在结构优化上，破解供需失衡与产品同质难题。产品结构单一与供需错配是"内卷"的核心原因，需通 过"去落后、提高端、补链条"三向发力，重塑行业竞争格局。在产能调控方面，严格落实能效约束政 策，通过淘汰低效产能来缓解供给压力。此外，也可通过区域产能协同、错峰生产等方式优化供给节 奏，避免无序竞争。在高端化方面，传统氯碱企业应以价值创造为导向，向精细化工与新材料领域延 伸。如兴发集团瞄准新兴领域需求，开发出电子级烧碱、锂电池黏结剂用聚氯乙烯糊树脂等高端产品， 形成差异化竞争优势。 在模式创新上，构建协同发展生态体系。"单打独斗"难以破解行业"内卷"，需通过产业链整合、区域协 同、政策引导等多元模式，形成行业发展合力。在产业链协同方面，可借鉴上海氯碱"上海—广西双基 地"布局经验，依托化工园区一体化优势，与上下游企业形成"乙烯—氯碱—精细化工"闭环，降低物流 成本与资源消耗。在跨行业耦合发展方面，推动氯碱行业与新能源、氢能、绿电产业深度融合，形成独 特竞争壁垒。 当前，氯碱行业深陷"产品同质、盈利承压"的"内卷"困局。要破解此困局，氯碱行业需坚持标本兼治， 根本出路在于通过技术革新、结构优化、模式创新等多元举措，加快构 ...

Core Viewpoint - The small loan industry is undergoing a significant restructuring, marked by the issuance of new guidelines that limit annualized comprehensive financing costs to no more than 24% and aim to reduce these costs to within four times the one-year Loan Prime Rate (LPR) by the end of 2027 [1][4]. Group 1: Industry Restructuring - The issuance of the guidelines is seen as a catalyst for a "massive exit" from the small loan market, with several major players, including state-owned enterprises and internet giants, withdrawing from the industry [4][5]. - The trend of "clearing stock and optimizing structure" is evident, driven by stringent regulations, interest rate reductions, and market pressures, leading to a significant reduction in the number of small loan institutions [2][8]. - As of September 2025, there were 4,863 small loan companies in China, with a total loan balance of 7,229 billion yuan, reflecting a decrease of 319 billion yuan in the first three quarters of the year [7]. Group 2: Market Dynamics - The exit of companies such as Renbao Small Loan and Jin Tong Small Loan, which had a registered capital of 8.989 billion yuan, indicates a shift in the market landscape, with a focus on compliance and professional development [2][5]. - The number of small loan companies is expected to continue decreasing, with a concentration of resources towards compliant, well-capitalized institutions with technological capabilities [8][12]. - The regulatory environment is pushing small loan institutions to increase their capital to enhance risk resistance, as seen with companies like Tencent's financial subsidiary increasing its registered capital from 10.526 billion yuan to 15 billion yuan [10][11]. Group 3: Future Outlook - The industry is likely to see a "stronger stronger" dynamic, where leading institutions will continue to consolidate their positions through capital increases, while smaller firms face greater capital pressures [13][14]. - The focus for surviving institutions will shift towards specialization, compliance, and technological empowerment, moving away from traditional expansion models [14]. - The anticipated regulatory tightening will further compress the survival space for smaller institutions, leading to increased industry consolidation and a more rational approach to capital increases [13][14].

【冠通期货研究报告】 ■需求端：截止 12 月 25 日周度表观消费量环比上升 8.76 万吨至 307.04 万吨，公历同比下降 2.29 万吨。本周表需回升，抢出口行情显现，但后续还要 关注 1 月的冬储行情。 ■库存端：截止 12 月 25 日总库存周环比下降 13.50 万吨至 377.22 万吨（社 会库存降 10.6 万吨，钢厂库存降 2.9 万吨，总库存降 13.50 万吨），总库存维 持去库，且去库加速，显示需求 12 月下旬韧性可以，应是企业抢出口导致，但 总库存处于近 4 年高位。后续需要关注库存继续去库速度。 热卷日报：震荡整理 发布日期：2025 年 12 月 25 日 一、市场行情回顾 1，期货价格：热卷期货主力合约周四持仓量增仓 9350 手，成交量 248652 手， 相比上一交易日缩量，日内最低价 3280 元，最高价 3291 元，日内震荡整理运行， 收于 3280 元/吨，上涨 1 元/吨，涨幅 0.03%。 2，现货价格：主流地区上海热卷价格报 3280 元/吨。相比上一交易日上涨 10 元。 3，基差：期现基差 0 元，基差平水。 二、基本面数据 供需情况： ■供应端： ...

