11月21日，宝钢股份盘中下跌2.01%，截至09:35，报7.32元/股，成交9014.78万元，换手率0.06%，总市 值1594.45亿元。 分红方面，宝钢股份A股上市后累计派现1264.92亿元。近三年，累计派现160.78亿元。 机构持仓方面，截止2025年9月30日，宝钢股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股8.05亿股，相比上期减少15.07万股。中国证券金融股份有限公司位居第六大流通股东，持 股6.67亿股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第十大流通股东，持股1.49亿 股，相比上期减少700.65万股。 责任编辑：小浪快报 资料显示，宝山钢铁股份有限公司位于上海市宝山区富锦路885号宝钢指挥中心，成立日期2000年2月3 日，上市日期2000年12月12日，公司主营业务涉及钢铁业、贸易、航运、煤化工、信息服务等业务。主 营业务收入构成为：冷轧碳钢板卷51.22%，热轧碳钢板卷28.50%，厚板产品7.47%，钢管产品5.76%， 长材产品4.49%，其他钢铁产品1.89%，其他(补充)0.67%。 宝钢股份所属申万行业为：钢铁-普钢 ...

中国科学院、中国工程院11月21日公布2025年院士增选结果，分别选举产生中国科学院院士73人，中国工程院院士71人。 院士是我国科学技术方面和工程科技领域的最高荣誉称号，院士制度是党和国家为树立尊重知识、尊重人才导向，凝聚优秀人才服务国家设立的一项重要制 度。本次增选后，我国院士队伍的结构进一步优化。 | 序号 | 姓名 | 年龄 | 工作单位 | 研究方向 | | --- | --- | --- | --- | --- | | 1 | 戴或虹 | રેં | 中国科学院数学与系统科学研究院 | 运筹学 | | 2 | 戴子高 | 60 | 中国科学技术大学 | 高能天体物理 | | 3 | 梁作堂 | 60 | 山东大学 | 粒子物理与原子核物理 理论 | | 4 | 刘建亚 | 60 | 山东大学 | 数论 | | 5 | 刘若川 | 44 | 北京大学 | 数论 | | 6 | 刘正猷 | રેતે | 武汉大学 | 人工结构物理 | | 7 | 柳卫平 | 62 | 中国原子能科学研究院 | 核天体物理、不稳定核 束物理 | | 8 | 彭承志 | 48 | 中国科学技术大学 | 量子信息和量子光学 ...

144位专家当选。 中国科学院、中国工程院11月21日公布2025年院士增选结果，分别选举产生中国科学院院士73人，中国工程院院士71人。 院士是我国科学技术方面和工程科技领域的最高荣誉称号，院士制度是党和国家为树立尊重知识、尊重人才导向，凝聚优秀人才服务国家设立的一项重要制 度。本次增选后，我国院士队伍的结构进一步优化。 新当选的中国科学院院士平均年龄57.2岁，最小年龄44岁，最大年龄66岁，60岁（含）以下的占67.1%，女性科学家有5人当选。新当选的中国工程院院士 中，有6位扎根西部边远地区的专家，有8位女性科学家。 据悉，本次两院院士增选突出国家战略需求导向，突出以科技创新引领新质生产力的发展要求。增选工作中，中国科学院、中国工程院坚持院士增选纪律严 的基调，强化纪律要求和全过程监督，对候选人学术学风、道德品行、遵规守纪等方面进行了严格把关，积极接受社会监督，严防说情打招呼，切实把好院 士队伍"入口关"。 本次增选后，我国现有中国科学院院士共908人，现有中国工程院院士共1002人。 | 序号 | 姓名 | 年龄 | 工作单位 | 研究 | | --- | --- | --- | --- | --- ...

中国科学院、中国工程院11月21日公布2025年院士增选结果，分别选举产生中国科学院院士73人，中国工程院院士71人。 院士是我国科学技术方面和工程科技领域的最高荣誉称号，院士制度是党和国家为树立尊重知识、尊重人才导向，凝聚优秀人才服务国家设立的一 项重要制度。本次增选后，我国院士队伍的结构进一步优化。 新当选的中国科学院院士平均年龄57.2岁，最小年龄44岁，最大年龄66岁，60岁（含）以下的占67.1%，女性科学家有5人当选。新当选的中国工程 院院士中，有6位扎根西部边远地区的专家，有8位女性科学家。 据悉，本次两院院士增选突出国家战略需求导向，突出以科技创新引领新质生产力的发展要求。增选工作中，中国科学院、中国工程院坚持院士增 选纪律严的基调，强化纪律要求和全过程监督，对候选人学术学风、道德品行、遵规守纪等方面进行了严格把关，积极接受社会监督，严防说情打 招呼，切实把好院士队伍"入口关"。 本次增选后，我国现有中国科学院院士共908人，现有中国工程院院士共1002人。 | 序号 | 姓名 | 年龄 | 工作单位 | 研究方向 | | --- | --- | --- | --- | --- | | 1 | ...

