中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年9月下旬与9月中旬相比，15种 产品价格上涨，31种下降，4种持平。 | 2025年9月下旬流通领域重要生产资料市场价格变动情况 | | --- | | 产品名称 | | 本期价格 | 比上期 | 涨跌幅 | | --- | --- | --- | --- | --- | | | 单位 | （元） | 价格涨跌 | (%) | | | | | （元） | | | 一、黑色金属 | | | | | | 螺纹钢（Φ20mm，HRB400E） | 吨 | 3184.1 | 0.0 | 0.0 | | 线材（Φ8—10mm，HPB300） | 吨 | 3331.3 | 13.7 | 0.4 | | 普通中板（20mm，Q235） | 吨 | 3507.7 | -5.2 | -0.1 | | 热轧普通板卷（4.75—11.5mm，Q235） | 吨 | 3412.4 | -16.4 | -0.5 | | 无缝钢管（219*6，20#） | 吨 | 4141.1 | -2.7 | -0.1 | | 角钢（5#） | 吨 ...

Core Insights - The monitoring of market prices for 50 important production materials across nine categories shows a mixed trend, with 25 products experiencing price increases, 23 seeing declines, and 2 remaining stable in mid-September 2025 compared to early September 2025 [2][3]. Group 1: Price Changes in Key Categories - In the black metal category, notable price increases include rebar at 3,184.1 CNY per ton (up 0.3%), wire rod at 3,317.6 CNY per ton (up 0.4%), and hot-rolled ordinary plate at 3,428.8 CNY per ton (up 0.6%) [4]. - In the non-ferrous metal category, electrolytic copper rose to 80,550.7 CNY per ton (up 0.7%), while aluminum ingots increased to 20,894.3 CNY per ton (up 1.0%) [4]. - Chemical products showed mixed results, with sulfuric acid dropping to 685.0 CNY per ton (down 4.4%) and methanol rising to 2,258.5 CNY per ton (up 1.6%) [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) decreased to 3,863.8 CNY per ton (down 1.6%), while liquefied petroleum gas (LPG) slightly increased to 4,507.7 CNY per ton (up 0.1%) [4]. - Coal prices showed a slight increase, with anthracite coal at 869.1 CNY per ton (up 2.4%) and ordinary mixed coal at 529.3 CNY per ton (up 0.5%) [4]. Group 3: Agricultural and Forestry Products - In agricultural products, yellow corn rose to 2,304.0 CNY per ton (up 0.2%), while cotton prices fell to 14,654.3 CNY per ton (down 0.4%) [5]. - The price of natural rubber decreased to 14,872.6 CNY per ton (down 0.9%), while the price of corrugated paper increased to 2,780.7 CNY per ton (up 1.2%) [5].

Group 1 - The AI new materials market experienced significant volatility this week, with adjustments on September 3-4 and a rebound on the 5th, influenced by market sentiment [1][2] - There has been no significant change in the fundamentals for AI copper foil and AI electronic cloth, maintaining a tight supply of high-end products, with a continued positive outlook on technology materials [2][3] - The price of photovoltaic glass increased week-on-week, coupled with expectations of reduced competition, indicating potential for phase profit recovery [3][4] Group 2 - The national average price of cement this week was 343 RMB/t, down 40 RMB year-on-year and down 2 RMB week-on-week, with an average shipment rate of 45.73%, up 0.13 percentage points week-on-week [4] - The average price of float glass this week was 1192.99 RMB/ton, with a week-on-week increase of 3.32 RMB/ton, reflecting a 0.28% rise [4] - The domestic price of fiberglass remained stable, with the average price of 2400tex alkali-free winding direct yarn at 3521.25 RMB/ton [4][5] Group 3 - The cement industry is expected to benefit from long-term capacity reduction effects due to "checking overproduction," which will push the industry's profit center upward [3] - The establishment of the China Building Waterproof Association's repair and waterproofing branch on September 4 indicates a move towards industry consolidation and standardization [6] - The "anti-involution" initiative proposed by the China Glass Fiber Industry Association aims to address competitive pressures within the fiberglass sector [6]

Group 1 - The core viewpoint emphasizes optimism towards AI electronic cloth and AI copper foil, suggesting that the market potential may exceed expectations [1][3] - The report highlights the increasing competition in the AI new materials industry, with many leading companies entering the market, leading to divergent opinions among market participants [2] - The analysis suggests focusing on two types of companies: "grand slam" leaders like Zhongcai for electronic cloth and Tongguan for copper foil, and those with survival space that can achieve widespread use, indicating rapid technological maturity and cost reduction [3] Group 2 - The report indicates a high growth forecast for Keda Manufacturing, a leading local manufacturer in Africa, as the region seeks to enhance local supply chains and manufacturing capabilities [4] - Current market data shows the national average price for cement at 344 RMB per ton, with a year-on-year decrease of 35 RMB, and an average delivery rate of 29.17%, reflecting a decline [5] - Important corporate movements include Keda Manufacturing and Huaxin Cement releasing their semi-annual reports, and Huaxin Cement completing the acquisition of assets in Nigeria [6]

Group 1: Hot News - Next month, the Ministry of Commerce will introduce several policies and measures to expand service consumption, using fiscal and financial means to optimize and enhance service supply capacity and stimulate new service consumption volume. The Ministry of Commerce and relevant departments have jointly formulated "Several Policy Measures to Promote Service Exports", and relevant documents will be publicly issued soon [2] - Shanghai has issued an implementation opinion on accelerating the renovation of urban villages, prioritizing the renovation of villages with urgent public needs and many urban safety and social governance hidden dangers. The renovation of urban villages should solicit the opinions of villagers, and the initial shareholding ratio of the town collective economic organization in the cooperative renovation should generally not be less than 10% [2] - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June and narrowing for two consecutive months. Among them, the profits of high-tech manufacturing increased by 18.9% from a 0.9% decline in June, driving the profit growth rate of all industrial enterprises above designated size to accelerate by 2.9 percentage points compared to June, showing a significant leading role [2] - As of August 27, among 89 blast furnaces of 23 sample steel enterprises surveyed, 2 new blast furnaces were under maintenance, with a newly added maintenance volume of 4340m³ and a daily average impact on hot metal production of about 10,300 tons. Currently, a total of 16 blast furnaces of steel enterprises in Tangshan are under maintenance, with a daily average impact on hot metal of about 47,400 tons, and the capacity utilization rate is 88.83%. Steel mills will gradually shut down and maintain blast furnaces at the end of the month as required. It is expected that 16 new blast furnaces will be under maintenance, with a daily average impact on hot metal production of about 116,600 tons (including previously maintained blast furnaces). The capacity utilization rate will drop to 78.13%, a decrease of 10.7% compared to the current level (August 27) and a decrease of 6.84% compared to the same period last year [3] - Goldman Sachs expects the oil surplus to intensify, with an average daily surplus of 1.8 million barrels from the fourth quarter of 2025 to the fourth quarter of 2026. By the end of 2026, global oil inventories will increase by nearly 800 million barrels. It is expected that the Brent crude oil price will fall to just over $50 by the end of 2026 [3] Group 2: Key Focus - Key commodities to focus on are urea, polysilicon, PVC, Shanghai copper, and plastic [4] Group 3: Night Session Performance - Night session performance by sector: Non-metallic building materials 2.81%, precious metals 27.04%, oilseeds 12.20%, non-ferrous metals 21.32%, soft commodities 2.52%, coal, coke, and steel ore 14.43%, energy 3.18%, chemicals 12.11%, grains 1.22%, and agricultural and sideline products 3.17% [4] Group 4: Large Asset Performance - Equity: The Shanghai Composite Index had a daily decline of 1.76%, a monthly increase of 6.36%, and an annual increase of 13.38%. The S&P 500 had a daily increase of 0.24%, a monthly increase of 2.24%, and an annual increase of 10.20%. Other indices also had their respective performance [7] - Fixed income: The 10-year treasury bond futures had a daily increase of 0.08%, a monthly decrease of 0.43%, and an annual decrease of 0.83%. Other treasury bond futures also had corresponding performance [7] - Commodities: The CRB commodity index had a daily increase of 0.76%, a monthly increase of 0.32%, and an annual increase of 1.35%. WTI crude oil had a daily increase of 0.96%, a monthly decrease of 7.74%, and an annual decrease of 11.21%. Other commodities also showed different trends [7] - Others: The US dollar index had a daily decrease of 0.05%, a monthly decrease of 1.86%, and an annual decrease of 9.48%. The CBOE volatility index had no daily change, a monthly decrease of 12.56%, and an annual decrease of 15.73% [7]

