Core Points - The central report highlights significant air pollution issues in Inner Mongolia's Ulaanbaatar and Shandong's Zibo and Dezhou cities, with inadequate implementation of pollution control measures [1][4] - Ulaanbaatar's industrial parks and mining areas have severe pollution, with PM10 and PM2.5 concentrations ranking at the bottom in the region since 2022 [1] - Zibo and Dezhou, as key cities in the Beijing-Tianjin-Hebei region, have also shown poor air quality rankings, with Dezhou having the highest proportion of heavily polluted days in 2024 [1] Group 1: Ulaanbaatar's Pollution Issues - Ulaanbaatar's coal coking industry has lagged in upgrades, with over 2.2 million tons of illegal coking capacity added since 2021 [1][2] - Companies like Junzheng Chemical have operated coking projects without proper approvals, leading to significant environmental violations [1] - The city has failed to complete the transformation of 10.3 million tons of coking capacity for dry quenching and ultra-low emissions on time [1] Group 2: Zibo and Dezhou's Pollution Problems - Zibo's lime production facilities have malfunctioning pollution control systems, leading to direct emissions of smoke and dust [3] - Dezhou has seen illegal construction of steel production facilities, adding 1.37 million tons of annual capacity without proper approvals [3] - Both cities have been criticized for inadequate emergency response measures during heavy pollution events [3] Group 3: Regulatory Failures - There are serious issues with vehicle emission testing agencies in both cities, with many found to be falsifying inspection results [3] - The report indicates a lack of strict daily supervision and accountability in pollution control efforts across the regions [4] - The inspection team plans to conduct further investigations and follow-up inspections to address these issues [4]

Group 1 - The central ecological environmental protection inspection highlighted inadequate air pollution prevention efforts in Inner Mongolia's Ulaanbaatar and Shandong's cities such as Zibo and Dezhou, with significant issues in compliance and enforcement [1][2] - Ulaanbaatar's industrial park and mining areas are characterized by widespread resource-based and structural pollution, with PM10 and PM2.5 concentrations ranking at the bottom among 12 leagues in the region since 2022 [1] - The coal coking industry in Ulaanbaatar has lagged in upgrading, with over 2.2 million tons of illegal coking capacity added since 2021, including a 3 million tons/year project by Junzheng Chemical that was not compliant with capacity indicators [1][2] Group 2 - In Shandong, Zibo and Dezhou are identified as key cities for air pollution prevention, with both cities ranking low in air quality indices for 2023 and 2024, and Dezhou having the highest proportion of heavy pollution days in the province for 2024 [2][3] - Numerous enterprises in Zibo and Dezhou have been found to have serious violations in pollution control, including improper operation of pollution control facilities and significant emissions from lime production and casting industries [2][3] - The failure to complete coal-fired boiler elimination tasks and unauthorized construction of steel production facilities in Dezhou has led to the production of over 670,000 tons of crude steel since 2022, indicating a lack of compliance with environmental regulations [3]

当地时间 6月22日，美国总统特朗普发表全国讲话，称伊朗核设施已被"彻底摧毁"，美国的目标是摧毁 伊朗的铀浓缩能力，遏制伊朗构成的核威胁。伊朗伊斯兰革命卫队称，美国必须等待严厉的惩罚，并表 示将打击美国在中东地区的所有利益，在对以色列的新一轮导弹袭击中，伊朗首次使用了"开伯尔"导 弹。伊朗议会国家安全委员会委员库萨里表示，伊朗议会已得出结论，认为应关闭霍尔木兹海峡，但最 终决定权在伊朗最高国家安全委员会手中。市场担忧美国介入争端导致中东紧张局势的进一步升级，6 月22日中东股市全线高开。中方强烈谴责美方袭击伊朗，攻击国际原子能机构监管下的核设施，美方此 举严重违反联合国宪章宗旨和原则以及国际法，加剧中东紧张局势。 首席点评：中东局势升级 重点品种：原油、股指、黄金 股指：美国三大指数下跌为主，上一交易日股指分化，小盘股走弱。资金方面， 6月19日融资余额减少 74.79亿元至18091.80亿元。当前我国主要指数的估值水平仍然处于较低水平，中长期资金入市配置的性 价比仍然较高。6月11日中国商务部表示中方与美方已经在原则上达成了一个协议框架。当前市场整体 表现震荡偏多，股指期权隐含波动率也处于历史较低水平，若 ...

