| | | | | | | | | 白金 主要 主要 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2026/02/04 | 国贸期货出品 TG国贸期货 | | | | | | | | | | | 投资咨询业务资格:证监许可[2012] 31号 | | | | | | | | | | | | 黑色金属研究中心 | 执业证号 投资咨询证号 | | | | | | | | | | | 张宝慧 | F0286636 Z0010820 | | | | | | | | | | | 黄志鸿 | F3051824 Z0015761 | | | | | | | | | | | 董子勖 | F03094002 Z0020036 | | | | | | | | | | | 薛夏泽 | Z0022680 F03117750 | | | | 远月合约收盘价 | | RB2610 | HC2610 | 12609 | J2609 | JM2609 | 6000 | | 400 | | | (元/吨) ...

雷焕丽表示，中国坚定不移地推进"双碳"目标，科思创也非常愿意沿着"双碳"目标，为中国客户提供更 多可持续解决方案，和整个产业链条的合作伙伴(包括科思创的最终客户)为实现循环经济而努力。同 时，科思创希望更多的企业能加入进来，真正把ESG和可持续发展落实在经营的每一个环节。 安菊雅博士补充道，可回收性和可持续性在珠海基地是至关重要的，特别是在各种资源的使用方面，不 论是水、能源还是废料管理，科思创都采取了可回收和可持续性的方案。比如，珠海工厂的一部分废料 能够直接进入循环生产的过程当中，实现自我消化。另外，科思创含替代性原料的"CQ(循环智慧)"系列 TPU产品已实现商业化销售。在这个更环保的过程当中，科思创工厂的高自动化水平也减少了人力使 用，使得整个流程能够更快速、更高效。 向新致远，扎根中国是必然选择 新的一年，科思创有什么新的展望?珠海生产基地下一步的目标能否如期达成?安菊雅博士坦言，首先， 科思创新基地一期工程如期完工并投产可以说是恰逢其时，该项目也更好体现了科思创本地化服务本地 市场的理念。同时，科思创相信，随着珠海工厂的投产，科思创也能够更好服务于中国和整个亚太市 场。因为在这个市场，有非常多的创 ...

Market Overview - The A-share market experienced a significant drop on Monday, but rebounded strongly on Tuesday, with all three major indices showing a V-shaped recovery [1][8] - Key sectors that performed well included shipbuilding, aerospace, and various new energy applications, while banking stocks lagged behind [3][4] - Despite the strong rebound, trading volume did not increase correspondingly, indicating potential volatility in the market's recovery process [1][8] Industry Insights Military Industry - The military sector, particularly shipbuilding and aerospace, has shown strong performance, with significant past gains: 25.27% in H2 2020, 16.30% in H1 2023, and 25.46% in H1 2025 [5] - The Chinese defense budget has seen steady growth, with increases projected at 6.6% to 7.2% from 2020 to 2025, suggesting continued support for the military sector [5] - Geopolitical tensions are expected to drive demand in the military sector, with a focus on domestic production and technological self-sufficiency [5] - Key areas for investment include aerospace, missile technology, defense information systems, and shipbuilding, with an emphasis on companies with strong performance fundamentals [5] New Energy Sector - The new energy sector, particularly solar equipment and batteries, has shown significant activity, driven by ongoing global efforts to achieve carbon neutrality [6][7] - The Chinese government is implementing policies to reduce competition in the solar and battery sectors, which may enhance profitability for leading companies [6][7] - The goal for new energy storage capacity is set at 180 GW by 2027, with an expected investment of approximately 250 billion yuan [7] - Investors are encouraged to focus on leading companies with core technological advantages in the new energy sector [6][7] Strategic Recommendations - For investors heavily invested since 2024, a strategy of holding onto positions for potential gains or gradually selling off overvalued stocks is recommended [1][8] - Investors should seek opportunities in high-quality stocks with reasonable valuations and strong earnings prospects during market pullbacks [1][8] - New investors are advised to manage risk carefully and avoid chasing high prices, focusing instead on structural opportunities [1][8]

