每经记者｜杨欢 每经编辑｜刘艳美 11月20日，国家中医药管理局发布《关于高等学校设置事项的公示》：根据《中华人民共和国高等教育法》《普通本科学校设置暂行规定》等有关法律法 规，经组织专家指导、考察、评议，拟按程序向教育部申报设立中国中医科学院大学(暂名)，现予以公示。公示时间为2025年11月20日至11月26日。 公示信息显示，该大学的建校基础为中国中医科学院研究生院，举办者为国家中医药管理局，办学地点为江苏省苏州市。拟申报类型为普通本科。 解读：被称为"最强地级市"，苏州缺什么？两个"标准答案"，一是机场，二就是大学。此前曾有观点指出，近现代高等教育体系构建时，苏州未被纳入国 家重点高校布局。从全国来看，省级教育资源大多高度集中于省会城市，地级市在资源配置中话语权不足。以苏州为例，全市仅有苏州大学一所本土独立 办学的"双一流"高校。 近年来，随着人口红利对经济发展刺激的减弱，传统产业尤其是制造业因此增长趋缓。创新驱动成为中国经济的新引擎，适应城市经济发展新要求的人才 成为"香饽饽"。作为人才"培养皿"，大学的重要性愈发凸显。 2021年9月，苏州明确未来五年工作的重点任务和主要举措，提出高等教育资源"跃 ...

进驻期间，8个例行督察组分别设立专门值班电话和邮政信箱，受理被督察对象生态环境保护方面的来 信来电信访举报。 对北京、天津、河北、山东、河南、安徽、江苏、浙江等8省（市）开展大运河生态环境保护专项督 察。对北京、天津、河北3省（市）开展例行督察时，将大运河文化保护传承利用和生态环境保护作为 督察重点。 2个专项督察组，分别负责江苏、浙江、安徽3省，山东、河南2省，进驻时间两周左右。 记者19日从生态环境部获悉：第三轮第五批10个中央生态环境保护督察组全部实现督察进驻。 其中，8个例行督察组，分别对北京、天津、河北3省（市），中国华电集团有限公司、国家能源投资集 团有限责任公司、鞍钢集团有限公司、中国宝武钢铁集团有限公司、中国中煤能源集团有限公司5家中 央企业开展例行督察，进驻时间一个月。 （文章来源：人民日报） ...

Resumption of Trading - Strait Innovation's stock trading suspension has been completed, and it will resume trading on November 21, 2025 [1] Mergers and Acquisitions - Qianying High-Tech: Zhongzhong Group plans to make a tender offer to acquire 20% of shares at a price of 11.85 yuan per share [2] - Dongfang Yuhong: A wholly-owned subsidiary intends to acquire 60% equity of Brazil's Novakem for 144 million yuan, expanding into the Latin American market [3] Share Buybacks and Increases - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan, with a repurchase price not exceeding 27 yuan per share [4] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan, with a repurchase price not exceeding 80 yuan per share [5] - Feiwo Technology's controlling shareholder plans to increase holdings of the company's shares by 40 million to 70 million yuan [6] External Investments and Daily Operations - Yiwei Lithium Energy has signed a procurement framework agreement for battery cells with Smoore International for the years 2026-2028 [7] - Nanfeng Co. received a bid notification from China General Nuclear Power Engineering, with bid amounts of 45.7 million yuan and 47.17 million yuan [8] - Fosun Pharma's subsidiary has had a drug included in the breakthrough therapy designation program, marking the first monoclonal antibody targeting PD-1 approved for gastric cancer neoadjuvant/adjuvant therapy globally [8] - Longhua New Materials has completed the construction and production of a project with an annual capacity of 330,000 tons of polyether polyol [8] - Lek Electric plans to transfer 90% equity of its wholly-owned subsidiary Precision Machinery for 235 million yuan [9] - Yingboer has officially become a supplier for VOLOCOPTER, providing development services for the electric propulsion system of the XPro aircraft [10] - Shandong Steel's controlling subsidiary plans to apply for bankruptcy liquidation, expecting an increase in profit of 15.88 million yuan [11] - Zhouming Technology has established a controlling subsidiary, Zhixian Robotics [12] - Huakang Clean has pre-qualified for the purification system project at Keqiao Future Medical Center, with a bid price of 176 million yuan [13] - China Nuclear Construction has achieved new contracts totaling 123.84 billion yuan as of October [13]

