本报北京11月16日电 （记者寇江泽）记者从生态环境部获悉：第三轮第五批中央生态环境保护督察全 面启动。组建8个中央生态环境保护例行督察组，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。 同时，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。其中，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；组建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。 督察组坚持稳中求进工作总基调，坚持以人民为中心，坚持服务大局，坚持系统观念，坚持问题导向和 严的基调，坚持精准科学依法，突出重点、较真碰硬，有序有效推进督察工作。深入贯彻落实中央八项 规定及其实施细则精神，坚决落实党中央整治形式主义为基层减负有关要求，切实提升督察效能。进驻 期间，各例行督察组分别设立联系电话和邮政信箱，受理被督察对象生态环境保护方面的来信来电举 报。 为统筹经济发展、民 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Interest rates are recovering, credit bond yields are generally stable, and credit spreads of high - grade bonds over 3Y are widening. The yields of credit bonds are generally stable, while the yields of government - developed bonds of 3Y, 5Y, 7Y, and 10Y are declining. Credit spreads of high - grade bonds over 3Y are mostly widening [2][5]. - Most urban investment bond spreads have slightly increased. The credit spreads of external rating AAA and AA+ platforms have generally increased by 2BP and 1BP respectively compared to last week, while the AA platform has generally remained flat [2][9]. - The spreads of industrial bonds have increased overall, and the increase in the spreads of mixed - ownership real - estate bonds is significant. The spreads of central and state - owned enterprise real - estate bonds, mixed - ownership real - estate bonds, and private real - estate bonds have all increased, with the mixed - ownership real - estate bonds having the largest increase [2][20]. - The yields of Tier 2 and perpetual bonds have slightly declined, and high - grade varieties are relatively advantageous. The yields of Tier 2 and perpetual bonds of all maturities have slightly decreased, with 3Y perpetual bonds performing strongly and high - grade varieties being more favorable [2][27]. - The excess spreads of 3Y industrial perpetual bonds have declined, and the excess spreads of urban investment perpetual bonds continue to diverge. The excess spreads of industrial AAA 3Y perpetual bonds have decreased, while the excess spreads of urban investment AAA 3Y and 5Y perpetual bonds show different trends [2][31]. Summary by Relevant Catalogs 1. Interest rates are recovering, credit bond yields are generally stable, and credit spreads of high - grade bonds over 3Y are widening - Yield changes: 1Y government - developed bond yields are flat compared to last week, while 3Y, 5Y, 7Y, and 10Y yields have decreased by 3BP, 2BP, 2BP, and 1BP respectively. For credit bonds, 1Y yields are flat, 3Y AAA - grade yields increase by 1BP, others decrease by 1BP; 5Y AAA - grade yields are flat, AA+ decreases by 1BP, AA decreases by 3BP, AA - decreases by 8BP; 7Y AAA - grade yields increase by 1BP, others decrease by 1BP; 10Y AAA - grade yields increase by 2BP, others are flat [2][5]. - Credit spread changes: 1Y credit spreads are flat; 3Y AAA - grade credit spreads increase by 4BP, others increase by 2BP; 5Y AA+ and above grade spreads increase by 1 - 2BP, AA grade decreases by 1BP, AA - grade decreases by 6BP; 7 - 10Y credit spreads increase by 1 - 3BP [2][5]. - Rating spread changes: 1Y spreads are flat; 3Y AAA/AA+ spreads decrease by 2BP, others are flat; 5Y AA/AA - grade spreads decrease by 5BP, others decrease by 1 - 2BP; 7Y and 10Y AAA/AA+ rating spreads decrease by 2BP, others are flat [5]. - Maturity spread changes: For AAA grade, 5Y/3Y decreases by 1BP, others increase by 1BP; for AA+ grade, 3Y/1Y decreases by 1BP, 10Y/7Y increases by 1BP, others are flat; for AA grade, 5Y/3Y and 3Y/1Y decrease by 1 - 2BP, others increase by 1 - 2BP [5]. 2. Most urban investment bond spreads have slightly increased - By external rating: The credit spreads of external rating AAA and AA+ platforms have generally increased by 2BP and 1BP respectively compared to last week, while the AA platform has generally remained flat. Among them, most AAA - grade platform spreads increase by 1 - 2BP, with Henan and Yunnan remaining flat; most AA+ - grade platforms are flat or increase by 1BP, with Guizhou, Yunnan, and Tianjin decreasing by 1 - 3BP, Gansu and Inner Mongolia increasing by 2BP; most AA - grade platforms are flat or increase by 1BP, with Shaanxi, Tianjin, Jilin, and Shandong decreasing by 1 - 3BP, Guizhou increasing by 4BP [2][9]. - By administrative level: The credit spreads of provincial and municipal platforms have generally increased by 2BP and 1BP respectively compared to last week, while the county - level platform spreads have remained flat. Most provincial platform spreads increase by 1 - 2BP, with Xinjiang, Anhui, and Zhejiang increasing by 3 - 4BP, Jiangsu increasing by 7BP, Yunnan and Shaanxi remaining flat; most municipal platforms increase by 1BP, with Yunnan decreasing by 1BP, Qinghai remaining flat, Zhejiang increasing by 2BP; most county - level platforms are flat or increase by 1BP, with Shaanxi, Jilin, and Jiangxi decreasing by 1 - 2BP, Guizhou increasing by 3BP [2][17]. 