Consumption - Domestic demand is recovering, with service consumption potential being significant, as evidenced by high visitor numbers at Shanghai Disneyland and ongoing winter tourism demand in Hainan[3] - Automotive sales show a slight decline, with retail and wholesale volumes at near-average levels for recent years[6] - Food and beverage prices are rising due to pre-holiday stocking, with agricultural product wholesale prices reaching recent highs[6] Investment - Real estate sales are showing marginal improvement, with new home transaction area declines narrowing from 33.7% to 23.4% year-on-year[18] - Infrastructure investment is supported by improved fiscal spending, although November's spending remains below last year's levels[18] - Land transaction area has seasonally increased, but the land premium rate has dropped to 1.8%, indicating ongoing price competition[18] Trade and Export - Port operations are showing marginal improvement, with an increase in the number of outbound vessels compared to the previous week[24] - Domestic export freight rates have risen by 0.6%, with Ningbo and Shanghai seeing increases of 3.2% and 3.1% respectively[24] - The Baltic Dry Index (BDI) has dropped by 12.9% due to excess shipping capacity and seasonal factors affecting international trade[24] Production - Production rates are showing divergence across sectors, with high operating rates in formaldehyde and lithium iron phosphate, while polyester and lithium battery demand support production[26] - Steel and photovoltaic industries are experiencing mixed performance, with upstream and downstream sectors showing different trends[26] Prices and Inflation - Industrial product prices are declining, with the Consumer Price Index (CPI) showing structural differentiation in price movements across categories[42] - The Producer Price Index (PPI) continues to decline, with coal prices dropping and Brent oil prices also decreasing, reflecting weak winter demand[42] Liquidity - The Renminbi continues to strengthen, with the exchange rate against the US dollar improving from 7.0554 to 7.0410[46] - The 10-year government bond yield has decreased by 0.9 basis points to 1.83%[47]

证券研究报告 | 策略定期报告 2025 年 12 月 24 日 电影票价明显修复，有色、存储器价格强势 ——行业景气观察（1224） 本周景气度改善的方向主要在资源品、中游制造和信息技术领域。上游资源品中， 金属、钢铁、煤炭价格多数上涨；中游制造领域，新能源产业链价格多数上涨， 11 月金属成形机床产量三个月滚动同比增幅扩大。信息技术中，存储器价格持 续上涨，11 月电信主营业务收入三个月滚动同比增幅扩大。消费服务领域，生猪 养殖利润上行。上市公司 Q4 盈利有望延续正增长，但增幅可能有所收窄。推荐 关注年报盈利有望高增或有改善的有色、电池、军工电子、航空/航天装备、电网 设备、工程机械、半导体、传媒等。 ❑【资源品】建筑钢材成交量十日均值上行；钢坯价格、螺纹钢价格均上行。煤炭价 格方面，秦皇岛优混动力煤价格下行，京唐港山西主焦煤库提价上行；焦炭期货结 算价、焦煤期货结算价上行。库存方面，秦皇岛港煤炭库存上行，京唐港炼焦煤库 存、天津港焦炭库存下行。全国水泥价格指数上行。Brent 国际原油价格上行；中 国化工产品价格指数周环比上行，化工品价格多数下行，PVC、PTA 涨幅居前， 聚乙烯、聚合 MID 跌幅 ...

12月23日，包头钢铁（集团）有限责任公司发布紧急声明称，近期，有不法分子通过微信、短信等形式冒用包钢（集团）公司领导名义、盗用公开报道中的 领导照片及职务信息，向他人谎称可获取"领导特批政策"，以"需支付履约保证金""疏通关系费用"为由实施诈骗行为，已严重侵害公司声誉和领导个人权 益，同时也扰乱了市场秩序，造成恶劣社会影响。 包钢集团已就相关诈骗行为人向公安机关报案。对于任何冒用公司名义、领导身份实施诈骗的组织及个人，公司将坚决采取法律手段追究其法律责任，维护 公司合法权益。 感谢社会各界长期以来对本公司的 信任与支持。本公司将持续加强风险防 控和权益保护,与社会各界共同维护公 平有序的市场环境。 特此声明! 官网资料显示，包头钢铁（集团）有限责任公司（包钢集团）始建于1954年，经过70年的建设发展，已形成钢铁、稀土产业为主业，资源及综合利用、物 流、煤焦化工、节能环保、装备及生产生活服务等新兴产业协同发展的产业体系。截至目前，资产总额2203亿元，在岗职工5.1万人，各级控股公司142家， 其中上市公司2家。 响。 对此,本公司严正声明如下: 一、本公司所有经营活动、项目合 作、商务洽谈均遵循公开透明的 ...

