站上新起点 ●广安将全面开展"产业强基年"行动，深入实施"双千双百"工程，聚焦13条重点产业链，"一链一策"制定培育 行动方案 ●推动智能网联新能源汽车、医药健康等产业深度融入成渝产业集群，延伸发展天然气精细化工、高端制剂 产业链条，联动川东北培育油气化工、高性能特种材料产业集群 今年是"十五五"开局之年，广安将今年定为"产业强基年"。去年底召开的广安市委六届十二次全会暨市委经 济工作会议，提出产业强基首要在工业、关键在制造业，作出实施"双千双百"工程（培育千亿级能源化工支柱产 业、千亿级经开区和一批百亿级骨干企业、百亿级立县产业）部署，明确把抓发展落实到抓项目上、以高质量项 目助推高质量发展，努力再造一个"广安工业"。 近日，在广安经开区，四川沃野生物科技有限公司农药制剂灌装车间工人正在检验产品。广安经开区管委会供图 回首"十四五" ●广安接续开展"项目攻坚年""项目突破年"行动，全力推动重大项目，不断夯实发展支撑 ●2025年，新签约亿元以上产业项目107 个，10亿元以上项目22个 ●"4+N"百亿产业项目发展格局逐步形成 谋划"十五五"，广安有何思路？近日，记者到项目建设现场寻找答案。 走进广安高新区 ...

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. For different financial derivatives, the outlooks are as follows: - **Stock Index Futures**: The outlook is "oscillation" [7]. - **Stock Index Options**: The outlook is "oscillation" [7]. - **Treasury Bond Futures**: The outlook is "oscillation" [8]. 2. Core View of the Report The report analyzes the market conditions of stock index futures, stock index options, and treasury bond futures on December 31, 2025, and believes that better investment opportunities may come after the holiday. It also provides corresponding operation suggestions for different derivatives based on market trends and signals [1]. 3. Summary by Relevant Catalogs 3.1 Market Conditions and Suggestions for Different Derivatives Stock Index Futures - **Market Conditions**: On Tuesday, the Shanghai Composite Index opened lower and recovered, closing flat at the end of the session with basically the same trading volume and continued cooling market sentiment. There are three signals: the daily high has decreased; only one hot - spot sector can be supported; new hot - spots are emerging. Incremental funds have returned to rationality, and it is expected that there will be no systematic opportunities at the end of the year [7]. - **Operation Suggestions**: Retain long positions, wait for the opportunity to increase positions after New Year's Day, and temporarily use high - dividend and price - increase chains as the main allocation lines, with large - cap stocks preferred over small - cap stocks. The recommended operation is "Dividend ETF + IC long positions" [7]. Stock Index Options - **Market Conditions**: The equity market opened lower and fluctuated higher. The trading volume of each option variety increased slightly, but the increase was limited, and the trading volume remained at a relatively low level. The intraday implied volatility of options fluctuated sharply and showed a strong overall trend. It is speculated that the proportion of investors in directional trend trading has decreased, and the demand for option hedging and risk management may be more stable [7]. - **Operation Suggestions**: Continue to hold sold options to increase returns, and can also supplement with a small amount of bought put options for protection and defense. The recommended operation is "covered call" [7]. Treasury Bond Futures - **Market Conditions**: Treasury bond futures closed with differentiated performance. The 30 - year main contract rose 0.17%, the 10 - year main contract fell 0.02%, the 5 - year main contract fell 0.01%, and the 2 - year main contract rose 0.01%. The yields of major inter - bank interest - rate bonds mostly increased, and the yields of spot bonds showed differentiated trends. The central bank's net injection of funds was 25.32 billion yuan, but the year - end capital market tightened, which affected the bond market. However, considering the central bank's care for the capital market, the probability of continued tight capital after the New Year is low [8]. - **Operation Suggestions**: For trend strategies, expect oscillation. For hedging strategies, pay attention to short - position hedging at low basis levels. For basis strategies, pay attention to the widening of the basis. For curve strategies, expect the curve to remain steep [9]. 3.2 Economic Calendar The economic calendar shows the time, region, indicators, previous values, forecast values, and unpublished release values of economic data from December 30, 2025, to January 1, 2026, including data from the United States, China, and Europe [11]. 3.3 Important Information and News Tracking - **Regulatory Policy**: The "Regulations for the Implementation of the Value - Added Tax Law of the People's Republic of China" will be implemented on January 1, 2026, aiming to implement the "Value - Added Tax Law of the People's Republic of China" [11]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: The Central Rural Work Conference from December 29th to 30th analyzed the situation and challenges of "agriculture, rural areas, and farmers" and deployed work for 2026 [12]. - **TMT**: The Ministry of Education plans to issue relevant policy documents next year to promote the application of artificial intelligence in education and build an education system for the future [12]. - **Real Estate**: Starting from January 1, 2026, individuals selling housing will have different value - added tax policies depending on the length of housing ownership [13]. - **Consumption**: The National Development and Reform Commission and the Ministry of Finance will implement a large - scale equipment renewal and consumer goods trade - in policy in 2026, with clear funding channels and cost - sharing ratios [14]. 3.4 Derivatives Market Monitoring The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but does not provide specific data content [15][19][31].

