中国是稀土大国，其中湖南娄底市的锡矿山被称为"世界锑都"，锑储量占全球比重的30%。 锑作为合金、半导体元件、新能源领域必不可少的材料，战略价值突出。 据媒体披露，现在鹿特丹现货市场上，锑的价格已经上涨近230%，达到每吨约3.9万美元。 怎么利用好这些稀土资源，"世界锑都"用15年的时间，交出了一份"中国式现代化"的新答卷。 在过去很长一段时间内，由于对稀有资源的认识保护利用不足，我们往往采用高能耗、高排放、高污染的资源开采方式。 这种方式，带来经济价值非常有限，同时造成了严重的环境污染。 在上世纪80年代以后，湖南娄底的锡矿山满山都是冒黑烟的小型冶炼小作坊。一口锅，一个炉子就能加工初级锑矿。 以至于锡矿山的地表土壤污染严重，植物生存困难，有的地方寸草不生，森林覆盖率一度降低到8%。 当地有句顺口溜："天上灰蒙蒙，地上满地尘。"一句话道尽了掠夺式发展的苦涩。 为解决环境问题，保障地方经济的持续发展，2009年国家发改委将锡矿山治理纳入湘江流域重金属污染治理项目，开展了一系列的雷霆行动。 第一步"关"： 对每年贡献税收1.5亿元、但污染严重的涉锑企业进行了彻底整治，只保留了8家年生产能力大于5000吨的合法锑 ...

证券日报网讯 12月24日，华菱钢铁在互动平台回答投资者提问时表示，VAMA专注于高端汽车用钢市 场，得益于其专利产品引入、品种结构升级、持续创新等多方面举措，逐渐在汽车结构件等细分领域建 立了差异化竞争优势，市场认可度稳步提升，实现了较好的盈利水平。公司坚持品种结构高端化的战略 方向，持续投资布局了硅钢、高端冷轧家电板、特钢线棒材、特大口径无缝钢管等高端品种，这些高端 品种项目从建成投产到达产达效，再到实现预期经济效益均需要合理时间和周期，公司未来将继续保持 战略定力，加快推进"四化"转型，在技术创新、品种结构高端化、降本增效、市场开拓等方面持续发 力，进一步提升高附加值产品占比和盈利能力。 （文章来源：证券日报） ...

太行山下，丹河、沁河之畔，一座历史悠久而又充满活力的城市正以昂扬之姿，在高质量发展的征途上 奋力前行。山西省晋城市，有"河东屏翰、中原咽喉、三晋门户"之称，这里资源富集，曾以"煤铁之 乡"闻名。近年来，面对资源型城市转型的大课题，晋城不惧艰险、勇闯新路，培育新动能、重塑新优 势，在改革创新发展、产业转型升级、文旅深度融合、乡村全面振兴、生态环境治理等领域全面发力， 书写了一份充满韧性与活力的"晋城答卷"。 新动能新质生产力激活转型势能 晋城的转型之路，并非简单的"去煤化"，而是以科技创新为引擎，推动产业向高端化、智能化、绿色化 跃升。 晋城以新质生产力激活转型势能，培育出一批具有全国影响力的产业集群。全力打造千亿级光机电产业 集群，近4年产业产值年均增长42%，2024年达700亿元，今年有望实现千亿元级目标。半导体复合衬底 项目持续扩大量产，柔性纳米复合材料产品即将上市；国家科技创新2030"量子通信系统核心量子器 件"重大专项落地；全国半导体真空科学仪器暨第三届锑化物半导体与光机电系统集成技术大会等重大 活动举办，晋城光机电产业的知名度和影响力不断提升。 同时，晋城加快煤层气全产业链发展，坚持把煤层气作为 ...

12月5日，2025长三角企业100强正式揭晓。今年榜单入围门槛为767.28亿元，较去年的781.6亿元有所下滑。上榜企业营业总收入连续两年突破21万亿元大 关，再创历史新高，同比增加6764.7亿元（3.27%）至21.373万亿元；有82家企业营收超千亿元，比上年增加6家。净利润总额超过1万亿元，同比增加 15.07%（1341.5亿元）至10243.5亿元。资产总额达到60.5万亿元，同比增加3.9万亿元（6.87%）。 在快速发展的同时，百强企业积极履行社会责任，纳税总额达到7958.7亿元，同比增长1.09%。创新已经成为企业发展的重要驱动力，上榜企业研发费用达 到3146.5亿元，同比增加5.82%。 值得注意的是，民营企业上榜数量首次超过半数，达到54家，比上年增加5家。合计实现营业收入12.1万亿元，占比首次超半，达到56.61%；收入平均值 （2240.8亿元）超过长三角百强的平均值。营业收入、净利润、纳税总额三项指标增速，均远超长三角百强企业的平均值。 上海市有25家企业入榜，较上年减少4家，营业总收入略有下降，净利润同比增长24.31%（1010.9亿元）。有5家企业跻身前十，分别是中 ...

