人民日报记者 王云杉 零碳园区，指通过规划、设计、技术、管理等方式，使园区内生产生活活动产生的二氧化碳排放降 至"近零"水平，并具备进一步达到"净零"条件的园区。 当前，我国已进入实现碳达峰目标的关键期，面临着新能源消纳压力增大、高耗能行业深度降碳困 难等挑战，亟待通过政策、技术、模式等方面创新实现"破局"。建设零碳园区，正是推进绿色转型的重 要抓手。近日，国家发展改革委等部门印发《关于开展零碳园区建设的通知》（以下简称《通知》）， 提出"支持有条件的地区率先建成一批零碳园区""有计划、分步骤推进各类园区低碳化零碳化改造"。 "建设零碳园区不仅对碳减排有直接贡献，更重要的是通过园区层面'零碳细胞'的实践，为建设'零 碳社会'积累经验、探索路径、打造样板。"国家发展改革委有关负责同志表示。 建设零碳园区，各地有何探索实践？记者在江苏、内蒙古等地进行了采访。 降能耗—— 因地制宜使用绿电，加快园区用能结构转型 江苏盐城大丰港零碳产业园3公里外，一座13.76兆瓦集中式光伏电站正源源不断生产着绿电。 "绿电从这里出发，一直传输到110千伏锦城变电站，此后分成两路，一路通过专线流向零碳园区， 直接供应企业使用，多余的 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 27 年 月 日 朝闻国盛 央地财政关系的历史、现状和前景分析 今日概览 重磅研报 【固定收益】央地财政关系的历史、现状和前景分析——20250826 研究视点 【有色金属】锑：7 月供应大幅下滑，锑品出口收紧或接近尾声—— 20250826 【计算机】寒武纪-U（688256.SH）-时代的主角，利润率大超预期—— 20250827 【计算机】中科创达（300496.SZ）-AI 端侧成为重要成长动力，智能软 件与汽车业务提供稳健基本盘——20250827 【环保】聚光科技（300203.SZ）-业绩短期承压，高端科学仪器发力在 即——20250827 【食品饮料】今世缘（603369.SH）-充分释压，行稳致远——20250827 【建材】赛特新材（688398.SH）-国内市场价格和盈利阶段性承压，新 国标或带来显著订单增量——20250827 【食品饮料】农夫山泉（09633.HK）-龙头强势恢复，业绩表现亮眼—— 20250827 【环保】华宏科技（002645.SZ）-利润大幅增长，稀土价格回升&新增 产能提升盈利弹性——202 ...

021-60635736 zhaihepan@ccb.ccbfutures.com 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 8 月 26 日 请阅读正文后的声明 ＃summary＃ 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 每日报告 | | | | | 表1：8月25日钢材期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 3119 | ...

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 目前高炉利润仍然较好，电炉利润较前期亦有好转，钢厂生产积极性较高，铁水产量高 | | 螺纹钢 | 谨慎看多 | 位运行。需求端总体仍然较弱，建筑钢材成交低位徘徊。唐山高炉阅兵期间限产低于预 | | ★ | | 期，供需预计趋于宽松。当前"反内卷"氛围有所消退，行情持续回落。但后期不排除 | | | | 仍会有政策扰动，同时在美联储释放宽松信号后，短期或反弹。 | | | | 热卷产量、表需以及库存均略增，基本面相对平稳。唐山高炉阅兵期间限产影响有限， | | 热卷 | 谨慎看多 | 供需整体有宽松趋势。期货偏弱运行，连续下跌后短期下方空间或已有限，短线或有反 | | ★ | | 弹。 | | 铁矿石 | | 铁水产量再增，环保限产力度不及预期，钢厂补库结束，港口累库。外矿发货增到货降， | | ★ | 谨慎看空 | 基本面中性偏弱。宏观情绪降温，交易回归基本面，矿价震荡偏弱 | | | | 焦炭现货开启第八轮提涨，焦企利润有所改善，利润总体转正。当前焦炭供需总体相对 | | 焦炭 | 谨慎看多 | 平衡，产量及库存偏 ...

