1月6日，大中矿业跌5.66%，截至发稿，报29.15元/股，成交6.72亿元，换手率1.68%，总市值446.89亿 元。 资料显示，大中矿业股份有限公司位于内蒙古自治区包头市黄河大街55号，成立日期1999年10月29日， 上市日期2021年5月10日，公司主营业务涉及铁矿石采选、铁精粉和球团的生产销售以及机制砂石的加 工销售。主营业务收入构成为：铁精粉71.07%，球团20.48%，硫酸4.58%，砂石2.73%，其他0.81%，锌 精粉0.32%，锂矿石0.02%。 从基金十大重仓股角度 责任编辑：小浪快报 数据显示，博时基金旗下1只基金重仓大中矿业。博时裕益混合A（000219）三季度持有股数29.69万 股，占基金净值比例为2.95%，位居第十大重仓股。根据测算，今日浮亏损失约51.96万元。 博时裕益混合A（000219）成立日期2013年7月29日，最新规模1.28亿。今年以来收益2.82%，同类排名 1732/8816；近一年收益40.07%，同类排名2845/8081；成立以来收益290.7%。 博时裕益混合A（000219）基金经理为王冠桥。 截至发稿，王冠桥累计任职时间2年168天，现 ...

05 需求端 03 库存 06 基差 01 万林新（联系人） 0755-23375162 wanlx@wkqh.cn 交易咨询号：Z0020771 上下空间有限，震荡运行为主 铁矿石月报 从业资格号：F03133967 陈张滢（黑色建材组） 从业资格号：F03098415 2026/01/04 CONTENTS 目录 01 月度评估及策略推荐 04 供给端 02 期现市场 月度评估及策略推荐 黑色产业链示意图 月度要点小结 ◆ 供应：测算12月全球铁矿石发运周均值3525.68万吨，环比+228.93万吨；12月，19港口径澳洲发往中国周均值1645.45万吨，较上月变化 +69.65万吨。巴西发运量周均值844.35万吨，较上月变化+20.32万吨。45港到港量周均值2613.00万吨，较上月环比-18.63万吨。 ◆ 需求：测算12月国内日均铁水产量228.22万吨，较上月变化-6.95万吨。 ◆ 库存：12月末，全国45个港口进口铁矿库存15929.06万吨，较上月末变化+718.94万吨；45港铁矿石日均疏港量周均值316.54万吨，较上月 变化-10.56万吨。钢厂进口铁矿石日耗周均值282.24万 ...

重点工业项目建设提速提质，释放经济发展新动能。在重庆九龙万博新材料科技有限公司，总投资超1 亿元的赤泥选铁综合利用项目正如火如荼建设。项目投产后每年可处理赤泥300万吨，生产铁精粉100万 吨，实现经济与生态双赢。万州区经济信息委主任魏卡介绍，2025年前三季度，万州区开工建设重点工 业项目19个，完成工业投资64.7亿元、同比增长13.2%。 本报重庆1月2日讯（记者吴陆牧）近年来，重庆市万州区坚持做强做优工业主引擎，实施产业能级全面 跃升行动，以科技创新引领新质生产力发展，现代化产业体系发展能级和综合竞争力明显增强。2025年 前11个月，万州区完成规模以上工业产值718.2亿元、同比增长9.1%，规模以上工业增加值增长6.5%。 万州区持续强化企业科技创新主体地位，加快科技创新引领产业创新发展。威科赛乐微电子股份有限公 司是万州区一家半导体芯片制造企业，该公司技术研发总监宋世金说，公司建设的化合物半导体芯片封 装模组生产线于2025年7月正式量产，带动了上下游企业协同创新发展。截至目前，万州区已累计培育 高新技术企业190家、科技型企业1976家。 下一步，万州区将加快重点优势产业补链强链，促进创新链、 ...

