Investment Rating - The report maintains a rating of "Overweight" for the steel and non-ferrous metals sectors [5] Core Insights - The price spread between hot-rolled and rebar steel is at its lowest level in six years [3] - The liquidity indicators show that gold prices have reached a new high since November 2025, with the current price at 4341 USD/oz [10] - The construction and real estate sectors are experiencing a decline in high furnace capacity utilization, which has been below last year's levels for three consecutive weeks [23] Summary by Relevant Sections Liquidity - The BCI small and medium enterprise financing environment index for November 2025 is 52.50, up 0.17% month-on-month [10] - The M1 and M2 growth rate difference is -3.1 percentage points, down 1.10 percentage points month-on-month [19] - The current London gold spot price is 4341 USD/oz, reflecting a 0.97% increase from the previous week [10] Infrastructure and Real Estate Chain - The national high furnace capacity utilization rate is 85%, down 1.0 percentage points month-on-month [9] - The cumulative year-on-year decline in national real estate new construction area for January to November 2025 is -20.50% [23] - The cumulative year-on-year decline in national commodity housing sales area for January to November 2025 is -7.80% [23] Price Movements - The price of rebar is currently 3320 CNY/ton, reflecting a 2.15% increase [9] - The price of titanium dioxide is 13000 CNY/ton, with a gross profit of -1795 CNY/ton [78] - The price of electrolytic aluminum is 21840 CNY/ton, down 1.04% month-on-month [9] Export Chain - The new export orders PMI for China in November 2025 is 47.60%, up 1.7 percentage points month-on-month [3] - The CCFI comprehensive index for container shipping prices is 1124.73 points, reflecting a 0.60% increase [3] - The U.S. crude steel capacity utilization rate is 76.50%, up 0.80 percentage points month-on-month [3] Valuation Metrics - The Shanghai Composite Index decreased by 0.28%, while the chemical sector showed the best performance with a 2.58% increase [4] - The PB ratio for the steel sector relative to the Shanghai Composite is currently at 0.51, with a historical high of 0.82 [4] - The report suggests that the steel sector's supply may be reasonably constrained, leading to a potential recovery in profitability to historical average levels [4]

长江商报消息 ●长江商报记者 李璟 配合湖北大数据产业整合需求，东湖高新（600133.SH）出让手中股权。 根据东湖高新日前发布的公告，公司全资子公司武汉东湖高新数科投资有限公司（简称"高新数科"）与湖北联投 集团有限公司（简称"湖北联投"）签署协议，以2.96亿元转让所持湖北数据集团有限公司（简称"湖北数据集 团"）30%股权。交易完成后，东湖高新不再持有湖北数据集团股份。此次转让，旨在优化公司资产结构，聚焦主 业发展。 长江商报记者注意到，自剥离工程建设业务板块之后，东湖高新一直谋求发展新出路，并将数字科技业务视为未 来战略发展方向之一，试图寻找新的业绩增长点。 东湖高新强调，本次湖北数据集团的股份转让，不会影响公司向数字科技领域转型的战略方向，公司将继续推进 数字科技板块的发展战略。 时隔一年出售湖北数据集团 东湖高新出售湖北数据集团事宜敲定。 2025年4月份完成。 公告显示，12月18日，东湖高新全资子公司高新数科与公司间接控股股东湖北联投签订《股权转让协议》。经双 方协商一致，高新数科将其持有的湖北数据集团30%股权以2.96亿元的价格转让给湖北联投，转让价款分两笔支 付。交易完成后，公司将不再 ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，12月15日，Barclays PLC减持昊天国际建投（01341）2.00216亿股，每股作 价0.0872港元，总金额约为1745.88万港元。减持后最新持股数目约为5.73亿股，持股比例为5.16%。 责任编辑：卢昱君 香港联交所最新数据显示，12月15日，Barclays PLC减持昊天国际建投（01341）2.00216亿股，每股作 价0.0872港元，总金额约为1745.88万港元。减持后最新持股数目约为5.73亿股，持股比例为5.16%。 ...

Global Steel Demand Forecast - The global steel demand is projected to reach 1.736 billion tons in 2026, reflecting a year-on-year growth of 1.0% [1] - In 2025, the global steel consumption is expected to decline to 1.719 billion tons, a decrease of 1.8% compared to the previous year [1] China's Steel Demand Outlook - China's steel consumption is anticipated to be 808 million tons in 2025, marking a decline of 5.4% year-on-year, and further decreasing to 800 million tons in 2026, a drop of 1.0% [1] - The report indicates that the decline in steel consumption in China is primarily due to insufficient domestic demand, particularly from the real estate sector [1] Sector-Specific Steel Consumption - The construction sector in China is projected to consume approximately 40 million tons of steel in 2025, down 12.9% year-on-year, and about 38.4 million tons in 2026, a decrease of 4.1% [2] - The machinery sector is expected to maintain a stable growth, with steel consumption estimated at 18 million tons in 2025, an increase of 1.7%, and 18.1 million tons in 2026, a growth of 0.6% [2] - The automotive industry is forecasted to consume 6.39 million tons of steel in 2025, reflecting a growth of 10.9%, and 6.67 million tons in 2026, a rise of 4.4% [3] Summary of Steel Consumption by Industry - The following table summarizes the steel consumption forecast for various industries in China: | Industry | 2025 Consumption (10,000 tons) | Year-on-Year Growth (%) | 2026 Demand (10,000 tons) | Year-on-Year Growth (%) | |------------------|-------------------------------|-------------------------|---------------------------|-------------------------| | Construction | 4003 | -12.9 | 3840 | -4.1 | | Machinery | 1800 | 1.7 | 1810 | 0.6 | | Automotive | 639 | 10.9 | 667 | 4.4 | | Energy | 513 | 4.1 | 499 | -2.7 | | Shipbuilding | 165 | 4.4 | 176 | 6.7 | | Home Appliances | 182 | 1.7 | 189 | 3.8 | | Railways | 48 | 0 | 47 | -2.1 | | Containers | 80 | -35.5 | 61 | -23.8 | | Hardware | 218 | 1.4 | 210 | -3.7 | | Steel-Wood Furniture | 135 | -2.2 | 133 | -1.5 | | Bicycles & Motorcycles | 58 | 9.4 | 61 | 5.2 | | Others | 202 | 4.1 | 212 | 5.0 | | **Total Steel Consumption** | **8043** | **-5.9** | **7905** | **-1.7** | [5]

Core Insights - The average net salary for workers in Bosnia and Herzegovina in October 2025 is reported to be 1605 marks, showing a nominal increase of 1.3% month-on-month and a real increase of 0.9% [1] - Year-on-year, the nominal increase is 13.4% and the real increase is 8.8% [1] Salary by Industry - The highest average net salaries are found in the Information Technology and Communication sector at 2202 marks, followed by the Healthcare and Social Security sector at 2068 marks, the Financial and Insurance sector at 2039 marks, and the Electricity and Gas Supply sector at 1993 marks [1] - The lowest average salaries are in the Accommodation and Food Services sector at 1150 marks and the Construction sector at 1278 marks [1] Total Salary Overview - The total average salary for workers in Bosnia and Herzegovina in October is 2494 marks, with both nominal and real month-on-month increases of 1.3% [1] - Year-on-year, the nominal increase for total average salary is 13.7% and the real increase is 9.0% [1]

（来源：河北新闻网） 转自：河北新闻网 我省广大干部群众认真学习贯彻省委经济工作会议精神 省农业农村厅党组书记、厅长刘宝岐表示，全省农业农村系统将认真贯彻落实会议要求，扎实推进新一 轮粮食产能提升行动，完善常态化防止返贫致贫机制，坚决守牢粮食安全和不发生规模性返贫致贫底 线；统筹发展科技农业、绿色农业、质量农业、品牌农业，持续推进"净菜进京"，提升农业综合生产能 力和质量效益；有力有序推进宜居宜业和美乡村建设，布局建设一批和美乡村重点片区、重点村；着力 提高强农惠农富农政策效能，推动人力、物力和财力向农业农村倾斜。 石家庄市发展改革委党组成员、副主任马晓鸣表示，将认真贯彻落实会议部署要求，加快实施都市圈重 点项目建设，充分发挥都市圈产业链协同发展基金作用，打造京津冀协同发展新引擎；进一步发挥河北 清华发展研究院、河北工业大学（石家庄）创新研究院等创新平台作用，持续畅通"京津研发，石家庄 转化"渠道；高质量建设中欧班列（石家庄）集结中心，提升班列开行质量和数量，不断增强与天津港 的陆海联动效能，打造融入京津冀协同发展和对外开放的重要平台。 "会议提出，深入实施提振消费专项行动，为我们做好下一步工作提供了遵循。" ...