8月25日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 2025.08. 25 东风科技：东风投资将成为公司间接股东 【品大事】 汇顶科技：公司总裁柳玉平因涉嫌内幕交易被证监会立案 汇顶科技公告，公司总裁柳玉平于2025年8月22日收到中国证券监督管理委员会下发的《立案告知 书》，因涉嫌内幕交易，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法 规，中国证监会决定对柳玉平进行立案。本次立案系针对柳玉平个人，与公司日常经营管理和业务活 动无关，不会对公司及子公司生产经营活动产生影响。 东风科技公告，8月22日，间接股东东风汽车集团股份有限公司与东风汽车集团(武汉)投资有限公司 （简称"东风投资"）签署了《东风汽车集团(武汉)投资有限公司与东风汽车集团股份有限公司之吸收 合并协议》，东风投资拟吸收合并东风集团股份。本次间接股东吸收合并完成后，东风投资将成为公 司间接股东。本次间接股东吸收合并不会导致公司控股股东、实际控制人发生变化，不会对公司正常 生产经营活动构成重大影响。 华依科技：筹划发行H股股票并在香港联交所上市 华依科技公告，公司为满足国际化战略 ...

朝闻国盛 杰克逊霍尔：不止放鸽，还有政策框架修订 今日概览 证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 25 年 月 日 【宏观】高频半月观—8 月以来出口表现仍强——20250824 【宏观】杰克逊霍尔：不止放鸽，还有政策框架修订——20250823 重磅研报 【固定收益】资金宽松，杠杆下降——流动性和机构行为跟踪—— 20250823 【银行】2025上半年各地信贷增速及贷款利率有何变化？——20250824 【电子】消费电子进入新品发布旺季，板块估值重塑可期——20250824 【建筑】联检科技（301115.SZ）-并购拓疆步入收获期，检测龙头迎新 增长拐点——20250824 【食品饮料】安琪酵母（600298.SH）-以史为鉴，大周期起点 —— 20250824 【金融工程】食品饮料终于迎来日线级别上涨——20250824 【金融工程】择时雷达六面图：本周估值分数继续下行——20250823 【固定收益】债对股的敏感性或下降——20250824 【固定收益】化债见成果——各地 2025 年 H1 经济财政债务盘点—— 20250823 【电力设备】威力传动（300904. ...

Report Industry Investment Rating The provided documents do not mention the industry investment rating. Core Viewpoints - Liquidity tightening and emotional shocks have led to a comprehensive increase in credit spreads. This week, the adjustment trend of interest - rate bonds continued, and credit bond yields also significantly increased, with overall performance weaker than interest - rate bonds. Credit spreads across all tenors and ratings have risen [2][5]. - The spreads of urban investment bonds at all levels have increased by 3BP on the whole, with most spreads rising [2][9]. - Most industrial bond spreads have increased, while the spreads of mixed - ownership real - estate bonds have continued to decline [2][17]. - The yields of secondary and perpetual bonds have all increased, and the spreads of 3 - 5Y bonds have significantly widened again [2][23]. - The excess spreads of perpetual bonds have significantly increased [2][25]. Summary by Directory I. Liquidity tightening and emotional shocks lead to a comprehensive increase in credit spreads - This week, the yields of 1Y, 3Y, 5Y, 7Y, and 10Y Guokai bonds increased by 4BP, 3BP, 4BP, 4BP, and 2BP respectively. Credit bond yields also rose significantly, with 1Y - term credit bonds of all ratings rising by 5BP, 3Y - term by 6 - 8BP, 5Y - term by 5 - 6BP, 7Y - term by 10 - 11BP, and 10Y - term by 6 - 7BP. Credit spreads across all tenors increased, with 3Y and some long - term credit bonds having larger adjustment amplitudes [2][5]. - Rating spreads changed slightly, and term spreads showed different trends among different ratings and tenors [5]. II. The spreads of urban investment bonds at all levels have increased by 3BP on the whole - The credit spreads of external - rated AAA, AA +, and AA - level urban investment platforms increased by 3BP compared with last week, with different changes in different regions [2][9]. - The spreads of platforms at all administrative levels also increased by 3BP compared with last week, with most spreads of provincial, municipal, and district - county - level platforms rising [2][15]. III. Most industrial bond spreads have increased, while the spreads of mixed - ownership real - estate bonds have continued to decline - The spreads of central and state - owned real - estate bonds increased by 2 - 3BP, those of mixed - ownership real - estate bonds decreased by 4BP, and those of private real - estate bonds increased by 8BP. The spreads of some real - estate enterprises such as Longhu and Midea Real Estate decreased, while that of CIFI increased [2][17]. - The spreads of coal bonds at all levels increased by 2BP, those of steel bonds at all levels increased by 3BP, the spreads of AAA - level chemical bonds increased by 3BP, and those of AA + chemical bonds increased by 1BP [17]. IV. The yields of secondary and perpetual bonds have all increased, and the spreads of 3 - 5Y bonds have significantly widened again - The yields of 1Y - term secondary capital bonds of all ratings increased by 4 - 6BP, and the spreads increased by 0 - 1BP; the yields of 1Y - term perpetual bonds of all ratings increased by 4BP, and the spreads were basically flat [2][23]. - The yields of 3Y - term secondary capital bonds of all ratings increased by 6 - 9BP, and the spreads increased by 4 - 6BP; the yields of 3Y - term perpetual bonds of all ratings increased by 6BP, and the spreads increased by 4BP [23]. - The yields of 5Y - term secondary capital bonds of all ratings increased by 7 - 8BP, and the spreads increased by 3 - 4BP; the yields of 5Y - term perpetual bonds of all ratings increased by 6BP, and the spreads increased by 2BP [23]. V. The excess spreads of perpetual bonds have significantly increased - The excess spreads of industrial AAA 3Y perpetual bonds increased by 5.82BP to 