Group 1 - The board of directors of Shandong Steel Co., Ltd. held its 21st meeting of the 8th session, where a resolution was passed regarding the integration and reform of the Energy Environmental Department and the Energy Power Plant [1][2] - The decision aims to enhance the company's professional management level and operational efficiency by establishing a unified control model for "big energy" and achieving integrated management of the energy system [1] - The integration will consolidate all functions of the Energy Environmental Department and the Energy Power Plant into a newly formed Energy Environmental Department, while the Energy Power Plant will be dissolved [1] Group 2 - The meeting was conducted in compliance with relevant laws, regulations, and the company's articles of association [2] - Notification of the meeting was sent out on February 2, 2026, via email and direct delivery [2] - The meeting took place on February 4, 2026, and was attended by all 9 directors [2]

Group 1: Manufacturing Industry Growth - In 2025, the manufacturing sector in the province is expected to achieve a sales revenue growth of 3.8% year-on-year, surpassing the overall provincial sales growth by 2 percentage points [1] - The manufacturing sales scale remains the largest in the country, accounting for 44.4% of the total provincial sales, an increase of 0.9 percentage points from the previous year [1] Group 2: Intelligent Upgrading - The procurement of intelligent equipment by manufacturing enterprises is projected to increase by 5.8% year-on-year in 2025, indicating a faster pace of intelligent transformation and digitalization [2] - Sales revenue for industrial robots and special operation robots is expected to grow by 19.7% and 28.7% year-on-year, respectively [2] Group 3: Green Transformation - In 2025, the sales revenue of high-energy-consuming manufacturing industries is expected to decrease by 1.4 percentage points, reflecting an optimization of the industrial structure [3] - The sales revenue of the lithium-ion battery manufacturing industry is projected to grow by 22.6% year-on-year, highlighting the rapid development of related new energy industries [3] Group 4: Environmental Investment - Jiangsu Longjiang Steel Co., Ltd. has increased its green production line renovation investment by 220% year-on-year, achieving a water recycling rate of 99.5% [4] - XuGong Fudi Battery Technology Co., Ltd. anticipates a revenue of approximately 900 million yuan in 2025, representing an 800% year-on-year increase, driven by innovation and technology empowerment [4] Group 5: Digital Integration - The manufacturing sector's procurement of digital technology is expected to grow by 10.3% year-on-year in 2025, with an acceleration of 4.7 percentage points compared to the previous year [5] - Companies are increasingly focusing on integrating advanced technologies such as AI and industrial internet to enhance their core competitiveness and drive smart manufacturing [5]

（来源：东北新闻网） 2月4日，由省工业和信息化厅、中国工商银行辽宁省分行举办的重点行业稳增长实施方案专题解读会在沈阳举行。会议围绕国家出台的稳增长系列政策， 重点解读汽车、机械、电力装备、电子信息、石化化工、钢铁、轻工等行业政策。全省12家金融机构、21个新型工业化院、30个重点县区、近50户企业、 33个行业协会共300余人参加会议。 会议现场 本次会议邀请了工业和信息化部相关司局及事业单位负责同志，围绕稳增长系列政策，结合辽宁产业结构特点与现实困境，就政策内涵、落实路径、行业 预期及企业纾困等方面进行深度讲解与现场指导。同时深化政银企协同，发挥金融支撑作用，精准把握政策导向，力求为行业、企业提供金融支持。 以汽车行业为例，会议对国家稳增长工作方案中着力扩大国内消费、提升供给质量、优化发展环境、深化国际合作等举措进行深入解读，并结合我省产业 实际提出具体发展建议。与会专家认为，辽宁应统筹优化全省产能，强化整车与零部件企业协同发展，推动整车企业持续上规模、增效益；依托我省科 教、场景、产业、区位及数据资源等优势，加强低温高寒环境下的动力电池、固态电池、自动驾驶等关键技术攻关与示范应用，拓展公交、物流、扫雪等 ...

