（来源：湖南省可再生能源学会） 1月19日，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局公布《关于开展零碳工厂建设工作的指导意见》。 根据文件，零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措施，实现厂区内二氧化碳排放的持续降低、逐步趋向于近零的过程。 文件指出，实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳难度相对较小的行业先行探索，逐步完善相关规划设计、能源供 应、工艺技术、管理运营和商业模式，待条件成熟后再向碳排放量强度高、脱碳难度大的行业逐步推进。 2026年起，遴选一批零碳工厂，做好标杆引领。 到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建设一批零碳工厂，初步构建涵盖能源供应、技术研发、标准制 定、金融支持等的零碳工厂建设产业生态，有效适应国际贸易规则，增强产业低碳竞争优势。 到2030年，将零碳工厂建设逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传统高载能产业脱碳新路径，推广零碳工厂设计、融 资、改造、管理等综合服务模式和系统解决方案，大幅提升产品全生命周期和全产业链管理能力，实现工厂碳排放 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report 2.1 Overall Black Market - The black market is expected to experience low - level consolidation. The market has weak drivers, and weak demand exerts pressure on prices. The impact of winter storage on prices has significantly decreased, and the macro - market provides no trend guidance [12]. 2.2 Coal and Coke - Recently, the overall supply of coal and coke has increased month - on - month, and the downstream replenishment is nearing completion. The upward drive for coal prices is weak. The short - term futures market is expected to fluctuate, and cautious operation is recommended [14]. 2.3 Ferroalloys - Currently, the macro sentiment has weakened, and the market sentiment is cautious. The ferroalloys continue to have a supply - demand pattern with a slight surplus. The high inventory pressure of ferromanganese and the increasing inventory pressure of ferrosilicon suppress alloy prices. The cost support for ferromanganese has weakened, while that for ferrosilicon is still acceptable. Overall, the alloy fundamentals lack effective drivers, and prices are expected to fluctuate weakly [17]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Market Review - **Futures and Spot Prices**: From January 16th to January 23rd, the futures prices of most varieties, such as rebar, hot - rolled coil, iron ore, etc., decreased. The spot prices of rebar, hot - rolled coil, iron ore, and ferromanganese also decreased. The futures price of coke increased slightly, and the spot price remained unchanged. The spot price of coking coal increased, while the futures price decreased. The futures price of ferrosilicon increased, and the spot price also increased slightly. The price of scrap steel decreased slightly [8]. 3.2 This Week's Black Market Forecast - **Rebar and Hot - Rolled Coil**: The market is in the winter storage period, but traders' willingness to store is low. The market has weak drivers and weak demand, and prices will be in a low - level consolidation [12]. - **Coal and Coke**: The supply is increasing, and the downstream replenishment is nearing completion. The upward drive for prices is weak, and the short - term market is expected to fluctuate [14]. - **Ferroalloys**: The supply - demand pattern is slightly in surplus, inventory pressure is high, and prices are expected to fluctuate weakly [17]. 3.3 Variety Data 3.3.1 Finished Products - **Rebar**: Last week, the production was 199.55 tons, with a week - on - week increase of 9.25 tons and a year - on - year increase of 25.42 tons. The apparent demand was 185.52 tons, with a week - on - week decrease of 4.82 tons and a year - on - year increase of 68.61 tons. The total inventory was 452.10 tons, with a week - on - week increase of 14.03 tons and a year - on - year decrease of 31.11 tons. The basis in Shanghai and Beijing showed different changes [20][28][42]. - **Hot - Rolled Coil**: Last week, the production was 305.41 tons, with a week - on - week decrease of 2.95 tons and a year - on - year decrease of 17.23 tons. The apparent demand was 309.96 tons, with a week - on - week decrease of 4.20 tons and a year - on - year increase of 7.40 tons. The total inventory was 357.78 tons, with a week - on - week decrease of 4.55 tons and a year - on - year increase of 21.27 tons. The basis in Shanghai showed different changes [33][39][49]. 3.3.2 Coal and Coke - **Inventory**: The total coke inventory last week was 939.16 tons, with a week - on - week increase of 18.99 tons and a year - on - year decrease of 71.34 tons. The total coking coal inventory was 2867.88 tons, with a week - on - week increase of 26.38 tons and a year - on - year decrease of 399.77 tons [59][68]. - **Production and Utilization Rate**: The average profit per ton of coke for independent coking enterprises was - 66 yuan last week. The capacity utilization rate was 72.3%, and the daily coke output was 63.3 tons. The daily output of clean coal from 523 coking coal mines was 77.0 tons, and the daily output of hot metal from 247 steel mills was 228.1 tons [77][78]. - **Price Ratio and Basis**: The price ratios of coke to coking coal in different months showed different changes. The basis of coke and coking coal in different months also showed different trends [81][84][88]. 3.3.3 Ferroalloys - **Spot Price**: On January 23rd, the price of manganese ore in Tianjin Port decreased, the price of ferromanganese decreased, and the price of ferrosilicon increased [101]. - **Inventory**: On January 23rd, the total port inventory of manganese ore increased. The inventory of ferromanganese and ferrosilicon enterprises increased [104][114]. - **Production and Demand**: The production of ferromanganese increased slightly, while the production of ferrosilicon decreased slightly. The demand for both ferromanganese and ferrosilicon increased slightly last week [107][109][111].

本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） Email：fengsheng@zts.com.cn 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 分析师：冯胜 执业证书编号：S0740519050004 本周北交所新股： 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 北交所基本状况 本周暂无新股发行。按最新审核状态分类，2026 年 1 月 19 日-1 月 23 日更新信息： 17 家企业更新审核状态至已问询；4 家企业更新审核状态至上市委会议通过；3 家企 业更新审核状态至注册；1 家企业更新审核状态至上市委会议暂缓。 北交所相关新闻： 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 ...

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

Group 1 - Company X announced that its 10th Board of Directors meeting will be held on January 26, 2026, in a hybrid format at the company's headquarters [1] - The meeting will review proposals regarding the revision and establishment of certain governance systems [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years [1] - Experts suggest that the future trajectory of gold prices will depend significantly on the U.S. dollar, with a focus on the international monetary system, interest rate cuts, and technological revolutions [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report suggests that under the current circumstances, the performance of Hong Kong stocks may continue to outperform that of US stocks, showing an oscillatory upward trend. The main reasons are that the weakening of the US dollar's credit is naturally beneficial to non - US assets, and Hong Kong stocks, mainly composed of Chinese assets, are expected to benefit; additionally, Hong Kong stocks have a long - term low valuation level and better elasticity, and the improvement of domestic demand may become a new investment theme, attracting more incremental capital [3][9]. 3. Summary According to Relevant Catalogs 3.1 Investment Views 3.1.1 Market Summary - Last week, the Hang Seng Index returned to an oscillatory market, with a slight decline of 0.36% at the weekend close. The raw materials sector performed well, with a weekly increase of 4.1% and a year - to - date increase of 17.82%, leading all primary industry sectors in Hong Kong stocks. Among secondary sectors, durable consumer goods rebounded with a weekly increase of 19.7%, followed by the steel and non - ferrous sectors with increases of 6.6% and 5.8% respectively. Sectors such as pharmaceuticals and software sales were relatively weak. The overall risk appetite of the Hong Kong stock market remained stable, with market hotspots concentrated in commodities and raw materials sectors such as non - ferrous metals and energy, while high - valuation sectors oscillated. In terms of funds, the share of the Tracker Fund of Hong Kong increased by 1.74%, the share of the ETFs that short the Hang Seng Index and the Technology Index by double fell by 5.15%, and the net inflow of Southbound Stock Connect funds was HK$23.523 billion, indicating a recovery in the scale of inflow funds [1][6]. 3.1.2 Market Environment - Last week, silver continued to outperform all major asset classes, with a year - to - date increase of 46%, significantly outperforming global equity assets. The Brazilian and Latin American markets performed well due to the upward cycle of global commodities, outperforming other regional equity assets year - to - date. The Hang Seng Index underperformed the A - share market again last week, and recently, the Hong Kong and US stock markets showed similar oscillatory trends, indicating a lack of short - term catalysts for the upward movement of stock indices under the backdrop of the Fed's suspension of interest rate cuts. The US released its latest economic data, with the final annualized quarter - on - quarter GDP growth rate in Q3 2025 reaching 4.4%, higher than the initial value of 4.3% and the fastest growth rate in nearly two years. The core PCE price index in November increased by 2.8% year - on - year and 0.2% month - on - month, in line with expectations, showing that the US economy is running smoothly and the possibility of accelerated inflation is low. In China, the National Bureau of Statistics released the latest economic data, showing that the GDP growth rate in 2025 was 5%, with a Q4 growth rate of 4.5% and a Q3 growth rate of 4.8%. The year - on - year growth rate of industrial added value of large - scale industries in December was 5.2%, and the cumulative growth rate for the whole year was 5.9%. The year - on - year growth rate of social retail sales in December was 0.9%, and the cumulative growth rate for the year was 3.7%. In 2025, China's economy showed a strong transformation of new and old driving forces, with economic growth concentrated in high - end manufacturing such as chips and industrial robots, and the growth rate of consumption slowed down after the subsidy withdrawal in the second half of the year. The growth rate of fixed - asset investment continued to decline, indicating the continuous impact of the real - estate market adjustment [7][8]. 