2020-2025年1-11月中国平板玻璃产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年11月中国平板玻璃产量为8160万重量箱，同比增长3.7%；2025年1-11 月中国平板玻璃累计产量为88381.4万重量箱，累计下降3.6%。 上市企业：旗滨集团（601636）,南玻Ａ（000012）,金晶科技（600586）,凯盛新能（600876）,耀皮玻璃 （600819）,山东药玻（600529）,亚玛顿（002623）,福耀玻璃（600660） 相关报告：智研咨询发布的《2026-2032年中国平板玻璃行业市场供需态势及前景战略研判报告》 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The report highlights that hot-rolled inventory is at its highest level for the same period in five years, indicating potential supply chain pressures [41] - The liquidity environment is characterized by a historical high in gold prices, with the London gold spot price reaching $4,533 per ounce [11] - The report notes a decline in construction activity, with national real estate new starts down 20.50% year-on-year for the first 11 months of 2025 [20] Summary by Relevant Sections Liquidity - The BCI small and medium enterprise financing environment index for December 2025 is at 47.15, down 10.19% month-on-month [11] - The M1 and M2 growth rate difference was -3.1 percentage points in November 2025, a decrease of 1.10 percentage points month-on-month [18] - The current London gold price is $4,533 per ounce, reflecting a 4.41% increase from the previous week [11] Infrastructure and Real Estate Chain - Hot-rolled inventory is at the highest level for the same period in five years, with rebar prices down 1.20% this week [41] - The national high furnace capacity utilization rate is at 85%, unchanged from the previous week [10] - The cement price index has decreased by 0.49% this week, with a national cement utilization rate of 30.14%, down 0.9 percentage points [59] Industrial Chain - The national semi-steel tire operating rate is at 72.05%, up 0.66 percentage points week-on-week [2] - The price of tungsten concentrate has reached a new high since 2012, at 460,500 yuan per ton, up 6.35% from last week [2] - The price of electrolytic aluminum is 22,060 yuan per ton, reflecting a 1.01% increase week-on-week [10] Price Relationships - The price difference between hot-rolled and rebar has turned positive, with the current difference at 10 yuan per ton [3] - The price ratio of rebar to iron ore is 4.02 this week [3] - The price of stainless steel hot-rolled and electrolytic nickel has a ratio of 0.10 [3] Export Chain - The new export orders PMI for China in November is 47.60%, an increase of 1.7 percentage points month-on-month [3] - The CCFI composite index for container shipping rates is at 1,146.67 points, up 1.95% week-on-week [3] - The U.S. crude steel capacity utilization rate is at 75.30%, down 1.20 percentage points from the previous week [3] Valuation Metrics - The CSI 300 index increased by 1.95%, with the chemical sector performing best at +4.23% [4] - The PB ratio for the steel sector relative to the CSI 300 is currently at 0.50, with a historical high of 0.82 [4] - The report suggests that the steel sector's supply may be reasonably constrained, leading to potential recovery in profitability to historical average levels [4]

