Core Viewpoint - The China Development Bank (CDB) is committed to supporting the construction of the "Eight Vertical and Eight Horizontal" high-speed rail network by leveraging its long-term financing advantages and collaborating closely with the China National Railway Group and its subsidiaries [1] Group 1: Project Support and Financing - By the end of 2025, the CDB aims to support high-speed rail projects with an operational mileage exceeding 42,500 kilometers, accounting for over 85% of the total operational mileage of the "Eight Vertical and Eight Horizontal" high-speed rail network [1] - The bank will utilize medium- and long-term loans and new policy-based financial instruments to support the construction of major railway projects, including the Shanghai-Chongqing and Chongqing-Kunming high-speed rail lines [1] Group 2: Strategic Focus and Future Plans - The CDB plans to enhance its role as a key bank for infrastructure construction, focusing on major railway engineering projects and improving the capacity of conventional railway trunk lines [1] - Future efforts will include supporting multi-modal transport and digital upgrades, as well as promoting the international expansion of high-speed rail [1]

Report Industry Investment Rating - No relevant content provided Core Views - The main contract price of rebar declined weakly with a daily decline of 0.79%, and both trading volume and open interest contracted. Currently, rebar production has significantly increased, supply has grown, while demand is weak, leading to the accumulation of fundamental contradictions. Steel prices are under pressure during the off - season. The relatively positive factor is the warm commodity sentiment. The subsequent trend will continue to oscillate at a low level, and attention should be paid to inventory changes [5]. - The main contract price of hot - rolled coil fluctuated weakly with a daily decline of 0.60%, and both trading volume and open interest contracted. Currently, the supply of hot - rolled coil has declined, but inventory is high and the pressure remains. Demand resilience is weakening, and industrial contradictions are likely to accumulate, putting pressure on prices. The relatively positive factor is the decent speculative demand. It is expected that the trend will continue to oscillate, and attention should be paid to demand performance [5]. - The main contract price of iron ore fluctuated weakly with a daily decline of 0.51%, trading volume decreased while open interest increased. Currently, the reduction in iron ore supply is limited, demand is weak, and combined with high inventory pressure, the fundamentals are weak. Iron ore prices are under pressure. The relatively positive factor is the warm commodity sentiment. It is expected that iron ore prices will maintain an oscillating trend, and attention should be paid to steel mills' restocking [5]. Summary by Relevant Catalogs Industry Dynamics - In 2025, the China Development Bank issued over 200 billion yuan in railway loans, a year - on - year increase of 27.8%, and the railway loan balance exceeded 1 trillion yuan for the first time. By the end of 2025, the total operating mileage of high - speed rail projects supported by the bank exceeded 42,500 kilometers, accounting for over 85% of the "Eight Vertical and Eight Horizontal" high - speed rail network. In the future, it will continue to increase support for railway construction [7]. - According to the Tower Crane Rental Industry Prosperity Index (TPI) in December 2025, the utilization rate of tower crane days was 55.1%, and the utilization rate of maximum lifting moment was 56.8%, 2 and 1.5 percentage points lower than the previous month respectively. The rental price index was 496.52 points, 5.65 points lower than the previous month and 57.283 points lower than the same period last year [8]. - On January 23, 2026, the Australian Anti - Dumping Commission announced a new exporter review investigation of anti - dumping and counter - subsidy on aluminized zinc - coated steel sheets imported from the Chinese mainland at the request of a Chinese exporter. The investigation period is from January 1, 2025, to December 31, 2025, and the final ruling is expected to be submitted by April 15, 2026 [9]. Spot Market - The spot prices of rebar, hot - rolled coil, and Tangshan billet all declined, while the price of Zhangjiagang heavy scrap remained unchanged. The spot prices of PB powder in Shandong ports increased, and the price of Tangshan iron concentrate remained unchanged. The freight rates from Australia and Brazil increased slightly, the SGX swap price decreased, and the iron ore price index declined [10]. Futures Market - The closing price of rebar futures was 3,126 yuan, a decline of 0.79%, with a trading volume of 673,796 lots and an open interest of 1,714,659 lots. - The closing price of hot - rolled coil futures was 3,289 yuan, a decline of 0.60%, with a trading volume of 288,700 lots and an open interest of 1,508,428 lots. - The closing price of iron ore futures was 788.0 yuan, a decline of 0.51%, with a trading volume of 211,744 lots and an open interest of 571,053 lots [12]. Related Charts - The section on related charts mainly presents various inventory and production - related charts of steel and iron ore, including steel inventory, iron ore inventory, and steel mill production conditions, showing the trends and seasonal characteristics of relevant data over multiple years [14][22][27]. 后市研判 - For rebar, supply pressure is increasing as production has risen, and demand is weak. The price is under pressure during the off - season but may be supported by warm commodity sentiment. It will continue to oscillate at a low level, and inventory changes should be monitored [34]. - For hot - rolled coil, both supply and demand have weakened. Inventory is high, and demand resilience is weakening. Although speculative demand is decent, the price is under pressure and will continue to oscillate. Attention should be paid to demand performance [34]. - For iron ore, the supply reduction is limited, demand is weak, and inventory is high. The price is under pressure but may be supported by warm commodity sentiment. It will maintain an oscillating trend, and steel mills' restocking should be monitored [35].

