炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金十数据 白银卓越的导电与导热性能，对驱动全球经济的技术转型愈发关键。因此，未来五年，随着核心科技领 域需求加速增长，全球白银工业需求有望进一步扩大。太阳能光伏（PV）、电动汽车（EV）及其基础 设施、数据中心与人工智能（AI）等领域，将在2030年前持续推高白银工业需求。 世界白银协会（Silver Institute）12月9日发布的新报告显示，随着各行业竞相拥抱数字创新、达成清洁 能源相关规定，白银将继续成为多个高增长领域的关键组件。这份名为《白银：下一代金属》的报告， 由总部位于伦敦的顶尖独立经济咨询机构牛津经济研究院（Oxford Economics）调研编制，重点分析了 三大未来增长领域： 太阳能光伏 随着全球各国致力于可再生能源转型、太阳能装机容量不断扩大，太阳能光伏技术已成为白银需求中最 重要且增长最快的应用领域之一。仅这一领域就有望持续占据白银总需求的相当大份额。2014年，该领 域仅消耗11%的白银工业需求，而2024年这一比例已升至29%。 光伏行业以及其他行业 的白银需求 尽管全球光伏装机的增长势头依然强劲 ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 马斯克近日罕见地对政府效率部（DOGE）今年早些时候的表现发表评论。他还表示，如果能重来，他 不会参与DOGE项目。 根据此前报道，马斯克最初预计DOGE项目能节省约2万亿美元，但在2024年4月退出该机构前，他将 2026财年的支出削减预期下调至近1500亿美元。 该机构于7月悄然解散，目前尚不清楚其最终节省了多少资金，但Politico8月的一项分析证实，已取消 的合同金额达14亿美元，联邦支出有所减少。 当凯蒂·米勒直接询问马斯克，若能重来是否还会参与DOGE时，马斯克稍作思考后叹气表示不会。 "不，我想不会了。我会再做一次吗？我觉得大概——不会，"马斯克说，"我想与其参与DOGE，我基 本上会专注于我的公司，专注于造车——那样就不会出现'烧车'的情况了。" 由于参与特朗普政府的工作，马斯克遭遇了强烈的公众反对，还成为多次抗议活动的目标，包括特斯拉 遭蓄意破坏。马斯克称，这种反对是对他试图阻止"政治腐败"的"非常强烈的反应"。 此次风波也引发了特斯拉投资者的担忧，部分投资者担心马斯克在白宫花费过多时间，而对这家电动汽 车制造商投入不足。 这位特斯 ...

Core Viewpoint - The global silver industrial demand is expected to rise over the next five years, driven by accelerating growth in key technology sectors such as solar energy, electric vehicles, and data centers, as highlighted in a report by the World Silver Association [1] Group 1: Solar Industry - Silver's unique properties make it an essential material for photovoltaic (PV) cells, ensuring efficient energy conversion and long-term performance in harsh environments [2] - The global installed capacity of solar PV has increased over tenfold in the past decade, with China contributing 51% of the growth [2] - Silver demand from the solar sector is projected to rise from 11% of total industrial silver demand in 2014 to 29% by 2024, despite a threefold increase in silver demand compared to a tenfold increase in installed capacity, indicating significant technological "reduction" effects [2] Group 2: Electric Vehicles - The electrification trend in the automotive industry is expected to significantly increase silver demand, with battery electric vehicles (BEVs) consuming 67% to 79% more silver than traditional fuel vehicles [9] - By 2024, electric vehicles are projected to account for 21% of light vehicle production, up from just 3% in 2019, with a compound annual growth rate of 13% expected from 2025 to 2031 [10] - The global silver demand from the automotive sector is anticipated to grow at a compound annual growth rate of 3.4% from 2025 to 2031, reaching approximately 94 million ounces by 2031 [10] Group 3: Data Centers and Artificial Intelligence - The number of global data centers has increased elevenfold since 2000, with IT power capacity growing from 0.93 GW to nearly 50 GW by 2025, indicating a substantial rise in silver demand for servers and cooling systems [15] - Silver's properties are crucial for data centers, ensuring minimal energy loss and efficient cooling, which is vital for maintaining operational efficiency [17] - The demand for silver in industrial applications is expected to reach a record 680.5 million ounces in 2024, primarily driven by the electronic and electrical needs of artificial intelligence applications [18]

