转自：新华财经 在超低排放改造项目建设的高峰期，多家施工、监理单位同时进场，涉及高空、吊装、动火、受限空间等高风险作业。交叉作业多、施工环境复杂、安全风 险大，现场安全管理和施工协调任务繁重。为抓好安全措施有效落实，北港新材料公司应用了无人机、AI摄像头等智能设备开展"高空+低位"全方位、无死 角的高频次、全天候巡检作业，为项目建设保驾护航。 工作人员在北港新材料集控调度中心使用智能环保平台。（蹇评 摄） 2025年12月31日，广西北港新材料有限公司超低排放改造评估监测进展情况在中国钢铁工业协会官网正式公示，标志着公司绿色化转型取得关键性进展。 钢铁行业是大气污染治理的重点领域，超低排放改造是企业实现绿色高质量发展的必答题、生存题。2025年，广西北港新材料有限公司（以下简称"北港新 材料"）以"全流程管控、全环节治理"为原则，投入超13亿元资金，先后实施97项超低排放改造项目，开展全流程、全过程超低排放改造，累计建成150余套 废气治理设施，实现原料破碎、配料、输送、冶炼、轧制等全流程污染治理全覆盖。 北港新材料焕然一新的厂区面貌。（蹇评 摄） 改造完成后，北港新材料环境效益日益凸显。2025年1-11月 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 12 月 25 日 钢材&铁矿石日报 专业研究·创造价值 产业格局弱稳，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡运行，录得 0.03%日涨幅，量仓收缩。现阶段， 螺纹钢供应低位回升，而需求在走弱，基本面表现偏弱，淡季钢价承压 运行，相对利好的是政策预期与成本支撑，后续走势延续低位震荡运 行，关注钢厂生产情况。 热轧卷板：主力期价震荡运行，录得 0.03%日涨幅，量缩仓增。目前来 看，热卷需求迎改善，而供应处于低位，供需格局有所好转，给予价格 支撑，但需求韧性存疑，且库存水平偏高 ...

年度报告——螺纹钢/热轧卷板 波澜不惊，蓄势新生 [T走ab势le_评R级an：k] 螺纹钢/热轧卷板:震荡 报告日期： 2025 年 12 月 22 日 [★Ta需bl求e_：Su内mm需a波ry]澜不惊，外需支撑犹在： 黑 色 金 中性预期下，我们认为 2026 年钢铁终端需求同比基本持平。从 年末中央经济工作会议看，2026 年政策重心仍在于高质量发展 和结构优化，短期政策刺激力度不宜高估。由于地产销售降幅 再度扩大，加之政策更为强调优化供给和去库存，预计地产投 资端延续较大降幅。财政政策发力预计也较为温和，难以拉动 传统基建明显增长。制造业维持韧性，但若"两新"资金增量 有限，需求增幅将明显收窄。由于中美谈判的进展以及海外流 动性加速释放的预期，间接出口预计仍是拉动需求的重要力量。 钢材出口政策风险增加，但长期趋势取决于海外需求。 属 ★供应："反内卷"政策仍待明朗，成本为锚格局尚未打破： 从钢铁行业盈利和上中游工业品价格对 PPI 影响看，钢铁"反 内卷"政策逐步推进有较大必要性，也是 2026 年最需关注的产 业政策之一。但产能去化的潜在措施会偏长期，产量的变化也 更倾向于市场化因素决定。钢价整体 ...

Group 1 - The core focus of the news is on the industrial pollution control efforts in Linyi City during the 14th Five-Year Plan period, highlighting the achievement of near-zero sulfur dioxide emissions from 51 operating shale brick enterprises [1] - Linyi City has implemented comprehensive ultra-low emission transformations in key high-pollution industries such as steel, coking, and cement, with 2 long-process steel companies and 10 cement companies completing provincial-level ultra-low emission transformation [1] - The city has strengthened process control and end-of-pipe treatment in the building materials industry, dismantling 268 illegal biomass boilers and shutting down 350 illegal small glue factories to enhance overall pollution control levels [1] Group 2 - Continuous efforts are being made to prevent summer ozone pollution by focusing on industries that emit volatile organic compounds (VOCs), with a strategy of "one enterprise, one policy" for regular inspections and improvements [2] - The establishment of a smart control system for VOC emissions in 600 key enterprises and the promotion of online monitoring for large gas stations are part of the ongoing technological support to reduce ozone generation potential [2] - A total of 6.07 billion yuan has been secured in central and provincial funding for air pollution control projects, supporting 72 industrial furnace renovations and VOC management initiatives, significantly enhancing the environmental performance of enterprises [3]

