在刚刚过去的2025年，埃及经济驶入复苏轨道，经济数据向好。面对动荡变局，埃及积极发挥地区 大国作用，有力斡旋域内冲突，为地区和平稳定持续贡献力量。作为文明古国，埃及着力打造文化软实 力，显著提升在全球文化治理领域的话语权。 经济复苏表现亮眼 2025年，埃及经济在经历深刻结构性调整后迸发出强劲的复苏动能。国际货币基金组织框架下的经 济改革红利持续释放，外资准入门槛进一步放宽。在货币政策的精准调控下，此前的经济颓势得到扭 转。世界银行预测，埃及全年GDP增速有望达到4.4%至4.5%，超出埃及政府4.2%的预设目标，相比上 一财年的2.4%将实现较大增长。 埃及经济持续向好源于三方面因素。其一，市场被激活是经济回暖的关键。埃及政府以政令手段有 力引导公共投资向私营经济倾斜，同步加速国企私有化进程，经济发展重心正在转向高附加值的非石油 制造业。绿氢产业、汽车和电子工业、信息通信技术等新业态贡献出优质经济增量，经济结构转型持续 加快。同时，作为埃及经济核心支柱的旅游业，在2025年迎来历史性增长，旅游外汇收入再创新高，对 整体经济的回升贡献巨大。其二，外部融资环境明显改善为增长兜底。2025年，埃及吸引约90亿美 ...

刚过去的交易周（12月22日至26日），A股延续前一周的反弹势头，超预期地走强，甚至可以说，提前开启了"跨年红 包"行情。 Wind数据显示，本周有3410家股票累计上涨，为12月以来最好一周。 | 1 日期 | 内地 | | | | --- | --- | --- | --- | | | 上涨家数 | 平盘宝数 | 下跌家数 | | 2025-12-26 | 3.410 | 80 = | 1.976 | | 2025-12-19 | 2.977 | 60 | 2.423 | | 2025-12-12 | 1.781 | 47 | 3.629 | | 2025-12-05 | 2.338 | 74 | 3.043 | | 2025-11-28 | 4.544 | 48 | 862 | | 2025-11-21 | 520 | 9 | 4.922 | | 2025-11-14 | 3.060 | 50 | 2.338 | | 2025-11-07 | 2.977 | 47 | 2,423 | 全A平均股价全周上涨3.15%，周中最高触及27.03元，追平了3个月前——9月18日盘中创下的年内高点，因此下周还有 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has proposed a system to set renewable energy non-electric consumption ratios for energy users, which includes green hydrogen and methanol consumption. This policy is expected to effectively promote the green transformation of high-energy-consuming industries, particularly in steel and chemical sectors, leading to a new growth phase in the industry [1][2][4]. Summary by Relevant Sections Policy Implementation - The NDRC released a draft implementation plan for renewable energy consumption minimum ratio targets, which includes establishing a regulatory framework for non-electric renewable energy consumption [2][3]. - The plan sets two types of consumption ratio targets: one for renewable energy electricity consumption and another for non-electric consumption [3]. - The energy authorities will monitor and evaluate the implementation of these targets, ensuring compliance and establishing a transition period [3]. Impact on Industries - The inclusion of hydrogen and methanol consumption in the non-electric consumption ratio marks a significant policy shift, addressing structural issues in high-energy and high-carbon industries that struggle to reduce carbon emissions through renewable electricity alone [4]. - Green hydrogen can effectively replace carbon-intensive processes in industries like steelmaking, where traditional methods produce significant CO2 emissions [4]. - In the chemical sector, green hydrogen-derived products like green ammonia and green methanol can reduce reliance on fossil fuels, thus lowering carbon emissions during production [4]. Investment Opportunities - Companies involved in the production of electrolyzers, which convert green electricity into green hydrogen, are expected to benefit from this policy shift [2]. - Investors should focus on firms that are signing sales agreements with downstream customers or those that are leading in green methanol project investments and process innovations [2]. - The policy is likely to create opportunities for companies with cost advantages in green methanol and biogas synthesis processes [2].

Core Viewpoint - Platinum prices have surged significantly since May 2025, reaching approximately 300 RMB per gram and 1286 USD per ounce, marking a nearly 40% increase year-to-date and a five-year high [1][2]. Group 1: Factors Driving Platinum Price Increase - Supply-side challenges include unstable electricity supply and frequent strikes in South Africa, the largest producer, leading to a noticeable decline in platinum production [2]. - The discovery of new large platinum mines is becoming increasingly difficult, and existing mines are experiencing declining ore grades and rising extraction costs, further constraining supply [2]. - Although recycled platinum can supplement market supply, growth in recycling is slow due to technological limitations and complex recovery channels [2]. Group 2: Demand-Side Support - The jewelry market is shifting towards platinum due to its relative price advantage over gold, with global demand for platinum jewelry expected to grow by 5% to 66 tons by 2025, and a 15% increase in China to 15 tons [5]. - The green hydrogen industry is emerging as a significant demand driver for platinum, as it is essential for proton exchange membrane electrolyzers in hydrogen production [5]. - The automotive sector is undergoing structural changes, with increased demand for platinum from new plug-in hybrid electric vehicles (PHEVs), despite an overall expected decline in global automotive production [6]. Group 3: Market Perspectives - Optimistic analysts predict a supply-demand gap of 41.2 tons in 2025, with supply growth at -0.4% and demand growth at 10.8%, supporting a bullish outlook for platinum prices [9]. - Cautious analysts warn that the current price surge may be driven by speculation and ETF demand rather than fundamental improvements, suggesting potential price corrections if speculative interest wanes [10]. Group 4: Investment Considerations - Investors should assess their investment goals and risk tolerance, considering short-term trading strategies or long-term holding based on macroeconomic conditions and market dynamics [12]. - Monitoring macroeconomic trends and geopolitical stability in major producing countries is crucial, as these factors can significantly impact platinum supply and prices [13]. - Continuous tracking of industry developments in the automotive and green hydrogen sectors is essential, as shifts in these markets can influence platinum demand and pricing [14].