Report Industry Investment Ratings No specific investment ratings for the industry are provided in the report. Core Views of the Report The report offers insights and analyses on various commodities in the futures market, covering precious metals, base metals, energy, agricultural products, and more. It presents the current market trends, fundamental data, and macro and industry news for each commodity, along with corresponding trend intensities and trading suggestions. Summary by Commodity Category Precious Metals - **Gold**: Inflation is moderately declining, with a trend intensity of 0 [6]. - **Silver**: Reached a new high, with a trend intensity of 0 [6]. - **Platinum**: Domestic and international markets resonate, and the bullish sentiment remains unabated, with a trend intensity of 1 [26][28]. - **Palladium**: The climbing pace has slowed, with an upward trend in oscillations, and a trend intensity of 1 [26][28]. Base Metals - **Copper**: The price rose as the US dollar declined, with a trend intensity of 1 [10][12]. - **Zinc**: Narrow - range fluctuations, with a trend intensity of 0 [13][15]. - **Lead**: Reduced inventory supports the price, with a trend intensity of 0 [16]. - **Tin**: Supply has encountered new disruptions, with a trend intensity of 1 [18][22]. - **Aluminum**: Range - bound oscillations, with a trend intensity of 1; Alumina had a slight rebound, with a trend intensity of 0; Cast aluminum alloy follows the trend of electrolytic aluminum, with a trend intensity of 0 [23][25]. - **Nickel**: The fundamental contradictions have not changed significantly, and concerns about Indonesian policies have increased, with a trend intensity of 0 [30][34]. - **Stainless Steel**: The fundamentals show weak supply and demand, and the news of Indonesian nickel mines has caused disturbances, with a trend intensity of 0 [30][34]. Energy and Chemicals - **Crude Oil - Related**: Not specifically mentioned in a comprehensive way, but some related commodities like fuel oil and asphalt are covered. - **Fuel Oil**: The night - session price rose, and short - term volatility increased, with a trend intensity of 1 [139]. - **Low - Sulfur Fuel Oil**: Mainly followed the upward trend, and the spot price spread between high - and low - sulfur fuels rebounded slightly, with a trend intensity of 1 [139]. - **Asphalt**: The spot price had a narrow - range adjustment, remaining stable despite the oil price trend, with a trend intensity of 1 [80][89]. - **Chemicals**: - **PTA**: Do not chase the high price, and it is in a high - level oscillating market, with a trend intensity of 0 [63][70]. - **MEG**: The trend is relatively weak, with a trend intensity of 0 [63][70]. - **LLDPE**: Some full - density products have been redirected, and the valuation support is limited, with a trend intensity of 0 [94][96]. - **PP**: The PDH profit has been compressed again, and the trend is weakly oscillating, with a trend intensity of 0 [97][99]. - **Caustic Soda**: A short - term rebound, and attention should be paid to inventory changes, with a trend intensity of 0 [100][102]. - **Methanol**: Oscillations are supported, with a trend intensity of 0 [112][115]. - **Urea**: Oscillating, with a trend intensity of 0 [116][119]. - **Styrene**: Short - term oscillations, with a trend intensity of 0 [120]. - **Soda Ash**: The spot market has changed little, with a trend intensity of 0 [124][125]. - **LPG**: The external cost is relatively strong, with a trend intensity of 0 [127][132]. - **Propylene**: There are expectations of supply - demand tightening, and the short - term trend is supported, with a trend intensity of 0 [128][132]. - **PVC**: A short - term rebound, but the upward space may be limited, with a trend intensity of 0 [136][137]. Agricultural Products - **Palm Oil**: The production cut is gradually being realized, and there is a short - term rebound, with a trend intensity of 1 [168][174]. - **Soybean Oil**: The price of US soybeans rebounded, and it is recommended to conduct range - bound operations, with a trend intensity of 0 [168][174]. - **Soybean Meal**: The US soybeans rose overnight, and the Dalian soybean meal may rebound and oscillate, with a trend intensity of +1 [175][177]. - **Soybean**: Oscillating, with a trend intensity of 0 [175][177]. - **Corn**: Attention should be paid to the spot market, with a trend intensity of 0 [178][181]. - **Sugar**: There is an expectation of a weak basis, with a trend intensity of 0 [182][185]. - **Cotton**: The futures price is oscillating strongly, and attention should be paid to downstream pre - holiday stocking, with a trend intensity of 0 [187][191]. - **Eggs**: Oscillating and adjusting, with a trend intensity of 0 [193]. - **Hogs**: Hold the reverse spread, with a trend intensity of - 1 [195][200]. - **Peanuts**: Attention should be paid to the purchases of oil mills, with a trend intensity of 0 [202][204]. Others - **Logs**: Low - level oscillations, with a trend intensity of 0 [59][62]. - **Synthetic Rubber**: The oscillation center has moved up, with a trend intensity of 0 [77][79]. - **Paper Pulp**: Oscillating, with a trend intensity of 0 [104][106]. - **Glass**: The raw sheet price is stable, with a trend intensity of 0 [109][110]. - **Ferroalloys**: - **Silicon Iron**: The sector and fundamentals resonate, and the trend is strongly oscillating, with a trend intensity of 0 [50][54]. - **Manganese Silicon**: The long and short sentiments are intertwined, and the trend is widely oscillating, with a trend intensity of 0 [50][54]. - **Coke and Coking Coal**: Wide - range oscillations, with a trend intensity of 0 for both [55][58]. - **Container Freight Index (European Line)**: Near - term contracts should focus on the opening guidance, while far - term contracts should focus on the progress of the Gaza peace talks, with a trend intensity of 0 [141][155]. - **Short Fibre**: Short - term follow - up of raw materials, with compressed processing fees, with a trend intensity of 0 [157][158]. - **Bottle Chips**: Short - term follow - up of raw materials, with a trend intensity of 0 [157][158]. - **Offset Printing Paper**: It is recommended to wait and see, with a trend intensity of 0 [160]. - **Pure Benzene**: Short - term oscillations, with a trend intensity of 0 [165][166].