Group 1 - The central ecological environment protection inspection teams have all entered their respective areas, marking the completion of the third round of inspections [1] - Eight routine inspection teams will conduct inspections in Beijing, Tianjin, Hebei, and five central enterprises, including China Huadian Corporation and China Energy Investment Corporation [1] - Special inspections will focus on the ecological environment protection of the Grand Canal across eight provinces and cities, including Beijing, Tianjin, and Hebei [1] Group 2 - Responsible officials from the inspected entities expressed their commitment to cooperate fully with the inspection teams, ensuring smooth progress and tangible results from the inspections [2] - The inspected entities will provide necessary information, coordinate support, and ensure compliance with the central ecological environment protection inspection arrangements [2]

Group 1 - The central ecological environment protection inspection teams have all entered their respective areas, marking the completion of the third round of inspections [1] - Eight routine inspection teams will conduct inspections in Beijing, Tianjin, and Hebei, as well as five central enterprises including China Huadian Corporation and China Energy Investment Corporation [1] - Special inspections will focus on the ecological environment protection of the Grand Canal across eight provinces and cities, including Beijing, Tianjin, and Hebei [1] Group 2 - The responsible officials of the inspected entities expressed their commitment to cooperate fully with the inspection teams, ensuring smooth progress and tangible results [2] - The routine inspection teams will be stationed for one month, while the special inspection teams will be present for about two weeks [2] - During the inspection period, dedicated hotlines and postal boxes will be established to handle reports related to ecological environment protection [2]

Domestic Market Overview - The domestic market showed weakness and continued to decline, with the Shanghai Composite Index closing at 3939.81 points, down 0.81%, and the Shenzhen Component Index closing at 13080.49 points, down 0.92% [1][4] - The total trading volume of the A-share market was 19460 billion, slightly decreasing from the previous day [1][4] - Among the 30 sectors, only 4 sectors saw an increase, with media, computer, and electronics leading the gains, while basic chemicals, coal, and steel experienced significant declines [1][4] Overseas Market Overview - All three major U.S. stock indices closed lower, with the Dow Jones down 1.07%, the S&P 500 down 0.83%, and the Nasdaq down 1.21% [2][4] - Notable declines included Home Depot down 6% and Amazon down over 4%, leading the Dow [2][4] - The performance of Chinese concept stocks was mixed, with some stocks like Amer Sports rising over 8% while Daqo New Energy fell over 6% [2][4] News Highlights - Chinese Premier Li Qiang expressed China's willingness to embrace global free trade and strengthen economic cooperation with the Shanghai Cooperation Organization [3][11] - Chinese and Japanese diplomats held consultations, with China urging Japan to retract erroneous statements made by its officials [3][11] - The National Development and Reform Commission approved five inter-regional power interconnection projects, with a total investment of 244 billion, enhancing China's cross-regional power supply capacity [12][13]

焦煤 | | | | 净空头龙虎榜 名次 | 会员简称 | 净空量 | 增减 | | --- | --- | --- | --- | | 4 | 国泰君安 (代客) | 29,672 | 3.042 | | Ø | 中信期货 (代客) | 13,706 | 457 | | 10 | 东海期货 (代客) | 12,132 | -725 | | 4 | 东证期货 (代客) | 10,521 | -3,446 | | 5 | 一德期货 (代客) | 10,399 | -425 | | 6 | 浙南期货 (代客) | 10.392 | 927 | | 7 | 宝城期货 (代客) | 9.797 | 263 | | 8 | 申银万国 (代客) | 9.071 | -1.795 | | 9 | 瑞达期货 (代客) | 8.748 | -1.236 | | 10 | 国联期货 (代客) | 7,841 | -1,102 | 市场动向 据同花顺资讯,11 月 7 日当周，247 家钢厂铁水平均日产量为 234.22 万吨，已连续 6 周减产，较 9 月底产量高位累计减少 8.14 万吨，降 幅达 3.4%。钢材需求负反馈传导 ...

