废钢早报 研究中心黑色团队 2025/12/30 华东 स्क 中部 东北 日期 华南 2025/12/23 | 2174 2254 原点 2032 2227 2216 2226 2025/12/24 2174 2254 2036 2216 2227 2025/12/25 2174 2254 2036 2217 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 4,200元/吨 3,900 3,600 3,300 3,000 2,700 镇江鸿泰剪切料价格（不含税） ● 2022 ● 2023 ● 2024 ● 2025 3,600元/吨 3,300 3,000 2,700 2,400 2,100 1,800 品因H 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 短流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 倡展H lle 12 10 8 6 4 2 0 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 张家港废钢到货 ) 脂点资讯 ● 2022 ● 2023 ● 2024 ● 2025 tial 3 ...

Core Viewpoint - Precious metals are experiencing significant volatility, with silver undergoing substantial adjustments due to profit-taking and market sentiment shifts, despite long-term supportive factors such as central bank gold purchases and weakening dollar credibility [2][18]. Group 1: Precious Metals - Precious metals are facing increased volatility, particularly silver, which has seen a significant adjustment [2][18]. - The U.S. November CPI increased by 2.7% year-on-year, lower than the expected 3.1%, while core CPI rose by 2.6%, below the anticipated 3% [2][18]. - The overall downward trend in CPI provides room for potential interest rate cuts, supporting precious metal prices [2][18]. - Recent profit-taking and margin adjustments by exchanges have led to sharp fluctuations in precious metal prices, but the long-term upward trend remains intact [2][18]. Group 2: Stock Indices - The U.S. three major indices declined, with the oil and petrochemical sectors leading gains while the non-ferrous metals sector lagged [3][11]. - The market turnover reached 2.16 trillion yuan, with financing balances decreasing by 2.037 billion yuan to 25,264.62 billion yuan [3][11]. - The appreciation of the RMB against the USD is accelerating, with the offshore RMB exchange rate briefly surpassing the 7.0 mark, driven by expectations of U.S. interest rate cuts [3][11]. - The anticipated return of overseas capital and the revaluation of Chinese assets are supported by improved policies and funding expansion [3][11]. Group 3: Copper - Night trading saw copper prices drop by 2.8% due to profit-taking, despite ongoing tight supply conditions for concentrates [4][19]. - The smelting profit margins are at breakeven, with overall smelting output continuing to grow [4][19]. - Market sentiment is influencing short-term copper prices, with a focus on changes in the dollar, smelting output, and downstream demand [4][19]. Group 4: Industry News - Several lithium iron phosphate companies announced maintenance and production cuts scheduled for January 2026, with reductions ranging from 35% to 50% [8].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-12-30 炉料表现分化，关注冬储补库 近⽇全国财政⼯作会议表⽰2026年继续实施更加积极的财政政策， 政策基调仍显积极。钢材淡季延续去库，基本⾯⽭盾有限，盘⾯震荡 运⾏。钢⼚复产叠加冬储补库预期仍存，铁矿价格表现偏强。煤焦产 业链库存增加，焦炭四轮提降开启，盘⾯表现承压。 近日全国财政工作会议表示2026年继续实施更加积极的财政政策，政 策基调仍显积极。钢材淡季延续去库，基本面矛盾有限，盘面震荡运 行。钢厂复产叠加冬储补库预期仍存，铁矿价格表现偏强。煤焦产业 链库存增加，焦炭四轮提降开启，盘面表现承压。 ⿊⾊建材团队 研究员： 1. 铁元素方面：铁水基本持稳，港口库存持续累积，钢厂少量补 库，上下游博弈较强，短期矿价预计震荡运行。废钢供需双弱，钢厂 库存偏高，补库放缓，废钢现货上涨乏力，华东主导钢企上周末提降 30元/吨，预计现货市场跟跌为主。 2. 碳元素方面：焦炭成本端已有企稳迹象，且进入一月后钢厂有复 产预期，随着中下游冬储补库逐渐开启，焦炭供需结构或将逐渐变 紧，四轮提降落地后现货有望企稳，盘面预计跟随焦煤震荡 ...

Group 1 - In 2025, Xi Jinping emphasized the importance of local economic and social development during his inspections, guiding various regions towards progress [1] - Shanghai is focusing on becoming a leader in artificial intelligence development, with over 1,500 AI companies currently in the Xuhui District [3] - The Xuhui District has established a 2 billion yuan "Shanghai Xuhui AI Youth Entrepreneurship Fund" to support early-stage entrepreneurs [3] Group 2 - Liaoning Province has implemented 55 innovative measures to optimize the business environment, facilitating financing agreements for over 480 companies, totaling 1.74 billion yuan [6][7] - The establishment of a "政银企" financing demand meeting in Tai'an County has helped local enterprises secure loans and improve their operational capabilities [7] - The Tai'an County government has actively supported companies like Jinhe Recycling Resources Co., helping them secure 190 million yuan in supply chain loans [7] Group 3 - In Shanxi, the Jincheng Economic and Technological Development Zone is promoting the optical and mechanical industry as a strategic focus for economic transformation [8][9] - The local government has introduced a "white list + risk compensation fund" mechanism to facilitate financing for innovative companies lacking collateral [8] Group 4 - In Henan, the Zhengzhou government has implemented measures to reduce bureaucratic burdens on grassroots officials, allowing them to focus more on community needs [11][12] - The local government has streamlined 86 items from its administrative checklist, enabling officials to engage more directly with residents [12] Group 5 - In Yunnan, the local government is promoting ecological development while ensuring community livelihoods, with initiatives like repairing roads to support oil tea production [14][15] - The region has successfully integrated ecological protection with economic development, attracting nearly 6 million tourists by promoting sustainable tourism [15]

同时，在苏商银行特约研究员武泽伟看来，此次强调"坚持全国一盘棋""坚决反对'内卷式'竞争"的核心 在于，文章从国家整体效能最大化的战略高度，统筹规划关键产业的发展方向与空间布局。 12月26日，国家发展改革委在官方微信号上刊发题为《大力推动传统产业优化提升》的文章。国家发改 委产业发展司在文中介绍了"十五五"时期传统产业优化提升的着力点。其中，文章提到，对钢铁、石化 等原材料产业，关键在于平衡供需、优化结构。对新能源汽车、锂电池、光伏等"新三样"产业，关键在 于规范秩序、创新引领。"十五五"时期，要综合整治"内卷式"竞争，维护公平竞争环境，提高行业集中 度，打造全球技术领先高地。 12月29日，国家发改委创新和高技术发展司在《因地制宜发展新质生产力》一文中，再次强调"坚决反 对'内卷式'竞争"，并将其与"优化重大生产力布局，统筹谋划、系统推进重点领域发展，防止一哄而 上、重复建设"直接关联。 "内卷式"竞争，作为一种低效率的不公平竞争，让不少行业、企业深受其害，也影响到经济高质量发 展。坚决反对"内卷式"竞争，并非单纯限制发展，而是为了增强发展新质生产力的整体效能。 科方得智库研究负责人张新原表示，此次国家发 ...

时间的指针即将划过2025年的最后刻度，安阳正立于历史与未来的交汇点，演绎一场传统与现代的深刻 对话。 从甲骨文明的千年绽放，到低空经济的蓬勃崛起；从红旗渠精神的代代传承，到产业创新的活力迸发， 这座城市交出了沉甸甸的硬核答卷——无人机产业惊艳世界，安钢0.2mm高磁感取向硅钢实现量产，旭 阳光电高端显示材料填补我省行业空白……这一年，河南日报社安阳分社始终以文字为炬、以规格为 窗，定格城市的每一次心跳，见证土地的每一寸新生，在时代卷轴上书写下属于安阳的年度答卷。 2026年新旅程即将开启，我们将继续扎根这片滚烫的土地，以更深沉的情怀感知城市温度，以更开阔的 视野洞察发展大势，以更鲜活的表达传递安阳声音，全程记录安阳在"一高地一区三中心"建设中的每一 次跨越、每一份收获。 从过往奋斗中萃取向上生长的力量，于产业奔腾处见证安阳的绚丽荣光。 如何抵达最好的时代？ 答案唯有奋斗。 关键词：御风 前不久，《城市低空空中交通管理指南》等两项团体标准重磅发布，为安阳低空经济高质量发展筑牢制 度基石，也让这座御风而起的古都，飞得更稳、向高而行。 安阳以多维发力的"组合拳"勾勒产业崛起脉络。政策上，《安阳市促进低空经济高质量 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【金工】市场仍将震荡上行——金融工程市场跟踪周报20251229 上周A股延续震荡上涨，主要宽基指数量能皆有修复。资金面方面，周度融资增加额环比上期大幅增长，股票 型ETF资金净流入363.41亿元，资金表现积极。从近期市场表现来看，12月中央经济工作会议召开之后市场交 易情绪有所提振，资金面表现持续改善，为市场进一步上行奠定基础。风格方面，短线基本面因子表现持续占 优，后续或仍将延续。中长线看好"红利+科技"配置主线。 （祁嫣然/陈颖/张威）2025-12-29 点击注册小程序 2月中央经济工作会议再提深入整治"内卷式"竞争及深入推进重点行业节能降碳改造，12月底发改委强调继续 实施粗钢产量调控，我们认为中长期来看钢铁板块供给或将得到 ...

Group 1: Liquidity and Market Conditions - The BCI small and medium enterprise financing environment index is at 47.15 for December 2025, a month-on-month decrease of 10.19% [4] - The M1 and M2 growth rate difference was -3.1 percentage points in November 2025, a month-on-month decrease of 1.10 percentage points [4] - The current price of London gold is $4,533 per ounce [4] Group 2: Infrastructure and Real Estate Chain - Weekly price changes include rebar at -1.20%, cement price index at -0.49%, rubber at +1.00%, coke at -3.40%, coking coal at -0.14%, and iron ore at -0.63% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates changed by +0.01 percentage points, -0.90 percentage points, and -2.3 percentage points respectively [5] Group 3: Real Estate Completion Chain - The price of titanium dioxide increased by 0.77% week-on-week, while flat glass prices remained unchanged; the gross profit for titanium dioxide is -1,744 yuan per ton, and the operating rate for flat glass is 73.89% [6] Group 4: Industrial Products Chain - Major commodity price changes include cold-rolled steel at -0.51%, copper at +5.84%, and aluminum at +1.01%, with corresponding gross profit changes showing a turnaround to profit for some [7] - The national semi-steel tire operating rate is at 72.05%, an increase of 0.66 percentage points [7] Group 5: Subcategory Prices - The price of tungsten concentrate reached a new high since 2012 at 460,500 yuan per ton, an increase of 6.35% week-on-week [8] - The price of graphite electrodes is 19,000 yuan per ton, unchanged, with a gross profit of 2,060.56 yuan per ton, an increase of 1.98% [8] - The price of electrolytic aluminum is 22,060 yuan per ton, with a calculated profit of 4,918 yuan per ton (excluding tax), an increase of 6.72% [8] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is 4.02 this week [10] - The price difference between hot-rolled and rebar steel is 10 yuan per ton [10] - The price difference between Shanghai cold-rolled and hot-rolled steel is 430 yuan per ton, a decrease of 20 yuan per ton [10] Group 7: Export Chain - The new export orders PMI for China in November is 47.60%, an increase of 1.7 percentage points month-on-month [11] - The CCFI comprehensive index for container shipping rates is 1,146.67 points this week, an increase of 1.95% [11] - The U.S. crude steel capacity utilization rate is 75.30%, a decrease of 1.20 percentage points [11] Group 8: Valuation Percentiles - The CSI 300 index increased by 1.95%, with the best-performing cyclical sector being chemicals at +4.23% [12] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 is 28.64% and 95.13% respectively [12] - The current PB ratio for the ordinary steel sector is 0.50, with a historical high of 0.82 reached in August 2017 [12]