15.99BP, at the 42.33% quantile since 2015; the excess spreads of industrial AAA 5Y perpetual bonds increased by 1.72BP to 13.55BP, at the 29.49% quantile since 2015 [2][25]. - The excess spreads of urban investment AAA 3Y perpetual bonds increased by 1.79BP to 5.13BP, at the 3.15% quantile; the excess spreads of urban investment AAA 5Y perpetual bonds increased by 4.84BP to 12.35BP, at the 17.90% quantile [25]. VI. Credit spread database compilation instructions - The overall market credit spreads, commercial bank secondary and perpetual spreads, and urban investment/industrial perpetual credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015; the credit spreads related to urban investment and industrial bonds are sorted and statistically analyzed by the R & D center of Cinda Securities, with historical quantiles since the beginning of 2015 [28]. - The calculation methods and sample screening criteria for various types of credit spreads are provided [31].

Group 1 - Maanshan Iron & Steel Company Limited (Ma Steel) has experienced a decline in stock price for five consecutive trading days, with a cumulative drop of -4.62% [1] - Ma Steel is a subsidiary of China Baowu Steel Group, operating one A+H share listed company and one New Third Board listed company, with a steel production capacity of 23 million tons and approximately 22,000 employees [1] - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Ma Steel, having reduced its holdings in the second quarter of this year [1] Group 2 - The Southern CSI 500 ETF has achieved a year-to-date return of 20.73%, ranking 1435 out of 3420 in its category [2] - The fund's performance over various periods includes a 3.89% increase over the past week, 10.01% over the past month, and 21.08% year-to-date [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who holds a Master's degree in Mathematical Finance from the University of Southern California and a Master's in Computer Science from the University of California [4] - Luo Wenjie has extensive experience in quantitative analysis and has been with Southern Fund since September 2008, currently serving as the General Manager of the Index Investment Department [4][5]

Report Summary - The double - coking futures market showed weak consolidation this week. Trading volume decreased by 3.788 million lots compared to last week. After the exchange restricted positions and raised trading fees, the trading volume of the coking coal main contract dropped significantly, and speculative sentiment cooled down. The "anti - involution" related varieties also cooled down. The market gradually returned to reality. Steel mills and spot - futures traders' purchasing willingness weakened. Independent coking enterprises' coke inventory increased from a decline, and the raw material coking coal inventory continued to be destocked for three weeks with weak restocking enthusiasm. The upstream inventory destocking rate slowed down, and a small inventory accumulation inflection point affected market sentiment. However, the profitability rate of steel enterprises fluctuated at a high level, billet export data was excellent, and hot metal production remained at a high level, supporting the consumption of double - coking. The overall upstream coking coal inventory was lower than last year, reducing inventory pressure. Due to the approaching "93 Parade" and industry production restrictions, the market lacked new driving factors and mainly oscillated at a high level [6][35]. - As of August 19, the capital availability rate of sample construction sites was 58.79%, a week - on - week increase of 0.02 percentage points. Non - housing project capital availability rate was 60.47%, up 0.12 percentage points week - on - week, while housing project capital availability rate was 50.57%, down 0.60 percentage points week - on - week. 45% of 22 Tangshan steel mills plan to conduct maintenance but await notice, 32% have confirmed maintenance, and 23% will not conduct maintenance. The known daily hot metal impact in Tangshan is about 41,800 tons, with a total hot metal volume of 370,000 - 450,000 tons. In July, the domestic billet export volume was 1.5798 million tons, a month - on - month increase of 34.37% and a year - on - year increase of 349.07%. From January to July, the total billet export volume was 7.472 million tons, a year - on - year increase of 309.72%. The US added 407 product categories to the steel and aluminum tariff list with a 50% tax rate [7]. - The supply of coking coal increased slightly. The upstream coking coal inventory destocking slowed down. Independent coking enterprises' coking coal restocking enthusiasm continued to weaken, and their coke inventory increased from a decline. Steel mills' restocking willingness for coking coal and coke was divided. The overall coke production changed little. Hot metal production remained high, and coke