Core Viewpoint - The company emphasizes the necessity of leveraging technology to achieve the goal of increasing grain production from 1.4 trillion jin to 1.5 trillion jin during the 14th Five-Year Plan period, highlighting its commitment to transforming from a traditional fertilizer manufacturer to a provider of crop nutrition solutions [1][2]. Group 1: Technological and Product Innovations - The company aims to enhance product efficiency by shifting from excessive fertilizer use to precision application, focusing on improving nutrient utilization and soil health [2]. - A robust R&D system has been established, including over 260 patents and participation in more than 20 national and provincial research projects, to address industry challenges such as low fertilizer efficiency [2]. - Collaborations with research institutions have led to innovative solutions, such as integrating ARC technology into fertilizers to improve crop quality and yield [2]. Group 2: Digital Services and Agricultural Support - The company has formed a specialized agricultural service team of over 200 members, investing more than 40 million yuan annually to provide customized fertilization plans and technical guidance to farmers [3]. - A digital platform named "Yangfeng Shennonghui" has been developed to offer tailored nutritional solutions using big data and crop growth models, aiming to enhance fertilizer efficiency and protect soil quality [3]. Group 3: Future Investments and Strategic Directions - The company plans to invest in enhancing supply chain resilience by developing a dual business model that includes both traditional fertilizer production and new materials such as iron phosphate and refined phosphoric acid [4]. - Regional optimization efforts are underway, with 14 production bases established across various provinces, including a new project in Anhui with an annual capacity of 1 million tons of specialized fertilizers [4]. - Digital transformation initiatives are being prioritized to improve internal capabilities, with automation rates in production facilities increasing from 75% to 99% [4]. Group 4: Green Transformation and Sustainability Efforts - The company is committed to energy conservation and carbon reduction throughout its production processes, focusing on technological upgrades and digital transformations [5][6]. - Efforts to utilize phosphogypsum, a byproduct of fertilizer production, are being implemented, with a capacity to process over 7 million tons annually, aiming for high-value applications in ecological restoration and construction materials [6].

得益于内需强劲、投资逐步复苏以及大宗商品价格利好，印尼经济有望在2026年实现加速增长，官方预测GDP增速区间为5.4%至6%。我们建议政策制定 者优先关注以下方面：1）通过拓宽信贷渠道与加强收入支持，重振家庭消费；2）破除投资壁垒；3）加速人力资本建设以提升生产率。 ► 在战略性赤字与财政收入刺激之间寻求平衡： 2026年财政政策应优先着眼于战略灵活性与高质量支出。关键举措包括：扩大税基以降低对资源的依 赖，战略性调整支出结构、将资金重新配置至基础设施与人力资本等高乘数投资领域，同时探索转向周期性平均赤字目标机制，以增强政策应对能力。 中金研究 本报告阐述了我们对印尼经济的2026年展望。 点击小程序查看报告原文 Abstract 摘要 2025年回顾：以改革锻造韧性 面对多重阻力与政治过渡期，印尼经济在2025年仍展现韧性，三季度GDP同比增速小幅放缓至5.04%。经济发展得益于财政刺激、强劲出口表现以及政府 消费支撑，货币政策则从宽松转向以维持汇率稳定为主。2025年亦见证了主权财富基金Danantara的启动。该基金已开始向下游化产业、粮食安全及电动 汽车（EV）等领域投放资本，为其在2026年发挥更 ...

Group 1 - The core viewpoint of the news is that emerging industries in China are experiencing significant growth, with high-tech industries showing a sales revenue increase of 14.7% year-on-year in the first 11 months of the year, and the smart device manufacturing sector growing by 28.2% year-on-year, indicating a sustained rapid growth trend [1] Group 2 - Traditional industries are also accelerating their quality upgrades, with the amount spent on digital equipment procurement increasing by 7.6% year-on-year and automation equipment procurement rising by 9.3% year-on-year, reflecting a shift towards the application of smart manufacturing equipment [3] - Additionally, spending on energy-saving and environmental protection technology services in traditional industries has surged by 33.2% year-on-year, indicating a faster pace of green transformation in these sectors [3]

Group 1 - The core viewpoint of the article is that the EU's approach towards China is shifting from a confrontational stance to a more cautious dialogue due to increasing pressures and dependencies on China, particularly in critical industries like rare earths and manufacturing [1][2][4][6][10] Group 2 - The EU is currently facing economic challenges, including energy supply issues and declining manufacturing orders in major economies like Germany, France, and Italy, which has led to rising public dissatisfaction [2][4] - Ursula von der Leyen's strong statements about EU independence from the US have been met with skepticism, as the EU's reliance on Chinese rare earth imports for key industries remains high, with over 70% of the eurozone's rare earth resources dependent on China [2][4] - The EU's attempts to increase its self-sufficiency in rare earths have been largely unsuccessful, with little improvement in domestic production and continued reliance on Chinese companies for critical processing [4][6] Group 3 - The geopolitical landscape has complicated the EU's policy towards China, as internal pressures and external influences from the US have led to a contradictory stance where the EU seeks to contain China while simultaneously needing its market [6][9] - The EU's inconsistent policy approach has damaged its international credibility, as it struggles to balance between hard rhetoric against China and the necessity of cooperation in areas like carbon markets and green finance [6][9][10] - Von der Leyen's hardline rhetoric may be an attempt to solidify transatlantic alliances, but it fails to recognize the EU's limitations in exerting pressure on China, especially in light of the growing Sino-Russian cooperation [8][9][10]

