庄建球先后来到城东路废品回收企业、经北四路重点项目建设工地和郑州邮政物流分拣中心等处， 现场检查扬尘治理、移动源减排以及安全生产措施落实等情况，叮嘱企业、施工单位落实好各项环保管 控措施，积极推进技术改造、工艺升级，做好裸土覆盖、水雾喷淋等防尘举措，加快推动新能源车辆更 新替代，不断提高清洁运输比例，努力实现生态效益与经济效益双赢。 暗访督导中，庄建球强调，大气污染防治是实现高质量发展的重要支撑，是加快发展方式绿色低碳 转型的重要抓手，也是人民高度关切的民生问题。要深入践行绿水青山就是金山银山理念，落实落细大 气污染防治各项措施，强化城市精细化管理，努力实现空气常新、蓝天常在，切实提升人民群众生态环 境获得感。要坚持精准治污、科学治污、依法治污，聚焦重点行业、重点区域，精准剖析原因，深入查 找不足，强化问题整改，确保大气污染防治取得明显成效。要全力推进产业、能源、交通运输等结构调 整优化，构建科技含量高、资源消耗低、环境污染少的产业结构，推动传统能源清洁高效利用和新能源 替代，加快形成绿色生产方式和生活方式。要严格落实"党政同责、一岗双责、失职追责"要求，拉高工 作标准，严格督导问效，加力联防联控，切实硬起手 ...

当下，螺纹钢库存结构是比较健康的，现实供需矛盾也不大。因此，本轮价格下跌过程中，期货价格的 跌幅明显大于现货。螺纹钢主力2605合约对华东现货的贴水已经扩大至196元／吨，处于近3年高位。杭 州地区螺纹钢库存已经从11月下旬的95.7万吨下降至69.7万吨。螺纹钢期货前20席位净多和净空持仓的 差值也从11月下旬的-11.16万手变为2.27万手。 明年1月，市场可能逐步关注到冬储逻辑。虽然现在市场普遍预计2026年建材需求会继续下一个台阶， 贸易商冬储意愿偏差，但是螺纹钢2605合约价格已经接近电炉钢的谷电成本（3079元／吨），且盘面贴 水已经处于高位，具备一定冬储价值。因此，我们预计仍会有贸易商通过盘面或场外累购期权的方式进 行冬储。 12月5日以来，螺纹钢价格出现快速下跌，主力2605合约价格最低下探至3031元／吨，相比月初高点下 跌150元／吨，跌幅约为4.7%。对于后期走势，我们认为，利空充分发酵之后，螺纹钢价格有望在3000 元／吨附近逐步企稳。 近期大跌原因分析 近期，螺纹钢价格大幅下跌主要是因为需求走弱和成本支撑下移。12月是传统的建材需求淡季，螺纹钢 表观消费量从11月下旬的230.79 ...

建设美丽中国是全面建设社会主义现代化国家的重要目标，是实现中华民族伟大复兴中国梦的重要内 容。当前，我国生态文明建设仍处于压力叠加、负重前行的关键期。要把美丽中国建设摆在强国建设、 民族复兴的突出位置，让我们的祖国天更蓝、山更绿、水更清、生态环境更优美。 （一）建设美丽中国是厚植中国式现代化绿色底色的必由之路。中国式现代化是人与自然和谐共生的现 代化，绿色发展是中国式现代化的鲜明底色。我国作为14亿多人口的发展中大国，要整体迈入现代化， 走西方以资本为中心、物质主义膨胀、先污染后治理的现代化发展道路是行不通的。美丽中国建设事关 如期实现第二个百年奋斗目标，必须贯穿到中国式现代化全过程。要自觉站在人与自然和谐共生的高度 谋划发展，以美丽中国建设全面推进人与自然和谐共生的现代化，让中国式现代化的绿色底色更亮、更 足。 （二）建设美丽中国是实现高质量发展的应有之义。高质量发展是绿色发展成为普遍形态的发展，绿色 化、低碳化是实现高质量发展的关键环节。我国绿色低碳转型任务依然很重，实现碳达峰碳中和任务艰 巨。协同推进降碳、减污、扩绿、增长，以高水平保护推动高质量发展、创造高品质生活，是美丽中国 建设的战略路径。必须加快 ...