Core Viewpoint - The improvement in the pattern of disperse dye intermediates is expected to drive up disperse dye prices, while the supply tightening of H-acid, an active dye intermediate, may also lead to potential price increases. The price increase expectations for these two types of dyes have been gradually confirmed by leading companies' price hikes, with a positive outlook for a long-term bullish market driven by environmental and dual-carbon policies in China [1]. Industry Restructuring - China is the largest dye producer globally, but the dye industry is highly polluting, generating significant wastewater. The tightening of environmental regulations has led to the exit of non-compliant small enterprises, resulting in a higher industry concentration. The concentration ratio (CR4) for disperse dyes is 67.2%, and for active dyes, it is 65.3%, indicating a well-established industry reshuffle [1][2]. - The Ministry of Industry and Information Technology has issued guidelines to expand zero-carbon factory construction to various sectors, including textiles, which may tighten carbon emission requirements in the dyeing industry [1]. Intermediate Supply Dynamics - The production of disperse dye intermediates involves complex processes that generate substantial waste, leading to a concentrated supply among compliant enterprises in the Yangtze River Delta. The supply elasticity is low due to the closure of many non-compliant small factories [2]. - The effective capacity of H-acid has fallen below 60,000 tons, with a supply gap exceeding 10%. Recent maintenance by two major H-acid manufacturers may further reduce effective capacity by over 25% [2]. Price Elasticity and Market Comparison - The current situation of intermediates in the dye industry is likened to the relationship between citral and VA, characterized by complex synthesis processes and high concentration among leading firms. The cost of intermediates constitutes a significant portion of the production costs for dyes, which may lead to effective cost transmission [3]. - Historical data shows that disperse dye prices reached a high of 45,000 yuan/ton in 2015 and 19,000 yuan/ton currently, while active dye prices peaked at 33,000 yuan/ton in 2016 and are now at 23,000 yuan/ton, indicating substantial upward price potential [3]. Investment Recommendations - Companies to watch include RunTu Co., Zhejiang Longsheng, Jihua Group, Jinji Co., Annuoqi, Yabang Co., Fulaient, Wanfeng Co., and Haixiang Pharmaceutical, which are expected to benefit from the favorable market dynamics and integrated advantages [3].

雪后初霁，中石化(河南)炼油化工有限公司厂区银装素裹，塔林间绿意隐现、道路洁净如洗、梅花鹿苑 中群鹿踏雪踱步，呈现出一幅工业文明与自然生态和谐共生的优美画卷。这是河南炼化坚持生态优先、 绿色发展的生动实践。2025年，该公司紧紧围绕"双碳"目标，在节能降耗、治污攻坚、全员共建三大领 域协同发力，取得了不俗的成绩。 "低温热改造项目投用3个月来，除盐水加热温度稳定控制在100℃以上，系统运行平稳，达到预期效 果。"热电部汽电区域技术管理人员张光辉介绍道。 2025年10月，河南炼化2号抽提装置低温热改造项目投运，将约110℃的低温热水输送至热电部汽轮机装 置，替代部分蒸汽用于除盐水加热，有效提升了能源利用效率。 "该项目每小时可减少蒸汽消耗约2.5吨，年可创效超300万元。"技术质量部能源管理人员王家表示。 在水资源循环利用方面，河南炼化通过回收炼油装置清净水、回用雨水等措施，全年回用污水量达 298.6万吨；双膜产水回用于循环水补水及替代装置除盐水，创效约650万元。 厂区生态环境持续美化，全年新栽植乔木101棵，绿化覆盖率达到27.9%。该公司还积极组织"我为雪域 高原植新绿"等公益活动，动员员工2994人 ...

分析师 1: 好的。那个各位投资者大家下午好，欢迎大家参加我们今天策略会一个线上交流那么本场 是这个荣盛环保的一个线上交流。我们今天非常有幸的邀请到了公司的董秘胡总，以及财 务总监沈总来跟我们交流。那么首先我们还是想先请胡总，就是您这边能否先简单对我们 25 年或者是说四季度的一个基本面进行一个更新，以及我们以及我们这个 2026 年我们公 司的一些新的一些这个想法。 荣盛环保董秘胡总: 好的，王老师，您好。各位投资者大家下午好，非常感谢华福证券给我们这样一个交流的 平台。那我们公司，主营业务，是主要从事牛皮箱板纸、瓦楞原纸等再生环保纸产品以及 瓦楞纸板纸箱的生产制造，主要处于我们整个行业产业链的一个中游。那应该讲 2025 年 四季度来讲，整个的整体经济形势，就是按照我们 25 年的一个整体的一个趋势，还是大 体趋势是不变的。那具体的，我们在四季度整体的价格上面，还是稍微有一些。略有向好 的一些趋向。所以在整个的一个我们库存管控，第二个我们产品的一个投放市场上面，在 季度整体形势还是相对还是比较乐观的。 大体情况是这样。那这，至于我们 2026 年的一个，我们讲我们公司从整个的经营目标来 讲，我们 25 年 ...

