Core Viewpoint - Tangshan, Hebei Province, is establishing a quality development system characterized by "enterprise主体, chain linkage, and county support," which aims to enhance overall quality and drive high-quality development in the region [1][4]. Group 1: Quality Development Achievements - Shougang Zhixin received a nomination for the Fifth China Quality Award and was included in the cultivation database for leading enterprises in quality construction [1]. - The "Jizhi Loan" initiative in Tangshan was recognized as a national typical case for quality financing, aimed at reducing financing costs through quality empowerment [1]. - The quality compliance rate of manufacturing and consumer goods in Tangshan has steadily increased for three consecutive years, reflecting a positive trend in quality work [1]. Group 2: Quality as an Engine for Business Growth - The Tangshan Market Supervision Bureau launched a "one-stop" integrated service series to assist enterprises in improving quality, resulting in 252 companies contacted and 451 specific needs addressed [2]. - A total of 6,081 key enterprises in Tangshan have established Chief Quality Officer systems, with 93 companies matched with foreign quality experts [2]. - Quality financing loans amounting to 850 million yuan and intellectual property pledge financing of 1.905 billion yuan were issued in 2025, promoting a virtuous cycle of quality and financing [2]. Group 3: Quality as a Link for Industry Chain Strengthening - The Tangshan Market Supervision Bureau implemented 18 quality strong chain projects, involving 11 research institutes and 117 chain enterprises, to enhance quality collaboration across the supply chain [3]. - 62 "one-stop" service stations for quality infrastructure were established to provide policy guidance and resource matching for key industry chains [3]. - Seven industrial clusters achieved provincial quality inspection center coverage, effectively meeting the testing needs of core products and key technologies [3]. Group 4: Quality as a Foundation for Regional Growth - Tangshan encourages counties to develop quality strategies based on their unique resources, with Mian'an City and Yutian County recognized as national quality strong counties [4][5]. - Mian'an City is leveraging artificial intelligence to drive the steel industry towards high-end, intelligent, and green development, achieving significant reductions in carbon emissions and product defects [4]. - Yutian County's printing and packaging machinery industry has seen over 160 patents and the establishment of a regional brand, enhancing its market influence [5].

中信建投指出，2025年是中国钢材出口"变局之年"，行业愈发转向质量与效益。出口规模创历史新高， 但"量增价跌"趋势加剧，同时出口结构、政策环境与全球贸易格局正在发生深刻变化。展望未来，中国 钢材出口正步入转型攻坚期，自2026年1月1日起实施的出口许可证管理以及欧盟碳边境调整机制 （CBAM）正式生效，将引导行业从追求规模转向更加注重高附加值和绿色低碳的高质量发展轨道。钢 铁行业将聚焦"提质创品"、"能碳提效"和"数智转型"三大改造工程，通过加大高端产品研发投入、拓展 新兴市场，并积极布局海外绿色低碳产能，以应对贸易摩擦与绿色壁垒，重塑国际竞争新优势。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），该指数从沪深市场中选取归属于钢铁行业的上 市公司证券作为样本，以反映钢铁行业整体表现。指数覆盖普钢、特钢等多个细分领域，体现钢铁产业 的周期性特征及市场动态，成分股聚焦于钢铁制造及相关业务，具有较强的行业代表性。 （文章来源：每日经济新闻） ...

广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 中电联口径截至1月22日，纳入统计的发电集团燃煤电厂本月累计发电量同比增长4.6%（去年12月同比为-8.5%）。 春节错位可能是关键影响因素之一，去年春节在1月底；而今年春节在2月中下旬，1月企业普遍处于正常开工状态。这也预示 着今年1月其他同比经济数据会相对比较有利。 第三， 重点企业粗钢产量环比回升，同比降幅收窄。截至1月20日，全国重点企业粗钢日均产量（月度日均，下同）环比回升 11.3% ， 同 比 回 落 4.5% （ 前 值 -8.8% ） ； 截 至 1 月 30 日 ， 主 要 钢 厂 螺 纹 钢 产 量 环 比 回 升 6.4% ， 同 比 回 升 1.0% （ 前 值-16.4%）；主要钢厂热轧卷板产量月环比回升1.5%，同比回落1.8%（前值-3.9%）。 第四， 实物工作量暂未起势，资金到位率徘徊。截至1月27日，样本工地资金到位率环比回落0.2pct，非房建、房建资金到位 率环比录得-0.4、0.4pct。截至1月28日，石油沥青开工率（月均值，下同）环比回落2.2pct，同 ...

