter [4]. Group 3: Trade Structural Power - Developed countries influence global commodity trade through the establishment of trade rules and policies, affecting pricing and market conditions [5]. - Major grain traders dominate approximately 70% of international grain and oilseed trade, significantly impacting agricultural prices [5]. - Control over shipping logistics is crucial, as over 80% of international trade is conducted via maritime transport, with shipping costs affecting commodity prices [5]. Group 4: Financial Structural Power - The dominance of the U.S. dollar as the primary currency for commodity pricing and settlement significantly influences global commodity prices, with the Federal Reserve's interest rate hikes impacting demand [6]. - The U.S. and other developed nations lead the international financial system, affecting commodity trade through cross-border payment systems [6]. - Established futures exchanges in the U.S. and Europe serve as pricing centers for energy, metals, and agricultural products, with regulatory frameworks influencing market operations [6]. Group 5: Information Structural Power - The release of price information and data by developed countries serves as authoritative references for global commodity markets, impacting price trends [7]. - Price benchmarks established by reporting agencies play a critical role in setting market prices for non-standardized commodities [7]. - Market forecasts from international financial institutions can directly influence market expectations and pricing [7]. Group 6: Evolution of Commodity Pricing Influence - The historical evolution of the global cotton pricing center illustrates the shifting role of structural power across different periods and countries [8]. - From the 16th to 18th centuries, colonial economies dominated cotton trade, with Western European countries exerting significant influence over pricing through direct control [9]. - The 19th century marked the emergence of structural power in cotton pricing, with the U.K. becoming the global center due to industrial advancements and trade networks [11]. - Post-19th century, the U.S. emerged as a leading cotton producer and established futures trading, solidifying its position as the global pricing center [12]. Group 7: Conditions and Constraints for China - Favorable conditions for China include its large market size, diversified international trade, ongoing internationalization of the RMB, and rapid development of its futures market [13][14]. - Constraints include reliance on imported raw materials, the dichotomy between domestic and international markets, insufficient internationalization of the futures market, and weak information influence [15][16]. Group 8: Recommendations for Enhancing Pricing Influence - China should integrate the enhancement of commodity pricing influence into its strategic framework, supporting enterprises in global mergers and investments [17]. - Tailored policies should be implemented to enhance futures pricing influence based on specific commodities, particularly in regions like the Belt and Road Initiative [17]. - Building a world-class futures market and fostering commodity service providers and information institutions are essential for strengthening pricing influence [18].

文 | 新浪财经 李欣然 在气候变化深刻重塑世界格局、可持续发展目标进程面临严峻挑战的今天，如何通过系统性变革推动全球向绿色、韧性、包容的未来转型，已成为国际社会 的核心议题。基础设施作为经济社会运行的基石，既是温室气体排放的主要来源，也是实现气候行动与发展目标的关键载体；AI等新兴技术既带来能效革 命的机遇，也潜藏着加剧不平等的风险；而全球治理在资金、政策与实施之间的多重缺口，更凸显了从承诺到落地之间的艰难跨越。 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击 查看【 ESG评级中心服务手册】 在这一复杂背景下，新浪财经对话了联合国副秘书长兼联合国项目事务署（United Nations Office for Project Services，以下简称UNOPS）执行主任豪尔赫·莫 雷拉•达席尔瓦（Jorge Moreira da Silva）。他基于UNOPS在全球项目实施一线的丰富经验，从基础设施转型、技术治理、实施效能与国际合作等多个维度， 系统阐述了当前全球可持续发展进程中的关键挑战与破局路径。 联合国副秘书长 ...

