2026 年钴供需展望 20260106 摘要 2025 年全球精炼钴供应量同比减少 11%至 22.8 万吨，但预计 2026 年将恢复至 23.9 万吨。需求方面，2025 年受益于 3C 产品和 AR 眼镜 的增长，需求量同比增长 9.4%至 24.2 万吨，预计 2026 年将达到 25.1 万吨，增速放缓。 2025 年中国精炼钴供应量同比减少 8.6%至 15.18 万吨，预计 2026 年将恢复正增长至 19.35 万吨。受益于银发经济和健康经济的推动， 2025 年中国市场对精炼钴的需求同比增长 20%至 19.3 万吨，预计 2026 年将达到 20.26 万吨。 刚果金出口管控政策导致 2025 年全球原料供应下降 31%，对中国市场 的影响包括湿法中间品进口大幅减少，MHP 进口增加，以及四氧化三钴 等产品进口明显下降，导致 2025 年度中国未锻轧钴进口同比增加 164.9%。 受刚果金出口限制及地缘政治风险影响，2025 年电钴产能受到严重制 约，部分厂商开工率低于 30%。中国电谷 2025 年表观消费同比增长约 10%至 1.7 万吨，预计 2026 年小幅上升至 1.8 万吨。 ...

同时，市民对科学健身的精细化需求，还推动运动计划定制、伤病康复咨询、青少年体育培训规划等体 育咨询销售收入同比增长47.16%。 随着健康理念从"单一运动"向"全生命周期健康管理"延伸，成都健康消费市场在智能设备、营养补充、 健康保障等延伸领域持续发力。智能健康设备成为"居家健康标配"，针对老年群体的智能血压仪、便携 式血糖监测仪等，受年轻运动爱好者青睐的运动手环等，不同群体对"运动+监测"的需求，带动2025年 1-10月全市智能消费设备制造销售收入同比增长50.76%。 近年来，随着"健康中国2030"规划纲要深入推进与体育赛事IP持续赋能，成都市民健康消费热情不断走 高。增值税发票数据显示，2025年1-10月，成都健康消费市场呈现体育健康与新型健康消费良好态势， 从运动健身到全生命周期健康管理，健康消费正全面融入市民生活场景。 依托大运会、世运会等国际赛事IP沉淀的体育氛围，以及"15分钟健身圈"在社区、公园、天府绿道的全 域铺开，成都市民参与运动健身的热情持续高涨，直接拉动从体育用品生产、零售到专业服务、科学咨 询的全链条消费升级。数据显示，2025年1-10月全市体育用品制造销售收入同比增长6.0 ...

Core Insights - The carbon benefit platform in Yinchuan is successfully incentivizing low-carbon behaviors among citizens, demonstrating a tangible connection between carbon reduction efforts and personal rewards [1][2] Group 1: Carbon Reduction Practices - Citizens like Zhang Bo are actively participating in low-carbon practices, such as cycling to work and using public transport, which contribute to a reduction of approximately 0.21 kg of carbon emissions per day [1] - The platform allows users to accumulate carbon credits through various low-carbon activities, which can be redeemed for everyday goods, enhancing the appeal of sustainable living [1] Group 2: Market Mechanisms and Integration - Yinchuan has integrated the carbon benefit system into its carbon emission rights reform framework, establishing clear rules and market mechanisms to assign value to low-carbon actions [1] - The platform has completed six carbon reduction transactions, totaling 690 tons of CO₂e, with a transaction value of 51,700 yuan [1] Group 3: Broader Impact and Future Plans - The application of the carbon benefit system has expanded beyond individual actions to include rural energy transformation and corporate green upgrades, with a total reduction of 19,309.8 tons of emissions, equivalent to the annual carbon absorption of 1.064 million trees [2] - Future initiatives will focus on deepening carbon peak and carbon benefit pilot projects, transitioning from energy consumption control to carbon emission control, and promoting the development of "zero-carbon parks" and "low-carbon communities" [2]