中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 如何在美A港三地中做出选择？ >>点击图片查看全文<< 2025.12.14 | 张文朗 黄亚东等 03 消费Industry 食品饮料2026年展望：筑底接近尾声，聚焦高质量增长 >>点击图片查看全文<< 2025年初以来，美A港三地市场呈现以季度维度的切换脉络，既有此消彼长的"跷跷板"效应，也有跨市场间的映射联动。一季度 DeepSeek引领中国资产重估，恒科领跑；二季度美国对等关税后，美股凭借AI龙头超预期业绩与资本开支涨幅居前，港股新消费和创 新药启动，但恒科始终没回到3月高点；三季度国内资金入市叙事强化、科创算力行情推动A股后来居上；9月"宽松交易"与中国互联网 龙头AI叙事强化，一度使港股再度跑赢。但11月下旬以来，三地中港股却尤为疲弱，不仅跌幅更大、也未能跟上美股和A股的修复节 奏。恒生国企下跌2.2%，恒科跌0.7%。相反，A股和美股均有正收益，沪深300涨0.5%，标普500和纳指分别涨5.5%和6.9%，港股直到 上周五才迎来反弹。那么，港股近期为何在三地中走得更弱？往前看，又应该如何在美A港三地 ...

（来源：新疆工商联） 近日，第16届北京异地省级企业商会会长联席会议在北京新疆大厦举办。本次会议以"贯彻'十五五'，京新商合作，携手促发展"为主题，近300位来自京 新两地政府部门、工商联系统、各省级商会及企业界代表参加了会议。 会上，自治区工商联党组成员、副主席斯日古楞以《筑梦南疆 共赢未来》为主题进行了专题推介。在推介中，他阐述了南疆在新疆全局发展中的关键"棋 眼"地位，介绍了南疆（巴州、阿克苏、克州、喀什、和田五地州）得天独厚的资源禀赋、四通八达的交通网络、日趋完善的产业体系、坚实有力的要素 保障以及持续优化的营商环境。南疆地区目前已梳理出涵盖油气化工、绿色矿业、纺织服装、新能源、特色林果、文化旅游等领域的790个优质招商项 目，总投资8503.8亿元，发展潜力巨大，商机无限。诚挚欢迎各位企业家走进南疆、了解南疆、投资南疆，与新疆各族人民携手，共同谱写高质量发展新 篇章，在实现商业成功的同时，为推进铸牢中华民族共同体意识建设贡献力量。 会上，新疆维吾尔自治区商务厅、兵团商务局、塔城地区等相关负责同志也作了产业与项目推介。 本次联席会议为京新两地乃至全国各地的商会与企业搭建了对话与合作的桥梁，清晰地传递了 ...

以下文章来源于创业板观察 ，作者肖良华 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 "硫磺价格涨太多了，上半年还觉得硫磺价格超过3000元/吨是不可能的，现在已经在4000元上方，硫磺变成了'牛磺'。" 国内某磷肥上市 公司相关负责人对财联社记者表示，每吨硫磺价格上涨100元，下游磷肥的成本相应增加50元，按照市场价格计算，现在磷肥的成本较去年 上半年增加了1500元/吨。"考虑到长协供应等因素，成本增加没那么夸张，但是依然压力很大。" 从去年下半年至今，硫磺价格一路上涨，开启一波汹涌澎湃的大牛市，并于今年10月份后加速上扬。 截至12月7日，硫磺价格超过4100 元/吨，是行情启动前的4倍。 而在分析人士看来，硫磺的这波行情并未迎来终章，一定时期内供需格局难以改善，硫磺的强势表现仍有望 持续。 从产业链来看，作为油气化工的副产品，产能增长受限，国内中石化及民营大炼化占比超70%。财联社记者以投资者身份致电，恒力石化 （600346.SH）证券部工作人员表示，公司当前硫磺产量比较稳定，价格上涨对公司业绩有一定促进作用，暂时没 ...