能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权 2025-12-24 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-089 广汇能源股份有限公司 关于2025年11月担保实施进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●风险提示：2025年担保预计已履行股东大会审议程序，预计范围内存在对资产负债率超过70%的子公 司提供担保的情形，敬请投资者注意投资风险。 一、2025年担保预计情况 为确保广汇能源股份有限公司（简称"公司"或"广汇能源"）生产经营持续、稳健的发展，满足公司及控 股子公司和参股公司的融资担保需求，公司在运作规范和风险可控的前提下，结合2024年担保实施情 况，经召开董事会第九届第十三次会议和2025年第一次临时股东大会，审议通过了《广汇能源股份有限 公司关于2025年度担保额度预计的议案》，同意2025年预计公司提供的担保总额不超过200亿元，预计 净新增担保额度不超过60亿元，其中：对控股子公司预计净新增担保额度57.1亿元，对参股公司（包含 合营、联营、参股50%实现共同控制的公司及其它参股公司）预计净新增担保额度2.9亿元。 ...

证券日报网讯12月23日，长江能科发布公告称，公司拟聘任中汇会计师事务所(特殊普通合伙)为2026年 年度的审计机构。 ...

Report Overview - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Report Date: December 23, 2025 [2] - Research Team: Guotou Futures Research Institute, Financial Engineering Group [2] Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - The proportion of long positions in commodities increased slightly this week. The factor strength of precious metals remained high, while that of the agricultural products sector decreased slightly. The precious metals and non - ferrous sectors were relatively strong in cross - section, the black and energy sectors were above the neutral range, and the agricultural products sector was relatively weak [3]. - In the methanol strategy, the inventory factor weakened by 0.02% last week, the synthetic factor declined by 0.02%, and the comprehensive signal this week is long. In the float glass strategy, the synthetic factor increased by 1.38% last week, and the comprehensive signal this week is short. In the iron ore strategy, the comprehensive factor weakened by 0.19% last week, and the comprehensive signal this week remains neutral. In the lead strategy, the synthetic factor strengthened by 0.42% last week, and the comprehensive signal this week changed from short to long [5][8][10] Section Summaries Commodity Market Overview - The proportion of long positions in commodities increased slightly this week. Precious metals and non - ferrous sectors were strong in cross - section, agricultural products were weak. Gold's time - series momentum rose slightly, silver's position increased more marginally. In the non - ferrous sector, short - cycle momentum recovered, and the term structure differentiation narrowed. In the black sector, time - series momentum showed a marginal decline. In the energy and chemical sector, short - cycle momentum factors recovered. In the agricultural products sector, the cross - section differentiation of oilseeds and meals narrowed [3] Performance of Different Factors - **Methanol**: Last week, the inventory factor weakened by 0.02%, the synthetic factor declined by 0.02%. The import methanol arrival volume and domestic road transport prices sent long signals on the supply side; the raw material procurement volume of domestic methanol - to - olefins enterprises decreased on the demand side; the methanol port continued to destock on the inventory side; the domestic methanol spot price fell while the port price was strong on the spread side [5] - **Float Glass**: Last week, the supply factor increased by 1.51%, the demand factor strengthened by 1.62%, the inventory factor weakened by 0.13%, the spread factor increased by 0.29%, the profit factor strengthened by 0.21%, and the synthetic factor increased by 1.38%. The supply side is neutral, the demand side is slightly long, the inventory side turns neutral, and the profit side remains short [8] - **Iron Ore**: Last week, the inventory factor declined by 0.59%, and the comprehensive factor weakened by 0.19%. The supply side turns to short feedback but the signal remains neutral, the demand side's long feedback weakens and turns to neutral, the inventory side's signal turns from short to neutral, and the spread side's short feedback weakens slightly and the signal remains neutral [10] - **Lead**: Last week, the supply factor increased by 0.6%, the demand factor strengthened by 0.56%, the spread factor increased by 0.51%, and the synthetic factor strengthened by 0.42%. The supply side signal turns from short to neutral, the inventory side signal turns from neutral to long, and the spread side signal turns from short to long [10] Data Tables - **Commodity Factors Performance Table**: It shows the last week's and current month's returns of supply, demand, inventory, spread, and the cumulative returns of major categories [4] - **Factor Index Table for Different Sectors**: It presents the time - series momentum, cross - section momentum, term structure, and position volume of black, non - ferrous, energy and chemical, agricultural products, stock index, and precious metals sectors [6]

