新华社记者 周 圆 王悦阳 今年以来，国内外环境复杂多变、产业链供应链承压波动。建设现代化产业体系，必须把发展经济的着 力点放在实体经济上。 国务院办公厅发布关于做好金融"五篇大文章"的指导意见，明确坚持金融服务实体经济；工业和信息化 部联合多部门出台钢铁、汽车等十大行业稳增长工作方案；"两重""两新"等重点领域的融资支持力度持 续加大……政策聚焦实体经济，靶向发力。 现代化产业体系是中国式现代化的物质技术基础。 工业、农业、服务业和基础设施发展迈上新台阶，科技创新和产业创新融合发展走深向实，产业协同发 展持续加深……一年来，我国产业规模优势、体系优势和部分领域领先优势进一步巩固。 日前召开的中央经济工作会议指出，2025年我国"现代化产业体系建设持续推进"，并提出"坚持创新驱 动，加紧培育壮大新动能"。 记者调研时感受到，当前各地以科技创新引领新质生产力发展，加快构建以先进制造业为骨干的现代化 产业体系，不断巩固壮大实体经济，为我国在未来发展和国际竞争中赢得战略主动。 以"实"为基， 筑牢产业发展底盘 走进山东中航泰达复合材料有限公司生产车间，一台台热压罐将发货区排得满满当当。 "我们一直深耕复合材料高端装 ...

转自：贵州日报 现代化产业体系是中国式现代化的物质技术基础。 工业、农业、服务业和基础设施发展迈上新台阶，科技创新和产业创新融合发展走深向实，产业协同发 展持续加深……一年来，我国产业规模优势、体系优势和部分领域领先优势进一步巩固。 日前召开的中央经济工作会议指出，2025年我国"现代化产业体系建设持续推进"，并提出"坚持创新驱 动，加紧培育壮大新动能"。 记者调研时感受到，当前各地以科技创新引领新质生产力发展，加快构建以先进制造业为骨干的现代化 产业体系，不断巩固壮大实体经济，为我国在未来发展和国际竞争中赢得战略主动。 以"实"为基，筑牢产业发展底盘 走进山东中航泰达复合材料有限公司生产车间，一台台热压罐将发货区排得满满当当。 "我们一直深耕复合材料高端装备领域，不断加大研发投入，今年成功研制出超大型热压罐。"公司总经 理张利新说，目前公司在全国热压罐市场占有率超30%，明年的订单已全线排满。 今年以来，国内外环境复杂多变、产业链供应链承压波动。建设现代化产业体系，必须把发展经济的着 力点放在实体经济上。 国务院办公厅发布关于做好金融"五篇大文章"的指导意见，明确坚持金融服务实体经济；工业和信息化 部联合多 ...

转自：北京日报客户端 新华社北京12月26日电现代化产业体系是中国式现代化的物质技术基础。 工业、农业、服务业和基础设施发展迈上新台阶，科技创新和产业创新融合发展走深向实，产业协同发 展持续加深……一年来，我国产业规模优势、体系优势和部分领域领先优势进一步巩固。 日前召开的中央经济工作会议指出，2025年我国"现代化产业体系建设持续推进"，并提出"坚持创新驱 动，加紧培育壮大新动能"。 记者调研时感受到，当前各地以科技创新引领新质生产力发展，加快构建以先进制造业为骨干的现代化 产业体系，不断巩固壮大实体经济，为我国在未来发展和国际竞争中赢得战略主动。 以"实"为基，筑牢产业发展底盘 走进山东中航泰达复合材料有限公司生产车间，一台台热压罐将发货区排得满满当当。 "我们一直深耕复合材料高端装备领域，不断加大研发投入，今年成功研制出超大型热压罐。"公司总经 理张利新说，目前公司在全国热压罐市场占有率超30%，明年的订单已全线排满。 今年以来，国内外环境复杂多变、产业链供应链承压波动。建设现代化产业体系，必须把发展经济的着 力点放在实体经济上。 国务院办公厅发布关于做好金融"五篇大文章"的指导意见，明确坚持金融服务实 ...