中国东方湖北省分公司（以下简称分公司）紧密围绕国家战略方向，立足湖北地区发展全局，以服务实体经济为宗旨，以创新驱动为引擎，扎实做好金 融"五篇大文章"，用专业金融力量为区域高质量发展注入强劲动力。 深耕主责主业 把稳资产收处节奏 分公司主动作为，深度参与地方不良资产市场。2025年以来，成功收购各类金融机构不良资产包6个，投放金额4.5亿元，化解湖北地区80户不良资产债 权，涉及金额31亿元。进一步加快资产包处置，累计回收资金2.82亿元，有效助力湖北省内中小金融机构改革化险。 赋能新质生产力 助力产业转型升级 在推动绿色转型方面，分公司累计通过市场化债转股向某新能源电池企业增资2.9亿元，帮助企业补充资本、降低负债，更加聚焦新能源核心技术研发， 为绿色低碳转型贡献力量。在低效资产盘活领域，分公司累计投放资金23.58亿元，支持湖北省属国资企业改革转型，实现经济效益与社会效益双赢。 中国东方湖北省分公司（以下简称分公司）紧密围绕国家战略方向，立足湖北地区发展全局，以服务实体经济为宗旨，以创新驱动为引擎，扎实做好金 融"五篇大文章"，用专业金融力量为区域高质量发展注入强劲动力。 深耕主责主业 把稳资产收处节奏 ...

他也谈到，供给侧方面，光伏产业转型升级的任务依然艰巨，内卷式竞争对行业整体利润的侵蚀，对技 术创新空间的挤压影响依然存在，部分关键环节的核心技术护城河仍需加深；需求方面，光伏大规模高 比例接入，对高效消纳挑战日益突出，1-10月全国光伏的发电利用率仅为94.9%，同比下滑了2.2个百分 点，电力系统的消纳压力非常大。（刘丽丽） 他也谈到，供给侧方面，光伏产业转型升级的任务依然艰巨，内卷式竞争对行业整体利润的侵蚀，对技 术创新空间的挤压影响依然存在，部分关键环节的核心技术护城河仍需加深；需求方面，光伏大规模高 比例接入，对高效消纳挑战日益突出，1-10月全国光伏的发电利用率仅为94.9%，同比下滑了2.2个百分 点，电力系统的消纳压力非常大。（刘丽丽） 责任编辑：何俊熹 责任编辑：何俊熹 12月18日消息，在今天举行的2025光伏行业年度大会上，国家能源局新能源和可再生能源司副司长桂小 阳表示，2025年对于光伏行业来说是极不平凡的一年，光伏行业整治内卷式竞争持续高位推进，举措立 即落地，产业链各环节的价格企稳回暖，竞争秩序逐步修复，新能源全面参与电力市场绿电直连，促进 新能源集成融合发展和消纳调控等政策也相继 ...

Group 1 - The 18th China Industrial Forum emphasizes "integrated innovation" as a key driver for industrial upgrading and new competitive advantages, focusing on intelligent, green, and integrated development [1] - The forum highlights the importance of deep interaction and restructuring among different fields and elements to foster new technologies, business models, and systemic changes in production and organization [1] - Achieving a strong industrial base relies on core capabilities, quality branding, innovation capacity, green content, and international competitiveness, all driven by "integrated innovation" [1] Group 2 - The mechanical industry faces challenges such as the need for stronger foundational research and the enhancement of supply chain resilience and security, necessitating a focus on technological self-reliance and innovation [2] - The importance of technology innovation as a core driver for both traditional industry transformation and the growth of emerging industries is emphasized, alongside the need for deep integration of technology and industry [2] - The call for reform to break down barriers and activate internal dynamics for integration, as well as the need for a collaborative ecosystem to foster innovation and talent development, is highlighted [2] Group 3 - Recommendations include advancing artificial intelligence applications, enhancing foundational capabilities in data, networks, and algorithms, and promoting the scale development of emerging industries [3] - The necessity for a green low-carbon transition is stressed, with specific goals for carbon peak by the end of the 14th Five-Year Plan, and the promotion of green factories and low-carbon parks [3] - The integration of technological and industrial innovation is crucial, with an emphasis on converting scientific achievements into productive forces and enhancing effective supply across the industry [3] Group 4 - Manufacturing is identified as the core of building a modern industrial system and solidifying the foundation of the real economy, with an increasing share of Chinese manufacturing firms in the global top 500 [4] - The focus on intelligent manufacturing and the enabling role of technologies like AI and IoT for traditional industry upgrades is emphasized, alongside the need for collaboration across the industrial chain [4] - The "2025 New Quality Productivity Trends and Practices Report" indicates significant improvements in various aspects of productivity but also highlights challenges such as cognitive biases and insufficient foundational research [4]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Short - term, the RMB is likely to be moderately strong against the US dollar, mostly in a low - volatility range with limited trading value. Key factors include clear policy support, enhanced independent exchange - rate fluctuations, and a resonance of internal and external environments. However, potential risks such as high long - position inventories of USD/HKD and the impact of the Bank of Japan's interest - rate hikes should be noted [3]. - The entry of the national team only boosts the market sentiment in the short term. The stock index is expected to stabilize and fluctuate in the short term, and the small and medium - cap stock indexes may face pressure [4]. - For the bond market, it is not pessimistic in the medium term. Mid - term long positions can be held, while short - term long positions can consider taking profits [5]. - In the container shipping European route, there is a bull - bear mix. The price is expected to be supported in January due to shipping companies' price - holding intentions, but factors such