长期以来，国际钛白粉产业持续向氯化法工艺转型。2018年以前，我国氯化法钛白粉产量占比为2%～ 5%。近年来，在低碳环保的发展趋势下，氯化法成为钛白粉主流生产工艺。 自2019年以来，龙佰集团（002601.SZ）、中信钛业、鲁北化工（600727.SH）等企业相继新建或扩建氯 化法项目。例如，龙佰集团目前已形成66万吨/年氯化法产能；鲁北化工2024年拟定增募资不超3亿元， 用于扩建年产6万吨氯化法钛白粉项目。 有关数据显示，2024年全球钛白粉有效产能约1080万吨，其中中国产能占比56%，达605万吨。然而， 国内硫酸法产能仍占主导，占比接近84%，而国外氯化法产能占比超过87%。2024年，我国钛白粉产量 约476万吨，同比增长14.57%;氯化法钛白粉产量约66.3万吨，占比13.93%，同比下降4%。 2025年12月30日，天原股份（002386.SZ）发布公告称，其全资子公司宜宾天原海丰和泰有限公司拟在 现有厂区预留场地内，投资建设年产10万吨氯化法钛白粉项目，总投资14.83亿元。 天原股份证券部人士在接受《中国经营报》记者采访时表示，此次产能扩张主要基于国内外钛白粉市场 需求相对稳定。公司 ...

