艾丽的无废话财经

Tonight's announcement just made me laugh. The announcement shows that the company plans to use 7.5 billion idle raised funds for cash management.
After deducting issuance costs, can you guess how much actual raised funds Mo Er Thread has this time? The answer is 7.5 billion 7605 million.
The wording of the announcement is "7.5 billion idle raised funds," which means that almost all the money raised from this listing is idle, and the listing is purely for the purpose of raising money.
The investment projects for the raised funds in the prospectus are written quite beautifully: AI training and pushing integrated chips 2.5 billion, graphics chips 2.5 billion, AI SoC chips 1.98 billion, but in the end, these projects are all just gimmicks.
A high-tech company, instead of doing research and development, is instead engaging in financial management. And this is still referred to as the "first domestic GPU stock," I really don't know what to say.

The war is still ongoing, Ukrainian soldiers are piled like bones in the trenches, look at what the politicians who triggered this war are doing.
This is former Foreign Minister Kuleba with his girlfriend, whose chest is almost spilling out, enjoying a leisurely HAPPY video in the UK. Logically, these politicians who incite war on stage and loudly call for the ordinary people to fight for Ukraine should practice their own calls after stepping down, entering the trenches to confront the vicious Russian invaders.
Ideals are rich, but reality is stark. After profiting from the national disaster, these politicians immediately leave the country to enjoy their gains from the disaster, truly fulfilling that saying: politicians fire bullets, merchants provide food, and the people pay with their lives, while in the end, politicians and merchants reap the benefits of war.
Kuleba's transformation began at a subtle moment before his resignation. In March 2024, the footage of him smoking during a livestream, which was abruptly cut, became a turning point in the public's perception of him as a "privileged class."
At that time, fierce battles were ongoing at the front, Zelensky called for everyone to donate their last coin, while Kuleba's cigar, which was exposed by netizens, was a limited edition Cuban product, priced equivalent to three months' allowance for an ordinary soldier.
More ironically, the "Universal Soldier" bill he promoted during his tenure stipulated that 18-year-old males could not leave the country, yet allowed the families of parliamentarians to leave with special passes—including his own two children, who had already been sent to the UK to study in the early days of the war in 2022.
The battlefield's meat grinder is still running. In December 2025, the Ukrainian 1st Corps claimed to have recaptured 430 square kilometers at the cost of 13,000 corpses over three months. These numbers fall onto the statistics tables at the rear, turning into Kuleba's nonchalant remark during an interview: "Tactical retreats are necessary."
He forgot his grand statement from 2022: "Ukrainians will fight even with shovels," and now faced with the question of "why not join the army," he shrugged: "I have already devoted two years of diplomatic effort."
This double standard is commonplace among Ukraine's elite. Kyiv Mayor Klitschko calls for lowering the conscription age to 22, while his two sons are running a restaurant in Canada; the nephew of the former defense minister was exposed for evading military service but ended up only being fined.
A dark joke circulates at the front: "The politician's son studies finance in London, the merchant's son runs a supermarket in Poland, while our son learns to bury people in the trenches."
Even more brutally, the logic of the battlefield is distorted. Drone operator Maxim discovered that the Russian military's glide bombs specifically target troop transports, while the Ukrainian drones can only hit scattered targets—because the elites exchanged the money for advanced drones for villas in Switzerland.
On December 9, 2025, Zelensky discussed the "specific date" for joining the EU in Brussels, and on the same day, in the trenches of Pokrovsk, Private Ivan's mother received the death notification from the Ministry of Defense.
This peasant woman from Kharkiv did not know that Ivan's body had already been buried in the frozen ground for three days, because the front was short of manpower, and even the corpse collection team could not be assembled. Meanwhile, Kuleba was admiring an impressionist art exhibition in a gallery in Paris, captioned "Art makes war seem distant."
As the war reaches its fourth year, Ukraine's population structure is undergoing dramatic changes. UN data shows that the male population aged 18-35 has decreased by 40%, while the elite circles in Kyiv are sending their children to Europe through "wartime special visas."
The logic of people like Kuleba is simple: delay the war with the blood and flesh of the lower class, exchange it for Western aid, and then fill their pockets through arms kickbacks and "reconstruction contracts." As an old fisherman in Odessa said: "They say it's for Ukraine, but who is Ukraine? Is it us unloading shells at the port, or them counting money in Switzerland?"
This is Ukraine in 2025: the corpses in the trenches are rotting, the politicians at the negotiating table are lying, and the real Ukraine is slowly dying in the blood of the young and the laughter of the elites.

