1月28日，国新办举行新闻发布会，介绍2025年国资央企高质量发展情况。 国务院国资委副主任庞骁刚表示，截至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总 额2.5万亿元，完成固定资产投资5.1万亿元，上交税费2.5万亿元，有效带动产业链上下游企业融通发 展，为我国顺利完成经济社会发展主要目标任务提供了有力支撑。 当前，随着国有企业改革深化提升行动主体任务已基本完成，对于备受关注的下一轮国企改革思路和方 向，国务院国资委企业改革局局长林庆苗给出了四个方向： 加快推进国有经济布局优化和结构调整。建立健全国有经济布局优化和结构调整指引制度，完善主责主 业管理，引导国有资本更好落实"三个集中"要求。 着力推动科技创新和产业创新深度融合。健全国有企业推进原始创新的制度安排，加速自主创新成果转 化，提升协同创新整体效能，更大力度强化科技创新激励。 实施更加精准的分类考核评价体系。进一步明晰各类国有企业的功能定位，加强战略使命评价，开展国 有增加值核算，引导企业提升经营质量和内在价值。 持续完善国有资产管理监督体制机制。增强各有关管理部门战略协同，健全国资监管法规制度体系，强 化穿透式监管，不断提升专 ...

Group 1 - The core message emphasizes the need for central enterprises to stabilize operations and improve efficiency amid increasing uncertainties in the international environment since 2025 [2][3] - Central enterprises are urged to enhance market expansion, closely monitor macroeconomic conditions, and improve responsiveness across production, supply, storage, and sales [3] - The focus will be on effective investment to accumulate development potential, with specific attention to key areas such as industrial chain strengthening, infrastructure construction, energy resource security, and forward-looking industry layout [3] Group 2 - The optimization of state-owned economic layout and structural adjustment is essential for strengthening and expanding state capital and enterprises [4] - Central enterprises will pursue both traditional industry transformation and new industry development, emphasizing the importance of sectors like renewable energy, aerospace, and quantum technology [5] - A strategic push for specialized mergers and acquisitions, along with better platform utilization by state capital investment and operation companies, is planned for the upcoming year [5] Group 3 - The meeting highlighted the significant increase in R&D investment by central enterprises, exceeding 5 trillion yuan, with an annual growth rate of over 20% in emerging industries [6] - There will be a focus on integrating technological and industrial innovation, promoting the transformation of major scientific achievements, and enhancing the ecosystem for talent development [6][7] - Initiatives will include improving the talent education and training system, with a large-scale focus on cultivating management, technological, and skilled personnel [7] Group 4 - The deepening of state-owned enterprise reforms is progressing, with a focus on enhancing core functions and competitiveness [8] - Future reforms will aim to integrate party leadership into corporate governance, clarify responsibilities among governance entities, and deepen three-system reforms [8] - There will be an emphasis on organizational and management process transformations, promoting flatter and smarter operational structures [8]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 表2：7月25日黑色系期货持仓情况（单位：手、%） 报告类型 焦炭焦煤日评 日期 2025 年 7 月 28 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：7月25日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | ...