Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to promote the coal industry from low-end to high-end and to upgrade coal products from primary fuels to high-value products by releasing the "Key Areas for Clean and Efficient Utilization of Coal Benchmark Levels and Baseline Levels (2025 Edition)" [1] Group 1: Policy Updates - The 2025 edition includes indicators for coal consumption in coal-fired power generation and coal-to-natural gas, updating technical indicators based on national standards and policies from the past three years [1] - The notification emphasizes the need for categorized implementation of upgrades to enhance utilization levels [1] Group 2: Implementation Strategy - The NDRC plans to utilize existing policy tools and mechanisms to strengthen market regulation and enforcement of clean and efficient coal utilization [1] - There will be a focus on accelerating the pace of enterprise upgrades to improve the overall level of clean and efficient coal utilization [1] Group 3: Future Coordination - The NDRC will coordinate with relevant departments to guide and supervise local areas in strengthening responsibility, detailing work arrangements, and increasing promotion efforts [1] - The initiative aims to support the construction of a clean, low-carbon, safe, and efficient new energy system [1]

【重点关注】 ·财政部：前11个月全国一般公共预算收入同比增长0.8% ·市场监管总局：平台要求商家"全网最低价"可能构成垄断 ·六部门：充分利用现有政策工具和工作机制，加大煤炭清洁高效利用市场调节和督促落实力度 【国内要闻】 ·财政部12月17日发布数据显示，今年前11个月，全国一般公共预算收入200516亿元，同比增长0.8%。 其中，前11个月，全国税收收入164814亿元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。分 中央和地方看，前11个月，中央一般公共预算收入88464亿元，同比下降1%；地方一般公共预算本级收 入112052亿元，同比增长2.2%。 ·云南省人民政府办公厅印发《关于加快完善生育支持政策体系推动建设生育友好型社会的十五条措 施》，其中提出，健全生育补贴等制度。深入实施国家育儿补贴制度，稳妥推进省级政策与国家政策精 准衔接，将云南省二孩、三孩每孩每年800元育儿补助统一并轨至国家每孩每年3600元育儿补贴。 ·深圳市人力资源和社会保障局等部门近日印发《关于加强青年人才来深发展服务保障的若干措施》， 其中提出，青年人才可以申请租住过渡性住房，租金标准为市场参考租金的6 ...

国家发展改革委相关负责人表示，下一步将会同有关部门加强统筹协调，指导督促各地各有关方面结合 实际，强化责任落实，细化工作安排，加大推进力度，加快推动煤炭清洁高效利用，助力推进清洁低 碳、安全高效的新型能源体系建设。 相对于2022年版的煤炭清洁高效利用重点领域标杆水平和基准水平指标，2025年版将燃煤发电供热煤 耗、煤制天然气等纳入范围，并结合近3年来国家标准和相关政策制修订情况更新相关技术指标。此次 印发的通知提出，要分类实施改造升级，着力提升利用水平。充分利用现有政策工具和工作机制，加大 煤炭清洁高效利用市场调节和督促落实力度，加快企业改造升级步伐，提升煤炭清洁高效利用整体水 平。 推动煤炭清洁高效利用 国家发展改革委等多部门印发通知 新华社北京12月17日电（记者 魏弘毅、魏玉坤）记者17日从国家发展改革委获悉，为推动煤炭产业由 低端向高端、煤炭产品由初级燃料向高价值产品攀升，国家发展改革委联合工业和信息化部、生态环境 部、住房和城乡建设部、市场监管总局、国家能源局近日印发通知，发布《煤炭清洁高效利用重点领域 标杆水平和基准水平（2025年版）》。 ...

新华社北京12月17日电（记者魏弘毅、魏玉坤）记者17日从国家发展改革委获悉，为推动煤炭产业由低 端向高端、煤炭产品由初级燃料向高价值产品攀升，国家发展改革委联合工业和信息化部、生态环境 部、住房和城乡建设部、市场监管总局、国家能源局近日印发通知，发布《煤炭清洁高效利用重点领域 标杆水平和基准水平（2025年版）》。 ...

