近日，在贝伦气候峰会期间，中国与欧盟、巴西共同发起建立"碳排放权交易市场开放联盟"，以进 一步推动碳市场领域国际交流与合作。根据巴西政府在《联合国气候变化框架公约》第三十次缔约方大 会（COP30）主办方网站及欧盟委员会联合声明，该联盟旨在建立一个跨国合作框架，协调各国碳定价 机制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网络。 这一联盟令人期待。"联盟参与方呈现鲜明特征：欧盟在碳治理领域起步早、经验丰富，拥有成熟 技术与机制；中国凭借自主转型成果，在新能源产业、绿色金融发展方面都取得了积极进展，在碳市场 建设方面初见成效；巴西等发展中国家则面临治理资金短缺的现实困境。"中央财经大学绿色金融国际 研究院首席经济学家刘锋在接受《金融时报》记者采访时表示，这些国家的合作和经验交流很有价值。 碳市场的全球协作之路 对于碳市场的全球协作，各界早有期待。在2024年的《联合国气候变化框架公约》第二十九次缔约 方大会（COP29）首日，"COP29在巴库开幕：全球碳市场取得突破"的消息一石激起千层浪，被迅速传 播。 "COP29首日的进展本质是就《巴黎协定》第六条第四款机制（6.4条）下的碳信用额 ...

证券研究报告 | 行业周报 gszqdatemark 2025 11 22 年 月 日 钢铁 商品短期震荡蓄势 行情回顾（11.17-11.21）： 中信钢铁指数报收 1,859.25 点，下跌 7.02%，跑输沪深 300 指数 3.25pct， 位列 30 个中信一级板块涨跌幅榜第 26 位。 重点领域分析： 投资策略：本周市场向下调整，近期股票和商品整体处于震荡之中。前期 部分行业和公司有短期高增的线性外推风险，主要是一些小市值公司整体 估值很高，但这些结构性矛盾总市值占比不算大，市场整体处于合理范围 内，今年很多大公司的估值提升不少，但仍比较理性。行业上四季度经济 较前三季度大概率有所回落，但失速概率不大，对冲的措施主要是执行上 半年宣布的 5000 亿政策性金融工具。转型期经济呈现窄幅震荡的态势， 更多着力解决结构性问题。短期消费出口增速不错，财政发力就会放缓， 如果短期消费出口低迷，财政政策就会发力托底，保持经济的稳定性。这 个阶段对于钢铁工业更多着眼于供给变化，过去多年资本回报低迷本身就 是供给调整的重要条件。如果行政性收缩力度加大，会加快行业盈利均值 回归的速度。今年钢铁行业虽然有限产计划，但 ...

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector experienced a decline of 7.02% this week, underperforming the broader market, with specific segments such as long products down by 9.67% and flat products down by 7.38% [2][10] - Despite current supply-demand challenges and overall profit decline, the steel demand is expected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3][2] - The report suggests that the steel industry is likely to maintain a balanced supply-demand situation, with a focus on high-margin specialty steel companies and leading firms with strong cost control [3][2] Supply Situation - As of November 21, the capacity utilization rate for blast furnaces among sample steel companies is 88.6%, a decrease of 0.22 percentage points week-on-week [2][25] - The production of five major steel products reached 7.412 million tons, an increase of 2.08% week-on-week [2][25] Demand Situation - The consumption of five major steel products was 8.942 million tons, reflecting a week-on-week increase of 3.90% [2][30] - The transaction volume of construction steel by mainstream traders was 100,000 tons, a slight increase of 0.24% week-on-week [2][35] Inventory Situation - Social inventory of five major steel products decreased by 3.01% week-on-week to 10.294 million tons, while factory inventory also saw a decline of 2.95% to 4.037 million tons [2][43] Steel Prices & Profits - The comprehensive index for ordinary steel was 3,438.3 CNY/ton, a week-on-week increase of 0.47% [2][49] - The profit for rebar produced in blast furnaces was -30 CNY/ton, while the profit for electric arc furnace-produced construction steel was -112 CNY/ton, reflecting a week-on-week increase of 27.74% [2][55] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) was 793 CNY/ton, up by 0.89% week-on-week [2][72] - The price for coking coal at the main stockpile in Jingtang Port was 1,790 CNY/ton, down by 40 CNY/ton week-on-week [2][72] Investment Recommendations - The report recommends focusing on regional leaders with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong competitive advantages in raw material supply [3][2]

