Core Viewpoint - The recent meetings across various departments in Shaanxi emphasize the importance of implementing the spirit of the 14th Provincial Party Congress, focusing on the development goals and tasks for the upcoming "14th Five-Year Plan" period. Group 1: Party History Research - The Provincial Party History Research Office highlighted the significance of the 14th Provincial Party Congress as a guiding document for the next five years in Shaanxi's party history work, aiming to align with the central government's decisions [2] - The office plans to conduct in-depth research on major achievements during the "14th Five-Year" period and provide insights for provincial decision-making [2] Group 2: State-owned Assets Supervision - The Provincial State-owned Assets Supervision and Administration Commission emphasized the need to focus on nurturing new growth drivers and optimizing the layout of state-owned capital, particularly in energy, chemicals, and high-end equipment manufacturing [3] - The commission aims to accelerate innovation-driven development and enhance the reform of state-owned enterprises to boost their internal motivation and innovation capabilities [3] Group 3: Science and Technology - The Provincial Science and Technology Committee stressed the importance of fully understanding and implementing the spirit of the Provincial Party Congress, aiming to enhance the overall effectiveness of the innovation system [4] - The committee plans to leverage the construction of the Xi'an regional science and technology innovation center to strengthen high-quality technological supply [4][5] Group 4: Industry and Commerce - The Provincial Federation of Industry and Commerce called for a rapid response to the Provincial Party Congress's spirit, focusing on unifying thoughts and actions to support the "14th Five-Year Plan" [6] - The federation aims to enhance the quality of services for the private economy and ensure strict adherence to party leadership and discipline [6] Group 5: Local Government Initiatives - The Baoji Municipal Committee emphasized the need to accurately grasp the new requirements from the Provincial Party Congress and plan for the city's "14th Five-Year Plan" [7] - The city aims to stabilize growth, ensure safety, and promote comprehensive rural revitalization while achieving economic and social development goals [7]

Group 1: Global Economic Overview - The global macroeconomic environment is characterized by a struggle between weak fundamentals and loose monetary policies, leading to significant differentiation in the commodity market [1] - Key indicators such as employment, inflation, and economic growth are showing weakness, while financial conditions are improving due to widespread monetary and fiscal easing across major economies [1][2] - The U.S. economy is described as "weak but not tragic," with a slight weakening in the job market supporting expectations for interest rate cuts, although stable inflation data has tempered these expectations [1] Group 2: Domestic Economic Insights - In the domestic economy, ample credit and declining interest rates have optimized financial conditions, leading to a transformation in the financing structure with an increase in direct financing [2] - The current economic structure shows a disparity where consumption lags behind investment and production, although positive signals such as tax revenue growth outpacing non-tax revenue growth indicate potential economic recovery [2] - Industrial profits are showing signs of improvement, providing support for stock market performance, while the real estate market remains weak and consumption has declined from earlier highs [2] Group 3: Commodity Market Outlook - Precious metals are entering a long-term bull market, supported by the expansion of U.S. debt, although current prices are considered high based on historical benchmarks [3] - In the non-ferrous metals sector, aluminum is favored due to supply constraints, while copper is supported by demand from new energy and electrification, though it may experience short-term volatility [3] - The energy sector shows slow growth in demand for crude oil, with supply-side pressures limiting upward movement, while the black metal industry faces challenges due to weak construction demand and excess capacity [3] Group 4: Future Expectations - Historical data suggests that after U.S. interest rate cuts, commodity markets typically experience a recovery within 1 to 4 quarters, indicating potential for macroeconomic improvement in the next two to three quarters [3] - Investors are advised to focus on policy guidance and measures to reduce industry competition, particularly in precious metals and non-ferrous metals where opportunities may arise [3]

智通财经APP讯，新奥能源(02688)发布公告，于2025年12月8日，(i) 新奥能源2012年购股权计划授出的 776份新奥能源购股权已根据新奥能源2012年购股权计划的规则获行使;及(ii)新奥能源2012年购股权计划 授出的452.45万份新奥能源购股权已根据新奥能源2012年购股权计划的规则失效。 ...