demand was resilient. The seventh round of coke price increase was implemented with a delay [7]. Bull - Bear Focus - Bullish factors include reduced coking coal inventory pressure, expected supply reduction of coking coal, and high - level hot metal production supporting demand [10]. - Bearish factors include the slowdown of coking coal downstream restocking rhythm and the gradual recovery of Mongolian coal imports [10]. Data Analysis Coking Coal Supply - The operating rate of 523 sample mines was 85.21%, a 1.48% increase from last week, and the daily average clean coal output was 771,300 tons, an increase of 7,200 tons. The operating rate of 314 sample coal washing plants was 36.05%, a 0.46% decrease from last week, and the daily output was 257,200 tons, a decrease of 6,800 tons. As of August 16, the customs clearance volume at the Ganqimao Port was 870,885 tons, and domestic supply increased slightly [15]. Coking Coal Inventory - As of August 22, the clean coal inventory of 523 sample mines was 2.7564 million tons, an increase of 179,700 tons. The clean coal inventory of 314 sample coal washing plants was 2.9484 million tons, a decrease of 21,900 tons. The port coking coal inventory was 2.6149 million tons, an increase of 60,000 tons. The downstream restocking rhythm continued to slow down, and mines had inventory accumulation for two consecutive weeks, but the overall inventory pressure was not large [17]. Independent Coking Enterprises - As of August 22, the coking coal inventory of all - sample independent coking enterprises was 9.6641 million tons, a decrease of 104,700 tons. The inventory available days were 11.1 days, a decrease of 0.13 days. The coke inventory was 643,700 tons, an increase of 18,600 tons. Steel mills and spot - futures traders' purchasing willingness weakened, and coking enterprises' coking coal inventory was destocked for three weeks with weak restocking enthusiasm [18]. Steel Mills - As of August 22, the coking coal inventory of 247 steel enterprises was 8.1231 million tons, an increase of 65,100 tons. The inventory available days were 13.07 days, an increase of 0.1 days. The coke inventory was 6.0959 million tons, a decrease of 2,100 tons. The available days were 10.76 days, a decrease of 0.07 days. Steel mills' restocking enthusiasm for coke was weaker than that for coking coal [22]. Coke Production - As of August 22, the capacity utilization rate of all - sample independent coking enterprises was 74.42%, a 0.08% increase from the previous period, and the daily average metallurgical coke output was 654,500 tons, an increase of 700 tons. The capacity utilization rate of 247 steel enterprises was 86.17%, and the daily coke output was 467,300 tons, the same as last week. Coking enterprise output increased slightly for 6 consecutive weeks, and steel mill output was stable [24]. Coke Demand - As of August 22, China's coke consumption was 1.0834 million tons, an increase of 400 tons. The daily average hot metal output of 247 steel enterprises was 2.4075 million tons, an increase of 900 tons. The profitability rate of steel enterprises was 64.94%, a 0.86% decrease from last week. High - level profitability prevented active production cuts, and high - level hot metal production supported coke consumption [29]. Coke Price Increase - As of August 22, the average profit per ton of independent coking enterprises was 23 yuan/ton, and the profit situation continued to improve. On the 22nd, steel mills in Shandong and Hebei markets raised the coke purchase price. The wet - quenched coke increased by 50 yuan/ton, and the dry - quenched coke increased by 55 yuan/ton. The seventh - round price increase was implemented with a delay, and the game between steel and coking enterprises intensified [30]. Double - Coking Basis Structure - The spot and futures prices of double - coking oscillated at a high level [32]. Market Outlook - The trading volume decreased by 3.788 million lots compared to last week. After the exchange's measures, the trading volume of the coking coal main contract dropped, and speculative sentiment cooled down. The market returned to reality, with weak restocking enthusiasm and a slowdown in upstream inventory destocking. However, high - level steel enterprise profitability, excellent billet export data, and high - level hot metal production supported double - coking consumption. Due to the approaching "93 Parade" and production restrictions, the market lacked new driving factors and mainly oscillated at a high level [35]. - The seventh - round coke price increase was implemented with a delay. As coking enterprise profitability improved, rising raw material prices eroded steel mill profits, and the game between the two intensified. Independent coking enterprises' coke inventory pressure decreased, and in the short term, the coke futures market would follow the coking coal market [38].

