每经记者｜彭斐 每经编辑｜陈俊杰 虽然钢铁行业仍处于下行周期，但作为区域龙头，山东钢铁（600022.SH，股价1.57元，市值167.97亿 元）在今年前三季度有了复苏迹象。 10月9日盘后，山东钢铁发布2025年三季度业绩预告，经初步测算，公司预计前三季度实现归母净利润 约1.40亿元，与上年同期亏损14.51亿元相比，成功扭亏为盈。 业绩预告揭示了其盈利能力持续向好的秘诀：公司在降本增效上取得了卓越成就，吨钢降本超过60元， 购销差价同比提升超200元/吨。 从"亏14.5亿元"到"赚1.4亿元" 根据山东钢铁披露的2025年三季度业绩预告，公司财务状况实现了全面改善，与去年同期形成了鲜明对 比。 公告显示，经公司财务部门初步测算，"预计2025年前三季度经营业绩持续向好，盈利能力显著提升， 实现利润总额6.32亿元左右，比上年同期增利约21.96亿元；实现归属于上市公司股东的净利润1.40亿元 左右，比上年同期增利约15.91亿元"。 在扣除非经常性损益后，山东钢铁主营业务的盈利能力同样大幅增强。"预计2025年前三季度，实现归 属于上市公司股东的扣除非经常性损益的净利润1.38亿元左右，比上年同期增 ...

新华财经布鲁塞尔10月9日电（记者康逸）欧洲汽车制造商协会8日发表声明说，欧盟委员会削减钢铁进 口配额将推高相关产品价格，从而加剧通胀。 欧盟委员会在7日公布的一份提案中说，为保护欧盟钢铁行业，计划大幅下调钢铁免关税进口配额，并 对配额外进口钢铁征收50%的关税，同时将采取措施对钢铁原产地加大溯源力度。 该协会表示，即便汽车等特定行业高度依赖欧盟钢铁供应，汽车制造商仍需进口一定数量和质量的钢铁 产品，欧盟委员会需要针对这些行业的具体情况进行评估。此外，欧盟委员会应认识到，在汽车这一供 应链全球化程度较高的行业中应用新的原产地规则的复杂性。 欧洲汽车制造商协会总干事西格丽德·弗里斯说，欧盟委员会需要在欧洲钢铁生产商和用钢者的需求之 间找到更好的平衡。 （文章来源：新华社） 欧洲汽车制造商协会在声明中指出，欧盟委员会的提案不仅无助于缓解欧洲市场压力，新的原产地规则 还将进一步限制进口，给欧洲钢铁产品进口商带来巨大负担。 ...

近年来，欧盟面临的经济挑战愈加严峻，主要有两个原因。首先，俄乌冲突给欧盟带来了长期的经济压 力。各成员国不仅要提供对乌克兰的军事援助，而且随着冲突局势的持续，援助将难以停止，这使得欧盟 各国的财政负担日益沉重。其次，自特朗普执政以来，美国对欧盟的"收割"策略愈发明显。通过美欧贸易 协议，美国不仅让欧盟为其购买能源和军火，还推动欧盟的工业企业向美国转移，导致欧盟在一些领域失 去了竞争优势。面对这样的不公平条约，欧盟并未对美国采取反制措施，反而将注意力转向了中国。 其次，欧盟可能低估了中国的反制能力。必须认识到，欧盟之所以能够推动全球化贸易，过去几十年受益 于此。如今，欧盟如果采取贸易保护主义，不仅会伤害到全球化带来的利益，还可能触动中国的反制措 施。比如，欧盟若对中国钢铁产品加征关税，中国可以通过反制措施在欧盟的脆弱环节进行反击。中国已 经启动了对欧盟猪肉及相关副产品的反倾销调查。此外，欧盟发展工业所需的稀土资源，几乎只能依赖中 国供应。若中国卡住这一资源供应，欧盟的工业复兴将变得更加困难。 因此，欧盟试图通过对中国加税来解决自身工业困境，实际上是一个误判。面对美国的压力和中国的反 制，欧盟可能会陷入更深的困境 ...

Group 1 - The core viewpoint of the news is that Baosteel Co., Ltd. has shown significant stock performance with a year-to-date increase of 25.40%, despite recent declines in the short term [1][2] - As of September 29, Baosteel's stock price reached 2.33 yuan per share, with a market capitalization of 105.52 billion yuan and a trading volume of 1.036 billion yuan [1] - The company has experienced a net inflow of main funds amounting to 82.05 million yuan, with significant buying activity from large orders [1] Group 2 - Baosteel Co., Ltd. was established on June 29, 1999, and listed on March 9, 2001, primarily engaged in mineral resource development and steel product production and sales [2] - The main business revenue composition includes 76.99% from steel products, with sheet metal accounting for 50.56% and other categories such as pipes and profiles contributing to the remainder [2] - As of September 19, the number of shareholders decreased by 0.84% to 846,500, while the average circulating shares per person increased by 0.84% to 37,069 shares [2] Group 3 - Baosteel has distributed a total of 4.487 billion yuan in dividends since its A-share listing, with 90.58 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 324 million shares [3] - Other significant shareholders include various ETFs, with notable increases in holdings from Huatai-PB, E Fund, and China Universal ETFs [3]

