| 铁矿石：刚需仍存，价格震荡 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：原料短期价格松动，宽幅震荡 | 5 | | 锰硅：原料短期价格松动，宽幅震荡 | 5 | | 焦炭：产业叠加资金配合，区间震荡 | 7 | | 焦煤：产业叠加资金配合，区间震荡 | 7 | | 动力煤：供需趋于双弱，煤价企稳小幅探涨 | 9 | | 原木：区间震荡 | 10 | 国 泰 君 安 期 货 研 究 2026年01月27日 国泰君安期货商品研究晨报-黑色系列 观点与策略 铁矿石：刚需仍存，价格震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2026 年 1 月 27 日 【基本面跟踪】 铁矿石基本面数据 | 期 货 | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | | -10.5 | -1.32% | | | I260 ...

这张证书有何用？ 形象地说，这是一把打开国际市场的"金钥匙"。有了这张证书，塞罕坝的林产品开拓国际市场有了更多 可能，竞争力和附加值也随之提升。这不仅能给林场带来更多收益，也为下游链条上更多中国企业的产 品出海提供了绿色原料支撑。 不久前，塞罕坝机械林场顺利通过了CFCC(中国森林认证委员会)/PEFC(森林认证体系认可计划)森林经 营认证，拿到了一张通往国际市场的"绿色通行证"。对于这里的几代人而言，这张证书的分量，远不止 于商业上的认可，更是对他们用数十年岁月一寸一寸染绿荒原的又一次肯定。 这张证书，含金量几何？ 说到这，不得不提到它的严苛标准。PEFC作为全球广泛认可的森林认证体系，旨在确保木材产品来自 合法、可持续经营的森林，中国的CFCC认证已经与PEFC实现互认。此次认证覆盖塞罕坝140万亩经营 面积，涉及10项原则、46个标准、143条指标——审核专家走遍了林场6个分场，从育苗到成林，全生命 周期无一遗漏。历时两轮扎实整改，塞罕坝才最终通过考验。整个过程，无异于对林场可持续经营能力 的一次全面锤炼与升华。 塞罕坝林场为何能获得这张证书？ 答案，就藏在塞罕坝人60多年的坚守里。从1962年开始，三 ...

证券之星消息，1月26日林业板块较上一交易日下跌7.05%，平潭发展领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。林业板块个股涨跌见下表： | 代码 | 名称 ｜主力净流入（元） | | | | 主力净占比 游资净流入（元） 游资净占比 散户净流入（元） 散户净占比 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 002679 福建金森 | | 2748.59万 | 5.16% | -1128.93万 | -2.12% | -1619.67万 | -3.04% | | 000663 永安林业 | | 1164.24万 | 7.94% | 427.78万 | 2.92% | -1592.02万 | -10.86% | | 600265 ST景谷 | | -10.44万 | -1.68% | 27.54万 | 4.43% | -17.10万 | -2.75% | | 000592 平潭发展 | | -7.06亿 | -17.92% | 6352.47万 | 1.61% | 6.43亿 | ...

格隆汇1月26日丨ST景谷(600265.SH)公布，依据《上海证券交易所股票上市规则》第9.3.2条规定，公司 股票将被上海证券交易所实施退市风险警示，敬请广大投资者注意投资风险。 ...

ST景谷公告，预计2025年年度实现利润总额为-4亿元到-3.45亿元；预计2025年年度实现归属于母公司 所有者的净利润为-2.65亿元到-2.15亿元；预计2025年年度实现归属于母公司所有者的扣除非经常性损 益后的净利润为-1.5亿元到-1.1亿元；预计2025年年度实现营业收入1.75亿元到2.05亿元；预计扣除与主 营业务无关的业务收入和不具备商业实质的收入后的营业收入为1.45亿元到1.65亿元，低于3亿元。 ...

Core Viewpoint - The article emphasizes the importance of finance in China's modernization and highlights Xi Jinping's significant contributions to financial development during his tenure in Fujian, focusing on the integration of finance with social welfare and production needs [1]. Group 1: Financial Relationship with Production - Xi Jinping's approach during his time in Fujian was to align financial relationships with the needs of production, advocating for practical financial solutions that cater to regional differences in productivity and industry characteristics [2]. - The establishment of Xiamen International Bank as China's first Sino-foreign joint venture bank exemplifies innovative financial organization aimed at addressing infrastructure funding shortages in Xiamen, thereby enhancing local productivity [2]. - Financial relationships were optimized to enhance productivity, with a focus on serving the real economy and addressing social needs, such as implementing microcredit models to support impoverished areas [3]. Group 2: Financial Innovation and Resource Utilization - Xi Jinping's financial strategies emphasized leveraging local resources and characteristics to create a dynamic balance between finance and productivity, promoting a cycle of development that benefits regional economies [4]. - The introduction of the "living timber loan" model addressed the challenges of traditional financial practices by allowing growing timber to be used as collateral, thus facilitating better financial access for forestry [4]. Group 3: Financial Opening and Global Cooperation - The article discusses the significant progress in financial openness in China, including the removal of foreign ownership limits in banking and securities, which has led to a substantial increase in foreign financial institutions operating in China [5]. - The total assets of foreign banks in China reached 3.87 trillion RMB, reflecting the successful integration of international financial practices and the enhancement of domestic financial capabilities [5]. Group 4: Financial Support for Local Development - In Zhangzhou, innovative financial products have been developed to support cross-strait cooperation and local economic growth, with significant financing provided to Taiwanese enterprises [9]. - The total loan balance in Zhangzhou reached 646.08 billion RMB, marking a year-on-year increase of 9.69%, indicating strong financial support for local economic development [9]. Group 5: Financial Services for New Quality Productivity - The focus on developing new quality productivity has led to the introduction of financial policies that support technological innovation and digital transformation in manufacturing, with significant funding allocated for these initiatives [11]. - Over 95% of financial institutions in Zhangzhou have established or restructured digital finance departments, enhancing service delivery through data integration and innovative financial products [11].

□彭娟/文 邱海鹰/图 大寒节气，华蓥山上，连绵的山峦银装素裹，山居民宿错落有致；山下，工业园区动能澎湃，宜居新城笑语相 伴。曾经，"川东煤都"广安华蓥市是一个典型的资源型老工矿城市，因"一黑（煤炭）一白（水泥）"而兴，历经 三线建设的荣光，又因"关停并转"而困，承受资源枯竭的阵痛。 蝶变始于一场深刻的转型。2009年，华蓥市被确定为全国第二批资源枯竭城市转型试点市，一场以产业进阶为核 心、生态修复为基底、城市焕新为归宿的绿色振兴实践就此拉开帷幕。17年砥砺前行，华蓥积极探索资源型地区 转型发展新路径，立足工业城、旅游市、物流港"三大定位"，实施工业城、旅游市、物流港、城市更新、和美乡 村"五大行动"，这座昔日的"煤城"正以"美城"之姿华丽转身，书写着资源枯竭城市高质量转型发展新篇章。 生态修复 从"工业伤疤"到"绿水青山"的绿色重生 面对历史开采留下的沉陷区、破损山体和生态欠账，修复"工业伤疤"，成为华蓥转型发展必须跨越的一道关口。 华蓥市发展和改革局主要负责人介绍，转型过程中，华蓥坚持产业升级与生态优先并重，大力实施矿山"创伤"修 复、山水林田湖草综合治理、全域江河湖库防护、森林资源保护等生态工程，全面推 ...

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend in price changes, with 29 products experiencing price increases, 13 seeing declines, and 8 remaining stable in mid-January 2026 compared to early January 2026 [2][4]. Group 1: Price Changes in Major Categories - In the black metal category, rebar prices increased by 10.9 yuan per ton (0.3%), while seamless steel pipe prices decreased by 2.7 yuan per ton (-0.1%) [4]. - In the non-ferrous metal category, electrolytic copper rose by 85.9 yuan per ton (0.1%), while lead ingot prices fell by 107.1 yuan per ton (-0.6%) [4]. - Chemical products showed varied results, with pure benzene increasing by 231.3 yuan per ton (4.4%) and sulfuric acid decreasing by 3.2 yuan per ton (-0.3%) [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices rose by 121.7 yuan per ton (3.4%), while gasoline prices fell by 4.9 yuan per ton (-0.1%) [4]. - Coal prices also varied, with anthracite coal increasing by 41.2 yuan per ton (4.8%) and coking coal rising by 7.1 yuan per ton (0.5%) [4]. Group 3: Agricultural and Forestry Products - In agricultural products, soybean prices increased by 12.9 yuan per ton (0.3%), while white sugar prices decreased by 1.5 yuan per ton (0.0%) [5]. - In forestry products, natural rubber prices fell by 7.5 yuan per ton (0.0%), and pulp prices decreased by 99.7 yuan per ton (-1.8%) [5]. Group 4: Monitoring Methodology - The price monitoring includes data from over 2,000 wholesalers, agents, and distributors across more than 300 trading markets in 31 provinces [8][9]. - The methodology involves on-site price collection, as well as inquiries via phone and electronic communication [9].

证券之星消息，1月23日林业板块较上一交易日上涨8.03%，福建金森领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。林业板块个股涨跌见下表： 从资金流向上来看，当日林业板块主力资金净流入6.56亿元，游资资金净流出2.65亿元，散户资金净流出 3.91亿元。林业板块个股资金流向见下表： | 代码 | 名称 | | | 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净流入 (元) 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 000592 平潭发展 | | 5.89亿 | 20.41% | -2.46亿 | -8.53% | -3.43 Z | -11.88% | | 002679 福建金森 | | 6442.57万 | 44.19% | -2942.13万 | -20.18% | -3500.44万 | -24.01% | | 000663 永安林业 | | 294.58万 | 1.43% | 985.37万 | 4.78% | -1279.95万 ...

Group 1 - Pingtan Development's stock rose by 5.71% to 10.36 CNY per share, with a trading volume of 1.141 billion CNY and a turnover rate of 5.90%, resulting in a total market capitalization of 20.013 billion CNY [1] - The company, established on September 8, 1993, and listed on March 27, 1996, is based in Fuzhou, Fujian Province, and its main business includes forestry, wood product processing and sales, trade, and operations related to the Pingtan Comprehensive Experimental Zone [1] - The revenue composition of Pingtan Development includes: 42.75% from fiberboard sales, 36.79% from commercial housing sales, 13.81% from agricultural materials trade, 2.34% from wood product sales, 2.22% from biopharmaceutical production and sales, 0.95% from real estate leasing, 0.80% from other trade, and 0.32% from other sources [1] Group 2 - Southern Fund's Southern CSI 2000 ETF (159531) holds Pingtan Development as its largest position, with 199,500 shares, accounting for 0.42% of the fund's net value, resulting in an estimated floating profit of approximately 111,700 CNY [2] - The Southern CSI 2000 ETF was established on September 7, 2023, with a current size of 725 million CNY, achieving a year-to-date return of 9.84% and a one-year return of 52.78% [2] - The fund manager, Li Jialiang, has a tenure of 9 years and 174 days, with the fund's total asset size at 9.189 billion CNY, and the best and worst returns during his tenure being 213.25% and -29.58%, respectively [3]