证券研究报告 | 策略定期报告 2026 年 02 月 04 日 1 月制造业 PMI 环比下降，煤炭价格上涨 ——行业景气观察（0204） 本周景气度改善的方向主要在消费服务和信息技术领域。上游资源品中，煤炭、 石油价格上涨；中游制造领域，新能源产业链价格多数下跌，1 月重卡销量三个 月滚动同比增幅收窄。信息技术中，DDR4 价格边际下行，12 月北美 PCB 订单 量三个月滚动同比增幅扩大。消费服务领域，鸡肉价格、飞天茅台批价上行。春 节临近生产季节性放缓，年末冲刺透支部分需求，拖累 1 月制造业 PMI 环比下 行。推荐景气较高或有改善的煤炭、石油石化、中药、白酒、电力、半导体等。 ❑【本周关注】春节临近生产季节性放缓，去年年末冲刺透支了部分需求，拖累 1 月 制造业 PMI 环比下行，寒潮拖累施工进度，建筑业景气明显下滑，服务业也有放 缓。结构上特征主要有：1）春节临近生产季节性放缓，叠加原材料价格上涨，采 购量明显下滑，或因去年年末冲刺影响，需求偏弱，生产经营预期下行，库存升至 同期较高水平；2）地缘政治风险推升油价和贵金属价格，抬高成本，叠加反内卷 背景下部分行业供给受限，购进价格和出厂价格指数均 ...

Core Viewpoint - The steel industry in China is facing unprecedented environmental pressure due to high energy consumption and emissions, prompting a systemic construction of green and low-carbon development policies under the "14th Five-Year Plan" [1] Group 1: Policy and Regulatory Framework - The "14th Five-Year Plan" has established a clear direction for the steel industry's green transformation and high-quality development, with stringent control requirements and clear implementation paths [1] - The carbon emission control will focus on intensity control, supplemented by total volume control, pushing enterprises to optimize production processes and adjust energy structures [2][3] Group 2: Investment Trends - Environmental governance investment by steel enterprises has increased significantly, with a total investment of 584.31 billion yuan, a growth of 58.45% compared to the "13th Five-Year Plan" period [4] - The investment in waste gas treatment has increased by 499.07 billion yuan, a growth of 49.92%, indicating a strong response to environmental policies [4] Group 3: Environmental Tax and Subsidies - The intensity of environmental protection tax payments by steel enterprises has gradually increased, while the total amount of environmental protection subsidies received has reached 45.65 billion yuan, 2.7 times that of the "13th Five-Year Plan" period [5] Group 4: Project Implementation and Results - The number of major environmental governance projects has increased to 1,576, a growth of 64.0% compared to the "13th Five-Year Plan" period, with total investment reaching 5.279 billion yuan, a growth of 45.89% [6] - The North China region completed 252 projects with an investment of 341.59 billion yuan, while the Northeast region completed 220 projects with an investment of 174.45 billion yuan, showing significant regional investment variations [6][7] Group 5: Future Directions and Recommendations - Recommendations for promoting green low-carbon development include differentiated support policies for environmental funds, optimization of the environmental tax and subsidy linkage mechanism, and the establishment of a cross-regional environmental cost-sharing mechanism [8] - The establishment of an environmental blacklist system for non-compliant enterprises and the promotion of shared and intelligent upgrades of environmental facilities are also suggested [8]