3.1.3 Views on Hong Kong Stocks - Hong Kong stocks have shown an obvious structural market since January this year, with significant market differentiation. The raw materials industry represented by non - ferrous metals has performed strongly, with a year - to - date increase of over 17%, and its price - to - earnings ratio is gradually approaching that of the medical industry, which has the highest price - to - earnings ratio in Hong Kong stocks. On the other hand, the technology sector mainly composed of Internet platforms has performed weakly, underperforming the Hang Seng Index since the beginning of the year, similar to traditional defensive sectors such as the consumer staples, financial, and telecommunications industries. This situation is also similar in the US stock market recently, where the energy and materials sectors have far outperformed other sectors, while the technology sector has been weak overall, and upstream cyclical industries have performed relatively better. This may be affected by the current global macro - environment, including the strong resilience of the US economy, high inflation stickiness, low market expectations for the Fed's interest rate cuts before the change of the Fed chairman, the weakening of the US dollar's credit due to the debt cliff and geopolitical disturbances, and the upward transmission of the focus of the AI industry to the upstream. In the short term, the low expectation of the Fed's interest rate cuts and the weakening of the US dollar's credit have become the trading mainlines in overseas markets, which resonate with the Hong Kong stock market that has an AI industry chain and is sensitive to overseas liquidity. The report believes that Hong Kong stocks may continue to outperform US stocks and show an oscillatory upward trend. In the medium - to - long - term, the Hong Kong stock market still has good capital - side resilience, and the trend of expansion and allocation dominated by mainland funds is still strong [9][10]. 3.2 Market Review 3.2.1 Performance of Stock Index Futures - The report provides the closing prices, weekly changes, trading volumes, open interests, changes in open interests, basis, and changes in basis compared to the previous week of various stock index futures last week, including the Hang Seng Index Futures 2601, H - share Index Futures 2601, Hang Seng Technology Index Futures 2601, Dow Jones Mini Futures, S&P 500 Mini Futures, and NASDAQ 100 Mini Futures [13]. 3.2.2 Market Performance - The report presents the closing prices, weekly changes, year - to - date changes, weekly trading volumes, and price - to - earnings ratios of major Hong Kong and US stock indices last week, such as the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng Technology Index, Dow Jones Industrial Average, S&P 500, NASDAQ Index, and NASDAQ Golden Dragon China Index. It also shows the price changes of various industry sectors in Hong Kong stocks last week, including the raw materials, energy, and other industries, as well as the top five and bottom five sectors in terms of price changes in the WIND secondary sectors of Hong Kong stocks. Additionally, it provides information on the trading of relatively active ETFs in Hong Kong stocks, such as the Tracker Fund of Hong Kong and the Southern Hang Seng Technology ETF, including their closing prices, weekly changes, year - to - date changes relative to the Hang Seng Index, returns in the past six months, fund shares, changes in fund shares compared to the previous week, weekly trading volumes, net asset values per share, fund sizes, and changes in net asset values. For the US stock market, it shows the price changes of various industry sectors and ETFs [15][16][17][18]. 3.3 Market External Environment Tracking 3.3.1 Update of Domestic Macroeconomic Data - The report updates domestic and US macroeconomic data, including GDP, industrial added value, social retail sales, inflation, social financing scale, and other indicators in China, as well as GDP, industrial production, consumption, employment, inflation, and other indicators in the US [28][29]. 3.3.2 Latest Central Bank Movements - Rick Rieder, an executive at BlackRock, has seen his winning probability in the competition for the Fed chairmanship soar from 6% to 49% and take the lead. The Bank of Japan maintained its benchmark interest rate at 0.75% and raised its economic growth and inflation expectations for the fiscal year 2026. Bank of Japan Governor Ueda said that he would closely monitor the impact of the weakening yen, and if long - term bond yields rise abnormally, the bank will buy government bonds to stabilize the market. People's Bank of China Governor Pan Gongsheng stated that in 2026, China will continue to implement a moderately loose monetary policy, flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain sufficient liquidity. There is still some room for reserve requirement ratio cuts and interest rate cuts this year [30]. 3.3.3 Some Important Domestic and International News - In 2025, China's GDP increased by 5% year - on - year, reaching RMB140.19 trillion. The year - on - year growth rate of industrial added value of large - scale industries was 5.9%, and the added value of the service industry increased by 5.4%, accounting for 57.7% of GDP. The total retail sales of consumer goods increased by 3.7% year - on - year, and the contribution rate of final consumption expenditure to economic growth reached 52%. Fixed - asset investment decreased by 3.8% year - on - year, with real - estate development investment falling by 17.2%. The housing prices in 70 large and medium - sized cities in December showed an overall decline in the month - on - month and an expansion of the year - on - year decline. In the US, the final annualized quarter - on - quarter GDP growth rate in Q3 2025 was 4.4%, and the core PCE price index in November increased by 2.8% year - on - year and 0.2% month - on - month. The number of initial jobless claims last week was 200,000, lower than the expected 210,000. US President Trump reached an agreement framework on Greenland with NATO Secretary - General Rutte and will not implement the originally planned tariffs on February 1. Japan's trade deficit in 2025 was 2.65 trillion yen, with exports increasing by 3.1% to a record - high of 110.45 trillion yen, and exports to the US decreasing by 4.1% for the first time in five years [32]. 3.3.4 This Week's Focus - The Fed's interest - rate meeting is the focus of this week [32].

