Report Industry Investment Rating - Not provided in the document Core Viewpoints - Copper prices soared and then fell back. In the short - term, panic sentiment still has a suppressing effect, but the long - term outlook is not pessimistic. The copper market is expected to gradually stabilize. The reference operating range for the main Shanghai copper contract this week is 99,000 - 108,000 yuan/ton, and for LME copper 3M is 12,600 - 13,800 US dollars/ton [13] Summary by Directory 1. Week - ly Assessment and Strategy Recommendation - **Demand**: After copper prices soared and fell back, the weekly starting rate of copper primary enterprises rebounded slightly, and the spot market transactions first declined and then rose. The domestic refined - scrap copper price difference narrowed, the scrap copper substitution was still low, and the processing rate of recycled copper rods remained low [11]. - **Supply**: The spot processing fee for copper concentrates continued to decline, while the processing fee for blister copper increased month - on - month. Some copper mines faced production problems such as grade decline and strikes [12]. - **Inventory**: The total inventory of the three major exchanges increased by 230,000 tons to 9.3 million tons. The inventory of the Shanghai Futures Exchange increased by 70,000 tons to 2.33 million tons, LME inventory increased by 40,000 tons to 1.75 million tons, and COMEX inventory increased by 110,000 tons to 5.22 million tons. The inventory in Shanghai Bonded Area decreased by 80,000 tons to 990,000 tons. The spot copper in East China was at a discount of 150 yuan/ton to the futures on Friday, and the LME market Cash/3M was at a discount of 89.9 US dollars/ton [12]. - **Import and Export**: The loss of domestic electrolytic copper spot imports narrowed, and the Yangshan copper premium decreased. In December 2025, China's refined copper imports were 298,000 tons, a month - on - month decrease of 2.2% and a year - on - year decrease of 27.0%. The cumulative imports from January to December were 3.828 million tons, and the net imports were 3.039 million tons, a year - on - year decrease of 15.2% [12]. 2. Futures and Spot Market - **Futures Price**: Copper prices soared and then fell back. The main Shanghai copper contract rose 2.31% this week (as of Friday's close), and LME copper fell 0.44% to 13,070.5 US dollars/ton [20]. - **Spot Price**: Provided the spot prices of electrolytic copper, copper products and recycled copper in different regions and time periods, and the price differences between them [24]. - **Premium and Discount**: The domestic copper spot was at a discount of 150 yuan/ton to the futures in East China on Friday. The LME inventory increased, the proportion of cancelled warrants decreased, and Cash/3M remained at a discount, reporting a discount of 89.9 US dollars/ton on Friday. The loss of domestic electrolytic copper spot imports narrowed, and the Yangshan copper premium rebounded [29]. - **Structure**: Both Shanghai copper and LME copper maintained a Contango structure [32]. 3. Profit and Inventory - **Smelting Profit**: The spot rough - smelting fee TC for imported copper concentrates continued to decline to - 49.8 US dollars/ton. The sulfuric acid price in East China rebounded, which still made a positive contribution to copper smelting revenue [37]. - **Import - Export Ratio**: The offshore RMB first appreciated and then depreciated, and the spot Shanghai - LME ratio of copper fluctuated [40]. - **Import - Export Profit and Loss**: The loss of copper spot imports narrowed [43]. - **Inventory**: The total inventory of the three major exchanges increased by 230,000 tons to 9.3 million tons. The inventory in Shanghai Bonded Area decreased by 80,000 tons to 990,000 tons. The increase in SHFE inventory came from Shanghai and Jiangsu, and the inventory in Guangdong decreased slightly. The number of copper warrants increased by 10,058 to 156,851 tons. The increase in LME inventory came from Asian and North American warehouses, European inventory decreased, and the proportion of cancelled warrants decreased [46][49][52]. 4. Supply Side - **Production**: In January 2026, China's refined copper production increased by about 10,000 tons month - on - month, higher than expected. It is expected that the production in February will decline month - on - month but maintain a high year - on - year growth. In December 2025, the refined copper production was 1.326 million tons, a year - on - year increase of 9.1%; the cumulative production for the whole year was 14.72 million tons, a year - on - year increase of 10.4% [56]. - **Import and Export**: In December 2025, China's copper ore imports were 2.704 million tons, a month - on - month increase. The cumulative imports from January to December were 30.31 million tons, a year - on - year increase of 7.9%. The import of unwrought copper and copper products was 437,000 tons, a month - on - month increase of 7,000 tons and a year - on - year decrease of 21.96%. The cumulative imports from January to December were 5.321 million tons, a year - on - year decrease of 6.4%. The import of anode copper was 61,000 tons, a month - on - month increase of 3,000 tons and a year - on - year decrease of 23.5%. The cumulative imports from January to December were 750,000 tons, a year - on - year decrease of 14.6%. The import of refined copper was 298,000 tons, a month - on - month decrease of 2.2% and a year - on - year decrease of 27.0%. The cumulative imports from January to December were 3.828 million tons, and the net imports were 3.039 million tons, a year - on - year decrease of 15.2%. The export of refined copper was 96,000 tons, a month - on - month decrease of 47,000 tons. The import of recycled copper was 239,000 tons, a month - on - month increase of 14.83% and a year - on - year increase of 9.9%. The cumulative imports from January to December were 2.342 million tons, a year - on - year increase of 4.2% [59][62][65][71][74]. 