古雷零碳园区建设发布会在福建省漳州市举行。图为现场发布《古雷石化基地零碳园区建设规划》。中 新网记者 张金川 摄 活动现场发布的《古雷石化基地零碳园区建设规划》中，古雷开发区明确将遵循"两步走"战略稳健推进 低碳化、零碳化改造，第一阶段(至2029年)将率先建成精细化工零碳园区，预期将单位能耗碳排放降低 至0.25吨/吨标准煤，为全面零碳探索经验；第二阶段(至2035年)则将成功模式深化推广至整个基地，在 延续第一阶段措施的基础上，引入更先进的技术，采取更强有力的举措，最终实现单位能耗碳排放0.3 吨/吨标准煤的国家级标准零碳园区目标。 古雷零碳园区建设发布会在福建省漳州市举行。图为古雷零碳园区建设启动仪式现场。中新网记者 张 金川 摄 当前，在全球气候治理形势深刻演变、国际经贸规则加速绿色重构的背景下，碳足迹正迅速成为与产品 价格、质量并列的核心市场竞争要素。中国石油和化学工业联合会副会长凌逸群在致辞中表示，古雷作 为中国石化行业践行绿色转型、推动开放合作的"前沿阵地"，此次启动零碳园区建设，将会成为中外企 业携手探索低碳发展的重要"实践区"。 他期待古雷以此为新起点，把绿色电力、低碳工艺、循环经济、数字化 ...

Core Insights - BMW Group has set a new emission reduction target to cut at least 60 million tons of CO2 equivalent by 2035 compared to 2019, increasing the previous 2030 target by approximately 20 million tons [1] - The company aims for net-zero emissions by 2050, aligning with the Paris Agreement, and has established a clear roadmap for reducing lifecycle CO2 emissions by at least 40 million tons by 2030 [1] - Key initiatives include increasing the use of renewable energy in production and supply chains, enhancing the utilization of recycled materials, and optimizing energy efficiency during vehicle usage [1] Emission Reduction Strategy - BMW's carbon reduction actions span the entire lifecycle of vehicles, from raw material supply to production, usage, and recycling [3] - The company focuses on expanding the use of recycled materials and renewable energy in its supply chain, particularly targeting high-carbon materials like battery components, aluminum, and steel [3] - Since 2020, all BMW factories globally have sourced 100% of their electricity from renewable sources [3] Sustainable Practices in China - BMW's Shenyang production base serves as a benchmark for sustainable development, utilizing 100% renewable energy since 2019 and continuously exploring energy innovations [4] - The Shenyang facility will generate 91.86 GWh of solar power in 2024, equivalent to the annual electricity consumption of about 30,000 households [4] - A geothermal heating project at the Shenyang plant utilizes renewable geothermal energy, reducing carbon emissions by approximately 18,000 tons annually [4] Supply Chain Collaboration - BMW is actively engaging local suppliers in China to transition towards sustainability, with around 200 core suppliers committing to using green electricity for BMW component production [4] - The company aims to reduce the total supply chain carbon emissions by about 1 million tons by 2024 compared to 2019 [4] - BMW has achieved 100% recycling of retired battery materials in China, with over 2,100 tons of recycled battery materials recovered by 2024 [4] Next-Generation Products - The upcoming "New Generation" models in China will feature the sixth-generation BMW eDrive technology, designed for lower energy consumption and enhanced electric driving pleasure [5] Green Charging Solutions - BMW is collaborating with partners like State Grid to promote renewable energy in public charging networks, with its joint venture charging brand "Yianqi" already using 100% green electricity for charging services [6] Commitment to Sustainability - BMW's clear emission reduction blueprint for 2035 relies on innovative technologies and concrete actions in every market, particularly in China [7] - The company aims to transform its sustainability strategy into tangible industry actions and appealing products, fostering a responsible lifestyle for consumers [7]

专题报告 2025-12-09 钢材：宏观定调下的钢材需求重心再平衡 报告要点： 政治局会议明确 2026 年政策基调从"稳健适度"转向"积极有为"，财政加力与货币适度宽 松并举，旨在稳增长、促结构、控风险与提质量多目标统筹。房地产不再承担托底功能，房建 投资仍将处于收缩区间，螺纹钢需求难见趋势性修复。伴随制造业设备更新、绿色基建、新质 生产力布局推进，钢材需求结构将由地产主导逐步转向制造业与出口。行业内部则在绿色转型 与统一大市场推动下加速分化，低端产能出清压力增强，中大型钢企在高端化与绿色化方向迎 来战略窗口期。 陈张滢 黑色研究员 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 赵 航（联系人） 黑色研究员 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 黑色金属研究 | 钢材 1.宏观方面：政治局会议定调稳中求进 + 高质量发展 2025 年 12 月 8 日，中央政治局举行会议，分析研究 2026 年经济工作并审议新 的依法治国条例。会议强调，今年中国经济运行"总体平稳、稳中有进，新质生产 ...