Core Insights - The "Job-Driven Future in North Xinjiang" 2025 city-wide campus recruitment series has successfully concluded, marking a significant effort to connect graduates with employment opportunities in Inner Mongolia [3][11]. Group 1: Event Overview - The recruitment series began on November 15, featuring 23 days of events across 7 leagues and 16 universities, with over 2,000 employers and 140 human resource agencies participating, offering more than 47,000 job positions [5][12]. - A total of over 21,000 attendees, including graduates and job seekers, participated in the events, with more than 78,000 resumes submitted, facilitating effective talent-job matching [7][12]. Group 2: Recruitment Activities - The recruitment events utilized a hybrid model, featuring various zones such as comprehensive recruitment, policy promotion, career guidance, smart empowerment, and live-streaming job recommendations, providing extensive employment services [7][9]. - Over 7,000 students received employment policy consultations, and more than 5,500 resumes were optimized through AI-assisted services, enhancing job seekers' practical skills [9][12]. Group 3: Industry and Employment Impact - The recruitment series included participation from key industries such as energy, internet, agricultural processing, artificial intelligence, and automotive equipment, with an average of over 2,900 quality job positions offered at each event [12]. - The initiative aims to support the employment of college graduates, contributing to social welfare, economic development, and the future of the nation, while enhancing the collaboration between government, schools, and enterprises [11][12].

德国联邦经济和能源部当天发表声明说，尽管德国工业产出已连续两个月实现增长，但预计到今年年 底，工业景气仍难以出现明显回暖。声明指出，近期德国国内工业新订单明显增加，但海外需求依然疲 弱。 新华财经柏林12月8日电 德国联邦统计局8日公布的数据显示，经季节和工作日调整后，德国10月工业 产出环比增长1.8%，为连续第二个月增长。但分析人士认为，德国工业面临的结构性问题并未缓解。 数据显示，10月德国建筑业产出环比增长3.3%，能源业产出增长1.4%。剔除建筑业和能源业后，当月 工业产出环比增长1.5%。其中，机械设备制造业产出增长2.8%，汽车行业产出则下降1.3%。 经工作日调整后，德国10月工业产出同比增长0.8%。 （文章来源：新华社） 荷兰国际集团宏观研究主管卡斯滕·布热斯基表示，当前，德国工业生产出现周期性反弹的初步迹象， 但这并不意味着其结构性问题得到改善。德国工业联合会近日发布的报告也指出，德国工业正陷入结构 性衰退，工业产出已连续九个季度下滑。报告预计，今年德国工业产出将下降2%，为连续第四年萎 缩。 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The commodity market as a whole rose 0.97% last week, with precious metals leading the gain at 3.43%, non - ferrous and black metals rising 2.37% and 0.78% respectively, while agricultural products and energy - chemicals declined 0.32% and 1.08% respectively. The short - term commodity market may fluctuate as the expectation of interest rate cuts has been basically priced in [2][6]. - The short - term precious metals sector may experience high - level fluctuations, the non - ferrous sector may operate stably, the black sector may fluctuate weakly, the energy sector's price center has a downward pressure, the chemical sector may adjust with fluctuations, and the agricultural products and oilseeds sector may fluctuate weakly in the short term [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Overall Market Performance**: The overall commodity market rose 0.97% last week. Precious metals led the gain at 3.43%, non - ferrous metals rose 2.37%, black metals rose 0.78%, while agricultural products and energy - chemicals fell 0.32% and 1.08% respectively [2][6]. - **Top - performing and Bottom - performing Varieties**: The top - performing varieties were silver, copper, and pulp, with increases of 7.54%, 6.12%, and 4.85% respectively; the bottom - performing varieties were glass, eggs, and ethylene glycol, with decreases of 5.6%, 5.34%, and 4.17% respectively [2][6]. - **Volatility**: The 20 - day average volatility of the commodity market continued to decline, and the volatility - reducing varieties were mainly concentrated in the agricultural products and energy - chemicals sectors [2][6]. - **Fund Flow**: The overall market scale increased last week. Only the agricultural products sector had a small net outflow of funds, and most of the inflows were concentrated in the Shanghai copper contract [2][6]. 3.2 Outlook - **General Outlook**: The recent strengthening of the Japanese yen has suppressed the US dollar index. The US core PCE in September was slightly lower than expected, laying a foundation for the Fed to cut interest rates, which is also beneficial to US dollar liquidity. However, the Russia - Ukraine situation has reached a stalemate, bringing uncertainty to the continuous improvement of liquidity. The short - term commodity market may fluctuate [2]. - **Precious Metals**: The weekly initial jobless claims dropped to 191,000, far lower than expected, hitting a new low since September 2022, alleviating market concerns about the sharp deterioration of the labor market. Interest rate cuts have been basically priced in. After silver hit a new high, its upward momentum has slowed down. The short - term sector may experience high - level fluctuations [2]. - **Non - ferrous Metals**: The expectation of the US interest rate cut is gradually increasing, and the pressure of the US dollar index on the sector is weakening. The preliminary value of the University of Michigan Consumer Sentiment Index in December has improved, and the overall macro - environment is neutral to warm. Fundamentally, the inventory continued to decline last week, and the raw material supply remained tight, supporting the sector. However, as the price reached a high level, the support weakened. The short - term sector may operate stably [3]. - **Black Metals**: Last week, the apparent demand for rebar continued to decline, production dropped significantly, and inventory continued to decrease. Steel mills' profits were still poor, and pig iron production continued to fall. There are many maintenance plans for steel mills in December, and pig iron production may further decline in the future. In terms of raw materials, the global iron ore shipment was relatively strong, and the port inventory continued to increase last week; the domestic coking coal supply was relatively stable, but the import volume increased significantly, suppressing coal prices. With the cost moving down, the short - term sector may fluctuate weakly [3]. - **Energy**: Last week, the geopolitical situation further heated up, and the progress of the Russia - Ukraine peace plan stalled, weakening the market's expectation of restoring Russian oil exports after reaching an agreement. EIA weekly data showed that US crude oil inventories increased, and gasoline inventories increased significantly more than expected. The news boosted oil prices in the short term, and the increasing probability of the Fed's interest rate cut also had a positive impact on oil prices. However, the expanding supply - demand surplus in the fundamentals still determines that the oil price center has a downward pressure [3]. - **Chemicals**: The polyester terminal weaving load continued to decline, and the supply - demand drive of the industrial chain was limited. There was insufficient drive for short - term price increases, and relevant varieties may adjust with fluctuations. For building materials, PVC continued to accumulate inventory, and the profit of chlor - alkali integration was compressed. The pattern of using alkali to supplement chlorine is not expected to last long. It is possible that PVC enterprises will increase maintenance in the future, alleviating the supply pressure; the glass production capacity continued to be compressed, but some glass factories postponed cold - repair plans, and the actual progress needs to be monitored [4]. - **Agricultural Products**: In the new South American season, the sowing progress of Brazilian soybeans is normal, while the sowing progress of Argentine soybeans is slow due to weather conditions. The domestic soybean meal spot supply remains loose, suppressing prices. The market currently estimates that Malaysian palm oil inventories will continue to increase in November, with high inventory pressure. The short - term oilseeds sector may fluctuate weakly, and attention should be paid to the data verification of the USDA and MPOB reports [4]. 3.3 Commodity Fund Overview - Most gold ETFs had positive weekly returns, with returns ranging from 0.78% - 0.87%. The total scale of gold ETFs was 23.4263 billion yuan, with a growth of 0.38%, and the total trading volume was 756,101,805, with a growth of 15.76% [39]. - The energy - chemicals ETF had a weekly return of - 0.67%, with a scale of 16.99 billion yuan and a decrease of 3.47% [39]. - The soybean meal ETF had a weekly return of - 0.59%, with a scale of 26.28 billion yuan and an increase of 0.45% [39]. - The non - ferrous metals ETF had a weekly return of 4.30%, with a scale of 30.11 billion yuan and an increase of 8.10% [39]. - The silver fund had a weekly return of 7.33%, with a scale of 43.47 billion yuan and no change in scale [39]. - The total scale of commodity ETFs was 24.5947 billion yuan, with a growth of 0.52%, and the total trading volume was 1,467,321,985, with a growth of 18.70% [39].

