文 | 赵伟、屠强 联系人| 屠强、耿佩璇 报告正文 4、生产高频跟踪：工业生产维持弱势，建筑业开工边际改善 图 36: 上周, 高炉开工率延续回落 全国高炉开工率 (247家) === 2020 2019 2021 2022 2023 -2024 · 2025 96 85 80 75 70 65 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 资料来源: Wind、申万宏源研究 工业生产中，高炉开工延续回落，钢材表观消费也有下滑。 11月23日至11月29日，高炉开工率环 比-1.1%至81.1%，同比-0.8pct至-0.5%；上周（11月30日至12月06日），钢材表观消费环比-2.68%、同 比-2.4pct至-1.2%。钢材社会库存延续回落，环比-2.9%。 图 37: 上周, 钢材周表观消费有所回落 五大品种钢材周表观消费量 2021 2019 == 2020 = 2022 2023 2024 2025 1300 万吨 1200 1100 1000 900 800 700 600 500 400 300 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 1 ...

三是政策与市场协同方面尚待完善。新能源参与电力市场的机制仍需健全，跨省跨区交易中对集成融合 项目的针对性价格激励措施不足，储能等灵活性资源成本分摊与回收机制尚未健全，这在一定程度上影 响了市场主体参与辅助服务的积极性；尽管全国统一电力市场体系建设加快推进，现货市场、辅助服务 市场均已覆盖多数省份，绿电交易规模逐年翻番，但促进集成融合发展的精细化市场机制设计仍有待深 化；多能互补等集成融合项目因投资回收期长、技术风险较高，在补贴退坡后普遍面临融资约束，尽管 我国绿色金融市场规模持续扩大，但绿色信贷等资金未能充分流向这一关键领域。 以系统解决方案有效破解矛盾 数据显示，截至2025年9月底，我国风电与光伏发电装机总容量已突破17亿千瓦，在全国电力装机结构 中占比达46%，新能源正逐步由辅助能源转向系统主力。 然而，装机规模快速提升并未同步带来利用效率的相应增长，当前风电、光伏发电量在全国电力消费中 的比重仍徘徊在两成左右，部分资源富集区域消纳压力重新抬头，西北地区弃风、弃光率再次超过 5%，系统平衡成本不断提高，分布式光伏的迅猛发展也给配网承载与调度带来新挑战。 未来新能源能否真正担当主力电源，不再取决于装机数字 ...

12月9日，东山湾古雷经济技术开发区举行零碳园区建设发布会，宣布全面启动建设零碳园区。 发布会上，《古雷石化基地零碳园区建设规划》发布，提出"两步走"战略，稳步推进园区低碳化、 零碳化改造：第一阶段（至2029年）将率先建成精细化工零碳园区，预期将单位能耗碳排放降低至0.25 吨/吨标准煤，为全面零碳探索经验；第二阶段（至2035年）则将成功模式深化推广至整个基地，在延 续第一期措施的基础上，引入更先进的技术，采取更强有力的举措，最终实现单位能耗碳排放0.3吨/吨 标准煤的国家级标准零碳园区目标。 为达成上述目标，古雷开发区规划布局34个支撑项目，总投资超过300亿元，重点围绕"绿色清洁电 力高比例替代、石化基地热力清洁替代、石化化工领域节能降碳、布局完善零碳交通设施、提升能碳管 理能力"五大任务展开。 现场，古雷开发区和多家与会企业签订了一批绿色技术合作项目，涉及CO₂加氢制绿色芳烃、绿电 耦合CO₂制可持续航空燃料（SAF）技术开发、绿电催化CO₂制乙烯等前沿科创领域。 中国石油和化学工业联合会副会长凌逸群在致辞中表示，古雷是中国石化行业践行绿色转型、推动 开放合作的"前沿阵地"。此次启动零碳园区建设，将 ...

