1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents a collection of hot news, including China's foreign exchange and gold reserves hitting new highs, potential developments in the Ukraine-Russia conflict, and adjustments in futures trading regulations. It also shows the performance of various commodity and financial asset sectors [2][3][6] 3. Summary by Related Catalogs Hot News - As of the end of December 2025, China's foreign exchange reserves reached $335.79 billion, a month-on-month increase of $1.15 billion, hitting a new high since December 2015; the gold reserve was 74.15 million ounces, a month-on-month increase of 30,000 ounces, increasing for 14 consecutive months [2] - Ukrainian President Zelensky stated during a visit to Cyprus that negotiations with US and European partners have reached a new level, and the conflict with Russia is expected to end in the first half of 2026 [2] - The Shanghai Futures Exchange announced trading adjustments starting from January 9, including limits on intraday opening positions in silver futures and changes in trading fees and margin ratios for certain contracts [2] - Major coking enterprises agreed to continue production cuts, reduce or stop purchasing high - priced coal, and stabilize prices through communication with steel mills [3] - The EIA report showed that for the week ending January 2, US commercial crude oil inventories (excluding strategic reserves) decreased by 3.832 million barrels to 419 million barrels, a 0.91% decline; domestic crude oil production decreased by 16,000 barrels to 13.811 million barrels per day; the Strategic Petroleum Reserve (SPR) inventory increased by 245,000 barrels to 413.5 million barrels, a 0.06% increase [3] Plate Performance - Key focus: urea, lithium carbonate, coking coal, coke, and crude oil [4] - Night - session performance of commodity futures: non - metallic building materials rose 2.06%, precious metals 30.91%, oilseeds and oils 7.65%, non - ferrous metals 3.36%, soft commodities 29.23%, coal - coking - steel - ore 10.30%, energy 2.33%, chemicals 9.83%, grains 1.11%, and agricultural and sideline products 3.23% [4] Plate Position - The report shows the position changes of commodity futures plates in the past five days [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.05% daily, 2.95% monthly, and 2.95% year - to - date; the S&P 500 fell 0.34% daily, rose 1.10% monthly and year - to - date [6] - Fixed income: The 10 - year Treasury bond futures fell 0.08% daily, 0.23% monthly, and 0.23% year - to - date [6] - Commodities: The CRB commodity index was flat daily, rose 1.10% monthly and year - to - date; WTI crude oil fell 1.17% daily, 1.81% monthly, and 1.81% year - to - date [6] - Others: The US dollar index rose 0.14% daily, 0.48% monthly, and 0.48% year - to - date; the CBOE volatility index was flat daily, fell 1.34% monthly and year - to - date [6] Stock Market Risk Preference and Major Commodity Trends - The report presents the trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc., as well as the risk premium of the stock market [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 三、主要原材料采购价格变动情况（不含税） ■ 以上经营数据信息来源于公司报告期内统计数据，且未经审计，仅为投资者及时了解公司生产经营概况 之用，敬请广大投资者理性投资，注意投资风险。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号一化工》的规定，现将公司2025年第四季度 主要经营数据披露如下： 一、主要产品产量、销量及收入（不含税）情况 ■ 二、主要产品价格变动情况（不含税） ■ 陕西黑猫焦化股份有限公司 2025年第四季度主要经营数据公告 特此公告。 陕西黑猫焦化股份有限公司董事会 2026年1月8日 ...