Morning session notice 早盘提示 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 2025 年 11 月 17 日星期一 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 上周焦煤主力合约收报 1192.0 元/吨，跌破 1200 元关口，周跌幅达 5.77%；焦炭主力合 | | | | | 约收报 1669.5 元/吨，周跌幅为 5.06 ...

1. Report Type and Date - The report is a daily steel review dated November 17, 2025 [1][2] 2. Research Team - The black metal research team includes researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 3. Market Review 3.1 Futures Market - On November 14, the main contracts of rebar and hot - rolled coil futures 2601 first declined and then rebounded. The RB2601 contract closed at 3053 yuan/ton, up 0.43%; the HC2601 contract closed at 3256 yuan/ton, up 0.06%; the SS2601 contract closed at 12380 yuan/ton, down 0.76% [5] - In terms of position changes, the long - short position changes of various contracts were different. For example, the long position of RB2601 decreased by 1,147 hands, and the short position decreased by 3,601 hands [6] 3.2 Spot Market - On November 14, the prices of some rebar spot markets rose more than they fell, and the prices of individual hot - rolled coil markets declined. The rebar prices in Nanning, Tianjin, and Jinan rose by 10 - 20 yuan/ton, while the rebar price in Changchun fell by 10 yuan/ton; the hot - rolled coil price in Nanning fell by 10 yuan/ton [7] 3.3 Technical Indicators - The daily KDJ indicator of the rebar 2601 contract continued to rise after a golden cross the previous day, and the daily KDJ indicator of the hot - rolled coil 2601 contract also had a golden cross. The daily MACD indicator of the rebar 2601 contract had a golden cross; the green column of the daily MACD of the hot - rolled coil 2601 contract narrowed for 3 consecutive trading days and was close to a golden cross [7] 4. Market Outlook - In terms of news, recently, coal supply - guarantee policies have been introduced, and the prices of coke and coking coal futures have declined significantly [8] - Fundamentally, previously, steel mills accelerated production cuts, raw material prices and steel costs declined under pressure, and steel mill profits significantly rebounded. With the concession of coal and coke, the iron ore price has stabilized in recent days, making steel prices relatively resistant to decline. The weekly demand decline of the five major steel products has narrowed, and the production of the five major steel products has continued to decline, leading to a faster reduction in steel social inventory [8][9] - In terms of raw materials, the arrival volume of iron ore at domestic ports in the past 4 weeks decreased by 3.8% month - on - month, but it increased by 11.9% in the previous 4 weeks, and the overall supply of iron ore is still relatively abundant. The coke production of independent coking enterprises has significantly declined to the lowest level since late March. Although coking plants and steel mills continue to reduce coke inventory, the coke inventory at ports has increased in the past 6 weeks. Since October 25, the customs clearance volume of Mongolian coal has rebounded significantly. The coking coal inventories of 230 independent coking plants and ports have increased by 22.7% and 16.8% respectively compared with the previous lows in August - September [9] - Considering the seasonal weak demand for steel, but with the accumulation of production - cut effects, there is an expectation that supply and demand will reach a new balance. It is expected that steel futures may first decline and then rebound, and the space for further decline is limited. It is advisable to try buying hedging or investment in the large basis range after mid - November, and attention should be paid to the resistance of the spot market and whether subsequent production data can stabilize temporarily [9] 5. Industry News - The State Administration for Market Regulation will strengthen anti - monopoly and anti - unfair competition law enforcement to maintain a healthy market competition order [10] - From January to October 2025, the national coke production was 419.05 million tons, a year - on - year increase of 3.3%; steel production was 1.21759 billion tons, a year - on - year increase of 4.7%; pig iron production was 711.37 million tons, a year - on - year decrease of 1.8%; crude steel production was 817.87 million tons, a year - on - year decrease of 3.9% [10] - In October 2025, the power generation of industrial enterprises above the designated size was 800.2 billion kWh, a year - on - year increase of 7.9%, and the growth rate accelerated by 6.4 percentage points compared with September [10] - From January to October 2025, the national fixed - asset investment (excluding rural households) was 4.08914 trillion yuan, a year - on - year decrease of 1.7% and a month - on - month decrease of 1.62%. By industry, the investment in the primary industry was 80.75 billion yuan, a year - on - year increase of 2.9%; the investment in the second industry was 1.48411 trillion yuan, an increase of 4.8%; the investment in the third industry was 2.52429 trillion yuan, a decrease of 5.3% [10] - In October 2025, the raw coal production of industrial enterprises above the designated size was 410 million tons, a year - on - year decrease of 2.3%; the crude oil production was 18 million tons, a