中国工信部：着力稳定制造业有效投资 会议强调广大企业家要在提升基础研究和原始创新能力方面下苦功夫，积极参与行业规则制定和自律机 制建设，自觉抵制"内卷"，呵护行业发展环境。 2025年前11个月，中国规模以上工业增加值同比增长6%，规模以上高技术制造业、装备制造业增加值 同比分别增长9.2%、9.3%，产业提质升级步伐明显加快，新动能不断壮大。(完) 中新社北京1月13日电 (记者 刘育英)中国工业和信息化部13日召开第十八次制造业企业座谈会。会议聚 焦实现"十五五"工业经济良好开局，强调深入实施新一轮十大重点行业稳增长工作方案，着力稳定制造 业有效投资。 工信部部长李乐成主持会议。会议指出，当前中国工业正处于由大变强、爬坡过坎的关键阶段，在外部 环境变化影响加深、内部风险挑战增多的形势下，工业经济平稳运行压力增大。同时也要看到中国工业 经济具有超大规模市场、完整产业体系、丰富人才资源等优势，长期向好的支撑条件和基本趋势没有改 变。 会议强调，2026年是"十五五"开局之年，要深入实施新一轮十大重点行业稳增长工作方案，发挥重点行 业、地区带动作用，提升优质工业品供给能力，激发提振新消费需求，着力稳定制造业有效 ...

开年经济温和回暖 宏观研究 /[Table_Date] 2026.01.11 ——国内高频指标跟踪（2026 年第 2 期） 本报告导读： 政策支撑下内需仍具韧性，外需与生产改善，经济向上动能有所积聚。 投资要点： 证 券 研 究 宏 观 研 究 宏 观 周 报 请务必阅读正文之后的免责条款部分 报 告 2026-01-13 [Table_Summary] 近期光伏与储能领域密集释放"反内卷"相关政策信号，出口退税逐 步取消、座谈会研究部署进一步规范行业竞争秩序。短期光伏等行 业盈利或承压、出清加速，中期供需格局改善，具备技术壁垒、成 本优势及海外渠道能力的龙头企业有望率先受益。 上周高频数据显示，消费方面，汽车消费因以旧换新补贴升温，服 务消费在元旦假期后边际走弱。投资方面，专项债发行前置，有望 助力一季度基建投资止跌回稳，但地产仍偏弱，建材链实物指标季 节性走低。外贸景气度改善，出口量价均上行。生产整体回暖，钢 铁、石化、氯碱开工率普遍上行。物价方面，消费品价格偏弱，工 业品价格多数回升，有色链和碳酸锂价格持续上涨。流动性层面， 资金利率小幅上行，美元因地缘事件引发市场避险情绪升值，人民 币相应小幅贬值。 ...

Core Insights - The Shanghai Municipal Government has released the "Three-Year Action Plan to Support the Transformation and Upgrading of Advanced Manufacturing (2026-2028)", aiming to build a modern industrial system centered on advanced manufacturing [1] - The plan targets the addition of 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan by 2028, bringing the total to over 600 [1] - The initiative aims to drive the addition of 500 industrial enterprises above designated size in the supply chain and significantly increase the proportion of R&D expenses in revenue for manufacturing enterprises [1] Group 1: Structural Upgrading - The plan emphasizes a multi-dimensional industrial upgrade matrix, accelerating iterations in traditional advantageous industries [1] - Specific strategies include petrochemical companies shifting towards new functional materials, steel companies enhancing specialty steel production, and light industry companies creating trendy domestic products [1] - Leading industries will focus on breakthroughs in the integrated circuit industry chain, biomedicine innovation, and intelligent computing chip development, fostering international leading enterprises [1] Group 2: Emerging Industries - The plan promotes simultaneous development of key and emerging industries, including the growth of six major sectors such as next-generation electronic information and smart connected new energy vehicles [1] - New fields like low-altitude economy and commercial aerospace will be explored, with a focus on scaling products like eVTOL and humanoid robots [1] Group 3: Innovation and Incentives - The plan introduces significant incentive policies for core technology breakthroughs, focusing on frontier technologies such as laser manufacturing and quantum technology [2] - Key links in the industrial chain, including integrated circuits and large aircraft, will be prioritized for technological advancements [2] Group 4: Digital and Green Transformation - The "Action for Upgrading Capability and Quality" outlines a transformation path, implementing "AI + Manufacturing" initiatives for digital transformation [2] - By 2027, large enterprises are expected to achieve full coverage of digital applications, with the goal of establishing fully intelligent factories by 2028, achieving a robot density of 600 units per 10,000 people [2] - In terms of green transformation, the plan aims to add over 100 national-level green factories [2]

人民财讯1月13日电，1月13日，国新办举行国务院政策例行吹风会，介绍《固体废物综合治理行动计 划》有关情况。工业和信息化部节能与综合利用司司长王鹏表示，"十四五"期间，工信部积极推动工业 固废综合利用工作，取得积极进展。相关行业协会统计数据显示，我国大宗工业固废综合利用率达到 57%，下一步，工信部将会同有关部门持续抓好工业固体废物综合利用工作，着力推动"一降一 升"，"一降"就是要降低工业固废产生强度，在生产前端推行绿色制造，在生产过程中推行绿色制造。 要聚焦钢铁、有色、石化、化工等重点产废行业。"一升"是要提升工业固废和再生资源的综合利用水 平，变废为宝。将强化大宗工业固废的综合利用，积极推进先进综合利用工艺技术研发和产业化，持续 遴选国家工业资源综合利用先进适用工艺技术设备目录，强化供需对接，推动先进工艺技术推广应用。 ...