截至12月19日，8个例行督察组共收到群众来电、来信举报9879件，受理有效举报7365件，经梳理合并 重复举报，累计向被督察对象转办5122件。被督察对象已办结或阶段办结3222件。 各督察组坚持动真碰硬，深入一线、深入现场，查实一批突出生态环境问题，核实一批不作为、慢作 为，不担当、不碰硬，甚至敷衍应对、弄虚作假等问题，坚决反对打着环保幌子搞"一刀切"和问责泛 化、简单化以及以问责代替整改。 有关省（市）和中央企业高度重视中央生态环境保护督察工作，大力推动整改落实。在解决群众信访问 题中，既认真查处、坚决整改，也实事求是、分类施策，做到精准科学依法。 新华社北京12月22日电 生态环境部22日发布，第三轮第五批中央生态环境保护督察全面完成督察进驻 阶段工作。 经党中央、国务院批准，第三轮第五批10个中央生态环境保护督察组于11月16日至19日陆续进驻北京、 天津、河北3省（市），以及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，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 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The steel market is in a state of weak supply and demand during the off - season, and winter storage has not yet arrived. The implementation of the steel export licensing system and changes in the production license system have been fully reflected in prices. For steel, multi - orders can be held lightly and added in small quantities on dips. [2] - For iron ore, with the arrival of the off - season for consumption, iron ore demand is under pressure as steel mills cut production. The supply is at a high level, and port inventories are rising. The market should be treated with a shock mindset, and multi - orders can be held lightly for mid - term trading without chasing up or selling down. [4] 3. Summary by Relevant Catalogs 3.1 Thread and Hot - Rolled Coil - **Supply and Demand**: Last week, thread production increased, hot - rolled coil production decreased, and the production of the five major varieties decreased. Overall inventory continued to decline. Thread apparent demand rebounded, while the apparent demand of the five major varieties decreased. The market is in a state of weak supply and demand. Due to the significant decline in steel mill gross profit and the end of the consumption peak, steel mill production is expected to continue to decline slowly. [2] - **Cost Support**: The sharp rebound in coking coal prices in recent days has increased the cost support for the futures market. [2] - **Technical Analysis**: The 05 contract briefly fell below the shock range on the daily K - line chart and then rebounded quickly. It has not yet broken out of the recent shock range or formed a downward breakthrough. [2] - **Operation Suggestions**: Hold multi - orders lightly and add small quantities on dips. [2] - **Data Summary**: The closing prices of thread and hot - rolled coil futures and spot prices showed different changes. The basis and spreads of various contracts also changed. The production, inventory, and apparent demand of steel products showed different trends. For example, the production of thread steel increased by 1.62%, and the social inventory of thread steel decreased by 7.59%. [2] 3.2 Iron Ore - **Demand**: The production and apparent demand of the five major steel products decreased last week. As the off - season for consumption arrives, iron ore demand is under pressure as steel mills cut production. The pre - holiday restocking demand will come later this year due to the late Chinese New Year. [4] - **Supply**: Global shipments are still at a high level, and the continuous increase in port inventories suppresses futures prices. [4] - **Technical Analysis**: The 05 contract has not yet broken out of the wide - range shock trend at a relatively high level. [4] - **Operation Suggestions**: Hold multi - orders lightly for mid - term trading. Treat the market with a shock mindset and avoid chasing up or selling down. [4] - **Data Summary**: The spot and futures prices of iron ore, basis, and spreads of various contracts, overseas shipments, shipping costs, exchange rates, port inventories, and other data showed different changes. For example, the settlement price of the DCE iron ore main contract increased by 2.56% compared with last week. [4] 3.3 Industry News - At the 2026 Steel Market Outlook and "My Steel" Annual Conference, it was proposed that the key to the steel industry during the "14th Five - Year Plan" period is to promote the withdrawal of backward production capacity, and steel inventory control should be in line with the 2021 level. [6] - The Metallurgical Industry Planning and Research Institute predicted that China's steel consumption in 2025 may be 808 million tons, a year - on - year decrease of 5.4%, and the demand in 2026 may be 800 million tons, a year - on - year decrease of 1.0%. [6] - The Dalian Commodity Exchange adjusted the premium and discount of the designated delivery warehouses of coking coal futures in Tangshan and Tianjin from 170 yuan/ton to 140 yuan/ton, effective from the JM2701 contract. [6] - The inventory of manganese - silicon enterprises increased, while the inventory of silicon - iron enterprises decreased. The blast furnace operating rate of steel mills decreased, and iron ore port inventories increased. [7][8] - Tangshan lifted the heavy - pollution weather level - II emergency response. [8]