Core Viewpoint - Chevron and Phillips 66's joint venture, Chevron Phillips Chemical (CPChem), is advancing two world-class petrochemical projects that are now expected to commence production in 2027, delayed from the original 2026 timeline [1] Group 1: Project Details - The two projects include an $8.5 billion ethylene and high-density polyethylene (HDPE) joint facility located in Orange, Texas, and a $6 billion integrated petrochemical complex in Ras Laffan, Qatar [1] - The Texas project will feature a 2.1 million tons per year ethane cracker and two HDPE units with a capacity of 1 million tons each, while the Qatar project will have a 2.1 million tons per year ethane cracker and two HDPE units with a total capacity of 1.68 million tons per year [1] Group 2: Market Impact - Upon completion, these projects will add 4.2 million tons per year of ethylene and 2.68 million tons per year of HDPE capacity to the currently oversupplied and weak global market [1] - The projects will leverage low-cost ethane feedstock from U.S. shale gas and Qatar's North Field, providing a competitive cost advantage [1]

截至2025年12月10日10:48，沪深300红利低波动指数下跌0.54%。成分股华能水电领涨，川投能源、华 域汽车跟涨；招商银行领跌，农业银行、兴业银行跟跌。 消息面上，12月8日，工商银行、农业银行分别发布A股2025年半年度分红派息实施公告，两家银行此 次中期分红总额分别为503.96亿元、418.23亿元。Wind数据显示，截至12月9日，已有26家A股上市银行 披露2025年中期或季度分红方案，合计派息金额拟超2600亿元。 中国银河证券表示，上市银行中期分红力度不减且节奏提前，红利价值日益凸显。 西部证券指出，险资股票风险因子松绑，新规利好银行、公用事业、煤炭等红利板块。伴随新会计准则 即将全面落地，中小险企或将加强OCI股票配置，风险因子松绑下，红利板块有望充分受益。 数据显示，截至2025年11月28日，沪深300红利低波动指数前十大权重股分别为中国神华、双汇发展、 中国石化、格力电器、美的集团、华域汽车、大秦铁路、宝钢股份、中国移动、中国建筑，前十大权重 股合计占比35.7%。 没有股票账户的场外投资者可通过对应的沪深300红利低波动ETF联接基金（007606）把握投资机会。 300红利 ...

Group 1: Economic Highlights - In November, production showed signs of weak improvement, with the manufacturing PMI rising 0.2 percentage points to 49.2%[1] - Industrial added value growth is expected to remain stable at 4.9%[1] - Exports rebounded to 5.9% in November, supported by an increase in working days and a reduction in production overhang effects[1] Group 2: Investment and Consumption Insights - Investment pressures may ease as the impact of debt repayment on investment diminishes, with construction investment remaining at -16% in October[2] - Service consumption is expected to improve due to the promotion of autumn holidays, despite a decline in "trade-in" programs[1] - Retail sales growth is projected at 2.7%[1] Group 3: Challenges and Risks - Manufacturing investment remains constrained by companies accelerating debt repayments, with accounts receivable growth dropping to 5.2%[2] - Real estate investment and sales are likely to decline further, with November housing sales down 33.1% year-on-year[2] - The "anti-involution" policy's slow progress in the manufacturing sector keeps cost rates at historically high levels, negatively impacting profits[2] Group 4: Inflation and Price Trends - November inflation indicators are expected to show improvement, with CPI projected to rise to 0.7% year-on-year[3] - PPI is anticipated to recover slightly to around -2% due to ongoing price pressures from upstream commodities[3] - Core CPI may see limited improvement due to the lagging effects of the "anti-involution" policy on downstream prices[3]

财报显示，荣盛石化在2025年前三季度实现营业收入2278.15亿元，同比下降7.09%；归母净利润8.88亿 元，同比增长1.34%。 公告显示，荣盛能源（舟山）成立于2023年11月，业务涵盖发电、输电及供（配）电，目前仍处于建设 期尚未全面开展经营活动。财务数据显示，该公司2024年净利润亏损88.76万元，2025年1—9月净利润 续亏106.36万元。 根据资产基础法评估，截至评估基准日，荣盛能源（舟山）股东全部权益评估价值为5.08亿元，较账面 价值增值2.08%。 荣盛石化方面表示，此次转让有利于战略聚焦与可持续发展。交易完成后，荣盛能源（舟山）将不再纳 入合并报表范围，且不会对公司财务状况和经营成果构成重大影响，不存在损害公司及股东利益的情 形。 12月8日，荣盛石化（002493.SZ）发布公告，公司全资子公司荣盛新材料（舟山）有限公司拟将持有的 荣盛能源（舟山）有限公司〔以下简称"荣盛能源（舟山）"〕100%股权，以5.08亿元转让给控股股东浙 江荣盛控股集团有限公司，本次交易构成关联交易。 （文章来源：中国经营报） ...