| 序号 | 姓名 | 出生年月 | 工作单位 | | --- | --- | --- | --- | | 1 | 陈新 | 1960年2月 | 广东工业大学 | | 2 | 陈勇 | 1967年8月 | 中国商用飞机有限责任公司 | | ਤੇ | 冯江华 | 1964年11月 | 中车株洲电力机车研究所有限公司 | | 4 | 高仕斌 | 1964年11月 | 西南交通大学 | | ર્ટ | 黄维娜(女) | 1968年10月 | 中国航发贵阳发动机设计研究所 | | ୧ | 康玉波 | 1964年4月 | 比亚迪股份有限公司 | | 7 | 齐润东 | 1962年10月 | 中国航天科工集团第二研究院 | | 8 | 王永庆 | 1965年2月 | 中国航空工业集团公司沈阳飞机设计研究所 | | | 王增全 | 1962年2月 | 中国兵器工业集团第七〇研究所 | | 10 | 苑世剑 | 1963年1月 | 哈尔滨工业大学 | | 11 | 张锦岚 | 1963年12月 | 中国船舶集团有限公司第七一九研究所 | | | | 关于公布中国工程院2025年院士增选当选院士名单的公告 中国工程院2025年 ...

Core Points - The 2025 election results for academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering have been officially announced, with a total of 144 new academicians elected [1][2] - The election emphasizes the alignment with national strategic needs and the importance of technological innovation in driving new productive forces [1] - The average age of newly elected academicians from the Chinese Academy of Sciences is 57.2 years, with 67.1% being 60 years old or younger, and 5 female scientists elected [1] - The Chinese Academy of Engineering elected 71 new academicians, including 6 experts from remote western regions and 8 female scientists [1] Summary by Sections Election Results - A total of 73 academicians were elected to the Chinese Academy of Sciences and 71 to the Chinese Academy of Engineering [1][2] - The current total number of academicians in the Chinese Academy of Sciences is 908, while the Chinese Academy of Engineering has 1,002 academicians [2] Election Process - The election process was conducted with strict adherence to discipline and supervision, ensuring candidates were evaluated on academic integrity, moral character, and compliance with regulations [1] Demographics of New Academicians - The newly elected academicians include a diverse range of expertise, with a notable representation of younger scientists and women [1]

Group 1 - The third round of the fifth batch of 10 central ecological environment protection inspection teams has fully entered the inspection phase [1] - Eight routine inspection teams are conducting inspections in Beijing, Tianjin, Hebei, and five central enterprises including China Huadian Corporation, State Energy Investment Group, Ansteel Group, China Baowu Steel Group, and China Coal Energy Group for one month [1] - Special inspections for ecological environment protection are being carried out in eight provinces including Beijing, Tianjin, Hebei, Shandong, Henan, Anhui, Jiangsu, and Zhejiang, with a focus on the protection and utilization of the Grand Canal culture [1] Group 2 - Two special inspection teams are responsible for Jiangsu, Zhejiang, Anhui, Shandong, and Henan provinces, with an inspection duration of approximately two weeks [2] - During the inspection period, the eight routine inspection teams have set up dedicated hotline numbers and postal mailboxes to handle ecological environment protection-related complaints from the inspected entities [2]

