【环球时报驻哈萨克斯坦特派记者 李强 环球时报特约记者 杨逸】 编者的话： 据路透社2月18日报道，美国已与乌兹别克斯坦签署协议，以确保更 稳定地获取后者的关键矿产资源。随着全球能源转型与科技革命加速推进，关键矿产已从单纯的工业原料跃升为重塑全球产业格局与地缘政治版 图的关键要素之一。在这一领域，各国合作与博弈的触角从非洲加丹加高原的铜钴富矿带延伸至太平洋海底的多金属结核，从拉美安第斯山脉 的"锂三角"延伸至中亚腹地的稀土矿床。《环球时报》从今天起将推出"关键矿产博弈"系列报道，在"中亚篇"中，我们将为您讲述中亚五国蕴藏 着怎样的关键矿产资源，美国、欧盟、日本等在该地区如何落子布局，这场围绕关键矿产的博弈又将如何撬动国际能源格局。 " 跻身全球前 20 大战略资源生产国之列 " 萨里塔格矿区位于塔吉克斯坦西部的陡峭山谷中。在海拔4000米山峰之下纵横交错的巷道中，矿工们正奋力开采锑矿。这是一种银灰色的金属， 曾经以化妆品成分而为人所知，如今已成为战略性产业的关键资源，可被用于制造太阳能电池板和加固军用车辆装甲。 "塔吉克斯坦有许多锑矿床。"塔尔科黄金公司副总监朱马佐达对法新社这样说。该公司锑供应量占全球10% ...

2025年，云南省持续强化政治引领。这不仅体现在65名涉农企业家走进浙江大学的课堂，50名国家乡村 振兴重点帮扶县企业家参与全国专项培训的系统学习中，也贯穿于40余场、300多人次深入红色教育基 地与乡村振兴示范村的实地教育。 日前，云南省光彩事业促进会第四届理事会四次会议审议通过《云南省光彩事业促进会2025年度工作报 告》。报告显示，云南省光彩事业促进会团结带领广大民营经济人士，深度融入全省发展大局，将光彩 精神融入企业发展，在乡村振兴、民生保障、边疆发展、公益慈善等领域成果丰硕，为云南高质量发展 与共同富裕注入民营经济力量。 "这不是一场会议的记录，而是一幅民营经济力量深耕沃土、回报社会的年度答卷。"据悉，2025年，云 南广大民营经济人士用实干与创新，标注了光彩事业高质量发展的云南坐标。 转自：中华工商时报 当青年民营企业家组团赴禄劝县开展"乡村振兴·青年担当"主题活动，并促成创业项目落地时，理想信 念已转化为切实的发展动能。通过选树阮鸿献等5位企业家在中国光彩事业促进会任职，推荐企业申 报"光彩公益星""光彩产业星"，榜样的力量持续照亮前行之路，引导民营经济发展始终与全省大局同频 共振。 深耕乡村， ...

Core Insights - The article emphasizes the need for a reassessment of asset allocation strategies in light of increasing global macroeconomic uncertainties and rising correlations between traditional equity and bond assets [1] - It highlights the unique role of precious metals ETFs as risk diversifiers in investment portfolios, particularly during periods of economic stagnation and high inflation [1] Group 1: Market Dynamics - Precious metals such as copper, aluminum, and gold exhibit a non-linear relationship with stock and bond yields, making them valuable during economic downturns [1] - The demand for copper is being reshaped by long-term factors such as new energy installations and AI data center construction, while supply constraints persist due to reduced capital expenditures from 2018 to 2022 [1] - Historical data shows that during the quantitative easing period post-2008, gold prices surged from approximately $750/oz to $1,900/oz, reflecting a 150% increase over three years [1] Group 2: Inflation and Asset Performance - During the inflation surge from 2020 to 2022, gold prices rose from below $1,450 to over $3,400/oz by 2025, while copper prices increased from $4,400/ton to over $10,700/ton, marking a 140% rise within 15 months [2][4] - Gold serves as a hedge against currency devaluation, while copper captures demand expansion during industrial recovery phases [4] Group 3: Investment Strategies - The investment strategy employed by David Swensen at Yale involved increasing the allocation to physical assets like commodities and energy to about 15%, leveraging their low correlation with financial assets [5] - Precious metals ETFs provide a practical avenue for ordinary investors to engage in this strategy, offering essential cyclical hedging capabilities [6] Group 4: ETF Performance and Structure - The ETF in focus, Huatai-PineBridge's index, covers a broad range of metals including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from a "super cycle" in the metals market [6] - As of February 5, 2026, the index's top three sectors are copper (34.2%), aluminum (14.6%), and gold (14.4%), indicating a balanced exposure to both industrial and precious metals [7][9] - The fund has achieved a remarkable return of 173.08% over the past two years, significantly outperforming major indices like the CSI 300, with a lower maximum drawdown, showcasing a favorable risk-return profile [9]