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - For the overall market, although there is uncertainty at the end of the year, the policy support for the capital market remains unchanged. In the medium and long - term, the idea of buying on dips is the main strategy [4]. - Different commodities have different market trends and investment strategies. For example, precious metals are expected to show strong performance; some metals like copper and aluminum have certain price support but also face resistance; and some agricultural products like sugar are expected to be bearish in the long - term but with short - term uncertainties [7][11][86]. Summary by Category Macro - Financial Stock Index - **Market Information**: Li Qiang plans major projects; the Ministry of Commerce imposes temporary anti - subsidy measures on EU dairy products; spot gold hits $4400/oz, up nearly 68% this year; Goldman Sachs expects a bull market in Chinese stocks next year, with corporate earnings potentially growing 14% in 2026 and 12% in 2027, and the stock market may rise 38% by the end of 2027 [2]. - **Strategy Viewpoint**: At the end of the year, some funds cash in on profits, and the market faces uncertainty. But in the long - run, it is advisable to buy on dips [4]. Treasury Bonds - **Market Information**: On Monday, TL, T, TF, and TS main contracts had different declines; the 12 - month LPR remained unchanged; the central bank issued 40 billion yuan of 6 - month RMB central bank bills in Hong Kong; there was a net withdrawal of 6.36 billion yuan in liquidity on Monday [5]. - **Strategy Viewpoint**: The unchanged LPR is in line with expectations. The economy has stable production but weak service and demand. There is still an expectation of interest rate cuts. The bond market is expected to oscillate in the short - term, and attention should be paid to the supply - demand relationship repair and rebound [6]. Precious Metals - **Market Information**: Shanghai gold rose 1.60%, silver rose 2.30%; COMEX gold and silver had corresponding prices; the Fed's attitude towards interest rate cuts changed, and the Bank of Japan's policy statement affected the market [7]. - **Strategy Viewpoint**: The release of overseas central bank policy risks boosts market sentiment. Gold and silver prices are expected to be strong. It is recommended to hold long positions, with reference price ranges for Shanghai gold and silver [7]. Non - Ferrous Metals Copper - **Market Information**: The unchanged LPR and strong precious metals prices pushed copper prices up. LME inventory decreased, and domestic inventories and premiums had corresponding changes [9]. - **Strategy Viewpoint**: The Fed's loose policy and strong precious metals support copper prices. But there is resistance due to the higher - than - expected 2026 copper concentrate processing fee and weak November consumption. The price is expected to oscillate [11]. Aluminum - **Market Information**: Domestic aluminum inventories increased, and prices oscillated down. LME inventory was flat, and premiums had corresponding changes [12]. - **Strategy Viewpoint**: Overall inventory is relatively low, and there is support from overseas supply disruptions and the precious metals market. But there are pressures from tariff hikes and the off - season. The price is expected to oscillate and rise [13]. Zinc - **Market Information**: Shanghai zinc index rose, and LME zinc also had a price increase. There were corresponding changes in inventories, premiums, and other indicators [14]. - **Strategy Viewpoint**: The shortage of domestic zinc ore is expected to ease. The price is expected to be weak in the medium - term but may rise in the short - term due to macro - sentiment [14]. Lead - **Market Information**: Shanghai lead index rose, and LME lead also increased. There were changes in inventories, premiums, and other aspects [15]. - **Strategy Viewpoint**: Domestic lead supply is tightening, and the price is expected to be strong in a wide - range in the short - term [15]. Nickel - **Market Information**: Nickel prices rebounded sharply. Spot premiums and cost - end prices had corresponding changes [16]. - **Strategy Viewpoint**: The oversupply pressure is still large, but the bottom may have been reached. It is recommended to wait and see in the short - term [17]. Tin - **Market Information**: Shanghai tin main contract price declined. The smelting enterprises in Yunnan and Jiangxi had different production situations, and the demand was weak [18]. - **Strategy Viewpoint**: The demand is weak, and the supply is expected to improve. The price is expected to fluctuate with market sentiment. It is recommended to wait and see [19]. Carbonate Lithium - **Market Information**: The spot index and futures contract price of carbonate lithium increased [20]. - **Strategy Viewpoint**: The supply pressure is relieved, and the bullish trend is not over. It is recommended to wait and see or buy options lightly [21]. Alumina - **Market Information**: The alumina index declined, and there were changes in positions and premiums [22]. - **Strategy Viewpoint**: The ore price is expected to decline, and the over - capacity pattern of alumina is hard to change. It is recommended to wait and see in the short - term [23]. Stainless Steel - **Market Information**: The stainless steel main contract price rose, and there were changes in positions and spot prices [24]. - **Strategy Viewpoint**: The reduction of Indonesia's nickel ore production target affects the market. The actual spot trading is light. It is recommended to wait and see and pay attention to policy implementation [24]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuated. There were changes in positions, trading volume, and prices [25]. - **Strategy Viewpoint**: The cost is firm, and there are supply disruptions. The price is expected to fluctuate within a range [26]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil increased. There were changes in positions, spot prices, and inventories [28]. - **Strategy Viewpoint**: The steel market oscillates. The terminal demand is weak, and the steel price is expected to oscillate at the bottom. The winter storage willingness is not strong [29]. Iron Ore - **Market Information**: The iron ore main contract price rose. There were changes in positions and spot prices [30]. - **Strategy Viewpoint**: The overseas iron ore shipment decreased, and the demand for iron water declined. The port inventory increased, and the steel mill inventory was at a low level. The price is expected to oscillate [31]. Glass and Soda Ash - **Market Information**: The glass main contract price declined, and the inventory increased. The soda ash main contract price also declined, and the inventory increased [32][34]. - **Strategy Viewpoint**: The glass demand is weak, and the market is expected to oscillate narrowly. The soda ash demand is weak, and it is advisable to short - sell [33][34]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon increased. There were changes in spot prices and premiums [35]. - **Strategy Viewpoint**: The market macro - sentiment is stable. The future market is affected by the black market trend, cost, and supply. Attention should be paid to manganese ore and "dual - carbon" policies [39]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon main contract price declined. The polysilicon main contract price also declined. There were changes in positions, spot prices, and inventories [40][42]. - **Strategy Viewpoint**: The industrial silicon supply may decrease, and the demand is weak. The polysilicon production is expected to decline, and the demand is weak. The prices are expected to fluctuate [41][43]. Energy and Chemicals Rubber - **Market Information**: The rubber price oscillated. There are different views on the market from bulls and bears. The tire enterprise operating rates and inventories had corresponding changes [45][46][47]. - **Strategy Viewpoint**: It is recommended to operate short - term and hedge partially [50]. Crude Oil - **Market Information**: The INE main crude oil futures and related refined oil futures prices increased. The European ARA refined oil inventories had different changes [51]. - **Strategy Viewpoint**: It is not advisable to be overly bearish on oil prices in the short - term. It is recommended to wait and see [52]. Methanol - **Market Information**: The regional spot and main futures prices of methanol had corresponding changes [53]. - **Strategy Viewpoint**: After the bullish factors are realized, the market will consolidate. The port pressure remains, and it is recommended to wait and see [54]. Urea - **Market Information**: The regional spot and main futures prices of urea had corresponding changes [55]. - **Strategy Viewpoint**: The demand has improved, and the supply is expected to decline seasonally. It is recommended to buy on dips [56]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene increased. There were changes in premiums, inventories, and operating rates [57]. - **Strategy Viewpoint**: The non - integrated profit of styrene has room for repair. It is advisable to go long on the non - integrated profit before the first quarter of next year [58]. PVC - **Market Information**: The PVC05 contract price declined. There were changes in spot prices, costs, operating rates, and inventories [59]. - **Strategy Viewpoint**: The supply is strong, and the demand is weak. It is recommended to short - sell in the medium - term [61]. Ethylene Glycol - **Market Information**: The EG05 contract price declined. There were changes in supply, demand, inventories, and profits [62]. - **Strategy Viewpoint**: The supply is expected to improve, but the inventory is high. Attention should be paid to the risk of price rebound [63]. PTA - **Market Information**: The PTA05 contract price increased. There were changes in operating rates, inventories, and processing fees [64]. - **Strategy Viewpoint**: The supply has high maintenance, and the demand will decline. It is advisable to go long on dips [65]. p - Xylene - **Market Information**: The PX03 contract price increased. There were changes in operating rates, inventories, and valuations [66][67]. - **Strategy Viewpoint**: The PX inventory is expected to increase slightly in December. It is advisable to go long on dips [68]. Polyethylene (PE) - **Market Information**: The PE main contract price declined. There were changes in spot prices, operating rates, and inventories [69]. - **Strategy Viewpoint**: The PE valuation has limited downward space. It is advisable to go long on the LL5 - 9 spread [70]. Polypropylene (PP) - **Market Information**: The PP main contract price declined. There were changes in spot prices, operating rates, and inventories [71]. - **Strategy Viewpoint**: The supply pressure is large, and the demand is seasonally weak. The inventory pressure is high. The market may be supported in the first quarter of next year [72]. Agricultural Products Hogs - **Market Information**: The domestic hog prices fluctuated. The demand after the Winter Solstice decreased but still supported the price [74]. - **Strategy Viewpoint**: The demand has decreased marginally, but the supply is large. It is recommended to short - sell on rebounds in the short - term and pay attention to the long - term support [75]. Eggs - **Market Information**: The national egg prices were mostly stable. The supply was normal, and the market trading was tepid [76]. - **Strategy Viewpoint**: The spot price is expected to squeeze the premium. It is recommended to short - sell on rebounds in the short - term and pay attention to the long - term pressure [77]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price increased. The domestic soybean meal price increased, and there were changes in inventories and压榨量 [78]. - **Strategy Viewpoint**: The import cost has a bottom, and the soybean meal is expected to oscillate [80]. Oils - **Market Information**: The Malaysian palm oil production and export data had different changes. The domestic oil prices rebounded [81]. - **Strategy Viewpoint**: The palm oil supply is large in the short - term but may reverse in the first quarter of next year. It is recommended to operate based on high - frequency data [82]. Sugar - **Market Information**: The Zhengzhou sugar futures price rebounded. The spot prices of different regions had corresponding changes. The import and production data of different countries had different changes [83][84][85]. - **Strategy Viewpoint**: The global sugar supply is expected to be in surplus. It is advisable to be bearish in the long - term but wait and see in the short - term [86]. Cotton - **Market Information**: The Zhengzhou cotton futures price increased. The spot price increased, and there were changes in import, inventory, and operating rate data [87][88]. - **Strategy Viewpoint**: The demand is not bad after the peak season. The price is unlikely to have a unilateral trend [89].

