成分股方面，潍柴动力、江西铜业、阿里巴巴和海底捞上周涨幅均超过10%，涨幅居前；农夫山泉、四 川长虹、中国电建和百度集团SW周涨幅均超过5%。另外，阿里巴巴和腾讯控股周市值增长超过500亿 元，市值增长较大。 经历急涨和成交量显著放大后，上周，A股市场进入高位调整期，每经品牌100指数收涨0.33%，周中冲 击1200点未果。 分析认为，随着管理层监管加码，资金流入更趋平缓，股票供给将延续回升态势，未来资本市场的投融 资环境也将变得更趋平衡。 A股主要股指先扬后抑 上周，受监管逆周期调节影响，A股主要股指先扬后抑，涨跌不一。截至1月16日收盘，上证指数周跌 0.45%，报收4101.91点，深证成指周涨1.14%，报收14281.08点，创业板指和科创50指数分别涨1.00%和 2.58%，每经品牌100指数冲高回落，周涨0.33%，以1163.74点报收。 从基本面来看，在新一轮扩内需和反内卷政策渐进落地背景下，2025年12月PMI（采购经理指数）重返 扩张区间、物价指数呈现积极态势，但是2026年一季度基数较高，稳增长压力较大。海外方面，失业率 回落强化美联储2026年1月暂停降息预期，鲍威尔遭刑事起诉 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration sector, particularly focusing on those benefiting from the upcoming surge in power grid investments [4][10]. Core Insights - The National Grid's "14th Five-Year Plan" investment is expected to increase by 40% during the "15th Five-Year Plan," with total fixed asset investment projected to reach 4 trillion yuan, translating to an average annual investment of 800 billion yuan [9][14]. - The report anticipates a new cycle of investment in the power grid starting in 2026, driven by significant increases in renewable energy installations and the need for enhanced grid infrastructure [1][13]. - The demand for power grid services and equipment is expected to rise due to aging infrastructure in North America and Europe, creating opportunities for Chinese companies to expand their services abroad [1][13]. Summary by Sections Investment Opportunities - **China Power Construction**: A leader in energy services with comprehensive capabilities across the energy sector, expected to benefit from accelerated high-voltage construction projects [2][17]. - **China Energy Engineering**: Holds the largest market share in high-voltage design, anticipated to gain from increased demand for survey and design services during the "15th Five-Year Plan" [2][18]. - **Suwen Electric**: A unique provider of integrated EPCOS services for distribution networks, projected to benefit from a 10% increase in distribution network investment in 2024 [3][23]. - **Ankore**: A leader in microgrid energy management, expected to see significant demand growth due to the implementation of smart infrastructure and energy management systems [7][28]. - **Zeyu Intelligent**: A key player in power information system integration, likely to benefit from the digitalization of the power grid [8][30]. - **Yongfu Co.**: Recognized for its advanced smart grid technologies, expected to benefit from the focus on renewable energy and digitalization in the power sector [8][30]. Market Trends - The report highlights a clear upward trend in investment within the power grid sector, with a focus on high-voltage channels, distribution network upgrades, and digital/microgrid construction [9][33]. - The anticipated increase in investment is seen as a stabilizing force for the economy, with major infrastructure projects being a key area of focus for government spending [1][13]. Financial Projections - The report provides detailed financial projections for key companies, including earnings per share (EPS) and price-to-earnings (PE) ratios, indicating strong growth potential in the coming years [10][34].

Core Viewpoint - Shanxi Meijin Energy Co., Ltd. (Meijin Energy) is expected to report a net profit loss of between 850 million to 1.25 billion yuan for the year 2025, primarily due to a downward trend in coal and coke prices, which has pressured the company's gross margins [2][5][4]. Company Overview - Meijin Energy is engaged in the production and sale of coal, coke, natural gas, and hydrogen fuel cell vehicles, possessing rich coal and coalbed methane resources. The company has a complete industrial chain from "coal-coke-gas-hydrogen" and is one of the larger independent producers of coke and coking coal in China [4]. - As of mid-2025, the company operates four coal mines with an approved capacity of 6.3 million tons per year and a coke production capacity of 10.95 million tons per year, with an in-production capacity of 8.95 million tons per year [4]. Financial Performance - The company's net profit peaked at 2.541 billion yuan in 2021 but has since declined significantly, with profits dropping to 2.209 billion yuan in 2022, 289 million yuan in 2023, and a projected loss of 1.143 billion yuan in 2024 [4][6]. - In the first half of 2025, Meijin Energy's coke production increased by 26.53% to 3.756 million tons, but the reliance on the coke business, which accounted for 97.45% of revenue with a gross margin of only 2.36%, led to a net profit loss of 674 million yuan [5][4]. Industry Context - The coke industry is experiencing significant fluctuations and structural differentiation, with overall profits remaining low due to a 20% average decline in coke prices last year. The cost reductions have not translated into profit increases, as steel mills have sufficient reasons to lower coke prices [2][5]. - The forecast for 2026 indicates a continued oversupply in the coke market, with a projected decrease in pig iron production by approximately 800,000 tons, which will further reduce coke demand. The price of coke is expected to range between 1,250 to 1,700 yuan per ton [11]. Hydrogen Business Development - Meijin Energy has been investing in hydrogen energy since 2017, but this segment is still in a loss-making phase, with revenues of approximately 211 million yuan and costs of about 244 million yuan in the first half of 2025, resulting in a gross margin of -15.85% [9][10]. - The company has various hydrogen projects underway, including high-purity hydrogen production and partnerships for hydrogen fuel cell vehicles, but the overall contribution of the hydrogen business to total revenue remains low at 2.55% [10]. Wealth Impact - The financial struggles of Meijin Energy are closely tied to the wealth of the controlling Yao Junliang family, which has seen a significant decline in fortune as the company's profits have plummeted [6][7].

贾鲁河，这条郑州的"母亲河"，曾长期受缺水与污染之困。如今源头复涌，不仅是河南污染防治攻坚征程中有目共睹的成果，更是我们向历史遗留问题动 真碰硬后，大自然给予的慷慨回馈。 生态环境是关系党的使命宗旨的重大政治问题，也是关系民生的重大社会问题。过去一年，河南省委、省政府深入学习贯彻习近平生态文明思想和习近平 总书记在河南考察时的重要讲话精神，多次高位部署，提出严格落实生态环境保护责任，进一步加强生态环境保护工作的明确要求，全省上下齐心攻坚， 力度空前。 转自：生态环境部 厅局长工作笔记 GONG ZUO BI JI 为深入贯彻2026年全国生态环境保护工作会议精神，生动展现各地生态环境保护实践与思考，我们推出"厅局长工作笔记"专栏。在这里，厅局长们用一线 足迹、平实语言、真切体悟，讲述攻坚点滴、温度故事。期待这些"沾着泥土、带着露珠"的工作日常，带您看见美丽中国建设背后的赤诚与担当。 手机突然被"刷屏" 贾鲁河源头复涌了 讲述人：李建超 河南省生态环境厅党组书记、厅长 去年12月初，我的手机突然被"刷屏"了：从新华社、中央电视台到中国环境报，从主流媒体、各类自媒体到微信朋友圈，每一份消息都带着抑制不住的喜 悦， ...

