2026年1月份CPI同比上涨 PPI同比降幅收窄 1月份，居民消费需求持续恢复，居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.2%，扣除 食品和能源价格的核心CPI同比上涨0.8%。受全国统一大市场建设持续推进、部分行业需求增加及国际 大宗商品价格传导等因素影响，工业生产者出厂价格指数（PPI）环比上涨0.4%，同比下降1.4%。 一、CPI同比涨幅回落主要受春节错月影响，核心CPI保持温和上涨 CPI同比涨幅有所回落，主要有以下两方面原因：一是春节错月影响。上年1月份为春节月份，食 品和部分服务价格上涨较多，导致上年同期对比基数较高，带动本月同比涨幅回落较多。分类别看，食 品价格下降0.7%，影响CPI同比下降约0.11个百分点，而上月对CPI的影响为上拉约0.21个百分点。食品 中，鲜菜价格上涨6.9%，涨幅比上月回落11.3个百分点，对CPI同比的上拉影响比上月回落约0.27个百 分点；鲜果价格上涨3.2%，涨幅比上月回落1.2个百分点；猪肉和鸡蛋价格分别下降13.7%和10.6%。服 务价格上涨0.1%，影响CPI同比上涨约0.05个百分点，对CPI同比的上拉影响比上月减少约0.20个百分 ...

Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals industry [5] Core Viewpoints - Short-term fluctuations do not alter the long-term positive trend, and investors should look for low-position opportunities in the sector [7][12] - The zinc sector is seen as an overlooked basic material in the context of de-globalization, with improving supply-demand dynamics suggesting potential price increases [13] - The aluminum sector, particularly electrolytic aluminum, is expected to enjoy valuation premiums due to its supply chain security and competitive advantages [14] - In the precious metals sector, it is advised to wait for price stabilization before increasing positions, as long-term bullish trends remain intact despite recent volatility [14] Summary by Sections 1. Core Viewpoints - Short-term market fluctuations are not expected to change the long-term positive outlook for the non-ferrous metals sector, with a focus on low-position investment opportunities [12] - The zinc sector is anticipated to benefit from increased demand driven by re-industrialization in Asia, Africa, and Latin America, despite current market skepticism [13] - The aluminum sector is projected to see steady profit growth due to enhanced supply chain security and the ongoing transition from copper to aluminum in air conditioning applications [14] - Precious metals are recommended for cautious investment, with a focus on long-term price stability and potential upward trends [14] 2. Steel Industry - The steel industry is experiencing a weak fundamental outlook as it approaches the seasonal low around the Spring Festival, with expectations for policy measures to support the sector [15] - Steel production has seen a slight increase, while demand for rebar has weakened significantly [20] - Inventory levels for both social and steel mill stocks are on the rise, indicating potential oversupply concerns [22] - Overall steel prices have slightly declined, reflecting broader market trends [31] 3. New Energy Metals - Lithium carbonate production in December 2025 saw a significant year-on-year increase of 69.09%, indicating strong supply growth in the new energy sector [35] - The demand for new energy vehicles remains robust, with production and sales showing notable year-on-year growth [39] - Prices for lithium and nickel have experienced significant declines, while cobalt prices have remained stable [44]

相关报告：智研咨询发布的《2026-2032年中国黑色金属矿采选业行业市场全景调查及投资前景预测报 告》 数据来源：国家统计局 2019年-2025年全年全国黑色金属冶炼和压延加工业累计产能利用率统计图 数据来源：国家统计局 2025年第四季度，全国黑色金属冶炼和压延加工业单季度产能利用率为78.5%，单季度比上年同期回升 0.4个百分点；2025年全年，全国黑色金属冶炼和压延加工业累计产能利用率为79.7%，累计比上年同期 回升1.6个百分点。 2019Q4-2025Q4全国黑色金属冶炼和压延加工业单季度产能利用率统计图 ...