5. Demand Side - **Consumption Structure**: Globally, the main consumption areas of electrolytic copper are power (46%), home appliances (15%), etc. In China, they are construction (26%), equipment (23%), etc [78]. - **PMI**: China's official manufacturing PMI in January decreased to 49.3, a month - on - month decrease of 0.8%. In December 2025, the manufacturing prosperity of major overseas economies was divided [81]. - **Downstream Industry Output**: In December, the year - on - year output of freezers, household refrigerators and power generation equipment increased, while that of automobiles, washing machines, air conditioners, color TVs and AC motors decreased. From January to December, the cumulative output of automobiles, air conditioners, household washing machines, household refrigerators and power generation equipment increased, while that of freezers, color TVs and AC motors decreased [84]. - **Real Estate Data**: In December, domestic real estate data continued to be weak, with new construction, construction, sales and completion all decreasing year - on - year. The National Real Estate Climate Index continued to decline [86]. - **Downstream Enterprise Starting Rate**: The starting rate of some downstream enterprises showed different trends of rise and fall in December, and different expected trends in January. This week, the starting rate of electrolytic copper rod production increased slowly, the starting rate of recycled copper rod production increased slightly but remained at a low level, the starting rate of wire and cable warmed up, and the starting rate of copper strip increased slightly [89][92][95][98][101][104]. - **Refined - Scrap Price Difference**: The domestic refined - scrap copper price difference widened compared with last week, reporting 3,630 yuan/ton on Friday [109]. 6. Capital Side - **SHFE Copper Position**: The total position of Shanghai copper decreased by 1,408 to 1,315,078 lots (bilateral), among which the position of the near - month 2602 contract was 87,404 lots (bilateral) [114]. - **Foreign Fund Position**: As of January 27, the CFTC fund position remained net long, but the net long ratio declined to 15.7%. The proportion of long positions of LME investment funds decreased (as of January 23) [117].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses various industries including semiconductor solutions, aviation, power equipment, robotics, and tourism. Company-Specific Insights - **Shanghai Shockley**: A semiconductor chip solution provider, is set to acquire 100% of its shares along with Fujide China, which specializes in circuit board assembly and semiconductor equipment. This acquisition is expected to constitute a significant asset restructuring and will lead to the resumption of stock trading [2][4]. - **Fujide China**: Primarily involved in the sales of circuit board assembly equipment and semiconductor-related devices [4]. - **China Commercial Aircraft Corporation (COMAC)**: The European Union Aviation Safety Agency (EASA) has begun flight evaluations of the C919 aircraft, indicating good performance and safety, which may facilitate its entry into European and other international markets [5]. Industry Trends and Projections - **Power Equipment**: - Southern Power Grid's fixed asset investment is projected to reach 180 billion yuan by 2026, marking a 9.5% annual growth rate [4]. - The State Grid's investment during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a 40% increase from the previous plan, with an average annual growth rate of 6% [4]. - The demand for power equipment in North America is expected to rise due to AI-driven needs, particularly in the transformer segment [4]. - **Aviation**: - The domestic commercial aircraft production pace and the self-sufficiency of commercial aircraft engines are anticipated to accelerate, providing significant growth for the military aviation sector [4]. - **Robotics**: - The establishment of a working group for commercial community service robots indicates a new phase of standardization in this field [6]. - Global humanoid robot installations are projected to increase by approximately 16,000 units annually, with the top five manufacturers holding 73% of the market share [7][6]. Market Dynamics - **Tourism**: The upcoming long Spring Festival holiday is expected to boost the tourism market, leading to both performance and valuation recovery in the tourism sector [10]. - **Material Prices**: Prices for various tungsten products have seen significant increases, with 65% black tungsten concentrate rising to 512,000 yuan per ton, an 11.3% increase since the beginning of the year [7][8]. Additional Insights - **AI and Technology**: - Morgan Stanley has raised its long-term shipment expectations for Google's TPU chips, predicting shipments of 3.7 million and 5 million units in 2026 and 2027, respectively [10]. - Nvidia's GB300 AI servers are set for large-scale delivery starting in Q2 2026, reflecting the growing demand for AI infrastructure [10]. This summary encapsulates the key points discussed in the conference call, highlighting significant developments in various industries and companies, along with market trends and projections.