Group 1 - SpaceX is planning an IPO to raise over $30 billion, targeting a valuation of approximately $1.5 trillion, which is close to the valuation level reached by Saudi Aramco during its IPO in 2019 [1] - If successful, this IPO could become the largest in history, surpassing Saudi Aramco's $29 billion raised at the time [1] - The management aims to complete the IPO between mid-2026 and late 2026, although the timeline may be adjusted due to market conditions [1] Group 2 - There are conflicting reports regarding SpaceX's fundraising and valuation, with some sources indicating a target of over $25 billion and a valuation exceeding $1 trillion [2] - SpaceX's valuation has seen significant growth, doubling from $180 billion at the end of 2023 to approximately $400 billion in July 2023 [2] - Compared to Tesla, SpaceX's valuation premium is notably high, with Tesla's market cap around $1.5 trillion and expected revenue of nearly $98 billion, while SpaceX's projected revenue is only 15% of Tesla's [2]

中欧贸易格局在全球经济复苏进程中显现出显著不平衡，欧盟对华逆差持续扩大，主要源于双方产业分工差异和出口结构调整。 中国制造业通过技术升级和供应链优化，提升了产品竞争力，如电动汽车和高端装备出口增速明显，而欧盟出口以传统优势领域为主，受内部管制影响，高 科技产品对华输出受限。 这种局面反映出欧洲经济体内部协调难题，法国作为欧盟重要成员，其对华贸易逆差已达数百亿欧元规模，凸显需通过对话寻求互惠路径。 马克龙访华后迅速转变立场，强调如果中国不增加从欧洲进口商品，欧盟可能征收关税，这暴露了法国对贸易失衡的焦虑。 欧盟内部对华政策分歧明显，德国作为对华贸易额最大的成员国，依赖中国市场深度投资，尤其在汽车和化工领域，通过本地化生产规避部分壁垒，与法国 单一出口模式形成对比。 德国企业在中国投资存量远超法国，这推动了技术转移和就业创造，贸易额突破2000亿美元，显示互利合作的可行性。 马克龙呼吁中国反向投资欧洲，类似于25年前欧洲对华投资模式，但当前中国企业在欧洲已设立多家工厂，涵盖新能源和制造业，投资规模逐年扩大，这种 双向流动有助于平衡逆差，却被法国视为威胁。 欧盟此前对中国电动汽车的反补贴调查虽征收关税，但中国出口仍 ...

Core Insights - The European Commission has released a policy communication document aimed at enhancing the EU's economic security, indicating a shift towards more strategic, efficient, and proactive use of policy tools to address economic security risks [1] Supply Chain Management - The European Commission defines high-risk dependency as situations where "60% or more of supply is controlled by a single third country or single operator" and identifies key areas such as critical raw materials, clean technology components, and general semiconductors for supply chain resilience management [2] - Future trade investigations related to economic security will systematically incorporate economic security factors into their processes, potentially leading to stricter trade investigations and compliance reviews for companies with concentrated supply sources in these critical categories [2] Investment Scrutiny - The European Commission is tightening foreign investment reviews, focusing on cumulative risks from multiple investments in strategic sectors and enhancing scrutiny of investments from "high-risk entities" [3] - Investments that can strengthen economic security, particularly in electric vehicles, will be prioritized, with stricter reviews for investments in strategic areas like automotive manufacturing and key components [3] Technology Sovereignty - The European Commission warns of risks associated with foreign investments acquiring sensitive technologies and plans to prioritize funding from EU or like-minded partners while restricting access for high-risk entities [4] - Chinese companies in advanced semiconductor and AI sectors may face increased barriers to entry in EU markets due to "technology protection" measures [4] Compliance and Certification - The European Commission will enhance origin verification and cybersecurity certification for products like solar inverters, which may lead to longer customs clearance times and increased compliance costs for Chinese companies exporting sensitive products to the EU [5] Talent and Research Cooperation - The EU's economic security measures now extend to talent and research cooperation, with a focus on potential risks from foreign professionals and international STEM students [6] - The establishment of "research security professional centers" and due diligence platforms will complicate academic exchanges and research collaborations between China and Europe, potentially impacting Chinese companies' technological innovation and talent continuity in Europe [6]