恒盛能源(605580)今日跌停，全天换手率5.70%，成交额5.16亿元，振幅14.03%。龙虎榜数据显示，沪 股通净卖出2866.43万元，营业部席位合计净卖出2595.87万元。 10月30日公司发布的三季报数据显示，前三季度公司共实现营业收入6.88亿元，同比增长16.32%，实现 净利润9571.63万元，同比下降13.51%。（数据宝） 恒盛能源12月23日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 中信建投证券股份有限公司上海浦东南路证券营业部 | 1377.95 | | | 买二 | 国泰海通证券股份有限公司总部 | 1251.08 | | | 买三 | 中泰证券股份有限公司长沙五一大道证券营业部 | 1182.80 | | | 买四 | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券 营业部 | 1148.99 | | | 买五 | 中航证券有限公司南昌赣江北大道证券营业部 | 1030.80 | | | 卖一 | 国泰海通证券股份有限公司总部 ...

在地缘政治波动、全球货币宽松和市场避险需求高企等因素的影响下，2025年大宗商品走势分化，行情呈现"冰火两重天"。贵金属单边走强，而能源价格则 持续低迷。以下是IG分析师分享的2026年大宗商品的展望报告。黄金：2025年创纪录上涨后，涨势能否延续？ 结构性需求 黄金带着历史性涨势进入2026年——但有趣的是，这一交易似乎仍未过度拥挤。即便在2024年和2025年连续突破纪录，黄金常被描述为"超买"，却几乎从未 被贴上"过度持有"的标签。而这一差异至关重要。机构持仓仍有扩张空间，意味着此轮涨势并非由过度投机驱动，而是依托尚未达峰的结构性需求。 2024-2025年黄金涨势的很大一部分源于政策——更准确地说，是政策不确定性。美国在进入2026年之际，政府支出高企、局部通胀持续，实际收益率不断 走低。再叠加美元走弱，过去两年支撑黄金上涨的核心逻辑仍完好无损。 2025年的市场分化清晰印证了黄金对宏观经济的敏感性。6月至12月，随着实际收益率走低，黄金飙升至历史新高。这种反向关系仍是2026年黄金走势的最 大驱动因素之一。 图1：黄金vs实际收益率 各国央行仍是黄金结构性行情背后最强大的推动力之一。多个经济体的黄金 ...

Core Viewpoint - The Hainan Free Trade Port officially commenced its closure operation on December 18, 2023, after over five years of preparation, establishing a customs supervision special area across the island and implementing a framework of "one line open, two lines controlled, and free flow within the island" [1] Group 1: Market Impact - Following the closure, the Hainan Free Trade Zone sector experienced a surge, with stocks such as Hainan Development, Hainan Haikou Group, Hainan Ruize, and Hainan Hai Pharmaceutical achieving three consecutive trading limits, and the stock of Shen Nong Seed Industry on the ChiNext board rising over 42% [1] - From December 19 to 23, the stock prices of Hainan Development, Hainan Haikou Group, Hainan Hai Pharmaceutical, and Hainan Ruize increased by over 33%, while Shen Nong Seed Industry and Kangzhi Pharmaceutical saw gains of 42% and 38%, respectively [2] Group 2: Infrastructure Development - The closure policy has led to a reconstruction of both hard and soft infrastructure in Hainan, with upgrades to port facilities, enhanced transportation networks, and a restructured logistics and energy infrastructure [2] - Soft infrastructure improvements include the integration of regulatory systems, financial infrastructure, and alignment of standards and rules [2] Group 3: Business Opportunities - Domestic listed companies are seizing the opportunities presented by the Hainan closure policy, with companies like Supply and Marketing Cooperative establishing a regional office in Hainan to manage member enterprises and enhance logistics and supply chain capabilities [2] - Supply and Marketing Cooperative has initiated stable operations in pig supply with Haikou City’s vegetable basket group and is expanding cross-border e-commerce categories, creating an "online + offline" shopping ecosystem [2] Group 4: Policy Framework - Hainan has achieved breakthroughs in zero tariffs and free flow, offshore processing and value-added trade services, port access facilitation, and innovative trade methods through a platform, dual policies, and three types of regulation [3]