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CITIC Securities: The growth rate of supply is expected to move down rapidly, and there is room for aluminum price increase. According to the research report of CITIC Securities, the growth rate of global electrolytic aluminum production is expected to be 3.6%/2.2%/1.7%/0.9% from 2024 to 2027, showing a rapid downward trend. At the same time, our calculation results show that the incentive price of overseas electrolytic aluminum projects may be as high as 3000 US dollars /24000 yuan. The current aluminum price is difficult to stimulate overseas capacity expansion. We are optimistic about the rising space of aluminum price and the allocation value of aluminum plate under the background of strong supply constraints. Maintain the aluminum plate "stronger than the market" rating.Funds continue to enter the market through the channel. The net subscription of stock ETFs exceeded 36.5 billion in the month. Since December, funds have continued to enter the market through stock ETFs (transactional open index funds). Wind information data shows that as of December 13, the net subscription share of stock ETFs in the month reached 36.543 billion. From the perspective of specific capital flow, broad-based ETFs attract gold strongly, and many CSI A 500 ETFs and CSI 300ETF are actively subscribed by investors. In addition, dividend ETFs are also net subscribed by investors. (Securities Daily)The position ETF--iShares Gold Trust, the world's largest gold ETF, decreased by 4.6 tons compared with the previous trading day, and the current position is 863.9 tons.

Market News: A 6.6-magnitude earthquake occurred in Moller, Chile.The United Nations Security Council discussed the situation in Central Africa. China called on the international community to provide targeted help. On December 13, local time, the United Nations Security Council discussed the situation in Central Africa. The Chinese representative said that the current situation in Central Africa is generally stable, and the international community should provide targeted and constructive help in a timely manner to support regional countries in taking a development path in line with their own national conditions. The meeting was briefed by Abari, Special Representative of the UN Secretary-General for Central Africa and Director of the UN Regional Office for Central Africa. Geng Shuang, Deputy Permanent Representative of China to the United Nations, said that it is necessary to maintain the overall positive momentum of the regional situation. In the past six months, the situation in Central Africa has been generally stable and the political peace process has made positive progress. Gabon held a constitutional referendum according to the established timetable, Rwanda successfully held a general election, and Chad continued to advance the process of peace and reconciliation. The progress is worthy of recognition and welcome. At present, many countries are actively preparing for general or local elections. We hope that all political forces in the countries concerned will strengthen dialogue and consultation, bridge differences, build consensus and steadily advance the political process. The international community should provide targeted and constructive help in a timely manner and support regional countries to take the development path that suits their own national conditions.The output of platinum jewelry in China decreased by 12% year-on-year in the third quarter. Antaike reported that according to the statistics of the International Platinum Association, the output of platinum jewelry in China decreased by 12% year-on-year in the third quarter, which was worse than the decline of 7% in the second quarter. Among them, the output of plain platinum jewelry, which accounts for more than 98% of the total output of platinum jewelry, fell by 9% year-on-year in the third quarter, while the output of platinum inlaid jewelry continued to decline sharply. Platinum is still in a relatively weak position in the rapidly changing market environment today. Platinum category lacks innovation, such as breakthrough design and new technology. Retailers lack enthusiasm, low profits and slow turnover. Old general goods still account for the vast majority, which are unsalable seriously. Innovative products and sets of products have a faster turnover and higher profits, but their market share is still not high.

According to the information released by the National Earthquake Center of the University of Chile, a 6.3-magnitude earthquake occurred in the Maule region of central Chile on the 13th. (Xinhua News Agency)Ministry of Education: Steadily promote the expansion of high-quality undergraduate courses and go all out to do a good job in the employment of college graduates. On December 13th, Huai Jinpeng, Party Secretary and Minister of the Ministry of Education, presided over a party meeting to convey the spirit of the Central Economic Work Conference, and to study, deploy and implement the work. The meeting stressed that it is necessary to strengthen the supporting role of education in science, technology and talents, focus on grasping strategic competition and historical initiative, closely promote educational development, scientific and technological innovation and personnel training, accelerate the construction of "double first-class", dynamically adjust disciplines and majors ahead of schedule, speed up the training of talents urgently needed in national strategy, strengthen the construction of national strategic scientific and technological strength, and strongly support the construction of modern industrial system.Market News: The Chief Veterinary Officer of USDA said that USDA does not expect to complete the necessary steps to resume importing Mexican cattle before the end of the holiday.