澳洲最大的铁矿石巨头必和必拓，每年从中国市场赚走数千亿元，却突然在2025年国庆节前收到中方通知：暂停所有美元计价铁矿石采购，连已在海上的货 船都原路返回。 这一刀切下去，澳洲人才发现自己每年1000多亿澳元的生意命悬一线。 更让国际市场震惊的是，中国同时抛出一个条件：要想恢复交易，必须接受人民币结算。 这不是简单的贸易摩擦，是一场酝酿了二十年的定价权争夺战。 澳洲铁矿开采成本仅20多美元一吨，卖给中国却常年稳居100美元以上，每吨净利超过100美元。 相比之下，中国钢铁行业平均利润率只有1.5%，等于辛辛 苦苦炼钢，利润大都流向了澳洲矿山。 与此同时，中国开辟了多个替代供应渠道。 巴西淡水河谷早已开始用人民币结算铁矿石采购；几内亚的西芒杜铁矿进入开采阶段，这个储量超过50亿吨 的"全球铁王"预计2025年底投产，年产量将达1.2亿吨；俄罗斯290亿吨高品位铁矿正通过新开通的同江铁路桥直运中国东北。 2025年前八个月，中国从澳洲 进口铁矿的比例已经下降了12个百分点。 在大连商品交易所，铁矿石期货以人民币计价，成交量是新加坡市场的20多倍。 这里形成的价格正在成为全球铁矿石贸易的新参考基准。 北京铁矿石交易 ...

中国资产集体回调。 继节后首个交易日大涨后，A股今日（10月10日）大幅回落，沪指午后跌约1%失守3900点，创业板指 一度跌超5%，尾盘跌幅略有收窄；港股亦下挫，恒生指数跌近2%，恒生科技指数跌逾3%。此外，富时 中国A50指数期货跌约2%。 具体来看，沪指盘中震荡下探，午后加速下行，一度跌超1%失守3900点；创业板指、科创50指数大幅 回调。截至收盘，沪指跌0.94%报3897.03点，深证成指跌2.7%报13355.42点，创业板指跌4.55%报 3113.26点，科创50指数跌5.61%，沪深北三市合计成交25345亿元，较此前一日减少1378亿元。 近期强势的半导体板块大幅跳水，翱捷科技、东芯股份、华虹公司等跌超10%，中芯国际跌近8%；有 色板块亦回落，西部黄金（601069）、寒锐钴业（300618）跌超9%；燃气、煤炭、钢铁、石油等板块 逆市上扬，大众公用（600635）近4个交易日斩获3板，洪通燃气（605169）、大有能源（600403）、广 东明珠（600382）等均涨停；食品饮料股拉升，庄园牧场（002910）连续两日涨停；保险、银行、券商 板块均有所表现。此外，今日登陆北交所的奥美 ...

由于连续20个交易日收盘价低于1元，*ST高鸿（000851）近期已收到了《终止上市事先告知书》，这也让A股低价股再度引发市场关注。经统计，剔除锁定 退市股，截至10月9日收盘，A股市场收盘价低于2元的股票仅剩30只，这一数据较去年同期大降近七成。从业绩表现来看，上述30只低价股中，超七成个股 上半年处于亏损状态。而上半年盈利的个股中，永泰能源净利降幅最大，同比下降近九成。针对公司经营情况及股价表现等问题，永泰能源方面于10月9日 接受了北京商报记者的采访。 ST股及*ST股共计13只，占30股的超四成。 从上市板块分布来看，30只低价股均为主板上市企业。 不难看出，伴随着今年A股市场走强，以及价值投资深入人心，A股低价股出现大幅缩减，同比下降近七成。 中国企业资本联盟副理事长柏文喜告诉北京商报记者，低价股数量大幅减少，既是市场上涨的自然结果，也是退市制度与注册制改革深化下的垃圾股出清。 中关村物联网产业联盟副秘书长袁帅表示，低价股数量的减少，在一定程度上有助于提升市场的整体质量，增强市场的稳定性和吸引力。优质企业股价的上 升和低价股的减少，使得市场估值更加合理，可以减少市场的波动风险，有利于吸引更多长期资金 ...

