2025 年 11 月 PPI 环比上涨 0.1%，连续两个月回升，体现能源、纺织等行业季 节性需求增强以及国际金属价格上行的影响。11 月 PPI 同比下降 2.2%，但部分 行业降幅已显著收窄，体现整治"内卷式"竞争与产能优化成效。同时，新兴产 业景气度较高，带动相关产品价格同比上涨，如存储设备、石墨制品、集成电 路等。整体看，供需结构改善与产业升级对价格的正向支撑正在增强。 图 1：ICHI 指数反映当下经济运行的冷热程度 资料来源： Wind 、 iFinD 以及工银国际计算 宏观经济周报 - 2025 年 12 月 15 日 1 按点如欲查询更多产品资料，请联络工银国际证券有限公司，电话(852) 2683 3888 请参阅最后一页的重要声明 宏观经济周报 2025 年第 51 周 一、中国宏观 高频：本周 ICHI 综合景气指数继续小幅回升，在连续数周的温和波动后再度企 稳于扩张附近。从分项看，消费景气指数连续两周维持在扩张区间上沿，前期 扰动消化后，居民端的修复势能重新显现，消费动能保持温和向上。投资景气 指数有明显修复，向荣枯线靠拢，基建与制造业投资的支撑力量有所巩固，显 示资本形成活动在政策 ...

Group 1 - The company, Xingqiu Graphite (688633.SH), primarily engages in the research, production, sales, and maintenance services of graphite materials, graphite products, graphite equipment, and complete systems [1] - The company does not currently involve itself in graphene or graphite electrode products [1] - The company's wholly-owned subsidiary, Inner Mongolia Xingqiu New Materials Technology Co., Ltd., produces specialty and chemical-grade graphite, which is mainly used in the production of graphite equipment and products, with a primary application in corrosion resistance [1]

Core Viewpoint - Xinhua Jin (600735.SH) is facing significant financial challenges, including a large amount of non-operating fund occupation by its controlling shareholder, Xinhua Jin Group, totaling 406 million yuan [2][3]. Financial Situation - As of the latest report, Xinhua Jin's revenue for 2024 was 1.637 billion yuan, a decrease of 30.97% year-on-year, with a net profit of -134 million yuan, down 354.59% [7]. - In the first half of 2025, the company reported revenue of 669 million yuan, a decline of 24.92% year-on-year, and a net profit of 12.87 million yuan, down 39.45% [7]. Fund Occupation and Regulatory Actions - Xinhua Jin Group and its affiliates have not returned the occupied funds, leading to regulatory scrutiny and potential administrative measures, including stock suspension and delisting warnings if the funds are not recovered within six months [3][4]. - The company is actively pursuing the recovery of these funds and is urging Xinhua Jin Group to expedite the disposal of other assets to raise the necessary capital [4]. Shareholder Actions and Agreements - Qingdao Beer announced a share transfer agreement with Xinhua Jin Group and Lu Jin Group for 100% equity of Jimo Yellow Wine, with a total consideration of 665 million yuan [2][6]. - However, four months after the announcement, there has been no update on the progress of the share transfer [2][6]. Business Operations - Xinhua Jin's business primarily focuses on "new trade and new materials," including the export of hair products and textiles, as well as graphite processing [7]. - The company has faced challenges in its operations, particularly in the second-hand car segment, which was divested in late 2024, impacting revenue [7].

Group 1 - The core point of the article is that Baotailong New Materials Co., Ltd. was fined 50,000 yuan by the Heilongjiang Provincial Emergency Management Department for using equipment that should have been eliminated due to safety concerns [1] - The specific equipment in question is a dry concrete spraying machine used in the second mining area, which is listed in the "Directory of Prohibited Equipment and Processes for Underground Coal Mines (Third Batch)" [1] Group 2 - Baotailong Company was established in June 2003 and successfully listed on the Shanghai Stock Exchange on March 9, 2011, with the stock code 601011 [3] - The company operates in various sectors including clean energy, coal-based petrochemical production, graphite deep processing, and new materials development, and has a registered capital of 1.916 billion yuan [3] - Baotailong has over 3,500 employees and 87 research personnel, with 10 wholly-owned subsidiaries and several other affiliated companies [3]