投资有风险，入市需谨慎 黑色系周度报告 新纪元期货研究 10/31/2025 石磊 从业资格证号：F0270570 投资咨询证号：Z0011147 时卓然 研究助理 从业资格证号：F03142612 黑色系一周行情回顾 | 品种 | 合约 | | 期货主力合约收盘价格 | | | 现货价格 | 基差（未折算） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025/10/24 | 2025/10/31 | 变动 | 涨跌幅（%） | | | | 螺纹钢 | RB2601 | 3046.0 | 3106.0 | 60.0 | 2.0 | 3230.0 | 124.0 | | 热卷 | HC2601 | 3250.0 | 3308.0 | 58.0 | 1.8 | 3330.0 | 22.0 | | 铁矿石 | I2601 | 771.0 | 800.0 | 29.0 | 3.8 | 814.0 | 14.0 | | 焦炭 | J2601 | 1757.5 | 1777.0 | 19.5 | 1.1 | 1670.0 | -107.0 | | ...

Core Viewpoint - Dongguan Qunshang Optoelectronics Co., Ltd. held an online performance briefing on September 19, 2025, where the management discussed the company's operational status and business layout, revealing a revenue of 263 million yuan for the first half of the year, representing an 18.8% year-on-year increase [1][2]. Group 1: Financial Performance - The company achieved a revenue of 263 million yuan in the first half of 2025, marking an 18.8% increase compared to the same period last year [1]. - The company plans to continue expanding both domestic and international markets in the second half of the year and accelerate project construction progress [1]. Group 2: Business Strategy - The company is focusing on opportunities presented by the "new infrastructure" policy, leveraging its smart pole technology to launch integrated solutions that include smart poles, smart boxes, RSU roadside units, MEC edge computing devices, and holographic digital intersection platforms [2]. - Management expressed confidence in future development and is actively working to improve the company's fundamentals and enhance core competitiveness [2]. Group 3: Shareholder and Market Concerns - The company has not triggered any delisting risk warnings according to Shenzhen Stock Exchange regulations [3]. - In response to concerns about cash flow management, the company explained that it engages in entrusted financial management to improve fund utilization efficiency while ensuring normal business operations [3]. - The company has repurchased a total of 16,498,650 shares, accounting for 1.15% of the current total share capital, and will arrange further repurchases as per regulations [3].

Group 1: Company Performance - The company achieved a revenue of 18.8 billion yuan in the first half of the year, representing a year-on-year increase of 2.63% [1] - The company has experienced three consecutive years of losses and is focusing on improving profitability through enhanced management and market expansion [1][2] - As of September 19, the company has not triggered any delisting risk warnings according to Shenzhen Stock Exchange regulations [2] Group 2: Market Strategy and Product Development - The company is actively developing integrated solutions in the "vehicle-road-cloud" sector, leveraging its smart pole technology [1] - Management is confident in the company's future and is taking multiple actions to strengthen core competitiveness and improve operational performance [2] - The company has repurchased 16,498,650 shares, accounting for 1.15% of the total share capital, to enhance shareholder value [3] Group 3: Investor Relations and Communication - Investors are encouraged to refer to the company's periodic reports for detailed performance updates [2] - The company maintains that its cash flow is sufficient to support operations while also engaging in low-interest financial investments to enhance fund efficiency [3] - The company assures that there are no undisclosed significant issues affecting its operations [2]

Core Viewpoint - The Ministry of Industry and Information Technology, along with other regulatory bodies, has issued a plan to promote growth in the power equipment industry from 2025 to 2026, emphasizing international market expansion and cooperation in green energy sectors [1] Group 1: International Market Expansion - The plan encourages active exploration of international markets for power equipment [1] - It highlights the importance of participating in the global energy transition towards green and low-carbon solutions [1] Group 2: Cooperation and Collaboration - The initiative aims to strengthen cooperation in green infrastructure and new infrastructure sectors [1] - It emphasizes deepening collaboration with emerging market countries across the entire industry chain in wind power, photovoltaics, and energy storage [1] Group 3: Quality and Branding - The plan calls for enhancing product quality and building a strong brand image for power equipment [1] - It supports foreign contracting projects in the power sector and encourages energy development and equipment manufacturing companies to collaborate with financial institutions for overseas ventures [1] Group 4: Supply Chain Integration - The initiative promotes the integration of component manufacturing companies into overseas supply chains [1]

外贸、消费和投资是拉动经济增长的三驾马车。作为外贸大省，上半年浙江外贸回暖在用电量上可见一 斑。6月份浙江规上外贸企业用电增速较5月提升1.4个百分点，表明浙江克服了上半年中美贸易战影 响，实现较快增长，显示出较强的经济韧性。此外，该省文化市场繁荣，"浙BA"等文体活动引发全省 范围内消费热潮。上半年，浙江消费性服务业用电量190.5亿千瓦时，同比增长15.4%。投资领域，数据 中心和充换电设施用电分别占全社会用电的1.2%、1.0%，超大型数据中心用电增长54.1%，新型基建发 力明显。 中新网杭州8月4日电(鲍梦妮 张正华)据国网浙江省电力有限公司8月4日消息，上半年，浙江全社会用电 量3232.7亿千瓦时，同比增长7.1%，跑赢该省GDP增速，表明浙江电力供应充足、经济发展动能强劲。 上半年，浙江三大产业用电量分别达17.1亿千瓦时、2170.1亿千瓦时和581.8亿千瓦时，增速分别达 13.3%、5.2%和11.1%。城乡居民用电量463.6亿千瓦时，同比增长10.8%。 工业是经济发展的支柱。上半年，浙江工业用电同比增长5.5%，拉动全社会用电增长3.7个百分点，是 全社会用电增长的主要因素。近年来 ...