坚持以人民为中心，打好污染防治攻坚战。孙鹏轩指出，要强化源头治理、标本兼治。在蓝天保卫 战方面，巩固钢铁企业超低排放改造成效，重点抓好有色、菱镁等重点涉气企业开展排查整治，推进老 旧高排放货车、非道路移动机械淘汰更新等，紧扣民生需求，从工业转型到民生改善，从科技赋能到全 民参与，让百姓呼吸上更清新的空气。在碧水保卫战方面，持续开展入河入海排污口排查溯源、"一口 一策"分类整治，持续强化入海河流总氮治理与管控，强化陆海统筹、河海联动，推进美丽河湖、美丽 海湾建设。在净土保卫战方面，因地制宜实施美丽乡村整县建设和农村生活污水治理，显著提升城乡人 居环境。 持续优化营商环境，提升生态环境治理效能。孙鹏轩表示，要全面落实全省生态环境系统优化营商 环境20条具体举措，坚决纠治和打击生态环境领域一切损害营商环境的行为。持续规范生态环境执法行 为，完善生态环境监督执法正面清单动态管理机制，配备服务专员，提供即时服务，做到无事不扰。推 行包容审慎监管和精准帮扶，完善社会监督员工作机制。对损害营商环境问题实行"责任倒查"，以"零 容忍"态度推动问题整改，确保有错必纠、有责必问，着力营造公平透明、可预期的法治环境。 绿色发展是高 ...

本报记者 赵静 持续优化营商环境，提升生态环境治理效能。孙鹏轩表示，要全面落实全省生态环境系统优化营商环境 20条具体举措，坚决纠治和打击生态环境领域一切损害营商环境的行为。持续规范生态环境执法行为， 完善生态环境监督执法正面清单动态管理机制，配备服务专员，提供即时服务，做到无事不扰。推行包 容审慎监管和精准帮扶，完善社会监督员工作机制。对损害营商环境问题实行"责任倒查"，以"零容 忍"态度推动问题整改，确保有错必纠、有责必问，着力营造公平透明、可预期的法治环境。 坚持"双碳"引领，加快绿色低碳转型。孙鹏轩表示，要深入实施生态环境分区管控、差异化管控，从严 实施产业准入，从源头上为优化生产力布局、产业结构调整提供绿色标尺。积极推动产业结构、能源结 构、交通运输结构绿色低碳转型，着力拓宽大宗工业固废综合利用渠道。发挥环保引导、倒逼和服务作 用，推动新质生产力蓬勃兴起，助力企业治理设施升级改造，实现绿色升级。以生态环境高水平保护推 动新质生产力发展，努力建设人与自然和谐共生的美丽辽宁。 责编：曹思洋 审核：刘立纲 绿色发展是高质量发展的鲜明底色，也是培育新质生产力的内在要求。省委经济工作会议强调，要推动 全面绿色 ...

Core Viewpoint - The meeting of the Provincial Party Committee is crucial for accelerating high-quality revitalization and development in Heilongjiang, with a clear focus on the economic situation in 2026 and practical work tasks to guide the province's development efforts [1] Group 1: Agricultural Development - The city of Hulin aims to strengthen its agricultural sector by implementing a plan to increase grain production to over 60 billion jin, focusing on modern livestock, cold-water fisheries, and facility agriculture [1] - The initiative includes promoting the "China Cranberry City" and "China Schisandra Town" as new branding efforts [1] Group 2: Industrial Growth - Hulin plans to enhance its industrial sector by focusing on key industrial chains such as biomedicine and green food, supporting leading companies like Zhenbaodao Pharmaceutical and COFCO Rice Industry in expanding production [2] - The city aims to develop new economic growth points through projects in artificial intelligence and emerging industries, including hydrogen energy and bio-manufacturing [2] Group 3: Tourism Development - The city will promote tourism by implementing tasks from the provincial tourism development conference, focusing on summer and winter tourism initiatives and creating diverse tourism experiences [2] - Special routes will be planned for red education, green health, and various seasonal activities to enhance tourism engagement [2] Group 4: Trade and Connectivity - Hulin seeks to integrate into the Belt and Road Initiative by accelerating the construction of the Markovo Port and establishing a modern port and trade area [2] - The strategy includes optimizing trade structures with Russia and developing cross-border e-commerce to enhance economic exchanges [2] Group 5: Ecological Sustainability - The city emphasizes ecological development by promoting carbon neutrality and protecting various ecosystems, aiming to enhance its reputation as a model for ecological civilization [3] - Efforts will focus on creating green factories and transportation systems while converting ecological product values [3]

Core Viewpoint - The article discusses the strong performance of equipment investment in 2024, attributing it to structural factors such as the growth of broad infrastructure and service sector investments rather than solely relying on the "Juglar cycle" and "two new" policies [2][3]. Group 1: Equipment Investment Insights - The strong growth in equipment investment is driven by the establishment of a modern industrial system, with significant contributions from the energy transition in central and western regions, which boosts public utility equipment investment [2][3]. - The increase in fiscal spending on research and the improvement in travel chain demand have led to a higher growth rate in service-related equipment investments [2][3]. Group 2: Sustainability