声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：公告君 有投资者在互动平台向黄山谷捷提问："董秘，你好，现在国际铜价持续波动，是否对公司造成一定影 响？公司价格传导机制有无起到一定作用？公司领导层是否针对波动有些许决策？" 针对上述提问，黄山谷捷回应称："尊敬的投资者，您好！铜价的持续波动确实对公司造成了一定的影 响。公司与客户约定了与原材料波动相应的价格调整机制，可以根据原材料价格变化调整对应销售价 格。这一机制在一定程度上帮助公司向下游客户传导原材料价格的变动，但由于价格传导机制存在滞后 性以及原材料价格波动幅度未触发调价机制等因素，不能完全规避原材料价格波动带来的影响。公司将 持续加大内涵式改造和智能化升级力度，着眼于效率提升和降本增效，同时增进与客户的协商和沟通， 建立更为灵活有效的价格联动机制，以共同应对原材料成本压力。感谢您的关注！" ...

证券日报网讯12月19日，章源钨业（002378）在互动平台回答投资者提问时表示，上游钨精矿价格的上 涨会通过产业链的价格传导机制，随时间逐步向下游产品传递，最终影响终端产品市场价格。 ...

近期研究报告 《高频数据显示经济增速有所放缓， 符合预期》 - 2025.11.25 宏观研究 证券研究报告：宏观报告 发布时间：2025-12-01 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 价格传导扭曲制约企业利润修复，非制造业景气度 收缩 核心观点 从 11 月 PMI 指数来看，（1）供需两端温和修复，生产好于需求， 供需失衡问题犹存，制造业景气度环比回升，但仍处于荣枯线以下， 制造业景气度有待改善；（2）价格传导机制有所扭曲，原材料价格坚 挺，且扩张动能有所增强，但产成品出厂价格并未同步上涨，即原材 料涨价不能完全转嫁消费者，价格的市场化传导机制不畅，挤压企业 利润空间。直接表现为，短期 PMI 出厂价格指数与 PPI 增速线性关系 分离，PPI 同比增速保持韧性，或延续修复态势；（3）建筑业景气度 指数有所回升，服务业景气度回落，非制造业景气度跌入荣枯线以下 水平，显示建筑业的上升并未完全对冲服务业景气 ...

Group 1 - In September, the Consumer Price Index (CPI) increased by 0.1% month-on-month but decreased by 0.3% year-on-year, with the core CPI (excluding food and energy) rising by 1.0%, marking the first return to a 1% increase in nearly 19 months [1] - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [2] - The decline in CPI year-on-year was primarily due to a drop in food prices, which fell by 4.4%, contributing approximately 0.83 percentage points to the CPI decrease [1][2] Group 2 - The narrowing of the PPI decline is attributed to the effects of macroeconomic policies and improvements in market competition, leading to a reduction in price declines in certain industries [2] - The construction of a unified national market and the upgrading of industrial structures are contributing to positive price changes in related sectors [2] - The recent stabilization of industrial prices and the rebound in PPI and the Purchasing Price Index for Raw Materials (PPIRM) indicate early signs of success in efforts to stabilize prices [3]

Group 1: Upstream Companies Performance - Upstream companies in the non-ferrous metals industry showed strong performance in the first half of 2025, driven by rising product prices [3] - Xibu Mining achieved operating revenue of 31.619 billion yuan, a year-on-year increase of 27%, with net profit attributable to shareholders reaching 1.869 billion yuan, up 15% [3] - Cangge Mining reported operating revenue of 1.678 billion yuan and net profit of 1.8 billion yuan, a year-on-year growth of 38.8%, with potassium chloride average selling price increasing by 25.57% to 2845 yuan/ton [3] - Lead prices surpassed 17,100 yuan/ton due to rising demand from the battery sector, benefiting upstream mining companies [3] Group 2: Downstream Companies Challenges - Downstream companies are facing cost pressures due to rising raw material prices, leading to a decline in profit margins for some [4] - Hanwei Technology reported a net profit drop of 87.86% year-on-year, primarily due to significant increases in production costs from raw material price hikes [4] - Instech adopted a cost-plus pricing model to manage raw material price fluctuations, facing challenges from the lag in price adjustments [4] - Xizi Clean Energy implemented a diversification strategy to mitigate raw material price risks, including traditional measures and futures hedging [4] Group 3: Global Expansion Strategies - Huagong Technology is actively advancing its global business strategy, establishing over 60 offices across major regions in China and setting up four overseas R&D centers [5] - The company has seen significant growth in export orders in Europe, North America, and the Middle East, with new overseas production bases and subsidiaries [5]

Group 1 - The cost structure of restaurant delivery robots shows that direct materials account for over 80% of total costs, with direct labor, manufacturing expenses, and transportation costs being relatively small and decreasing [1] - The pricing mechanism of the restaurant delivery robot market is influenced by supply-side costs, manufacturing costs, and consumer demand elasticity, creating a "price-demand-price" transmission path [3] - The current market price for restaurant delivery robots ranges from 20,000 to 50,000 yuan, with minor price differences among products [7] Group 2 - The commercial models in the restaurant service robot industry include direct sales, agency sales, and leasing operations, each with distinct characteristics that cater to different market needs [9][10] - The demand for restaurant delivery robots is strong, with market supply gradually balancing out after a period of high demand due to the COVID-19 pandemic, as evidenced by the production and sales growth of leading companies like Ninebot [12]