Core Viewpoint - The 2025 World Intelligent Manufacturing Conference opened in Nanjing, where 15 leading intelligent factories, including Zoomlion, jointly released an initiative to outline a new blueprint for intelligent manufacturing development. Zoomlion has been recognized for overcoming challenges in the heavy equipment industry and establishing a world-class collaborative intelligent factory cluster for construction machinery, representing the highest level of Chinese manufacturing [1][2]. Group 1: Intelligent Factories - The 15 leading intelligent factories span various industries, including equipment manufacturing, raw materials, electronic information, and consumer goods [2]. - In the equipment manufacturing sector, notable factories include Shanghai Aerospace Equipment Manufacturing Factory, XCMG Heavy Machinery, Weichai, and Zoomlion's excavator sharing manufacturing intelligent factory [2][3]. - Zoomlion's excavator sharing manufacturing intelligent factory boasts an AI technology application rate exceeding 80%, achieving a production cycle of just 6.5 days from steel plate cutting to complete machine delivery, with a production rhythm of one excavator every six minutes, marking the shortest core indicators in the global construction machinery sector [3]. Group 2: Industry Trends - The engineering machinery industry is showing signs of recovery, with improved sales data for excavators and loaders anticipated in 2025 [5][6]. - The industry is transitioning to "National IV" standards starting December 1, indicating regulatory changes that may impact production and sales [5]. - Domestic sales have seen a continuous decline for 13 months, while exports have surged over 70%, suggesting a potential shift in market dynamics [5].

Investment Rating - The report gives a "Positive" rating for the high-end equipment manufacturing industry, expecting the industry index to outperform the market index by over 5% in the next six months [12]. Core Insights - The announcement of China's first batch of 15 leading intelligent factories marks a significant leap in intelligent manufacturing, establishing new benchmarks for the industry [3][10]. - The report highlights innovative manufacturing models and technological breakthroughs that address industry pain points and enhance production efficiency [4][5]. - The total scale of intelligent manufacturing equipment, industrial software, and system solutions has surpassed 4.5 trillion yuan [6]. Summary by Sections Event Description - On November 27, 2025, the Ministry of Industry and Information Technology and other departments announced the first batch of 15 leading intelligent factories, covering key sectors such as equipment manufacturing and consumer goods [3]. Core Advantages and Technological Breakthroughs - Innovative models like shared manufacturing and flexible production lines have significantly reduced production times and inventory levels [4]. - AI and digital twin technologies are driving efficiency improvements, with companies achieving high product quality rates and reduced lead times [4]. - The integration of green and lean manufacturing practices has led to increased material utilization and reduced construction costs for smart factories [5]. Impact on the Industry Chain - The technological spillover from leading factories is driving upgrades across the supply chain, with extensive digital collaboration among suppliers and distributors [6]. - The report notes a historical transition in China's intelligent manufacturing from isolated breakthroughs to systemic collaboration [6]. - Policy support is fostering the development of industrial clusters, with leading factories acting as "mother factories" to promote regional upgrades [6]. Market Performance - The high-end equipment manufacturing index is expected to show positive trends compared to the broader market, with specific companies listed as direct beneficiaries of the intelligent manufacturing initiatives [8][10]. Investment Recommendations - The report suggests short-term investments in listed companies directly involved in the leading intelligent factories, such as Zoomlion and Haier, which are at the forefront of industry advancements [10]. - Long-term focus should be on companies that are closely tied to leading firms in technology output and ecosystem development, as well as those involved in AI chip production and computing infrastructure [10].