3. The spreads of industrial bonds have increased overall, and the increase in the spreads of mixed - ownership real - estate bonds is significant - Real - estate bonds: The spreads of central and state - owned enterprise real - estate bonds have increased by 1BP, the spreads of mixed - ownership real - estate bonds have increased by 123BP, and the spreads of private real - estate bonds have increased by 14BP. The spreads of Longfor have increased by 20BP, CIFI by 40BP, Midea Real Estate remained flat, and Vanke by 438BP [2][20]. - Other industrial bonds: The spreads of coal bonds of all grades have increased by 0 - 2BP; the spreads of AAA - grade steel bonds have increased by 1BP, AA+ by 5BP; the spreads of AAA - grade chemical bonds have increased by 2BP, AA+ remained flat. The spreads of Shaanxi Coal Industry have increased by 1BP, while the spreads of HBIS and Jinkong Coal Industry have decreased by 1BP [2][20]. 4. The yields of Tier 2 and perpetual bonds have slightly declined, and high - grade varieties are relatively advantageous - 1Y: The yields of all grades of Tier 2 and perpetual bonds have decreased by 0 - 1BP, and the spreads have compressed similarly [2][27]. - 3Y: The yields of all grades of Tier 2 capital bonds have decreased by 2 - 3BP, and the spreads have increased by 0 - 1BP; the yields of all grades of perpetual bonds have decreased by 3 - 4BP, and the spreads have compressed by 0 - 1BP [2][27]. - 5Y: The yield of AAA - grade Tier 2 capital bonds has decreased by 3BP, and the spread is flat; the yields of other grades of Tier 2 and perpetual bonds have decreased by 2BP, and the spreads have increased by 1BP [2][27]. 5. The excess spreads of 3Y industrial perpetual bonds have declined, and the excess spreads of urban investment perpetual bonds continue to diverge - Industrial perpetual bonds: The excess spreads of industrial AAA 3Y perpetual bonds have decreased by 1.38BP to 14.79BP compared to last week, at the 38.88% percentile since 2015; the excess spreads of industrial 5Y perpetual bonds are flat at 12.39BP compared to last week, at the 27.07% percentile since 2015 [2][31]. - Urban investment perpetual bonds: The excess spreads of urban investment AAA 3Y perpetual bonds have decreased by 2.04BP to 5.35BP, at the 5.14% percentile; the excess spreads of urban investment AAA 5Y perpetual bonds have increased by 1.83BP to 10.97BP, at the 17.02% percentile [2][31]. 6. Credit Spread Database Compilation Instructions - Calculation basis: The overall market credit spreads, commercial bank Tier 2 and perpetual bond spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds data, with historical percentiles since the beginning of 2015; the urban investment and industrial bond - related credit spreads are compiled and统计 by the R & D Center of Cinda Securities, with historical percentiles since the beginning of 2015 [36]. - Calculation methods: Industrial and urban investment individual bond credit spreads = individual bond ChinaBond valuation (exercise) - same - maturity government - developed bond yield to maturity (calculated by linear interpolation method), and then the credit spreads of industries or regional urban investments are obtained by arithmetic averaging; bank Tier 2 capital bond/perpetual bond excess spreads = bank Tier 2 capital bond/perpetual bond credit spreads - same - grade and same - maturity bank ordinary bond credit spreads; industrial/urban investment - type perpetual bond excess spreads = industrial/urban investment - type perpetual bond credit spreads - same - grade and same - maturity medium - term note credit spreads [38]. - Sample selection: Both industrial and urban investment bonds select medium - term notes and public corporate bonds as samples, and exclude guaranteed bonds and perpetual bonds. If the remaining maturity of an individual bond is less than 0.5 years or more than 5 years, it is excluded from the statistical sample. Industrial and urban investment bonds use external entity ratings, while commercial banks use ChinaBond implicit debt ratings [38].