内容概要：碳素轴承钢是制造轴承套圈与滚动体的核心材料，通过精准控制碳含量与杂质元素，经特定 热处理后具备高硬度、高耐磨性等关键性能，广泛适配汽车、风电、机械制造等多领域需求。行业运行 中，轴承钢粗钢产量受成本、产能出清等因素影响波动下滑，而轴承钢材产量逆势增长，核心得益于企 业工艺升级与高附加值产能释放，碳素轴承钢作为核心细分品类，凭借高性价比在新能源汽车、农机等 领域需求攀升。市场竞争呈现"金字塔"格局，中信特钢、宝武钢铁等头部企业以先进工艺主导高端市 场，中小厂商聚焦中低端领域，行业集中度持续提升。未来，行业将围绕技术升级（高纯净度、定制 化）、结构优化（绿色低碳、集群化）、需求升级（高端制造驱动、国产替代深化）三大主线发展，竞 争重心逐步转向"产品+服务"的综合实力比拼。 一、碳素轴承钢行业相关概述 碳素轴承钢是专门用于制造滚动轴承套圈和滚动体的碳素结构钢，其核心特点是通过控制碳含量（通常 在0.95%~1.10%）和杂质元素（硫、磷含量≤0.025%），经淬火+低温回火处理后，具备高硬度、高耐磨 性、良好的接触疲劳强度和尺寸稳定性，能满足轴承在交变载荷、高速运转、摩擦磨损等工况下的使用 要求。 上市企 ...

格隆汇12月19日丨宝泰隆(601011.SH)在投资者互动平台表示，公司石墨烯材料兼具高热导率、轻量化 等核心优势，与卫星热管理、结构优化等关键需求高度契合，在卫星领域具备应用前景与潜力。公司始 终深耕核心技术研发，紧密贴合商业发展浪潮，稳步推进技术迭代与相关领域对接。 ...

在此关键时段，本版今日起推出系列报道《2025收官掠影》，期待通过梳理优秀企业经验、凝聚发展共 识，为业界带来有价值的参考与启迪。 编者按 距离2025年结束仅剩半个月，石油和化工企业也进入全年发展的收官冲刺阶段。面对多重挑 战，广大石化企业正全力以赴、争分夺秒，在绿色转型、技术突破与结构优化的道路上奋力前行，以决 战姿态跑出高质量发展"加速度"。 2025年收官在即，新洋丰农业科技股份有限公司正同步打响两大攻坚战：一场是磷复肥主业的稳产保供 战，一场是新能源材料主业磷酸铁的创新突破战。这场双线并进的年度冲刺，不仅是企业经营目标的攻 坚，更彰显了传统产业与新兴动能在时代命题下的协同进化。 磷复肥：筑牢粮食安全的"压舱石" 四季度正是春耕备肥的黄金季节，新洋丰正系统构建从原料到田间的全流程保障体系，为国家粮食安全 贡献力量。 原料保障构筑坚实基础。面对硫黄、钾肥等原料价格剧烈波动，新洋丰通过多年布局，建立起稳固的多 元化原料供应网络，同时充分利用其规模化和资金优势，深化战略合作，精准研判市场趋势，在控制采 购成本的基础上，有效保障了关键原材料的稳定供应。该公司还通过参股、战略合作等方式深度参与上 游磷矿资源开发 ...

证券日报网讯 11月28日晚间，航天智造发布公告称，公司于2025年10月27日召开第五届董事会第二十 一次会议，审议通过了《关于注销保定分公司的议案》。为进一步整合现有资源，优化组织结构，降低 管理成本，提高整体经营效益，根据实际经营情况及后续业务发展规划，董事会同意注销保定分公司。 基于上述事项，公司于近日取得保定国家高新区行政审批局出具的《登记通知书》，准予保定分公司注 销登记。截至本公告披露日，保定分公司的工商注销登记手续已办理完毕。 （文章来源：证券日报） ...