全年规上原煤产量13.05亿吨。晋北采煤沉陷区新能源基地加快建设。新能源和清洁能源装机同比增加 1829万千瓦、达到9048万千瓦，占比首次超过煤电……刚刚过去的2025年，我省努力在能源革命上走在 前、作示范，奋力在推动资源型经济转型发展上迈出新步伐。 今年政府工作报告提出，要"大力推动能源转型"。能源是经济社会发展的基石，对人民生活改善和社会 长治久安具有重要意义。省政协十三届四次会议开幕以来，"能源转型""构建新型能源体系"等话题引起 委员们的热议，大家纷纷表示要锐意进取、担当作为，奋力谱写山西能源转型新篇章。 "政府工作报告提出，因地制宜推动适度多元发展。白酒产业是我省特色优势产业，产业集聚度高、能 源需求集中，其酿酒、蒸馏、仓储等环节对能源的稳定性、清洁性要求逐步提升。建设以天然气为基 础，集新能源与可再生能源于一体的多源、多能耦合、多能互补综合能源供用示范试点，既是推动综合 能源+特色产业深度融合的重要探索，也是拓宽能源消纳渠道、提升能源利用效率的有效路径。"省政 协委员、中城乡山西能源集团有限公司董事长吴建光说。 立足白酒产业镇发展实际，吴建光提出，加快落地综合能源服务试点，推动消纳侧综合能源发 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 04 年 月 日 涪陵电力（600452.SH） 背靠国网综能， "配、微、储"望协同打造新增长极 国网控股背书，双主业布局持续优化。涪陵电力深耕电力行业多年，是国网旗下唯 一配网节能上市平台。公司前身源自涪陵国资委川东电力集团，依托多轮国资整 合，于 2020 年深化再融资、收购国家电网下属多省配电网节能资产，逐步建成区 域电网运营与配网节能业务并举、全国化拓展的经营格局。公司股权结构高度清 晰，国资主导地位稳固，核心高管均具国网系统任职经验，全面赋能公司战略转 型。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突出，高毛利配电 网业务增厚利润。 区域负荷扩张叠加电改红利，电网业务量价双升。作为重庆涪陵区的核心供电主 体，涪陵电力紧抓区域工业经济向好与电改红利，电网运营板块保持高质量扩张。 2024 年，涪陵全区用电量同比增长 4.67%，工业用电量同比增长 2.96%。公司外 购电量及售电量不断走高，2024 年售电量达 34.64 亿千瓦时，同比提升 7.71%； 电价改革背景下，2024 年单位售电均价升至 0.644 元 ...

黑色建材日报 2026-02-04 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3099 元/吨, 较上一交易日涨 1 元/吨（0.032%）。当日注册仓单 16931 吨, 环比增加 2090 吨。主力合约持仓量为 180.51 万手，环比增加 21029 手。现货市场方面, 螺纹钢天津汇总 价格为 3160 元/吨, 环比减少 10/吨; 上海汇总价格为 3230 元/吨, 环比减少 0 元/吨。 热轧板卷主力合 约收盘价为 3265 元/吨, 较上一交易日涨 4 元/吨（0.122%）。 当日注册仓单 199447 吨, 环比减少 0 吨。 主力合约持仓量为 147.72 万手，环比减少 21563 手。 现货方面, 热轧板卷乐从汇总价格为 3270 元/吨, 环比增加 10 元/吨; 上海汇总价格为 3270 元/吨, 环比增加 10 元/吨。 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z002077 ...

Core Viewpoint - The steel industry is undergoing a significant transformation towards energy efficiency and carbon reduction, with the implementation of the "Extreme Energy Efficiency Project" aimed at achieving substantial energy savings and CO2 emissions reductions by 2025 [2][3][4]. Group 1: Energy Efficiency and Carbon Reduction Achievements - The steel industry has achieved energy savings exceeding 24 million tons of standard coal and reduced CO2 emissions by 60 million tons, surpassing the targets set in the energy-saving and carbon reduction action plan [2]. - As of now, 143 selected enterprises have a crude steel capacity of over 750 million tons, with energy consumption in blast furnaces and converters decreasing by 2.45% and 12.22% respectively compared to 2023, resulting in cumulative energy savings of 13.2 million tons of standard coal and a reduction of 34 million tons of CO2 [3]. Group 2: Cost Reduction and Efficiency Improvement - The steel industry is facing multiple pressures, leading companies to focus on extreme energy efficiency, resulting in significant cost reductions. For instance, Jiangyin Xingcheng Special Steel achieved annual cost savings of 136 million yuan by reducing energy consumption [4]. - Over 50 demonstration enterprises have invested a total of 40.9 billion yuan over three years, with an average investment of 700 million yuan per enterprise, leading to a reduction in energy costs of 29 yuan per ton of steel and an average payback period of 3.27 years [4]. Group 3: Technological Innovation and Application - Technological innovation is crucial for addressing the high carbon emissions in the steel industry, with the "Extreme Energy Efficiency Project" providing a technology list that includes 134 advanced technologies across various processes [6]. - The implementation of intelligent management systems has led to a reduction in temperature drop at the iron-steel interface, resulting in significant energy savings. For example, Baowu Steel's system reduced temperature drop by 30 degrees Celsius, saving 9,580 tons of standard coal annually [7]. Group 4: Future Directions and Collaborative Efforts - The steel industry will be included in the national carbon emissions trading market by 2025, indicating a shift towards dual control of carbon emissions in terms of total volume and intensity [8]. - The focus will shift from single-process energy efficiency to a comprehensive evaluation system integrating carbon control, emphasizing system integration and digital twin technologies [8][9]. - The China Iron and Steel Association (CISA) plans to promote collaborative innovation among enterprises, universities, and research institutions to address technological challenges and enhance the industry's carbon neutrality efforts [9][10].