Core Viewpoint - The successful commissioning of the 110 kV substation by Lanxin Steel Group marks a significant milestone for its 1.2 million tons coking project and associated high-value utilization of coke oven gas, aligning with national strategies for carbon neutrality and industrial modernization [2][4]. Group 1: Project Details - The 1.2 million tons coking project is expected to produce 1.2 million tons of metallurgical coke, 80,000 tons of LNG, 100,000 tons of synthetic ammonia, and 40 million standard cubic meters of hydrogen annually [2]. - The project is projected to generate an additional industrial output value of 5 billion yuan and create over 1,000 jobs [2]. Group 2: Service and Support - State Grid Lanzhou Power Supply Company has prioritized this project, forming a dedicated service team to meet the company's needs and providing comprehensive support [4]. - The company optimized the process from a serial to a parallel approach, ensuring safe power supply and facilitating the project's timely launch [4][7]. Group 3: Future Plans - Moving forward, State Grid Lanzhou Power Supply Company aims to focus on local key industry development needs, enhancing tailored services for individual enterprises and optimizing power supply processes [7].

| FIX AM | 产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年9月30日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | FATE | 前值 | 涨跌 | 基产 | 单位 | | 螺纹钢现货 (华东) | 3240 | 3250 | -10 | 143 | | | 螺纹钢现货(华北) | 3220 | 3220 | 0 | 123 | | | 螺纹钢现货(华南) | 3320 | 3330 | -10 | 223 | | | 螺纹钢05合约 | 3155 | 3171 | -16 | 82 | | | 螺纹钢10合约 | 3005 | 3022 | -17 | 235 | | | 螺纹钢01合约 | 3097 | 3114 | -17 | 143 | 70/14 | | 热卷现货 (华东) | 3350 | 3360 | -10 | 61 | | | 热卷现货(华北) | 3290 | 3290 | O | 1 | ...

Carbon Neutrality Policy - China announced a new round of Nationally Determined Contributions (NDC) at the UN Climate Change Summit on September 24, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with non-fossil energy consumption exceeding 30% of total energy consumption [1][2] - The NDC outlines commitments to enhance forest carbon storage to over 24 billion cubic meters and to make new energy vehicles the mainstream of new vehicle sales, while establishing a national carbon trading market covering major high-emission industries [1][2] Carbon Market Development - The Ministry of Ecology and Environment emphasized the importance of a unified national carbon market, which has become a key mechanism for carbon pricing and achieving carbon neutrality goals [3] - The national carbon market has been operational for four years and is seen as a core driver for carbon peak and neutrality initiatives, with plans to enhance market vitality and expand coverage [3] Extreme Weather and Climate Adaptation - Extreme weather events, including high temperatures and heavy rainfall, are becoming the new normal, posing challenges for meteorological warnings and disaster prevention [4][5] - The need for a dual approach of "mitigation + adaptation" is highlighted, with recommendations for improving climate resilience, especially in rural areas [4][5] Corporate Practices - Chongqing plans to establish over two municipal-level battery recycling industrial bases by 2027, aiming for a 90% coverage rate of the battery recycling network across districts and counties [6] - The policy aims to optimize the layout of battery recycling projects and promote technological upgrades to address industry pain points [6] Local Developments - Hitachi Energy provided a 200 MVA electric arc furnace transformer to support Baosteel's decarbonization efforts, marking a significant advancement in the steel industry's green transition [7] - The transformer, the largest of its kind in China, utilizes next-generation technology to enhance operational efficiency and support the industry's shift towards low-carbon solutions [7]

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询 务资格:证监许可 [2011] 1292号 2025年9月26日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 某差 | 单位 | | 螺纹钢现货(华东) | 3290 | 3280 | 10 | 123 | | | 螺纹钢现货(华北) | 3230 | 3230 | O | 63 | | | 螺纹钢现货(华南) | 3370 | 3370 | 0 | 203 | | | 螺纹钢05合约 | 3225 | 3227 | -2 | રેટ | | | 螺纹钢10合约 | 3074 | 3071 | 3 | 216 | | | 螺纹钢01合约 | 3167 | 3164 | 3 | 123 | | | 热卷现货(华东) | 3400 | 3400 | O | 42 | 元/吨 | | 热卷现货(华北) | 3330 | 3330 | O | -28 | | | 热卷现货(华南) | 337 ...