中化新网讯 近日，《上海市支持先进制造业转型升级三年行动方案(2026—2028年)》发布，提出到2028 年，新增年产值10亿元以上制造业企业100家，累计超过600家，带动产业链新增规上工业企业500家， 规上制造业企业研发费用占营收比重显著提升。 《行动方案》提出，将实施四大行动。一是结构调优升级行动。优化提升传统优势产业，推动石化企 业"去油增化"，布局新型功能材料。加快先导产业战略引领，支持集成电路企业瞄准装备、先进工艺、 光刻胶材料、3D封装，实现全产业链突破。推动重点产业和新兴产业壮大发展，大力发展新一代电子 信息、智能网联新能源汽车、高端装备、先进材料等产业。 四是资源要素支撑行动。加大物流配套支撑，完善临港、金山、化工区等区域交通基础设施。增加专业 化物流仓储资源供给，创新危化品仓储监管方式。支持企业联合产业链上下游共建共用中试平台，提供 应用场景和试验环境，解决行业关键共性技术难题。 二是创新攻关强基行动。支持企业聚焦激光制造、量子、光子、新型功能材料、新型能源等前沿技术开 展基础研究。聚焦集成电路、大飞机、高端装备、仪器仪表、工业软件等重点产业链和产业链关键环 节，支持企业开展核心技术和 ...

2026年1月1日，《区域全面经济伙伴关系协定》(RCEP)实施满四周年。中国石油和化学工业联合会党 委常委、副秘书长、外资委主任委员庞广廉表示，四年来，RCEP政策红利持续释放，为中国石化产业 注入了新的发展动能，推动石化产业从规模扩张向质量跃升转型。 以锂电池为例，作为全球价值链的核心产业板块，其上下游产业的分工直接反映区域生产网络的整合水 平。中国在电池材料、隔膜、电芯等高端零部件研发制造环节具备技术优势，而东盟国家则在电池组 装、下游应用集成等劳动密集型环节拥有成本与制造优势，双方产供链合作紧密。海关总署数据显示， 中国对东盟的锂电池产品出口额从2021年的35.05亿美元上升至2024年的55.11亿美元，年均增幅为 16.28%。2025年1月至11月出口额更是高达68.28亿美元，再创新高，体现了区域生产网络的协同效应。 "公司2023年在印度尼西亚设立了海外仓，出口量增长50%以上，享受RCEP关税优惠的客户从最初的两 家扩大到如今的十几家。"浙江万凯新材料股份有限公司物流部经理李明说。据统计，RCEP生效实施的 四年，累计为价值8.3亿元的出口货物申领RCEP证书，在进口国减免关税约4200 ...

Group 1: Industrial Production - The operating rate of blast furnaces has improved slightly, with a week-on-week increase of 0.4% and a year-on-year rise of 1.3 percentage points to 2.2% [1][4] - Apparent steel consumption has decreased, with a week-on-week decline of 0.6% and a year-on-year drop of 1.5 percentage points to 0.6% [1][6] - Steel social inventory continues to decline, with a week-on-week decrease of 2.5% [1] Group 2: Chemical and Automotive Industries - In the chemical sector, the operating rate of soda ash has significantly increased, with a week-on-week rise of 4.4% and a year-on-year increase of 0.2 percentage points to -2.2% [10][11] - The operating rate of PTA has also improved, with a week-on-week increase of 3.2% and a year-on-year rise of 4.1 percentage points to -4.2% [10][14] - The automotive sector shows weaker performance, with the operating rate of semi-steel tires declining by 2.4% week-on-week and a year-on-year drop of 2.8 percentage points to -13% [10] Group 3: Construction Industry - The cement production and demand have marginally improved, with a week-on-week increase in grinding operating rate of 2.1% and a year-on-year rise of 5.2 percentage points to 9.9% [22][23] - Cement shipment rates have slightly decreased, with a week-on-week decline of 1.5% and a year-on-year increase of 1.9 percentage points to 0.5% [22][26] - Cement inventory continues to decline, with a week-on-week decrease of 0.5% and a year-on-year increase of 0.9 percentage points to 1.3% [22][29] Group 4: Demand Tracking - The average daily transaction area of commercial housing in 30 major cities has decreased by 47.4% week-on-week and a year-on-year drop of 13.6 percentage points to 38.4% [44][45] - The transaction volume in first-tier and second-tier cities remains weak, with week-on-week declines of 30.8% and 61.9% respectively [44][48][51] - Port cargo throughput has also declined, with a year-on-year decrease of 3.6 percentage points to -0.4% [56][63] Group 5: Price Tracking - Agricultural product prices show differentiation, with vegetable and fruit prices decreasing by 0.9% and 0.2% respectively, while egg prices increased by 1.4% [98][99] - The industrial product price index has risen by 1.7% week-on-week, with the energy and chemical price index increasing by 0.7% and the metal price index rising by 3.9% [110][111]