Investment Rating - The report maintains a rating of "Overweight" for the steel and non-ferrous metals sectors [5] Core Insights - The price spread between hot-rolled and rebar steel is at its lowest level in six years [3] - The liquidity indicators show that gold prices have reached a new high since November 2025, with the current price at 4341 USD/oz [10] - The construction and real estate sectors are experiencing a decline in high furnace capacity utilization, which has been below last year's levels for three consecutive weeks [23] Summary by Relevant Sections Liquidity - The BCI small and medium enterprise financing environment index for November 2025 is 52.50, up 0.17% month-on-month [10] - The M1 and M2 growth rate difference is -3.1 percentage points, down 1.10 percentage points month-on-month [19] - The current London gold spot price is 4341 USD/oz, reflecting a 0.97% increase from the previous week [10] Infrastructure and Real Estate Chain - The national high furnace capacity utilization rate is 85%, down 1.0 percentage points month-on-month [9] - The cumulative year-on-year decline in national real estate new construction area for January to November 2025 is -20.50% [23] - The cumulative year-on-year decline in national commodity housing sales area for January to November 2025 is -7.80% [23] Price Movements - The price of rebar is currently 3320 CNY/ton, reflecting a 2.15% increase [9] - The price of titanium dioxide is 13000 CNY/ton, with a gross profit of -1795 CNY/ton [78] - The price of electrolytic aluminum is 21840 CNY/ton, down 1.04% month-on-month [9] Export Chain - The new export orders PMI for China in November 2025 is 47.60%, up 1.7 percentage points month-on-month [3] - The CCFI comprehensive index for container shipping prices is 1124.73 points, reflecting a 0.60% increase [3] - The U.S. crude steel capacity utilization rate is 76.50%, up 0.80 percentage points month-on-month [3] Valuation Metrics - The Shanghai Composite Index decreased by 0.28%, while the chemical sector showed the best performance with a 2.58% increase [4] - The PB ratio for the steel sector relative to the Shanghai Composite is currently at 0.51, with a historical high of 0.82 [4] - The report suggests that the steel sector's supply may be reasonably constrained, leading to a potential recovery in profitability to historical average levels [4]

12月18日，省统计局发布今年1月至11月全省经济运行情况。数据显示，今年前11个月，我省规上 工业保持增长，市场销售规模扩大，出口增长较快，全省经济运行总体平稳。 分产品看，民用钢质船舶产量同比增长88.3%，变压器增长48%，合成氨（无水氨）增长21.2%，农 用氮、磷、钾化学肥料（折纯）增长13.0%，纸制品增长8.4%，平板玻璃增长6.5%，十种有色金属增长 4.6%，新能源汽车增长22.4%。 从固定资产投资看，高技术制造业投资增长14.1%，增长较好。 市场销售规模扩大，部分升级类商品销售快速增长。前11个月，全省社会消费品零售总额9565亿 元，同比增长2.3%。从限额以上单位商品零售类值看，基本生活类商品销售稳定增长，粮油、食品类 零售额同比增长12.2%，日用品类增长9.3%，饮料类增长3.5%。部分升级类商品销售增长较快，可穿戴 智能设备增长16.3倍，能效等级为1级和2级的家用电器增长1.1倍，智能手机增长1.1倍，新能源汽车增 长1.1%。 据海关统计，1月至11月，全省货物进出口总额6840.7亿元，其中出口3734.8亿元，增长9.4%。从 出口商品看，农产品出口310.5亿元，同 ...

要点 2025 年 12 月 15 日 行业研究 12 月高炉产能利用率有望低于去年同期水平 ——金属周期品高频数据周报（2025.12.8-12.14） 流动性：M1 M2 增速差在 9 月创下近 56 个月高点后，连续两个月回落。 （1）BCI 中小企业融资环境指数 2025 年 11 月值为 52.50，环比上月 +0.17%；（2）M1 和 M2 增速差与上证指数存在较强的正向相关性：M1 和 M2 增速差在 2025 年 11 月为-3.1 个百分点，环比-1.10 个百分点；（3）本 周伦敦金现价格为 4299 美元/盎司。 基建和地产链条：高炉产能利用率连续两周低于去年同期水平。（1）本周 价格变动：螺纹-0.61%、水泥价格指数+0.86%、橡胶+1.71%、焦炭 -3.29%、焦煤-0.71%、铁矿-0.63%；（2）本周全国高炉产能利用率、水 泥、沥青开工率环比-1.16pct、-0.30pct、+0.3pct。 地产竣工链条：钛白粉毛利润处于低位水平。本周钛白粉、玻璃的价格环比 分别+0.00%、+0.00%，钛白粉毛利润为-1679 元/吨，平板玻璃本周开工率 73.82%。 工业品链 ...

