12月25日，中金河钢（河北）发展股权投资基金成立大会在河钢研发中心举行。河北省委常委、常务副省长赵辰昕，河钢集团党委书记、董事长刘键，中金 公司党委书记、董事长陈亮等出席活动，共同见证了该基金的成立。 中金公司党委书记、董事长陈亮表示，此次合作是双方深化战略协同、共促区域发展的重要落地。中金公司将发挥综合金融服务优势，引导金融活水支持河 北的产业创新，共同打造产融合作新典范。 作为储备子基金的合作方，BlueFive Capital董事会副主席Sheikh Mubarak Abdulla Al-Mubarak Al-Sabah表示，该公司坚定看好中国市场的长期发展潜力以及 河钢集团的出海机遇，期待与中金河钢发展母基金合作，整合中东长期资本与中国的产业资源，发掘海内外优质投资机会。 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 该基金由河钢集团与中金资本共同发起设立，总规模为320亿元人民币，运营期为15年。基金将采取"母基金+直投"的运作模式，重点围绕河钢集团的传统优 势产业和战略性新兴产业进行资本布局，投资领域涵盖高端材料、新能源、新一代信息技术、节 ...

ESG 专题报告 研究助理 方嘉成 相关研究 银河 ESG 评级体系及研究 核心观点 2025 年 12 月 25 日 分析师 马宗明 ：18600816533 ：mazongming_yj@chinastock.com.cn 分析师登记编码：S0130524070001 1.【银河 ESG】厚积薄发，志存高远——ESG 投资策 略解析与优化构建 2.【银河 ESG】穿越市场周期变幻：ESG 舆情整合策 略新径 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 银河 ESG 评级体系目标是聚焦 ESG 底层数据与股价波动、公司基本面表 现的相关性分析，为市场参与方提供兼具参考价值与实操意义的评级依 据。评级过程严格遵循"自主、公开、完备、可比、时效、风控"六大核心准 则，保障评级规范性与结果公正性。覆盖范围全面囊括全部 A 股上市公司， 并基于投资端需求细分 31 个行业，实现行业内与跨行业的可比分析。指标架 构采用四层穿透式逻辑架构，构建维度间相互支撑、逻辑贯通的指标体系，确 保评级维度的全面性与系统性。评级矩阵由 ESG 专业研究团队与 ...

Supply Side - The steel industry is expected to see an increase in valuation driven by supply-side production regulation and more proactive fiscal policies [1] - By 2025, ongoing regulatory policies will focus on innovative capacity governance, emphasizing quality and structure over mere capacity reduction, marking a shift towards more refined and long-term industry governance [1] - As of November 2025, the cumulative crude steel production in China is projected to be 890 million tons, a year-on-year decrease of 4.04%, indicating an increase in industry self-discipline and a tightening supply trend expected to continue into 2026 [1] Demand Side - Steel exports are anticipated to play a crucial role in alleviating domestic supply-demand imbalances, with cumulative steel exports reaching approximately 110 million tons by October 2025, a year-on-year increase of 13.29 million tons [2] - Although the demand for construction steel is still facing a downward trend, the rate of decline is narrowing, indicating that demand is nearing its bottom [2] - The demand for steel in manufacturing is expected to remain stable, driven by sectors such as automotive, home appliances, and new infrastructure projects like wind power and 5G, which are increasing consumption of various steel products [2] Cost Side - Global iron ore demand is expected to decline overall, with China's structural upgrades and capacity replacements leading to a gradual decrease in steel demand, while growth in other emerging markets is insufficient to offset this reduction [3] - In the first half of 2025, supply easing is expected to suppress coking coal prices, with price drivers primarily influenced by supply adjustments rather than strong demand growth [3] - The price of scrap steel is projected to remain stable with no significant fluctuations, indicating a low probability of drastic price changes in 2026 [3]

新华财经北京12月25日电据我的钢铁网（Mysteel），截至12月25日当周，全国螺纹钢产量连续两周增 加，厂库由降转增，社库连续第十一周下降，表需由增转降。 （文章来源：新华财经） 截至12月25日当周，螺纹产量184.39万吨，较上周增加2.71万吨，增幅1.49%；螺纹厂库140.06万吨，较 上周增加0.52万吨，增幅0.37%；螺纹社库294.19万吨，较上周减少18.81万吨，降幅6.01%；螺纹表需 202.68万吨，较上周减少5.96万吨，降幅2.86%。 ...