Policy Developments - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the "Wind Power Equipment Industry Norms" to promote sustainable development in the wind power equipment manufacturing sector [3][18] - The newly released national standard for "Recycled Materials in Household Appliances" will take effect on May 1, 2026, aiming to regulate the use of recycled materials and promote green development in the industry [4][18] Carbon Emission Management - The Ministry of Ecology and Environment has announced that the steel, cement, and aluminum industries will complete their first carbon emission quota compliance by the end of this year, marking their entry into a carbon trading compliance mechanism [5][6] - The central government has initiated ecological and environmental protection inspections in major energy companies, signaling a commitment to high-level ecological protection and the green transformation of the energy sector [7][18] Energy Projects - The National Development and Reform Commission has approved five flexible power interconnection projects, with a total investment of 24.4 billion yuan, aimed at enhancing inter-provincial power support capabilities [8][18] - China's first high-pressure natural gas long-distance pipeline pressure recovery power generation project has commenced operation, utilizing excess pressure during gas transmission to generate clean electricity [9][10] - The highest-altitude wind power project in China has been connected to the grid, with a total installed capacity of 60 MW, expected to supply clean energy to approximately 120,000 households annually [11][18] Ecological Initiatives - Major ecological protection and restoration projects in the Tibetan Plateau are projected to add approximately 30 million tons of carbon sinks annually, contributing significantly to the country's carbon neutrality goals [12][13] Market Trends - The "Shan Electric into Anhui" ultra-high voltage project has been completed, expected to deliver over 36 billion kWh of electricity annually, with more than half from renewable sources [15][18] - The Yangtze River Delta region has exceeded its annual electricity interconnection target of 180 billion kWh, reflecting a growing trend in electricity market integration [16][18] Industry Insights - The MIIT's new norms for the wind power equipment industry aim to enhance quality control and innovation, encouraging manufacturers to adopt green and intelligent technologies [3][19] - The wind power sector is showing signs of recovery, with increased prices and improved profit margins expected in the coming years, driven by a reduction in costs and enhanced operational efficiency [22][18]

钢材：五大材持续增产，钢价区间震荡 研究员：戚纯怡 期货从业证号：F03113636 投资咨询证号：Z0018817 目录 | 第一章 | 钢材行情总结与展望 | 2 | | --- | --- | --- | | 第二章 | 价格及利润回顾 | 5 | | 第三章 | 国内外重要宏观数据 | 12 | | 第四章 | 钢材供需以及库存情况 | 19 | GALAXY FUTURES 1 钢材总结 数据总结： GALAXY FUTURES 2 供给：本周螺纹小样本产量207.96万吨（+7.96），热卷小样本产量316.01万吨（+2.35）。247家钢厂高炉铁水日 均236.28万吨（-0.6），富宝49家独立电弧炉钢厂产能利用率33.4%（+0.5）。电炉端，华东平电电炉成本在3436 （折盘面）元/吨左右，电炉平电利润-230.07元/吨左右，谷电成本3271（折理记）元左右，华东三线螺纹谷电利润- 65元/吨。近期电炉成本基本持平，但钢材价格小幅上涨，导致电炉利润有所回升，电炉产能利用率有所增长，废钢日 耗在50.78万吨，环比略降；长流程钢利润仍然亏损但继续修复，铁水产量本周小幅下滑，后续仍有下降空 ...

Core Viewpoint - The Ministry of Ecology and Environment has issued the "Quota Allocation Plan for National Carbon Emission Trading Market for Steel, Cement, and Aluminum Smelting Industries for 2024 and 2025," indicating a significant step towards expanding the carbon market to cover major industrial sectors [1][2]. Summary by Sections Carbon Market Expansion - The national carbon market, which started in 2021, has expanded from covering only the power generation sector to now include steel, cement, and aluminum smelting industries, marking its first major expansion [1][2]. - The types of greenhouse gases covered have also increased from solely carbon dioxide to include carbon dioxide, tetrafluoromethane, and hexafluoroethane [1]. Quota Allocation Framework - The "Quota Allocation Plan" continues the practice of free allocation of quotas based on carbon emission intensity, linking the quota amount to actual production levels without setting an absolute cap on total emissions [2]. - The focus is on direct emissions during production, excluding indirect emissions from purchased electricity and heat, emphasizing a "big fish, small fish" approach to target major emitters [2]. - The plan highlights the importance of data quality, stating that reliable carbon emission data is essential for an effective market, and introduces advanced monitoring technologies like blockchain and AI to combat data fraud [2]. Future Expansion Plans - Preparations for expanding the carbon market to include the chemical, petrochemical, civil aviation, and paper industries have already begun, with a goal to cover major industrial sectors by 2027 [3]. - The policy direction is clear, adhering to the principle of "mature one, include one," and will expand based on industry development, pollution reduction contributions, data quality, and emission characteristics [3]. - The ongoing improvements in the carbon emission management system and the implementation of reduction measures will enhance the role of the national carbon market in promoting green and low-carbon transformation in the economy and society [3].