Core Insights - The article highlights the vibrant consumer landscape in Huaqiangbei, driven by diverse consumption experiences and innovative activities that attract talent and stimulate local economic growth [1][8] Group 1: Star Effect and Consumer Engagement - The presence of celebrities, such as actor Chen Duling, has significantly boosted foot traffic and consumer engagement in Huaqiangbei, with a reported 40% year-on-year increase in daily foot traffic during a recent event [3] - The sp@ce Tianhong supermarket experienced an 80% increase in sales, while tea shops saw an average revenue increase of 25% due to heightened consumer interest [3] Group 2: Culinary Experiences and Community Engagement - A recent food festival in the Huaqiangbei community attracted over 3,000 participants, showcasing a collaborative model that involved local businesses offering discounts and special dishes [4] - The event not only stimulated local consumption but also fostered community spirit by delivering meals to elderly residents [4] Group 3: Sports and Active Lifestyle - The popularity of sports venues in Huaqiangbei has surged, with unique activities like pickleball and indoor rock climbing fully booked during peak times, reflecting a growing trend among young consumers [7] - Sales of related products, such as fitness trackers and bone conduction headphones, have increased by 20% since November, indicating a shift towards health and wellness as a social activity [7] Group 4: Overall Consumer Ecosystem - Huaqiangbei has developed a diverse culinary network with over 20 trendy stores and 1,100 dining establishments, making it a popular destination for young people seeking food and social experiences [5][6] - The area has seen a 50% year-on-year increase in daily foot traffic, with Generation Z accounting for over 60% of new visitors, showcasing the area's appeal to younger demographics [7]

Group 1 - The smart wearable market is experiencing a new growth wave driven by the ongoing fitness craze and major sports events [4] - A Dongguan-based smart wearable company, recognized as a national-level technology SME, focuses on technological innovation to provide high-performance health products [3] - The company faces funding challenges for technological upgrades and capacity expansion despite the increasing demand for its smart devices [3] Group 2 - The People's Bank of China and other departments issued guidelines to enhance financial support for the sports industry, aiming to build a multi-layered financial product system [2] - Guangfa Bank's Dongguan branch is actively providing customized financial services to high-growth tech companies in the sports health sector, enhancing their development capabilities [2][3] - Guangfa Bank has provided nearly 37 million yuan in credit support to the smart wearable company, facilitating the introduction of advanced production equipment and improving manufacturing capabilities [3]

Group 1: Core Concept - The DOE (Department of Energy) certification aims to promote energy efficiency and reduce energy consumption in electronic and electrical products, thereby contributing to lower energy demand and mitigating greenhouse gas emissions [1]. Group 2: Products Requiring DOE Certification - Products that require DOE certification include small battery charging systems (e.g., Bluetooth headphones, smartphones), power supplies (e.g., chargers), televisions, audio/video devices (e.g., DVD players), information devices (e.g., set-top boxes), transformers, household appliances (e.g., refrigerators, air conditioners), motors, and bathroom products (e.g., faucets, toilets) [4][5][6][7][8][9][10][12]. Group 3: Water Efficiency Requirements - The DOE mandates water efficiency standards for bathroom products, with specific flow rate limits: - Bathroom/kitchen faucets: maximum flow rate of 2.2 gallons per minute (approximately 8.3 liters per minute) at a pressure of 60 psi (414 kPa) [13]. - Showerheads: maximum flow rate of 2.5 gallons per minute (approximately 9.5 liters per minute) at a pressure of 80 psi (552 kPa) [13]. - Urinals: maximum water usage of 1.6 gallons (approximately 6.0 liters) per flush for trough urinals [14]. Group 4: DOE Certification Process - The certification process involves several steps: 1. Confirm if the product falls under DOE certification requirements. 2. Prepare necessary documentation and samples, including specifications and circuit diagrams. 3. Select a compliance organization and apply for certification services. 4. Conduct sample testing for energy efficiency. 5. Obtain a detailed energy efficiency test report from the laboratory. 6. Register with the DOE by submitting the test report and required information online. 7. Update the Amazon backend with certification documents and energy efficiency labels [16].

