敢与最优者对标、与最强者比拼、与最快者赛跑，靠什么来实现？马年新春第一会，山东给出了答 案——能干，会干，善干。 敢比是态度，干成是本事。想要对齐"头马"，比的速度、拼的底气、跑的方向，最终都要落在这三 个"干"字上。 （一） 能干，是信心。 2025年，山东地区生产总值达10.3万亿元、同比增长5.5%，成为全国第三个、北方第一个GDP突破 10万亿元的省份。规上工业增加值增长7.6%、高于全国1.7个百分点；进出口增长4.5%、高于全国0.7个 百分点；社会消费品零售总额增长5.1%，高于全国1.4个百分点。三项主要指标，均跑赢全国。 在经济下行压力下，作为经济大省，山东跑出高于全国的加速度，这是压舱石的稳，是"走在前、 挑大梁"最基本的底气——山东有能力守住基本盘。 农林牧渔业总产值超1.3万亿元，稳居全国首位；集成电路圆片增长19.2%，锂电池增长103.1%，工 业机器人增长26.6%；崂山实验室加快建设，8人新当选两院院士、人数为历年最高，高端轮胎阻隔材 料打破国外技术垄断，全球首次完整揭示单个植物体细胞发育成完整植株机制……这组数据，展现出山 东发展的另一重境界。 传统优势产业继续领跑全国，新兴 ...

2月24日24点，国内成品油调价窗口再度开启。 据国家发展改革委官网24日傍晚公布数据，本轮成品油调价周期内（2月3日至2月23日）国际油价震荡 上行。据2月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品 油价格机制，自2月24日24时起，国内汽、柴油零售限价每吨分别上调175元、170元。 折合每升价格后，92号汽油上调0.14元/升、95号汽油上调0.15元/升、0号柴油上调0.14元/升。 据第一财经 国内成品油迎"三连涨"主要受国际油价上涨的影响。记者注意到，春节期间，受地缘政治风险升温等因 素影响，原油价格出现上涨。2月中旬至今，布伦特原油价格涨幅超过5%。日前，布伦特原油价格一度 冲高至72.50美元/桶，创下自去年7月31日以来的新高。 根据"十个工作日"原则，下一轮成品油零售调价窗口将于3月9日24时开启。 "整体来看，预计下一轮成品油调价上调的概率较大。"展望后市，李彦对记者表示，虽然美伊双方仍将 进行新一轮会谈，但市场对双方潜在冲突的风险仍有担忧。此外，俄乌和谈也无实质性进展，因而地缘 带来的利好支撑依然存在。 据宝城期货研报分析，如果地缘冲突未进一步 ...

Group 1 - A-shares experienced a strong opening on the first trading day of the Year of the Horse, with the Shanghai Composite Index rising by 0.87% to close at 4117.41 points, the Shenzhen Component Index increasing by 1.36% to 14291.57 points, and the ChiNext Index up by 0.99% to 3308.26 points [1] - The trading volume in the Shanghai and Shenzhen markets reached 22.184 billion yuan, an increase of 2.193 billion yuan compared to the previous trading day, indicating a significant recovery in market activity [1] - Despite the positive opening, there was a notable structural divergence in the market, with expectations for strong performance in AI and robotics sectors not materializing, while cyclical sectors like petrochemicals and non-ferrous metals led the gains [1] Group 2 - The performance of capital flows aligned with post-holiday expectations, supporting the market's strong opening, as funds that had previously exited the market began to return [2] - However, the single-day increase in trading volume does not guarantee sustained capital inflows, and overall market sentiment remains cautious, influenced by the weak performance of Hong Kong stocks [2] - The market is entering an earnings verification period, with upcoming disclosures of 2025 annual reports and 2026 Q1 reports, making earnings performance a critical factor for stock movements [2] Group 3 - The technical outlook shows a clear recovery in short-term market sentiment, with over 4000 stocks closing higher and more than a hundred hitting the daily limit up, particularly in the oil and gas, and chemical sectors [3] - Despite the increase in trading volume, the overall market's willingness to chase higher prices remains limited, suggesting that a broad upward trend may be difficult to sustain [3] - Different types of investors are advised to adopt differentiated strategies, with short-term investors encouraged to take profits on high openings and wait for better buying opportunities, while swing traders should monitor the sustainability of price increases in cyclical sectors and signals of stabilization in technology stocks [3]