Core Viewpoint - The report highlights the strong performance of leading companies in the electronic fabric and copper foil sectors, driven by AI contributions and improvements in core business operations, indicating a positive market outlook for these segments [1][2]. Group 1: Electronic Fabric and Copper Foil - Two leading companies in electronic fabric and copper foil have reported better-than-expected mid-year results, primarily due to AI's contribution to profits and continued improvement in their core businesses [2]. - For instance, Zhongcai Technology's AI electronic fabric products have seen increased shipments, and its wind power blade business has experienced both volume and price increases in Q2, with expectations for further improvement in Q3 [2]. - Copper Crown Copper Foil's HVLP series products have achieved bulk shipments, and the lithium battery copper foil segment has shown significant loss reduction and margin recovery [2]. Group 2: Market Trends and Opportunities - Market attention is shifting towards liquid cooling, power supplies, and generators, but electronic fabric and copper foil remain high-demand sectors, expected to lead in unit value enhancement [2]. - The report expresses optimism for the African building materials market and highlights Keda Manufacturing as a leading local player, with a strong growth forecast for the first half of the year [2]. Group 3: Quantum Computing Developments - The report notes advancements in quantum computing, with strategic partnerships aimed at integrating quantum computing with AI for practical applications [3]. - IBM's 2025 quantum roadmap indicates significant progress, with plans to deliver a large-scale fault-tolerant quantum computer by 2029 [3]. Group 4: Traditional Building Materials Transformation - Traditional building material companies are accelerating their core business transformations, with notable acquisitions and investments in generative AI [4]. Group 5: Market Data and Trends - Cement prices averaged 343 RMB per ton this week, showing a year-on-year decrease of 36 RMB, while the average utilization rate for concrete mixing stations was reported at 6.86% [5]. - The glass market saw a decline in prices, with the average price for float glass at 1205.78 RMB per ton, down 2.42% from the previous week [5].

Investment Rating - The report maintains a positive outlook on the PCB upstream industry chain, particularly focusing on copper foil, electronic cloth, and equipment [1][11]. Core Insights - The report emphasizes the importance of monitoring the price trends of AI copper foil and the recent price increases announced by several CCL companies, indicating a favorable market environment for AI copper foil due to low domestic replacement rates and a healthy competitive landscape [1][11]. - The report highlights the robust growth potential in the African building materials sector, particularly for local manufacturing companies like Keda Manufacturing, which is expected to benefit from increased local production and supply chain protection [12][13]. - Traditional building materials are showing signs of recovery, with improved land acquisition sentiment and a potential stabilization in new construction starts, suggesting a positive trend for the real estate sector [13]. Summary by Sections Weekly Discussion - Continued recommendation for PCB upstream industry chain, focusing on AI copper foil, electronic cloth, and equipment due to favorable market conditions and limited domestic competition [1][11]. Cyclical Linkage - Cement prices are under pressure, with a national average of 340 RMB/t, down 42 RMB year-on-year, while glass prices are declining, indicating a challenging environment for these sectors [14][15]. - The report suggests that the demand for AI materials, particularly high-end copper foil and special fiberglass, remains strong, with price trends serving as key indicators of market health [15][16]. Market Performance - The building materials index showed a positive performance of 4.07% during the week, with specific segments like fiberglass and cement also reflecting gains, indicating a recovering market sentiment [18][29]. Building Materials Price Changes - National cement prices increased by 0.2% week-on-week, with regional variations in price adjustments, reflecting a gradual recovery in demand as weather conditions improve [29][30]. - The floating glass market continues to face challenges, with prices declining and inventory pressures persisting, although some signs of demand recovery are noted [39][40]. Fiberglass Market - The domestic fiberglass market remains stable, with prices holding steady, while electronic cloth prices are also stable, indicating a balanced supply-demand scenario [61][62]. Carbon Fiber Market - The carbon fiber market is stable, with prices averaging 83.75 RMB/kg, reflecting steady production rates and cautious demand from downstream industries [67][68].