Core Viewpoint - The trade deficit between the EU and China, amounting to $310 billion, has become a contentious issue, with French President Macron threatening tariffs if the situation is not addressed. However, the complexity of trade relationships suggests that a simple deficit does not equate to a loss for Europe [2][4][6]. Trade Structure - The EU's trade structure with China shows a significant reliance on Chinese manufacturing due to its efficiency and cost-effectiveness, with many European households using Chinese products [4]. - French products, including aircraft, wine, cosmetics, and luxury goods, are thriving in the Chinese market, indicating a mutually beneficial relationship [4][12]. - European companies benefit from investments in China, often earning more than what is reflected in export figures, which is frequently overlooked in discussions about trade deficits [4][6]. Economic Context - The economic pressures in Europe, including high inflation and an ongoing energy crisis, have led to increased scrutiny of trade relationships, with Macron's statements reflecting domestic political pressures rather than a genuine desire to disrupt trade [8][10]. - The concept of "strategic autonomy" in Europe aims to reduce reliance on external markets, but the reality is that Europe remains heavily dependent on international supply chains [10][16]. Cooperation Beyond Trade - The depth of cooperation between China and France extends beyond trade, encompassing technology partnerships, cultural exchanges, and educational collaborations, which are vital for both economies [12][14]. - France's agricultural and luxury sectors have seen consistent growth in China, highlighting the importance of this market for French economic stability [14][16]. Political Dynamics - Macron's tough stance on trade appears to be more of a political maneuver aimed at addressing domestic concerns rather than a reflection of the actual economic relationship between the EU and China [8][18]. - The potential for tariffs could harm European businesses and consumers, as they rely on Chinese goods and materials, suggesting that a cooperative approach would be more beneficial [16][18].