I was quite curious about what Bai Tianhui did with so much money during the day, so I looked it up,
after checking, I was really shocked.
During his tenure, he amassed wealth crazily, and the data best reflects his ability to gather wealth! According to statistics, during his 4 years in office, Bai Tianhui embezzled a staggering 1.108 billion, what does this mean? This means that Bai Tianhui had to embezzle nearly 800,000 every day on average!
And this is not the end; this data is only the amount he voluntarily surrendered before being investigated! If we add the amount he did not surrender, he probably had to embezzle over a million daily to match his previous work state! Of course, with such a crazy accumulation of wealth, such a huge amount of embezzlement, and such a lavish lifestyle, Bai Tianhui would definitely not give up.
Luxury goods must be his favorite purchases. Before being investigated, he bought many expensive watches, international brand suits, as well as a Hong Kong apartment worth hundreds of millions, and valuable pure gold tableware, even boasting about his extravagant lifestyle. Unfortunately, these luxury items were ultimately confiscated by law to compensate for his embezzled wealth. It seems that these luxury items have become a reminder of his corrupt and extravagant life! One must say that what is most admirable about Bai Tianhui's embezzlement is still him. To evade legal sanctions, he desperately dragged others down with him; as long as it could reduce his own culpability, he would do it, even fabricating facts and framing others, as long as it could lessen his own guilt. Unfortunately, when heaven wants to destroy someone, it first makes him crazy! Bai Tianhui was ultimately sentenced to death, with no suspense left. Even if he exposed others' crimes, it could not lessen his own guilt, because the crimes he exposed were nothing compared to his own! On December 9, 2025, Bai Tianhui was sentenced to death by the court for serious crimes, and all of his personal property was confiscated. This also reminds the world that officials who buy luxury goods such as famous watches, international brand suits, and expensive pure gold tableware will ultimately not escape legal sanctions and will be sentenced to death. What do you think?

Insider trading arrests have never been due to bad luck. He mentioned the recent case of Yueling Co., which was fined by the Zhejiang Securities Regulatory Bureau, involving Zhong Zhenchao, Di Liuyan, and Chen Xuehui, all of whom had a close relationship with the former chairman Lin Xianming.
Around the Spring Festival of 2024, intermediary Chen Mou Chong leaked the sale of control of Shanghai Yuanyue Automotive Electronics to the secretary of the Yueling Co. board, Chen Mou Jun, and Lin Xianming was immediately informed.
As a result, on March 23, 2024, the company had just reached an intention agreement to acquire 51% of the shares with Yuanyue Automotive, and the announcement was only made after the market closed on March 29. The news had leaked beforehand – those few people took advantage of their internal connections to buy shares early and ended up being heavily penalized.
Now, just thinking about them still believing they could make money through covert operations gives me chills. Do you have such 'moving accounts before the news comes out' tricks around you?