【头条要闻】 IMF上调中美经济增速预期 警告AI热潮是把"双刃剑" 美国关税政策带来的逆风与人工智能（AI）投资浪潮形成的顺风相互对冲，世界经济在不确定性中展 现出超预期的韧性。当地时间1月19日，国际货币基金组织（IMF）在最新一期《世界经济展望》中预 测，今明两年全球经济增长将稳定在3.3%和3.2%，较去年10月的预估分别上调0.2个百分点和保持不 变。本轮改善主要来自美国和中国这两大经济体。 根据最新预测，美国今明两年的经济增速分别为2.4%和2.0%，分别比三个月前的预测高0.3个百分点和 低0.1个百分点；中国则分别为4.5%和4.0%，分别高0.3个百分点和低0.2个百分点。 特朗普强推格陵兰岛相关举措，投资者涌入避险资产，金银价格再创历史新高 在地缘政治与经济前景动荡的背景下，投资者纷纷涌入避险资产，黄金与白银价格在突破前期历史纪录 数日后，再度刷新新高。美国 2 月黄金价格周一上涨 1.71%，报每盎司 4674.20 美元，该价格上周刚创 下历史峰值。现货黄金价格上涨 1.6%，报每盎司 4668.14 美元。 此前，美国总统特朗普宣布对八个欧洲国家的商品征收关税，直至达成所谓 "全面收 ...

Core Viewpoint - Jiangxi Copper Co., Ltd. has signed a cooperation framework agreement with China Ordnance Material Group Co., Ltd. to engage in the purchase and sale of products such as cathode copper, crude copper, and electrolytic nickel, which is classified as a related party transaction due to the ownership structure [2][6]. Group 1: Agreement Overview - The agreement primarily involves the purchase and sale of cathode copper, crude copper, and electrolytic nickel [2][31]. - China Ordnance Material Group holds a 29.52% stake in Jiangxi Copper's subsidiary, Jiangxi Copper International Trade Co., Ltd., making it a related party under the Hong Kong Stock Exchange rules [2][6]. - The board of directors approved the related party transaction, with related directors abstaining from voting, and it does not require shareholder approval [2][6]. Group 2: Financial and Operational Details - As of the end of 2024, China Ordnance Material Group reported total assets of 2,205,946 thousand RMB and net assets of 446,882 thousand RMB, with a revenue of 4,727,253 thousand RMB and a net profit of 29,085 thousand RMB for the year [4]. - The agreement is set to be effective from January 1, 2026, to December 31, 2028, allowing for the procurement of cathode copper and electrolytic nickel from both domestic and international sources [16][30]. Group 3: Impact on the Company - The collaboration with China Ordnance Material Group is expected to enhance Jiangxi Copper's market competitiveness and brand influence, facilitating efficient integration of resources within the non-ferrous metal industry [31].