Core Viewpoint - The average stock price of A-shares is 13.92 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Stock Price Distribution - As of November 14, the Shanghai Composite Index closed at 3990.49 points, with a relatively small proportion of high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of those priced below 2 yuan [1] Market Performance - Out of the low-priced stocks, 18 saw an increase today, with notable gains from Rongsheng Development (10.17%), Yongtai Energy (9.82%), and *ST Jinke (4.76%) [1] Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1] - For example, *ST Yuan Cheng has a closing price of 0.58 yuan, while *ST Suwu and *ST Jinke are at 0.97 yuan and 1.54 yuan respectively [1]

Core Points - The "Guizhou Connects the World (Africa Station)" economic and trade cooperation exchange meeting between Guangxi and the Democratic Republic of the Congo (DRC) was held in Nanning on November 12 [1] - The meeting facilitated in-depth exchanges between the DRC's Ministry of Infrastructure and Public Works and Guangxi enterprises across various sectors, including transportation, construction, machinery manufacturing, steelmaking, mining, agriculture, and trade [2] - Guangxi and the DRC have been deepening their interactions in recent years, establishing a favorable environment for multi-sectoral cooperation, particularly in economic investment, infrastructure, agriculture, mining, AI applications, and education and training [2] Industry Insights - The "Guizhou Connects the World" initiative is a brand promoted by the Guangxi Council for the Promotion of International Trade to expand Guangxi enterprises' international cooperation under the Belt and Road Initiative, having previously hosted events in various countries [2]

Group 1: Cultural Impact of "Tian Gong Kai Wu" - The dance drama "Tian Gong Kai Wu" has successfully debuted at the Sydney Opera House, marking a significant cultural exchange and showcasing Chinese aesthetics on an international stage [1][4] - The performance has resonated with audiences, emphasizing the universal language of music and dance to convey cultural power without the need for words [1][3] - The production is based on the life of Song Yingxing, a Ming Dynasty scientist, and has been performed over a hundred times across more than 30 cities in China [2][3] Group 2: Historical Significance of "Tian Gong Kai Wu" - "Tian Gong Kai Wu," first published in 1637, is recognized as the world's first comprehensive work on agricultural and industrial production, influencing global technological development [2][11] - The book has been translated into multiple languages and has had a profound impact on various fields, including textile machinery and metallurgy [2][11] - The establishment of the Jiangxi Province "Tian Gong Kai Wu" Cultural Research Association aims to promote the study and dissemination of this significant cultural heritage [6] Group 3: Modern Applications and Economic Development - The principles outlined in "Tian Gong Kai Wu" are being integrated into modern industries in Xinyu, with significant growth in sectors such as lithium battery new energy and electronic information [9] - Xinyu's steel industry, rooted in the historical practices documented in "Tian Gong Kai Wu," continues to innovate, achieving breakthroughs in technology and expanding its global market reach [8][9] - The local government is actively promoting the cultural and technological legacy of "Tian Gong Kai Wu" to enhance tourism and educational initiatives [7][8] Group 4: Future Prospects and Global Engagement - The dance drama is set to perform at the "China-Greece International Drama Festival," furthering its mission of cultural dialogue and exchange [5] - The integration of ancient technology with modern performance art offers new avenues for cultural heritage revitalization [5][6] - The ongoing international performances of "Tian Gong Kai Wu" are expected to foster greater understanding and appreciation of Chinese culture globally [12]

Core Viewpoint - The steel industry is facing challenges with profitability due to ineffective policies on crude steel volume control, and preventing internal competition while improving prices remains a key task for the upcoming year [1][3]. Pricing - Steel prices have been on a downward trend, with future movements dependent on production cuts. The core issues include supply-demand mismatches, weakened cost support, and delayed policy effects. The market is currently in a weak balance state characterized by low inventory, low prices, low demand, and high supply elasticity. The future price trajectory will hinge on the effectiveness of production cut policies [2][3]. Supply - The government is continuing to implement crude steel production controls and promote "dual control of carbon emissions." Policies are focused on preventing new steel production capacity under various guises and promoting high-performance special steel and recycling. The effectiveness of these policies has diminished compared to 2021, leading to increased internal competition and deteriorating profitability [3][4]. Demand - The proportion of steel used in manufacturing has been increasing, surpassing 50%. Traditional manufacturing is stable, while high-end manufacturing and emerging industries are growing rapidly. However, real estate sales have not shown significant recovery, and it is expected that steel consumption in the real estate sector will decline. Overall, domestic steel consumption is projected to decrease by 1.9% in 2026 [4][5]. Costs - The supply of iron ore is expected to increase, which may improve profitability per ton of steel. The global iron ore market is anticipated to be oversupplied in 2026, with a forecasted equilibrium price of $90 per ton (CFR China), down approximately 12% from 2025, leading to an estimated profit improvement of about 130 yuan per ton of steel [5][6]. Profitability - Profit recovery in the steel industry is contingent upon strict enforcement of production cuts. If production is reduced by 4 million tons, the annual crude steel output would be 945 million tons, potentially restoring gross profit margins to around 300 yuan. Conversely, if production is cut by only 2.5 million tons, the output would be 960 million tons, with profit margins likely remaining at this year's average of 0-100 yuan [6][7].