八大行业覆盖70%以上碳排放 今年8月，中办、国办发布的《关于推进绿色低碳转型 加强全国碳市场建设的意见》（以下简称《意 见》）确定了主要目标：到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室 气体自愿减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿 分配相结合的全国碳排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气 体自愿减排交易市场，形成减排效果明显、规则体系健全、价格水平合理的碳定价机制。 在全国碳市场开启四周年之际，生态环境部气候司司长夏应显接受21世纪经济报道记者采访时曾指出， 2025年，经国务院批准完成全国碳市场首次扩围，将钢铁、水泥、铝冶炼三个行业纳入全国碳排放权交 易市场，发布工作方案，明确三行业扩围的时间表、路线图。扩围后可管控全国60%以上碳排放量。 夏应显此前对记者表示，八大行业碳排放占我国二氧化碳排放的75%左右。清华大学核能与新能源技术 研究院教授、能源环境经济研究所所长张希良在接受媒体采访时曾表示，"八大行业预计将有8000多家 企业纳入全国碳市场，覆盖全国70%以上的温室气体。" 那么，工业领 ...

Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology have released a draft for public consultation regarding the procurement standards for new energy vehicles, emphasizing non-discriminatory treatment of suppliers and strict adherence to contract specifications for vehicle parameters and configurations [2] - China's first green hydrogen coal chemical project has commenced full market operation, with an expected annual hydrogen production of 705,900 cubic meters, which will reduce carbon dioxide emissions by 13,880 tons [2] - Over 510 green mines have been established at the provincial level or above in China, including 1,054 national-level green mines, accounting for 40.8% of licensed operating mines, achieving significant results in resource conservation and ecological restoration [2] - The steel, cement, and aluminum smelting industries are set to complete their first carbon emission quota clearance by the end of this year, as per the newly released quota distribution plan for 2024 and 2025 [2] Regional Developments - The Yangtze River Delta has achieved 180.8 billion kilowatt-hours of inter-regional electricity exchange, surpassing its annual target ahead of schedule, with an 8.26% increase compared to the previous year [3] - The implementation plan for the national carbon peak pilot in the Qiannan High-tech Industrial Development Zone has been released, aiming for a low-carbon, efficient modern phosphate chemical industry by 2030 [3] Energy Projects - Shanxi Province has initiated a bidding process for new energy projects, with a total mechanism electricity scale of 55.06 billion kilowatt-hours, including 14.17 billion kilowatt-hours from wind power and 40.89 billion kilowatt-hours from solar power [4] International Developments - Japan is expected to approve the restart of its largest nuclear power plant, the Kashiwazaki-Kariwa Nuclear Power Plant, with only one of its seven reactors set to resume operation [5] - Egypt has signed a nuclear fuel procurement agreement with Russia for the Dabaa Nuclear Power Plant, ensuring fuel supply for the first reactor [5] Corporate News - China Nuclear Engineering Corporation has reported new contracts totaling 123.84 billion yuan and cumulative operating revenue of 81.33 billion yuan as of October 2025 [7]

报告类型 铁矿石日评 日期 2025 年 11 月 20 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 ＃summary＃ 每日报告 | | | | | | 表1：11月19日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | ...

螺纹钢产业链日报 2025/11/20 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,050.00 | -20↓ RB主力合约持仓量(手) | 1573323 | -57810↓ | | | RB合约前20名净持仓(手) | -105874 | -5566↓ RB1-5合约价差(元/吨) | -49 | -3↓ | | | RB上期所仓单日报(日， ...