Report Industry Investment Ratings - Thread steel: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicon manganese: ★★☆ [1] - Ferrosilicon: ★★☆ [1] Core Views - The steel market is expected to remain strong in the short term as the market sentiment warms up and the steel price follows the cost center upward, but the overall domestic demand is still weak [2]. - The iron ore market has a relatively loose fundamental situation, and there is a risk of increased high-level volatility in the future, although there is still some rigid replenishment demand [3]. - The coke and coking coal markets face certain fundamental pressures after the price correction, but the market has certain expectations for stimulus policies, leading to intensified capital games on the disk [4][6]. - The silicon manganese market is recommended to buy on dips, with attention paid to the "anti-involution" impact [7]. - The ferrosilicon market is relatively strong, and it is also recommended to buy on dips, with attention paid to the "anti-involution" impact [8]. Summaries by Related Catalogs Steel - The steel futures market rebounded significantly today. In the off-season, the apparent demand for thread steel declined, production increased, and inventory continued to decline. The demand for hot-rolled coil recovered, production increased synchronously, and inventory continued to decrease, but the pressure still needs to be relieved. The steel mill's profit margin has been repaired, the blast furnace production reduction has slowed down significantly, and the molten iron has stabilized and rebounded in the short term. The overall domestic demand is still weak, and steel exports remain high [2]. Iron Ore - The iron ore futures market rose significantly today. On the supply side, global shipments declined seasonally, and the domestic arrival volume increased month-on-month. The port inventory continued to accumulate. On the demand side, the terminal demand was weak in the off-season, and although the steel mill's profitability improved recently, there was no obvious resumption of production in the short term. The steel mill's imported ore inventory increased but remained at a low level, and there was still some rigid replenishment demand in the future [3]. Coke - The coke price hit the daily limit today. The coking profit is average, and the daily production decreased slightly. The coke inventory increased slightly. Currently, downstream buyers purchase on demand in small quantities, and traders have average purchasing intentions. Overall, the carbon element supply is abundant, and although the downstream molten iron is at a seasonal low, the demand for raw materials remains resilient. The steel mill still has a strong intention to suppress raw material prices [4]. Coking Coal - The coking coal price hit the daily limit today. The Mongolian coal customs clearance volume decreased, and the negative pressure on the price decreased slightly. The coking coal mine production decreased slightly. At the end of the year, some coal mines reduced or stopped production due to factors such as safety production and the completion of the annual production task. The spot auction transactions were okay, and the transaction price increased slightly. The terminal inventory increased slightly, and the total coking coal inventory increased slightly while the production-side inventory decreased slightly [6]. Silicon Manganese - The silicon manganese futures market fluctuated upward today. Driven by the rebound of the futures market, the spot price of manganese ore increased. Currently, there is a structural problem with the manganese ore port inventory, and the balance is relatively fragile. The silicon manganese smelting end pursues the most cost-effective option and changes the manganese ore formula for the furnace. The iron water production decreased seasonally on the demand side, the weekly silicon manganese production decreased slightly, and the silicon manganese inventory decreased slightly [7]. Ferrosilicon - The ferrosilicon futures market fluctuated upward today. Affected by relevant policy documents, the price was relatively strong. The market's expectation of coal mine supply guarantee increased, leading to a certain expectation of a decline in electricity costs and blue carbon prices. On the demand side, the iron water production rebounded to a high level, the export demand decreased to over 20,000 tons, and the marginal impact was not significant. The metal magnesium production increased month-on-month, and the secondary demand increased marginally. The ferrosilicon supply decreased significantly, and the inventory decreased slightly [8].

证券代码：601015 证券简称：陕西黑猫 公告编号：2026-001 陕西黑猫焦化股份有限公司 2025 年第四季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号—化工》的规定， 现将公司 2025 年第四季度主要经营数据披露如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 销售收入（万元） | | --- | --- | --- | --- | | 焦炭 | 129.88 | 123.14 | 166,676.65 | | 焦油 | 4.92 | 4.89 | 13,640.64 | | 粗苯 | 1.58 | 1.62 | 6,226.62 | | 甲醇 | 6.25 | 5.91 | 10,080.76 | | 合成氨 | 4.39 | 3.99 | 7,075.45 | | LNG | 3.13 | 2.85 | 9,992.98 | | BDO | 0.96 | 1.06 | 6,194.88 | | 精煤 | 7.36 | ...

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（文章来源：证券日报） 证券日报网讯 1月6日，美锦能源在互动平台回答投资者提问时表示，公司高度重视节能减排与循环经 济建设，持续推进焦化生产过程中二氧化碳的合理利用。 ...

Group 1: Carbon Black Market Analysis - The carbon black market is currently in a state of supply-demand stalemate, with prices stabilizing as both upstream and downstream players await the direction of oil prices this week [2][5] - Supply conditions have improved significantly, except for a slight tightness in N330 sources, leading to a reduction in factory shortages. However, cautious purchasing sentiment among end-users has increased, resulting in insufficient acceptance of high prices [2][5] - Inventory levels in the carbon black industry remain concentrated in social stocks and downstream tire companies, with some tire manufacturers reportedly postponing their purchase orders until after the Spring Festival [2][5] Group 2: Coal Tar Market Analysis - In Yunnan and Sichuan regions, coal tar auction prices have shown a slight upward trend, driven by favorable supply-demand dynamics and positive market expectations for the week [3][6] - The fourth round of price reductions has led to losses in the coking industry, which may affect the willingness to resume operations. However, deep processing operations remain profitable, and there is still demand for essential products, many of which have already seen price increases [3][6] Group 3: Market Forecast - The coal tar market is expected to maintain a high-level operational trend, while the primary task for the carbon black sector is to secure orders and implement price increases [4][7]