Core Insights - The inbound tourism in China has seen a significant increase, with foreign visitors reaching 51.268 million in the first eight months of the year, marking a 27.8% year-on-year growth [1] - The Chinese government is implementing policies to enhance service consumption and facilitate inbound tourism, including optimizing visa policies and improving services for foreign visitors [1] Group 1: Inbound Tourism Growth - In the first eight months of this year, the number of foreign visitors entering and exiting China reached 51.268 million, a year-on-year increase of 27.8% [1] - During the recent National Day and Mid-Autumn Festival holiday, the average daily inbound and outbound travelers exceeded 2 million, indicating a robust recovery in the inbound tourism market [1] Group 2: Payment Experience for Foreign Tourists - The payment experience for foreign tourists has improved significantly, with a 60% year-on-year increase in daily visits to mini-programs related to inbound tourism on WeChat during the first five days of the holiday [3] - Alipay's new "tap-to-pay" feature saw a 500% increase in consumption during the recent holiday, addressing the payment preferences of many foreign tourists [4] Group 3: Tax Refund and Consumer Guidance - Shenzhen has made significant advancements in the tax refund process for foreign tourists, with sales of tax refund goods reaching 740 million yuan, a 189% increase year-on-year [7] - The city has introduced a one-stop service center for foreign tourists, providing essential information on shopping districts and tax refund points, enhancing the overall travel experience [6] Group 4: International Visa Policies - As of September 15, China has implemented unilateral visa exemptions for 47 countries and mutual visa exemptions with 29 countries, expanding the reach of transit visa exemptions to 55 countries [10] - The number of entry ports has increased to 60, facilitating easier access for foreign tourists [10] Group 5: Adapting to Foreign Tourists - The Huaqiangbei electronics market has seen a notable increase in foreign customers, with daily foot traffic reaching 750,000, a 50% year-on-year increase, and over 7,000 foreign visitors [12] - Merchants in Huaqiangbei are adapting to foreign tourists by providing bilingual services and employing staff who can communicate in English and Cantonese [11]

Core Insights - China's inbound tourism is experiencing significant growth, with foreign arrivals reaching 51.268 million in the first eight months of the year, a year-on-year increase of 27.8% [1] - The Chinese government is implementing policies to enhance service consumption and facilitate inbound tourism, including optimizing visa policies and improving services for foreign visitors [1] Group 1: Inbound Tourism Growth - The average daily number of inbound and outbound travelers during the recent National Day and Mid-Autumn Festival holiday exceeded 2 million, indicating a robust recovery in the inbound tourism market [1] - The expansion of China's visa-free policies has contributed to the increase in foreign tourist arrivals, with 47 countries benefiting from unilateral visa exemptions and 29 countries enjoying mutual visa-free agreements [6] Group 2: Payment Solutions for Foreign Tourists - The payment experience for foreign tourists has improved significantly, with a reported 60% increase in daily visits to mini-programs related to inbound tourism on WeChat during the holiday period [2] - Alipay's new "tap-to-pay" feature has seen a 500% increase in transaction volume during the recent holiday, addressing the payment preferences of foreign visitors [3] Group 3: Tax Refund and Shopping Experience - Shenzhen has seen a remarkable increase in tax refund sales, reaching 740 million yuan in the first eight months of 2025, a year-on-year growth of 189% [5] - The city has implemented innovative tax refund services, including a "one order, one package, one code" model, enhancing the efficiency and experience of tax refunds for foreign tourists [5] Group 4: Consumer Ecosystem for Foreign Tourists - The competition for attracting foreign tourists is shifting towards creating a friendly consumption ecosystem, with businesses adapting to meet the needs of international customers [6] - In the Huaqiangbei electronics market, foreign customer traffic has increased significantly, with daily foot traffic reaching 750,000, a 50% year-on-year increase, and over 7,000 foreign visitors [8]

