Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The log market is showing a slight upward trend, with the trend strength of logs being rated as "1" (indicating a relatively weak bullish sentiment) [1][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices, trading volumes, and open interests of log futures contracts (2603, 2605, 2607) have shown different degrees of change. For example, the 2603 contract's closing price increased by 1.7% daily and 2.8% weekly, and its trading volume soared by 56.5% daily and 205% weekly [1]. - **Spread Data**: The spreads between different futures contracts (such as 2603 - 2605, 2603 - 2607, 2605 - 2607) have also changed, and the spreads between spot and futures have increased significantly, with the spot - 2603 spread rising by 28.9% daily and 61% weekly [1]. - **Spot Market Data**: The prices of various types of logs and wood squares in the Shandong and Jiangsu markets are mostly stable, with only a few showing slight increases or decreases. For example, the price of 11.8 - meter spruce 20 + in the Jiangsu market decreased by 0.9% daily and weekly, while the price of 3 - meter radiation pine wood squares in the Zhenjiang market increased by 2.4% weekly [1]. 3.2 Macro and Industry News - China's industrial enterprise profits in December increased by 5.3% year - on - year, and the annual growth was 0.6% [3]. - Many real estate developers are no longer required to report the "Three Red Lines" indicators monthly, but some troubled developers need to report financial indicators such as asset - liability ratios regularly [3]. 3.3 Trend Intensity The trend intensity of logs is 1, with the range of values being integers in the [-2, 2] interval. -2 represents the most bearish view, and 2 represents the most bullish view [4].

Group 1: Report Industry Investment Rating - No information provided about the industry investment rating in the report Group 2: Core View of the Report - The report is titled "Iron Ore: Capital Rotation, Slight Uptrend", indicating a potential slight upward movement in iron ore prices [1] - The trend strength of iron ore is 1, with a range of [-2, 2], suggesting a relatively positive but not extremely strong trend [2] Group 3: Summary According to the Catalog 1. Fundamental Tracking - **Futures**: The closing price of I2605 was 798.5 yuan/ton, up 15.5 yuan/ton (1.98%) from the previous day. The previous day's position was 555,392 hands, with a decrease of 9,221 hands [1] - **Spot Prices**: Imported ores such as Carajás (65%), PB (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased by 7 yuan/ton compared to the previous day, while domestic ores such as Hanxing (66%) and Laiwu (65%) remained unchanged [1] - **Basis and Spreads**: The basis of I2605 against Super Special decreased by 7.9 yuan/ton to 87.3 yuan/ton, and against Jinbuba decreased by 8.0 yuan/ton to 70.1 yuan/ton. The spreads I2605 - I2609 and I2609 - I2701 increased by 1.0 and 1.5 yuan/ton respectively. The spreads between different ore types such as Carajás - PB, PB - Jinbuba, and PB - Super Special remained unchanged [1] 2. Macro and Industry News - China's industrial enterprises above designated size had a 5.3% year - on - year profit growth in December and a 0.6% growth for the full - year [1] - Many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises need to regularly report financial indicators such as asset - liability ratio [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The log market is in a narrow - range oscillation [1] - The log trend intensity is 0, indicating a neutral view [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2603 contract, the closing price on January 29, 2026, was 785 with a daily increase of 1.2% and a weekly increase of 1.2%; the trading volume was 9866, a daily surge of 258.6% and a weekly rise of 5%; the open interest was 10248, a daily increase of 1.2% and a weekly decrease of 12%. Similar data is provided for 2605 and 2607 contracts, showing different price, volume, and open - interest changes [1] - **Spreads**: The spreads between different contracts (e.g., 2603 - 2605, 2603 - 2607, 2605 - 2607) and the spreads between spot and futures contracts (e.g., spot - 2603, spot - 2605) have their respective values and changes [1] - **Spot Market**: In the log and wood - square spot markets of Shandong and Jiangsu, prices of different types of logs and wood squares (such as 3.9 - meter, 5.9 - meter radiation pine, K - wood, paper pulp, etc.) have different daily and weekly price change rates, with some remaining stable and some showing slight increases or decreases [1] 2. Macro and Industry News - China's industrial enterprises above the designated size had a 5.3% year - on - year profit growth in December and a 0.6% year - on - year growth for the whole year [3] - Many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio to the special team in their headquarters cities regularly [3]

商 品 研 究 2026 年 1 月 29 日 铁矿石：预期现实博弈，价格震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期 货 | | | | -5.0 | -0.63% | | | I2605 | | 783.0 | 昨日持仓（手） | 持仓变动 （手） | | | | | | 564,613 | -6,440 | | | | | 昨日价格（元/吨） | 前日价格（元/吨） | 涨跌（元/吨） | | | | 卡粉（65%） | 877.0 | 879.0 | -2.0 | | | 进口矿 | PB（61.5%） | 794.0 | 796.0 | -2.0 | | 现货价格 | | 金布巴 （61%） | 746.0 | 748.0 | -2.0 | | | | 超特（56.5%） | 673.0 | 675.0 | -2.0 | | | 国产矿 | 邯邢（66%） | 956. ...

