European Central Bank meeting minutes: Some believe that the interest rate cut cycle has ended.

Bernstein: Lowered its target price for Li Auto (02015.HK) from HK$98.00 to HK$78.00.

Energy: 1. European Energy Exchange (EEX): French electricity futures for next year delivery fell to their lowest point since 2020. 2. Caspian Pipeline Alliance: From the beginning of the year to November 21, crude oil exports through its system exceeded 65.5 million barrels. 3. UK Government: Will allow new oil and gas production activities near existing oil fields; no new licenses will be issued for exploration of new oil and gas fields. The new oil and gas pricing mechanism will replace the energy profits tax, which is expected to end in April 2030 or earlier. 4. On-site engineers say operations at Iraq's Hormor gas field have been suspended following a drone attack. Precious Metals and Mining: 1. Indian officials: Cabinet has approved a 72.8 billion rupee rare earth permanent magnet manufacturing project. 2. Market news: Rio Tinto is seeking to sell some of its key mineral assets in the United States. 3. Paul White, Secretary General of the International Copper Study Group: The global copper market will transition to a supply shortage of approximately 150,000 tons by 2026. 4. LME executive: Given the uncertainty surrounding US tariffs, the COMEX copper premium will persist. 5. CITIC Securities: Raised the upper limit of its lithium price forecast range to 120,000 yuan/ton. 6. Sichuan's largest gold mine has been discovered, with proven gold resources totaling 81.06 tons. 7. Data shows that Mexico's total copper production in September was 41,171 tons, gold production was 5,911 kg, and silver production was 336,732 kg. Agriculture: 1. According to a seasonal outlook report, parts of Australia face a greater risk of wildfires, threatening wine regions, coastal towns, and agricultural land used for grazing and grain cultivation. 2. US Agriculture Secretary: Beef prices will take several months to decline. The current US cattle herd is at its lowest level in 75 years. Tariffs: 1. Canada reduced its steel tariff quotas and imposed a 25% tariff on certain steel derivatives. 2. Canadian Prime Minister Carney: The temporary tariff relief for steel imported for use in Canadian manufacturing, food packaging, and agricultural production will expire on January 31, 2026.