Core Viewpoint - Jiangxi Copper has signed a three-year cooperation framework agreement with China Ordnance Material Group, focusing on the purchase and sale of cathode copper, crude copper, and electrolytic nickel, while also pursuing a cash acquisition of SolGold to enhance its global copper resource layout [1][3]. Group 1: Cooperation Agreement - The cooperation agreement will be effective from January 1, 2026, to December 31, 2028, covering transactions in cathode copper, crude copper, and electrolytic nickel [1]. - Expected annual transaction amounts include $600 million for overseas cathode copper, 2.5 billion RMB for Guangdong cathode copper, 600 million RMB for crude copper, and $50 million for overseas electrolytic nickel [1]. - Sales projections include 5.8 billion RMB for cathode copper, 500 million RMB for copper rods, 700 million RMB for aluminum ingots, 1.5 billion RMB for electrolytic nickel, 700 million RMB for zinc ingots, 30 million RMB for tin ingots, and 500 million RMB for precious and rare metals [1]. Group 2: Acquisition of SolGold - Jiangxi Copper announced a formal offer to acquire all issued shares of SolGold at 28 pence per share, valuing the target company at approximately £867 million [3]. - The board of SolGold has deemed the acquisition terms fair and is recommending shareholders support the deal [3]. - Jiangxi Copper has received irrevocable commitments from major shareholders, including BHP, Newmont, and Maxit Capital LP, representing about 25.7% of SolGold's shares [3]. Group 3: Industry Context - The copper industry is experiencing a shift towards consolidation among leading enterprises, with a significant reduction in processing fees for copper concentrate, impacting smelter profit margins [4]. - Jiangxi Copper's revenue figures for 2022 to 2024 are projected at 479.94 billion RMB, 521.89 billion RMB, and 520.93 billion RMB, with net profit expected to reach 6.962 billion RMB in 2024 [5]. - The company is enhancing its resource control and industry influence through strategic acquisitions and partnerships, particularly during a period of overall capacity adjustment in the industry [5].

Group 1 - Hualing Cable has terminated the acquisition of control over Hunan Xingxin Aerospace New Materials Co., Ltd. due to failure to reach agreement on specific terms, which will not adversely affect its operations or financial status [2] - Nanshan Aluminum plans to invest approximately $436.57 million to establish a 250,000-ton electrolytic aluminum project in Indonesia through its subsidiaries [3] - Wuzhou New Spring reported that its production and operational activities are normal, with no significant changes in the internal and external business environment, despite a stock price increase of over 20% [4] Group 2 - Aerospace Power clarified that its main business does not involve commercial aerospace and has no related investments, with revenue from this sector accounting for less than 2% [5] - Yidian Tianxia's stock will resume trading after completing a suspension for price volatility, with a cumulative price increase of over 100% during the suspension period [6] - Jiangxi Copper has signed a cooperation framework agreement with China Ordnance Material Group to supply cathode copper, crude copper, and electrolytic nickel, constituting a related party transaction [7] Group 3 - Dingtong Technology expects a 119.59% increase in net profit for 2025, driven by strong demand in the AI-driven communications connector market [9] - BAIC Blue Valley anticipates a net loss of between 4.35 billion and 4.65 billion yuan for 2025, despite a sales increase of 84.06% [10] - Minfeng Special Paper forecasts a 78% decrease in net profit for 2025, projecting a profit of around 1.57 million yuan [11] Group 4 - Changqing Co. expects a net loss of between 175 million and 215 million yuan for 2025 [12] - Hongbai New Materials anticipates a net loss of between 110 million and 150 million yuan for 2025, citing industry competition and increased operational costs as key factors [13] - Beiba Media projects a net loss of between 8 million and 12 million yuan for 2025, largely due to significant impairment losses from an associate company [14] Group 5 - Kuan She Co. expects a net loss of between 361 million and 433 million yuan for 2025, impacted by macroeconomic conditions and increased competition [15] - Shui Jing Fang forecasts a 71% decrease in net profit for 2025, with expected revenue dropping by 42% due to industry adjustments [17] - Haiyou New Materials anticipates a net loss of between 440 million and 520 million yuan for 2025 [18] Group 6 - Sanfangxiang expects a net loss of between 760 million and 840 million yuan for 2025, with losses increasing by 55.91% to 72.32% compared to the previous year [19] - Hongya CNC's controlling shareholder plans to increase shareholding by 30 million to 60 million yuan [21] - Top Software's shareholder plans to reduce its stake by up to 0.87% [22]