Group 1: Steel and Coal Industry - Hebei Steel Group's silicon manganese production in June is 11,700 tons, slightly up from 11,600 tons in May [1] - Rebar production decreased to 2.0757 million tons, down by 108,900 tons or 4.98% from the previous week, with inventory levels also declining for the third consecutive week [1] - Average profit per ton of coke across 30 independent coking plants in China is -46 yuan, with regional variations in profitability [1] Group 2: Agricultural Products - China's cotton import forecast for the 2024/2025 season has been revised down to 1.2 million tons, a decrease of 300,000 tons from the previous month due to U.S. tariffs [1] - Brazil's soybean export forecast for June 8-14 is 3.5645 million tons, down from 4.4739 million tons the previous week, while soybean meal exports increased significantly [2] - The USDA reports that U.S. soybean production for the 2025/2026 season is expected to be 4.34 billion bushels, with ending stocks projected at 295 million bushels [3] Group 3: Chemical Industry - Domestic soda ash manufacturers' total inventory reached 1.6863 million tons, increasing by 59,300 tons or 3.64% week-on-week [3] - The theoretical profit for ammonia-soda method soda ash has decreased by 29.20 yuan per ton [3] Group 4: Lead Industry - A major recycled lead smelter in North China has temporarily halted production due to raw material shortages, with plans to increase procurement prices [3] - A primary lead smelting company in East China has postponed its scheduled maintenance from June to August due to satisfactory equipment performance [3]

所长 早读 国泰君安期货 2025-06-12 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-06-12 所长 早读 今 日 发 现 美国 5 月 CPI 同比 2.4%，核心 CPI 环比 0.1% 观点分享： 6 月 11 日美国劳工统计局公布，美国 5 月 CPI 数据全线低于预期：总体 CPI 环比仅上涨 0.1%，不及预期的 0.2%，4 月增幅为 0.2%；CPI 同比小幅上涨 2.4%，符合预期，4 月为 2.3%；扣除波动较大的食品和能源核心 CPI 环比 0.1%，不及预期的 0.2%，较 4 月的 0.2% 有所放缓；同比 2.8%，不及预期的 2.9%，4 月为 2.8%，保持在 2021 年 3 月以来的最低水 平。能源主导整体 CPI 的放缓，汽车、服装价格均出现下滑，玩具、家电受关税影响更直接 的品类价格上涨。数据公布后，市场加大对美联储降息的押注，基本预计今年将降息两次， 利率互换显示交易员预计美联储在 9 月份前降息的可能性为 75%。在美国众议院筹款委员会 的听证会上，贝森特称通胀数据"非常好"（fantastic），并将其归功于特朗普的政策。在 白 ...

黑色产业链日报 2025/6/11 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关 ...

华 金 期 货 黑 色 原 料 周 报 华金期货 研究院 2025/6/6 | | | 铁矿周度汇总 | | --- | --- | --- | | 铁矿石 | 供应 | 海外发运整体维持在正常水平，本周澳巴发运维持在高位，非主 流发运低位回升，国产铁精粉产量保持稳定，关注海外发运变化。 3 | | | 需求 | 钢厂利润尚可，预计铁水产量仍将高位波动，持续关注产量端变 | | | | 化。 | | | 库存 | 疏港量本周有所回落，整体维持在高位，烧结粉库存持续回落， 需求端短期高位波动，港口库存保持稳中略降节奏。 | | | 基差与价差 | 青岛港pb粉窄幅震荡，09合约区间波动，整体供应较为平衡，预 | | | | 计持续回升空间较小。 | | | 总结 | 铁水产量高位波动，尽管钢厂烧结粉库存较低，但刚需有走弱预 | | | | 期，原料端预计难有持续回升空间。 | | | 风险因素 | 成材需求再度大幅回落，铁水产量持续维持在低位。 | 一、铁矿石海外供应 澳巴逐渐进入发运旺季 ，本期小幅回升124.5 万吨至2830.62万吨， 非澳巴地区发运量大幅 回升，本周回升140.9 万吨至600.4万吨 ...

