近日，由东方金诚评级的"成都天府惠融信息技术有限公司2025年度1号第一期供应链票据科技创新定向 资产支持证券"（以下简称"本期资产支持证券"）在银行间债券市场成功发行。本期资产支持证券发行 总规模1.484亿元，为央企首单供应链票据科创资产支持证券；其中优先级发行规模1.44亿元，当期票面 利率1.83%。 成都天府惠融信息技术有限公司是大型央企鞍钢集团旗下全资子公司，主要为鞍钢集团产业链核心企业 的上下游中小微企业提供各类供应链产品与配套服务；其在本期资产支持证券中担任多重角色，包括发 起机构代理人、票据服务机构等。本期资产支持证券基础资产池资产类型全部为贸易类供应链票据，票 据承兑人为攀钢集团重要经营实体攀钢集团攀枝花钢钒有限公司。攀钢集团作为西南地区特大型钒钛钢 铁企业集团，是鞍钢集团下属重要的钢铁生产基地以及国内领先的钒钛制品生产企业，其履行流动性支 持的能力很强。 在未来科创债快速扩容的时代，东方金诚将继续发挥国有信用评级的功能作用，不断优化评级方法及模 型，精准识别国有及民营科技相关主体的风险及价值，提升市场流动性与定价效率，助力科技型企业、 股权投资机构和金融机构扩大融资规模及降低融资成本，助 ...

Core Viewpoint - The steel industry is expected to see a significant increase in hot-rolled coil production capacity in 2026, with a year-on-year growth of 122.5%, leading to intensified market competition [3][16]. Production Capacity - In 2025, the net new capacity for hot-rolled coils was 8 million tons, with a record monthly production of 29.4362 million tons in October 2025 [3][16]. - The total new capacity expected for 2026 is 17.8 million tons, marking the third peak in rapid capacity growth since 2021, following peaks of 22.4 million tons in 2022 and 20.1 million tons in 2024 [3][16]. - The new production lines will primarily focus on widths above 1700mm, catering to construction and shipbuilding, while narrower lines will supply materials for galvanizing and pipes [3][16]. Production and Utilization Rates - The capacity utilization rate for hot-rolled coils reached 90.29% in 2025, a 2.78 percentage point increase, the highest level in five years [5][18]. - Monthly production is expected to continue rising in 2026, influenced by maintenance and production restrictions, with significant fluctuations based on profit changes [5][18]. Cost and Price Dynamics - Iron ore prices are projected to decline, with an average price drop of approximately 39.42 yuan per ton compared to 2025, leading to reduced cost support for hot-rolled coil prices [7][20]. - The average monthly price for iron ore in 2026 is expected to fluctuate between 1280-1480 yuan per ton, with the highest point anticipated in October and the lowest in July [7][20]. - The estimated cost of producing hot-rolled coils is around 2967 yuan per ton, with variations based on price fluctuations [8][21]. Export and Domestic Demand - Hot-rolled coil exports are likely to decrease in 2025, with a current shortfall of 9.1732 million tons compared to the previous year, and monthly exports falling below 2 million tons [9][22]. - Domestic demand for hot-rolled coils is expected to increase slightly in 2026, with total consumption projected at 31.62 million tons, a year-on-year increase of 0.38% [10][23]. - The demand from key downstream sectors such as cold-rolled, machinery, and construction is anticipated to grow, despite some declines in specific areas like container and shipbuilding [10][11][23]. Price Trends - The price of hot-rolled coils is expected to fluctuate between 3150-3450 yuan per ton in 2026, with a downward shift in the price center compared to 2025 [13][24]. - The overall market dynamics indicate a potential for increased supply and steady demand, leading to price pressures [13][24].

Group 1 - The event "I am a shareholder, entering Lingang Co., Ltd." was organized by Huafu Securities in collaboration with the Northeast branch to enhance communication between investors and quality listed companies [1][3] - Investors visited Lingang's production facilities, gaining firsthand experience of the company's modern iron and steel production lines, which provided a deeper understanding of its operational capabilities [1] - During a discussion session, Lingang's management addressed key investor concerns regarding the company's operational status, financial performance, industry competition, environmental investments, and future strategic plans [1] Group 2 - Lingang Co., Ltd. was established in 2000 and is a state-controlled listed company located in Lingyuan City, Liaoning Province, having been listed on the Shanghai Stock Exchange in 2004 [4] - The company is the largest industrial enterprise in Chaoyang City and an important steel production base in Liaoning Province, specializing in the production and development of metallurgical products [5] - Lingang has a complete production process from sintering, ironmaking, steelmaking to rolling, with products widely used in construction, machinery manufacturing, and infrastructure, enjoying a high market reputation in the region [5] - The company focuses on a "specialized, refined, distinctive, and innovative" development path, emphasizing technological transformation and lean management to enhance product quality and operational efficiency [5] - Lingang actively practices green development, increasing environmental investments to promote energy conservation, emission reduction, and clean production for sustainable development [5]