Core Viewpoint - Jiangxi Copper (600362) has signed a cooperation framework agreement with China Ordnance Material Group Co., Ltd., focusing on the purchase and sale of products such as cathode copper, crude copper, and electrolytic nickel [1] Group 1 - The cooperation framework agreement includes key products like cathode copper, crude copper, and electrolytic nickel [1]

Core Viewpoint - Jiangxi Copper has signed a cooperation framework agreement with Binguo Materials to supply cathode copper, crude copper, and electrolytic nickel, marking a significant related party transaction [1] Group 1 - The agreement is valid until December 31, 2028 [1] - Binguo Materials is a shareholder of Jiangxi Copper's subsidiary, Jiangxi Copper International Trade [1] - This transaction is classified as a related party transaction due to the ownership structure [1]

Core Viewpoint - Jiangxi Copper (600362.SH) has announced the approval of a cooperation framework agreement with China Ordnance Material Group, focusing on the purchase and sale of products such as cathode copper, crude copper, and electrolytic nickel [1] Group 1 - The agreement was approved during the 15th meeting of the 10th board of directors of Jiangxi Copper [1] - The cooperation will involve key products in the copper and nickel sectors, indicating a strategic partnership aimed at enhancing supply chain efficiency [1]

Report Title - Copper Weekly Report: Short - term Fluctuations Intensify, Long - term Bullish Trend Remains Unchanged [1] Report Author - Researcher: Wang Wei. Futures Practitioner Certificate Number: F03143400. Investment Consulting Qualification Number: Z0022141 [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - Short - term bullish sentiment has weakened, and the market fluctuates greatly under the influence of funds and sentiment. However, the main bullish logic has not changed, and the long - term upward trend continues. It is recommended to control positions and protect long positions [7] 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategy Macro Aspect - US CPI was lower than market expectations, which initially increased market expectations for Fed rate cuts. But Powell's criminal investigation raised concerns about the Fed's independence and hawkish stance. The short - term is hawkish, but the Fed's loose monetary policy will not change [7] Copper Ore - The negotiation of the Mantoverde copper mine incident in Chile was fruitless, and the strike will continue. The 2025 output of Mantoverde is 74,000 tons. Chinese smelters finalized the 2026 copper concentrate long - term processing fee benchmark with Antofagasta at $0/ton and 0 cents/pound. The long - term negotiation is difficult and the progress is slow [7] Scrap Copper - Enterprises are being inspected for the compliance of "reverse invoicing". After New Year's Day, many enterprises need to red - offset some non - compliant amounts. Since Wednesday, new raw material orders of enterprises are mainly invoiced [7] Refined Copper - In December 2025, SMM's Chinese electrolytic copper output was 1.1781 million tons, a month - on - month increase of 75,000 tons (6.8%) and a year - on - year increase of 7.54%. The cumulative output from January to December was 13.4326 million tons, a year - on - year increase of 1.372 million tons (11.38%). SMM expects the domestic electrolytic copper output in January 2026 to be 1.1636 million tons, a month - on - month decrease of 14,500 tons (1.23%) and a year - on - year increase of 156,300 tons (14.78%) [7] Consumption - After the price slightly回调 in the second half of the week, the market's rigid demand procurement increased. Although Nvidia adjusted the data on copper demand in data centers, it has little impact on AI copper consumption. The "14th Five - Year Plan" period's 4 - trillion - yuan fixed - asset investment of the State Grid Corporation provides demand support [7] Spread and Ratio - Before the Spring Festival, the domestic spread will remain in the C structure. After domestic export goods flow into the LME market, the LME's short - term squeeze risk decreases. It is expected that the ratio will deteriorate later, and the domestic export window will remain open [7] 3.2 Domestic and Foreign Price Trends - The report shows the price trends of Shanghai copper futures and LME copper futures in 2023 - 2026, and the price changes under different events such as processing fee decline, tariff investigations, and production plan adjustments [9] 3.3 Copper Fundamental Analysis and Weekly Data Tracking Copper Spot Market - As of January 15, 2026, SMM's national mainstream copper inventory increased by 47,100 tons (17.2%) to 320,900 tons compared with last Thursday, and the total inventory increased by 212,800 tons year - on - year. The domestic bonded - area copper inventory increased by 1,200 tons to 80,000 tons. The LME inventory increased to 144,000 tons [7][16] Copper Concentrate Market - On January 16, 2026, the SMM imported copper concentrate index (weekly) was reported at - $46.53/ton, a decrease of $1.12/ton from the previous period. The port inventory increased to 690,400 physical tons, an increase of 50,000 physical tons from the previous period. In December 2025, China imported 2.704 million tons of copper ore and