In 1930, herders in Xinjiang accidentally discovered some shiny stones while grazing. Little did they know that these stones would attract worldwide attention, helping the country pay off 2 billion in debt. These stones had a rich color far surpassing that of jade, and the herders polished them into ornaments, unaware that they held a rare mineral resource in their hands. Five years later, a Soviet geological expedition visited and immediately recognized their value, purchasing them from the herders at a high price. Herders A Ya Kuo Zi Bai, during his search, unexpectedly discovered a rare metal ore, beryl. This news shook the Soviet Union, leading a large number of scholars and mining teams to flood in, confirming that the mineral reserves here were astonishing, encompassing 84 types of mineral elements, making it a 'natural geological museum.' These ores were extremely valuable, with beryllium being a core material for atomic energy reactors and aerospace engineering, on which the Soviet Union relied during its manned space flight in 1961. However, due to the outdated mining technology of the time, the mining area remained a Sino-Soviet joint venture. In 1955, our country finally regained full operational rights over the Koktokay mining area. However, the good times were short-lived. In July 1960, Sino-Soviet relations deteriorated, and the Soviet Union withdrew all aid, demanding that the country repay a staggering 5.2 billion in foreign debts within five years, plunging the nation into a dire situation. In this crisis, the Koktokay No. 3 mine stepped up, becoming the main force in repaying the debt. This area is known as China's 'second cold pole,' with an average winter temperature of minus 40 degrees Celsius. The miners, braving the severe cold, used the most primitive tools to launch the 'Export Defense Battle.' Without advanced equipment, the miners manually dug and carried ore, working at least eight hours a day, with fifteen or eighteen hours being the norm. New gloves would wear out in just a few hours, and their hands became numb from the cold, yet no one stopped. Just when it seemed everything was going wrong, the country was also facing three years of natural disasters, leading to extreme food shortages. The miners went from eating steamed buns and pickles to drinking soup and gruel, and eventually, even the gruel became unsustainable, forcing them to till the land. The Japanese seized the opportunity to propose 'one kilogram of food in exchange for one kilogram of waste ore,' even though the smelting waste still contained rich metals. However, the military and civilians in the mining area preferred to go hungry rather than cheapen their resources for outsiders, standing firm in guarding the country’s strategic resources. Thanks to this steadfastness, Koktokay No. 3 mine repaid over 2 billion in foreign debt for the country, accounting for 47% of the total debt, significantly alleviating the pressure of using agricultural products to offset debts and allowing the country to catch its breath in difficulty. At the same time, the rare metals produced in the mining area provided key raw materials for the 'Two Bombs, One Satellite' project. The beryllium for atomic bombs, lithium for hydrogen bombs, and cesium for artificial satellites all came from this heroic mine, supporting the backbone of national defense. Research personnel and miners fought side by side, exploring while mining, and within just four years, they developed the atomic bomb. In 1964, the mushroom cloud rose, in 1967, the hydrogen bomb exploded, and in 1970, the artificial satellite was launched, with Koktokay witnessing each glorious moment. The miners of that year, with their spirit of 'hard work, arduous struggle, selfless dedication, and bringing glory to the country,' wrote a legend. Some worked in the nearly zero-degree mine for over a decade, even suffering from silicosis, yet they could still stand after lung removal. Today, the illustrious Koktokay No. 3 mine has been sealed off, transforming from a peak over 200 meters above the ground to a giant pit 236 meters deep, becoming a national geological park and a base for red education, telling the story of those passionate years. In Mongolian, Altai Mountain means 'golden mountain,' but the value of Koktokay No. 3 mine far exceeds that of gold. It is a gift from nature, a monument forged by the sweat and blood of miners, and a source of pride for the Republic that stood tall during difficult times. This history will always be remembered: a stone, a mine, a group of heroes, who paved the way for the country in adversity with faith and perseverance, supporting the future of the nation.