Group 1 - On January 26, Chongqing Steel conducted a block trade of 20 million shares, with a transaction amount of 30.8 million yuan, accounting for 3.98% of the total transaction amount for the day [1] - The transaction price was 1.54 yuan, which is a discount of 1.91% compared to the market closing price of 1.57 yuan [1][2] - The buying brokerage for the transaction was CITIC Jianzhong Securities Co., Ltd. Chongqing Longshan [2]

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 2026 年 1 月 26 日 钢材&铁矿石日报 专业研究·创造价值 现实格局弱稳，钢矿偏弱震荡 核心观点 螺纹钢：主力期价冲高回落，录得 0.29%日涨幅，量增仓缩。现阶段， 螺纹供应回升并至高位，而需求表现疲弱，基本面矛盾在累积，淡季钢 价承压运行，相对利好则是成本支撑与情绪偏暖，下行阻力增加，预计 钢价维持低位震荡运行态势，关注库存变化情况。 热轧卷板：主力期价震荡运行，录得 0.12%日涨幅，量仓扩大。目前来 看，热卷供应有所回落，但库存偏高，压力未退，且需求韧性趋弱，产 业矛盾易累积， ...

Group 1 - The average stock price of A-shares is 14.77 yuan, with 30 stocks priced below 2 yuan, the lowest being *ST Aowei at 0.69 yuan [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 26.67% of the total [1] - The Shanghai Composite Index closed at 4132.61 points on January 26 [1] Group 2 - The top gainers among low-priced stocks include ST Jinglan, Chongqing Steel, and ST Mingcheng, with increases of 5.20%, 1.95%, and 1.17% respectively [1] - The largest declines were seen in *ST Lifang, *ST Aowei, and Yabo shares, with decreases of 12.21%, 5.48%, and 3.23% respectively [1] - The stock with the highest trading volume among low-priced stocks is *ST Lifang, with a turnover rate of 16.76% [1]

财政部表示，将继续实施更加积极的财政政策，2026年财政赤字、债务总规模和支出总量将保持必要水 平，实现"只增不减"的总体支出力度和"只强不弱"的重点领域保障。这表明积极的财政政策将继续支持 经济增长和关键领域发展，同时更加注重战略性、结构优化和精准滴灌。此外，财政部还提到财政金融 协同促内需一揽子政策已经陆续发布，旨在通过协同发力，更大力度地"激发民间投资"和"促进居民消 费"。在支持科技创新方面，财政部提出了多维度培育新动能的政策举措。 整体看，在积极的财政政策、适度宽松的货币政策以及财政金融协同发力的推动下，国内经济将呈现结 构更优、内生动能更强的良好发展态势。 工业生产稳中有进，2025年规模以上工业增加值同比增长5.9%，其中制造业增加值同比增长6.4%，表 现强劲。装备制造业增加值同比增长9.2%，占全部规模以上工业增加值的比重达到36.8%。高技术制造 业增加值同比增长9.4%，已成为引领工业高质量发展的核心驱动力。在新旧动能加速转型期，虽然整 体经济仍受房地产等传统领域调整的影响，但消费市场活力提升、新质生产力加快形成，为经济复苏奠 定了坚实基础。 宏观政策积极发力 1月20日，国新办举办两场 ...