Core Viewpoint - The company, Jingbao Chemical, is undergoing a significant transformation towards green and high-quality development, focusing on environmental protection and low-carbon initiatives in response to stringent environmental challenges [4][17][21]. Group 1: Environmental Initiatives - Jingbao Chemical has invested over 600 million yuan in environmental governance and upgrades since 2023, enhancing various pollution control facilities to ensure stable compliance with emission standards [8][19]. - The company has implemented a series of projects aimed at achieving ultra-low emissions, with a total investment of 164.4 million yuan for 39 projects, all of which have been completed and are operational [9][21]. - The company has established a backup desulfurization and denitrification system, becoming the first independent coking enterprise in the industry to do so, addressing emissions during maintenance periods [13][19]. Group 2: Infrastructure and Production Capacity - Jingbao Chemical's production capabilities include a 6-meter stamp charging coke oven, 160 tons/hour dry quenching waste heat power generation, and the production of various chemical products, including 1.3 million tons of metallurgical coke annually [5][8]. - The company has a comprehensive set of environmental facilities, including a 100 tons/hour wastewater treatment system and a 30,000 m³/h coke oven waste gas desulfurization and denitrification system, ensuring effective pollution control [8][9]. Group 3: Management and Compliance - The company has strengthened its environmental management by establishing rigorous protocols and collaborating with reputable third-party testing organizations to ensure data integrity and compliance with environmental standards [19][20]. - A series of management regulations have been revised and implemented, including the establishment of a comprehensive environmental protection responsibility system, aiming for zero environmental pollution incidents and 100% operational efficiency of environmental facilities [20][21]. Group 4: Future Goals - Jingbao Chemical aims to be a benchmark in the coking industry for ultra-low emissions by 2025, aligning with national goals for environmental upgrades in the sector [21]. - The company is committed to achieving its environmental targets through continuous investment in technology and infrastructure, fostering a culture of environmental responsibility among its employees [20][21].

Core Insights - Shanxi Province is promoting clean energy alternatives for industrial furnaces, achieving nearly 6,000 industrial kilns transitioning to cleaner energy sources [1] - The province has implemented deep pollution treatment for an additional 2,268 industrial kilns, achieving comprehensive governance of operational industrial kilns [1] - Since the start of the 14th Five-Year Plan, Shanxi has focused on ecological environmental protection to drive industrial pollution control and enhance the pollution treatment levels of industrial enterprises [1] Group 1: Clean Energy Transition - Shanxi is utilizing methods such as "coal to gas" and "coal to electricity" to facilitate the clean energy transition in industrial sectors [1] - The province has completed ultra-low emission transformations in the coal and steel industries, and is the first in the nation to initiate similar transformations in the coking and cement industries [1] Group 2: Pollution Control Measures - Shanxi is tightening emission limits for sulfur dioxide and nitrogen oxides in the coal power industry to further reduce pollutant emissions [1] - The province is enhancing environmental performance levels in key industries through differentiated environmental management policies based on performance ratings [1] Group 3: Industry Performance Ratings - A total of 462 enterprises in Shanxi have been rated as A or B level for environmental performance, with 209 of these being foundries [1] - The "Create A, Upgrade B" initiative is being used to promote comprehensive improvements in air pollution management among key industry enterprises [1]

Core Viewpoint - The company emphasizes the social and economic benefits of its ultra-low emission transformation, highlighting improvements in environmental quality and corporate image [1] Group 1: Social Benefits - Increased satisfaction among local residents due to visible improvements in air quality, such as blue skies [1] - Enhanced working conditions for employees as a result of the transformation [1] Group 2: Environmental Impact - Significant reduction in emissions of pollutants like sulfur dioxide, contributing to better regional environmental quality [1] - Positive influence on the company's environmental responsibility and public image [1] Group 3: Market Competitiveness - The ultra-low emission transformation enhances the green competitiveness of the company's products [1] - Low-carbon and low-pollution products help in expanding market reach and customer base [1] Group 4: Resource Efficiency - Technological upgrades lead to improved resource utilization efficiency while achieving energy conservation and emission reduction [1] - Cost optimization is partially realized through these technological improvements [1]