马鞍山钢铁股份(00323)发布公告，根据《中华人民共和国公司法》等相关规定，本公司于近日召开了 第十一届职工代表大会第一次联席会议，选举唐琪明先生(唐先生)为本公司第十届董事会职工董事，任 期自2025年12月18日起至第十届董事会届满之日止。 ...

智通财经APP讯，马鞍山钢铁股份(00323)发布公告，根据《中华人民共和国公司法》等相关规定，本公 司于近日召开了第十一届职工代表大会第一次联席会议，选举唐琪明先生(唐先生)为本公司第十届董事 会职工董事，任期自2025年12月18日起至第十届董事会届满之日止。 ...

12月24日，省委书记刘宁到安阳市龙安区、文峰区、内黄县，检查指导产业发展、文旅融合、农业生产等工作，强调要深入学习党的二十届四中全会和中央 经济工作会议精神，全面贯彻习近平总书记在河南考察时重要讲话精神，落实省委十一届十次全会和省委经济工作会议部署，大力弘扬红旗渠精神，汇聚起 促发展、强治理、惠民生的强大合力，确保"十四五"顺利收官、"十五五"良好开局。 刘宁还来到国家级文保单位和历史古迹，了解文物保护利用及文旅产业发展情况。他说，安阳文化底蕴深厚，要充分发掘利用殷商文化、古都文化资源，打 造精品旅游线路和知名文化地标，让文物活起来、动起来、火起来，大力弘扬中华优秀传统文化，真正把文旅产业发展为支柱产业。 今年我省秋播较晚，冬小麦后期田间管理尤为重要。在内黄县后河镇余庄村高标准农田，刘宁仔细检查小麦苗情墒情、田间管理情况，强调要扛牢粮食安全 政治责任，分区分类精准施策，适时浇水追肥，促进弱苗转壮苗，增加一二类苗比例，警惕干旱、冻害、病虫等风险，确保小麦安全越冬。 刘宁听取县区经济社会发展情况汇报，强调要实事求是、因地制宜，把省委十一届十次全会和省委经济工作会议部署转化为务实举措，推动经济社会平稳健 康发展。 ...

#包钢集团紧急声明#【#包钢未授权个人以领导名义签协议#】包钢 (集团) 公司发布"关于谨防不法分子 假借公司领导名义进行诈骗的声明"：近期，有不法分子通过微信、短信等形式冒用包钢（集团）公司 领导名义、盗用公开报道中的领导照片及职务信息，向他人谎称可获取"领导特批政策"，以"需支付履 约保证金""疏通关系费用"为由实施诈骗行为，已严重侵害本公司声誉和领导个人权益，同时也扰乱了 市场秩序，造成恶劣社会影响。对此，本公司严正声明如下：一、本公司所有经营活动、项目合作、商 务洽谈均遵循公开透明的正规流程，从未授权任何个人以领导名义私下开展业务对接、收取费用或签订 协议。二、本公司领导的公开信息仅用于企业形象展示及正规商务沟通，未授权任何第三方用于商业推 广或合作洽谈。三、为保障社会公众及合作伙伴合法权益，请在与公司开展相关业务前，务必通过官方 渠道（包钢集团官方网站www.btsteel.com、包钢（集团）公司企业微信公众号、包钢电子采购智慧平台 bdep.btsteel.com等）核实对方身份及业务真实性，切勿轻信不法分子谣言，以免造成财产损失。四、本 公司已就相关诈骗行为人向公安机关报案。对于任何冒用本公司 ...