Core Insights - The Cuban government has announced an annual investment plan totaling 1.74 trillion pesos to address urgent economic and social development needs [1] Group 1: Investment Allocation - 67% of the funds will be focused on three priority areas: food production, industrial revitalization, and the reconstruction of the electricity system [1] - 95% of the investment will be directed towards ongoing projects aimed at enhancing the self-sufficiency of strategic industries [1] Group 2: Strategic Projects - The plan includes modernization of the Antillana steel plant in collaboration with Russia, expansion of cement production capacity, and various agricultural, forestry, tobacco, and livestock projects [1] - New photovoltaic power plants and maintenance of thermal power plants are also part of the investment strategy [1] Group 3: Infrastructure and Social Welfare - The investment will cover housing, water management, tourism, and other infrastructure and social welfare areas, with plans to construct over 9,000 state-owned housing units and renovate 38 tourism hotels [1] - Upgrades to the national water supply system and support for the production of essential medicines and biotechnology research are also included [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report analyzes the current economic situation from the perspectives of production, demand, CPI, and PPI. It points out that there are seasonal fluctuations in production, low - base effects affect the real - estate market, and there are price changes in various commodities due to multiple factors such as supply - demand relationships, policies, and geopolitical events [5]. 3. Summary by Directory 3.1 Economic Growth: Low - base Supports the Real - estate Market's Year - on - Year and Month - on - Month Increase 3.1.1 Production: Seasonal Decline in Power Plant Daily Consumption - Power plant daily consumption shows a seasonal decline. On February 3, the average daily consumption of 6 major power - generating groups was 81.4 million tons, a 5.7% decrease from January 27. On January 30, the daily consumption of power plants in eight southern provinces was 222.0 million tons, a 7.5% decrease from January 22. With the approaching of the Spring Festival and rising temperatures, power plant daily consumption may further decline [5][12]. - The blast furnace operating rate remains at a high level. On January 30, the national blast furnace operating rate was 79.0%, a 0.4 - percentage - point increase from January 23, while the capacity utilization rate was 85.5%, a 0.1 - percentage - point decrease. The blast furnace operating rate of Tangshan steel mills was 89.8% on January 30, a 0.9 - percentage - point decrease from January 23. Due to the Spring Festival, demand is almost stagnant, but steel mills' production remains relatively high, leading to accelerated inventory accumulation [16]. - The tire operating rate remains stable. On January 29, the operating rate of all - steel truck tires was 62.4%, a 0.2 - percentage - point decrease from January 22, and the operating rate of semi - steel car tires was 74.8%, a 0.3 - percentage - point increase from January 22. The operating rate of looms in the Jiangsu and Zhejiang regions has a seasonal decline. On January 29, the operating rate of polyester filament in the Jiangsu and Zhejiang regions was 84.2%, a 2.5 - percentage - point decrease from January 22, and the operating rate of downstream looms was 42.4%, an 8.8 - percentage - point decrease from January 22 [18]. 3.1.2 Demand: Low - base Supports the Real - estate Market's Year - on - Year and Month - on - Month Increase - The sales volume of new homes in 30 cities has a passive increase due to the low - base effect. From February 1 - 3, the average daily sales area of commercial housing in 30 large and medium - sized cities was 18.7 million square meters, an 181.0% increase from the same period in January, a 1615.3% increase from the same period in February last year, a 32.1% decrease from the same period in February 2024, and a 42.6% decrease from the same period in February 2023. Sales areas in first - tier, second - tier, and third - tier cities increased by 4474.6%, 1028.3%, and 2830.0% year - on - year respectively [23]. - The auto market is weakening. In January, retail sales decreased by 28% year - on - year, and wholesale sales decreased by 35% year - on - year. The change in the auto trade - in policy has affected consumers' purchasing willingness [27]. - Steel prices are fluctuating weakly. On February 3, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 0.9%, increased by 1.1%, decreased by 0.6%, and decreased by 0.3% respectively compared with January 27. Steel inventory is accumulating more slowly than in previous years [33]. - Cement prices are hitting new lows. On February 3, the national cement price index decreased by 0.8% compared with January 27. Cement demand is weak in different regions due to weather and other factors, but the year - on - year decline in prices is narrowing [34]. - Glass prices remain stable. On February 3, the active glass futures contract price was 1073 yuan/ton, the same as on January 27. The month - on - month decline in glass prices has occurred, and the year - on - year decline is narrowing [39]. - The decline in container shipping freight rate indices has further expanded. On January 30, the CCFI index decreased by 2.7% compared with January 23, and the SCFI index decreased by 9.7%. Due to the long holiday in Asian countries during the Spring Festival and reduced expected shipments before the Spring Festival, there is an oversupply of shipping capacity in the short - term, and freight rates are under pressure [42]. 3.2 Inflation: Intensified Fluctuations in Industrial Product Prices 3.2.1 CPI: Pork Prices Turn Downward - Pork prices turn downward. On February 3, the average wholesale price of pork was 18.6 yuan/kg, a 0.5% decrease from January 27. Although it is the pre - festival stocking peak, the short - term support from consumption is limited, and the supply pressure is still large [49]. - The agricultural product price index is fluctuating. On February 3, the agricultural product wholesale price index decreased by 0.3% compared with January 27. Different agricultural products have different price trends. Since February, the agricultural product wholesale price index has increased year - on - year and month - on - month [53]. 3.2.2 PPI: Oil Prices Rise and Then Fall - Oil prices rise and then fall. On February 3, the spot prices of Brent and WTI crude oil were 69.9 and 63.2 US dollars/barrel respectively, a 0.5% and 1.3% increase from January 27. Geopolitical factors have led to significant fluctuations in international oil prices, and short - term volatility will continue [57]. - Copper prices rise while aluminum prices fall. On February 3, the prices of LME 3 - month copper and aluminum increased by 2.5% and decreased by 2.0% respectively compared with January 27. The domestic commodity index has a month - on - month decline [64]. - Industrial product prices have different month - on - month trends. Since February, the prices of wire rod, coking coal, coke, and steam coal have increased month - on - month, while other industrial products have decreased, with rebar and cement having relatively large declines. The year - on - year decline in most industrial product prices is narrowing [68].