Core Viewpoint - The article discusses the investment landscape in non-ferrous metals, highlighting the comparative advantages of the CSI Segmented Non-Ferrous Metals Industry Theme Index over the CSI Industrial Non-Ferrous Metals Theme Index in terms of composition, risk-return characteristics, and macro adaptability [1][2]. Group 1: Index Composition and Structure - The CSI Segmented Non-Ferrous Metals Index includes a diverse range of metals, such as precious metals (gold and silver), rare metals (like lithium and rare earths), and industrial metals (copper, aluminum, lead, and zinc), creating a triad structure that captures both cyclical manufacturing recovery and safe-haven premiums during geopolitical tensions [2][4]. - In contrast, the CSI Industrial Non-Ferrous Metals Index is limited to industrial metals, which may reflect industrial prosperity but lacks the stabilizing effect of precious metals, resulting in higher volatility [2][4]. Group 2: Performance Metrics - Over the past five years, the CSI Segmented Non-Ferrous Metals Industry Theme Index has achieved a return of over 120% with an annualized volatility of approximately 30%, while the CSI Industrial Non-Ferrous Metals Theme Index recorded a return of 87.99% with an annualized volatility of 33% [4][5]. - The CSI Segmented Non-Ferrous Metals Index has demonstrated a "low volatility, high return" advantage, particularly during macroeconomic disturbances, as seen during the geopolitical conflicts in 2022 and the banking crisis in 2023, where the gold component helped mitigate overall portfolio volatility [4][5]. Group 3: Investment Opportunities - The Huatai-PB CSI Segmented Non-Ferrous Metals Industry Theme ETF (159652) covers a wide range of sub-sectors, including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from the "super cycle" in non-ferrous metals [5][6]. - The top three weighted sectors in the index as of February 5, 2026, are copper (34.2%), aluminum (14.6%), and gold (14.4%), effectively combining industrial and precious metals to enhance risk-return profiles [6][8]. - The Huatai-PB CSI Segmented Non-Ferrous Metals Industry Theme ETF Link C (019165) offers a flexible fee structure, making it suitable for investors looking to capitalize on the volatility in non-ferrous metals while minimizing transaction costs [8].

2024年通过的《欧盟关键原材料法案》（Critical Raw Materials Act, CRMA）制定了提升34种战略材料 本土供应能力的计划。这些材料包括锂、锑、钨、铜和稀土元素，广泛用于制造半导体、风力涡轮机和 炮弹等产品。 前景不容乐观 该法案设定了2030年的非约束性目标：届时欧盟应开采其所需矿产的10%，将这些材料的回收能力提升 至15%，并能够加工其每年每种战略原材料需求的40%。 然而，审计院在一份报告中指出："前景并不乐观。按目前情况，能源转型所需的26种材料中，有7种的 回收率仅为1%至5%，另有10种则完全未被回收。" 报告将此归咎于缺乏针对具体材料的激励措施。 报告还警告："欧盟旨在到2030年实现40%加工自给率的能力建设正在倒退——部分加工厂因高昂的能 源成本而关闭，这严重削弱了产业竞争力。" 此外，欧盟与第三国建立的关键原材料战略伙伴关系也尚未显现成效。 欧洲审计院（ECA）周一表示，欧盟在减少对外依赖、实现科技、国防和能源转型所需关键金属与矿产 进口多元化方面的努力"尚未取得实质性成果"。 "过去五年，欧盟签署了14项原材料战略伙伴关系协议，其中7项是与治理水平较低的国家 ...