中证报中证网讯（记者 万宇）今年以来，自由现金流策略在A股市场获得越来越多的关注。"自由现金 流，可以理解为企业在支付了所有必要经营开支和未来投资后，真正剩余的可自由支配的现金。总的来 看，自由现金流比净利润更能反映企业为股东创造价值的能力。"广发基金基金经理田文舟介绍，他管 理的广发龙头优选采用自由现金流的策略来选股，对于接下来的投资，他看好上游资源品、出海制造业 等方向。 "基于自由现金流的选股策略在长期有望获得超额收益，体现在产品的投资风格上，可能介于深度价值 和高质量价值之间。"田文舟表示，在广发龙头优选的管理实践中，组合严格遵循企业价值/自由现金流 低于15倍的筛选标准，并致力于挑选行业内的优质龙头公司。基金三季报显示，该产品的持股进一步强 化了对企业自由现金流和全球竞争力的要求，以增强组合的稳健性和长期回报的确定性，在有色、机 械、家电、汽车、新能源等行业配置比例较高。 站在岁末展望未来的市场，田文舟分析，国内方面，三季度经济增长动能虽然有所放缓，但整体仍显韧 性，从2025年全A三季报来看，剔除金融与石油板块后，上市公司盈利显现出企稳复苏态势；海外方 面，预计在通胀未实质性反弹之前，美联储延续降 ...

培训首日，山东省工程咨询院专家深入解读了项目谋划的政策机遇；山东社会科学院学者系统分析了双碳背景下 产业与能源转型的挑战与机遇；来自工业和信息化部钢铁行业标准化工作组、上海环境（601200）能源交易所、 中国银行业协会绿色信贷专委会的专家，分别就工业绿色转型实践、碳市场交易分析、绿色金融创新等主题进行 了精彩分享。课程内容既有理论高度，又具实践指导性，现场互动热烈，思想碰撞频繁。 据悉，次日培训将聚焦ESG与可持续发展战略、绿色产品与碳足迹认证实践，并特邀人工智能领军企业专家，探 讨AI大模型如何赋能产业创新变革。培训结束后，学员将带着新的知识、联结与行动共识返回工作岗位，将学习 成果转化为推动本地、本行业绿色转型的具体实践。 本期培训班是山东省绿色低碳产业发展协会发挥平台功能、服务全省战略的重要举措。通过系统化、高质量的能 力建设，旨在培育一支理解政策、精通业务、敢于创新的骨干队伍，为山东省绿色低碳高质量发展先行区建设注 入强劲的专业动能与协同合力。 2025年12月25日，由山东省绿色低碳产业发展协会主办的"2025年全省绿色低碳高质量发展先行区建设专题培训 班"在济南珍珠泉宾馆正式开班。来自全省各级发 ...

Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.08% as of December 25, 2025, with notable gains in constituent stocks such as Xiamen International Trade (up 4.44%) and Luxi Chemical (up 3.30%) [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.26%, reflecting a growing interest in dividend-paying assets amid a favorable monetary policy environment [1][2] Market Performance - The trading volume for the National State-Owned Enterprises Dividend ETF reached 2.91% turnover with a transaction value of 1.489 million yuan, and the average daily trading volume over the past week was 4.2193 million yuan [1] - The latest scale of the National State-Owned Enterprises Dividend ETF stands at 51.0433 million yuan, with a total of 44.7866 million shares [1] Policy and Economic Environment - The People's Bank of China has reiterated its commitment to maintaining a moderately loose monetary policy, which is expected to positively influence market sentiment [1] - The decline in the risk-free interest rate is expected to enhance the attractiveness of dividend assets, supported by ongoing policy improvements aimed at strengthening the quality and market capitalization management of listed companies [2] Investment Outlook - According to Kaiyuan Securities, the performance of dividend stocks is anticipated to outperform in 2026 compared to 2025, driven by improved relative valuations, easing pressure on cyclical earnings, and a shift in funding preferences towards high-dividend assets [2] - The National State-Owned Enterprises Dividend Index reflects the overall performance of high-dividend securities selected from state-owned enterprises, focusing on those with stable dividends and significant liquidity [2][3]