of Equipment Investment - Equipment investment is expected to continue its high growth into 2026, supported by policies focused on modern industrial system construction, "dual carbon" initiatives, and investments in human capital [3]. - Digital infrastructure, hub-related investments, and carbon reduction equipment are anticipated to rebound, while resilient external demand is expected to sustain equipment investment related to exports [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The commodity market sentiment was positive this week, and the prices of finished steel products continued to fluctuate within the bottom range. The apparent demand for hot-rolled coils improved marginally, but the inventory remained relatively high with a slow destocking pace. The apparent demand for rebar increased significantly, with production remaining neutral and inventory fluctuating slightly. Overall, the supply-demand structure improved slightly compared to the previous period. - With the marginal recovery of demand and the support from the cost side, the downside support for the black series is gradually emerging. Although it still operates within the bottom oscillation range in the short term, the further downward space is relatively limited. The strategy maintains a slightly bullish stance while observing. - Attention should be paid to the sustainability of demand recovery and the progress of hot-rolled coil destocking. Also, be vigilant about the short-term disturbance of market rumors to sentiment. If the "dual carbon" - related policies are strengthened or the cost side strengthens again, it may drive steel prices upward [11][12][13]. 3. Summary According to Relevant Catalogs 3.1 Weekly Assessment and Strategy Recommendation - **Supply**: This week, the rebar production was 1.903 million tons, a decrease of 10,000 tons from last week, with a year - on - year increase of 1.57%. Long - process production was 1.5634 million tons, a week - on - week decrease of 1.23% and a year - on - year decrease of 7.37%. Short - process production was 0.3396 million tons, a week - on - week increase of 3.66% and a year - on - year increase of 38.50%. The long - process production continued to decline slightly, while the short - process production remained at a relatively high level. The steel mill profitability rate was 39.83%. The blast furnace profit of rebar in East China was about 65 yuan/ton, at a relatively low - to - neutral level, and the valley - electricity profit was 69 yuan/ton, with the electric - furnace profit narrowing compared to the previous period. The rebar basis was 137 yuan/ton, and the hot - rolled coil basis was - 5 yuan/ton, with neutral valuations [11]. - **Demand**: The apparent consumption of rebar this week was 1.9034 million tons, a week - on - week increase of 2.80% and a year - on - year increase of 8.80%. The demand was neutral but still in the seasonally weak range, with a slow recovery pace at the terminal. The apparent consumption of hot - rolled coils was 3.1416 million tons, a week - on - week increase of 1.89% and a year - on - year increase of 0.16%, with relatively neutral comprehensive demand [11]. - **Inventory**: The rebar inventory this week was 4.3807 million tons, an increase of 120,800 tons compared to the same period last year, remaining at a relatively low level. The hot - rolled coil inventory was 3.6233 million tons, a year - on - year increase of about 460,000 tons (+14.50%). Affected by the late Spring Festival, the destocking pace of hot - rolled coils this year was slower than in previous years, and the current inventory pressure remained relatively high [11]. - **Strategy**: Maintain a slightly bullish stance while observing. Focus on the sustainability of demand recovery and the progress of hot - rolled coil destocking, and be vigilant about market rumors [11][12][13]. 