投资咨询业务资格 证监发【2014】217号 供需环比转弱，钢价承压下行 ——周报20250526 投 资 咨 询 编 号 ：Z0020978 研究所 ：林娜 联 系 方 式 ：0371-58620083 电 子 邮 箱 ：linna_qh@ccnew.com 执 业 证 书 编 号 ：F03099603 | | 本期观点——螺纹钢、热卷 | | | | --- | --- | --- | --- | | 品种 | 主要逻辑 | 策略建议 | 风险点 | | | 供应：全国螺纹周产量226.53万吨（环比+1.34%，同比-3.02%），全国热卷周产 | | | | | 量311.98万吨（环比-2.62%，同比-3.91%）。螺纹钢增产，热卷减产。 | | | | | 消费：螺纹钢表观消费247.13万吨（环比-5.06%，同比-1.11%），热卷表观消费 | | | | | 313.06万吨（环比-4.99%，同比-4.51%）。螺纹钢和热卷需求均呈现回落。 | | | | | 库存：螺纹总库存604.22万吨（环比-2.52%，同比-22.94%），热卷总库存 | | | | | 340.19万吨（环比 ...

首席点评：集运再度回落 中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的意见》。《意见》提出，完善 企业收入分配制度，推动企业健全工资合理增长机制，深化国有企业工资分配制度改革，在符合条件的 国有企业推行工资总额预算周期制管理。推动上市公司开展中长期激励，制定稳定、长期的现金分红政 策。强化控股股东对公司的诚信义务，支持上市公司引入持股比例 5%以上的机构投资者作为积极股 东。美国总统特朗普表示，同意财政部长贝森特最近的评论，即美国不需要将纺织制造业带回境内。希 望在美国制造"大物件"，并提到芯片、计算机和人工智能。特朗普还威胁称，他正在考虑从哈佛大学撤 出30亿美元的拨款，并将其拨给全美各地的职业学校。美联储短期内难有快速降息，黄金白银步入持续 整理阶段。但黄金长期驱动仍然明确提供支撑，短期内有关关税谈判扰动，美国债务问题发酵或是美联 储重新QE等动作，都会提供反弹动力，整体上呈现偏强震荡态势。 重点品种： 贵金属、沪铜、集运 贵金属： 金银价格步入整理。特朗普将把欧盟面临 50%关税的最后期限延长至7月9日，令担忧情绪降 温，上周五特朗普一度威胁对欧盟关税提高到50%，一度刺激黄金走高。上 ...

重点区域招商引资贡献突出。围绕自治区重点产业布局，内蒙古一季度面向京津冀、长三角、粤港澳大 湾区、东三省等重点区域积极开展小分队精准招商。新签约招商引资项目376个，其中，京津冀地区新 签约153个，北京新签约108个项目，占比达28.9%。在建项目中，京津冀、长三角、粤港澳等重点区域 共引进到位资金593.7亿元，占全部到位资金的71.5%，同比增长46.6%。(高慧) 重点产业链招商引资精准有力。一季度内蒙古21条重点产业链到位资金270.3亿元，占全部到位资金的 32.6%。其中，风电装备、储能、煤焦化工、生物医药等9条产业链保持50%以上的高速增长，特别是稀 土产业链到位资金同比增长高达5.6倍。 重大项目招商引资成效明显。一季度新签约协议投资额亿元以上项目245个，50亿元以上项目18个。在 建项目中，重点监测的总投资10亿元及以上重大项目433个，到位资金552.7亿元，同比增长19.6%，占 全部到位资金的66.6%。包头市机器人和无人机产学研用融合基地、锡林郭勒盟300万吨铁矿石落地深 加工项目、乌兰察布市中金零碳算力基地项目、鄂尔多斯市三峡库布其沙漠新能源基地项目、阿拉善盟 灵圣蛋氨酸项目等 ...