Core Insights - Liaoning Province has recognized a total of 777 provincial-level agricultural industrialization leading enterprises, including 84 at the national level [1] - The 20th batch of provincial-level key leading enterprises includes 71 companies, such as Shenyang Haoming Poultry Co., Ltd. and Shenyang Yunkeng Feed Co., Ltd. [1] Summary by Categories Enterprise Recognition - The provincial agricultural and rural affairs department, along with other governmental bodies, has released the latest list of key leading enterprises [1] - The recognized enterprises must meet specific criteria, including total assets exceeding 30 million yuan, fixed assets over 20 million yuan, and annual sales revenue above 50 million yuan [1] Monitoring and Support - The recognized enterprises will benefit from supportive policies until the end of 2027 [1] - A dynamic monitoring mechanism is in place, with three enterprises qualifying for the 2024 provincial-level key leading enterprise list, while ten others were disqualified [1] Industry Impact - Leading enterprises are considered the main force in transforming Liaoning into a major food industrial province and serve as a model for the integration of primary, secondary, and tertiary industries [1]

Economic Growth - Serbia's GDP is projected to grow at a real rate of 2% in 2025 [1] - Most service and industrial activities have shown growth, with retail growing by 4.2%, transportation by 4.7%, and the restaurant sector by 1.5% [1] Sector Performance - Industrial production value increased by 1.0%, with mining up by 4.4% and manufacturing by 1.2% [1] - The construction sector experienced a decline of 8.4% [1] - The energy sector faced a decrease of 2% due to drought affecting hydroelectric reserves [1] - Agriculture saw a slight decline of 0.3% due to adverse weather conditions [1] Inflation and Labor Market - The average inflation rate for 2025 is expected to be 3.8%, with December's inflation rate at 2.8%, aligning with the central bank's target of 3%±1.5% [1] - The labor market remains strong, with nominal wages increasing by 11.2% and real wages by 7.1% [1] - The unemployment rate decreased to 8.2% in the third quarter [1] Trade Performance - Despite weak external demand, Serbia's exports are estimated to grow by 8% in 2025, primarily driven by the automotive sector [1] - Imports are projected to rise by 7.3%, attributed to ongoing imports of raw materials and equipment, as well as increased consumer goods imports due to rising disposable incomes [1]

每经头条（nbdtoutiao）——微信聊天遭老板监视，杀毒软件"失明"，员工隐私被系统性采集！软件商 公开售卖"监控神器"，称已服务多家企业 （记者 王晓波） 截至发稿，精艺股份市值为33亿元。 每经AI快讯，精艺股份（SZ 002295，收盘价：13.32元）12月25日晚间发布公告称，公司第八届第十一 次董事会临时会议于2025年12月25日在广东省佛山市顺德区北滘镇西海工业区公司行政大楼会议室以现 场结合电子通讯表决方式召开。会议审议了《关于公司董事会换届选举第九届董事会独立董事的议案》 等文件。 2025年1至6月份，精艺股份的营业收入构成为：加工行业占比98.62%，其他业务占比1.24%，新能源占 比0.14%。 ...

截至发稿，精艺股份市值为31亿元。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 （记者 曾健辉） 每经AI快讯，精艺股份（SZ 002295，收盘价：12.31元）12月15日晚间发布公告称，公司第八届第十次 董事会临时会议于2025年12月15日在广东省佛山市顺德区北滘镇西海工业区公司行政大楼会议室以现场 结合电子通讯表决方式召开。会议审议了《关于修订公司 <章程> 的议案》等文件。 2025年1至6月份，精艺股份的营业收入构成为：加工行业占比98.62%，其他业务占比1.24%，新能源占 比0.14%。 ...

Group 1 - The core point of the news is that Jiangsu Nantong Haimen District People's Court has ruled to transfer approximately 75.18 million shares of Jingyi Co., Ltd. from Nantong Sanjian Holdings Co., Ltd. to Sichuan Xingdong Investment Group Co., Ltd., resulting in a change of control of the company [1] - After the judicial auction, Nantong Sanjian Holdings will no longer hold any shares in the company, and Sichuan Xingdong Investment Group will become the controlling shareholder with a 29.99996% stake [1] - The change in equity will significantly impact the company's ownership structure and governance [1] Group 2 - As of the report, Jingyi Co., Ltd. has a market capitalization of 3.1 billion yuan [2] - For the first half of 2025, the revenue composition of Jingyi Co., Ltd. shows that the processing industry accounts for 98.62%, other businesses account for 1.24%, and new energy accounts for 0.14% [1]