Core Viewpoint - The National Development and Reform Commission, along with several other ministries, has released the "Key Areas Benchmark Levels and Baseline Levels for Clean and Efficient Utilization of Coal (2025 Edition)," which updates the standards for coal utilization compared to the 2022 version [1] Group 1: Policy Updates - The 2025 edition includes new indicators for coal consumption in coal-fired power generation and coal-to-natural gas processes, reflecting updates based on national standards and policies from the past three years [1] - The notification emphasizes the need for categorized implementation of upgrades to enhance utilization levels, leveraging existing policy tools and mechanisms [1] Group 2: Implementation Strategy - The National Development and Reform Commission will coordinate with relevant departments to guide and supervise local entities, ensuring responsibility is enforced and work arrangements are detailed [1] - There is a focus on accelerating the pace of coal utilization upgrades to support the development of a clean, low-carbon, safe, and efficient new energy system [1]

六部门：对新建煤炭开发利用项目和有条件的存量项目，推动清洁高效利用水平应提尽提 国家发改委、工信部、生态环境部等六部门关于发布《煤炭清洁高效利用重点领域标杆水平和基准水平（2025 年版）》，鼓励和引导行业企业结合实际和长远发展，对项目实施改造升级。对新建煤炭开发利用项目和有条 件的存量项目，推动清洁高效利用水平应提尽提，力争达到标杆水平。对清洁高效利用水平低于现有基准水平 的存量项目，引导企业有序开展煤炭清洁高效利用改造，加快推动企业减污降碳，坚决依法依规淘汰落后产 能、落后工艺。对需开展煤炭清洁高效利用改造的项目，各地应在不影响电力、热力供应的情况下明确改造升 级和淘汰时限（一般不超过3年）以及年度计划，在规定时限内升级到基准水平以上，力争达到标杆水平；对 不能按期改造完成的项目予以淘汰。加强煤炭清洁高效利用工艺技术装备研发和推广应用，开展煤炭清洁高效 利用项目评价，积极推动技术改造升级项目建设。 ★ 宏观动态 ★ 国家发改委等部门：对标国内外煤炭最严格污染物排放要求，完善煤炭清洁高效利用标杆水平 国家发展改革委等部门发布《煤炭清洁高效利用重点领域标杆水平和基准水平（2025年版）》。其中提到，结 合煤炭 ...

螺纹热卷日报 第一部分 市场信息 研究所 黑色金属研发报告 黑色金属日报 2025 年 12 月 17 日 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 今日钢价整体维持震荡偏强走势，铁矿石领涨。钢材现货成交整体一般偏弱，低 价出货意愿增加。本周布谷网数据公布，建材和热卷有所增产，其中建材增产速度更 快；钢材总库存继续下滑，社库大幅去库，整体去库速度与上周持平；建材表需小幅 下降，而热轧表需小幅上升，整体需求存在樱之城。预计本周铁水产量继续下滑，但 高炉利润有所修复，月底可能专项增产；12 月煤矿受环保因素影响供应可能再度收 缩，钢厂也存在补库预期，pb 粉结构性短缺，钢材成本存在支撑；尽管建材需求季节 性下滑，但制造业需求仍有支撑，受钢铁产品实施出口许可证管理影响，短期出口延 续高位，钢价或受原料补库影响呈现震荡偏强的走势，但受季节性影响，表现弱于 11 月。继续关注宏观消息对盘面的影响。后续继续关注煤矿安全检查情况，海外关税及 国内宏观、产业政策。 【交易策略】 ...