新华社北京12月26日电 题：笃"实"夯基 现代化产业体系建设持续推进 新华社记者周圆、王悦阳 现代化产业体系是中国式现代化的物质技术基础。 工业、农业、服务业和基础设施发展迈上新台阶，科技创新和产业创新融合发展走深向实，产业协同发 展持续加深……一年来，我国产业规模优势、体系优势和部分领域领先优势进一步巩固。 日前召开的中央经济工作会议指出，2025年我国"现代化产业体系建设持续推进"，并提出"坚持创新驱 动，加紧培育壮大新动能"。 记者调研时感受到，当前各地以科技创新引领新质生产力发展，加快构建以先进制造业为骨干的现代化 产业体系，不断巩固壮大实体经济，为我国在未来发展和国际竞争中赢得战略主动。 以"实"为基，筑牢产业发展底盘 走进山东中航泰达复合材料有限公司生产车间，一台台热压罐将发货区排得满满当当。 "我们一直深耕复合材料高端装备领域，不断加大研发投入，今年成功研制出超大型热压罐。"公司总经 理张利新说，目前公司在全国热压罐市场占有率超30%，明年的订单已全线排满。 今年以来，国内外环境复杂多变、产业链供应链承压波动。建设现代化产业体系，必须把发展经济的着 力点放在实体经济上。 国务院办公厅发布关于做 ...

新华社北京12月26日电 题：笃"实"夯基 现代化产业体系建设持续推进 新华社记者周圆、王悦阳 现代化产业体系是中国式现代化的物质技术基础。 工业、农业、服务业和基础设施发展迈上新台阶，科技创新和产业创新融合发展走深向实，产业协 同发展持续加深……一年来，我国产业规模优势、体系优势和部分领域领先优势进一步巩固。 日前召开的中央经济工作会议指出，2025年我国"现代化产业体系建设持续推进"，并提出"坚持创 新驱动，加紧培育壮大新动能"。 克服干旱、洪涝等自然灾害影响，全国粮食实现丰收，稳定在1.4万亿斤以上，农业基础地位不断 巩固； 加强重点行业产能治理，改善供求关系，11月份41个工业大类行业中有30个行业增加值同比增长， 工业经济稳中有进； 增加优质服务供给，加快培育服务业经济新增长点，前三季度服务业增加值拉动国内生产总值增长 3.1个百分点，服务业质量效益持续提升； 以"两重"项目为重点，交通、水利、城市更新等基础设施建设深入推进…… 记者调研时感受到，当前各地以科技创新引领新质生产力发展，加快构建以先进制造业为骨干的现 代化产业体系，不断巩固壮大实体经济，为我国在未来发展和国际竞争中赢得战略主动。 以" ...