2020-2025年1-10月中国平板玻璃产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：旗滨集团（601636）,南玻Ａ（000012）,金晶科技（600586）,凯盛新能（600876）,耀皮玻璃 （600819）,山东药玻（600529）,亚玛顿（002623）,福耀玻璃（600660） 相关报告：智研咨询发布的《2026-2032年中国平板玻璃行业市场供需态势及前景战略研判报告》 根据国家统计局数据显示：2025年10月中国平板玻璃产量为8250万重量箱，同比增长3.3%；2025年1-10 月中国平板玻璃累计产量为80542.7万重量箱，累计下降4.4%。 ...

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The central economic work conference emphasizes stabilizing the real estate market, with expectations for new policies to be introduced to control supply, reduce inventory, and improve the quality of housing supply [4][25] - In November, first-tier cities saw a significant increase in second-hand housing transactions, reaching 49,033 units, a 20% month-on-month increase, marking a seven-month high [4][25] - The building materials sector is focusing on improving profitability, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [5][47] Summary by Sections Real Estate Sector - The real estate sector is currently in a "bottoming" phase, with expectations for policy support to enhance market stability and recovery [4][25] - The report highlights a shift from high leverage and turnover to a focus on quality, service, and sustainability in the industry [4][25] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the evolving market landscape [4][25] Building Materials Sector - The building materials sector has seen a slight increase of 0.89% in the last two weeks, outperforming the CSI 300 index [26] - The cement industry is undergoing structural upgrades, with over 83.59 million tons of clinker capacity being eliminated as part of the capacity replacement policy [47] - The report suggests focusing on companies with strong fundamentals and high dividend yields, such as Conch Cement, Taipai Group, and Huaxin Cement [47] Market Trends - The report notes that the overall profitability of the cement industry has significantly improved, with leading companies showing strong cash flow and performance [47] - The glass fiber sector is experiencing a shift in demand from traditional construction materials to high-growth areas such as renewable energy and high-end electronic fibers [5][48] - The report indicates that the market for photovoltaic glass is under pressure due to high inventory levels and weak demand, but long-term growth prospects remain strong [5][42]

Liquidity - The BCI small and medium enterprise financing environment index for November is 52.50, with a month-on-month increase of 0.17% [4] - The M1 and M2 growth rate difference in October is -2.0 percentage points, with a month-on-month increase of 0.8 percentage points [4] - The current price of London gold is $4,197 per ounce [4] Infrastructure and Real Estate Chain - Total inventory of five major steel varieties is at the highest level for the same period in four years [5] - Price changes this week include rebar +0.31%, cement price index -0.10%, rubber -1.01%, coke -3.18%, coking coal -1.41%, iron ore -0.13% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates have changed by -0.90 percentage points, -0.30 percentage points, and +0.3 percentage points respectively [5] Real Estate Completion Chain - Prices of titanium dioxide and flat glass have increased by 0.78% and remained unchanged respectively, with glass gross profit at -58 yuan/ton and titanium dioxide gross profit at -1,649 yuan/ton [6] - The operating rate for flat glass this week is 73.63% [6] Industrial Products Chain - Major commodity price performance this week includes cold-rolled steel and copper prices unchanged, aluminum +3.36%, with corresponding gross profit changes turning from loss to profit and increasing by 2.20% and 12.47% respectively [7] - The national semi-steel tire operating rate is 70.92%, with a month-on-month increase of 1.73 percentage points [7] Subcategories - Electrolytic aluminum spot price reaches the highest level since May 2022, while tungsten concentrate price continues to reach the highest level since 2012 [8] - The price of graphite electrodes is 19,000 yuan/ton, with a month-on-month increase of 2.70%, and the comprehensive gross profit is 1,357.4 yuan/ton, down 17.59% [8] - The price of electrolytic aluminum is 22,150 yuan/ton, with a month-on-month increase of 3.36%, and estimated profit is 4,750 yuan/ton (excluding tax), up 12.47% [8] - The price of electrolytic copper is 91,600 yuan/ton, with a month-on-month increase of 4.71% [8] - The price of tungsten concentrate is 354,000 yuan/ton, with a month-on-month increase of 4.42% [8] Price Comparison Relationships - The price ratio of rebar and iron ore this week is 4.09 [10] - The price difference between hot-rolled and rebar steel is 40 yuan/ton [10] - The price difference between Shanghai cold-rolled and hot-rolled steel is 530 yuan/ton, with a month-on-month increase of 40 yuan/ton [10] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 170 yuan/ton, with a month-on-month increase of 6.25% [10] - The price difference between medium-thick plates and rebar is 70 yuan/ton [10] - The London spot gold-silver price ratio is 73 times this week [10] Export Chain - The new export orders PMI for China in November is 47.60%, with a month-on-month increase of 1.7 percentage points [11] - The China Containerized Freight Index (CCFI) comprehensive index this week is 1,114.89 points, with a month-on-month decrease of 0.62% [11] - The U.S. crude steel capacity utilization rate this week is 75.80%, with a month-on-month decrease of 1.10 percentage points [11] Valuation Percentiles - The CSI 300 index increased by 1.28% this week, with the best-performing cyclical sector being industrial metals (+9.14%) [12] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB ratio is 37.97% and 100.00% respectively [12] - The current PB ratio of the ordinary steel sector relative to the CSI 300 PB ratio is 0.53, with the highest value since 2013 being 0.82 (reached in August 2017) [12]