12月25日，盛德鑫泰涨5.27%，截至发稿，报35.95元/股，成交8700.39万元，换手率4.33%，总市值 39.55亿元。 资料显示，盛德鑫泰新材料股份有限公司位于江苏省常州市钟楼区邹区镇工业大道工业路48-1号，成立 日期2001年10月15日，上市日期2020年9月1日，公司主营业务涉及各类工业能源设备专用无缝钢管的生 产、研发和销售。主营业务收入构成为：合金钢管45.54%，不锈钢管29.38%，汽车电机转轴5.67%，配 件及其他5.55%，汽车电机机壳4.68%，钢格板4.05%，废料收入3.49%，碳素无缝钢管1.64%。 国泰中证钢铁ETF（515210）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间3年333天，现任基金资产总规模253.91亿元，任职期间最佳基金回报 78.72%， 任职期间最差基金回报-21.06%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从盛德鑫泰十大流通股东角度 数据显示，国泰基金旗下1只基 ...

Core Insights - The steel industry is expected to recover in 2025 after three years of decline, driven by improvements in cost and supply sides [4][7][16] - The majority of profits in the black industrial chain are captured by iron ore, with profit shares of 72% for iron ore, 6% for coking coal, and 22% for steel [4][7] - The West Manganese project is seen as a potential solution to redirect profits back to the domestic steel industry [4][7] Profitability - In Q4 2025, prices for rebar, hot-rolled, iron ore, and coking coal decreased by 7.1%, 6.0%, 1.0%, and 12.5% year-on-year, respectively, with coking coal showing a significant price drop [7][18] - The decline in coking coal prices has alleviated cost pressures for steel companies, leading to a rebound in profitability [18][21] - The overall profit for the steel industry is expected to improve as demand stabilizes and costs decrease [7][21] Supply - The actual crude steel production in 2025 is expected to remain flat year-on-year, despite improved profitability encouraging production [20][21] - The supply side has not yet contracted as expected, with administrative production limits still pending implementation [16][20] - The discrepancy in production statistics indicates that crude steel output may be underestimated due to reporting practices [21][23] Demand - Steel inventory has been successfully reduced to low levels, indicating a stabilization in apparent consumption [26][27] - The demand structure shows a decline in rebar consumption by 5.4%, while hot-rolled and cold-rolled products saw increases of 1.2% and 1.5%, respectively [30][31] - Strong external demand, particularly in machinery and equipment exports, is expected to support steel demand [31][40] Outlook for 2026 - Steel demand is anticipated to remain stable, supported by infrastructure and manufacturing investments as outlined in the 14th Five-Year Plan [42][46] - The decline in new housing starts is expected to moderate, reducing the negative impact on steel demand from the real estate sector [46][48] - Global monetary and fiscal policies are expected to become more accommodative, further supporting steel demand through improved economic conditions [48][49] Policy and Regulation - The introduction of export license management for certain steel products aims to curb low-end exports and improve market stability [51][52] - The focus on "graded management" policies is expected to lead to a reduction in outdated production capacity, benefiting compliant and high-quality steel producers [52]

黑色商品日报 黑色商品日报（2025 年 12 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨天螺纹盘面延续窄幅波动，截止日盘螺纹 2605 合约收盘价格为 3136 元/吨，较上一交易收盘 | 窄幅整理 | | | 价格上涨 8 元/吨，涨幅为 0.26%，持仓增加 1.74 万手。现货价格基本平稳，成交回升，唐山地区迁安普 | | | | 方坯价格持平于 2950 元/吨，杭州市场中天螺纹价格持平于 3230 元/吨，全国建材成交量 9.59 万吨。据钢 | | | | 谷网数据，本周全国建材产量回升 4.41 万吨至 355.78 万吨，社库减少 34.01 万吨至 474.89 万吨，厂库增 | | | | 加 1.93 万吨至 291.58 万吨，建材表需回升 7.4 万吨至 252.66 万吨。建材产量继续回升，库存降幅有所收 | | | | 窄，表需小幅回升，数据表现基本符合预期。目前螺纹现实供需表现较强，多地出现规格断档的现象，对 | | | | 价格走势形成较强支撑。不过近期钢厂盈利逐步回升，市场预期 1 月份 ...