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]

Macro Dynamics - The National Development and Reform Commission (NDRC) and other departments have released the "Benchmark Levels and Baseline Levels for Clean and Efficient Utilization of Coal (2025 Edition)", aiming to align with the strictest domestic and international pollutant emission standards for coal [2][3] - The document emphasizes the need for dynamic adjustments to benchmark and baseline levels based on industry development and standard revisions, enhancing the guiding role of benchmark levels and the constraining role of baseline levels [2] Industry Initiatives - Six departments, including the NDRC and the Ministry of Industry and Information Technology, are promoting the clean and efficient utilization of coal in new and existing projects, encouraging upgrades to meet benchmark levels [3] - Existing projects that fall below baseline levels are urged to undergo orderly upgrades, with a general deadline of no more than three years for compliance [3] Financial Data - 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% [4] Company Dynamics - Zhong Fu Li has resigned from key positions in Hangzhou Wahaha Food Co., marking her complete exit from core management roles within the Wahaha Group [10] - The company, established in 1992, is a significant player in the pre-packaged food sector and holds 387 trademarks valued over 90 billion yuan [10] Market Data - On December 17, A-shares saw a collective rise, with the Shanghai Composite Index up 1.19% and the ChiNext Index up 3.39%, indicating a strong market performance [8] - In Hong Kong, the Hang Seng Index increased by 0.92%, with notable gains in the metals and semiconductor sectors [9] Technology Developments - Moer Thread has announced the open-sourcing of its 3DGS base library LiteGS, which can achieve up to 10.8 times training acceleration while reducing parameter volume by over 50% [11] Business Contracts - Shanghai Airport has signed contracts for the transfer of duty-free shop operating rights at both Pudong and Hongqiao International Airports, expected to positively impact revenue from 2026 to 2033 [12]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - Today, steel prices generally maintained a moderately strong oscillating trend, with iron ore leading the increase. Spot steel transactions were generally weak, and the willingness to sell at low prices increased. This week, according to Buguwang data, the production of building materials and hot-rolled coils increased, with building materials increasing at a faster rate. Total steel inventories continued to decline, and social inventories decreased significantly, with the overall inventory reduction rate remaining the same as last week. The apparent demand for building materials decreased slightly, while that for hot-rolled coils increased slightly. Overall demand has some support. It is expected that the molten iron output will continue to decline this week, but the blast furnace profit has recovered, and there may be a special increase in production at the end of the month. In December, coal supply may shrink again due to environmental protection factors, and steel mills also have inventory replenishment expectations. There is a structural shortage of PB powder, and steel costs are supported. Although the demand for building materials declines seasonally, the demand from the manufacturing industry still provides support. Affected by the implementation of export license management for steel products, short-term exports will continue at a high level. Steel prices may show a moderately strong oscillating trend due to raw material inventory replenishment, but will perform weaker than in November due to seasonal factors [5]. - Unilateral trading: Steel prices will maintain an oscillating range and may rebound after reaching a short - term bottom [6]. - Arbitrage trading: It is recommended to short the hot - rolled coil to coking coal ratio at high prices and continue to hold the short position of the hot - rolled coil to rebar spread [7]. - Option trading: It is recommended to wait and see [8]. Group 3: Summary by Related Catalogs Market Information - Spot prices: Shanghai Zhongtian rebar is 3250 yuan (-), Beijing Jingye rebar is 3120 yuan (-), Shanghai Angang hot - rolled coil is 3270 yuan (-), and Tianjin Hegang hot - rolled coil is 3180 yuan (-) [4]. Market Research and Judgment - **Related Prices**: See the above - mentioned spot prices [4]. - **Trading Strategies**: See the core views for unilateral, arbitrage, and option trading strategies [5][6][7][8]. - **Important Information**: From January to November, the national general public budget revenue was 20.0516 trillion yuan, a year - on - year increase of 0.8%. Among them, national tax revenue was 16.4814 trillion yuan, a year - on - year increase of 1.8%; non - tax revenue was 3.5702 trillion yuan, a year - on - year decrease of 3.7%. Central general public budget revenue was 8.8464 trillion yuan, a year - on - year decrease of 1%; local general public budget revenue at the provincial - level was 11.2052 trillion yuan, a year - on - year increase of 2.2%. Relevant departments issued the "Benchmark Levels and Baseline Levels for Clean and Efficient Coal Utilization in Key Areas (2025 Edition)" [9][10]. Related Attachments - Multiple charts are provided, including those showing rebar and hot - rolled coil prices, basis, spreads, and profit situations from 2021 to 2025, with data sources from Galaxy Futures, Mysteel, and Wind [11][13][14][16][18][21][24][25][28][29][31][35][38][43][45][48][51][53]

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]

Core Viewpoint - The article discusses the release of the "Benchmark and Baseline Levels for Key Areas of Clean and Efficient Utilization of Coal (2025 Edition)" by the National Development and Reform Commission and other departments, aimed at promoting the coal industry from low-end to high-end and transitioning coal products from primary fuels to high-value products [3]. 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 processes, based on the current development status and potential of the coal industry [4]. - The benchmark and baseline levels for clean and efficient coal utilization will be dynamically adjusted according to industry development and standard revisions, enhancing the guiding role of benchmark levels and the constraint role of baseline levels [4]. Group 2: Classification and Implementation of Upgrades - Enterprises are encouraged to implement upgrades for new coal development projects and existing projects with conditions, aiming to reach benchmark levels for clean and efficient utilization [5]. - Projects with clean and efficient utilization levels below the current baseline are guided to undergo orderly upgrades, with a general upgrade deadline not exceeding three years [6]. Group 3: Increased Policy Support and Acceleration of Transformation - Existing policy tools and mechanisms will be utilized to enhance market regulation and enforcement of clean and efficient coal utilization [7]. - Financial policies will be improved to attract social capital for participation in clean and efficient coal utilization projects, with banks encouraged to increase credit support for eligible green and low-carbon transformation projects [7].

新华财经北京12月17日电据国家发展改革委网站17日消息，国家发展改革委、工业和信息化部、生态环 境部、住房城乡建设部、市场监管总局、国家能源局近日发布《煤炭清洁高效利用重点领域标杆水平和 基准水平（2025年版）》。 国家发展改革委等部门在通知中提到，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。 通知还提到，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。利 用现有中央资金渠道，积极支持符合条件的煤炭清洁高效利用重点项目。健全完善相关金融政策，引导 和吸引社会资本广泛参与煤炭清洁高效利用。引导银行业金融机构按照市场化、法治化原则加大对符合 条件 ...

智通财经APP获悉，12月17日，国家发改委等六部门关于发布《煤炭清洁高效利用重点领域标杆水平和 基准水平(2025年版)》的通知，其中提到，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。 原文如下： 二、分类实施改造升级，着力提升利用水平 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 ...