Core Viewpoint - The domestic steel market in China is experiencing a downward trend, with prices showing signs of weakness due to seasonal demand decline and overall market conditions [1][12]. Group 1: Steel Price Index Trends - In October 2025, the average CSPI (China Steel Price Index) was 91.92 points, a decrease of 1.26 points or 1.35% month-on-month, and a year-on-year decline of 9.10 points or 9.01% [2][8]. - The long product index averaged 92.23 points, down 1.49 points or 1.58% month-on-month, and down 13.04 points or 12.39% year-on-year [4][8]. - The plate index averaged 91.17 points, down 1.15 points or 1.25% month-on-month, and down 6.80 points or 6.94% year-on-year [4][8]. Group 2: Price Changes by Product Type - In October, most monitored steel products saw price declines, with hot-rolled coil prices dropping by 63 CNY/ton, while seamless pipe prices fell by 25 CNY/ton [9][10]. - The average price of rebar was 3098 CNY/ton, down 51 CNY/ton from the previous month, reflecting a decrease of 1.46% [9][10]. - The average price of galvanized sheet was 4166 CNY/ton, down 44 CNY/ton, indicating a decline of 1.03% [9][10]. Group 3: Regional Price Index Variations - In October 2025, all six major regions in China saw a month-on-month decline in the CSPI, with the Central South region experiencing the largest drop of 1.72% [14][16]. - The average rebar price index in the Western region was 3110 CNY/ton, down 82 CNY/ton or 2.58% from the previous month [14][16]. Group 4: Investment and Economic Indicators - From January to October 2025, fixed asset investment in China was 408914 billion CNY, down 1.7% year-on-year, with infrastructure investment showing a negative growth for the first time this year [17][20]. - Manufacturing investment grew by 2.7%, but the growth rate slowed compared to previous months, indicating weakening demand in the steel sector [17][20]. - The real estate sector continued to show signs of weakness, with cumulative investment down 14.7% year-on-year, exacerbating the oversupply pressure in the steel market [19][20]. Group 5: Supply and Demand Dynamics - In the first ten months of 2025, crude steel production was 81787 million tons, down 3.9% year-on-year, while apparent consumption fell by 6.5% [21][22]. - The average price of major raw materials increased, with coking coal rising by 3.82%, providing some support to steel prices [22][23]. - The steel export volume in October was 978.2 million tons, a decrease of 6.5% from the previous month, indicating pressure from global market conditions [43][44]. Group 6: Future Outlook - The steel industry is expected to face increased supply-demand imbalance as the traditional off-season approaches, necessitating self-discipline in production to stabilize prices [44]. - The government is likely to implement policies to control crude steel production, aiming to alleviate the oversupply issue and improve market conditions [39][40].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating expected performance above the market average [2][12]. Core Insights - Demand for copper and aluminum is showing signs of improvement, with a focus on the recovery in the antimony market [1]. - The report highlights a slight recovery in downstream demand for copper, with LME copper prices increasing by 1.2% week-on-week, while SHFE copper prices rose by 1.1% [4]. - Aluminum demand is supported by the automotive and cable sectors, with LME aluminum prices decreasing by 0.3% and SHFE aluminum prices increasing by 1.0% [4]. - The gold market is influenced by hawkish statements from the Federal Reserve, with SHFE gold prices rising by 3.5% and COMEX gold prices increasing by 1.9% [4]. - The report notes a recovery in antimony prices and a tight supply-demand situation for tungsten, with tungsten concentrate prices increasing by 1.8% [4]. Summary by Sections Copper Sector - Supply disruptions are frequent, but there is a slight recovery in downstream demand. The copper processing rate is at 66.88%, up by 4.91 percentage points week-on-week [4]. - October's copper production in China decreased by 2.94 million tons month-on-month, but year-on-year it increased by 9.63% [4]. Aluminum Sector - The aluminum processing rate is at 62.0%, with a week-on-week increase of 0.4 percentage points. The demand is bolstered by the sales of new energy vehicles, which reached approximately 1.4 million units in October, reflecting a 17% year-on-year increase [4]. Gold Sector - Investment demand for gold is slightly recovering, with SPDR Gold ETF holdings increasing by 1.9 tons week-on-week [4]. Minor Metals Sector - Antimony prices are showing signs of recovery, while tungsten supply remains tight. The report emphasizes the need to monitor export licensing and ongoing demand [4]. Steel Sector - The West Manganese project has officially commenced production, which is expected to gradually improve steel mill profitability. The report notes a decrease in total inventory of steel products by 26.23 million tons week-on-week [5].

Industry Overview Upstream - Black: Glass prices continue to decline [3] - Non-ferrous: Nickel prices fall [3] - Agriculture: Egg prices correct [3] - Infrastructure: Building materials index rises slightly [3] Midstream - Chemicals: Urea production starts to pick up [4] - Energy: Coal inventory in power plants decreases [4] - Infrastructure: Asphalt production starts to decline [4] Downstream - Real estate: Seasonal decline in commercial housing sales in second- and third-tier cities [4] - Services: Slight decline in domestic flight schedules [4] Medium-term Event Summary Production Industry - On November 19, the mobilization meeting of the First Central Ecological and Environmental Protection Inspection Team for inspecting Beijing was held, marking the full deployment of the fifth batch of 10 central ecological and environmental protection inspection teams in the third round. This batch of inspections will form 8 routine inspection teams to conduct routine inspections on 3 provinces (municipalities) including Beijing, Tianjin, and Hebei, and 5 central enterprises including China Huadian Corporation, National Energy Investment Group Co., Ltd., Ansteel Group Co., Ltd., China Baowu Steel Group Co., Ltd., and China National Coal Group Corporation [1] - From November 16 to 19, Zhang Guoqing, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, investigated the digital and intelligent transformation and upgrading of the manufacturing industry and the innovation and development of state-owned enterprises in Guizhou and Chongqing. He emphasized that state-owned enterprises should continuously improve their independent innovation capabilities, cultivate new productive forces and build new competitive advantages through the in-depth integration of scientific and technological innovation and industrial innovation. They should improve the institutional arrangements for promoting original innovation in state-owned enterprises, increase the proportion of R & D investment in basic research, accelerate the layout and construction of original technology sources, and make more breakthroughs in key core technologies, key common technologies, and frontier technologies [1] Service Industry - On November 19, the Ministry of Finance issued an announcement stating that on November 18, the Ministry of Finance of the People's Republic of China, on behalf of the central government, successfully issued 4 billion euros of sovereign bonds in Luxembourg. Among them, 2 billion euros were issued for a 4 - year term at an issue rate of 2.401%, and 2 billion euros were issued for a 7 - year term at an issue rate of 2.702%. Standard Chartered Bank, as the joint lead underwriter, bookrunner, and settlement and delivery bank, supported the successful issuance of the 4 - billion - euro sovereign bonds by the Chinese Ministry of Finance in Luxembourg [2] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | H | Yuan/ton | 11/19 | 2185.7 | 1.12% | | | | Spot price: Egg | Day | Yuan/kg | 11/19 | 6.2 | - 4.62% | | | | Spot price: Palm oil | H | Yuan/ton | 11/19 | 8820.0 | 1.26% | | | | Spot price: Cotton | H | Yuan/ton | 11/19 | 14787.3 | - 0.22% | | | | Average wholesale price: Pork | Day | Yuan/kg | 11/19 | 17.9 | - 1.10% | | | Non - ferrous metals | Spot price: Copper | Day | Yuan/ton | 11/18 | 86020.0 | - 0.95% | | | | Spot price: Zinc | Day | Yuan/ton | 11/18 | 22304.0 | - 1.52% | | | | Spot price: Aluminum | H | Yuan/ton | 11/18 | 21473.3 | - 0.14% | | | | Spot price: Nickel | H | Yuan/ton | 11/18 | 117383.3 | - 2.92% | | | Ferrous metals | Spot price: Aluminum | H | Yuan/ton | 11/18 | 17188.8 | - 1.36% | | | | Spot price: Rebar | H | Yuan/ton | 11/18 | 3161.3 | 1.05% | | | | Spot price: Iron ore | Day | Yuan/ton | 11/18 | 805.2 | 1.71% | | | | Spot price: Wire rod | Day | Yuan/ton | 11/18 | 3320.0 | 0.23% | | | Non - metals | Spot price: Glass | H | Yuan/square meter | 11/19 | 13.7 | - 2.14% | | | | Spot price: Natural rubber | Day | Yuan/ton | 11/19 | 14891.7 | 0.06% | | | | China Plastic City price index | H | - | 11/19 | 767.6 | - 0.35% | | | Energy | Spot price: WTI crude oil | Day | US dollars/barrel | 11/19 | 60.7 | - 0.49% | | | | Spot price: Brent crude oil | H | US dollars/barrel | 11/19 | 64.9 | - 0.41% | | | | Spot price: Liquefied natural gas | H | Yuan/ton | 11/19 | 4182.0 | - 0.48% | | | | Coal price: Coal | H | Yuan/ton | 11/19 | 831.0 | - 0.36% | | | Chemicals | Spot price: PTA | H | Yuan/ton | 11/18 | 4628.8 | - 0.18% | | | | Spot price: Polyethylene | Day | Yuan/ton | 11/18 | 7005.0 | 0.41% | | | | Spot price: Urea | Day | Yuan/ton | 11/18 | 1630.0 | 0.15% | | | | Spot price: Soda ash | H | Yuan/ton | 11/18 | 1218.6 | 0.53% | | | Real estate | Cement price index: National | H | - | 11/19 | 136.2 | - 0.15% | | | | Building materials composite index | H | Points | 11/19 | 113.8 | 1.41% | | | | Concrete price index: National index | Day | Points | 11/19 | 90.8 | - 0.03% | | [38]