concentrates, and from January to December, the cumulative import was 30.31 million tons, a year - on - year increase of 7.9% [32] Scrap Copper Market - As of this Friday, the scrap - refined copper price difference is 3,391 yuan/ton. This week, the operating rate of recycled copper rods was 13.52%, an increase of 0.53 percentage points from last week and a decrease of 9.01 percentage points year - on - year. From January to September 2025, the domestic supply of scrap copper increased by 902,600 tons, a cumulative year - on - year increase of 4.18%. In November 2025, China imported 208,100 tons of scrap copper, a year - on - year increase of 19.99%, and from January to November, the cumulative import was 2.1036 million tons, a year - on - year increase of 3.63% [44] Blister Copper Market - On January 16, 2026, the average domestic southern blister copper processing fee was 2,000 yuan/ton, unchanged from last week. In October 2025, the blister copper output was 1.0367 million tons, a year - on - year increase of 17.62%. From January to October, the cumulative output was 10.1 million tons, a year - on - year increase of 13.02%. In November 2025, China imported 58,300 tons of anode copper, a month - on - month increase of 5.6% and a year - on - year decrease of 16.47%. From January to November, the cumulative import of anode copper was 692,300 tons, a cumulative year - on - year decrease of 15.13% [50] Domestic Copper Supply - In December 2025, SMM's Chinese electrolytic copper output was 1.1781 million tons. SMM expects the domestic electrolytic copper output in January 2026 to be 1.1636 million tons. From January to November 2025, China's refined copper imports totaled 3.0948 million tons, a cumulative year - on - year decrease of 8.12%, and exports totaled 692,600 tons, a cumulative year - on - year increase of 57.68% [56] Copper Products Operating Rate - On January 15, 2026, the copper rod operating rate increased by 9.65 percentage points to 57.47%, far lower than the 70.46% of the same period last year. The operating rate of recycled copper rods declined again after a rebound. The weekly operating rate of wire and cable decreased by 0.59 percentage points to 55.99%, a decrease of 4.95 percentage points compared with the same period last year [62] Downstream Operating Rate - In December 2025, the operating rate of refined copper rod enterprises was 61.33%. It is expected to be 65.01% in January 2026. The comprehensive operating rate of the enameled wire industry in December was 66.28%, and it is expected to be 66.84% in January. The operating rate of copper cable enterprises in December was 68.89%, and it is expected to rise to 70.77% in January [76] Air - conditioner Consumption - In November 2025, China's household air - conditioner production was 1.0577 million units, a year - on - year decline of 36.7%. The production schedule of household air - conditioners in January 2026 is 1.851 million units, a year - on - year increase of 11% [81] Automobile Consumption - In December 2025, automobile production and sales were 3.296 million and 3.272 million units respectively. In 2025, the production and sales of new energy vehicles were 16.626 million and 16.49 million units respectively. It is predicted that the total automobile sales in 2026 will be 34.75 million units, with new energy vehicle sales expected to reach 19 million units [83] Grid Investment - From January to November 2025, China's grid investment completion was 560.4 billion yuan, a year - on - year increase of 5.9%. The "14th Five - Year Plan" period's 4 - trillion - yuan fixed - asset investment of the State Grid Corporation provides demand support [86] Real Estate Market - From January to November 2025, the national commercial housing sales area was 787 million square meters, a year - on - year decline of 7.8%. The national housing completion area was 394 million square meters, a year - on - year decline of 18% [93] Overseas Data - In November 2025, the global new energy vehicle sales were 2 million units, a year - on - year increase of 8.53%. From January to November 2025, the new energy vehicle sales in the US were 1.4681 million units, a year - on - year increase of 0.71% [108] Photovoltaic and Wind Power - From January to November 2025, China's new photovoltaic installed capacity was 274.98GW, a year - on - year increase of 68.59GW (33.24%). The new wind power installed capacity from January to November 2025 was 82.5GW, a year - on - year increase of 30.75GW (59.42%) [102] 3.4 Industry News and Macro Data - The US December non - farm payrolls increased by 50,000, less than expected, and the unemployment rate dropped to 4.4%. The Trump administration ordered Fannie Mae and Freddie Mac to purchase $200 billion in mortgage - backed securities. The Mantoverde copper mine strike will continue. The US federal prosecutor launched a criminal investigation into Fed Chairman Powell. The Congolese state - owned mining company will directly purchase 100,000 tons of copper from the TFM copper - cobalt mine in 2026. Codelco expects its 2026 copper output to reach 1.344 million tons [109]