Report Summary - The decline of the double - coking futures market this week was larger than last week. Since November, the coking coal futures market has gradually weakened. Affected by the National Development and Reform Commission's winter supply - guarantee meeting on November 11, the market's expectation of tight supply has loosened, with a large decline on that day. Subsequently, due to the lack of policy - driven expectations, the spot market was affected by the futures market sentiment, and the transaction price weakened synchronously. With the approaching contract change of the main contract, the delivery pressure on the near - month contract increased, and the downward pressure on the futures market intensified. In the short term, the expected increase in supply and the limited restocking by downstream industries due to poor profitability in the steel industry chain have weakened the support for the futures market. However, due to the significant inventory reduction by mining enterprises in the early stage, their inventory pressure is not large, so the downward space for the futures market is expected to be limited. Attention should be paid to the stabilization of the futures market. After the fourth price increase of coke was implemented and the price of coking coal declined, the profit of coke enterprises has improved, but the profitability of steel mills has been continuously suppressed. The decrease in the profit rate of steel enterprises will intensify the game between steel and coke enterprises. Steel mills will resist further price increases by coke enterprises, reducing the possibility of further price increases. If the price of coking coal回调s, steel mills may even initiate price cuts to seek profits from coke enterprises. The futures market should focus on the support level of coking coal, as it is significantly affected by the trend of coking coal [6]. Market Focus Fundamental Overview - As of November 18, the capital availability rate of sample construction sites was 59.8%, a weekly increase of 0.04 percentage points. Among them, the capital availability rate of non - housing construction projects was 61.11%, a weekly increase of 0.05 percentage points; the capital availability rate of housing construction projects was 53.29%, a weekly increase of 0.05 percentage points. The capital availability rate has stopped declining slightly, and the construction progress of some projects in East China has slightly accelerated, but the number of newly started projects is small. As of November 16, the cumulative import and export freight volume at the Ganqimaodu Port was 35.8326 million tons, including 33.8984 million tons of imported coal. The port has completed 80% of its 2025 cargo volume target, with a remaining gap of about 8.7 million tons for coal. The three major ports will be closed on November 26 for the anniversary of the founding of Mongolia and will resume customs clearance on November 27 [7]. Main Views - The supply of coking coal has increased slightly, but the increase is limited. - The inventory reduction of coking coal has been sluggish, but the absolute inventory pressure is not large. - The willingness of independent coke enterprises to replenish coking coal inventory has weakened, and steel mills maintain just - in - time procurement of raw materials. - The overall coke production is weakly stable. - There is still room for the decline of hot metal production, and the growth space for coke consumption is limited. - The profit of coke enterprises has improved, while the profit of steel mills is under pressure [7]. Multi - and Short - Focus Analysis | Long Factors | Short Factors | | --- | --- | | The increase in coking coal supply is limited, and inventory pressure is not large | The profit rate of steel mills is continuously declining, and there is an expectation of a decline in hot metal production | | As winter storage approaches, downstream industries have an expectation of restocking | The National Development and Reform Commission's winter supply - guarantee meeting has revised the market's expectation of the supply side of coal | | | Due to delivery quality issues, the willingness of near - month long - position holders to take delivery is low | [10] Data Analysis Coking Coal Supply - As of the week of November 21, the operating rate of 523 sample mines was 86.94%, a week - on - week increase of 0.66%, and the daily average output increased by 0.06 million tons to 75.8 million tons. The operating rate of 314 sample coal washing plants was 37.56%, a week - on - week increase of 0.13%, and the daily average output increased by 0.2 million tons to 27.63 million tons. As of the weekly statistics on November 15, the customs clearance volume of Mongolian coal at the Ganqimaodu Port was 1.047195 million tons, with a slight decline in the early stage. Overall, the supply of coking coal has increased slightly, but the increase is limited [15]. Coking Coal Inventory - As of the