现将本公司2025年1-11月主要经营情况公布如下，供各位投资者参阅。 证券代码：601668 证券简称：中国建筑 公告编号：临2025-079 中国建筑股份有限公司2025年1-11月经营情况简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ■■ 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能存在差异，因此相关数据 为阶段性数据，仅供参考。 二〇二五年十二月十九日 ■ 中国建筑股份有限公司董事会 ...

Group 1 - Xinjiang Woyu Textile New Materials Co., Ltd. leverages the unique basalt mineral resources in Xinjiang to enhance technology transfer and has established 8 fully automated production lines for photovoltaic frames and brackets, thereby extending the industrial chain and injecting strong momentum into regional economic development [1] - Xinjiang Futai Construction (Group) Co., Ltd. has invested significantly in the intelligent transformation of production lines, achieving a 50% efficiency increase as robots can complete up to 150 meters of corner welding seams daily compared to 100 meters by manual welding, resulting in a 40% increase in production capacity [1] - The private enterprises in the Xinjiang Production and Construction Corps are focusing on refining their core businesses, promoting technological innovation, and expanding market opportunities, demonstrating a pioneering spirit in the pursuit of high-quality development [1] Group 2 - The policy framework supporting the growth of the private economy in the Xinjiang Production and Construction Corps has been continuously improved, with the number of private market entities maintaining double-digit growth for several consecutive years [1] - The Xinjiang Production and Construction Corps is committed to implementing various support policies for private enterprises, encouraging them to seize opportunities from the new round of technological revolution and industrial transformation, and actively participate in the economic and social development during the 14th Five-Year Plan period [1] - Liu Junguo, Deputy Minister of the United Front Work Department of the Xinjiang Production and Construction Corps, emphasized the importance of strengthening the confidence and foundation for the development of private enterprises, aiming for healthy and high-quality development of the private economy in the region [1]

Core Viewpoint - S&P predicts South Korea's economic growth rate will rebound from 1.1% in 2023 to 2.3% in 2026, indicating an improving overall economic environment and recovery in corporate credit conditions [1] Group 1: Economic Outlook - The global macroeconomic environment is stabilizing, which is a major positive factor for economic growth [1] - The structural differentiation among industries is intensifying, showcasing a typical "K-shaped recovery" [1] Group 2: Industry Performance - Industries benefiting from AI investment expansion, such as semiconductors, electronics, and electrical equipment, are expected to continue improving, with potential upgrades in credit ratings [1] - Conversely, sectors like construction, finance, petrochemicals, and secondary batteries are facing pressures for credit rating downgrades due to weak demand, oversupply, or slow structural adjustments [1]

Core Viewpoint - The report highlights environmental risks faced by nine listed companies in China, with a focus on the penalties imposed for violations related to noise pollution and improper waste disposal [6][12][16]. Group 1: Company Penalties - Jianfa Hancheng Holdings Co., Ltd. received three fines within a month for noise pollution due to nighttime construction without proper permits, totaling 28 million yuan [6][12]. - Zhejiang Construction Holdings Co., Ltd. was fined 200,000 yuan for indiscriminately dumping construction waste [14]. - Xiangxin Technology Co., Ltd. was penalized 136,000 yuan for failing to operate air pollution control facilities properly [13]. Group 2: Environmental Risk Overview - A total of nine listed companies were identified as having environmental risks, affecting approximately 910,100 shareholders [11][12]. - The report emphasizes the growing importance of environmental risks in corporate management, impacting both business development and corporate image [8][16]. Group 3: Regulatory Context - The report is based on data collected from 31 provinces and 337 cities, aiming to enhance transparency in environmental information related to listed companies [6][16]. - The increasing focus on ESG (Environmental, Social, and Governance) principles is driving investors to pay more attention to companies' sustainable development capabilities [16].