向南二十公里，黄码港产业园内，数智科技水运数据中心的巨型电子屏上，订单吨数、订单金额、今日 运单量等数据正实时跃升。通过"船联天下"平台，船与货实现智能耦合，日均流转货物超6万吨——这 座"南船北马"因水而兴的古城，正以"滴滴打船"的智慧物流新模式，延续着千年运河的枢纽动脉。 "十四五"以来，淮安规上工业总产值连续跨越两个千亿级台阶，实现翻番。从长三角"跟跑者"到主要经 济指标增幅的"领跑者"，淮安以一场深刻的动能革命，完成了发展位势的历史跃迁。 站在"十五五"新的起点上，淮安将如何延续这股强劲势头，在长三角北部现代化中心城市建设中展现更 大作为？本报记者专访淮安市委书记史志军。 实现项目质态和干部状态"两大转变" 记者："十四五"时期淮安在推动高质量发展上，重点抓了哪些方面，取得了哪些显著成效？ □ 本报记者 易梦涵 蔡志明 新年伊始，中天钢铁集团（淮安）新材料产业园智能化车间内，一卷卷"钢铁细丝"以毫米级精度飞速成 型。落户五年，这座世界级钢帘线生产基地已实现年产60万吨、营收近40亿元，并向着2027年产能160 万吨、营收超200亿元的目标冲刺。 史志军：过去五年，全市上下牢记嘱托、感恩奋进，认真贯彻 ...

Core Viewpoint - The A-share market saw significant gains in the steel sector on January 23, with several stocks reaching their daily limit up, indicating strong investor interest and potential bullish sentiment in the industry [1]. Group 1: Stock Performance - Jiugang Hongxing (600307) experienced a rise of 10.11%, with a total market value of 13 billion and a year-to-date increase of 25.45% [1]. - Wujin Stainless Steel (603878) increased by 10.05%, with a market capitalization of 5.04 billion, but has seen a year-to-date decline of 3.02% [1]. - Dazhong Mining (001203) rose by 7.80%, with a market value of 49.8 billion and a year-to-date increase of 6.00% [1]. - Fushun Special Steel (600399) saw a gain of 6.16%, with a market capitalization of 13.9 billion and a year-to-date increase of 21.06% [1]. - Yongxing Materials (002756) increased by 6.11%, with a market value of 30 billion and a year-to-date rise of 2.69% [1]. - Sansteel Minguang (002110) rose by 4.73%, with a market capitalization of 11.3 billion and a year-to-date increase of 5.92% [1]. - Shagang Co. (002075) increased by 4.19%, with a market value of 13.6 billion and a year-to-date rise of 8.17% [1]. - Shengde Xintai (300881) saw a gain of 4.18%, with a market capitalization of 4.583 billion and a year-to-date increase of 23.04% [1]. Group 2: Additional Stock Movements - Yizhou Guoshi (601969) increased by 3.70%, with a market value of 23.5 billion but a year-to-date decline of 1.01% [1]. - Linggang Co. (600231) rose by 3.52%, with a market capitalization of 6.697 billion and a year-to-date increase of 9.81% [1]. - Nanjing Steel (600282) increased by 3.37%, with a market value of 35.9 billion and a year-to-date rise of 10.65% [1]. - Hebei Steel Resources (000923) saw a gain of 3.36%, with a market capitalization of 16 billion and a year-to-date increase of 16.11% [1]. - Hengxing Technology (002132) rose by 3.57%, with a market value of 5.69 billion and a year-to-date increase of 14.37% [1]. - Baogang Co. (600010) increased by 3.21%, with a market capitalization of 116.4 billion and a year-to-date rise of 7.98% [1].

Group 1 - The A-share market saw significant gains in steel stocks during the afternoon session, with notable increases in several companies [1] - JiuGang Hongxing and Wujin Stainless Steel reached the daily limit of a 10% increase, while Da Zhong Mining rose over 7% [1] - Fushun Special Steel and Yongxing Materials both increased by more than 6%, and SanGang Mingguang, ShaGang Co., and Shengde Xintai saw gains exceeding 4% [1]