Summary of Industry and Company Insights Industry Overview Oil and Gas Chemical Industry - Capital expenditures in the oil and gas chemical industry are expected to decline by 20% in 2024 and by another 10% in the first three quarters of 2025, indicating a reduction in new capacity which will help improve supply-demand balance [1][2][3] - Seasonal demand is expected to remain weak due to the downturn in real estate and related downstream sectors, with no significant recovery anticipated before the next Spring Festival [2] - Industry self-discipline meetings have led to price increases for products like organic silicon and DMAC, with prices rising by 3.9% to 8,650 RMB/ton [3] Lithium and Related Materials - Demand for lithium-related solvents such as EC, DMC, and DEC is strong, with price increases of 47.8%, 10%, and 5.1% respectively, driven by supply-demand tightness rather than price coordination [1][3] - The price of lithium carbonate has surged to 92,000 RMB/ton, with futures exceeding 100,000 RMB/ton, driven by concentrated procurement in the electric vehicle sector and supply constraints from major producers [2][9] Coal Market - The coal market is expected to see stable but weak demand in 2024, influenced by economic growth rates and the substitution effect from renewable energy sources [4] - The average coal price is projected to stabilize around 750-800 RMB/ton, which is favorable for coal companies despite macroeconomic pressures [4] - In 2025, coal prices have seen significant declines, particularly due to price cuts by coal companies to ensure long-term contracts with power companies [5] Construction and Building Materials - The construction materials sector is negatively impacted by the downturn in real estate, with demand and prices under pressure [6] - New project starts are expected to continue declining in 2026, although the rate of decline may slow [6] - The demand for coatings is relatively strong due to renovation needs, while the demand for gypsum boards and pipes remains under pressure [6] Steel Industry - The steel industry faces challenges with insufficient reduction efforts, with a 50 million ton reduction target largely unmet [7] - The cement sector is also experiencing significant demand declines, with a 15% year-on-year drop in early November [7] Nonferrous Metals - The nonferrous metals sector is expected to benefit from global monetary easing and emerging industries, with demand accelerating [8] - Copper supply is tightening due to production cuts from major mines and increased demand from clean energy sectors [8] - The aluminum sector has reached capacity limits, with high operating rates and increasing demand from electric vehicles and photovoltaics [8] Tungsten Market - Tungsten prices have reached record highs, with a cumulative increase of 132% this year, driven by domestic supply constraints and increased demand [13] - The global tungsten supply growth is expected to remain under pressure for the next 3-5 years due to declining domestic ore grades and environmental regulations [13][14] Key Insights - The overall economic outlook remains cautious, with potential for further monetary policy easing as fiscal space is constrained [21] - The need for core economic stimulus measures, particularly in employment and income, is highlighted as essential for recovery [21] This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state and future outlook of various industries, particularly focusing on oil and gas, lithium, coal, construction materials, steel, nonferrous metals, and tungsten.

Core Insights - The 2025 Bazhong Oil and Gas Development Conference was held on November 12, where key industry development opportunities and technology challenges were announced [1] - The oil and gas chemical industry development opportunity list includes 13 key projects with a total investment of approximately 13.15 billion yuan, all to be implemented in the Bazhong Zengkou-Jintang Chemical Park [1] - The oil and gas technology challenge list focuses on core exploration and development areas, addressing key fields such as reservoir identification, efficient extraction, and low-carbon utilization, comprising 12 items [1] Industry Developments - Bazhong has prioritized energy chemistry as its leading industry among five major sectors, aiming to create a 100 billion yuan-level energy chemical industry cluster [1] - A series of supportive measures have been introduced to facilitate oil and gas exploration, enterprise settlement, and project advancement, providing comprehensive and efficient services [1] Production Growth - In the first three quarters of this year, Bazhong's natural gas production reached 360 million cubic meters, representing a year-on-year increase of 71.4% [1] - Oil production in Bazhong reached 14,000 tons, showing a significant year-on-year growth of 600% [1]