3.2 Futures and Spot Market - Multiple charts are presented, including the price and trading volume of rebar in different regions (North, East, South), the basis and price differences of rebar futures contracts (January, May, October), the price and basis of hot - rolled coils in different regions and futures contracts, the price differences between hot - rolled and rebar futures, the price differences between China and other regions (Japan, Southeast Asia, Europe) for hot - rolled coils, and the prices and price differences of cold - rolled coils, color - coated coils, and galvanized sheets [24][26][29]. 3.3 Profit and Inventory - **Profit**: Charts show the rebar and hot - rolled coil disk profits, the gross profit per ton of hot - rolled and cold - rolled coils from Steel Union, the blast furnace and electric - furnace profits of rebar, and the spot profits of rebar blast furnaces and electric furnaces [78][80][82]. - **Inventory**: Charts display the total inventory, factory inventory, and social inventory of rebar, the inventory of steel billets in Tangshan and 55 rolling enterprises, and the inventory of hot - rolled coils in China, including large - sample, social, and factory inventories [90][92][101]. 3.4 Cost Side - Charts show the ratio of rebar to iron ore and coke futures, daily average pig iron and crude steel production, the price of square billets, the price difference between rebar and billets, the price of heavy scrap, crushed materials, and scrap steel, and the cumulative consumption of scrap steel and its consumption in electric - furnace smelting [107][110][113]. 3.5 Supply Side - Charts present the production, cumulative year - on - year production, and capacity utilization rate of rebar, as well as the actual production, cumulative year - on - year production, and capacity utilization rate of hot - rolled coils [127][130][132]. 3.6 Demand and Import - Export - **Demand**: Charts show the apparent consumption and cumulative year - on - year consumption of rebar and hot - rolled coils, as well as the production and export volume of household appliances such as refrigerators, washing machines, and air conditioners [139][142][147]. - **Import - Export**: Charts display the monthly import and export volume of steel, rebar, and plates [154][156][159].

1. Report's Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The bullish sentiment in the commodities market will continue, mainly centered around precious metals and non - ferrous metals. Other sectors are more affected by the spill - over of market sentiment, and the scope of sentiment influence may shrink in the short term [16][94] - The supply - demand pattern of manganese - silicon is still unfavorable, but these factors are mostly priced in. The supply - demand structure of silicon - iron is basically balanced with marginal improvement. The future market drivers for both manganese - silicon and silicon - iron are the direction of the black sector and overall market sentiment, as well as cost - push from manganese ore for manganese - silicon and supply contraction for silicon - iron [16][94] - Pay close attention to potential sudden events in the manganese ore market and the progress of the 'dual - carbon' policy, and look forward to an upward trend supported by costs [16][94] 3. Summary by Directory 3.1 Manganese - Silicon Report 3.1.1 Week - on - Week Assessment and Strategy Recommendation - Last week, the manganese - silicon futures price oscillated weakly, down 66 yuan/ton or - 1.12% week - on - week. Technically, it's in an oscillatory phase. Watch the resistance levels at 6000 and 6250 yuan/ton and support levels at 5800 and 5700 yuan/ton [13] - Spot price in Tianjin was 5720 yuan/ton, down 20 yuan/ton week - on - week; futures price was 5828 yuan/ton, down 76 yuan/ton; basis was 82 yuan/ton, up 56 yuan/ton; basis rate was 1.40%, at a relatively neutral historical level [15][21] - Calculated profit remained low, with Inner Mongolia at - 355 