吕梁山下，黄河之滨，昔日"禹凿龙门""鱼跃龙门"神话的诞生地山西省河津市清涧街道龙门村，探索出 一条集体经济壮大与村民共富互促共赢的道路，今日正以产业之兴、生态之美、百姓之富，谱写着新时 代乡村振兴。 "鱼跃龙门"神话的诞生地山西省河津市清涧街道龙门村。 原建发摄 产业跃升：从资源困局到多元共荣 面对"3800人只有1179亩耕地，山荒沟秃无特产"的困境，龙门村以党组织为核心，在稳定农业基础上， 探索出"集体、联户、股份、混合所有制"多轮驱动模式。 从一座年产2.5万吨的小焦炉起步，当地在党员干部带头攻坚的实干中，逐步构建起焦化、新能源、建 材、发电、贸易、房地产、旅游七大产业体系。2024年，全村所属企业实现销售收入达80亿元，居山西 省百强企业行列。 中新网运城12月4日电 题：晋南黄河边小村庄"鱼跃龙门"：产业兴 生态美 百姓富 产业发展不仅壮大了集体经济，更拓宽了村民就业渠道。51岁的原玉生在龙门集团水厂工作已30余年， 如今儿子大学毕业后也选择回村进入焦化公司，"在家门口上班，收入不低，心里更踏实"。 作者 张立程 曹文娟 教育方面，该村投资3700余万元建成高标准教育中心，村民子女从幼儿园到初中免 ...

天眼查App显示，近日，武山博发建材有限责任公司成立，法定代表人为杨发武，注册资本3000万人民 币，经营范围为许可项目：非煤矿山矿产资源开采（依法须经批准的项目，经相关部门批准后方可开展 经营活动）一般项目：建筑材料销售；轻质建筑材料销售；建筑砌块销售；砼结构构件销售；水泥制品 销售；石灰和石膏销售；建筑用石加工；水泥制品制造（除许可业务外，可自主依法经营法律法规非禁 止或限制的项目）。 ...

四川金顶(600678)今日涨停，全天换手率19.23%，成交额7.92亿元，振幅12.59%。龙虎榜数据显示，营 业部席位合计净买入1.99亿元。 四川金顶12月4日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国泰海通证券股份有限公司上海静安区新闸路证券营业 | 9962.04 | | | | 部 | | | | 买二 | 开源证券股份有限公司西安西大街证券营业部 | 7222.80 | | | 买三 | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 2521.36 | | | 买四 | 东方证券股份有限公司常熟李闸路证券营业部 | 2503.92 | | | 买五 | 国盛证券有限责任公司南昌桃花路证券营业部 | 1992.32 | | | 卖一 | 国泰海通证券股份有限公司总部 | | 1071.42 | | 卖二 | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | | 1026.45 | | 卖三 | 中国国际金融股份有限公司上海分公司 | | ...

天眼查App显示，近日，佛山市己尚建材有限公司成立，注册资本100万人民币，经营范围为一般项 目：金属结构制造；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；家居用品制 造；家居用品销售；家具制造；门窗制造加工；建筑用金属配件制造；金属门窗工程施工；五金产品批 发；机械设备销售；家具安装和维修服务；金属材料销售；电子产品销售；日用品销售；货物进出口。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，深圳市博建奇建材有限公司成立，法定代表人为张少启，注册资本10万人民 币，经营范围为一般经营项目是：建筑装饰材料销售；建筑陶瓷制品加工制造；建筑用钢筋产品销售； 保温材料销售；建筑砌块销售；建筑装饰、水暖管道零件及其他建筑用金属制品制造；建筑防水卷材产 品销售；建筑材料销售；水泥制品销售；建筑用金属配件销售；建筑防水卷材产品制造；耐火材料销 售；轻质建筑材料销售；防腐材料销售；阀门和旋塞销售。（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动），许可经营项目是：无。 ...