as weak economic data, sufficient shipping capacity, and the expected resumption of Red Sea routes may bring pressure [6]. - For platinum and palladium, the long - term bullish foundation for platinum remains. In the short term, attention should be paid to the risk of adjustment due to the widening price difference between domestic and foreign markets. For gold and silver, be cautious about short - term callbacks, and maintain a long - term bullish view. For copper, the market sentiment is high, but the price increase did not meet expectations. For aluminum, it is expected to fluctuate strongly in the medium term; alumina is expected to be weak; and cast aluminum alloy is expected to fluctuate strongly. For zinc, it is expected to maintain a wide - range shock in the short term. For nickel and stainless steel, they had a short - term correction, and attention should be paid to the supply and demand situation. For tin, it is expected to be strong in the short term, and it is recommended to enter the market on dips. For lithium carbonate, the short - term price may fluctuate more widely, and there are opportunities for long positions in the long term. For industrial silicon, it is in a supply - demand weak situation, and for polysilicon, the trading logic is mainly technical [9][11][13][16][19][20][22][23][24][26]. - For steel products, the price is expected to fluctuate. The price range of the rebar main contract 2605 is likely between 2900 - 3300, and that of the hot - rolled coil main contract 2605 is likely between 3000 - 3400. For iron ore, the downward space is expected to be limited. For coking coal and coke, if the upward trend continues, it may drive a new round of terminal restocking. For ferrosilicon and ferromanganese, the market is in a situation of weak reality and strong expectation, and there may be a short - term rebound [30][31][32][33][34][36]. - For pulp and offset paper, the short - term strategy is mainly to wait and see. For crude oil, the escalation of the US - Venezuela situation may drive up short - term oil prices. For LPG, the near - term is still supported. For PTA - PX, there is no obvious driver, and it will fluctuate with the cost side. For MEG - bottle chips, the short - term downward driving force is weakened, but the medium - and long - term situation is still under pressure. For methanol, it is recommended to maintain a reverse spread. For PP, the cost side provides strong support, and there may be a short - term rebound. For PE, the spot side is weak, and the supply - demand pressure is large. For pure benzene - styrene, pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern. For asphalt, if the US does not directly declare war on Venezuela, the upward space is limited. For rubber, both natural and synthetic rubber are expected to maintain a wide - range shock. For urea, the 01 contract is expected to continue to fluctuate. For soda ash, it is waiting for unexpected supply changes. For glass, the near - month 01 will follow the delivery logic, and the far - month is affected by production line cold repairs. For caustic soda, the price is expected to fluctuate weakly. For logs, the current price has limited trading value. For propylene, it is expected to maintain a shock pattern [38][40][42][44][45][46][47][49][50][52][53][54][55][57][58][60][61][62][63][65][67][68][70][71][72][75][76][78][79][80]. - For oilseeds, the external soybean market will focus on demand in the short term and is expected to fluctuate around the cost line in the medium term. The domestic soybean meal will continue the long - spread trend in the short term, and the medium - term supply depends on reserve releases. For oils, the short - term trend is wide - range shock, and attention should be paid to production and biodiesel information. For cotton, it is recommended to build long positions on dips, paying attention to downstream orders and hedging pressure. For sugar, the price will remain weak. For apples, the strategy is mainly to buy on dips. For red dates, the short - term downward space may be limited, and attention should be paid to pre - holiday procurement [81][82][83][84][85][86][87][88][89]. 