Charlie Munger on Six Major Faux Assets
1. Mansions Beyond One's Means: Vanity-Driven Home Purchases Become Lifelong Debt
2. Luxury Cars: A Car Depreciates 20% Upon Purchase, Annual Loss of 15%-20%, Should Be Kept Within 10% of Annual Income
3. Complex Financial Products: High-Fee Active Funds Lose Over Half of Returns in 30 Years
4. Non-Productive Assets: Gold and Bitcoin Have No Cash Flow; Essentially a Game of Fooling Each Other (I Disagree with This Point)
5. Frequent Trading: Disrupts Compounding, Incurs Costs, Emotional Decision-Making
6. Credit Debt: High-Interest Credit Cards Are Wealth Vampires

Forward: Oracle is just a gambler, op-e-n-ai could become the pioneer on the road of innovation, conveniently taking Oracle with it...
Oracle released its quarterly financial report: cloud services and licensing support revenue increased by only +9% year-on-year, without the 'AI acceleration' that the market expected. Cash flow has vanished, all negative, with a quarterly free cash flow of -10 billion USD. The company also raised its full-year capital expenditure guidance, expecting to spend about 15 billion USD more than previously anticipated. After the earnings report was released, the stock price plummeted over 11% in after-hours trading.
Oracle is just a gambler.
op-e-n-ai could become the pioneer on the road of innovation, conveniently taking Oracle with it... If op-en ai doesn't make money by 2026, it will directly collapse.

Many distributors believe that they have contributed to the promotion of Moutai, and without distributors, the distillery cannot operate, and so on. Essentially, this means that distributors used to be able to mobilize various social resources to drive traffic to Moutai.
However, the way to acquire traffic has changed; your traffic is too poor, even less useful than that of wine-tasting KOLs, because the liquor needs to return to the consumers. You distributors hardly interact with consumers, which has no real value. Your business model is merely that of financial investors, similar to that of developers.
Selling distribution rights immediately is still an absolute opportunity to escape the peak; do not resist.

After being illuminated by radar, the small day panicked
It turned out to be this reason. On December 8, expert interpretation: Fire control radar illumination is definitely not an ordinary scan; to put it bluntly, it's like the gun muzzle has already been pressed against the forehead, and the opponent's aircraft has completely entered the missile attack range; as long as the button is pressed, it can hit directly. This is the highest level of warning signal according to international standards.
Japanese pilots in the cockpit, facing the piercing alarms and flashing red lights, understand in their hearts that this is not an exercise; this is a matter of life and death. One more step forward, and the risk becomes unpredictable, so afterwards they hurriedly pretended to be victims in the public opinion arena, desperately amplifying the so-called sense of threat, behind which lies a sense of guilt and powerlessness.
What truly terrifies them is the completely unequal hardware gap between Chinese and Japanese fighter jets. The J-15 has long been equipped with advanced gallium nitride radar, with a detection range of up to 300 kilometers, capable of simultaneously locking onto more than twenty targets, and outstanding anti-jamming capabilities.
In contrast, the small day's F-15J has been in service for over forty years, with radar from decades ago that can detect only up to 200 kilometers, tracking a maximum of six targets at a time. In comparison, even if it takes off first, it is very likely to be locked on without having detected our trace, and the technological gap leaves it with no room to retaliate.
These are not advantages at the individual aircraft level, but a manifestation of the entire systematic combat capability, from radar to missiles, transitioning from individual aircraft to coordinated formations. The hard power of the Chinese navy has significantly surged in recent years.
This change directly alters the psychological situation at sea; the opponent can no longer casually wander around their doorstep as they did in the past. Back then, they might still rely on equipment advantages for reconnaissance, but now they are facing opponents with more advanced equipment, longer ranges, and faster responses.
Fire control radar illumination is an obvious warning. The pressure felt by the opponent is not illusory but a real-time lethal threat. This incident is just a microcosm, exposing the current power disparity between the two sides.
The Chinese navy already has ample capability to maintain maritime security, no longer passively defending but capable of proactively delivering strong responses. In the future, any tests or provocations will face this reality — the gap in strength will turn reckless actions into dangerous gambles.
The Chinese navy, through practical actions, demonstrates its strength and confidence, making all potential challengers think twice about getting too close.