1月26日金融一线消息，据国家开发银行微信公众号，作为服务我国铁路建设的主力银行，2025年，国 开行全年发放铁路贷款超过2000亿元，同比增长27.8%，铁路贷款余额首次突破万亿元。 责任编辑：秦艺 1月26日金融一线消息，据国家开发银行微信公众号，作为服务我国铁路建设的主力银行，2025年，国 开行全年发放铁路贷款超过2000亿元，同比增长27.8%，铁路贷款余额首次突破万亿元。 责任编辑：秦艺 ...

1月26日金融一线消息，国家金融监督管理总局日前发布《关于洪登金开发银行首席业务官任职资格的批复》，核准洪登金国家开发银行首席业务官的任职 资格。 公开资料显示，洪登金，男，汉族，1966年5月出生，江西武宁人，中共党员，武汉水利电力学院农田水利工程专业，工学学士，中央党校世界经济专业， 研究生学历，高级工程师。 洪登金于1997年入职国家开发银行，1997.06-1998.01任西南信贷局干部，1998.01-1999.09任西南信贷局正科级行员，1999.09-2000.01任昆明分行办公室临时 负责人，2000.01-2001.03任昆明分行办公室副主任，2001.03-2002.02任昆明分行信贷一处副处长，2002.02-2003.02任党委宣传部党校办公室副主任， 2003.02-2003.09任党委宣传部综合处副处长，2003.09-2008.11任教育培训局教育培训一处处长，2008.11-2011.03任教育培训局（党委宣传部）综合处处长， 2011.03-2015.06任党委宣传部副部长、教育培训局副局长，2015.06-2015.11任教育培训局副局长。 2015年11月，洪登金调任大连 ...

【纠错】 【责任编辑:刘子丫】 截至2025年底，国开行参与支持的高铁项目运营总里程超过4.25万公里，占"八纵八横"高铁网运营 总里程的85%以上。 国开行交通运输业务部总经理关宏岩表示，下一步，将锚定交通强国建设目标，充分发挥服务基础 设施建设的主力银行作用，聚焦服务铁路重大工程项目，以联网补网强链为重点，持续加大对"八纵八 横"高铁网主通道建设、普速铁路干线通道能力提升、铁路多式联运和数智化升级、高铁"走出去"等领 域支持力度，为完善现代化综合交通运输体系作出新贡献。 新华社北京1月26日电（记者张千千）记者1月26日从国家开发银行获悉，2025年，国开行发放铁路 贷款超过2000亿元，同比增长27.8%，铁路贷款余额首次突破1万亿元。 据介绍，2025年，国开行发挥中长期投融资优势，积极运用中长期贷款、国开新型政策性金融工具 等，全力支持干线铁路、重要支线铁路和铁路枢纽建设，助力沪渝蓉沿江高铁、重庆至昆明高铁等标志 性项目建设。同时，积极参与国铁集团有关债券承销，助力加强多元化资金保障。 ...

本报北京1月23日电（记者王俊岭）记者23日从国家开发银行获悉，2025年，国开行向长江经济带沿江 省市发放贷款超1万亿元，重点支持减污降碳扩绿增长、基础设施互联互通、产业优化升级等领域，助 力经济社会发展全面绿色转型。获得金融支持的项目覆盖污水处理厂网一体化改扩建、防污治污设施建 设、地下综合管廊建设、港口基础设施建设、集疏运网络体系建设、传感器特色工艺中试平台等领域。 国家开发银行发展与规划部有关负责人说，国开行将坚持生态优先、绿色发展，围绕推进生态环境高水 平保护、创新支撑体系、区域协同融通、保护传承弘扬长江文化等领域，加大金融支持力度，提升金融 服务质效，助力长江经济带发展行稳致远。 ...