随着市场情绪转暖,双硅价格震荡向上。首先是当前国内经济韧性, 地产短期企稳复苏迹象明显,其次是板块轮动效应强 化,黑色受低估值强支撑,再者是市场资金充盈,流动性推动叙事不可小觑,而产业情绪谨慎,中下游低库存,补库需求释 放可期。需求端,直接需求和终端需求整体平淡,需求端短期暂时难有改善。供给端,整体合金厂利润不佳,但产量依旧偏 高。合金厂自身减产或控产的驱动不足,中期供给过剩压力仍不减。宏观方面,国内宏观政策加速出台,岁末年初稳经济需 求下,刺激政策利好为主。"双碳"和反内卷目标下,产业政策对双硅的供给形成扰动和成本支撑预期。总体看来,近期双 硅基本面延续承压,供给偏高而需求走弱。但短期市场情绪主导为主,双硅价格或偏强震荡 as ■ 焦煤基差(右轴) 大津港:库提价:主焦煤(蒙古,A10%,V27% 期货收盘价(活跃合约 400 3000 2500 200 500 ■ 焦炭基差(右轴) - 青岛港:出库价(含税):准一级冶金焦(A13,SO - 期货收益价(活跃合约):焦 1200 1000 | 铁矿基差(右轴) | 800 【焦煤焦炭】产业淡季驱动不足,跟随叙事震荡运行 | E .. . | 国贸期货出品 ...

经济日报记者 王胜强 上午8时09分，从北京通州站驶来的G6747次列车准点到达河北唐山站，刘胜振随着熙熙攘攘的人 流出站，于8时40分来到了在唐山的办公室。 刘胜振家住北京，是唐山·中关村信息谷创新中心负责人。几年的双城生活，他最大的感受是北 京、唐山两地的交通越来越快捷。"我所在的唐山中关村平台落地3年来，能推动多个京唐合作项目落 地，便利交通功不可没。现在身边许多人和我一样两地通勤。"刘胜振说。 京唐城际铁路2025年12月30日全线贯通，唐山全面融入北京一小时交通圈、生活圈、物流圈。"京 唐城际铁路的全线贯通将进一步吸引京津人口、资本、技术、信息等要素向唐山流动，为区域发展注入 新动能。"唐山市发展和改革委员会副主任刘勇飞说。 便利交通是唐山良好营商环境的体现。近年来，唐山坚持将优化营商环境作为统筹有效市场和有为 政府、激发经营主体创新活力的关键之举，努力打造投资兴业、创新创造热土，夯实首都经济圈重要支 点。在2025年度全国工商联开展的"万家民营企业评营商环境"活动中，唐山位列生产总值超5000亿元地 级市第4位。 提升产业承载能力 在京冀曹妃甸协同发展示范区内，首钢京唐公司生产线上机器轰鸣，一卷卷 ...

花旗发布研报称，予马鞍山钢铁股份(00323)"买入"评级，目标价2.8港元。马鞍山钢铁股份预计去年初 步净亏损为1.9亿至2.5亿元人民币(下同)，优于该行预期的约5.35亿元水平。按此推算，马钢去年第四季 净亏损中位数约为3.04亿元，主要受并购宝钢后的资产减值影响，同时联营公司业绩亦带来负面拖累。 该行预期，尽管去年第四季对钢铁行业而言仍是艰难时期，但马钢与宝钢的协同效应将持续释放(包括 售管理费用优化及管理整合等方面)，估计马钢的核心业务仍可维持盈利。 ...