商品资源大时代，下一个战略品种在哪里？20260223 摘要 地缘政治扰动和中国企业出海投资意愿减弱导致全球有色矿产资源供给 刚性，叠加降息周期和全球经济复苏，共同推动有色金属价格上涨。全 球性品种因受益于全球供需关系改善，更具投资价值，尤其是在制造业 和工业企稳复苏的背景下。 电力板块因中国电价竞争力强、全产业链成本较低、电力公司成本控制 和盈利能力优异而值得重点推荐。电解铝行业虽依赖进口矿石，但国内 产能限制约束了供应，出口铝材占比高，通过锁定冶炼环节利润，实现 了上下游双重获利。 化工行业预计 2025 年下半年触底反弹，供需变化将带来价格弹性。中 国化工行业已取得较强低价权，未来将向高端化升级。制冷剂行业受环 保政策配额制影响，企业集中度提高，产品提价增加盈利，预计三美股 份业绩将显著增长。 铬盐市场因生产过程受限，下游应用于民用、军用航空等战略领域，需 求有望增长。硫磺市场因油气回收减少导致供应受限，而电池级硫酸镍 生产增加需求，价格持续上涨，且趋势具有长期性。 Q&A 资源品市场在 2025 年的行情表现如何？有哪些特征和变化？ 2025 年资源品市场表现强劲，尤其是有色金属板块，包括金、银、铜、 ...

（一） 能干，是信心。 2025年，说到山东，就不能不提这样一组数据： 这一年，全省地区生产总值达10.3万亿元、增长5.5%，成为全国第三个、北方第一个GDP突破10万亿元的省份。规上工业增加值增长7.6%、高于全国1.7 个百分点；进出口增长4.5%、高于全国0.7个百分点；消费增长5.1%、高于全国1.4个百分点。三项主要指标，均跑赢全国。 在经济下行压力下，作为经济大省，山东没有掉队，没有失速，而是跑出高于全国的加速度。这是压舱石的稳，是"走在前、挑大梁"最基本的底气——山 东有能力守住基本盘。 还有一组数据，展现出山东发展的另一重境界： 敢与最优者对标、与最强者比拼、与最快者赛跑，靠什么来实现？ 农历丙午马年新春第一会，山东给出了答案——能干，会干，善干。 敢比是态度，干成是本事。想要对齐"头马"，比的速度、拼的底气、跑的方向，最终都要落在这三个"干"字上。 农林牧渔业总产值超1.3万亿元，稳居全国首位；集成电路圆片增长19.2%，锂电池增长103.1%，工业机器人增长26.6%；崂山实验室加快建设，8人新当选 两院院士、人数为历年最高，高端轮胎阻隔材料打破国外技术垄断，全球首次完整揭示单个植物体细 ...

敢与最优者对标、与最强者比拼、与最快者赛跑，靠什么来实现？ 农历丙午马年新春第一会，山东给出了答案——能干，会干，善干。 敢比是态度，干成是本事。想要对齐"头马"，比的速度、拼的底气、跑的方向，最终都要落在这三 个"干"字上。 （一） 能干，是信心。 2025年，说到山东，就不能不提这样一组数据： 这一年，全省地区生产总值达10.3万亿元、增长5.5%，成为全国第三个、北方第一个GDP突破10万亿元 的省份。规上工业增加值增长7.6%、高于全国1.7个百分点；进出口增长4.5%、高于全国0.7个百分点； 消费增长5.1%、高于全国1.4个百分点。三项主要指标，均跑赢全国。 在经济下行压力下，作为经济大省，山东没有掉队，没有失速，而是跑出高于全国的加速度。这是压舱 石的稳，是"走在前、挑大梁"最基本的底气——山东有能力守住基本盘。 还有一组数据，展现出山东发展的另一重境界： 农林牧渔业总产值超1.3万亿元，稳居全国首位；集成电路圆片增长19.2%，锂电池增长103.1%，工业机 器人增长26.6%；崂山实验室加快建设，8人新当选两院院士、人数为历年最高，高端轮胎阻隔材料打 破国外技术垄断，全球首次完整揭示单个植 ...