国家统计局数据显示，初步核算，2018年上半年我国国内生产总值418961亿元，按可比价格计算，同比 增长6.8%。分季度看，一季度同比增长6.8%，二季度增长6.7%。 贾康认为，我国宏观经济运行如果从平台来看，从2015年下半年开始的，到现在已经三年之久，12个季 度在平台状运行，如果不出大的意外，稍微往下调整以后，仍然有望延续这种由新入常的平台运行状 态。 未来宏观经济发展的重点何在？贾康认为，进一步扩大内需、中国可选择的聪明投资或有效投资，有巨 大潜能空间，要坚定不移地全面扩大开放等方面是发展要点。 每经记者｜张钟尹 每经编辑｜毕陆名 7月21日，华夏新供给经济学研究院、中国新供给经济学50人论坛在青岛举行以"新供给、新金融：助推 高质量发展"为主题的2018年第二季度宏观经济形势分析会。 华夏新供给经济学研究院首席经济学家贾康在分析会上表示，下半年和今后的不确定性主要来自外部的 冲击和影响，对连锁反应是值得特别关注的，十分敏感的股市和汇市，可能会比实际上应该客观估量的 影响表现为升级状态。 在指出这些不确定性的同时，贾康也十分强调确定性。他强调，从全局和长远来看，这些不确定性旁 边，的确还有确定性。 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates that the real estate industry is under financial pressure, with many companies experiencing a decline in net profits or even losses due to high-cost land project transfers and asset impairment provisions. However, quality real estate companies are achieving profitability through regional advantages and product strength. Local supportive measures are being introduced, but nationwide easing policies have not yet been implemented. The total sales area of commercial housing in China from January to September 2025 was 658 million square meters, with residential sales accounting for 550 million square meters. The total for the year is expected to reach 870 million square meters, with residential sales projected at 730 million square meters. It is anticipated that residential sales area will stabilize around 700 million square meters in 2026, reflecting a trend of "stabilization in total volume and optimization in structure" [4][5] Summary by Sections Industry Fundamentals Tracking - New housing transaction area in 30 major cities last week was 1.3702 million square meters, with a cumulative area of 7.61057 million square meters for the year, showing a year-on-year decrease of 7.8%. The average transaction area over the past four weeks in these cities was 1.8493 million square meters, down 32% year-on-year but up 1.2% month-on-month. In first-tier cities, the average transaction area was 49730 square meters, down 42.3% year-on-year but up 2.1% month-on-month. In second-tier cities, it was 94120 square meters, down 26.2% year-on-year but up 3% month-on-month. In third-tier cities, it was 41080 square meters, down 29.7% year-on-year but down 3.5% month-on-month [5][13] - The available inventory of commercial residential properties in 14 cities last week was 80.0656 million square meters, down 7.15% year-on-year but up 0.18% month-on-month. The average de-stocking cycle for these cities was 18.54 months, with first-tier cities at 13.32 months [16] - The second-hand housing transaction area in 20 cities last week was 2.0735 million square meters, with a cumulative area of 9.51106 million square meters for the year, showing a year-on-year increase of 9.9% [19][21] - In the land market, 207 residential land plots were newly supplied in 100 major cities last week, with 24 plots sold. The average floor price for residential land was 5406.55 yuan per square meter, with a premium rate of 3.5%, up 0.19 percentage points month-on-month [26][28] Market Review - Last week, the A-share real estate index fell by 0.22%, while the CSI 300 index rose by 0.82%, indicating that the real estate index underperformed the CSI 300 by 1.05 percentage points. In the Hong Kong market, the Hang Seng Property Services and Management Index rose by 1.45%, outperforming the Hang Seng Composite Index by 0.63 percentage points [29][31]

Core Insights - The 138th China Import and Export Fair, also known as the Canton Fair, opened on October 15 in Guangzhou, showcasing a record number of exhibitors and exhibition space, reflecting the resilience and growth of China's foreign trade [1][4]. Group 1: Exhibition Highlights - The exhibition covers a total area of 1.55 million square meters with 74,600 booths and over 32,000 participating companies, marking historical highs [1]. - Approximately 3,600 companies are making their debut at this year's fair, indicating strong interest and participation [1]. - The fair is divided into three phases focusing on "Advanced Manufacturing," "Quality Home Furnishings," and "Better Life" themes [1]. Group 2: Trade Performance - In the first three quarters, China's total goods trade import and export reached 33.61 trillion yuan, a year-on-year increase of 4% [3]. - Exports of mechanical and electrical products reached 12.07 trillion yuan, growing by 9.6%, with high-tech products like electronic information and high-end equipment seeing significant growth [3]. Group 3: Attractiveness of the Fair - The fair's appeal is bolstered by government support through reduced exhibition fees, customs facilitation, and tax incentives, which lower costs for participating companies, especially small and medium-sized enterprises [1][2]. - The fair serves as a global procurement platform, effectively connecting emerging and traditional market demands [2]. - Digital transformation initiatives have expanded trade boundaries, creating a continuous trade ecosystem through an online-offline integration model [2]. Group 4: Economic Signals - The fair is viewed as a "barometer" for China's foreign trade and a reflection of the country's economic resilience amid global uncertainties [3][4]. - The participation of numerous high-quality enterprises and innovative products at the fair indicates an ongoing improvement in the quality and efficiency of China's foreign trade [3]. - The fair highlights the shift towards high-value-added products and the diversification of markets, with emerging markets contributing significantly to trade growth [5].