Group 1: Macro Overview - The main theme for the 2026 overseas market is "weak recovery + rebalancing," driven by factors such as "balance sheet repair + loose monetary policy + fiscal stimulus + AI investment wave," with a gradual economic recovery expected, albeit with weak momentum due to high interest rates and tariff impacts [2] - Different countries and industries are expected to transition from divergence to convergence, with economic, policy, and asset prices influenced by multiple factors reaching a balance point [2] Group 2: Fixed Income Strategy - The report emphasizes that the industrial wave of AI computing power and robotics is gradually being realized, supporting a high level of performance in equity markets, which underpins the high valuation of convertible bonds [3] - The supply-demand dynamics for convertible bonds are tightening, with continuous inflows into fixed income, further supporting their valuation; "pan-technology" is identified as a strategic allocation focus for equities and convertible bonds [3] - Recommended convertible bond targets include Guowei Convertible Bond, Xinfeng Convertible Bond, Weier Convertible Bond, Lianang Convertible Bond, Yiwai Convertible Bond, and Jianfan Convertible Bond [3] Group 3: Real Estate Sector - From January to November, the cumulative sales amount of new homes decreased by 11.1% year-on-year, with a total sales amount of 751.3 billion yuan, and the sales area decreased by 7.8% [6] - The report indicates that the new housing market is expected to remain under pressure in 2026, with a low performance due to the lack of significant policy changes [7] - The report suggests maintaining an "overweight" rating on real estate-related stocks, highlighting the importance of policy-driven dynamics and the potential benefits for quality real estate companies in a changing competitive landscape [7] Group 4: Steel Industry Insights - The quality of steel production statistics has declined since May, affecting the assessment of steel demand due to discrepancies between reported and actual production data [10] - The report notes that the weak reality continues to unfold against strong expectations in the steel sector, indicating challenges in demand and production regulation [10] Group 5: Company-Specific Analysis - Sutonju Chuang reported a Q3 2025 shipment of 186,000 laser radars, a year-on-year increase of 34%, with significant growth in the robotics sector [11] - The company's revenue for Q3 2025 reached 410 million yuan, a slight decrease of 0.2% year-on-year, with a gross margin of approximately 23.9% [11] - The report maintains a "buy" rating for Sutonju Chuang, projecting total revenues of 2.3 billion, 3.5 billion, and 4.4 billion yuan for 2025-2027, with a target market value of approximately 21.14 billion yuan [14]

哈喽，大家好，今天小墨这篇评论，主要来分析美国盟友加拿大转头示好中国，特朗普怒停贸易谈判的 大瓜。 曾经紧跟美国步伐、动辄对中国发难的加拿大，如今突然调转方向，高调将中国称为"战略伙伴"。这波 操作直接惹恼了美国，特朗普二话不说终止与加拿大的所有贸易谈判，国际局势瞬间变得热闹起来。 要知道，加拿大和美国向来是公认的亲密盟友，加拿大近七成出口商品都销往美国，2024年对美出口额 更是超过4000亿美元。可谁能想到，这份"铁关系"如今却因为中国出现了巨大裂痕。 一、盟友变"对手"，美国关税大棒砸向加拿大 加拿大曾经一门心思依附美国，在贸易政策上几乎全盘追随。但2025年以来，特朗普政府的"美国优 先"政策让加拿大吃尽了苦头。 加拿大曾试图妥协，取消了多项对美报复性关税，希望换回美国的善意，可换来的却是更严厉的关税打 压。曾经的"忠实盟友"，在利益面前变成了可以随意拿捏的对象，这让加拿大彻底看清了现实。 2025年2月，特朗普突然对加拿大所有进口商品加征25%关税，随后又加码到35%，直接击中加拿大经 济要害。 更让人震惊的是，特朗普还公开放话，威胁要"吞并加拿大，使其成为美国第51个州"，这番言论彻底激 怒了加拿 ...

晨报 成材 成材昨日下跌，一是周度数据上表观需求量下降较大，为近些年同期 低水平，且多地降温后，工地等施工将进一步受到影响。二是原料端双焦 延续较大跌幅，对成材带来拖累。目前逐步进入冬储周期，贸易商冬储意 愿偏弱，观望情绪较浓。 观点：低位运行。 后期关注/风险因素：宏观政策；下游需求情况。 整理 投资咨询业务资格： 成材：需求偏弱 钢价回调 逻辑：钢联周度数据显示，螺纹钢产量下降 10.53 万吨至 178.78 万 吨，热卷产量下降 5.6 万吨至 308.71 万吨，五大材总产量下降 22.73 万 吨至 806.22 万吨；螺纹钢总库存下降 24.31 万吨至 479.5 万吨，热卷总 库存下降 3.26 万吨至 397.09 万吨，五大材总库存下降 33.5 万吨至 1332.09 万吨；螺纹钢表观需求量下降 13.89 万吨至 203.09 万吨，热卷 表观需求量下降 2.89 万吨至 311.97 万吨，五大材表观需求量下降 24.45 万吨至 839.72 万吨。中汽协发布的最新数据显示，11 月份，我国汽车月 度产量首次超过 350 万辆，创历史新高。今年前 11 个月，汽车产销量均 超过 ...