天眼查App显示，近日，淮安隆成光耀建材科技有限公司成立，法定代表人为费雅成，注册资本500万 人民币，经营范围为一般项目：新材料技术推广服务；新材料技术研发；金属材料制造；建筑用钢筋产 品销售；金属结构销售；建筑材料销售；建筑装饰材料销售；保温材料销售；耐火材料销售；针纺织品 销售；门窗销售；橡胶制品销售；海绵制品销售；办公用品销售；水泥制品销售；建筑砌块销售；轻质 建筑材料销售；五金产品批发；五金产品零售；建筑用金属配件销售；建筑防水卷材产品销售；日用品 销售；消防器材销售；消防技术服务；安全系统监控服务；数字视频监控系统销售；花卉绿植租借与代 管理；塑料制品销售；机械电气设备销售；电气设备销售；电工仪器仪表销售；涂料销售（不含危险化 学品）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Investment Rating - The report maintains a positive outlook on the midstream and upstream PPI price increase chain [1] Core Viewpoints - The report highlights that the industrial sectors such as automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat supply are showing improved performance in terms of revenue, industrial added value, and profit growth [2][3] - It emphasizes the potential for recovery in sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials, which are currently facing challenges but may present opportunities for supply clearing [2][3] Summary by Relevant Sections Industrial Sector Monthly Tracking - As of October 2025, revenue and profit growth rates are improving in midstream manufacturing and upstream resource sectors, while sectors like pharmaceuticals and consumer goods are still in a low growth phase [2][3] - Inventory and fixed asset growth rates are low, indicating ongoing supply chain adjustments in industries such as pharmaceuticals and non-metallic materials [2][3] Economic Climate - The manufacturing PMI for November 2025 shows a slight recovery at 49.2%, with improved order and export order conditions, although service sector activities have returned to contraction [2][3] High-Frequency Indicators - In the automotive sector, retail sales of passenger vehicles decreased by 0.8% year-on-year in October 2025, while new energy vehicle sales grew by 7.3% [2][3] - The home appliance sector is facing high base pressure, with negative growth expected in domestic production due to previous demand surges and high base effects from 2024 [2][3] - The food and beverage sector is experiencing price stabilization, with white liquor and pork prices bottoming out, while dairy and meat prices are recovering [2][3] Advanced Manufacturing - The report notes that prices for new energy products remain high, with significant demand for lithium batteries and engineering machinery [3] - The price of lithium hexafluorophosphate has surged over 200% in the past year, indicating a tight supply-demand balance that may persist into 2026 [3] Financial Sector - The banking sector shows a slight increase in non-performing loan rates, but overall risk remains manageable, with net interest margins stabilizing [3] - Insurance premium income growth has slowed, reflecting a shift towards more flexible insurance products [3] Real Estate Chain - The real estate market is experiencing a decline in both sales and prices, with significant weakness in investment and construction activities [3] - Cement prices are fluctuating at low levels, while prices for glass and other building materials are stabilizing [3] Commodity Prices - Oil prices are fluctuating around $60 per barrel, while coal prices have rebounded above 800 yuan due to supply constraints and winter storage needs [3] - The report indicates a general upward trend in metal prices, driven by macroeconomic factors and expectations of interest rate cuts [3]

Core Insights - The report maintains a positive outlook on the sustainability of price increases in the midstream and upstream PPI chain, indicating a favorable environment for investment opportunities in these sectors [1] Industrial Sector Monthly Tracking - The automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat sectors show improvements in economic indicators, while sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials are in a phase of supply clearing and potential recovery [2] - As of October 2025, industries with improving inventory and fixed asset growth include pharmaceuticals, non-metallic mining and products, light manufacturing, textiles, and food and beverage [2] Economic Conditions - The manufacturing PMI for November 2025 slightly rebounded to 49.2%, with price conditions improving due to reduced internal competition; raw material prices are in an expansion phase [3] - Order conditions have improved, particularly in export orders, while inventory replenishment sentiment has decreased, with the service sector returning to contraction [3] High-Frequency Indicators by Sector - **Consumer Sector**: Service consumption outperforms durable goods, with strong resilience in external demand [3] - Automotive sales, particularly in new energy vehicles, show a year-on-year retail sales growth of 7.3% in October 2025, despite a 0.8% decline in overall passenger vehicle sales [3] - Home appliance sales face high base pressure, with negative growth expected in domestic production for major appliances due to previous demand overextension [3] - Retail growth in textiles stabilizes, with upstream raw material prices showing signs of recovery [3] - **Advanced Manufacturing**: Prices for new energy products remain high, with significant growth in sales of engineering machinery and heavy trucks [3] - The photovoltaic sector sees stable supply-demand dynamics, while lithium battery materials face severe supply-demand mismatches, leading to price increases [3] - **Technology Sector**: Improvements in telecommunications business volume and base station equipment shipments, with domestic chip sales accelerating [3] - **Financial Sector**: Insurance premium growth slows after product repricing, while secondary market transaction volumes recover [3] - **Real Estate Chain**: Real estate sales and prices remain weak, with cement prices fluctuating at low levels [3] - **Cyclical Commodities**: Oil prices fluctuate within a narrow range, while coal prices rise due to winter storage replenishment [3] Supply Indicators - As of October 2025, the inventory growth rate and fixed asset investment growth rate are low, indicating a continued process of supply clearing in various sectors [6]