1. Report Industry Investment Ratings - **Steel (including rebar and hot-rolled coil)**: Cautiously bullish [1][4][5] - **Iron ore**: Short-term participation [1][7][8] - **Coke**: Cautiously bullish [1][11][12] - **Coking coal**: Cautiously bullish [1][15][16] - **Manganese silicon**: Cautiously bearish [1][19][20] - **Silicon iron**: Cautiously bearish [1][19][20] 2. Core Views of the Report - **Steel**: After continuous decline, there may be a short-term rebound. Rebar has high production enthusiasm but weak demand, and supply-demand may loosen. Hot-rolled coil has a relatively stable fundamentals with a loosening supply-demand trend [1][3][4] - **Iron ore**: The industrial fundamentals are weak, and the ore price fluctuates weakly. The supply is increasing, and it waits for a new downward window [1][6][7] - **Coke**: Medium-term is weak, short-term is volatile. Spot starts the seventh round of price increase, but may face steel mill games. Supply-demand is balanced, and there may be a short-term rebound [1][9][11] - **Coking coal**: Medium-term is weak, short-term is volatile. Domestic production is flat, Mongolian coal imports increase. There is a downward repair space in the medium term and a short-term rebound possibility [1][13][15] - **Ferroalloys**: Fundamentals are weak, and prices run weakly. Manganese silicon has short-term demand resilience but high inventory. Silicon iron has increasing production, falling demand, and high supply pressure [1][17][19] 3. Summary by Related Catalogs Steel - **Rebar**: High furnace and electric furnace profits, high iron water production, weak demand, lower-than-expected production restrictions, supply-demand loosening, possible short-term rebound due to policy [1][4][5] - **Hot-rolled coil**: Slightly increased production, apparent demand, and inventory, limited impact of production restrictions, downward price with limited short-term downside, possible short-term rebound [1][4][5] Iron ore - **Price data**: Futures prices for different contracts are provided, along with spot prices, spreads, and freight rates [6] - **Fundamentals**: Increasing iron water production, insufficient environmental protection restrictions, end of steel mill restocking, port inventory accumulation, and a weakening supply-demand situation [7] Coke - **Price and inventory data**: Futures prices, basis, spot prices, and weekly production, inventory, and profit data are given [10] - **Fundamentals**: Spot price increase, improved coke enterprise profits, balanced supply-demand, stable production and inventory, possible short-term rebound [11] Coking coal - **Price and inventory data**: Futures prices, basis, spot prices, and weekly production, inventory, and utilization rate data are provided [14] - **Fundamentals**: Flat domestic production, increased Mongolian coal imports, high iron water production, stable demand, medium-term downward repair space, short-term rebound possibility [15] Ferroalloys - **Manganese silicon**: Loosening fundamentals, short-term demand resilience, high inventory, increased manganese ore shipments, stable port inventory, possible short-term rebound, medium-term sell-on-rally strategy [19][20] - **Silicon iron**: Increasing production, falling demand, high supply pressure, possible short-term rebound after over - decline, short - selling participation [19][20]