Group 1 - The core point of the article highlights that the cost structure of lead-acid battery production is heavily influenced by raw material costs, particularly lead, which constitutes a significant portion of the overall expenses [1][2][4] - In the lead-acid battery industry, the cost of raw materials accounts for over 80% of the total production costs for leading companies like Yongtao and Tianneng, while manufacturing and labor costs remain relatively low [1][2] - The price of lead-acid batteries is determined by a combination of supply-side factors, manufacturing costs, and consumer demand elasticity, with lead prices being particularly volatile and influential on market pricing [5][8] Group 2 - The lead-acid battery industry value chain exhibits a "low in the middle, high on both ends" trend, indicating that procurement and traditional manufacturing processes hold lower value compared to R&D and digital transformation efforts [10] - The production of lead-acid batteries relies on various raw materials, with lead accounting for approximately 70% of the raw material costs, followed by plastic at around 10% [4] - The competitive landscape of the lead-acid battery market is relatively concentrated, with leading firms like Tianneng and Chaowei holding significant market shares and pricing power, while smaller companies face greater price competition and sensitivity to raw material cost fluctuations [8]

Core Viewpoint - The article emphasizes the importance of a smooth price circulation and transmission mechanism to enhance the efficiency of the national unified market, highlighting the need for targeted reforms to address the current low price phenomenon in China [1][2][3]. Price Formation and Transmission Mechanism - Over the past decade, China has made significant progress in price reform, with 97.5% of goods and services prices determined by the market. However, a rare phenomenon of continuously low prices has emerged, with the CPI index hovering around 1% since March 2023, negatively impacting economic growth and consumer vitality [3][4][5]. - The current price transmission mechanism is hindered by the digital economy's impact, the inadequacy of market pricing in the service sector, and excessive price competition in online sales, leading to a decline in overall price levels [2][6][11]. Digital Economy and Cost Reduction - The digital economy has significantly reduced costs across various sectors, enhancing efficiency in manufacturing and service industries. For instance, logistics costs as a percentage of GDP have decreased from 18% in 2012 to 14.1% in 2024 [7][8]. - However, the costs associated with innovative factors such as technology and digitalization are not effectively reflected in the current pricing system, contributing to the overall decline in price levels [10][18]. Service Sector Pricing Mechanism - The pricing mechanisms for social services and public utilities have not fully transitioned to market-based systems, with significant portions of the CPI basket being influenced by these sectors. The weight of social services in the CPI has reached 25% in 2024 [11][12][19]. - The lack of market-driven pricing in education, healthcare, and public utilities limits the ability to reflect supply and demand changes, impacting overall price dynamics [11][12]. Online Sales and Price Competition - The rise of online sales, particularly through e-commerce and live streaming, has led to a competitive environment characterized by absolute low-price strategies, resulting in price "involution" where prices fall below cost for many products [13][14][21]. - The complexity of online sales pricing and the lack of clear regulatory standards have disrupted traditional price supervision mechanisms, complicating the management of price order in the market [14][24]. Recommendations for Reform - To reverse the low price expectations, it is essential to enhance the price transmission mechanism in the digital economy, regulate online sales, and improve price supervision mechanisms through targeted reforms [15][16][20]. - The article suggests accelerating the marketization of pricing mechanisms in social services and public utilities, promoting competition, and ensuring that pricing reflects supply and demand dynamics [19][20][21].

Group 1 - Price transmission and circulation are crucial for the efficiency of the national unified market, with 97.5% of commodity and service prices determined by the market [2][3] - Recent years have seen a rare phenomenon of continuously low prices in China, with the CPI index hovering around 1% since March 2023, negatively impacting economic growth and consumer vitality [2][3] - The central government has emphasized the need for a "reasonable recovery of prices" to counteract low price expectations [2] Group 2 - The traditional price formation mechanism struggles to explain the current low price phenomenon, as factors like monetary supply and commodity prices have limited explanatory power [3] - The digital economy and service sector have increasingly influenced price formation, complicating the price transmission mechanism [3][4] - The complexity of price transmission is exacerbated by the interdependence of enterprises within supply chains and the rise of digital sales channels [3][4] Group 3 - Current price transmission and circulation face three major bottlenecks: the inability to reflect innovation costs in the price system, incomplete marketization of social services and public utilities, and price competition leading to price internalization [5][6][9] - The digital economy has significantly reduced costs across various sectors, but the costs of innovative factors are not effectively reflected in the existing price system [6][8] - The social services sector, including education and healthcare, has not fully transitioned to a market-based pricing mechanism, impacting overall price levels [9][10] Group 4 - The rise of online sales has led to a competitive environment characterized by absolute low prices, resulting in price internalization and instances of selling below cost [11][12] - The pricing system for online sales is chaotic, complicating traditional price supervision and management [12][21] - The government aims to regulate online sales and prevent excessive price internalization through various measures [19][20] Group 5 - To address low price expectations, targeted reforms are needed to streamline price transmission mechanisms and enhance price supervision [13][14] - The development of the digital economy should prioritize quality improvement and efficiency, guiding industries towards high-quality supply and demand [14][15] - Accelerating the marketization of pricing mechanisms for social services and public utilities is essential for enhancing market vitality [17][18]