螺纹钢&热轧卷板周度报告 黑色分析师：李亚飞 投资咨询号：Z0021184 日期：2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 螺纹&热卷观点：预期提振，钢价反弹 ◼ 逻辑：预期提振，钢价反弹 | 2025/12/19 | | 供应 | | （万吨） | | | | | | 需求（万吨） | | | | | | 库存 | | 现货 | 主力 | 01-05 | 现货 | 盘面 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 当周值 | | 环差 | | | 同差 | | 当周值 | | 环差 | | 同差 | | 当周值 | | 环差 | 同差 | 价格 | 基差 | 价差 | 利润 | ...

转自：北京日报客户端 生产性服务业就像是制造业的"幕后英雄"，它不直接生产产品，而是为制造业提供各种专业服务，比如 研发设计、物流运输、金融服务、信息服务等等。这些服务就像制造业的"润滑剂"和"加速器"，让制造 业运转得更顺畅、更高效。 2024年，这家机器人研发企业找到了一个在电动、园林工具领域经验丰富的企业，不仅能帮他们修改研 发设计，实现产品量产，还搭建了一个共享制造平台。 深圳的一家科技企业在2023年设计出了一款割草机器人，但从图纸转化为产品时遇到了难题。不仅产品 生产的成本高，质量也达不到要求。 搭建平台初期，他们没有经验和技术，在迷茫之下，企业数字化项目负责人李丹和团队找到了一家青岛 的工业互联网企业寻求帮助。结合两家的生态资源和产业资源，去探索数字化如何赋能中小企业的难 题。 曾经，这家传统的电动工具制造企业面临着"不降价就丢单，降价就亏本"的两难局面，他们想要通过跨 界开拓更多市场，于是想到了"共享制造，弱弱联合"，把社会上的产业链里面的研发资源、销售资源、 制造资源，包括一些其他的服务资源都整合在一个平台上面，以此扩大整个平台的影响力。 这样的合作模式，帮助李丹他们从传统的电动工具制造行业 ...

来源：兰格钢铁网 宏观政策落地，前期利好影响已充分吸收，市场情绪随之走弱。国内方面，重要会议后市场对短期强刺 激政策的预期降温。海外方面，美联储降息的利好已被消化。钢铁出口新政引发的"抢出口"效应，在短 期内创造了额外需求，加速了库存去化。海南自贸港全岛封关运作启动，长期利好贸易。印尼2026计划 镍矿石产量约为2.5亿吨，较2025年3.79亿吨的产量目标大幅下降，旨在防止镍价进一步下跌。12月19 日，沪镍主力合约涨幅...... 兰格不锈钢卷日盘点：消息面点燃涨势 弱现实制约高度 ...

――宏观经济周报 证券分析师 宏观经济分析报告 5 数据密集披露，等待政策反应 周喜[Table_IndInvest] 022-28451972 zhouxi@bhzq.com 宋亦威[Table_IndInvest] SAC NO：S1150514080001 022-23861608 songyw@bhzq.com 严佩佩 SAC NO：S1150520110001 022-23839070 yanpp@bhzq.com 研究助理 靳沛[Table_IndInvest] 芃 SAC NO：S1150124030005 022-23839160 jinpp@bhzq.com 分析师：周喜 SAC NO：S1150511010017 2025 年 12 月 19 日 就外围环境而言，美国方面，10 月和 11 月非农数据集中披露，前者因政府 雇员大幅减少呈现负增；而后者表面虽有新增，但若真如鲍威尔此前所言 "就业每月高估约 6 万人"，那么实际上也近乎没有增长。令人稍感欣慰的 是私人部门就业相对稳健。从失业率角度看，10 月数据受"政府关门"影 响永久消失，而 11 月数据在劳动参与率走高的情形下出现小幅跳升 ...

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螺纹钢产业链日报 2025/12/17 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,084.00 | +3↑ RB主力合约持仓量(手) | 1604729 | -10413↓ | | | RB合约前20名净持仓(手) | 27107 | -7450↓ RB1-5合约价差(元/吨) | 11 | +2↑ | | | RB上期所仓单日报(日，吨) | 78657 | 0.00 HC2605-RB2605合约价差(元/吨) | 161 | -4↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,300.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,385 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,490.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,160.00 | +10↑ | | | RB 主力合约基差 (元/吨) ...

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