Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For steel, cost support is strengthening. With the potential for winter storage and restocking, and positive steel mill profits, there may be a drive for production resumption. It is advisable to consider short - term long positions with stop - loss settings [2]. - For silicon iron and manganese silicon, the fundamentals are under pressure, and upward resistance remains strong. Despite policy - driven price sentiment, the direct demand is weak, and there is a mid - term supply surplus [3][5]. - For coking coal and coke, the night - session prices strengthened. Although the steel market is weak, there is a possibility of winter storage and restocking, and the rebound is expected to continue [6]. - For iron ore, the molten iron output has declined, and the price is under pressure due to rising inventory. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7]. 3. Summary by Related Content Futures Market - **Prices and Changes**: On December 17, the closing prices of far - month contracts for various products such as RB2610, HC2610, etc., showed different changes. For example, RB2610 closed at 3113.00 yuan/ton with a 0.03% increase, and HC2610 closed at 3258.00 yuan/ton with a 0.03% increase. Near - month contracts also had their respective price movements [1]. - **Spreads and Ratios**: The cross - month spreads, spreads/ratios/profits of different contracts changed. For instance, the RB2605 - 2610 spread was - 29.00 yuan/ton with a change of - 130, and the volume - to - screw spread was 161.00 yuan/ton with a - 4.00 change [1]. Spot Market - **Steel**: On December 17, the spot prices of Shanghai, Tianjin, and Guangzhou螺纹 were 3290.00 yuan/ton, 3170.00 yuan/ton, and 3480.00 yuan/ton respectively. The prices of Shanghai, Hangzhou, and Guangzhou热卷 were 3280.00 yuan/ton, 3270.00 yuan/ton, and 3280.00 yuan/ton respectively [1]. - **Others**: The prices of other products such as唐山普方坯,普氏指数, and various ores also had their respective values and changes on December 17 [1]. Market Analysis by Product - **Steel**: The cost support is strengthening. The steel price is in a low - level shock. The hot - rolled coil can be operated by rolling cash - and - carry arbitrage or supplemented with option strategies [2][7]. - **Silicon Iron and Manganese Silicon**: The fundamentals are under pressure. The demand is weak, and the supply is in a mid - term surplus. The supply of silicon iron is more likely to be affected by policies [3][5]. - **Coking Coal and Coke**: The night - session prices strengthened. The market is affected by policies and the possibility of winter storage and restocking. The rebound is expected to continue [6]. - **Iron Ore**: The molten iron output has declined, and the price is under pressure. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7].

Industry Overview - The report focuses on the upstream, midstream, and downstream industries, analyzing price fluctuations, production, and sales trends [1][3] Upstream Industry - In the non - ferrous metals sector, nickel and lead prices have declined; in the agricultural sector, pork prices have slightly decreased; in the energy sector, international crude oil and liquefied natural gas prices continue to fall [3] - As of December 17, the prices of some agricultural products such as eggs, palm oil, and pork have decreased, while the prices of corn and cotton have increased; among non - ferrous metals, the prices of zinc and some aluminum products have decreased, while the prices of copper, nickel, and some other aluminum products have increased; in the energy sector, the prices of WTI crude oil, Brent crude oil, liquefied natural gas, and coal have decreased [36] Midstream Industry - In the chemical industry, the operating rates of PX and PTA have declined; in the energy sector, the coal consumption of power plants has increased; in the infrastructure sector, the operating rate of road asphalt has decreased [3] Downstream Industry - In the real estate sector, the sales of commercial housing in first, second, and third - tier cities have continued to pick up at the end of the year; in the service sector, the number of domestic and international flights has continued to decline [3] Policy and Data - The National Development and Reform Commission and other departments have issued the "Benchmark Levels and Baseline Levels for the Clean and Efficient Utilization of Coal in Key Areas (2025 Edition)", aiming to promote the clean and efficient utilization of coal and eliminate backward production capacity [1] - From January to November 2025, the stamp duty was 404.4 billion yuan, a year - on - year increase of 27%. Among them, the securities trading stamp duty was 185.5 billion yuan, a year - on - year increase of 70.7%. In November 2025, the securities trading stamp duty was 22.6 billion yuan, a month - on - month increase of 24.86% compared with October and a year - on - year increase of 2.26% compared with November 2024 [1]