2025年"读懂中国"国际会议（广州）11月30日至12月2日在广州举行期间，意大利前总理、欧盟委员会前主席罗马诺·普罗迪（Romano Prodi）接受中新 社"东西问"采访，就中欧合作前景分享深刻洞见。 尽管存在分歧，欧中作为全球两大市场，拥有广泛而深厚的共同利益，合作共赢是正确选择。 中新社记者 蔡敏婕 当今世界，各种传统与非传统安全威胁交织叠加，全球治理面临多重挑战。今年恰逢中欧建交50周年，作为全球两大经济体，中欧如何深化合作，共对挑 战？ 普罗迪认为，中国在过去数年的发展成就令人瞩目，已从具有潜力的国家成长为全球多个新兴产业的领导者，尤其在太阳能、电池和电动汽车领域展现出 强劲竞争力。这种发展转型意味着中国需承担更大国际责任，特别是在引领全球工业高质量发展方面。 "本次会议在粤港澳大湾区举办，可以说大湾区是一个充满活力的地方，相当于中国的'硅谷'。"普罗迪说，我看到在大湾区有诸多蓬勃发展的经济实体， 整体上促进了中国经济发展。加之香港在金融和贸易协定方面拥有丰富经验，因此，相信大湾区在未来经济发展中扮演重要角色，并负有重大责任。 在他看来，中国提出的全球安全倡议意义深远，所倡导的共同、综合、合作、 ...

1. 12月9日(周二)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.08%，标普500指数期货涨0.09%，纳指期货涨0.04%。 | = US 30 | 47,775.50 | 47,816.00 | 47,687.50 | +36.20 | +0.08% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,852.50 | 6,861.10 | 6,838.30 | +6.00 | +0.09% | | ■ US Tech 100 | 25,639.30 | 25,695.50 | 25,577.80 | +11.30 | +0.04% | 2. 截至发稿，德国DAX指数涨0.26%，英国富时100指数涨0.11%，法国CAC40指数跌0.59%，欧洲斯托克50指数跌0.23%。 | 德國DAX30 | 24,118.50 | 24,192.50 | 24,070.51 | +62.81 | +0.26% | | --- | --- | --- | --- | --- | --- | | 英國富時100 | 9,655.67 | 9,6 ...

Group 1 - The core viewpoint of the article emphasizes the need for deeper cooperation between China and Europe to address multiple global challenges, especially in light of the 50th anniversary of their diplomatic relations [3][4] - Romano Prodi highlights China's transformation into a leader in emerging industries such as solar energy, batteries, and electric vehicles, indicating that China must take on greater international responsibilities [4] - The Greater Bay Area is described as a vibrant economic hub, akin to China's "Silicon Valley," which is expected to play a significant role in future economic development [4] Group 2 - Prodi notes that international cooperation has weakened due to some countries withdrawing from international organizations and moving away from multilateralism, which undermines the foundation of global cooperation [7] - He stresses the importance of establishing concrete and pragmatic common goals that all countries can participate in to revitalize international cooperation [7] - Prodi suggests that the EU and China should jointly lead efforts to rebuild global cooperation trends and avoid further division in the world [7][8] Group 3 - Prodi identifies the diverse interests among EU member states as a core reason for the varying attitudes towards China, complicating EU-China relations [8][10] - He proposes that a macro framework agreement should be established first to clarify core cooperation directions and principles, which can then help address specific differences among countries [10] - Continuous high-level dialogue and grassroots exchanges are deemed essential for reshaping the relationship between the EU and China [10] Group 4 - Prodi emphasizes that Italy, as an EU member, cannot formulate a separate policy towards China and must work within the EU framework to promote a unified approach [11] - He envisions Italy as a communication bridge among EU member states to foster a comprehensive understanding of China's development and build consensus for cooperation [11] - Prodi believes that China will continue to play a significant role in promoting international cooperation within the United Nations, highlighting the importance of cultural and technological exchanges [11]

Group 1 - China's total goods trade import and export value reached 41.21 trillion yuan in the first 11 months of this year, a year-on-year increase of 3.6%, with November exports growing by 5.9% [1] - Despite challenges such as international trade friction, China's foreign trade continues to show strong resilience and growth momentum, with expectations for robust export performance to continue into next year [3] - The role of private enterprises in foreign trade has become more prominent, with significant achievements in diversifying market development and the rapid growth of new trade formats and models [6] Group 2 - International institutions, including the OECD, Standard Chartered, and Goldman Sachs, have raised their economic growth forecasts for China, citing strong exports and supportive macro policies as key factors [9] - The Central Political Bureau of the Communist Party of China emphasized the need for a good start to the 14th Five-Year Plan, focusing on better coordination of domestic economic work and international trade, with plans for more flexible economic policies next year [12]