综合央视新闻、新京报 折合成升价，每升92号汽油、95号汽油和0号柴油的升幅分别在0.14元、0.15元、0.14元。本次调价过后，北京市汽、柴油每吨最 高零售价格分别为8815元和7815元。2026年成品油调价将呈现"三涨零跌一搁浅"的格局，今年国内汽、柴油价格每吨累计上涨 465元和450元。 据悉，下一轮成品油调价窗口在2026年3月9日24时，市场人士指出，以当前的国际原油价格水平计算后的原油变化率仍以正值 开端，因此下一轮国内成品油零售价格调整将呈现上调预期。 2月24日24时，国内成品油零售价格迎来"三连涨"，这是2026年第四次调价，也是第三次上调。 据发改委消息，近期国际市场油价波动上升，根据2月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情 况，按照现行成品油价格机制，自2月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别上涨175元和170元。 （文章来源：南方都市报） ...

Group 1: Market Overview - The domestic commodity futures market experienced widespread gains on February 24, with the main contract for silver rising over 12% and lithium carbonate increasing by over 10% [1][2] - The China Securities Commodity Futures Price Index closed at 1704.50 points, up 56.21 points or 3.41% from the previous trading day [1] - The overall commodity index rose to 2349.89 points, an increase of 77.35 points or 3.40% [1] Group 2: Precious Metals - Precious metals, particularly silver, showed strong performance post-Spring Festival, with silver surging by 12.84% and lithium carbonate recovering above 160,000 yuan per ton [2] - The rise in precious metals is attributed to increased safe-haven buying due to U.S. tariff policies and geopolitical tensions in the Middle East [2] - Concerns about U.S. economic stagnation were heightened by a return of the core PCE year-on-year rate to 3% and a slowdown in GDP growth to 1.4% in Q4 [2] Group 3: Lithium Carbonate - The strong rise in lithium carbonate prices is supported by expectations of a tight supply-demand balance, despite concerns over a decline in downstream production [3] - Domestic lithium carbonate production is also expected to decrease, which offsets the negative impact of lower downstream production [3] - The overall sentiment remains bullish for lithium prices, although there are warnings about potential weakening fundamentals in Q2 [3] Group 4: Energy and Chemical Products - The energy and chemical sectors were active, driven by rising geopolitical risks in the Middle East, which pushed international oil prices to a six-month high [3] - SC crude oil rose by over 6%, while high-sulfur fuel oil increased by over 2% and 5% respectively [3] - The rubber sector also saw collective gains, with 20 rubber, butadiene rubber, and natural rubber all rising around 4% [3] Group 5: Declining Commodities - The main contract for polysilicon fell over 4%, primarily due to high inventory levels and price pressures from declining silicon wafer prices [4] - The supply of caustic soda also increased, leading to a decline of 3.37% in its main contract, as supply remained ample and demand was weak [5] - The operational rates for alumina production decreased, contributing to a lack of demand in the caustic soda market [5]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

·商务部：将20家日本实体列入出口管制管控名单，将20家日本实体列入关注名单 ·2月LPR报价出炉：5年期和1年期利率均维持不变 ·28.08亿人次！2026年春节假期交通出行活力澎湃 【重点关注】 ·据国家移民管理局消息，今年春节假期全国边检机关共计查验1779.6万人次中外人员出入境，日均 197.7万人次，较去年春节假期日均增长10.1%；单日出入境通关最高峰出现在2月21日，达225.9万人 次。 ·国家电影局2月24日发布数据显示，2026年春节档电影票房为57.52亿元，观影人次为1.20亿。《飞驰人 生3》票房领跑，《惊蛰无声》《镖人：风起大漠》《熊出没·年年有熊》《熊猫计划之部落奇遇记》 《星河入梦》位列二至六位。 ·微信平台发布的数据显示，春节假期统计时段（2月15日至20日）内，支付消费持续走高，微信支付旅 行、生活娱乐交易笔数同比涨幅均超20%。 【国内要闻】 ·商务部公告，决定将三菱造船株式会社等参与提升日本军事实力的20家日本实体列入出口管制管控名 单。禁止出口经营者向上述20家实体出口两用物项，禁止境外组织和个人将原产于中华人民共和国的两 用物项转移或提供给上述20家实体；正在开展 ...