Core Viewpoint - The monitoring of market prices for 50 important production materials in China shows a mixed trend, with 18 products experiencing price increases, 29 seeing declines, and 3 remaining stable in early August 2025 compared to late July 2025 [2]. Group 1: Price Changes in Major Categories - In the black metal category, prices for rebar and wire rod decreased by 1.1% and 1.3% respectively, while seamless steel pipes saw a slight increase of 0.1% [4]. - The non-ferrous metals category experienced declines in prices for electrolytic copper, aluminum ingots, lead ingots, and zinc ingots, with decreases ranging from 0.5% to 1.7% [4]. - Chemical products showed a mixed performance, with sulfuric acid and methanol prices increasing by 1.7% and 0.6% respectively, while other products like styrene and polyvinyl chloride saw significant declines [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) prices fell by 2.2% and 1.7% respectively, while gasoline prices remained relatively stable [4]. - Coal prices showed an upward trend, with prices for various types of coal, including anthracite and coking coal, increasing by 2.5% to 9.6% [4]. Group 3: Agricultural and Forestry Products - Agricultural products such as corn, cotton, and live pigs experienced price declines, with cotton prices dropping by 3.5% and corn by 0.5% [5]. - Conversely, soybean meal prices increased by 1.3%, indicating some resilience in the agricultural sector [5]. - In forestry products, natural rubber and paper pulp prices fell, while corrugated paper prices increased by 1.7% [5]. Group 4: Monitoring Methodology - The price monitoring encompasses 9 major categories and 50 products, with data collected from over 2,000 wholesalers and dealers across 31 provinces [8][9]. - The methodology includes on-site price collection, telephone inquiries, and electronic communications to ensure comprehensive data gathering [9]. Group 5: Price Fluctuation Statistics - The statistics on price fluctuations indicate that the number of products with rising prices is significantly lower than those with declining prices, reflecting a broader trend of price reductions in the monitored categories [10].

Financial Overview - The total assets of the company as of June 30, 2025, amounted to approximately RMB 13.14 billion, a decrease from RMB 13.50 billion as of December 31, 2024 [1][2][3] - Total liabilities decreased to approximately RMB 1.20 billion from RMB 1.49 billion during the same period [1][2][3] - Shareholder equity totaled approximately RMB 11.95 billion, down from RMB 12.01 billion [2][3][6] Income Statement Highlights - The company's total operating revenue for the first half of 2025 was approximately RMB 2.06 billion, an increase from RMB 1.98 billion in the same period of 2024, reflecting a growth of about 4% [3][4] - Operating costs rose to approximately RMB 1.80 billion from RMB 1.75 billion, indicating an increase of about 3% [3][4] - The net profit for the first half of 2025 was approximately RMB 440 million, compared to RMB 235 million in the same period of 2024, representing a significant increase [3][4][5] Cash Flow Analysis - The net cash flow from operating activities for the first half of 2025 was approximately RMB 135 million, a notable increase from RMB 33 million in the same period of 2024 [4][5] - Cash flow from investing activities