week of November 21, the clean coal inventory of 523 sample mines was 1.8592 million tons, an increase of 0.2086 million tons; the clean coal inventory of 314 sample coal washing plants was 3.0283 million tons, an increase of 0.0201 million tons. The coking coal inventory at ports was 2.915 million tons, a decrease of 0.07 million tons. This week, the domestic coking coal supply has increased. Affected by the price decline, downstream restocking has been postponed, and the wait - and - see sentiment is strong. The inventory reduction of upstream enterprises has been sluggish, and inventory has increased significantly in the past two weeks, but the absolute inventory pressure is not large [20]. Coking Coal Procurement by Coke Enterprises - As of November 21, the coking coal inventory of all - sample independent coking enterprises was 10.3819 million tons, a decrease of 0.3078 million tons. Currently, the available inventory days for coke enterprises are 12.45 days, a decrease of 0.31 days from the previous period. The coke inventory of independent coking enterprises was 0.6529 million tons, an increase of 0.0714 million tons. This week, independent coking enterprises have seen an increase in their own coke inventory, and their willingness to replenish coking coal inventory has weakened, maintaining a downward trend in inventory for two consecutive weeks [23]. Coking Coal Procurement by Steel Mills - As of November 21, the coking coal inventory of 247 steel enterprises was 7.9708 million tons, an increase of 0.0691 million tons. The available inventory days were 12.97 days, an increase of 0.1 days from the previous period. The coke inventory was 6.2234 million tons, a decrease of 0.0006 million tons from the previous period, and the available inventory days were 11.05 days, a decrease of 0.01 days from the previous period. Recently, the coking coal inventory of steel mills has slightly increased, but the increase is not large. Steel mills maintain just - in - time procurement, and the overall raw material inventory remains at a relatively low level [27]. Coke Production - As of November 21, the capacity utilization rate of all - sample independent coking enterprises was 71.71%, an increase of 0.07% from the previous period, and the daily average output of metallurgical coke was 0.6267 million tons, a decrease of 0.0033 million tons from the previous period; the capacity utilization rate of 247 steel enterprises was 85.23%, an increase of 0.09% from the previous period, and the daily average output of coke was 0.4622 million tons, an increase of 0.0005 million tons from the previous period. This week, the coke production of steel mills and independent coking enterprises has shown a weakly stable trend [28]. Coke Consumption - According to Steel Union data, as of the week of November 21, China's coke consumption was 1.0633 million tons, a decrease of 0.0027 million tons. From the data of 247 steel enterprises, the daily average output of hot metal was 2.3628 million tons, a decrease of 0.006 million tons. This week, the hot metal production has declined compared with last week, approaching the level of the same period last year. From a seasonal perspective, there is still some room for the decline of hot metal production, and the subsequent growth space for coke demand is limited [30]. Profitability of Coke Enterprises and Steel Mills - As of November 14, the average profit per ton of coke for independent coking enterprises was 19 yuan/ton. Recently, after the fourth price increase of coke was implemented and the price of coking coal declined, the profit of coke enterprises has improved, but the profitability of steel mills has been continuously suppressed. As of November 21, the profit rate of 247 steel enterprises was 37.66%, a further decline of 1.3% from the previous period. The decrease in the profit rate of steel enterprises will intensify the game between steel and coke enterprises. Steel mills will resist further price increases by coke enterprises, reducing the possibility of further price increases. If the price of coking coal回调s, steel mills may even initiate price cuts to seek profits from coke enterprises [32]. Basis Structure of Double - Coking Futures and Spot - The delivery pressure is emerging, and the basis between futures and spot has widened [34]. Market Outlook - Since November, the coking coal futures market has gradually weakened. Affected by the National Development and Reform Commission's winter supply - guarantee meeting on November 11, the market's expectation of tight supply has loosened, with a large decline on that day. Subsequently, due to the lack of policy - driven expectations, the spot market was affected by the futures market sentiment, and the transaction price weakened synchronously. With the approaching contract change of the main contract, the delivery pressure on the near - month contract increased, and the downward pressure on the futures market intensified. In the short