文字早评 2025/12/22 星期一 宏观金融类 股指 【行情资讯】 1、国家网信办会同证监会深入整治涉资本市场网上不实信息，编造传播资本市场虚假信息，扰乱市场 将受法律惩处； 2、国家医保局发布《病理类医疗服务价格项目立项指南（试行）》，明确将"人工智能辅助诊断"列 为病理诊断的扩展项，将人工智能辅助诊断纳入病理诊断价格项目的价格构成； 3、商务部：大力提振消费，扩大优质商品和服务供给，释放服务消费潜力； 4、我国科学家实现新一代光计算芯片研究新突破。 期指基差比例： IF 当月/下月/当季/隔季：0.08%/-0.35%/-0.90%/-1.97%； IC 当月/下月/当季/隔季：0.01%/-0.38%/-1.59%/-4.30%； IM 当月/下月/当季/隔季：0.07%/-0.60%/-2.57%/-5.84%； IH 当月/下月/当季/隔季：-0.01%/0.08%/0.07%/-0.23%。 【策略观点】 年底部分资金兑现收益，市场面临一定的不确定性。但从大方向看，政策支持资本市场的态度未变，中 长期仍是逢低做多的思路为主。 国债 【行情资讯】 行情方面：周五，TL 主力合约收于 112.66 ...

黑色建材日报 2025-12-22 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3119 元/吨, 较上一交易日跌 6 元/吨（-0.19%）。当日注册仓单 60684 吨, 环比增加 3619 吨。主力合约持仓量为 156.8866 万手，环比减少 7077 手。现货市场方面, 螺纹钢天津汇 总价格为 3170 元/吨, 环比减少 0/吨; 上海汇总价格为 3300 元/吨, 环比减少 0 元/吨。 热轧板卷主力合 约收盘价为 3269 元/吨, 较上一交易日跌 8 元/吨（-0.24%）。 当日注册仓单 103404 吨, 环比减少 0 吨。 主力合约持仓量 ...