Group 1 - The three major indices opened lower on December 18, with the CSI High Dividend Strategy Index (H30366.CSI) rising by 0.18%. Among its constituent stocks, Shanxi Coking Coal rose nearly 2%, while five other stocks, including Shanxi Coal International and Lu'an Environmental Energy, increased by over 1%. Additionally, Huabei Mining and China Petroleum saw nearly 1% gains [1] - The High Dividend ETF (563180) closely tracks the CSI High Dividend Strategy Index, which selects 80 stocks with high dividend yields and stable dividend payments. The ETF has two off-market linked funds (A: 022144, C: 022145) [2] - As of December 17, the latest circulating share count for the High Dividend ETF was 148 million shares, with a circulating scale of 166 million yuan [1] Group 2 - The National Development and Reform Commission, along with several other ministries, issued a notice regarding the "Key Areas for Clean and Efficient Utilization of Coal Benchmark Levels and Baseline Levels (2025 Edition)." This new version includes indicators for coal consumption in coal-fired power generation and coal-to-natural gas, updating technical indicators based on recent national standards and policies [1] - The notice emphasizes the need for categorized implementation of upgrades to enhance utilization levels, leveraging existing policy tools and mechanisms to accelerate the pace of enterprise upgrades in coal clean and efficient utilization [1] - In a low interest rate environment, demand for stable cash flows from long-term funds such as insurance capital, pension funds, and bank wealth management has significantly increased. By the first three quarters of 2025, new equity allocations from listed insurance companies exceeded 410 billion yuan, with high dividend assets accounting for over half of the new positions [2]

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - The Ministry of Finance reported that from January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The National Development and Reform Commission and other departments released guidelines for clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 10.862 million yuan per ton, reflecting an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "lowest prices online" may constitute abuse of market dominance or monopolistic agreements [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a national unified electricity market evaluation system, focusing on operational effectiveness and market competition [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - Baida Group's stock has seen significant short-term price increases, indicating potential risks of rapid declines [8] - China Railway Engineering Corporation plans to repurchase A-shares worth between 1 billion and 2 billion yuan [11]

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - From January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The State Council's six departments released guidelines for clean and efficient coal utilization, encouraging enterprises to upgrade projects and eliminate outdated capacities within a three-year timeframe [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 108,620 yuan/ton, marking an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "the lowest price online" may constitute abuse of market dominance or monopolistic behavior [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a nationwide unified electricity market evaluation system focusing on market operation effects and competition levels [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - China Zhongtie plans to repurchase A-shares worth between 1 billion and 2 billion yuan [10] - Shanghai Airport signed a contract for the transfer of duty-free store operating rights [11] - China CRRC signed contracts totaling 533.1 billion yuan recently [12] - Meike Home is planning to acquire control of Wande, leading to a stock suspension [13]

结合煤炭行业发展现状和潜力，在此前重点领域能效标杆水平和基准水平的基础上，将燃煤发电供热煤 耗、煤制天然气等纳入范围。对标国内外煤炭清洁高效领域先进水平，以及国家、地方现行政策、标准 中先进能效指标值和最严格污染物排放要求，完善煤炭清洁高效利用标杆水平。参考国家现行标准中的 准入值或限定值，以及国家政策文件明确的相关指标，科学确定煤炭清洁高效利用的基准水平。煤炭清 洁高效利用重点领域标杆水平和基准水平将视行业发展和标准制修订情况进行动态调整，强化标杆水平 引领作用和基准水平约束作用。 【钛媒体综合】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、国家能源局印发《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 ...