国家知识产权局信息显示，江苏省沙钢钢铁研究院有限公司、张家港扬子江冷轧板有限公司、江苏沙钢 集团有限公司取得一项名为"一种高抗硫性能镀锡板及其制备方法与应用"的专利，授权公告号 CN121137729B，申请日期为2025年11月。 天眼查资料显示，江苏省沙钢钢铁研究院有限公司，成立于2007年，位于苏州市，是一家以从事科技推 广和应用服务业为主的企业。企业注册资本5000万人民币。通过天眼查大数据分析，江苏省沙钢钢铁研 究院有限公司共对外投资了1家企业，参与招投标项目5次，专利信息2629条，此外企业还拥有行政许可 3个。 张家港扬子江冷轧板有限公司，成立于2011年，位于苏州市，是一家以从事批发业为主的企业。企业注 册资本510000万人民币。通过天眼查大数据分析，张家港扬子江冷轧板有限公司参与招投标项目211 次，专利信息602条，此外企业还拥有行政许可44个。 江苏沙钢集团有限公司，成立于1996年，位于苏州市，是一家以从事黑色金属冶炼和压延加工业为主的 企业。企业注册资本450000万人民币。通过天眼查大数据分析，江苏沙钢集团有限公司共对外投资了 124家企业，参与招投标项目5000次，财产线索方面 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，承德建龙特殊钢有限公司，成立于2001年，位于承德市，是一家以从事黑色金属冶炼 和压延加工业为主的企业。企业注册资本150000万人民币。通过天眼查大数据分析，承德建龙特殊钢有 限公司共对外投资了18家企业，参与招投标项目5000次，财产线索方面有商标信息3条，专利信息520 条，此外企业还拥有行政许可67个。 海南龙祥原科技有限公司，成立于2020年，位于省直辖县级行政区划，是一家以从事互联网和相关服务 为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，海南龙祥原科技有限公司共对外 投资了1家企业，参与招投标项目1次，专利信息83条，此外企业还拥有行政许可1个。 国家知识产权局信息显示，承德建龙特殊钢有限公司取得一项名为"一种顶头用渗氮合金及其制备方 法"的专利，授权公告号CN116590617B，申请日期为2023年5月。 ...

有色金属行业 行业研究 | 行业周报 风物长宜放眼量 ——有色钢铁行业周观点（2026 年第 5 周） 核心观点 投资建议与投资标的 风险提示 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 04 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | | 李一涛 | 执业证书编号：S0860124120001 | | liyitao@orientsec.com.cn | | | 021-63326320 | | | 黄雨韵 | 执业证书编号：S0860125070019 | | --- | --- | | | huangyuyun@orientsec.com.cn | | | 021-63326320 | 金银比突破 50，贵金属有望带领工业金属 加 速 上 涨 ： — — 有 色 钢 铁 行 业 周 观 点 （2 ...

Core Insights - In 2025, the total profit of large-scale industrial enterprises in China reached 739.82 billion yuan, marking a 0.6% increase from the previous year, reversing a three-year decline trend [1] Industry Performance - The petroleum and natural gas extraction industry reported a total profit of 276.49 billion yuan, a decrease of 18.7% year-on-year [1] - The chemical raw materials and chemical products manufacturing industry achieved a total profit of 376.62 billion yuan, down 7.3% from the previous year [1] - The mining industry saw a total profit of 834.51 billion yuan, a significant decline of 26.2% [1] - The manufacturing sector generated a total profit of 569.16 billion yuan, reflecting a growth of 5.0% [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 872.12 billion yuan, increasing by 9.4% [1] Profit Distribution by Ownership - State-controlled enterprises achieved a total profit of 2056.1 billion yuan, down 3.9% year-on-year [1] - Shareholding enterprises reported a total profit of 5540.83 billion yuan, a slight decrease of 0.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit of 1744.74 billion yuan, an increase of 4.2% [1] - Private enterprises maintained a profit of 2281.06 billion yuan, unchanged from the previous year [1] Revenue and Cost Analysis - The total operating revenue of large-scale industrial enterprises reached 139.20 trillion yuan, up 1.1% from the previous year [2] - Operating costs amounted to 118.75 trillion yuan, increasing by 1.3% [2] - The operating income margin was 5.31%, a decrease of 0.03 percentage points year-on-year [2] Financial Position - By the end of 2025, total assets of large-scale industrial enterprises were 188.41 trillion yuan, a growth of 4.3% [2] - Total liabilities reached 108.58 trillion yuan, up 4.2% [2] - Total equity was 79.82 trillion yuan, increasing by 4.5% [2] - The asset-liability ratio stood at 57.6%, a decrease of 0.1 percentage points from the previous year [2] Accounts Receivable and Inventory - Accounts receivable amounted to 27.43 trillion yuan, a growth of 4.7% year-on-year [3] - Finished goods inventory was 6.73 trillion yuan, increasing by 3.9% [3] - The average collection period for accounts receivable was 67.9 days, an increase of 3.6 days [3]