| | | | Millio | 国投期货 | 黑色金属日报 | | --- | --- | --- | | | 操作评级 | 2026年02月04日 | | 螺纹 | ☆☆☆ | 曹颖 首席分析师 | | 热卷 | ☆☆☆ | F3003925 Z0012043 | | 铁矿 | ☆☆☆ | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 器联 | ★☆☆ | 韩惊 高级分析师 | | 硅铁 | ★☆☆ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面小幅反弹。淡季螺纹表需环比下滑，产量短期趋稳，库存继续累积。热卷需求、产量均小幅上升，库存继续下降，压 力逐步缓解。钢厂利润欠佳，下游承接能力不足，高炉复产放缓，铁水产量趋稳。从下游行业看，地产投资降幅继续扩大，基 建、制造业投资增速持续回落，内需整体依然偏弱，钢材出口 ...

Core Viewpoint - Shougang Co., Ltd. emphasizes its commitment to operating in compliance with environmental and tax regulations, conducting regular self-assessments to ensure legality and compliance in all aspects of its business operations [2] Group 1 - The company responds to investor inquiries on an interactive platform, reinforcing its adherence to environmental and tax laws [2] - Regular tax self-assessments are conducted by the company to maintain compliance [2]

来源：无冕财经 //// 在给员工发钱这件事上，国内的"霸总"们已经卷起来了。 前有河南矿山老板崔培军，数千万现金摆满几十米长桌，员工数多少拿多少（详见最华人此前推送→最喜欢"撒钱"的老板，为什么都在河南？）； 后有辽宁方大集团老板方威，上亿现金堆成墙，一捆捆百元大钞全部发给公司员工。 ▲辽宁方大集团"现金墙" 据统计，近十年来，辽宁方大集团已累计给员工发放现金红包近40亿元，"现金墙"几乎成了公司每年的传统。 而坚持给员工"撒钱"的方威，财富不减反增，从2024年的405亿元，涨到了2025年的525亿元，在东北三省企业家中排名第一。 这位豪爽的东北汉子，坚信财散人聚。他的这座"现金墙"，堪称凝聚人心的强大法宝—— 当几亿现金毫无修饰地堆在你面前时，任何复杂的企业文化和精美的宣传PPT，都显得是那样得苍白无力。 他不画大饼、不PUA，只用一把把真金白银告诉员工："跟着我，有肉吃。" 给员工"发汽车" 2021年，辽宁方大集团斥巨资410亿元，接手了破产重整的海航航空，方威由此成为海航的实际控制人。 他用不到3个月的时间，还清了所有员工的欠薪，并给6万多名员工每人发了5000块红包，总计3亿多元。 员工士气大 ...