Market Overview - The U.S. stock market experienced a decline, with the Dow Jones Industrial Average falling by 0.47% to close below 48,000 points, the Nasdaq dropping by 1.81%, and the S&P 500 decreasing by 1.16% [1] - The VIX, a measure of market volatility, surged by 6.9% to 17.62, indicating increased investor anxiety [1] Technology Sector Performance - Major tech stocks saw significant declines, with Nvidia down 3.8%, Microsoft down 0.1%, Amazon down 0.6%, Apple down 1.0%, Meta down 1.2%, Google down 3.1%, and Tesla down 4.6% [2] - The Philadelphia Semiconductor Index fell by 3.3%, with notable drops in chip manufacturers such as Broadcom down 4.4% and AMD down 5.3% [3] Corporate Developments - Oracle's stock dropped by 5.4% following news that its largest data center partner, Blue Owl Capital, would no longer fund a $10 billion data center project, raising market concerns despite Oracle's clarifying announcement [3] - Warner Bros. Discovery's stock fell by 2.3% after the board rejected a $108.4 billion hostile takeover bid from Paramount-DreamWorks, opting instead for a more certain offer from Netflix [3] Commodity Market Movements - International oil prices rebounded significantly, with WTI crude oil increasing by 1.21% to $55.94 per barrel and Brent crude oil rising by 1.29% to $59.68 per barrel [3] - Precious metals saw gains driven by risk-averse sentiment, with COMEX gold futures rising by 1.00% to $4,347.50 per ounce and COMEX silver futures increasing by 5.64% to $66.237 per ounce, both reaching historical closing highs [3] Regulatory and Policy Updates - The Ministry of Finance reported that from January to November 2025, stamp duty revenue reached 404.4 billion yuan, a year-on-year increase of 27%, with securities transaction stamp duty at 185.5 billion yuan, up 70.7% [3] - The National Development and Reform Commission, along with five other departments, issued a notice promoting clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [4]

每经记者｜朱成祥 每经编辑｜董兴生 丨 2025年12月18日 星期四 丨 NO.1 长江电力：秘鲁红珊瑚风电项目完成股权交割 据长江电力公众号，秘鲁时间12月12日，长江电力所属秘鲁路德斯公司在秘鲁首都利马完成红珊瑚风电 项目股权交割。这是路德斯公司历史第三个新能源发电并购项目，该项目交割后路德斯公司已成为秘鲁 第一大风电运营商。 点评：此举标志长江电力国际化与"水风光储"多能互补战略加速推进，通过并购快速切入海外风电市 场，优化能源结构，提升抗风险能力与综合竞争力。短期事件提振市场情绪，中长期若项目运营良好， 有望为公司贡献稳定收益，并为后续海外新能源布局提供范本。 NO.2 隆基绿能李振国：呼吁强化行业自律，坚决抵制非理性竞争 12月17日，在"2025光伏供应链配套发展研讨会"上，隆基绿能创始人、首席技术官李振国表示，中国光 伏产业要持续强化创新引领、构建韧性协同的供应链体系，积极开拓全球市场，持续提升中国光伏品牌 的国际影响力与竞争力。他呼吁产业链上下游同仁加强务实合作，强化行业自律，坚决抵制非理性竞 争，合力营造开放包容、规范有序、韧性高效的产业新生态，为构建新型能源体系、保障国家能源安全 贡献光 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to promote the coal industry from low-end to high-end, focusing on upgrading coal products from primary fuels to high-value products by releasing the "Key Areas Benchmark Levels and Baseline Levels for Clean and Efficient Utilization of Coal (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 strengthen coordination with relevant departments to guide and supervise local areas in reinforcing responsibility, detailing work arrangements, and increasing efforts to promote clean and efficient coal utilization [1] - The initiative aims to support the construction of a clean, low-carbon, safe, and efficient new energy system [1]

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]