term, the expected increase in supply and the limited restocking by downstream industries due to poor profitability in the steel industry chain have weakened the support for the futures market. However, due to the significant inventory reduction by mining enterprises in the early stage, their inventory pressure is not large, so the downward space for the futures market is expected to be limited. Attention should be paid to the stabilization of the futures market [37]. - The coke production of steel mills and independent coking enterprises has shown a weakly stable trend, but the hot metal production has declined compared with last week, approaching the level of the same period last year. From a seasonal perspective, there is still some room for the decline of hot metal production, and the subsequent growth space for coke demand is limited. Recently, after the fourth price increase of coke was implemented and the price of coking coal declined, the profit of coke enterprises has improved, but the profitability of steel mills has been continuously suppressed. The decrease in the profit rate of steel enterprises will intensify the game between steel and coke enterprises. Steel mills will resist further price increases by coke enterprises, reducing the possibility of further price increases. If the price of coking coal回调s, steel mills may even initiate price cuts to seek profits from coke enterprises. The futures market should focus on the support level of coking coal, as it is significantly affected by the trend of coking coal [40].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8][9][10]. Core Viewpoints - The steel sector has shown a strong performance this year, with a year-to-date increase of over 30%, ranking 7th among Shenwan's primary industries [2]. - The report highlights that the average daily pig iron production has increased to 236.9 thousand tons, while steel production has decreased [11]. - The total inventory of steel has decreased, with a week-on-week decline of 1.7%, indicating a tightening supply [23]. - Apparent steel consumption has shown a slight decline, with a week-on-week decrease of 0.7% [52]. - The report notes that iron ore prices have strengthened, influenced by reduced shipments from Australia and Brazil [49]. Summary by Sections Market Review - The CITIC Steel Index closed at 1,999.70 points, up 0.83%, outperforming the CSI 300 Index by 1.91 percentage points [1][94]. Supply Analysis - Daily pig iron production increased by 2.8 thousand tons, while steel production has decreased, particularly in rebar [11][17]. - The capacity utilization rate for 247 steel mills is reported at 88.8%, reflecting a slight increase [17]. Inventory Analysis - The total inventory of five major steel products decreased to 1,061.4 million tons, down 1.3% week-on-week [25]. - Steel mill inventories also saw a decline, with a 2.9% reduction [25]. Demand Analysis - Apparent consumption of five major steel products decreased by 0.7% week-on-week, with rebar demand dropping more significantly [40][52]. - The average weekly transaction volume for construction steel was 100 thousand tons, reflecting a 3.9% increase [41]. Price and Profitability - The report indicates a slight increase in steel prices, with the Myspic comprehensive steel price index rising to 121.2, up 0.1% week-on-week [75]. - Current costs for long-process rebar and hot-rolled coils are reported at 3,518 yuan/ton and 3,744 yuan/ton, respectively, with negative margins [75][76].

Group 1: Industrial Sector - Midstream production is recovering, with daily pig iron output and asphalt operating rates declining, while most chemical products see an increase in operating rates[2] - The operating rates for polyester in textiles and tire production have rebounded slightly[2] - The South China industrial price index fell by 0.7%, with black raw materials down 3.0% and non-ferrous metals down 0.1%[2] Group 2: Real Estate - New home sales in 30 major cities decreased by 38.6% year-on-year as of November 7, showing a decline compared to the previous month[2] - The second-hand housing listing price index fell by 0.81% in the last four weeks, a slight increase in the decline compared to the previous value[2] Group 3: Domestic Demand - In October, retail sales of passenger cars reached 2.387 million units, a year-on-year increase of 6%[2] - Major home appliance retail sales fell by 17% year-on-year as of October 17, a decline of 13.4 percentage points from the previous value[2] - Domestic flights increased by 2.3% year-on-year as of November 7, with the Baidu migration index up by 10.9%[2] Group 4: External Demand - Port cargo throughput increased by 1.9% year-on-year as of November 2, with container throughput up by 8.2%[2] - The export container freight index rose by 3.6% week-on-week, while Shanghai and Ningbo's export container freight rates turned from rising to falling[2] Group 5: Price Trends - The agricultural product wholesale price index rose by 2.2% week-on-week, outperforming seasonal trends, particularly in vegetables and pork[2] - Industrial product prices mostly declined, with rebar futures down 2.3% and spot prices down 1.0%[2]