year - on - year increase of 1.3%; the crude oil processing volume was 63.43 million tons, a year - on - year increase of 6.4%; the natural gas production was 22.1 billion cubic meters, a year - on - year increase of 5.9%; the power generation was 800.2 billion kWh, a year - on - year increase of 7.9% [10] - In October 2025, among 41 major industries, 29 industries had year - on - year growth in added value. The coal mining and washing industry increased by 6.5%, the oil and gas extraction industry increased by 1.9%, and the ferrous metal smelting and rolling processing industry increased by 1.4% [11] - From January to October 2025, the funds in place for real estate development enterprises were 788.53 billion yuan, a year - on - year decrease of 9.7%. Among them, domestic loans were 121.6 billion yuan, a decrease of 1.8%; foreign investment was 190 million yuan, a decrease of 37.5%; self - raised funds were 284.19 billion yuan, a decrease of 10.0%; deposits and prepayments were 232.57 billion yuan, a decrease of 12.0%; personal mortgage loans were 108.34 billion yuan, a decrease of 12.8% [11] - From January to October 2025, the sales area of newly built commercial housing was 719.82 million square meters, a year - on - year decrease of 6.8%; the sales volume was 690.17 billion yuan, a decrease of 9.6%. At the end of October, the unsold commercial housing area was 756.06 million square meters, a decrease of 3.22 million square meters compared with the end of September [11] - From January to October 2025, the national real estate development investment was 735.63 billion yuan, a year - on - year decrease of 14.7%; the housing construction area of real estate development enterprises was 6.52939 billion square meters, a year - on - year decrease of 9.4%; the new housing construction area was 490.61 million square meters, a decrease of 19.8%; the housing completion area was 348.61 million square meters, a decrease of 16.9% [11] - In early November 2025, key steel enterprises produced 19.26 million tons of crude steel, with an average daily output of 1.926 million tons, a 6.0% increase in daily output month - on - month; 18.04 million tons of pig iron, with an average daily output of 1.804 million tons, a 3.5% increase in daily output month - on - month; 18.84 million tons of steel, with an average daily output of 1.884 million tons, a 5.5% decrease in daily output month - on - month [11] - In early November 2025, the steel inventory of key steel enterprises was 15.49 million tons, an increase of 860,000 tons or 5.9% compared with the previous ten - day period; an increase of 3.12 million tons or 25.3% compared with the beginning of the year; a decrease of 390,000 tons or 2.5% compared with the same ten - day period of last month; an increase of 1.83 million tons or 13.4% compared with the same ten - day period of last year; an increase of 800,000 tons or 5.4% compared with the same ten - day period of the year before last [11] - In early November, the social inventory of five major steel products in 21 cities was 8.93 million tons, a decrease of 120,000 tons or 1.3% compared with the previous period, and the inventory continued to decline with a narrowing decline rate; an increase of 2.34 million tons or 35.5% compared with the beginning of the year; an increase of 2 million tons or 28.9% compared with the same period of last year [11] - Shanxi Coking Coal stated on November 14 that it has no layout in the new energy field for the time being [11] - Changyuan Power's wholly - owned subsidiary's 100MW wind farm project in Babao Town, Songzi City, Hubei Province, was approved on November 14. The dynamic total investment of the project is 582.91 million yuan, and the static total investment is 572.5 million yuan [11] - In the week of November 14, the coal inventory at Qinhuangdao Port decreased during the fluctuation. As of November 14, the coal inventory at Qinhuangdao Port was 5.5 million tons, a decrease of 270,000 tons compared with the same period of last week, the same as the same period of last month, and a decrease of 1.4 million tons compared with the same period of last year [11] - On November 12, the vice - president of the China Iron and Steel Association met with the business and development executive vice - president of Vale, and they exchanged views on the operation and demand of the Chinese steel industry, Vale's iron ore production and operation, and the green and low - carbon development of the steel industry [11][12] - The International Energy Agency (IEA) raised its forecast for the global oil surplus in 2026 for the sixth consecutive month, expecting the daily supply to exceed demand by about 4 million barrels [12] - In October 2025, India's electricity demand decreased by 5.2% year - on - year due to abnormal rainfall and lower temperatures [12] 6. Data Overview - The report provides multiple data charts, including the spot prices of rebar and hot - rolled coil in major markets, the weekly output of five major steel products, steel mill inventory, social inventory, blast furnace and electric furnace operating rates, national daily average pig iron output, apparent consumption of five major steel products, and the basis between Shanghai spot and January contracts for rebar and hot - rolled coil [16][19][22][27][32][33]