Group 1: Company Overview - Jiangsu Henghui Security Group Co., Ltd. was established in 2004 and is headquartered in Nantong, Jiangsu, focusing on functional safety protective gloves [1] - The company has been dedicated to the niche market of functional safety gloves for 21 years, differentiating itself from ordinary yarn gloves and disposable nitrile gloves [1] Group 2: Production Capacity Expansion - The company has initiated a large-scale expansion plan with a domestic capacity of 72 million pairs and a Vietnam capacity of 16 million pairs, currently accelerating production line adjustments and capacity release [2] Group 3: Diversification and New Business Segments - The company is extending its business upstream, creating a diversified ecosystem with two new growth areas: 1. Ultra-high molecular weight polyethylene fiber business, with a total planned capacity of 12,000 tons, where 3,000 tons are already operational [3] 2. Biodegradable polyester rubber business, with a planned capacity of 110,000 tons, aiming for mass production by the end of the lunar year [3] Group 4: Robotics Business Development - The robotics business is a natural extension of the company's core operations, leveraging its expertise in glove manufacturing to develop robotic skin and joint protection products [4][5] - The company is actively developing integrated solutions for robotic tendon ropes and flexible joint protection components, with successful product deliveries already achieved [6] Group 5: Market Trends and Future Outlook - The company anticipates that robotic skin and gloves will transition from auxiliary components to core necessities, supporting the expansion of humanoid robots into various consumer service scenarios [6][7] - The company is committed to a phased approach for technological development, focusing on integrating sensors into skin products to reduce costs and enhance market adaptability [8] Group 6: Order Status and Market Response - The company reports a positive trend in glove orders, with recovery in the U.S. market following the easing of tariff policies and increased production capacity in Vietnam [8]

Core Insights - The introduction of the JSQ cage train service has created a new logistics channel for automobile exports, reducing costs and promoting low-carbon transportation [1] - The Taicang Port has seen a significant increase in automobile exports, with nearly 600,000 units exported in the first three quarters of the year, representing a year-on-year growth of approximately 70% [1] - The new rail-water intermodal transport model has been successfully implemented, showcasing the effectiveness of innovative logistics solutions [2] Group 1: Logistics Innovation - The JSQ cage train service allows for high-density loading, with a full train capable of transporting 406 vehicles, significantly improving transportation efficiency [2] - The rail transport method has a carbon emission intensity that is one-fifth of that of road transport, leading to a reduction of approximately 21,500 tons of carbon emissions this year alone [2] - The traditional road transport method has a much higher energy consumption compared to rail transport, with energy consumption per 100 tons being 1,846 kg of standard coal for road versus 478 kg for rail [3] Group 2: Operational Efficiency - The construction of a top-end unloading platform has increased the daily handling capacity of vehicles from 200 to between 800 and 1,000, achieving a fourfold increase in efficiency [4] - A rapid transfer system has been established, allowing for direct access from the rail to the port, completing key transfers in just 10 minutes [4] - The innovative "four in, four out" operational model has significantly enhanced unloading efficiency, achieving a 200% increase in daily handling capacity compared to the basic model [5] Group 3: Market Expansion - The logistics network established by Suzhou Port and its partners covers 22 railway stations and connects to Europe and Asia, facilitating market access for multiple automobile brands in 15 countries [5] - The new intermodal transport channel has streamlined the logistics process for exporting cars to Europe, reducing transportation time and costs, thereby enhancing competitiveness in international markets [5] - The Taicang Port has expanded its freight train services to include various goods, further optimizing logistics operations [6]

Group 1 - The core viewpoint of the article emphasizes the rapid development of green new professions characterized by "low carbon, environmental protection, and circular economy" during the "14th Five-Year Plan" period in China [2] - China has established the world's largest clean energy system, leading to the emergence of new professions such as energy storage station operation and maintenance administrators, and wind farm blade maintenance workers [2] - The widespread application of hydrogen fuel cells in transportation and power generation has also given rise to more specialized new professions [2] Group 2 - The concept of low-carbon and environmental protection has permeated various aspects of life, resulting in a significant number of composite talents engaging in green service positions [2] - Utilizing low-carbon building smart management platforms, building energy-saving and emission reduction consultants can control over 600 air conditioning units in an office building via mobile devices, achieving a 20% reduction in carbon emissions annually [2] - Leveraging technologies such as the Internet of Things and big data, power aggregation operators can consolidate dispersed urban power resources into a "virtual power plant" for real-time optimization, reducing air conditioning load by over 10% during peak usage without affecting user comfort [2] Group 3 - During the "14th Five-Year Plan" period, the Ministry of Human Resources and Social Security identified 137 green professions covering key areas such as energy conservation and environmental protection, clean energy, and green services [3]