yuan/ton (up 59 yuan/ton), Ningxia at - 601 yuan/ton (down 60 yuan/ton), and Guangxi at - 375 yuan/ton (up 63 yuan/ton) [15] - Calculated cost: Inner Mongolia was 6105 yuan/ton (down 9 yuan/ton), Ningxia was 6231 yuan/ton (up 60 yuan/ton), and Guangxi was 6225 yuan/ton (up 37 yuan/ton) [15] - Supply: Weekly production was 19.06 tons, down 0.04 tons week - on - week, basically stable [15][45] - Demand: Weekly production of rebar was 190.3 tons, down 0.74 tons; daily average pig iron production was 228.01 tons, down 1.49 tons [15] - Inventory: Calculated visible inventory was 56.17 tons, up 1.13 tons, still at a high level compared to the same period [15][70] 3.1.2 Spot and Futures Market - As of January 16, 2026, Tianjin 6517 manganese - silicon spot price was 5720 yuan/ton, down 20 yuan/ton week - on - week; futures price was 5828 yuan/ton, down 76 yuan/ton; basis was 82 yuan/ton, up 56 yuan/ton; basis rate was 1.40%, at a relatively neutral level [21] 3.1.3 Profit and Cost - Production profit: Inner Mongolia was - 355 yuan/ton, up 59 yuan/ton; Ningxia was - 601 yuan/ton, down 60 yuan/ton; Guangxi was - 375 yuan/ton, up 63 yuan/ton [25][26] - Production cost: South African ore was 36.5 yuan/ton - degree (up 0.7 yuan/ton - degree), Australian ore was 42 yuan/ton - degree (stable), Gabonese ore was 43.3 yuan/ton - degree (up 0.3 yuan/ton - degree); metallurgical coke was 1185 yuan/ton, up 50 yuan/ton [28] - Inner Mongolia's electricity price decreased by 0.0175 yuan/kWh. Calculated cost: Inner Mongolia was 6105 yuan/ton (down 9 yuan/ton), Ningxia was 6231 yuan/ton (up 60 yuan/ton), Guangxi was 6225 yuan/ton (up 37 yuan/ton) [31] - In November, manganese ore imports were 269.4 tons, down 40.6 tons month - on - month and up 49.4 tons year - on - year. From January to November, cumulative imports were 2956.8 tons, up 10.63% year - on - year [34] - As of January 9, 2026, manganese ore port inventory was 417.5 tons, down 30.3 tons. Australian ore inventory was 69.1 tons, up 3.4 tons; high - grade ore inventory was 124.1 tons, up 1.1 tons [37][40] 3.1.4 Supply and Demand - Total production: As of January 16, 2026, weekly production was 19.06 tons, down 0.04 tons week - on - week, basically stable. In December 2025, monthly production was 84.35 tons, down 0.53 tons month - on - month [45] - Steel procurement: Hebei Steel's December 2025 manganese - silicon procurement volume was 14,700 tons, down 1300 tons month - on - month and up 1100 tons year - on - year; procurement price was 5770 yuan/ton, down 50 yuan/ton month - on - month [56] - Consumption: Weekly apparent consumption was 11.58 tons, down 0.01 tons week - on - week; rebar weekly production was 190.3 tons, down 0.74 tons; daily average pig iron production was 228.01 tons, down 1.49 tons. In November 2025, national crude steel production was 69.9 million tons, down 2.1 million tons month - on - month and 8.5 million tons year - on - year. From January to November, cumulative production was 882 million tons, down 33.4 million tons or 3.65% year - on - year [59][62] - Steel mill profitability rate was 39.83%, up 2.17 percentage points [63] 3.1.5 Inventory - Visible inventory: As of January 16, 2026, calculated visible inventory was 56.17 tons, up 1.13 tons, still at a high level compared to the same period [70] - 63 sample enterprises' inventory was 37.28 tons, down 0.97 tons [73] - In December, steel mill inventory average available days were 15.52 days, down 0.32 days, still at a relatively low level compared to the same period [76] 3.2 Silicon - Iron Report 3.2.1 Week - on - Week Assessment and Strategy Recommendation - Last week, the silicon - iron futures price oscillated downward, down 56 yuan/ton or - 1.00% week - on - week. Technically, it showed a weak short - term trend. Watch the resistance levels at 5850 and 6000 yuan/ton and support levels at 5500 and 5450 yuan/ton [90] - Daily average pig iron production