以前加拿大为了跟随美国的步伐，不仅和我国附近一些不友好的国家进行一些联合军演，还针对我国出口部分货物进行加税，表面是为了保护自己国家货物 实际上就是为了响应美国的号召。 可是加拿大万万没想到聪明反被聪明误，到头来是自讨苦吃，现在的加拿大想要登门道歉，希望我国高抬贵手放过加拿大！ 加拿大从强硬扣押孟晚舟女士，到如今急切寻求最高级别的对话，加拿大到底经历了怎样的切肤之痛？ 当加拿大选择在跟随美国的脚步时，可能没想到中国的反击来的如此迅速。中国和加拿大价值连城的油菜籽订单化为泡影；伴随着公告一出，多种核心商品 被加征高达100%的惩罚性关税。 面对国内飙升的失业率和农民仓库中堆积如山的滞销产品，加拿大高层坐不住了。据路透社报道在近期的联合国大会上，加拿大总理卡尼与外长先后释放出 希望访华并与中方高层会晤的信号。 中加关系的恶化，就是因为加拿大在外交与贸易政策上，慢慢放弃了自主性，沦为美国"遏华"战略的执行者。这种外交策略让加拿大自身付出了巨大的的代 价。 自前总理特鲁多执政时期开始，加拿大便积极配合美国的所谓"印太战略"，频繁派遣军舰闯入中国周边海域，与我国不友好的国家举行联合军演，制造地区 的紧张局势。 但事实恰 ...

报告共计：19页 欧盟碳关税对中国高耗能产品出口的影响及对策总结 欧盟于2021年提出碳关税政策（CBAM），2023年10月进入过渡期，2026年正式征税，覆盖钢铁、铝、水泥、化肥等行业。中国作为欧盟重要贸易伙伴， 2022年对欧出口占比16%，其中超50%为高耗能产品，该政策对中国相关行业出口影响深远。 研究基于投入产出模型测算发现，在四类行业未纳入中国碳市场的情景下，碳关税将使中国高耗能产品出口成本最终上升6%-19%。其中钢铁行业受冲击最 大，2034年免费配额归零后，成本上升约19%，需缴碳关税近200亿元；化肥行业成本上升超9%，铝和水泥行业均超6%。若中国碳价升至307元/t，各行业 成本增幅将大幅降低，钢铁行业可降至10%以下。 从国际贸易格局看，钢铁行业变化最为显著。2034年，中国、俄罗斯钢铁价格上升14%-16%，欧盟对其进口规模分别下降285亿元、101亿元；而美国、土耳 其因采用短流程炼钢（碳排放强度仅为中国一半），价格增幅仅8%-10%，将占据竞争优势。其他行业中，化肥虽价格较低但对欧出口依赖度低，市场份额 调整有限；水泥出口占比极低且单价过高，受影响微弱；铝行业价格本就偏高，碳关 ...

Core Insights - The visit of Vietnam's National Assembly Chairman, Vuong Dinh Hue, to Malaysia during the 46th ASEAN Inter-Parliamentary Assembly (AIPA-46) signifies a commitment to strengthen the friendly relations and comprehensive strategic partnership between the two countries [1] Trade Relations - Malaysia is Vietnam's third-largest trading partner within ASEAN and the ninth-largest globally [1] - As of July 2025, the bilateral trade volume between Vietnam and Malaysia reached $9.23 billion, reflecting an 8% increase compared to the same period in 2024 [1] - Vietnam primarily exports computers, electronic products and components, oil, coffee, pepper, steel products, and rubber to Malaysia [1] - The main imports from Malaysia include computers and components, oil, and machinery [1] Investment Landscape - Malaysia ranks as the third-largest investor in Vietnam within ASEAN and tenth among all countries and regions investing in Vietnam, with 731 effective investment projects and a total registered capital of approximately $13 billion [1]

Core Viewpoint - The company has entered into two significant procurement agreements with Shougang Group, which will enhance its business operations and revenue generation over the next three years [1] Group 1: Procurement Agreements - The company has signed an EMC procurement agreement with Shougang Group, effective from September 19, 2025, for a duration of three years [1] - Additionally, a steel procurement agreement has also been established with Shougang Group, effective from the same date and lasting for three years [1] Group 2: Shougang Group Overview - Shougang Group is a state-owned enterprise in China, fully owned by Beijing State-owned Capital Operation and Management Co., Ltd., which is in turn wholly owned by the State-owned Assets Supervision and Administration Commission of the Beijing Municipal Government [1] - Shougang Group is one of the largest steel producers in China, with a diverse range of business operations including steel production, overseas business, property development, and mineral resources [1] Group 3: Strategic Implications - The agreements are expected to leverage the resources and business capabilities of Shougang Group, allowing the company to supply EMC products for Shougang's engineering projects [1] - This strategic move is anticipated to expand the company's business scope and generate additional revenue [1]

Group 1 - The company has entered into an EMC procurement master agreement with Shougang, effective from September 19, 2025, for a duration of three years, under which the company agrees to supply EMC products [1] - The company has also signed a steel procurement master agreement with Shougang, effective from September 19, 2025, for a duration of three years, under which Shougang agrees to supply steel products [1]

Group 1 - The company has entered into a three-year EMC procurement agreement with Shougang, effective from September 19, 2025, under which the company will supply EMC products to Shougang [1] - The company has also established a three-year steel procurement agreement with Shougang, effective from September 19, 2025, under which Shougang will supply steel products to the company [1]