showed a net inflow of approximately RMB 23 million, a decrease from RMB 921 million in the previous year [4][5] - Cash flow from financing activities resulted in a net outflow of approximately RMB 504 million, compared to RMB 558 million in the first half of 2024 [4][5] Shareholder Equity Changes - The total equity attributable to shareholders of the parent company decreased to approximately RMB 11.89 billion from RMB 11.95 billion [2][6] - The company reported a decrease in other comprehensive income, which was negative RMB 6.50 million compared to a positive RMB 5.85 million in the previous period [2][6] - The retained earnings as of June 30, 2025, were approximately RMB 6.29 billion, down from RMB 6.38 billion [2][6]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a general upward trend, with 36 products experiencing price increases, while 8 saw declines, and 6 remained stable in late July 2025 compared to mid-July 2025 [1]. Price Changes Summary 1. Black Metals - Rebar (Φ20mm, HRB400E) increased by 143.5 CNY to 3304.1 CNY, a rise of 4.5% - Wire rod (Φ8-10mm, HPB300) rose by 141.5 CNY to 3469.0 CNY, an increase of 4.3% - Ordinary medium plate (20mm, Q235) increased by 123.6 CNY to 3526.3 CNY, a rise of 3.6% - Hot-rolled ordinary plate (4.75-11.5mm, Q235) increased by 175.2 CNY to 3474.3 CNY, a rise of 5.3% [3]. 2. Non-ferrous Metals - Electrolytic copper (1) rose by 1161.1 CNY to 79474.4 CNY, an increase of 1.5% - Aluminum ingot (A00) increased by 175.8 CNY to 20767.5 CNY, a rise of 0.9% - Lead ingot (1) decreased by 53.1 CNY to 16734.4 CNY, a decline of 0.3% - Zinc ingot (0) increased by 528.0 CNY to 22746.3 CNY, a rise of 2.4% [3]. 3. Chemical Products - Sulfuric acid (98%) increased by 10.2 CNY to 704.3 CNY, a rise of 1.5% - Caustic soda (liquid, 32%) decreased by 0.8 CNY to 871.7 CNY, a decline of 0.1% - Methanol (first grade) increased by 34.1 CNY to 2255.5 CNY, a rise of 1.5% - Polyvinyl chloride (SG5) increased by 197.7 CNY to 5056.7 CNY, a rise of 4.1% [3]. 4. Oil and Natural Gas - Liquefied natural gas (LNG) decreased by 1.8 CNY to 4323.7 CNY, remaining stable - Gasoline (95 National VI) increased by 20.7 CNY to 8590.4 CNY, a rise of 0.2% - Diesel (0 National VI) decreased by 2.1 CNY to 7182.9 CNY, remaining stable [3]. 5. Coal - Anthracite (washed lump) decreased by 29.6 CNY to 835.8 CNY, a decline of 3.4% - Ordinary mixed coal (4500 kcal) increased by 16.7 CNY to 518.1 CNY, a rise of 3.3% - Coking coal (main coking coal) increased by 225.0 CNY to 1375.0 CNY, a rise of 19.6% [3]. 6. Non-metallic Building Materials - Ordinary Portland cement (P.O 42.5 bagged) decreased by 6.7 CNY to 355.7 CNY, a decline of 1.8% - Float glass (4.8/5mm) increased by 56.5 CNY to 1268.9 CNY, a rise of 4.7% [3]. 7. Agricultural Products - Rice (glutinous rice) decreased by 1.7 CNY to 4042.3 CNY, remaining stable - Wheat (national standard grade three) remained stable at 2422.9 CNY [4]. 8. Agricultural Production Materials - Urea (medium and small particles) decreased by 10.6 CNY to 1811.8 CNY, a decline of 0.6% - Compound fertilizer (sulfur potassium compound fertilizer) increased by 28.5 CNY to 3177.9 CNY, a rise of 0.9% [4]. 9. Forest Products - Natural rubber (standard rubber SCRWF) increased by 548.0 CNY to 14906.3 CNY, a rise of 3.8% - Pulp (imported needle pulp) increased by 32.4 CNY to 5869.0 CNY, a rise of 0.6% [4].