2025 年 12 月 8 日 行业研究 电解铝现货价格创 2022 年 5 月以来新高水平 ——金属周期品高频数据周报（2025.12.1-12.7） 要点 流动性：11 月 BCI 中小企业融资环境指数值为 52.50，环比+0.17%。（1） BCI 中小企业融资环境指数 2025 年 11 月值为 52.50，环比上月+0.17%； （2）M1 和 M2 增速差与上证指数存在较强的正向相关性：M1 和 M2 增速 差在 2025 年 10 月为-2.0 个百分点，环比+0.8 个百分点；（3）本周伦敦金 现价格为 4197 美元/盎司。 基建和地产链条：五大品种钢材总库存处于 4 年同期最高水平。（1）本周 价格变动：螺纹+0.31%、水泥价格指数-0.10%、橡胶-1.01%、焦炭 -3.18%、焦煤-1.41%、铁矿-0.13%；（2）本周全国高炉产能利用率、水 泥、沥青开工率环比-0.90pct、-0.30pct、+0.3pct。 地产竣工链条：钛白粉、平板玻璃毛利润处于低位水平。本周钛白粉、玻璃 的价格环比分别+0.78%、+0.00%，玻璃毛利润为-58 元/吨，钛白粉毛利润 为-1649 ...

Core Insights - The quality inspection results for automotive products, daily chemicals, hazardous chemicals, and building materials in Yan'an City, Shaanxi Province, show that all 183 samples tested were qualified, indicating a strong compliance with quality standards in these sectors [2][3][4]. Group 1: Automotive Products - All automotive products sampled, including engine oils and brake pads, passed quality inspections, reflecting a robust quality assurance process in the automotive supply chain [2][3][4]. Group 2: Daily Chemicals - Daily chemical products, such as various types of detergents and cleaning agents, also received passing grades, suggesting that manufacturers are adhering to safety and quality regulations [3][4][5]. Group 3: Hazardous Chemicals - The inspection included hazardous chemicals, with all samples meeting the required safety standards, which is crucial for public health and environmental safety [2][4]. Group 4: Building Materials - Building materials, including various types of cement and construction boards, were all found to be compliant, indicating a high level of quality control in the construction materials market [3][4][5]. Group 5: Overall Compliance - The overall compliance rate of 100% across all categories tested demonstrates effective regulatory oversight and quality management practices in Yan'an's manufacturing and retail sectors [2][3][4].