Summary of the Oil and Chemical Industry Outlook for 2026 Industry Overview - The chemical industry has been in a downturn for over three years, with both the chemical price index and industry profit margins at low levels. The chemical product price index in China has decreased by 10.3% from early 2025 to the present, currently at the 10.6% percentile since 2012 [2][7] - The profit margin for chemical raw materials and products from January to August 2025 is at 4.14%, the lowest since 2017. The gross margin and net margin for petrochemical listed companies in Q2 2025 are 16.05% and 4.63%, respectively, also among the lowest in recent years [2][7] Capital Expenditure and Capacity Changes - Capital expenditures in the petrochemical sector have been declining, with a year-on-year decrease of 18.3% in 2024 and 15.1% in the first half of 2025. The industry has seen a continuous decline in capital expenditure for seven consecutive quarters since Q4 2023 [3][8] - Significant capacity exits are expected in Europe, with a total of 11 million tons of chemical capacity expected to be withdrawn from 2023 to October 2024. Companies like Westlake Chemical and Total have announced closures of their production facilities in Europe and Japan [3][8] Potential for Recovery - The industry is anticipated to reach a turning point in the capacity cycle due to favorable supply-side factors accumulating. The petrochemical industry is implementing measures to control major project constructions and prevent overcapacity risks in coal-based methanol production [3][8] - The outlook for the chemical sector is optimistic, with expectations of a reversal in the industry cycle. The basic chemical sector's price-to-book ratio is currently at 2.07x, within the 32.6% percentile since 2012, indicating potential for recovery [4][20] Investment Opportunities - The report highlights several investment opportunities in the chemical sector, particularly in leading companies with low valuations and significant profit growth expected in 2026. Key areas of interest include: 1. The fiber industry chain, such as PTA and polyester filament, and agricultural chains like pesticides and potassium fertilizers [4][20] 2. Emerging materials related to AI and robotics [4][20] Risks - Potential risks include a significant drop in oil prices, lower-than-expected economic growth, and rapid increases in industry investment growth [5] Conclusion - The oil and chemical industry is poised for a potential recovery after a prolonged downturn, with various factors indicating a turning point in the capacity cycle. Investors are encouraged to consider opportunities in undervalued companies and sectors expected to benefit from the upcoming changes in the market dynamics [4][20]

Core Viewpoint - Guangdong Province has made significant progress in developing its marine economy during the "14th Five-Year Plan" period, aiming to enhance its comprehensive strength and technological support in the marine sector, while promoting green development and optimizing the spatial layout of the marine economy [7][19][41]. Summary by Sections Marine Economic Development - Guangdong's marine production value is expected to exceed 2 trillion yuan in 2024, maintaining its position as the top province in the country for 30 consecutive years [19][20]. - The province has established 15 national-level marine ranch demonstration zones, leading the nation in the number of marine ranches, and ranks high in seafood production [21]. - The annual production capacity of offshore wind turbine manufacturing exceeds 1,000 units, with total installed offshore wind power capacity surpassing 12.5 million kilowatts [22]. Technological Advancements - Guangdong has built 2 national key laboratories, 3 provincial laboratories, and 49 provincial key laboratories in the marine field [24]. - The province is home to several national innovation platforms, including the National Marine Comprehensive Test Field and the National Deep Sea Scientific Research Center [25][26]. - Key marine technologies are being developed, including the world's first floating dynamic positioning net cage-type aquaculture vessel [27]. Open Marine Economy - Guangdong has hosted various marine economic expos and forums, enhancing cross-border marine cooperation [33][34]. - New cross-border shipping projects, such as the Zhuhai Gaolan Port container terminal and the Macau water passenger transport route, have been established [35]. Green Development Initiatives - The province is advancing marine ecological restoration projects, having restored over 200 kilometers of coastline by the end of 2024 [38]. - Guangdong has established 124 marine protected areas, covering 390,000 hectares, and is home to the world's first international mangrove center [39]. Spatial Optimization of Marine Economy - The province is enhancing the overall layout of its marine economy, supporting cities like Guangzhou and Shenzhen in becoming marine innovation hubs [41][44]. - Efforts are being made to integrate land and sea economies, promoting participation from northern Guangdong in marine development [51].

Core Insights - The project marks the largest ongoing terminal upgrade in the Yangtze River basin, with full construction now underway following the successful piling of berth steel pipes [1] - The upgrade consolidates the existing four berths into three 5,000-ton and one 10,000-ton oil and gas chemical berths, with a designed annual throughput capacity of 3.496 million tons [1] - The new terminal will feature a floating dock design and will be equipped with intelligent and environmentally friendly facilities, establishing an integrated safety defense system for monitoring, early warning, and response [1] - Upon completion, the terminal will meet the raw material transfer needs of the Sino-Korean Petrochemical's one million-ton ethylene project, enhancing the smart management and environmental standards of the terminal area, thus supporting the green and high-quality development of the Yangtze Economic Belt [1]