3. Summary by Relevant Catalogs Financial Futures - **Macro**: Overseas, the Fed cut interest rates in December, the US employment market cooled, and the UK's CPI decline increased the expectation of an interest - rate cut. Domestically, policies are "seeking progress while maintaining stability," and in November, industrial production was resilient but domestic demand was weak [1]. - **RMB Exchange Rate**: The previous trading day, the on - shore RMB depreciated slightly against the US dollar. Key information includes China's fiscal revenue growth, the Fed's potential interest - rate cuts, and the UK's CPI decline. The RMB is expected to be moderately strong in the short term, with potential risks [2][3]. - **Stock Index**: The stock index rose collectively in the previous trading day. The entry of the national team boosted market sentiment, but the index is expected to fluctuate in the short term, and small and medium - cap indexes may face pressure [4]. - **Treasury Bonds**: The bond market rose on Wednesday. The market sentiment improved, and it is not pessimistic in the medium term. Mid - term long positions can be held, and short - term long positions can consider taking profits [4][5]. Commodities Non - ferrous Metals - **Platinum and Palladium**: The night - session prices of platinum and palladium rose to new highs this year. The price is affected by factors such as the Fed's policy, supply - demand fundamentals, and EU policies. In the long term, the bullish foundation for platinum remains, and short - term adjustment risks should be noted [9][10]. - **Gold and Silver**: Gold and silver prices rose. Silver shows a long - squeeze phenomenon. The short - term focus is on callback risks, and the long - term view is bullish [11][12]. - **Copper**: The copper price rebounded. The market sentiment was high, but the increase did not meet expectations. It is recommended to pay attention to the pressure around 93500 - 94000, and downstream enterprises can consider buying futures on dips for hedging [13][14][15]. - **Aluminum Industry Chain**: Aluminum is expected to fluctuate strongly in the medium term; alumina is expected to be weak; and cast aluminum alloy is expected to fluctuate strongly. The fundamentals of aluminum are relatively stable, alumina is in a supply - surplus situation, and cast aluminum alloy has strong support [16][17][18]. - **Zinc**: Zinc prices had support at the bottom and rebounded slightly at night. In the short term, it is expected to maintain a wide - range shock, and there may be entry opportunities [19][20]. - **Nickel and Stainless Steel**: They had a short - term correction. The nickel ore market is expected to be stable and strong, and the stainless - steel market is affected by export regulations. Attention should be paid to the supply and demand situation [20][21]. - **Tin**: Tin prices were strong. It is recommended to enter the market on dips, and the short - term view is not to short [22]. - **Lithium Carbonate**: The price rose sharply. The short - term price may fluctuate more widely, and there are opportunities for long positions in the long term. Attention should be paid to supply shocks and demand declines [22][23]. - **Industrial Silicon and Polysilicon**: Industrial silicon is in a supply - demand weak situation, and polysilicon's trading logic is mainly technical. The long - term price of industrial silicon has limited downward space, and polysilicon's fundamentals are ineffective [24][26]. - **Lead**: Lead prices were weakly volatile. In the short term, it is expected to fluctuate between 16700 - 17500, with strong support around 16500 [27]. Black Metals - **Rebar and Hot - Rolled Coil**: The prices rebounded slightly but faced pressure above. After the central economic work conference, the pricing of the steel market returned to fundamentals. Supply may slow down the reduction, demand is seasonally weak, and inventory is in a de - stocking trend. The price is expected to fluctuate [28][30][31]. - **Iron Ore**: The price rebounded. After macro events, the trading logic returned to fundamentals. Supply is relatively restrained, demand is in a bottom - grinding stage, and the price is supported by coking coal [32]. - **Coking Coal and Coke**: The coking coal price may be affected by winter restocking, and the coke price may continue to decline. If the upward trend continues, it may drive a new round of terminal restocking [33][34]. - **Ferrosilicon and Ferromanganese**: The market is in a situation of weak reality and strong expectation. Supply is likely to continue to decline, demand is expected to decrease, and inventory is at a high level. There may be a short - term rebound [35][36]. Energy and Chemicals - **Pulp - Offset Paper**: Pulp prices fluctuated, and offset paper prices were weakly volatile. The Crofton pulp mill's shutdown was postponed, and the pulp port inventory is still high. The short - term strategy for both is to wait and see [38][40][41]. - **Crude Oil**: Oil prices stopped falling and rebounded. The US - Venezuela tension may drive up short - term oil prices, and attention should be paid to the development of the situation [42][43][44]. - **LPG**: The near - term is still