Core Viewpoint - The Changping International Medical Device City (West District) has completed the topping-out of its first phase, transforming the former Hongye Steel Plant site into a high-tech innovation hub for the medical and health industry in Changping [1][3]. Historical Context - The Hongye Steel Plant, established in 1958, was a significant part of China's industrial development, producing over 300,000 tons of steel products annually at its peak [3]. - The plant was a complete industrial community, providing housing, healthcare, and recreational facilities for workers, reflecting the industrial heritage of the region [3]. Transformation and Development - The site has been repurposed to meet the dual needs of industrial upgrading and urban renewal, with a focus on creating the Changping International Medical Device City [12]. - The project covers an area of 886,000 square meters and is designed with the concept of "industrial relics + technological innovation," preserving parts of the historical fabric of the Hongye Steel Plant [12][14]. - The park aims to create a beautiful innovation park that retains the historical essence while meeting modern demands for high-end medical device research and production [14]. Future Prospects - Upon completion, the medical device city is expected to become a significant source of innovation for high-end medical devices globally [17]. - Future phases of the project are planned to expand the industrial scale to 850,000 square meters by 2029, focusing on high-end medical equipment and artificial intelligence in healthcare [17].

Core Viewpoint - Hualing Steel's subsidiary, Hualing Xianggang, is supplying nuclear-grade steel for a unique thorium-based molten salt reactor project, marking a significant advancement in nuclear energy technology [1] Group 1: Company Developments - Hualing Xianggang has developed various products for the nuclear power sector, including fourth-generation nuclear steel, thick nuclear steel, and nuclear composite plates [1] - These products are utilized in key domestic and international nuclear projects such as the Xiapu Fast Reactor Demonstration Project, Guangxi Bailong Nuclear Power Station, and the Dabaa Nuclear Power Plant in Egypt [1] Group 2: Industry Impact - The thorium-based molten salt reactor project is currently the only operational reactor globally that has successfully incorporated thorium fuel, highlighting a significant innovation in the nuclear energy industry [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand pattern of hot - rolled coils has not changed significantly. The supply is still at a relatively high level with production cuts by plate mills, and the inventory is high, so the supply pressure remains. The demand shows weakening resilience, with a slight decline in weekly apparent demand and continued low daily trading volume. The contradictions in the main downstream cold - rolled products have not been resolved, which may drag down the demand for hot - rolled coils. Overall, both supply and demand are weakening, and the industrial contradictions are alleviated only to a limited extent. The coil price is under pressure, but the cost provides some support. The subsequent trend will continue to fluctuate at a low level, and the production situation of steel mills should be monitored [1] 3. Summary by Relevant Catalogs Supply - The weekly output of hot - rolled coils decreased by 45,000 tons compared with the previous week, and the supply continued to shrink but remained at a relatively high level. The weekly output of cold - rolled coils was 839,600 tons, an increase of 12,000 tons from the previous week, and a decrease of 20,100 tons from the end of last month. The blast furnace capacity utilization rate was 88.80%, an increase of 0.99 percentage points from the previous week [1] Demand - The weekly apparent demand for hot - rolled coils decreased by 7,100 tons compared with the previous week, and decreased by 183,000 tons compared with the end of last month. The high - frequency daily trading volume also remained low, and the demand showed a weakening trend. The contradictions in the main downstream cold - rolled products have not been resolved, which may drag down the demand for hot - rolled coils, and the improvement in external demand is limited [1] Inventory - The total inventory of hot - rolled coils was 4.1052 million tons, an increase of 7,000 tons from the previous week and an increase of 39,300 tons from the end of last month. The in - plant inventory was 775,200 tons, an increase of 9,000 tons from the previous week and a decrease of 1,400 tons from the end of last month. The social inventory was 3.33 million tons, a decrease of 2,000 tons from the previous week and an increase of 40,700 tons from the end of last month [1]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The supply and demand of rebar have both weakened. The supply has contracted but remains at a relatively high level this year with high inventory and unrelieved supply pressure. The demand has also declined, with weekly apparent demand dropping and speculative demand being weak. In the situation of weak supply - demand, the industrial contradiction remains unsolved, inventory reduction is limited, and steel prices continue to be under pressure. However, the cost provides some support, and the subsequent trend is expected to continue the shock - bottoming pattern [3]. 3) Summary by Related Categories Supply - The weekly output of rebar is 208.54 tons, a week - on - week decrease of 4.05 tons. The blast furnace capacity utilization rate is 87.81%, a week - on - week decrease of 0.80 percentage points. The supply has contracted again but is still at a relatively high level this year [1]. Demand - The weekly apparent demand for rebar is 218.52 tons, a week - on - week decrease of 13.66 tons. The speculative demand is weak under the weak steel price, and both the apparent demand and speculative demand are at low levels in recent years. With the approaching off - season and no improvement in downstream, the demand is likely to continue to weaken [1][3]. Inventory - The total inventory of rebar is 592.54 tons, a week - on - week decrease of 9.98 tons. The in - plant inventory is 166.84 tons, a week - on - week decrease of 4.87 tons, and the social inventory is 425.70 tons, a week - on - week decrease of 5.11 tons. The inventory level is high, and the supply pressure is not relieved [1].