Group 1 - Anshan Iron and Steel Company (Ansteel) is recognized as a pivotal entity in China's steel industry, often referred to as the "first son" of the Republic's steel industry, contributing significantly to the early industrial development of New China [2][3] - The Ansteel Museum serves as a historical chronicle of the development of China's steel industry, showcasing over a thousand valuable historical photographs and more than ten thousand artifacts, covering a total area of 67,600 square meters [7][9] - The museum has received numerous accolades, including being designated as a national first-class museum and a national model base for patriotic education, highlighting its cultural and educational significance [9][10] Group 2 - The Dagu Mountain Iron Mine, known as Asia's deepest open-pit iron mine, has been in operation since 1916, illustrating the evolution of the iron mining industry in Anshan and its impact on China's steel production [14][16] - Qianshan, located 17 kilometers from Anshan, is a national scenic area known for its rich historical and cultural heritage, attracting visitors interested in both natural beauty and historical exploration [18][23] - The Yushi Museum in Anshan showcases the rich history of jade culture in China, particularly the unique qualities of Xiuyan jade, which has a long-standing tradition of mining and processing [26][29]

Report Title - Threaded Steel & Hot-Rolled Coil Weekly Report [1] Investment Rating - Not mentioned in the report Core View - In the off-season, trade based on expectations and focus on rebound opportunities [3] Summary by Directory Macro Environment - Overseas: US inflation unexpectedly declined in September, boosting the valuation of pro-cyclical commodities. The meeting between Chinese and US leaders had positive results, leading to a temporary improvement in the macro environment [5][9] - Domestic: Manufacturing and infrastructure investment declined due to the "anti-involution" effect. To ensure the economy escapes the deflationary spiral, demand-side efforts are needed in the medium to long term. After the Fourth Plenary Session, the domestic focus shifted back to "anti-involution" trading [5][8] Black Industry Chain - The peak season demand was weaker than expected. To maintain inventory levels, supply must be reduced, which requires price drops and profit compression. As scrap steel for electric furnaces is a high-cost iron element, attention should be paid to the production reduction rhythm of electric furnaces [5] Threaded Steel - **Base Price and Spread**: Last week, the spot price of Shanghai threaded steel was 3230 (+30) yuan/ton, the 01 contract price was 3106 (+60) yuan/ton, the 01 contract basis was 124 (-30) yuan/ton, and the 01-05 spread was -60 (+3) yuan/ton [20] - **Demand**: New home sales remained at a low level, indicating weak market confidence. Second-hand home sales remained high, reflecting the existence of rigid demand. Land transaction area also remained low. Demand showed a seasonal increase but was still at a low level compared to the same period in previous years [21][24][25] - **MS Weekly Data**: Supply was at a low level while demand increased, and the inventory level was healthy [26] - **Production Profit**: Due to the revision of production restriction expectations, steel mill profits decreased. Last week, the spot profit of threaded steel was 52 (-37) yuan/ton, the main contract profit was 59 (-3) yuan/ton, and the valley electricity profit of East China threaded steel was 40 (-7) yuan/ton [31][34] Hot-Rolled Coil - **Base Price and Spread**: Last week, the spot price of Shanghai hot-rolled coil was 3330 (+40) yuan/ton, the 01 contract futures price was 3308 (+58) yuan/ton, the 01 contract basis was 22 (-18) yuan/ton, and the 01-05 spread was -10 (+5) yuan/ton [39] - **Demand**: The production schedules of the home appliance and automotive industries were poor, resulting in a lackluster peak season. However, export profits were favorable, and exports remained at a high level [40][44] - **MS Weekly Data**: Demand increased, and inventory decreased [48] - **Production Profit**: Due to the revision of production restriction expectations, steel mill profits decreased. Last week, the spot profit of hot-rolled coil was -8 (-26) yuan/ton, and the main contract profit was 111 (-5) yuan/ton [51][53] Variety Spread Structure - Pay attention to the opportunity of an expanding cold-hot spread [54] Variety Regional Difference - Analyze the price differences of threaded steel, wire rod, hot-rolled coil, and cold-rolled coil among different regions [63] Cold Roll and Medium Plate Supply, Demand, and Inventory Data - Present the seasonal data of cold-rolled and medium-thick plate inventory, production, and apparent consumption [69][70]