柔性制造"千件千样"，数智转型降本增效；具身智能融入实体应用场景，低空经济开启天空"新赛 道"…… 习近平总书记指出："着眼发展新质生产力，强化科技创新和产业创新深度融合，建设具有国际竞争力 的现代化产业体系。" 产业强则经济强。"十四五"时期，我国传统产业高端化、智能化、绿色化加速推进，新质生产力蓄势成 长，现代化产业体系建设迈出坚实步伐。 全身拥有82个自由度，灵巧手1∶1复刻人手尺寸且有22个自由度……日前，小鹏汽车发布搭载3颗自研图 灵人工智能芯片的全新一代人形机器人，可实现对话、行走等功能。"我们的目标是2026年底实现新一 代人形机器人规模量产。"小鹏汽车董事长何小鹏表示。 "十四五"以来，低空经济"振翅高飞"，前沿材料"破茧成蝶"，载人航天"巡天揽月"……2024年，我国"三 新"经济增加值占国内生产总值比重约18%。 ——强基增效，现代化基础设施体系不断夯实。 今年前11月，我国快递业务量累计完成1807.4亿件。"快递送得越来越快了！"家住北京的王先生感叹， 头一天晚上8点下单，第二天早上6点，快递就送到了家门口。2020年至2024年，我国快递业务量年均增 长20%左右，服务时效性、服务质 ...

Group 1: New Quality Productive Forces - In 2025, China focuses on technological innovation and industrial upgrading to cultivate new quality productive forces, enhancing the foundation for high-quality development [2] - Traditional industries are crucial for accelerating the development of new quality productive forces, with the Ministry of Industry and Information Technology releasing action plans for ten key industries [2] - Strategic emerging industries and future industries are the main battlegrounds for cultivating new quality productive forces, with significant growth in sectors like new energy vehicles, photovoltaics, and quantum technology [2][3] Group 2: Expanding Domestic Demand - Expanding domestic demand is a strategic choice for China to respond to economic changes and promote high-quality development, with policies implemented to stimulate consumption and investment [4] - Consumer markets are recovering, with significant growth in retail sales of home appliances and communication equipment, with year-on-year increases of 14.8%, 18.2%, and 20.9% respectively [6] - Investment in emerging sectors is also strong, with notable increases in manufacturing and renewable energy investments, such as a 15.3% growth in automotive manufacturing [6] Group 3: High-Level Opening Up - Expanding high-level opening up is essential for China's high-quality development, providing stability to the uncertain global economy [7] - China's foreign trade resilience is improving, with policies promoting service exports and green trade, reflecting a commitment to innovative leadership [7][8] - Trade with major partners like ASEAN has seen growth, with a year-on-year increase of 8.5% in trade volume [8] Group 4: Risk Mitigation - In 2025, China continues to address key risk areas to ensure high-quality development, with measures in place to manage local government debt and mitigate financial risks [9] - The real estate sector has seen successful completion of housing delivery tasks, with policies aimed at stabilizing the market and supporting housing supply [9] Group 5: Appropriate Monetary Easing - Since 2025, a moderately loose monetary policy has been in effect, with social financing scale increasing significantly, reaching 33.39 trillion yuan in the first eleven months [10] - The structure of credit has improved, supporting key sectors and strategic economic transformations, with notable growth in technology and green loans [11] Group 6: Green Transition - China has introduced numerous policies for green low-carbon transition and ecological civilization construction, achieving significant progress in various fields [14] - The energy structure is shifting towards non-fossil sources, with ambitious targets for renewable energy installations [14][15] - The green economy is thriving, with over 218.7 million existing green economy-related enterprises, indicating sustained vitality in the sector [14]