Core Viewpoint - Yuchai Shipbuilding has established a unique technological advantage in the field of low-carbon and environmentally friendly marine low-speed engines, leveraging patented technologies from Everllence, B&W, and WinGD [1] Group 1: Company Developments - Yuchai Shipbuilding successfully delivered its first commercially operated RT-flex50DF natural gas dual-fuel low-speed engine in 2015 [1] - The company plans to deliver its first methanol dual-fuel low-speed engine by 2025 and is actively advancing the research and testing of liquid ammonia dual-fuel low-speed engines, with a target delivery in 2026 [1]

Economic Reform - The city aims to deepen economic and public service reforms to enhance the vitality of various business entities and optimize the business environment [1] - The focus will be on promoting the complementary advantages of different ownership economies and accelerating the market-oriented allocation of resources [1] Technological Innovation - The city plans to enhance its status as an international technology innovation center by focusing on original innovation and key core technology breakthroughs [1] - There will be an emphasis on the deep integration of technological and industrial innovation, along with the establishment of a technology achievement transformation system [1] Education and Talent Development - The education system will expand high-quality educational resources and enhance the integration of education, technology, and talent development [2] - The focus will be on cultivating innovative talents and adapting education to meet the needs of the capital's economic and social development [2] Digital Economy - The city aims to build a global benchmark for the digital economy and develop high-end industries to promote high-quality economic development [3][4] - Plans include creating new trillion-level emerging industry clusters in artificial intelligence and green advanced energy [4] Social Security - The human resources and social security system will prioritize employment and enhance the social security system to ensure reliable and comprehensive protection for citizens [5] Environmental Protection - The city will focus on improving ecological environment quality and promoting green transformation in production and lifestyle [6] Transportation - The transportation system will adopt strategies to optimize and enhance the efficiency of the comprehensive transportation network [7] Urban-Rural Development - The city will implement rural revitalization strategies and promote balanced urban-rural development [9] Cultural Development - The cultural sector will enhance the influence of the cultural center and promote the integration of culture and tourism [10] Health Initiatives - The health sector will focus on improving the healthcare service system and promoting high-quality population development [11] Heritage Protection - The city will strengthen the protection and transmission of historical and cultural heritage [12] Urban Greenery - Plans are underway to develop a garden city with enhanced ecological functions and improved green spaces [14]

Market Overview - The performance of major indices during the sample period shows that SGE Gold 9999, Hang Seng Index, and CSI 2000 had returns of 3.39%, 1.26%, and 0.89% respectively [1][10] - Among the Shenwan first-level industries, the top performers were Comprehensive, Textile & Apparel, and Retail, with returns of 6.99%, 4.41%, and 4.06% respectively, while Communication, Electronics, and Computer sectors lagged with returns of -4.77%, -4.77%, and -3.03% [1][16] ETF Product Overview ETF Market Performance - The average performance of different categories of ETFs indicates that Commodity ETFs had the best performance with a weighted average return of 3.39%, while Broad-based ETFs had the worst performance with a return of -1.39% [20][25] - Among the ETFs tracking different indices, CSI 2000 and Hong Kong stock ETFs performed well with average returns of 1.23% and 1.22% respectively, while the STAR Market and related ETFs performed poorly with returns of -4.86% and -3.49% [20][22] ETF Fund Flow - Industry-themed ETFs saw the highest net inflow of funds, totaling 14.588 billion yuan, while Broad-based ETFs experienced the largest net outflow of 2.417 billion yuan [2][26] - From the perspective of industry sectors, Technology sector ETFs had the highest net inflow of 8.016 billion yuan, while the Cyclical sector ETFs had the lowest net inflow of -0.144 billion yuan [2][28] ETF New Issuance and Listing - During the sample period, a total of 5 new funds were established and 11 funds were listed [3] ETF Trading Volume - The trading volume analysis shows that Style ETFs had the highest increase in average daily trading volume, with a change rate of 10.63%, while Money ETFs saw the largest decrease at -19.14% [32][34] - In terms of industry sectors, the Consumer sector experienced the highest increase in average daily trading volume with a change rate of 38.38%, while the Financial Real Estate sector had the largest decrease at -23.62% [36][38]