Core Insights - The public fund quarterly report for Q4 2025 shows that both active and passive funds performed well, but there is a clear divergence in fund flows, with active equity funds experiencing a decline in scale while passive funds saw significant growth [1] Group 1: Fund Performance and Trends - Active equity funds have seen a decrease in scale, while passive funds have experienced a notable increase in net subscriptions, indicating a shift in investor preference [1][7] - Despite a market recovery, institutional funds are maintaining a cautious approach, as evidenced by a reduction in overall fund positions [1] - The concentration of holdings in active equity funds has increased, suggesting a focus on a few high-certainty directions rather than diversified allocations [1] Group 2: Active Fund Investment Strategies - Active funds have concentrated their investments in three main areas: cyclical sectors, AI, and non-bank financials, with a focus on cyclical and small-cap growth styles [2] - The cyclical sector has seen systematic increases in allocations, particularly in metals, chemicals, oil and gas, steel, and building materials, driven by a re-evaluation of resource pricing amid supply constraints and new demand from AI and renewable energy [3] - The AI industry chain is a key focus, with active funds investing in computing power and electricity sectors, as demand for high-performance chips and related hardware surges [4] - Non-bank financials, especially the insurance sector, are gaining traction due to favorable interest rate environments and improved investment returns, making them a significant area for active fund allocation [5] Group 3: Passive Fund Investment Strategies - Passive funds are reflecting a direct response to index weights and investor preferences, with increased allocations in telecommunications, metals, and banking, while reducing exposure to electronics, power equipment, and pharmaceuticals [6][7] - The structure of passive fund allocations shows a shift towards larger-cap stocks, with a decrease in the proportion of investments in smaller-cap indices [7] - There is a growing recognition of cyclical and value attributes among passive funds, as evidenced by increased allocations to value indices and a reduction in growth-oriented indices [7] Group 4: Market Signals and Strategic Adjustments - Active funds have significantly reduced their exposure to Hong Kong stocks, with the total value of heavy holdings dropping from 19.26% to 16.23% of total holdings, indicating a strategic repositioning [8] - The overall market environment in Q4 2025 did not exhibit extreme conditions, yet fund flows have shown a clear trend: passive funds are returning while active funds are consolidating, with a focus on cyclical and value investments alongside AI growth [8]

Core Viewpoint - Taiyuan Iron and Steel Co., Ltd. (TISCO) has shown a significant stock price increase and strong financial performance, indicating potential investment opportunities in the steel industry. Group 1: Stock Performance - On January 23, TISCO's stock rose by 2.03%, reaching 5.54 CNY per share, with a trading volume of 443 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 31.557 billion CNY [1] - Year-to-date, TISCO's stock price has increased by 13.29%, with a 5-day increase of 5.52%, a 20-day increase of 9.06%, and a 60-day increase of 31.28% [1] Group 2: Financial Performance - For the period from January to September 2025, TISCO reported operating revenue of 68.004 billion CNY, a year-on-year decrease of 9.67%, while net profit attributable to shareholders increased by 202.48% to 568 million CNY [2] - TISCO has distributed a total of 12.570 billion CNY in dividends since its A-share listing, with 14.3 million CNY distributed in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, TISCO had 138,600 shareholders, a decrease of 2.31% from the previous period, with an average of 41,098 circulating shares per shareholder, an increase of 2.36% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 107 million shares, an increase of 50.635 million shares from the previous period [3]

AI基金兴证资管国企红利优选混合发起式A（023169）披露2025年四季报，第四季度基金利润73.2万元，加权平均基金份额本期利润0.0321元。报告期内， 基金净值增长率为3.03%，截至四季度末，基金规模为2458.93万元。 该基金属于偏股混合型基金。截至1月22日，单位净值为1.082元。基金经理是刘懿。 基金管理人在四季报中表示，投资组合上，维持绝多数持仓股票来自基准指数中证国企红利指数成分股，力争跟上产品业绩基准。同时在一定维度上利用量 化模型优化持仓权重，力求实现基金资产的长期增值。 截至1月22日，兴证资管国企红利优选混合发起式A近三个月复权单位净值增长率为-0.52%，位于同类可比基金638/689；近半年复权单位净值增长率 为-1.01%，位于同类可比基金667/689；近一年复权单位净值增长率为8.24%，位于同类可比基金647/673。 截至12月31日，基金成立以来夏普比率为0.1459。 据定期报告数据统计，成立以来平均股票仓位为79.26%，同类平均为84.04%。2025年三季度末基金达到91.75%的最高仓位，2025年一季度末最低，为 60%。 截至2025年四季度末，基 ...