Investment Summary - The construction and building materials industry is expected to face demand challenges in 2025 due to declining infrastructure and manufacturing investment, alongside a significant drop in real estate investment [1] - Local governments are stabilizing debt management and maintaining high growth in refinancing special bonds, with infrastructure investment (excluding electricity) expected to see a negative year-on-year growth rate [1] - The real estate sector has experienced a continuous decline in fixed asset investment for 40 months, with the drop in new construction, construction, and completion areas showing signs of narrowing [1][2] Economic Impact - The negative cycle of the real estate sector continues to impact overall economic demand, although the intensity of this impact is weakening [2] - The new commodity housing price index has decreased by 11.77% from its peak in September 2021 to October 2025, while the second-hand housing price index has dropped by 20.31% in the same period [2] - Government revenue from land sales has seen a significant reduction, but general revenue has turned positive year-on-year [2] Policy Direction - The focus for 2026 will be on expanding domestic demand to counteract the negative effects of the real estate sector, with policies aimed at stabilizing the housing market and improving housing demand [3][4] - Infrastructure projects will prioritize modern infrastructure systems and effective project implementation through special bonds and long-term national bonds [3] - The government aims to enhance consumer spending and promote new consumption patterns, including the expansion of service consumption and the removal of unreasonable consumption restrictions [3] Investment Strategy - Companies in the building materials sector are expected to see improvements in profitability due to the "anti-involution" policy, which is set to optimize supply and stabilize product prices [4] - There is a growing opportunity for traditional industries to expand internationally, leveraging China's competitive advantages and the favorable conditions for overseas development [4][5] - The release of new demands driven by technological advancements and the maturation of the industrial system is anticipated to create opportunities in new materials [5]

近日，省工业和信息化厅、省发展改革委、省财政厅、省生态环境厅、省住房和城乡建设厅、省市 场监督管理局六部门联合印发《河南省赤泥综合利用实施方案》，旨在系统破解赤泥综合利用难题，推 动我省工业绿色转型和循环经济发展。 开展"源头控制攻坚行动"。通过推动氧化铝企业清洁生产、技术改造和智能化管控，降低赤泥产出 率；通过精细化过程管理和推广降碱干化技术，提升赤泥的可利用性。明确到2027年底全省相关企业完 成技术改造，2030年底力争赤泥产出率较2024年下降不低于5%。 开展"综合利用扩容增量行动"。一方面扩大现有利用规模，支持赤泥提铁、生产建材及在工程建设 领域的应用，并在郑州、洛阳、焦作、三门峡等地布局一批产业化示范工程；另一方面积极发展赤泥基 新材料，拓展在化工、土壤改良、生态修复等领域的应用，并探索提取稀有金属等新场景。 开展 "技术创新能力提升行动"。聚焦赤泥源头减量、性质调控、低成本脱碱、高效提铁及规模化 利用等关键共性技术，组织联合攻关。同时，完善创新体系，搭建产学研用平台，建设中试验证和产业 化孵化平台，加速成果转化。 开展 "产业协同发展行动"。要求相关地市统筹布局赤泥综合利用产业，探索"产用挂钩 ...