河钢股份（000709.SZ）11月10日在投资者互动平台表示，高纯粉钒是承德钒钛的高端钒产品之一，在 诸多应用领域具有核心竞争力。近期，承德钒钛为某高端客户定制生产的99.6%高纯粉钒顺利通过检验 成功发货，后续双方将按照有关商业协定积极推进合作进行。 （记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：据承德钒钛官微报道，近日承德钒钛钒基储能产线一 批纯度为99.6%的高纯粉钒经过质检合格后顺利下线将直供新能源领域高端客户用于制造全钒液流储能 电池。请问是否属实？，请问此新能源领域高端客户是哪个？ ...

标题点睛： 最高人民法院11月9日公布关于审理交通事故责任纠纷案件适用法律若干问题的解释（二）（征求意见稿），向社会公开征求意见。该司法解释拟就"开门 杀"、电动自行车与机动车发生交通事故造成机动车一方人身损害等问题作出规定，征求意见截止日期为11月15日。 据中国东方航空官方微博，11月9日13:02，东航MU563航班搭载248名旅客从上海浦东国际机场飞赴印度德里，标志着时隔5年，东航正式复航"中印航 线"，成为2025年首家复航中印客运航班的国内航司。 菲律宾民防局表示，截至9日16时16分，为应对"凤凰"可能带来的强风、暴雨和风暴潮，菲律宾全国已转移大约110万人。 美国参议院多数党领袖约翰·图恩当地时间11月9日表示，一项关于结束政府"停摆"的潜在协议"正在逐步达成"。 每经记者｜王帆 每经编辑｜陈柯名 张喜威 胡玲 潘海福 1 供应链混乱的源头和责任在荷方！商务部回应安世半导体问题 据商务部网站11月9日消息，商务部新闻发言人就欧方关于安世半导体问题的声明答记者问表示：造成当前全球半导体供应链混乱的源头和责任在荷方， 中方注意到欧方已表示会做荷方工作，希欧方进一步加大工作力度，促荷方尽快撤销相关措 ...

格隆汇11月7日丨安阳钢铁(600569.SH)公布，公司拟以现金方式向控股股东安钢集团出售公司持有的全 部永通公司和豫河公司股权。出售价格以致同会计师事务所（特殊普通合伙）审计报告和北京国融兴华 资产评估有限责任公司评估报告最终评估值为基础确定，股东全部权益评估金额为人民币95,468.58万 元，公司按持股比例计算的股权转让价款为人民币83,665.04万元。本次交易完成后，公司将不再持有永 通公司和豫河公司股权，本次交易对公司损益产生的影响最终以审计结果为准。 本次关联交易用于进一步优化公司资产结构，补充公司运营资金。 ...