There are too many Xiaomi Home stores now, there are three Xiaomi Home stores within about one kilometer near my home, and some of the locations are also average, so they are likely to belong to stores that are losing money and need optimization.
In recent years, Xiaomi Home's offline store expansion has been relatively fast, but sales have not increased as much, and single-store sales may have declined, so some stores losing money is to be expected.

It has been 11 years, and Malaysia Airlines MH370 has finally compensated!
It is not the lowest compensation standard of 1.5 million, nor the compensation demands of 10 million to 80 million RMB proposed by some family members during the court hearing in 2023!
Today, it was announced that 8 missing passengers
Each family will receive 2.9 million!
Previously, 47 families chose to settle
Although the amount of the settlement has not been disclosed, it is estimated to be around the legal amount (1.5 million).
There are still 23 people whose processes are not completed, and it is estimated they will also receive 2.9 million.
The road to rights protection over the past eleven years has been really difficult!
Although the compensation has been received, the pain will take a lifetime to heal.

800 million bottles.
The current social inventory of Moutai is said to be this number.
But across the country in a year, only about 30 million bottles are actually opened and consumed.
What does this concept mean? It means that if the Moutai factory were to explode tomorrow and disappear from the Earth, just the bottles currently hoarded by everyone would be enough for the entire nation to drink for another 25 years.
You say, what is this thing really for, to drink or to speculate?
A couple of days ago, I heard someone say they finally managed to snag a bottle of Moutai for 1399 on pdd, but what happened? They can't even give it as a gift.
You ask them what they're afraid of? Afraid it's fake?
They laugh themselves. They say it's probably real, but they just can't give it away.
What they're afraid of isn't fake liquor; it's the label of 'bought on pdd', afraid that in that moment of giving it away, the recipient might feel a jolt in their heart, might think this gift is 'not sincere'.
A bottle of liquor has been turned into an unspoken financial game.
When the drumbeat stops, let's see who holds the liquor.
Everyone is gambling, hoping they are not the unlucky one left holding the bag.
The liquor is still the same liquor, with a prominent soy sauce aroma.
But now, it seems not many people really care whether it smells good or not.

