玻璃纯碱早报 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1128 1143 1121 980 997 1084 1173 1269 900 1000 1100 1200 1300 1400 1500 沙河德金 沙河安全 沙河低价 湖北低价 09合约 11合约 01合约 05合约 玻璃价格结构 今日(8/22） 昨日(8/21） 一周前(8/15） 一月前(7/22） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 2024 2025 0 100 200 3 ...

人民财讯8月25日电，国内期货开盘多数上涨，焦煤涨超6%，焦炭涨超4%，燃料油、玻璃、工业硅涨 超3%；红枣、尿素、花生小幅下跌。 （原标题：国内期货开盘多数上涨 焦煤涨超6%） ...

黑色建材日报 2025-08-25 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3119 元/吨, 较上一交易日跌 2 元/吨（-0.06%）。当日注册仓单 157733 吨, 环比增加 21323 吨。主力合约持仓量为 141.1603 万手，环比减少 46508 手。现货市场方面, 螺纹钢天津 汇总价格为 3270 元/吨, 环比减少 10/吨; 上海汇总价格为 3280 元/吨, 环比减少 20 元/吨。 热轧板卷主 力合约收盘价为 3361 元/吨, 较上一交易日跌 14 元/吨（-0.41%）。 当日注册仓单 32215 吨, 环比减少 1777 吨。主力合约持仓量为 99.8147 万手 ...

大宗建材方面：1、水泥：（1）八月下旬，受资金面持续紧张，以及部分地区仍有高 温、雨水天气影响，整体市场需求恢复较为缓慢，国内重点地区水泥企业平均出货率在 45.7%左右。价格方面，部分省份已陆续完成首轮提价，为巩固当前涨价成果，企业有意继 续推动价格上行。预计后续水泥价格将呈稳中偏强趋势运行。（2）行业供给自律共识有望 进一步强化，全年盈利中枢有望好于去年。尽管Q2因需求波动或错峰执行问题供需阶段性 失衡、价格出现回落，但今年行业在主导企业引领下维护利润的意愿显著增强，我们认为供 需再平衡时间仍然会明显好于去年，8月中下旬标志性市场或开启提价，节点有望较去年提 前，全年盈利中枢有望高于去年。（3）板块市净率估值处于历史底部，产业政策落地有望 推动盈利持续修复、估值回升。水泥企业市净率估值处于历史低位，板块分红比例提升。行 业景气低位为进一步的整合带来机遇。产能产量管控政策有望逐步落实，有望推动僵尸产能 退出，改善产能严重过剩区域的供给矛盾。水泥行业纳入全国碳市场，碳排放对供给的约束 趋严有望加速过剩产能出清和行业整合。（4）龙头企业综合竞争优势凸显，中长期有望受 益于行业格局优化，估值有望迎来修复，推荐全国 ...

摘要 科达制造海外收入占比超 60%，主要来自非洲本土建材（约 47 亿元） 和机械装备出口（约 33 亿元），净利润从 2019 年的 1.2 亿元增至 2024 年的 7-8 亿元，预计 2025 年达 13-14 亿元，增长动力主要来自 机械装备的全球竞争力和非洲建材的渠道优势。 科达制造机械装备业务虽受下游需求下降影响，但通过配件耗材（2024 年收入 12 亿，墨水部分与国瓷康态合作实现 3 亿）和通用化设备（收 入 10 亿，旅行车压约 5 亿）的拓展，实现逆势增长，陶瓷机械仍保持 45 亿美元收入，全球市占率约 25%，形成与意大利赛克米双寡头格局。 科达制造在非洲本土建材领域通过与当地龙头企业合作，巩固渠道优势， 分享非洲经济增长红利。某瓷砖公司依托森大集团的渠道优势，2025 年瓷砖销量达 2 亿平方米，成为全球第二大瓷砖企业，并通过股权调整 和税收优化实现快速发展。 非洲建材市场规模截至 2023 年底为 14 亿平方米，约 400 亿人民币。 本土生产能力提升降低了进口比例，但基础设施薄弱和运输成本导致进 口比例仍超 20%。中国企业通过游说东非共同体提高关税，提升本土生 产优势。 Q& ...

证券研究报告·宏观报告·宏观周报 宏观量化经济指数周报 20250824 货物吞吐量延续高位，8 月出口仍有韧性 2025 年 08 月 24 日 [Table_Tag] [Table_Summary] 观点 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 相关研究 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 周度 ECI 指数：从周度数据来看，截至 2025 年 8 月 24 日，本周 ECI 供给指数为50.09%，较上周回升0.01个百分点；ECI需求指数为49.89%， 较上周环比持平。从分项来看，ECI 投资指数为 49.91%，较上周环比持 平；ECI 消费指数为 49.70%，较上周回升 0.02 个百分点；ECI 出口指 数为 50.20%，较上周回落 0.01 个百分点。 ◼ 月度 ECI 指数：从 8 月前三周的高频数据来看，E ...