Macro Analysis - Consumption continues to recover while investment remains sluggish, with October economic data reflecting significant pressure on year-on-year performance due to last year's "export rush" and policy adjustments [2] - Both goods and service consumption show marginal recovery, corroborated by the October CPI recovery, but manufacturing, real estate, and infrastructure investments continue to decline [2] Market Strategy - The market is expected to maintain a wide fluctuation phase in the short term, despite being in a bull market, with significant room for index growth [3] - Short-term focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT and advanced manufacturing sectors [3] Bond Market Insights - Major indicators in the bond market have seen a decline, with October industrial production growth hitting its lowest for the year [4] - The bond market is expected to become more optimistic as the funding environment remains loose, with a projected 10Y government bond yield fluctuation center at 1.7% [4] - The convertible bond market has seen a new wave of growth, with long-term views on convertible bonds remaining positive due to strong demand [5] Credit Market Overview - The issuance of credit bonds increased by 25.31% week-on-week, with a total of 330 bonds issued amounting to 455.379 billion yuan [7] Banking Sector Analysis - The net profit growth rate of commercial banks improved by 1.2 percentage points compared to the first half of 2025, with state-owned banks showing the highest growth at 2.3% [9] - The overall interest income is expected to remain stable, supported by a recovering capital market, which may sustain the fee income growth trend [9] Real Estate Market Trends - In the first ten months, the new housing transaction area in 30 core cities decreased by 36.9%, while the average transaction price increased by 2% [11] - Recommendations include stable leading companies in core cities and a positive outlook on property service development [11] Steel Industry Developments - The suspension of export restrictions on antimony to the U.S. is expected to boost China's antimony exports [12] Non-Ferrous Metals Sector - The rapid development of data centers in the U.S. is causing power supply tensions, presenting investment opportunities in electrolytic aluminum [13] - Recommendations include companies like Yun Aluminum and China Hongqiao, with a focus on the potential impact of overseas aluminum production capacity [13] Company-Specific Insights - Longxin Group is focusing on digitalization and expanding its business matrix, with projected EPS for 2025, 2026, and 2027 at 0.35, 0.57, and 0.73 yuan respectively [14] - Dama Entertainment's core business is centered on performances and IP derivatives, with net profit forecasts for FY26-FY28 adjusted upwards [15] - Tencent's strong game pipeline and AI strategy are expected to enhance its long-term advertising valuation, with revised net profit forecasts for 2025-2027 [16] - WeRide is positioned as a leader in L4 autonomous driving, with revenue projections for 2025-2027 at 587 million, 1.131 billion, and 2.017 billion yuan [17] - SMIC's Q3 performance exceeded expectations, driven by AI demand and accelerated capacity expansion, with revised profit forecasts for 2025-2027 [18] - Mao Geping's brand growth momentum continues, with significant sales increases during the "Double Eleven" shopping festival [19]