supported. The supply increased slightly, demand remained stable, and attention should be paid to marginal changes [45][46]. - **PTA - PX**: There is no obvious driver, and it will fluctuate with the cost side. PX supply is expected to be high, PTA supply and demand are in a tight - balance situation in December, and the polyester demand is expected to decline seasonally in December [47][49]. - **MEG - Bottle Chips**: The short - term downward driving force is weakened, but the medium - and long - term situation is still under pressure. Supply has shown initial signs of support, and demand is expected to decline seasonally in December [50][52]. - **Methanol**: It is recommended to maintain a reverse spread. Factors such as commodity trends and unloading problems have affected the price, and the unloading problem will be resolved in the future [53][54]. - **PP**: The cost side provides strong support, and there may be a short - term rebound. Supply may be relieved in January, and demand has some support [55][57]. - **PE**: The spot side is weak, and the supply - demand pressure is large. Supply is increasing, and demand is decreasing, especially in the agricultural film sector [58][60]. - **Pure Benzene - Styrene**: Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern. The supply of pure benzene is slightly decreasing, and the demand is weak. The supply of styrene has increased, and the demand is stable [60][61]. - **Asphalt**: If the US does not directly declare war on Venezuela, the upward space is limited. The supply and demand have changed slightly, and the US - Venezuela situation may affect the supply of heavy oil [62]. - **Rubber**: Both natural and synthetic rubber are expected to maintain a wide - range shock. Natural rubber is affected by supply - side disturbances and weak demand. Synthetic rubber has limited fundamental improvement, and the upward space is restricted [63][65][67]. - **Urea**: The 01 contract is expected to continue to fluctuate. High supply pressures the price, but export policies relieve the pressure, and the inventory is in a de - stocking trend [68][70]. - **Soda Ash, Glass, and Caustic Soda**: Soda ash is waiting for unexpected supply changes, glass's near - month 01 will follow the delivery logic, and the far - month is affected by production line cold repairs. Caustic soda prices are expected to fluctuate weakly due to supply pressure and weakening demand [71][72][75]. - **Logs**: The current price has limited trading value. It is in a position - shifting market, with the inventory decreasing and the spot price falling [76][78]. - **Propylene**: It is expected to maintain a shock pattern. The supply is relatively loose, demand is stable, and it is affected by the "anti - involution" policy [79][80]. Agricultural Products - **Oilseeds**: The external soybean market will focus on demand in the short term and is expected to fluctuate around the cost line in the medium term. The domestic soybean meal will continue the long - spread trend in the short term, and the medium - term supply depends on reserve releases. The rapeseed meal is in a supply - demand weak situation [81][82]. - **Oils**: The short - term trend is wide - range shock. Palm oil is affected by supply pressure, soybean oil is affected by soybean auctions, and rapeseed oil is affected by global supply. Attention should be paid to production and biodiesel information [82][83]. - **Cotton**: It is recommended to build long positions on dips. The downstream shows resilience, but short - term pressure exists. Attention should be paid to downstream orders and hedging pressure [84]. - **Sugar**: The price will remain weak. Global sugar production and trade data affect the price, such as India's high production and Brazil's high exports [85][86]. - **Apples**: The strategy is mainly to buy on dips. Consumption is sluggish, and inventory is slowly decreasing [87][88]. - **Red Dates**: The short - term downward space may be limited. New - season production is slightly reduced, and new - product supply is sufficient. Attention should be paid to pre - holiday procurement [89].

专题：第十八届中国工业论坛 中国工业报记者 曹雅丽 党的二十届四中全会擘画了建设现代化产业体系的宏伟蓝图，2025年中央经济工作会议提出的"五个必 须"更为做好当前和今后一个时期的经济工作提供了根本遵循。 为认真贯彻落实党的二十届四中全会精神和中央经济工作会议精神，深入推进新型工业化，加快发展新 质生产力，12月14日-16日，第十八届中国工业论坛在北京隆重召开。 马培华致辞时指出，工业是立国之本、强国之基。"融合创新"已成为驱动产业升级、塑造新竞争优势的 关键路径，"工业当强"则是应对风险、赢得未来的战略抉择。他强调，要深刻把握"融合创新"的时代内 涵。它不仅是技术或产业的简单叠加，更是不同领域、要素、主体间的深度交互与重组，催生新技术、 新业态、新模式，推动生产方式、组织形态和商业范式的系统性变革。"工业当强"，强在基础能力、质 量品牌、创新能力、绿色含量与国际竞争力。实现"工业当强"，必须紧紧依靠"融合创新"这个核心引 擎。 张文宏致辞时表示，机械工业是衡量国家综合实力、推动新质生产力发展的关键领域。今年前三个季 度，规模以上机械工业增加值同比增长8.7%，高于全国工业平均水平，有力支撑了工业经济的平稳 ...

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