天眼查App显示，近日，桂阳县鸿丰玻璃有限公司成立，法定代表人为欧阳慧敏，注册资本10万人民 币，经营范围为一般项目：玻璃制造；玻璃仪器制造；玻璃保温容器制造；光学玻璃制造；技术玻璃制 品制造；普通玻璃容器制造；未封口玻璃外壳及其他玻璃制品制造；玻璃纤维及制品制造；日用玻璃制 品制造。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

焦煤夜盘收涨约6.2%，焦炭涨约4.7%，玻璃、合成橡胶、铁矿石也至少涨约2.1%。此前，美联储主席 鲍威尔在杰克逊霍尔全球央行年会年会上释放鸽派信息。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market has increasing supply and demand, with rising total inventory. The fundamentals of steel and raw materials are weakening, but market expectations remain positive, and the price is expected to be volatile and weak [3]. - The iron ore price is relatively firm, and it is expected to be stronger than the steel price in the short - term, with prices fluctuating within a smaller range [20]. - The coal - coke market may fluctuate widely with market sentiment. In the future, it may return to the fundamental logic, and attention should be paid to the change in finished product inventory [30]. - The ferroalloy market has high supply pressure, and there is a possibility of inventory accumulation and price decline. Its price is affected by the volatile coking coal price [46]. - The soda ash market has a pattern of strong supply and weak demand, and attention should be paid to the price fluctuations of coal and raw salt on the cost side [60]. - The glass market is in a weak balance, with high intermediate inventory and weak production and sales. Attention should be paid to policy guidance and short - term emotional changes [87]. 3. Summary by Relevant Catalogs Steel - **Market Situation**: This week, the supply and demand of the five major steel products both increased, and the total inventory continued to accumulate. The de - stocking pressure on the finished product side is prominent. The fundamentals of raw materials are also weakening [3]. - **Price Data**: On August 22, 2025, the closing prices of steel futures contracts such as rebar and hot - rolled coil changed compared with the previous day. For example, the rebar 01 contract closed at 3195 yuan/ton, down from 3200 yuan/ton the previous day [4]. Iron Ore - **Market Situation**: The iron ore price is relatively firm in the black market. The price rebound space is limited due to the lack of strong demand or policy drivers. It is expected to be stronger than the steel price in the short - term and fluctuate within a smaller range [20]. - **Price Data**: On August 22, 2025, the closing price of the iron ore 01 contract was 770 yuan/ton, down 2.5 yuan/ton from the previous day [21]. - **Fundamental Data**: On August 22, 2025, the daily average pig iron output was 240.75 tons, with a weekly increase of 0.09 tons. The 45 - port inventory was 13845.2 tons, with a weekly increase of 25.93 tons [24]. Coal - Coke - **Market Situation**: The short - term speculative sentiment in the market has cooled down, but the macro - sentiment may fluctuate widely. In the future, it may return to the fundamental logic, and attention should be paid to the change in finished product inventory [30]. - **Price Data**: On August 22, 2025, the coking coal warehouse receipt cost (Tangshan Mongolian 5) was 1128 yuan/ton, with no daily change and a weekly increase of 120 yuan/ton [36]. Ferroalloy - **Market Situation**: Driven by profits, the ferroalloy output is increasing, with high supply pressure. There is a possibility of inventory accumulation and price decline, and its price is affected by the coking coal price [46]. - **Price Data**: On August 22, 2025, the silicon - iron basis in Ningxia was 8 yuan/ton, down 34 yuan/ton from the previous day [47]. Soda Ash - **Market Situation**: The supply of soda ash remains high, the rigid demand is weak, and the upper - middle stream inventory continues to reach new highs. The cost has increased slightly, and the pattern of strong supply and weak demand remains unchanged [60]. - **Price Data**: On August 22, 2025, the soda ash 05 contract closed at 1379 yuan/ton, up 17 yuan/ton from the previous day, with a daily increase of 1.25% [61]. Glass - **Market Situation**: The glass market is in a weak balance, with high intermediate inventory and weak production and sales. The near - end spot is under obvious pressure, and attention should be paid to policy guidance and short - term emotional changes [87]. - **Price Data**: On August 22, 2025, the glass 05 contract closed at 1269 yuan/ton, up 17 yuan/ton from the previous day, with a daily increase of 1.36% [88].

投资有风险，入市需谨慎 新纪元期货研究 8/22/2025 黑色系周度报告 石磊 从业资格证号：F0270570 投资咨询证号：Z0011147 黑色系一周行情回顾 | 品种 | 合约 | | 期货主力合约收盘价格 | | | 现货价格 | 基差（未 折算） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025/8/15 | 2025/8/22 | 变动 | 涨跌幅（%） | | | | 螺纹钢 | RB2510 | 3188 | 3119 | -69 | -2.16 | 3280 | 161 | | 热卷 | HC2510 | 3439 | 3361 | -78 | -2.27 | 3400 | 39 | | 铁矿石 | I2601 | 776 | 770 | -6 | -0.77 | 778 | 8 | | 焦炭 | J2601 | 1730 | 1679 | -51 | -2.95 | 1620 | -59 | | 焦煤 | JM2601 | 1230 | 1162 | -68 | -5.53 | 1350 | 188 | | 玻璃 ...