Core Insights - The Chinese anti-aging agent industry is in a golden development period, with the market size expected to reach approximately 12.8 billion yuan in 2024, representing a year-on-year growth of 18.52% [1][8] - Traditional sectors such as plastics, rubber, and coatings continue to show steady demand for anti-aging agents, while emerging fields like new energy vehicles, high-end building materials, and healthcare are driving new growth [1][8] - The industry is transitioning from "scale expansion" to "quality improvement," supported by both traditional and emerging demand, as well as technological advancements and green transformation [1][8] Industry Overview - Anti-aging agents are chemical additives that inhibit degradation of materials caused by environmental factors, thereby prolonging product lifespan and maintaining mechanical properties [2] - The main categories of anti-aging agents include antioxidants, light stabilizers, and thermal stabilizers [2] Industry Chain - The upstream of the anti-aging agent industry includes raw materials such as alkyl phenols, fatty alcohols, and various production equipment [4] - The midstream involves the production and manufacturing of anti-aging agents, while the downstream includes applications in rubber, plastics, coatings, adhesives, food, and cosmetics [4] Market Size - The market for anti-aging agents in China is rapidly expanding, with significant contributions from both traditional and emerging sectors [1][8] - The demand for high-performance and environmentally friendly anti-aging agents is increasing, particularly in new energy vehicles and healthcare [1][8] Key Companies - Lianlong is a leading company in the industry, with a comprehensive product matrix and global presence [8] - Suqian Liansheng focuses on light stabilizers, while Fengguang Co. specializes in antioxidants [8] - Yuanli Chemical Group emphasizes research and development of bio-based products and has established partnerships with numerous global companies [9] Industry Development Trends 1. **Technological Innovation**: The industry is focusing on technological advancements to drive product high-endization and specialization, with companies like Lianlong leading the way [10] 2. **Green Transformation**: The shift towards bio-based and biodegradable anti-aging agents is becoming a core research direction, driven by stricter environmental regulations [11] 3. **Market Demand Structure Upgrade**: The demand for high-performance anti-aging agents is increasing, leading to industry consolidation and global expansion strategies among leading companies [12]

"十四五"时期，面对复杂严峻的国内外经济形势，期货市场扛起服务实体经济的责任担当，精准对接国 家战略，深度融入产业链，为实体经济稳健运行保驾护航。从广袤的田野到现代化工园区，从能源基地 到高科技生产线，期现结合的实践遍地开花，结出丰硕成果，践行了"护实体远行"的使命。 战略引领 织就实体产业"安全网" 国家战略所指，即是期货市场所向。"十四五"时期，期货交易所胸怀"国之大者"，主动将自身发展融入 国家发展大局，在服务乡村振兴、绿色发展等关键领域精准发力，织密织牢实体经济风险管理的"安全 网"。 守护"大国粮仓"与"乡村沃土"。期货行业持续优化"保险+期货"这一跨界创新模式，从"保价格"到"保收 入"，建立起连接田间地头与期货市场的风险转移通道。多个"保险+期货"项目入选联合国全球减贫最佳 案例。 "十四五"期间，上期所积极开展天然橡胶支农专项工作（包括"保险+期货"和"稳产行动"项目）。郑商 所累计开展"保险+期货"项目184个，涉及苹果、白糖、花生、红枣、棉花、油菜籽等6个品种，覆盖133 个县，为373万吨现货、58万户次农民稳收增收保"价"护航。大商所以"保险+期货"模式为抓手持续开 展"农民收入保障计 ...

Group 1 - The core message emphasizes the need to strengthen ecological and environmental protection responsibilities to achieve greater success in building a beautiful Beijing [1][3] - The inspection revealed shortcomings in the management of construction waste in Pinggu District, highlighting issues such as illegal dumping and inadequate daily management [2][3] - There is a call for comprehensive improvement in construction waste management, including stricter enforcement of regulations and enhanced oversight of waste disposal practices [2][3] Group 2 - The initiative is part of a broader strategy to promote green transformation in production and lifestyle, focusing on source reduction and optimizing structures in energy, transportation, and construction sectors [4] - The city aims to enhance ecological civilization through education and advocacy for green lifestyles, fostering a societal atmosphere that values ecological sustainability [4] - The establishment of a coordinated approach among various departments and leaders is crucial for effective ecological civilization construction and accountability [4]