Group 1 - The core viewpoint of the article is that Citigroup has issued a "buy" rating for Maanshan Iron & Steel Co., Ltd. (00323) with a target price of HKD 2.8 [1] - Maanshan Iron & Steel is expected to report a preliminary net loss of RMB 190 million to RMB 250 million for the previous year, which is better than Citigroup's expectation of approximately RMB 535 million [1] - The estimated median net loss for Maanshan in the fourth quarter is around RMB 304 million, primarily impacted by asset impairment following the acquisition of Baosteel, along with negative contributions from joint ventures [1] Group 2 - Despite the challenging conditions in the steel industry during the fourth quarter, the synergy effects from the merger with Baosteel are expected to continue to be realized, including optimization of management costs and management integration [1] - It is estimated that Maanshan's core business can still maintain profitability [1]

南方中证500ETF（510500）基金经理为罗文杰。 2月2日，河钢股份跌5.18%，截至发稿，报2.38元/股，成交3.69亿元，换手率1.46%，总市值246.02亿 元。 资料显示，河钢股份有限公司位于河北省石家庄市体育南大街385号，成立日期1997年1月18日，上市日 期1997年4月16日，公司主营业务涉及黑色金属冶炼及压延加工、钢材轧制、金属制品。主营业务收入 构成为：板材70.92%，气体、水电等其他产品9.84%，棒材及型材8.68%，其他(补充)4.20%，钢坯 3.40%，线材、带钢等1.83%，钒产品1.13%。 从河钢股份十大流通股东角度 数据显示，南方基金旗下1只基金位居河钢股份十大流通股东。南方中证500ETF（510500）三季度减持 124.27万股，持有股数6012.38万股，占流通股的比例为0.58%。根据测算，今日浮亏损失约781.61万 元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益12.18%，同类 排名618/5580；近一年收益52.38%，同类排名1146/4286；成立以来收益182.31%。 截 ...

Group 1 - Traditional manufacturing is a crucial part of the real economy, and there is a strong emphasis on leveraging market demand and technological innovation to revitalize traditional industries [1][2] - Regions and departments are encouraged to adopt high-end, intelligent, green, and integrated approaches to enhance traditional industries, effectively stimulating new momentum and vitality [1][2] - The production line at Benxi Steel's cold-rolled plant is noted for its capability to produce steel plates that are only as thick as a bank card but can withstand a pressure of 480 tons, showcasing advancements in material strength and toughness [1] Group 2 - The delivery of the LNG carrier "Tianshan," which utilizes the latest dual-fuel low-speed propulsion system, highlights the integration of digital construction technologies that have reduced the construction cycle from 21 months to 16-17 months [2] - The AI "Safety Brain" developed by a fossil energy equipment manufacturing company in Lanzhou has significantly shortened the hazard inspection cycle from 2-3 months to 2 weeks, enhancing safety management [3] - Over 35,000 basic-level and more than 8,200 advanced-level intelligent factories have been established in China, indicating a robust push towards digital transformation in manufacturing [3] Group 3 - The green transformation of traditional industries is advancing, with significant reductions in energy consumption per unit of added value expected in major energy-consuming sectors by 2025 [3] - A coal-to-nylon transformation in an energy chemical enterprise illustrates the shift of coal from a fuel to a core material in high-end manufacturing, revitalizing traditional industries [3] - The deep integration of the digital economy with traditional industries is injecting new growth vitality, with a focus on optimizing and enhancing traditional sectors during the 14th Five-Year Plan [3]

Market Performance - The Shanghai Composite Index fell by 1.32%, while the ChiNext Index decreased by 1.18% [1] - Significant declines were observed in gold and base metals, with oil, gas, coal, chemicals, and steel sectors also experiencing notable drops [1] - Agriculture, semiconductors, and real estate sectors showed considerable declines [1] Sector Highlights - The ultra-high voltage concept stocks rose against the trend, with active movements in the liquor, cultivated diamond, and AI application sectors [1] - In the ETF market, the New Economy ETF from Yinhua and the Education ETF from Bosera increased by 4.73% and 4% respectively [1] - The electric grid equipment sector saw strong gains, with ETFs from Huaxia, Guangfa, and Guotai rising by 2.72%, 2.28%, and 2.23% respectively [1] - The food and beverage sector also performed well, with the liquor ETF from Penghua and the food and beverage ETF from Huabao increasing by 1.85% and 1.55% respectively [1] - The photovoltaic sector was active, with the photovoltaic ETF from Yifangda rising by 1.15% [1] Declines in Specific Sectors - The metals sector faced a wave of limit-downs, with gold stock ETFs such as ICBC, gold stocks ETF, and gold stock ETF hitting the limit down [1] - The semiconductor sector experienced a downturn, with the China-Korea semiconductor ETF dropping by 7% [1]