风险提示：贸易局势不确定性，国内需求修复不及预期 。 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 报告导读： 政策支撑下内需仍具韧性，外需与生产改善，经济向上动能有所积聚。 近期光伏与储能领域密集释放 " 反内卷 " 相关政策信号，出口退税逐步取消、座谈会研究部署进一步规范行业竞争秩序。短期光伏等行业盈利或承压、出清 加速，中期供需格局改善，具备技术壁垒、成本优势及海外渠道能力的龙头企业有望率先受益。 上周高频数据显示，消费方面，汽车消费因以旧换新补贴升温，服务消费在元旦假期后边际走弱。投资方面，专项债发行前置，有望助力一季度基建投资止跌 回稳，但地产仍偏弱，建材链实物指标季节性走低。外贸景气度改善，出口量价均上行。生产整体回暖，钢铁、石化、氯碱开工率普遍上行。物价方面，消费 品价格偏弱，工业 ...

Group 1: Industrial Production - The operating rate of blast furnaces improved slightly, with a week-on-week increase of 0.4% and a year-on-year rise of 1.3 percentage points to 2.2% [1][4] - Apparent steel consumption decreased by 0.6% week-on-week and fell by 1.5 percentage points year-on-year to 0.6% [1][6] - Steel social inventory continued to decline, down 2.5% week-on-week [1] Group 2: Chemical and Automotive Industries - In the chemical sector, the operating rate of soda ash increased significantly by 4.4% week-on-week and rose by 0.2 percentage points year-on-year to -2.2% [10][11] - The operating rate of PTA rose by 3.2% week-on-week and increased by 4.1 percentage points year-on-year to -4.2% [10][14] - The operating rate of polyester filament increased by 0.4% week-on-week and rose by 3 percentage points year-on-year to 4.8%, while the operating rate of automotive semi-steel tires showed weakness, down 2.4% week-on-week and falling by 2.8 percentage points year-on-year to -13% [10][18] Group 3: Construction Industry - The cement production and demand showed marginal improvement, with the national grinding operating rate increasing by 2.1% week-on-week and rising by 5.2 percentage points year-on-year to 9.9% [22][23] - Cement shipment rate decreased by 1.5% week-on-week but increased by 1.9 percentage points year-on-year to 0.5% [22][26] - The cement inventory ratio continued to decline, down 0.5% week-on-week and up 0.9 percentage points year-on-year to 1.3% [22][30] Group 4: Demand Tracking - The average daily transaction area of commercial housing in 30 major cities decreased by 47.4% week-on-week and fell by 13.6 percentage points year-on-year to 38.4% [44][45] - The transaction volume in first-tier and second-tier cities was significantly weaker than the previous year, with first-tier cities down 30.8% week-on-week and 12.7 percentage points year-on-year to 44.5%, and second-tier cities down 61.9% week-on-week and 15.8 percentage points year-on-year to 29.8% [44][48][51] - The freight volume related to domestic demand showed a decline, with railway freight volume down 5.9 percentage points year-on-year to -10.3% and highway freight traffic down 8.4 percentage points year-on-year to -9.7% [56][58] Group 5: Price Tracking - Agricultural product prices showed differentiation, with vegetable and fruit prices decreasing by 0.9% and 0.2% respectively, while egg prices increased by 1.4% [98] - The industrial product price index rose by 1.7% week-on-week, with the energy and chemical price index increasing by 0.7% and the metal price index rising by 3.9% [110][114]

Core Viewpoint - Saudi Basic Industries Corporation (SABIC) has agreed to sell its European petrochemical assets and engineering plastics assets in Europe and the Americas for a total value of $950 million (approximately 6.6 billion RMB) [1] Group 1: Asset Sale Details - SABIC is selling its European petrochemical business for an enterprise value of $500 million to German private equity firm Aequita [1] - The engineering plastics business in Europe and the Americas is being sold for an enterprise value of $450 million to Mutares [1] - The European petrochemical business produces and sells ethylene, propylene, low-density polyethylene (LDPE), high-density polyethylene (HDPE), polypropylene (PP), and value-added polymer compounds, managing multiple manufacturing sites in the UK, Germany, the Netherlands, and Belgium [1] Group 2: Asset Composition - The engineering plastics assets sold include various polycarbonate, polybutylene terephthalate, and acrylonitrile-butadiene-styrene facilities located in Brazil, Canada, Mexico, the Netherlands, Spain, and the United States [1] Group 3: Expected Impact - SABIC anticipates that the sale will enhance the company's performance by increasing overall EBITDA, improving free cash flow, and supporting higher capital return rates [1]