图为1月22日，在山东省荣成市石岛管理区造船基地，大型船舶在建造中（无人机照片）。 新华/传真 （《去年全国规模以上 工业企业利润增长0.6%》由贵阳日报为您提供，转载请注明来源，未经书面授 权许可，不得转载或镜像。） 转自：贵州日报 国家统计局27日发布数据显示，2025年，全国规模以上工业企业实现利润总额73982.0亿元，比上年增 长0.6%。 ...

2025年末，规模以上工业企业应收账款27.43万亿元，比上年末增长4.7%；产成品存货6.73万亿元，增长3.9%。 2025年，规模以上工业企业每百元营业收入中的成本为85.31元，比上年增加0.16元；每百元营业收入中的费用为8.62元，比上年减少0.02元。 2025年末，规模以上工业企业每百元资产实现的营业收入为75.9元，比上年末减少2.7元；人均营业收入为188.9万元，比上年末增加5.5万元；产成品存货周 转天数为19.9天，比上年末增加0.6天；应收账款平均回收期为67.9天，比上年末增加3.6天。 12月份，规模以上工业企业利润同比增长5.3%。 2025年，全国规模以上工业企业实现利润总额73982.0亿元，比上年增长0.6%（按可比口径计算，详见附注二）。 2025年，规模以上工业企业中，国有控股企业实现利润总额20561.0亿元，比上年下降3.9%；股份制企业实现利润总额55408.3亿元，下降0.1%；外商及港澳 台投资企业实现利润总额17447.4亿元，增长4.2%；私营企业实现利润总额22810.6亿元，与上年持平。 2025年，采矿业实现利润总额8345.1亿元，比上年下降2 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 中国1至12月规模以上工业企业利润同比 0.6%，前值 0.1%。 风险提示及免责条款 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 66,268.6 billion yuan from January to November, showing a year-on-year increase of 0.1% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a decline of 1.6%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a growth of 2.4% [1] - The mining industry faced a significant profit drop of 27.2%, while the manufacturing sector reported a profit increase of 5.0% [1] Profit by Industry - The computer, communication, and other electronic equipment manufacturing industry saw a profit increase of 15.0%, while the power, heat, and gas production and supply industry grew by 11.8% [2] - The automotive manufacturing industry reported a profit growth of 7.5%, while the textile industry experienced a decline of 8.2% [2] - The coal mining and washing industry faced a dramatic profit decrease of 47.3% [2] Financial Performance - From January to November, the total operating revenue of industrial enterprises was 1,253,395.1 billion yuan, reflecting a year-on-year growth of 1.6% [2][11] - The operating costs increased by 1.8% to 1,071,672.4 billion yuan, resulting in an operating revenue profit margin of 5.29%, down by 0.08 percentage points year-on-year [2][11] - By the end of November, total assets of these enterprises reached 189.28 trillion yuan, a 4.8% increase year-on-year, while total liabilities rose by 5.0% to 109.96 trillion yuan [2] Accounts and Inventory - As of the end of November, accounts receivable amounted to 28.40 trillion yuan, up 5.5% year-on-year, and finished goods inventory was 6.92 trillion yuan, increasing by 4.6% [3] - The average collection period for accounts receivable was 70.4 days, an increase of 3.7 days year-on-year [3] Monthly Profit Trends - In November alone, the profit of industrial enterprises decreased by 13.1% year-on-year [4]

1—11月份，主要行业利润情况如下：计算机、通信和其他电子设备制造业利润同比增长15.0%，电 力、热力生产和供应业增长11.8%，有色金属冶炼和压延加工业增长11.1%，汽车制造业增长7.5%，农 副食品加工业增长4.8%，通用设备制造业增长4.8%，专用设备制造业增长4.6%，电气机械和器材制造 业增长4.2%，石油、煤炭及其他燃料加工业同比减亏，非金属矿物制品业下降4.6%，化学原料和化学 制品制造业下降6.9%，纺织业下降8.2%，石油和天然气开采业下降13.6%，煤炭开采和洗选业下降 47.3%。 1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%(按可比口径计算，详见 附注二)。 1—11月份，规模以上工业企业中，国有控股企业实现利润总额20083.6亿元，同比下降1.6%；股份制企 业实现利润总额49565.6亿元，下降0.4%；外商及港澳台投资企业实现利润总额16355.3亿元，增长 2.4%；私营企业实现利润总额19319.9亿元，下降0.1%。 1—11月份，采矿业实现利润总额7896.3亿元，同比下降27.2%；制造业实现利润总额50317.9亿元，增 长 ...

12月27日，国家统计局网站发布《2025年1—11月份全国规模以上工业企业利润增长0.1%》一文。 根据国家统计局数据，1-11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%。 其中，黑色金属冶炼和压延加工业同比增长1752.2%，利润总额为1115.0亿元。 | △国家统计局 | | | | | | B B 7 8 8 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 圆输入火健字 | | | | | | 搜索 | | 机构 首页 | 知识 新闻 款回 | | 公开 | 服务 | 互动 | | 专题 | | | 2025年1—11月份全国规模以上工业企业利润增长0.1% | | | | | | | | | 2025/12/27 09:30 来源:国家统计局 Aa 中国: 2 | 好好知识因中:则是我很好 | | | | | | 1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%。1—11月份，规模以上 工业企业中，国有控股企业实现利润总额20083.6亿元，同比下降1.6%；股份制 ...