发改运行〔2025〕1499号 各省、自治区、直辖市、新疆生产建设兵团发展改革委、工业和信息化主管部门、生态环境厅（局）、住房 和城乡建设厅（委、管委、局）、市场监管局（厅、委）、能源局： 为贯彻落实党中央、国务院决策部署，推动煤炭产业由低端向高端、煤炭产品由初级燃料向高价值产品攀 升，按照《国家发展改革委等部门关于加强煤炭清洁高效利用的意见》（发改运行〔2024〕1345号），经商 有关方面，现发布《煤炭清洁高效利用重点领域标杆水平和基准水平（2025年版）》，并就有关事项通知如 下。 国家发改委、工信部、生态环境部等六部门关于发布《煤炭清洁高效利用重点领域标杆水平和基准水平 （2025年版）》，鼓励和引导行业企业结合实际和长远发展，对项目实施改造升级。 对新建煤炭开发利用项目和有条件的存量项目，推动清洁高效利用水平应提尽提，力争达到标杆水平。 对清洁高效利用水平低于现有基准水平的存量项目，引导企业有序开展煤炭清洁高效利用改造，加快推 动企业减污降碳，坚决依法依规淘汰落后产能、落后工艺。对需开展煤炭清洁高效利用改造的项目，各 地应在不影响电力、热力供应的情况下明确改造升级和淘汰时限（一般不超过3年）以及年度 ...

Core Viewpoint - The document outlines the release of the "Benchmark and Baseline Levels for Clean and Efficient Utilization of Coal in Key Areas (2025 Edition)" aimed at promoting the coal industry from low-end to high-end, enhancing coal products from primary fuels to high-value products [2]. Group 1: Expansion of Key Areas and Guiding Role - The scope of key areas has been expanded to include coal consumption in coal-fired power generation and coal-to-natural gas, aligning with advanced domestic and international standards [3]. - The benchmark and baseline levels for clean and efficient coal utilization will be dynamically adjusted based on industry development and standard revisions, reinforcing the guiding role of benchmark levels and the constraint role of baseline levels [3]. Group 2: Classification and Upgrade Implementation - Enterprises are encouraged to upgrade projects to meet benchmark levels, with a three-year deadline for existing projects to reach baseline levels [4]. - Projects failing to meet the upgrade deadline will be eliminated, and there will be a focus on developing and promoting clean and efficient coal utilization technologies [4]. Group 3: Policy Support and Acceleration of Transformation - The document emphasizes the need for enhanced policy support and market regulation to promote clean and efficient coal utilization [5]. - Financial policies will be improved to attract social capital for green and low-carbon transformation projects, with banks encouraged to increase credit support for eligible projects [5]. Group 4: Key Indicators and Standards - The document includes specific benchmark and baseline levels for various coal utilization processes, such as coal washing, power generation, and coal-to-chemical processes, with detailed energy consumption limits provided [6][7]. - New key areas are marked with "★" and adjustments in energy efficiency levels are indicated with "▲" compared to the previous version [7].

Core Viewpoint - The National Development and Reform Commission and other departments have released the "Benchmark and Baseline Levels for Key Areas of Clean and Efficient Utilization of Coal (2025 Edition)" to promote the transformation of the coal industry towards higher efficiency and lower emissions [2] Group 1: Expansion of Key Areas and Guiding Role - The scope of key areas has been expanded to include coal consumption in coal-fired power generation and heating, as well as coal-to-natural gas processes [3] - The benchmark and baseline levels for clean and efficient coal utilization will be dynamically adjusted based on industry development and standard revisions [3] Group 2: Implementation of Upgrades and Improvements - Enterprises are encouraged to upgrade projects to meet benchmark levels, especially for new coal development projects and eligible existing projects [4] - Existing projects with utilization levels below baseline standards will be guided to undergo orderly upgrades, with a general deadline for upgrades not exceeding three years [4] Group 3: Increased Policy Support for Transition - Existing policy tools will be utilized to enhance market regulation and support for clean and efficient coal utilization projects [5] - Financial policies will be improved to attract social capital participation in clean and low-carbon transition projects [5] - Local departments are urged to recognize the importance of promoting clean and efficient coal utilization and to strengthen coordination and responsibility [5]