Core Viewpoint - South Korea's export economy is projected to reach a historic high of over $700 billion in 2025, primarily driven by a "super cycle" in the semiconductor industry, while overall export performance reveals concerning weaknesses in other sectors [1][4]. Group 1: Export Performance - In the first eleven months of this year, South Korea's total exports reached $640.2 billion, a year-on-year increase of 2.9%, surpassing the total for 2022 and setting a record for the same period [4]. - The semiconductor industry is the main driver of this growth, benefiting from strong demand fueled by global AI investment expansion [4]. - In November alone, semiconductor exports accounted for 28.3% of South Korea's total exports, marking a new high for the year, compared to around 10% in the first decade of this century [4]. Group 2: Structural Weakness - Excluding semiconductors, South Korea's export value from January to November was $787.6 billion, reflecting a year-on-year decline of 1.5%, highlighting the vulnerability of the export structure [6]. - Several key industries are experiencing negative growth, including petrochemical products (-11.7%), petroleum products (-11.1%), steel (-8.8%), and machinery (-8.9%) [6]. - Exports of displays, home appliances, and secondary batteries also saw declines exceeding 9% [6]. Group 3: Economic Concerns - The heavy reliance on a single industry for growth raises significant concerns among economic experts regarding the health of South Korea's export structure [9]. - The semiconductor sector is characterized by high volatility, influenced by global technology cycles, geopolitical risks, and supply chain changes, posing a risk to the overall economy if demand cools [9]. - Challenges for South Korea's export outlook include global economic slowdown, ongoing trade uncertainties, and tariff policies from major trading partners, necessitating a long-term strategy to diversify and balance the export structure [9].

Core Viewpoint - The opening of the Guang-Zhan high-speed railway marks a significant opportunity for Maoming to enhance its urban capabilities and reshape its development pattern, integrating into the Guangdong-Hong Kong-Macao Greater Bay Area's "one-hour living circle" [1] Group 1: Transportation and Connectivity - The completion of the Guang-Zhan high-speed railway will reduce travel time from Maoming to Guangzhou to approximately 70 minutes, facilitating deeper integration with the Greater Bay Area [1] - Maoming's transportation network has undergone significant improvements, creating a multi-dimensional traffic pattern that enhances internal circulation and external connectivity [5][6] - The establishment of a high-efficiency transportation logistics hub is essential for regional linkage, with ongoing projects to improve road networks and port facilities [5][6] Group 2: Urban Development Strategy - Maoming is positioned to transition from a "transportation corridor" to a "comprehensive hub," driven by profound changes in transportation, location, and industrial layout [3] - The city aims to construct three major hubs: transportation logistics, industry, and information, to promote efficient resource flow and regional collaboration [4][8] - The city's strategic location allows it to serve as a critical link for the expansion of the Greater Bay Area and the integration with the Hainan Free Trade Port [2][12] Group 3: Industrial Growth and Diversification - Maoming is diversifying its industrial base beyond the petrochemical sector, focusing on new materials and zero-carbon industries to enhance its economic strength [7] - The city is also developing its tourism sector, aiming to transform from an industrial hub to a cultural and tourism center, with several major projects underway [7] - The construction of a high-level industrial hub is crucial for attracting upstream and downstream industries, thereby enhancing regional industrial synergy [7] Group 4: Information and Digital Economy - The development of a high-integration information hub is a forward-looking initiative, focusing on digital economy growth and data resource integration [8] - Key projects, such as the establishment of a 5G edge computing center, are set to support the digital transformation of regional industries [8] Group 5: Regional Integration and Collaboration - Maoming is actively seeking to expand its integration with the Greater Bay Area by identifying collaborative opportunities in various sectors, including finance, tourism, and logistics [10][12] - The city is leveraging its agricultural products to enhance market access to the Greater Bay Area, aiming to become a key supplier of quality produce [10] - Collaborative efforts with neighboring regions, such as Guangxi and Hainan, are being pursued to strengthen service capabilities and resource sharing [12][13]

每经AI快讯，华锦股份（SZ 000059，收盘价：5.08元）12月9日晚间发布公告称，公司第八届第十二次 董事会会议于2025年12月9日在公司会议室召开。会议审议了《关于拟聘任会计师事务所的议案》等文 件。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王瀚黎） 截至发稿，华锦股份市值为81亿元。 2025年1至6月份，华锦股份的营业收入构成为：石化占比86.47%，精细化工占比8.22%，化学肥料制造 业占比4.47%，其他行业占比0.84%。 ...