Report Industry Investment Rating - The investment rating for the steel industry in the black building materials sector is "volatile" [1] Core View of the Report - The current market is dominated by the industrial level. It is expected that steel coils will continue to show a volatile trend. The first pressure level for the main螺纹 contract is 3150, and the 3000 level remains a strong support. Short - term operations or staying in a cash position are recommended [1] Summary by Relevant Directory Market Conditions - On Wednesday, rebar and hot - rolled coils closed down, and continued to decline during the night session [1] Important Information - In mid - November 2025, the steel inventory of key steel enterprises was 15.61 million tons, a 0.8% increase from the previous ten - day period, a 26.3% increase from the beginning of the year, a 5.9% decrease from the same ten - day period last month, a 0.4% increase from the same ten - day period last year, and a 1.8% increase from the same ten - day period the year before last [1] - As of November 26, 5 steel enterprises carried out public announcements on the progress of ultra - low emission transformation and assessment and monitoring, and 230 steel enterprises have been publicly announced on the website of the China Iron and Steel Association [1] - Six departments jointly issued an implementation plan to promote consumption, aiming to significantly optimize the consumer goods supply structure by 2027, forming 3 trillion - level consumption areas and 100 billion - level consumption hotspots [1] - From November 1 - 23, the retail sales of the national passenger car market were 1.384 million vehicles, a 11% year - on - year decrease compared with the same period last November and a 2% decrease compared with the same period last month. The cumulative retail sales this year reached 20.64 million vehicles, a 6% year - on - year increase [1] Market Logic - On Wednesday, most steel coil spot prices remained stable, with a few declining. During the macro - policy vacuum period, attention is focused on the policy expectations brought by the Central Economic Work Conference in December. The current market trend depends on the industrial level. This week, the production and apparent demand of steel coils and five major steel products both changed from increasing to decreasing, and inventory continued to be depleted, but the depletion rate slowed down. Overall, supply and demand are both weak [1] Trading Strategy - The industrial level currently dominates the market. It is maintained that steel coils are expected to continue the volatile trend. The first pressure level for the main螺纹 contract is 3150, and the 3000 level remains a strong support. Short - term operations or staying in a cash position are recommended [1]

Core Insights - Hunan Province's Hualing Lianyuan Steel Co., Ltd. and Hualing Xiangtan Steel Co., Ltd. have completed the assessment and monitoring of ultra-low emission transformation, as publicly announced on the China Iron and Steel Industry Association's official website [1] - All four steel enterprises in the province have completed key projects for ultra-low emission transformation, with 80% of crude steel production capacity undergoing full-process ultra-low emission transformation [1]

Core Viewpoint - Dazhou Steel has undergone a transformative "green revolution," transitioning from an "industrial rust belt" to an "ecological embroidery belt" through ultra-low emissions upgrades, relocation, and increased energy self-sufficiency [1] Group 1: Relocation and Upgrading - The old Dazhou Steel plant, established in 1958 with an annual production capacity of 3 million tons, faced conflicts with urban development, necessitating its relocation [2] - Dazhou Steel joined Fangda Group in May 2020, leading to a strategic cooperation agreement with the Dazhou municipal government to facilitate the relocation and transformation [2] - The relocation project commenced in April 2023, focusing on both the construction of a new plant and the environmental upgrades of the old facility, implementing over 40 environmental projects [2] Group 2: Ultra-Low Emissions - The new Dazhou Steel plant features 20 sets of online environmental monitoring devices, achieving particulate matter emissions below 10 mg/m³, meeting ultra-low emission standards [3] - The plant employs advanced technologies such as "SDS sodium-based dry desulfurization + membrane bag dust removal + SCR denitrification," significantly reducing emissions compared to national standards [3] - Emission reductions from the new plant include a 75.86% decrease in particulate matter, 65.28% in sulfur dioxide, and 67.79% in nitrogen oxides, with a 19.7% reduction in fresh water consumption per ton of crude steel [3] Group 3: Energy Self-Sufficiency - Dazhou Steel has established a closed-loop system for energy management, with a total installed capacity of 200 MW, a 130% increase from the old plant [4] - The plant's self-generated electricity rate exceeds 95%, with a 40% improvement in power generation efficiency due to the recovery of various gases [4] - The implementation of an intelligent control system has optimized energy supply and demand, resulting in a 140% increase in average daily power generation compared to the previous year [4] Group 4: Economic and Ecological Impact - The relocation and upgrades have not only improved environmental performance but also stimulated regional economic development, leading to the establishment of new enterprises within a 20 km radius [5] - Dazhou Steel is developing high-strength seismic-resistant steel, increasing product value by 35% and expanding its market reach [5] - The company's transformation demonstrates that traditional industries can achieve both ecological and economic value through technological innovation [5]