Report Industry Investment Rating - Not provided Core Viewpoints - This week, steel and ore prices fluctuated weakly. Electric arc furnace steel continued to incur overall losses, blast furnace profits shrank, and the blast furnace profitability rate continued to decline. Steel mills had low production enthusiasm, with some mills undergoing maintenance and halting production, and environmental protection restrictions were imposed in areas such as Shanxi and Tangshan, Hebei. The daily hot metal output was 234,220 tons, a weekly decrease of 2,140 tons, basically the same as the same period last year, and it is likely to further decline to below 230,000 tons in the later stage. The demand for finished products has entered the off - season, and the pressure for recovery has increased. The price of upstream coking coal is firm, and there has been a fourth round of price increases for coke, providing strong cost support. For iron ore, the continuous decline in hot metal output is negative for iron ore. The weakening of cost prices benefits steel mills, and a weak balance of supply and demand is maintained in the off - season. Overall, the supply and demand of steel and ore are both weak, and it is expected to continue to maintain the oscillation range. The resistance level of the main rebar contract is 3,230, and the support level is 3,000. The resistance level of hot - rolled coils is 3,450, and the support level is 3,200. The resistance level of the main iron ore 2601 contract is 833, and the support level is 750 [4]. - The steel price generally has a cycle of about 7 years: it declined from 2008 - 2015, rose from 2016 - 2021, and declined from 2021 - 2025. Currently, it is still in the decline cycle [7]. - This week, steel and ore prices fluctuated lower, and the rebar price at 3,000 and the iron ore price at 750 showed strong resilience [10]. Summary by Relevant Catalogs Supply - This week, the total inventory of the five major steel products was 1.50357 billion tons, a weekly decrease of 10,190 tons, a decline of 0.67% [15]. - The daily hot metal output was 234,220 tons, a weekly decrease of 2,140 tons, in line with expectations, and it is likely to further decline to 220,000 - 230,000 tons in the later stage. The profitability rate of steel mills was 39.83%, a decrease of 5.19%. From October 27 to November 2, the total arrival volume at 47 ports in China was 3.3141 billion tons, a week - on - week increase of 1.2298 billion tons; the total arrival volume at 45 ports in China was 3.2184 billion tons, a week - on - week increase of 1.1893 billion tons; the total arrival volume at the six northern ports was 1.5859 billion tons, a week - on - week increase of 490 million tons. From October 27 to November 2, the total global iron ore shipment volume monitored by Mysteel was 3.2138 billion tons, a week - on - week decrease of 174.5 million tons. The total shipment volume of iron ore from Australia and Brazil was 2.7592 billion tons, a week - on - week decrease of 166.7 million tons. The Australian shipment volume was 1.8951 billion tons, a week - on - week decrease of 89.2 million tons, among which the volume shipped from Australia to China was 1.6058 billion tons, a week - on - week decrease of 60.6 million tons. The Brazilian shipment volume was 864.1 million tons, a week - on - week decrease of 77.5 million tons [22]. Inventory - This week, the total inventory of the five major varieties decreased week - on - week: the factory inventory decreased week - on - week, and the decline was mainly contributed by rebar. The social inventory also decreased week - on - week, and the decline was also mainly contributed by rebar [17]. Consumption - This week, the weekly consumption volume of the five major varieties was 866,930 tons, a decrease of 5.4%; among them, the consumption of building materials decreased by 7.2% week - on - week, and the consumption of plates decreased by 0.2% week - on - week. In the later stage, the supply side of steel is expected to shrink, the demand for finished products has entered the off - season, and the pressure for recovery has increased [17]. Trading Strategy - In the short term, the rebar price at 3,000 still has strong resilience. When it approaches 3,000, it is recommended to try to go long. If it effectively breaks below, it is recommended to stop the loss and exit. For iron ore, short - term operations are recommended, and stop - loss should be set [5]. Important Information - From January to September, among the newly - issued local special bonds nationwide, about 640 billion yuan of special bonds related to real estate such as affordable housing projects, affordable rental housing, and urban old community renovation were issued, a year - on - year increase of 89% [6]. - The Dalian Commodity Exchange publicly solicited opinions on adjusting the coking coal delivery quality standard [6]. - The Tariff Policy Commission of the State Council announced that starting from 13:01 on November 10, 2025, it will adjust the measures for imposing additional tariffs on imported goods originating from the United States. The 24% additional tariff rate on US - made goods will continue to be suspended for one year, and the 10% additional tariff rate on US - made goods will be retained [6]. - According to data from the China Iron and Steel Association, in late October 2025, key steel enterprises produced a total of 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, a daily output decrease of 9.8% month - on - month; the steel inventory was 14.63 million tons, a decrease of 1.95 million tons from the previous ten - day period, a decline of 11.8% [6]. - President Xi Jinping emphasized when listening to the report on the construction of the Hainan Free Trade Port that the goals of building the Hainan Free Trade Port should be fully achieved. It is necessary to steadily expand institutional opening - up and further improve the level of trade and investment liberalization and facilitation. It is necessary to further promote the opening - up of the flow of goods and factors and better promote the cross - border flow of production factors [6]. - According to the latest data from the General Administration of Customs, in October 2025, China exported 828,000 vehicles; from January to October, the cumulative export volume was 6.513 million vehicles, a year - on - year increase of 23.3% [6]. - According to data from the General Administration of Customs on November 7, 2025, in October 2025, China exported 9.782 million tons of steel, a decrease of 683,000 tons from the previous month, a month - on - month decline of 6.5%; from January to October, the cumulative export volume of steel was 97.737 million tons, a year - on - year increase of 6.6% [6]. - According to data from the General Administration of Customs on November 7, 2025, in October 2025, China exported 351.907 million household appliances; from January to October, the cumulative export volume was 3.711632 billion units, a year - on - year decrease of 0.3% [6].