Core Viewpoint - Baosteel's "High-end Green Silicon Steel Predictive Manufacturing Intelligent Factory" project has been selected as one of the first "Pioneering Intelligent Factories" by the Ministry of Industry and Information Technology, showcasing the company's commitment to digital transformation in the steel industry [1][2]. Group 1: Project Overview - The project focuses on silicon steel, a critical material for transformers and motors, which has a manufacturing process that is 2 to 3 times longer than conventional steel products, requiring higher precision in composition and process control [2]. - Baosteel has introduced an "AI-driven predictive manufacturing" paradigm to address inefficiencies in traditional customized production models, allowing for the creation of "pre-orders" based on data and AI analysis of historical orders and market trends [2]. Group 2: Achievements and Innovations - The intelligent factory has achieved significant results, including a 50% improvement in production anomaly handling efficiency and a 70% increase in daily scheduling efficiency through the integration of AI applications [2]. - The project has also led to a reduction in electricity loss from 7.7% to 4.4% after upgrading silicon steel products, contributing to the steel industry's carbon reduction goals [3]. Group 3: Future Directions - Baosteel aims to transform the entire value chain of the steel industry through the implementation of an industrial internet platform that optimizes the closed loop of demand, supply, production, and delivery, moving from experience-driven to algorithm-driven manufacturing [3]. - The company is committed to leading the steel industry towards intelligent, green, and integrated upgrades, positioning itself as a model for smart manufacturing on a global scale [3].

钢铁ETF（515210）跌超3%，行业供需格局改善，把握回调布局机会。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），该指数从沪深市场中选取归属于钢铁行业的相 关上市公司证券作为样本，以反映钢铁行业整体表现。指数成分股涵盖普钢、特钢等主要子领域，具有 显著的周期性特征，其走势与宏观经济周期密切相关。 （文章来源：每日经济新闻） 银河证券指出，2025年前三季度钢铁行业效益显著改善，重点统计企业利润总额同比增长1.9倍，销售 利润率同比上升1.39个百分点至2.1%。供给端反内卷政策持续加码，《钢铁行业稳增长工作方案 （2025-2026年）》提出实施产能产量精准调控，严禁新增产能，推动行业增加值年均增长4%。需求结 构持续优化，制造业用钢占比从2020年的42%升至2024年的50%，高端产品如硅钢产量较2020年增长 48%，其中高磁感取向硅钢占比提升至68%。普钢板块表现突出，利润总额占比达58.38%。行业供需格 局改善，粗钢产量同比下降2.9%，表观消费量下降5.7%，出口同比增长9.2%，净出口量显著上升。基 金持仓同比增加22.44%，显示市场对龙头企业的关注度提升。 ...

Group 1 - The steel industry is expected to see significant improvement in profitability by the third quarter of 2025, with a projected profit increase of 1.9 times year-on-year for key statistical enterprises [1] - The sales profit margin is anticipated to rise by 1.39 percentage points to 2.1% [1] - The supply side will continue to implement anti-involution policies, with the "Steel Industry Stabilization and Growth Work Plan (2025-2026)" emphasizing precise production control and prohibiting new capacity additions [1] Group 2 - The demand structure is continuously optimizing, with the proportion of steel used in manufacturing increasing from 42% in 2020 to 50% in 2024, and high-end products like silicon steel seeing a 48% increase in output compared to 2020 [1] - The ordinary steel sector is performing well, accounting for 58.38% of total profits [1] - The industry is experiencing an improved supply-demand balance, with crude steel production down by 2.9% and apparent consumption down by 5.7%, while capacity continues to concentrate on leading quality enterprises [1] Group 3 - The steel ETF (515210) tracks the CSI Steel Index (930606), which reflects the overall performance of listed companies in the steel industry, including ordinary and special steel [1] - The index is composed mainly of steel manufacturing companies, exhibiting strong cyclical characteristics and primarily focusing on raw materials [1] - The steel industry is closely related to market dynamics and economic cycles [1]

供给端反内卷政策加码，钢铁品种结构优化升级 中国银河（601881）证券发布研报称，近日钢企陆续发布2025前三季度业绩报告，龙头钢企归母净利润 高增，部分钢企利润同比扭亏为盈，钢铁行业整体盈利能力修复。在供给侧反内卷持续推进的背景下， 钢铁行业产能持续向优质龙头集中;从需求侧看，行业有望受益于制造业升级和AI转型。中长期来看， 该行认为普钢龙头企业有望受益于行业供需格局的改善。建议关注：受益于行业供需格局改善的普钢板 块龙头公司，基本面向好的特钢板块相关龙头公司等。 中国银河证券主要观点如下： 2025前三季度利润修复，行业效益显著改善 2025年前三季度，从业绩来看，中钢协重点统计钢铁企业累计营业收入为4.56万亿元，同比下降2.36%; 营业成本为4.26万亿元，同比下降3.88%，收入降幅小于成本降幅1.52个百分点;利润总额960亿元，同比 增长1.9倍，行业效益相比去年同期明显改善;销售利润率为2.1%，同比上升1.39个百分点。从供需结构 来看，据国家统计局数据，前三季度，全国累计生产粗钢7.46亿吨，同比下降2.9%，预计全年仍将保持 同比下降，实现粗钢产量调控目标;生产生铁6.46亿吨，同比 ...