Core Viewpoint - Jiangsu Xinfida Steel Technology Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Jiangsu Feida Enterprise Management Co., Ltd. [1] Company Summary - The legal representative of Jiangsu Xinfida Steel Technology Co., Ltd. is Zhang Yu [1] - The company is classified under the manufacturing industry, specifically in the black metal smelting and rolling processing sector [1] - The registered capital of the company is 10 million RMB [1] - The business scope includes technology promotion and application services, new material technology research and development, steel rolling processing, metal material sales, and high-quality special steel material sales [1] Shareholder Information - Jiangsu Feida Enterprise Management Co., Ltd. holds 100% of the shares in Jiangsu Xinfida Steel Technology Co., Ltd. [1] Operational Details - The company is located in Danyang City, Jiangsu Province, specifically in the village of Hoxiang, Danbei Town [1] - The business license allows the company to operate independently within the scope of its registered activities [1] - The operational period is set from January 27, 2026, with no fixed end date [1] - The registration authority is the Danyang Administrative Service Management Office [1]

Core Insights - In 2025, the total profit of industrial enterprises above designated size reached 73,982 billion yuan, a year-on-year increase of 0.6% (on a comparable basis) [1] - The profit distribution among different types of enterprises showed a decline in state-owned enterprises and joint-stock enterprises, while foreign and private enterprises experienced growth or stability [1] - The mining industry faced a significant profit decline, while the manufacturing sector showed positive growth [1] Group 1: Profit by Enterprise Type - State-owned enterprises achieved a total profit of 20,561 billion yuan, down 3.9% year-on-year [1] - Joint-stock enterprises reported a profit of 55,408.3 billion yuan, a slight decrease of 0.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 4.2%, totaling 17,447.4 billion yuan [1] - Private enterprises maintained a profit of 22,810.6 billion yuan, unchanged from the previous year [1] Group 2: Profit by Industry - The mining industry reported a profit of 8,345.1 billion yuan, down 26.2% [1] - The manufacturing sector achieved a profit of 56,915.7 billion yuan, an increase of 5.0% [1] - The electricity, heat, gas, and water production and supply industry saw a profit of 8,721.2 billion yuan, growing by 9.4% [1] Group 3: Revenue and Costs - The total operating revenue of industrial enterprises above designated size reached 139.20 trillion yuan, a year-on-year increase of 1.1% [2] - Operating costs amounted to 118.75 trillion yuan, up 1.3% from the previous year [2] - The operating profit margin was 5.31%, a decrease of 0.03 percentage points compared to the previous year [2] Group 4: Financial Metrics - Total assets of industrial enterprises reached 188.41 trillion yuan, growing by 4.3% year-on-year [2] - Total liabilities increased by 4.2% to 108.58 trillion yuan [2] - Total owners' equity rose by 4.5% to 79.82 trillion yuan [2] - The asset-liability ratio stood at 57.6%, a decrease of 0.1 percentage points [2] Group 5: Accounts Receivable and Inventory - Accounts receivable totaled 27.43 trillion yuan, an increase of 4.7% year-on-year [3] - Finished goods inventory reached 6.73 trillion yuan, growing by 3.9% [3] - The average collection period for accounts receivable was 67.9 days, an increase of 3.6 days [3]

宏观数据点评报告 新动能及反内卷支撑下，全年工企利润实现增长 ――2025 年 1-12 月工业企业效益数据点评 分析师： 严佩佩 SAC NO： S1150520110001 2026 年 1 月 27 日 [Table_Summary] [Table_Author] 证券分析师 事件：2026 年 1 月 27 日，统计局公布了 2025 年 12 月的规模以上工业企业 效益数据。 点评： SAC NO:S1150520110001 宋亦威 022-23861608 SAC NO:S1150514080001 songyw@bhzq.com 研究助理 靳沛芃[Table_IndInvest] 022-23839160 SAC NO：S1150124030005 jinpp@bhzq.com 2025 年 1-12 月规模以上工业企业利润同比增速边际回升 0.5 个百分点至 0.6%；其中，12 月规模以上工业企业利润同比增长 5.3%，由负转正回升 18.4 个百分点。从量、价、利润率三因素来看，首先，受出口韧性以及高技术产 业和装备制造业的拉动，2025 年 12 月规模以上工业增加值同比增长 5.2% ...