Core Viewpoint - China has achieved a dominant position in defining modern technologies, surpassing other regions in various fields such as artificial intelligence, defense, aerospace, energy, and biotechnology [1][3]. Group 1: Technological Advancements - A report by the Australian Strategic Policy Institute indicates that China leads in 66 out of 74 key technologies, while the U.S. maintains an advantage in only 8 [1]. - In the AI sector, China is ahead in 7 out of 8 technologies; in advanced materials and manufacturing, it leads in all 13 technologies; and in defense, aerospace, robotics, and transportation, it ranks first in all 7 technologies [1]. - In the energy and environment sector, China leads in 9 out of 10 technologies, and in biotechnology, genetics, and vaccines, it is ahead in 5 out of 9 technologies [1]. Group 2: Recent Technological Achievements - Recent months have seen China showcase remarkable technological feats, including a bionic robot the size of a mosquito for battlefield reconnaissance and the completion of the world's highest bridge [2]. - The DeepSeek team introduced a mathematical reasoning model, DeepSeekMath-V2, which has demonstrated significant capabilities in theorem proving, marking a milestone in AI development [2]. Group 3: Investment and Policy - China's technological achievements are closely linked to substantial investments in strategic emerging industries, amounting to 8.6 trillion yuan since the start of the 14th Five-Year Plan [6]. - Analysts highlight the difference in governance models, with China being described as an "engineering state" focused on practical solutions, while the U.S. is characterized as a "lawyerly society" that often resorts to legal measures [6][7]. Group 4: Comparative Analysis - Australia's recent AI strategy, which includes a budget of 30 million AUD (approximately 140 million yuan) for AI safety research, is seen as significantly less robust compared to China's comprehensive industrial policies [7]. - The speed of China's technological acceleration is noted as unprecedented compared to other regions, with experts suggesting that the West may struggle to catch up [8].

Core Viewpoint - The December Central Political Bureau meeting emphasizes the importance of maintaining a stable yet progressive approach to economic work in 2026, focusing on expanding domestic demand and optimizing supply to enhance resource allocation efficiency [1][6][21]. Economic Goals and Policy Framework - The meeting highlights the need to continue expanding domestic demand and optimizing supply, aiming for both qualitative and quantitative growth in the economy during the "14th Five-Year Plan" period [1][21]. - The overall policy framework for 2026 will maintain a proactive stance, with a focus on enhancing the quality and effectiveness of development, alongside a more active fiscal policy and moderately loose monetary policy [2][8][22]. Industry Policy Deployment - The meeting outlines a clear path for industry planning in 2026, prioritizing domestic demand and innovation, which will benefit sectors such as consumer goods, AI, digital economy, and new energy [3][10][24]. - Emphasis is placed on reform, opening up, and coordinated development to enhance high-quality growth, benefiting state-owned enterprises and infrastructure-related sectors [3][10][24]. Implications for A-Share Investment - The meeting provides initial guidance for economic work in 2026, focusing on domestic demand, innovation, and reform, which is expected to stabilize market expectations and boost confidence in the A-share market [4][17][26]. - Upcoming central economic work meetings are anticipated to detail specific fiscal, monetary, and industrial measures, further activating market vitality [4][17][26]. Investment Focus Areas - The current policy window indicates a clearer structural focus for 2026, with attention on new productive forces such as AI, renewable energy, and quantum technology, alongside recovery paths for manufacturing and resource sectors [12][26]. - The consumer sector is expected to see a favorable investment environment due to policies aimed at boosting domestic demand, while the trend of companies expanding overseas will enhance profit potential [12][26].

国际实业公告称，公司于2025年11月收到深交所出具的向特定对象发行股票审核问询函。公司会同中介 机构对问题研究落实后，公开披露问询函回复，具体内容见巨潮资讯网。公司将在回复披露后报送相关 文件。本次发行尚需通过深交所审核及获中国证监会同意注册，结果及时间不确定，公司将及时披露进 展。 ...