1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Views of the Report - The overall performance of China's economy in 2025 shows a complex situation, with some indicators improving and others facing challenges. The government is expected to introduce more incremental policies in 2026 to boost consumption, promote investment, and address key risks. The bond market remains in a volatile and weak pattern, while the stock market is expected to see more balanced opportunities with technology stocks continuing as the main theme [17][22][34]. 3. Summary by Relevant Catalogs 3.1 Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, slightly lower than the previous quarter. The manufacturing PMI in November was 49.2%, and the non - manufacturing PMI for business activities was 49.5%. Social financing scale, M2, M1, and other financial indicators showed certain trends, with social financing scale increment in the first 11 months exceeding last year's full - year figure [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's November financial data showed that RMB loans increased by 15.36 trillion yuan in the first 11 months, and the cumulative social financing scale increment was 33.39 trillion yuan. The authorities issued a notice to boost consumption through financial support [2]. 3.2.2 Metals - Global physical gold ETFs had continuous inflows in November, with the total asset management scale and total holdings reaching new highs. The copper price was approaching $12,000 per ton, with a cumulative increase of over 30% this year. The zinc, copper, and other metal inventories showed different trends [5][6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The prices of coke and coking coal decreased in early December. The 2026 Shanxi Coal Trading Conference was held, and some steel products will be under export license management from January 1, 2026 [9]. 3.2.4 Energy and Chemicals - China's oil and gas industry is moving towards a new stage of development, with the expected natural gas production to reach 300 billion cubic meters by 2030. The shale oil exploration and development work was promoted, and the number of US oil drilling platforms increased [11][12]. 3.2.5 Agricultural Products - The prices of some agricultural products such as soybean meal and corn increased, while the price of peanuts decreased. The total grain output of Beidahuang Group achieved "22 consecutive years of harvest" [14][15]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 1205 billion yuan of 7 - day reverse repurchase operations on December 12, with a net withdrawal of 193 billion yuan. This week, there are large - scale reverse repurchase maturities, and the central bank will conduct 6000 billion yuan of 6 - month - term repurchase operations on December 15 [16]. 3.3.2 Key News - Multiple departments held meetings to implement the spirit of the Central Economic Work Conference, emphasizing policies such as promoting consumption, stabilizing investment, and preventing financial risks. The issuance scale of public funds and bonds in the market showed certain trends [17][25]. 3.3.3 Bond Market Summary - The Chinese bond market turned cold, with bond yields rising and bond futures prices falling. The money market interest rates showed different trends, and the yields of European and US bonds also changed [28][32]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index also showed a slight increase. Non - US currencies had different trends [33]. 3.3.5 Research Report Highlights - Different institutions analyzed the November financial data and the Central Economic Work Conference, providing investment suggestions for the bond market, such as holding short - term credit bonds and medium - term interest - rate bonds [34]. 3.4 Stock Market Key News - Last week, the A - share market was volatile, with the technology growth sector performing well. The scale of ETFs linked to the CSI A500 index continued to expand. Multiple public funds are currently being issued, and the market is at the time of cross - year layout, with more balanced investment opportunities expected in 2026 [39][40].

本报讯上期所12月12日发布通知，经研究决定，自12月17日交易(即12月16日夜盘)起，锡期货SN2601合 约日内平今仓交易手续费调整为6元/手。(齐宣) ...