Industry Investment Ratings - The investment rating for rebar is ★☆☆, indicating a slightly bullish view but with limited operability on the trading floor [1]. - The investment rating for hot-rolled coil is ★☆☆, suggesting a slightly bullish view but with limited operability on the trading floor [1]. - The investment rating for iron ore is ★★★, representing a clearer bullish trend with a relatively appropriate investment opportunity currently [1]. - The investment rating for coke is ★☆☆, meaning a slightly bullish view but with limited operability on the trading floor [1]. - The investment rating for coking coal is ★☆☆, indicating a slightly bullish view but with limited operability on the trading floor [1]. - The investment rating for silicon manganese is ★★☆, suggesting a clear bullish trend and the market is currently evolving [1]. - The investment rating for ferrosilicon is ★☆★, the white star implies that the short - term bullish or bearish trend is in a relatively balanced state, and the current trading floor has poor operability, so it's advisable to wait and see [1] Core Viewpoints - The steel market has a slightly bullish short - term trend with caution due to factors like demand, supply, and macro - policies [2]. - The iron ore market is expected to trade sideways in the short term with a relatively loose fundamental situation [3]. - The coke market will likely trade sideways as the market anticipates stimulus policies despite a rich carbon supply and downstream demand characteristics [4]. - The coking coal market is likely to trade sideways as it faces fundamental pressure after discount repair but also has expectations for stimulus policies [6]. - For silicon manganese, it's recommended to try going long on dips considering the market situation [7]. - For ferrosilicon, it's recommended to try going long on dips given the demand and supply situation [8] Summary by Commodity Steel - Rebar's apparent demand has recovered, production has slightly increased, and inventory has continued to decline. Hot - rolled coil's supply and demand have both decreased, and de - stocking has accelerated slightly but pressure remains. Iron - water production has continued to fall, supply pressure is easing, and the slowdown of steel mill production cuts may slow. The downstream demand is weak, and exports are high. The short - term trading floor is expected to be slightly bullish [2]. Iron Ore - The global supply of iron ore is strong with high - end - of - year shipment expectations. Domestic arrivals are also strong, and port inventory has increased significantly. The demand is low in the off - season, and iron - water production cuts are expected to slow. The short - term trading floor is expected to trade sideways [3]. Coke - The third round of price cuts for coke has been fully implemented, production has slightly decreased, and inventory has slightly declined. The carbon supply is abundant, downstream demand has seasonal decline but still has resilience, and the price is likely to trade sideways [4]. Coking Coal - Some coal mines have reduced or stopped production at the end of the year. Production has slightly decreased, spot auction prices have slightly increased, and inventory has increased. The carbon supply is abundant, downstream demand has seasonal decline but still has resilience, and the price is likely to trade sideways [6]. Silicon Manganese - The spot price of manganese ore has increased. There are structural problems in port inventory. Iron - water production has decreased seasonally, and silicon manganese production and inventory have slightly declined. It's recommended to try going long on dips [7]. Ferrosilicon - There are expectations of coal supply guarantee, which may lead to a decline in electricity costs and blue - carbon prices. Iron - water production has rebounded, export demand has decreased, and metal magnesium production has increased. Supply has significantly decreased, and inventory has slightly declined. It's recommended to try going long on dips [8]

证券日报网讯12月24日，华菱钢铁（000932）在互动平台回答投资者提问时表示，无缝钢管下游需求保 持相对稳定，生产经营平稳正常。关于公司经营业绩情况，请关注公司发布的公告。 ...

今年我省秋播较晚，冬小麦后期田间管理尤为重要。在内黄县后河镇余庄村高标准农田，刘宁仔细检查小麦苗情墒情、田间管理情况，强调要扛牢粮食安全 政治责任，分区分类精准施策，适时浇水追肥，促进弱苗转壮苗，增加一二类苗比例，警惕干旱、冻害、病虫等风险，确保小麦安全越冬。 刘宁听取县区经济社会发展情况汇报，强调要实事求是、因地制宜，把省委十一届十次全会和省委经济工作会议部署转化为务实举措，推动经济社会平稳健 康发展。当前元旦、春节将至，要精准施策深化冬季大气污染防治，严格执行安全生产、消防安全各项规定，全力保畅通、保供应、保民生，强化岁末年初 社会治理工作，切实做好社会公共安全保障，维护人民群众生命财产安全和社会大局稳定。 安阳市加快推动产业转型升级，为区域经济发展注入新动能。在位于龙安区的河南犀重新能源汽车有限公司，刘宁了解智能网联新能源商用车产业发展情 况，强调要加强研发投入，推进生产端、产品端全流程节能降碳，开发更多应用场景的绿色低碳交通工具，带动产业链协同发展。在位于文峰区的安钢南方 电磁新材料科技有限责任公司，刘宁察看生产车间，对企业推动钢铁产业转型的做法给予肯定，希望企业深化数智赋能，强化技术创新，加快高磁感 ...