Singapore probably can't understand how it comfortably collected 'toll fees' in the Strait of Malacca for decades, thinking it had a firm grip on the situation, only to wake up one day to find Hainan at its doorstep, directly pulling the rug out from under it.
This matter starts with the 'lying down to earn' logic of Malacca, where a quarter of the world's crude oil and a fifth of goods pass through. Eighty percent of the oil imported by China from the Middle East goes through this route. Singapore is positioned at the southern mouth of the strait, where ships need to refuel, change crew, and handle paperwork. Just relying on these 'toll businesses' accounts for 7% of its GDP. In the past, whether it was Chinese home appliances or European cars, they had to look to Singapore when using the Eurasian shipping route. This geographical monopoly made them accustomed to 'lying down counting money'.
However, China has long ceased to want its lifeline tied to someone else's doorstep. Hainan's move is a first step in 'hardware'. Yangpu Port has built four 200,000-ton berths at once, allowing the world's largest container ships to dock directly, with an annual throughput capacity reaching 5.5 million TEUs. What about Malacca? There are 37 shallow spots in the strait, and a 200,000-ton oil tanker has to detour through the Lombok Strait, adding an extra 2,000 kilometers.
Hainan has also established the 'China Yangpu Port' as a ship registration port, with 64 international vessels registered and a total deadweight tonnage of 6.35 million. New ship tax rebates and tax exemptions for foreign vessels directly pull shipping companies into its own sphere. In the past, ships had to stop in Singapore, but now Yangpu can accommodate large vessels and offer bonded services. Who would still be willing to take a detour?
Even more astonishing is the 'software'. Hainan's free trade port processing value-added policies, such as exempting tariffs for goods processed in Yangpu with a value-added increase of 30%, allow Southeast Asian rubber and Middle Eastern crude oil to be processed in Hainan, directly transforming into finished products sold domestically, saving the hassle of transshipment through Singapore.
In the first 10 months of 2024, Hainan's import and export with ASEAN reached 48.29 billion, growing 45 percentage points faster than the province's overall foreign trade. Cargo ships from Indonesia and Malaysia head straight to Yangpu, and even the Hainan chicken rice that Singaporeans love has become a 'delivery code'. The chicken rice that overseas Chinese from Wenchang brought to Southeast Asia years ago has now turned into a fresh food business directly delivered between the two regions.
What Singapore did not account for is that Hainan is not only seizing the docks but also the 'rules'. Pilot projects for international transshipment operations, and the free flow of funds for ships and crew have made Yangpu a 'maritime free trade zone'. In the past, shipping companies in Singapore had to negotiate with three parties (Singapore, Malaysia, Indonesia), but now Hainan has streamlined all procedures through one window.
The most aggressive move is in the shipping route layout: by 2025, Hainan will stabilize 72 container shipping routes, connecting 'domestic and foreign trade on the same ship' routes through Yangpu, allowing Thai rice and Vietnamese furniture to be distributed directly in Yangpu. Even Singapore's Changi Airport has to sign cooperation agreements with Haikou Meilan, claiming mutual benefits but in reality diverting traffic.
There is also a historical account. The Chinese foundation in the Strait of Malacca is deep, with 1.2 million overseas Chinese from Wenchang in Hainan spread across Southeast Asia. The labor ships that once went 'down to the South Seas' have now turned into investment ships for the free trade port. Singapore has made money for decades relying on Chinese culture, but did not expect Hainan to use the bond of 'same source, same root' to transform business from 'transit' to 'landing'.
For example, Singapore hotel groups opening branches in Hainan, and biomedical companies clustering in Boao Lecheng, appear to be cooperation, but in reality, Hainan is using the 'front shop, back factory' model to turn Singapore's transshipment functions into a link in the industrial chain.
The key point is that Singapore has been resting on its geographical advantages for too long, forgetting the power of 'human factors'. The siltation in the Strait of Malacca advances by 500 meters each year, and no matter how high Singapore's port unloading efficiency is, it cannot cope with the fact that large ships cannot enter. In contrast, Hainan is reclaiming land and developing green electricity with 'wind and solar storage', aiming for green electricity to account for over 90% of the port area by 2027.
While Trump was still threatening China with tariffs, Hainan had already quietly guided the flow of goods, funds, and people from Southeast Asia towards the South China Sea using free trade port policies. Singapore thought it had choked China's neck by controlling the strait, but did not see that China had built a 'new Malacca' at its doorstep, not a geographical throat, but a high ground of systems.
This situation resembles the historical cycle of Malacca replacing Palembang and Singapore replacing Malacca in the past. However, this time, the initiative is not based on the colonial era of pirate protection, but on the self-trade era of policy innovation. Singapore's 'lying down to earn inertia' has lost to Hainan's 'breakthrough determination', not in geography, but in failing to understand: when a 1.4 billion-person market decides to turn 'transit business' into 'own business', any geographical monopoly cannot withstand the reconstruction of the system.
Now, the winds and waves in the Strait of Malacca still exist, but the cargo list on the ship has quietly written 'stop at Yangpu'.

Lan Zhanfei was kidnapped, and the amount robbed was not the more than 10 million reported online, but rather 1.088 million!
The security company Zhongbao Hu'an issued a statement detailing the process.
This also confirms his experience of being kidnapped, not a self-directed performance.
That afternoon at 4 PM, Lan Zhanfei flew to Antarctica.