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call primarily discusses the **AI and semiconductor industry**, with a focus on **Huawei** and its AI chip roadmap, as well as collaborations between **NVIDIA** and **Intel**. Core Insights and Arguments - **Huawei's AI Chip Roadmap**: Huawei's roadmap indicates rapid iteration and performance enhancement of its Ascend series chips, with the Ascend 910C set to launch in Q1 2025 and the Ascend 950P2 expected in Q1 2026. These chips utilize SMID, SIMT architectures, and self-developed HBM technology to enhance computing power and memory bandwidth to meet growing demand [1][2] - **Technological Innovations**: Huawei employs supernodes, cluster interconnections, and self-developed HBM technology to compensate for insufficient single-chip computing power, thereby improving memory bandwidth and capacity. The company also implements product tiering for different application scenarios to achieve technological innovation and performance enhancement [1][4][5] - **NVIDIA and Intel Collaboration**: The partnership aims to leverage NVIDIA's strengths in AI chips and GPU acceleration alongside Intel's x86 ecosystem to enhance overall competitiveness and expand market share in data centers and consumer markets [1][8] - **Storage Market Trends**: The storage market is experiencing a price increase, with companies like Nanya Technology and Winbond achieving record revenues due to AI-driven supply-demand tightness. NAND prices are gradually rising, benefiting domestic NAND manufacturers such as Demingli and Capcloud [1][12][13] Other Important but Potentially Overlooked Content - **Future AI Developments**: Huawei's reports, including "Smart World 2035" and "Globalization Index 2025," emphasize the transformative potential of Artificial General Intelligence (AGI), predicting a tenfold increase in total computing power by 2035 [1][15] - **Differentiated Computing Power Development**: There is a notable difference in computing power development between domestic and international markets, with overseas markets focusing on overall growth while domestic markets emphasize localization. Companies like Haiguang Information and Xingyuan Co. are gaining attention in the cloud and edge chip sectors, respectively [1][16] - **Upcoming Events**: Key upcoming events include Micron's quarterly report on September 23, which may influence market trends, and Alibaba's Cloud Summit, where new developments in AI will be showcased [1][14] - **Macro-Economic and Geopolitical Influences**: The macroeconomic environment and geopolitical factors are impacting the industry, necessitating ongoing monitoring of related dynamics. Huawei's AI chip roadmap is expected to exceed expectations, with weekly updates planned to address market changes [1][18]

Core Points - The company, Peak Group, has implemented salary cuts for employees without prior written notice, leading to employee dissatisfaction [1][3] - The salary reduction varies by salary bracket, with cuts of 10% for salaries between 5,000 to 10,000 yuan, 20% for 10,000 to 20,000 yuan, and 30% for salaries above 20,000 yuan; direct sales staff face a 50% cut [1][3] - The company has reported significant losses in its direct sales sector, with a cumulative loss of over 130 million yuan from January to July 2023, prompting the salary adjustments [3] Company Actions - Peak Group donated 100 million yuan to charity on September 5, 2023, during the "Chinese Charity Day," despite the ongoing salary cuts [1] - The company held a high-level management meeting on September 16, 2023, to address the salary cuts and claimed that the decision had the understanding and support of all employees [1][3] - The chairman, Xu Jingnan, clarified that the salary cuts were targeted at high-salary positions and loss-making departments, and the overall reduction was less than 10% [3] Industry Context - Since its delisting from the Hong Kong stock market in 2016, Peak Group has struggled to regain market presence, especially against competitors like Anta, Li Ning, and Xtep [4] - The company aims to explore new product lines, including sports wristbands and watches, as part of its strategy to adapt to market changes [3]