焦炭主力 (DCE_J) 加自选

据彭博新闻社报道，中国正在采取措施抑制猪肉生产，以支撑价格和缓解通货紧缩压力。当局敦促农民避免扩大母猪群，并停止对猪的二次育肥——这种做法通过饲养超过正常屠宰体重的猪来提高肉类产量。猪肉是中国消费者价格指数的重要组成部分，自1月以来，猪肉批发价格下跌了近10%，导致连续四个月的通货紧缩。在非洲猪瘟造成的极端波动之后，政策制定者特别关注稳定猪肉周期。母猪数量为4038万头，高于正常的3900万头，农民现在每头猪损失约70元。对农村收入和与美国贸易紧张局势的担忧也促使中国将对欧盟猪肉进口的反倾销调查延长至12月16日，理由是案件的复杂性。

China is moving to curb pork production to support prices and ease deflation pressures, Bloomberg News reported. Authorities have urged farmers to avoid expanding sow herds and to stop the secondary fattening of pigs — a practice that boosts meat output by raising pigs beyond normal slaughter weights. Pork, a key part of China’s consumer price index, has seen wholesale prices fall nearly 10% since January, contributing to four consecutive months of deflation. Policymakers are especially focused on stabilizing the pork cycle after extreme volatility caused by African swine fever. With sow numbers at 40.38 million — above the 39 million deemed normal — farmers are now losing about 70 yuan per pig. Concerns about rural incomes and trade tensions with the U.S. have also prompted China to extend an anti-dumping investigation into EU pork imports until Dec. 16, citing the case’s complexity.

周三，在伦敦美中高层会谈结束后，中国10年期政府债券收益率连续第二个交易日保持稳定，在1.69%左右。谈判最终达成了一项框架协议，旨在落实日内瓦共识，推进最近总统通话中概述的承诺。在该框架下，预计中国将放宽对稀土矿物和磁铁的出口限制，而美国正在考虑放宽对中国先进技术出口的限制。尽管两国在推进之前将寻求各自领导人的最终批准，但该协议引发了投资者的乐观情绪，他们希望该协议有助于缓解世界两大经济体之间长期存在的贸易紧张局势。在中国，投资者正在等待下周公布的一系列经济指标，包括工业生产、零售额和失业率。

China’s 10-year government bond yield remained steady for the second consecutive session at around 1.69% on Wednesday, following the conclusion of high-level US-China talks in London. The negotiations culminated in a framework agreement aimed at implementing the Geneva consensus and advancing the commitments outlined during a recent presidential phone call. Under the framework, China is expected to relax export restrictions on rare earth minerals and magnets, while the US is considering easing its curbs on advanced technology exports to China. Although both nations will seek final approval from their respective leaders before moving forward, the agreement has sparked optimism among investors, who hope it could help de-escalate the prolonged trade tensions between the world’s two largest economies. In China, investors are awaiting a series of economic indicators scheduled for release next week, including industrial production, retail sales, and the unemployment rate.

周三，离岸人民币兑美元汇率稳定在7.18左右，投资者评估了在伦敦举行的为期两天的美中贸易谈判的结果。谈判达成了一项框架协议，旨在落实日内瓦共识，推进最近总统通话期间作出的承诺。在该框架下，预计中国将放宽对稀土矿物和磁铁的出口限制，而美国正在考虑放宽对中国先进技术出口的限制。虽然两国在继续谈判之前将寻求各自领导人的最终批准，但该协议让投资者希望，它可以帮助缓解世界主要经济体之间正在进行的贸易战。在中国，投资者的注意力正转向下周公布的一批关键经济数据，包括工业产出、零售额和失业率。

The offshore yuan steadied around 7.18 per dollar on Wednesday, as investors assessed the outcome of two-day US-China trade talks held in London. The negotiations resulted in a framework agreement aimed at implementing the Geneva consensus and advancing commitments made during a recent presidential call. Under the framework, China is expected to ease export restrictions on rare earth minerals and magnets, while the US is considering relaxing its curbs on advanced technology exports to China. While both countries will seek final approval from their respective leaders before proceeding, the agreement has raised hopes among investors that it could help ease the ongoing trade war between the world’s leading economies. In China, investor attention is shifting to a batch of key economic data due next week, including industrial output, retail sales, and the unemployment rate.

周三，上证综指上涨0.7%，收于3400点以上，深证综指上涨1%，收于10260点，扭转了前一交易日的跌势，有迹象表明美中贸易谈判取得了进展。在伦敦举行了为期两天的会谈后，美国和中国官员就实施日内瓦共识的框架达成一致，并履行特朗普总统和Xi总统最近通话中做出的承诺。作为潜在协议的一部分，预计中国将取消对稀土出口的限制，而美国可能会放松对向中国销售先进技术的限制。高增长科技股和新能源股领涨，其中东方财富（+2.9%）、曙光信息（+3.8%）、深证（+5.7%）、比亚迪公司（+2.2%）和现代安培（+2.9%.）涨幅显著。

The Shanghai Composite rose 0.7% to above 3,400 while the Shenzhen Component gained 1% to 10,260 on Wednesday, reversing losses from the previous session amid signs of progress in US-China trade negotiations. Following two days of talks in London, US and Chinese officials agreed on a framework to implement the Geneva consensus and follow through on commitments made during a recent call between Presidents Trump and Xi. As part of the potential deal, China is expected to lift restrictions on rare earth exports, while the US may ease curbs on advanced technology sales to China. High-growth technology and new energy stocks led the rally, with notable gains from East Money (+2.9%), Dawning Information (+3.8%), Shenzhen Forms (+5.7%), BYD Company (+2.2%), and Contemporary Amperex (+2.9%).