（来源：内蒙古日报） 据介绍，相关贷款重点支持减污降碳扩绿增长、基础设施互联互通、产业优化升级等领域，助力经济社 会发展全面绿色转型。 国家开发银行发展与规划部有关负责人表示，下一步，国开行将坚持生态优先、绿色发展，围绕推进生 态环境高水平保护、区域协同融通、保护传承弘扬长江文化等领域，加大金融支持力度，提升金融服务 质效，助力长江经济带发展行稳致远。 转自：内蒙古日报 新华社北京1月23日电 （记者 张千千）记者1月23日从国家开发银行获悉，2025年，国开行持续加大对 长江经济带发展的金融支持力度，向长江经济带沿江省市发放贷款超1万亿元。 ...

1月23日金融一线消息，据国家开发银行微信公众号，国家开发银行持续加大对长江经济带发展的金融 支持力度。2025年，国开行向长江经济带沿江省市发放贷款超1万亿元，重点支持减污降碳扩绿增长、 基础设施互联互通、产业优化升级等领域。 责任编辑：秦艺 1月23日金融一线消息，据国家开发银行微信公众号，国家开发银行持续加大对长江经济带发展的金融 支持力度。2025年，国开行向长江经济带沿江省市发放贷款超1万亿元，重点支持减污降碳扩绿增长、 基础设施互联互通、产业优化升级等领域。 责任编辑：秦艺 ...

国家开发银行发展与规划部有关负责人表示，下一步，国开行将坚持生态优先、绿色发展，围绕推进生 态环境高水平保护、区域协同融通、保护传承弘扬长江文化等领域，加大金融支持力度，提升金融服务 质效，助力长江经济带发展行稳致远。 【纠错】 【责任编辑:谷玥】 新华社北京1月23日电（记者张千千）记者1月23日从国家开发银行获悉，2025年，国开行持续加大对长 江经济带发展的金融支持力度，向长江经济带沿江省市发放贷款超1万亿元。 据介绍，相关贷款重点支持减污降碳扩绿增长、基础设施互联互通、产业优化升级等领域，助力经济社 会发展全面绿色转型。 ...

Core Insights - The National Development Bank plans to issue over 1 trillion yuan in loans to provinces along the Yangtze River Economic Belt by 2025, focusing on pollution reduction, carbon reduction, green growth, infrastructure connectivity, and industrial optimization [1] Group 1: Environmental Initiatives - The Jiangxi branch of the National Development Bank will provide 1.6 billion yuan in loans by 2025 to support the integrated renovation and expansion of sewage treatment plants, pollution control facilities, and underground comprehensive pipeline construction, contributing to the improvement of water quality in the Jiujiang section of the Yangtze River [1] - The Jiujiang section has maintained Class II water quality for seven consecutive years, with key water bodies like the Gan River and Xiu River meeting quality standards, and 100% compliance for drinking water sources at the county level [1] Group 2: Innovation and Development - The Jiangsu branch will invest 110 million yuan in 2025 to support the construction of the National Intelligent Sensor Center in Jiangsu, aiming to create a platform for sensor technology and promote the integration of the entire industry chain [1] - The Anhui branch has issued a total of 2.47 billion yuan in loans to support Chery's research and development of new energy vehicles, automation upgrades, and key component improvements, leading to a 54.9% year-on-year increase in sales of Chery's new energy vehicles in 2025 [1] Group 3: Transportation and Infrastructure - The Shanghai branch will provide 1.8 billion yuan in loans in 2025 to support the Shanghai Automotive Group and its subsidiaries in vehicle research and development and technology upgrades, enhancing the new energy product matrix [2] - Various branches, including those in Sichuan, Chongqing, Hubei, Guizhou, Hunan, and Yunnan, will support the construction of a comprehensive transportation corridor along the Yangtze River, facilitating regional collaboration and economic coordination [2] - The Ningbo branch will utilize various financial products to support infrastructure construction and logistics network development at the Ningbo-Zhoushan Port, addressing diverse financial service needs [2] Group 4: Cultural Heritage - The Suzhou branch has formed a syndicate to provide 20.8 billion yuan in special credit for the high-quality protection and enhancement of Suzhou's historical and cultural sites, with a cumulative issuance of 11.923 billion yuan [2]