was 228.01 tons, down 1.49 tons; from January to December 2025, cumulative metal magnesium production was 87.31 tons, down 0.36 tons or 0.41% year - on - year; from January to November 2025, cumulative silicon - iron exports were 36.79 tons, down 2.77 tons or 7.01% year - on - year [92] - Inventory: Calculated visible inventory was 11.60 tons, down 1.12 tons, at a relatively low - neutral level compared to the same period [92] - Basis: Tianjin 72 silicon - iron spot price was 5800 yuan/ton (stable); futures price was 5570 yuan/ton, down 62 yuan/ton; basis was 230 yuan/ton, up 62 yuan/ton; basis rate was 3.97%, at a relatively high historical level [93] - Profit: Inner Mongolia's profit was - 233 yuan/ton (up 160 yuan/ton), Ningxia's was - 270 yuan/ton (stable), and Qinghai's was - 797 yuan/ton (stable) [93] - Cost: Inner Mongolia's production cost was 5553 yuan/ton (down 140 yuan/ton), Ningxia's was 5590 yuan/ton (stable), and Qinghai's was 6097 yuan/ton (stable) [93] - Supply: Weekly production was 9.87 tons, down 0.04 tons week - on - week, basically stable, at a relatively low level compared to the same period [93] 3.2.2 Spot and Futures Market - As of January 16, 2026, Tianjin 72 silicon - iron spot price was 5800 yuan/ton (stable); futures price was 5570 yuan/ton, down 62 yuan/ton; basis was 230 yuan/ton, up 62 yuan/ton; basis rate was 3.97%, at a relatively high level [99] 3.2.3 Profit and Cost - Production profit: Inner Mongolia was - 233 yuan/ton (up 160 yuan/ton), Ningxia was - 270 yuan/ton (stable), and Qinghai was - 797 yuan/ton (stable) [104] - Production cost: Northwest silicon stone price was 210 yuan/ton (stable), and semi - coke small material price was 780 yuan/ton (stable) [107] - Inner Mongolia's electricity price decreased by 0.0175 yuan/kWh. Inner Mongolia's production cost was 5553 yuan/ton (down 140 yuan/ton), Ningxia's was 5590 yuan/ton (stable), and Qinghai's was 6097 yuan/ton (stable) [110] 3.2.4 Supply and Demand - Total production: As of January 16, 2026, weekly production was 9.87 tons, down 0.04 tons week - on - week, basically stable, at a relatively low level compared to the same period. In December 2025, monthly production was 45.42 tons, down 1.69 tons month - on - month. From January to December 2025, cumulative production was down 3.77 tons or 0.67% year - on - year [115] - Steel procurement: Hebei Steel's January 2026 75B silicon - iron alloy procurement volume was 3313 tons, up 563 tons month - on - month and up 1130 tons year - on - year; procurement price was 5760 yuan/ton, up 100 yuan/ton month - on - month [121] - Steel consumption: Daily average pig iron production was 228.01 tons, down 1.49 tons. In November 2025, national crude steel production was 69.9 million tons, down 2.1 million tons month - on - month and 8.5 million tons year - on - year. From January to November, cumulative production was 882 million tons, down 33.4 million tons or 3.65% year - on - year [124] - Non - steel consumption: From January to December 2025, cumulative metal magnesium production was 87.31 tons, down 0.36 tons or 0.41% year - on - year; as of January 16, 2026, metal magnesium price in Fugu was 16,550 yuan/ton, down 400 yuan/ton [127] - From January to November 2025, cumulative silicon - iron exports were 36.79 tons, down 2.77 tons or 7.01% year - on - year; calculated export profit was - 77 yuan/ton, at a relatively low level compared to the same period [130] - From January to November 2025, overseas crude steel production was 767 million tons, up 1.7 million tons or 0.22% year - on - year [131] 3.2.5 Inventory - Visible inventory: As of January 16, 2026, calculated visible inventory was 11.60 tons, down 1.12 tons, at a relatively low - neutral level compared to the same period [138] - In December, steel mill inventory average available days were 15.41 days, down 0.39 days, still at a relatively low level compared to the same period [141]