走进工业生产一线，各类"硬核"技术接续"上新"，曾经高能耗、高排放的工厂能耗大幅降低，实现了烟 气净化；深入渤海的蔚蓝海面，海风吹拂中，辽宁1310万千瓦海上风电项目屹立海上、全速建设；踏上 毛乌素沙地腹地，在内蒙古鄂尔多斯嘎鲁图镇，一代代林草人将荒漠变成了绿洲……降碳、减排、治 污、增绿，让经济的每一次呼吸，都带着绿意。 日前召开的中央经济工作会议指出，坚持"双碳"引领，推动全面绿色转型。如何进一步落实"双碳"目 标？如何加快新型能源体系建设，深入打好蓝天、碧水、净土保卫战？记者对此进行了采访调研。 节能降碳改造，助力产业绿色转型 厂房林立的厂区，生产繁忙、烟囱高耸，却不见"烟火气"。在山西临汾，蓝天白云下，山西立恒焦化有 限公司正在有序生产。优美的厂区环境，是绿色改造升级带来的美丽蝶变。 焦化、火电、钢铁等是传统的高能耗、高排放行业。如何加强能源高效清洁利用，推进生产节能降碳？ 这些问题也曾困扰着立恒焦化。 面对这场"攻坚战"，立恒焦化推动了多项生产工序的整改。该企业总经理张天福介绍，公司配套了捣固 焦炉、顶装焦炉及全干熄焦装置，为提高能效筑牢硬件根基。比如，通过建设干熄焦装置，并率先在山 西省进行备用湿 ...

同时，山西焦化技术服务模式也在悄然转变。过去以技术指导、培训为主的服务形式，现已逐步扩展到 合作方要求技术人员直接参与实际操作。对此，山西焦化服务中心技术人员迅速调整心态，积极应对。 在土耳其项目中，他们先后承担了开工、运维乃至再次指导等不同阶段的任务，克服诸多困难，高质量 完成各项技术服务和实操工作。 中化新网讯 面对焦化市场的严峻挑战，山西焦化主动求变，坚持"走出去"开拓市场与"练内功"提升技 术相结合，不断巩固和拓展国内外业务，2025年新增8个市场项目，创收1218.24万元。 山西焦化业务开展多依赖于长期积累的客户关系和基础服务。如今，山西焦化技术服务咨询中心则将立 足点转向过硬的技术服务能力与精准的商务拓展。2025年以来，该公司积极运作土耳其炼焦及化产开工 运维、七台河焦炉烘炉等多个项目，通过持续跟进与分阶段提供优质服务，赢得了客户信任，推动了合 同的连续签署与服务范围的延伸。 此外，市场环境的变化也促使业主对服务团队提出更高要求。为此，山西焦化服务中心在项目启动初期 便组织技术人员全面介入工艺设计熟悉、开工方案制定等多个环节。技术人员则积极学习新工艺、掌握 新技能，主动寻求跨岗位锻炼，整体技术 ...

（来源：光明日报） 转自：光明日报 在河北省昌黎县海域，河北省海上光伏示范试点项目正在稳步推进。新华社发 云南省昆明市晋宁区沙堤村农户正在收割生态水稻。光明图片/视觉中国 安徽省芜湖市繁昌区平铺镇岱湖滩渔光互补 光伏电站与村庄、稻田、沟渠等相映成景。光明图片/视觉中国 【贯彻落实中央经济工作会议精神系列报道】 走进工业生产一线，各类"硬核"技术接续"上新"，曾经高能耗、高排放的工厂能耗大幅降低，实现 了烟气净化；深入渤海的蔚蓝海面，海风吹拂中，辽宁1310万千瓦海上风电项目屹立海上、全速建设； 踏上毛乌素沙地腹地，在内蒙古鄂尔多斯嘎鲁图镇，一代代林草人将荒漠变成了绿洲……降碳、减排、 治污、增绿，让经济的每一次呼吸，都带着绿意。 日前召开的中央经济工作会议指出，坚持"双碳"引领，推动全面绿色转型。如何进一步落实"双 碳"目标？如何加快新型能源体系建设，深入打好蓝天、碧水、净土保卫战？记者对此进行了采访调 研。 节能降碳改造，助力产业绿色转型 厂房林立的厂区，生产繁忙、烟囱高耸，却不见"烟火气"。在山西临汾，蓝天白云下，山西立恒焦 化有限公司正在有序生产。优美的厂区环境，是绿色改造升级带来的美丽蝶变。 焦化、火 ...