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On Thursday, the RB2601 contract fluctuated. The central bank announced a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan this month, a seventh consecutive month of increased roll - overs. The weekly output of rebar remained low with a capacity utilization rate of 45.26%. During the consumption peak season, inventory continued to decline and apparent demand increased. Overall, the steel market was mixed. With the approaching long - holiday, there would be a tug - of - war between bulls and bears, and the market might range - bound. Technically, the 1 - hour MACD indicator of the RB2601 contract showed that DIFF and DEA were near the 0 - axis with shrinking green bars. Short - term trading was recommended, paying attention to rhythm and risk control [2] Group 3: Summary by Directory Futures Market - RB main contract closing price was 3,167 yuan/ton, up 3 yuan; RB main contract open interest was 1,870,449 lots, down 11,775 lots; RB contract top 20 net positions were - 171,227 lots, up 20,425 lots; RB1 - 5 contract spread was - 58 yuan/ton, up 5 yuan; RB SHFE warehouse receipt daily report was 277,122 tons, up 7,616 tons; HC2601 - RB2601 contract spread was 191 yuan/ton, down 2 yuan [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,340 yuan/ton, unchanged; in Hangzhou (actual weight) was 3,426 yuan/ton, unchanged; in Guangzhou (theoretical weight) was 3,340 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,230 yuan/ton, unchanged. RB main contract basis was 173 yuan/ton, down 3 yuan; Hangzhou hot - rolled coil - rebar spot spread was 80 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 789 yuan/wet ton, down 3 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,030 yuan/ton, unchanged. The 45 - port iron ore inventory was 138.0422 million tons, down 489,100 tons; the sample coking plant coke inventory was 422,100 tons, down 15,500 tons [2] Industry Situation - The sample steel mill coke inventory was 6.449 million tons, up 112,900 tons; the Tangshan billet inventory was 1.225 million tons, up 7,700 tons. The 247 steel mill blast furnace operating rate was 84%, up 0.15 percentage points; the 247 steel mill blast furnace capacity utilization rate was 90.38%, up 0.18 percentage points. The sample steel mill rebar output was 2.0646 million tons, up 100 tons; the sample steel mill rebar capacity utilization rate was 45.26%, unchanged. The sample steel mill rebar inventory was 1.6441 million tons, down 6,600 tons; the 35 - city rebar social inventory was 4.7189 million tons, down 133,200 tons. The independent electric arc furnace steel mill operating rate was 67.71%, down 2.08 percentage points; the domestic crude steel output was 77.37 million tons, down 2.29 million tons. The monthly output of Chinese rebar was 1.518 million tons, down 23,000 tons; the net steel export volume was 901,000 tons, down 38,000 tons [2] Downstream Situation - The national real estate climate index was 93.05, down 0.28; the cumulative year - on - year growth rate of fixed - asset investment completion was 0.5%, down 1.1 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 12.9%, down 0.9 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 2%, down 1.2 percentage points. The cumulative value of housing construction area was 6.43109 billion square meters, down 43.78 million square meters; the cumulative value of new housing construction area was 398.01 million square meters, down 45.95 million square meters; the commercial housing unsold area was 402.29 million square meters, up 3.07 million square meters [2] Industry News - On September 25, Mysteel reported that the actual rebar output was 2.0646 million tons, up 100 tons week - on - week; the mill inventory was 1.6441 million tons, down 6,600 tons; the social inventory was 4.7189 million tons, down 133,200 tons; the total inventory was 6.363 million tons, down 139,800 tons; the apparent demand was 2.2044 million tons, up 104,100 tons. Also, on September 25, rainfall affected 2 tailings ponds in Guangxi with over 100 mm of rain (0 "over - head" ponds), and 65 tailings ponds in Guangxi, Guizhou and Yunnan with 50 - 100 mm of rain (1 "over - head" pond) [2]

Group 1 - The core point of the article is that Shanghai Meishan Steel Co., Ltd., a company related to China Cinda, has announced a bidding information for a project with a budget of 1.1 million yuan [1] - The project is titled "Dry Coke Oven No. 1 and No. 2 Annual Maintenance" and was published on September 23, 2025 [1] - China Cinda holds a 26.15% stake in Shanghai Meishan Steel Co., Ltd. according to the equity penetration data [1]

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【金工】配置主题龙头或更优——金融工程市场跟踪周报20250922 点击注册小程序 您可点击今日推送内容的第1条查看 【固收】曲线短端调控的"新搭档"和"老辅助"——14D OMO逆回购招标方式调整的点评 我国主要政策利率为7D OMO利率，其肩负着不断释放利率信号、表明政策立场的任务，因此采用固定利 率招标是最为适宜的。与固定利率招标相比，可变利率招标、多标位中标令资金价格在央行资金这一稀缺 资源配置中发挥出决定性作用。 （张旭）2025-09-21 您可点击今日推送内容的第2条查看 【房地产】政策利好持续叠加，上海新房成交放量——光大地产板块及重点公司跟踪报告 北上深的楼市政策利好持续叠加，外汇及结汇收入不再限制购房。上海新房成交放量，成交强度 ...