而引发全球供应链大地震的，既不是稀土，而是一种听起来再普通不过的东西铁。 2026年开年，全球特种材料市场正经历着一场前所未有的"雪崩"。 日本老牌特材企业订单量断崖式下跌，曾经那些甚至不需要去维护就能自动续约的长期合同，如今却成 了烫手山芋。 为了拿回市场只能打价格战，可以说是"自杀式"的割肉，直接将价格砍到了原先的三分之一。 美国也坐不住，主动联系中国，曾在自己的垄断的领域被人碾压。 这次说到的铁肯定就是我们家里铁锅的铁，而是提纯到"5N"级别的铁。 在材料学界，有一个形象的比喻，如果把十万吨的铁料铺在地上，要达到5N级别的纯度，意味着里面 所有的杂质加起来不能超过8公斤。 被锁死的"工业黄金" 对于碳、氮、氧这些极难剔除的气体杂质，其含量总和被死死卡在百万分之4.5（4.5ppm）以内。 这就好比在一座标准的足球场草坪上，只允许你留下一粒沙子。 而这粒"沙子"曾是横亘在中国制造业面前的一座大山。 在过去五十多年里，全球只有美国和日本掌握了这种极限提纯技术。因为稀缺所以昂贵，因为垄断，所 以傲慢。 美日厂商曾将这种超纯铁的售价定在每吨20万元人民币的高位，而且态度极其强硬：爱买不买，不买拉 倒。 更令人窒 ...

Group 1: Market Trends - The cyclical sectors, including basic chemicals, petroleum and petrochemicals, and building materials, have seen significant gains, with increases exceeding 3% as of January 20 [1] - On January 21, cyclical sectors continued to rise, with non-ferrous metals up over 1%, and steel, automotive, petroleum and petrochemicals, and basic chemicals all recording positive performance [1] - The National Development and Reform Commission's deputy director indicated a commitment to implement a policy "combination punch" to promote reasonable price recovery [1] Group 2: Investment Opportunities - According to institutional forecasts, 10 stocks in cyclical sectors are expected to see net profits increase tenfold by 2026, with Zhongzi Technology leading at a projected net profit growth of over 51 times this year [2] - Zhongzi Technology specializes in the research, production, and sales of new materials and renewable energy, and is one of the few major domestic manufacturers in the environmental catalyst field [2] - Tianyin Holdings is projected to have a net profit growth exceeding 42 times this year, benefiting from the AI replacement trend and national subsidies [3] - Delong Laser is expected to see a net profit growth of 36 times this year, focusing on high-end industrial precision laser processing equipment [4] Group 3: Company Performance - Zhongzi Technology has a total market value of 514.07 billion, with a 30% increase in January [3] - Tianyin Holdings has a total market value of 425.40 billion, with a decline of 3.57% in January [3] - Delong Laser has a total market value of 360 billion, with an 18.18% increase in January [4] - Ganfeng Lithium, a leading lithium producer, is projected to have a net profit growth of 551.85% this year, with a market value of 136.69 billion and an 8.09% increase in January [7]

亚洲早盘交易中，铁矿石价格上涨，大连商品交易所交易最活跃的铁矿石合约上涨1.1%，至每吨人民 币794.00元。南华期货分析师评论表示，该黑色金属供应链的供需状况保持相对健康，钢厂利润率受到 复产节奏有限的支撑。展望未来，南华期货表示，其对铁水需求并不过度悲观，并预计下行风险有限， 因补库需求强劲。 ...

黑色建材日报 | 2026-01-23 基本面承压继续，钢价震荡运行 钢材：基本面承压继续，钢价震荡运行 市场分析 昨日螺纹钢期货主力合约收于3124元/吨，热卷主力合约收于3287元/吨。现货方面，周三杭州螺纹库存47.2万吨， 螺纹出库3.9万吨，农历同比去年库存42.3万吨,去年出库4.3万吨。全国建材成交71531万吨。 期权：无 风险 宏观政策、成材产销情况、钢材出口、钢厂利润、成本支撑等。 铁矿：成交有所回升，矿价震荡运行 供需与逻辑：建材基本面承压，需求走弱，淡季钢价震荡运行。板材基本面矛盾有限，高库存始终压制价格边际 弹性。短期市场情绪较弱，价格底部不排除投机需求发生，关注减产情况及冬储情况，需求去库变化、利润状况、 成本支撑、原料补库、钢材出口及国内政策。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 市场分析 期现货方面：昨日铁矿石价格震荡运行。现货方面，22日全国主港铁矿累计成交91.3万吨，环比上涨12.44%；本周 平均每日成交102.1万吨，环比上涨3.76%；本月平均每日成交95.8万吨，环比下跌6.54%。远期现货方面，远期现 货累计成交10.5万吨（2笔），环比下跌94. ...