Recently, the market is particularly divided: on one side, AI and tech leaders are soaring to new highs, while on the other side, many old stocks and Hong Kong stocks are falling sharply.
There is a viewpoint that this is closely related to the new regulations for public funds.
Previously, fund managers could hold onto their funds during declines and gradually buy the dip, but that is no longer possible. The new regulations link their income and performance directly to their results, and failing to outperform the benchmark may lead to salary cuts. As a result, many people's strategies have changed — no longer seeking to achieve excess returns on their own, but rather to avoid underperforming. Thus, "grouping together" has become the safest choice: everyone buys the strongest sectors in the market, rising and profiting together, and even if there are losses, it won't be just one's own.
This creates a cycle: funds concentrate on hot sectors, driving up stock prices; the profit effect attracts more funds to join, further strengthening the trend; while other sectors fall more sharply due to the withdrawal of liquidity. If you are not in the main line, it's like standing in two worlds — one side is hot, the other is cold.
In such an environment, there are fewer people engaging in contrarian investing or buying the dip, because the uncertainty in left-side trading is too great; if one fails to keep up with the rhythm, their performance may lag and impact their income. So even if some sectors have dropped to a value, funds do not easily enter.
One fund manager mentioned the current situation, saying that what they care about most now is not how good a company's fundamentals are, but rather "what others are buying." Following the large troop at least ensures they won't fall behind.
As a result, the market is increasingly driven by "grouping together," sector rotation accelerates, and fluctuations become more extreme. When it rises, it rises sharply, and when it falls, it withdraws quickly. Is it an opportunity brought by industrial trends, or a bubble inflated by grouping together? Sometimes it's really hard to tell.
Perhaps this is a part of the process of A-shares moving towards "institutionalization" and "indexation." However, for investors, the most real feeling at the moment may be: if the right direction is chosen, it's a win; if the wrong one is chosen, it's a loss. In such a market, whether to follow or not has become a challenge everyone must face.

One night, 7 companies were approved to list on the Hong Kong stock market.
Poor Hong Kong stocks. It resembles a piglet that has been tortured to the point of being skeletal, yet still has to have a large portion of its blood drawn.
$BNB $BTC $ETH

There was a long period of time
Gree only had an 8 times price-to-earnings ratio
What price-to-earnings ratio is suitable for liquor now?
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The relationship between Chinese students and Purdue University has come to an end.
As shown in the picture, the president of Purdue University has completely banned Chinese international students from participating in the university's master's and doctoral programs, a sigh.
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A rare consensus has been reached by the **China Copper Raw Material Joint Negotiation Group (CSPT)**, composed of major copper smelting companies in China: In 2026, the overall copper production capacity will be reduced by more than 10%. This is not an ordinary capacity adjustment, but a collective counterattack by the midstream smelting sector against the long-term 'squeeze' from upstream miners.
In recent years, global copper supply has continued to be tight—new projects are scarce, the grades of old mines are declining, and geopolitical conflicts (such as Indonesia's Grasberg and Congo's Kamoa-Kakula) are frequent, leading to copper concentrates becoming a 'rare commodity.' Miners hold the resources, firmly grasping the bargaining power, continuously lowering processing fees (TC/RC). By 2025, spot TC may even fall into negative territory—this means that smelters will not only make no profit for every ton of copper concentrate processed but will also have to pay out!
Even more brutally, the past model of subsidizing the main business with by-products (such as sulfuric acid and gold) is also difficult to sustain. Under the dual pressure of 'zero processing fees + high costs,' many smelting plants find themselves in the predicament of 'losing money as soon as they start operations.'
This is a typical 'anti-involution' action—drawing on the successful experience of the aluminum industry, actively limiting production to reverse the supply-demand imbalance and forcing TC/RC back to reasonable levels. If implemented effectively, domestic refined copper supply will tighten in the short term, not only expected to push up copper prices but also likely to redistribute the profit pie of the entire industry chain.
$BNB $BTC $ETH

Blue War Non-South Africa was kidnapped
Bank card was forcibly transferred 17 million, then credit was taken away 3 million, and some other money, a total loss of about 20 million
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