厂区全貌。 该项目深度耦合、吃干榨尽，构成了一个高效的循环生态系统。其核心在于，利用选矿后的硫精砂生产硫酸 和铁精粉，再用硫酸生产高附加值的钛白粉。这一模式年可消化硫精砂达100万吨，有效破解了当地硫资源综合利 用的课题，将资源优势转化为产业优势。 该项目一次性建成，具备年产20万吨金红石型钛白粉的产能，是当前行业中具有代表性的大型硫酸法钛白粉 项目之一。这一布局体现了国城钛业对市场趋势的判断，也是对其在资源综合循环利用方面技术能力与工程实践 的集中展现。 技术创新：绿色工艺，铸就卓越品质基石 在内蒙古自治区西部、黄河北岸的乌拉特后旗，一曲资源高效转化与绿色低碳发展的实践篇章正在谱写。 内蒙古国城钛业有限公司巍然伫立于此，不仅成为国城矿业战略布局的关键落子，更是内蒙古自治区全力践 行绿色发展理念、推动"五大任务"见行见效的生动实践。公司秉持"红色引领、绿色发展"理念，依托乌拉特后旗 的丰厚资源禀赋，开启了打造大型"硫—钛—铁"资源综合循环利用产业基地的征程，致力于探索钛白粉行业绿色 转型与高质量发展的特色路径，为产业升级贡献力量。 战略布局：应时而生，构筑循环经济新范式 传统的有色金属开采依赖大量的硫铁矿资源 ...

届时，五矿发展的整体产能规模，亦有望跻身国内同行业一线梯队。毛利率提升空间大 对于缘何启动上述重组，五矿发展称"为贯彻落实国务院关于推动资本市场高质量发展和提高上市公司质量的有关精神，切实履行实际控 制人历史承诺和加强上市公司规范运作……" 2008年，五矿发展进行配股再融资期间，公司现任实控人中国五矿曾经作出承诺：在五矿发展本次再融资经股东大会批准后，积极推进包 括邯邢冶金矿山管理局在内的其他黑色金属领域相关资产和业务的改制、重组工作，在资产和业务符合注入上市公司的条件时实施以五矿 发展为核心的黑色金属业务的整合。 2014年6月，中国五矿将承诺进一步规范为，"我公司(中国五矿)将积极推进包括邯邢矿业有限公司在内的其他黑色金属领域相关资产和业 务的改制、重组等工作，在2022年6月30日前，实施以五矿发展为核心的黑色金属业务整合。" 五矿发展（600058）的主营业务面临调整。 12月30日，该公司引筹划重大资产重组停牌。前一日晚间公告显示，公司将资产置换、发行股份及支付现金方式，购买控股股东持有的五 矿矿业、鲁中矿业股权，并将原有业务相关的主要资产及负债置出。 五矿发展，现有业务包括资源贸易、金属贸易、供 ...

12月29日，大中矿业盘中下跌4.25%，截至09:35，报31.76元/股，成交1.84亿元，换手率0.43%，总市值 486.91亿元。 资金流向方面，主力资金净流出850.53万元，特大单买入3565.88万元，占比19.41%，卖出4804.31万 元，占比26.15%；大单买入2933.97万元，占比15.97%，卖出2546.07万元，占比13.86%。 大中矿业今年以来股价涨275.24%，近5个交易日涨10.82%，近20日涨5.51%，近60日涨168.02%。 责任编辑：小浪快报 今年以来大中矿业已经5次登上龙虎榜，最近一次登上龙虎榜为11月24日，当日龙虎榜净买入8213.62万 元；买入总计2.96亿元 ，占总成交额比23.71%；卖出总计2.13亿元 ，占总成交额比17.12%。 资料显示，大中矿业股份有限公司位于内蒙古自治区包头市黄河大街55号，成立日期1999年10月29日， 上市日期2021年5月10日，公司主营业务涉及铁矿石采选、铁精粉和球团的生产销售以及机制砂石的加 工销售。主营业务收入构成为：铁精粉71.07%，球团20.48%，硫酸4.58%，砂石2.73%，其他0.8 ...

截至12月19日，金岭矿业股东户数3.47万，较上期减少0.52%；人均流通股17177股，较上期增加 0.53%。2025年1月-9月，金岭矿业实现营业收入12.47亿元，同比增长12.98%；归母净利润2.20亿元，同 比增长47.09%。 分红方面，金岭矿业A股上市后累计派现6.68亿元。近三年，累计派现2.68亿元。 机构持仓方面，截止2025年9月30日，金岭矿业十大流通股东中，华夏卓越成长混合A（024928）位居 第五大流通股东，持股332.61万股，为新进股东。国泰中证钢铁ETF（515210）位居第七大流通股东， 持股300.28万股，为新进股东。 责任编辑：小浪快报 今年以来金岭矿业已经3次登上龙虎榜，最近一次登上龙虎榜为7月14日，当日龙虎榜净买入-6121.71万 元；买入总计4347.92万元 ，占总成交额比5.59%；卖出总计1.05亿元 ，占总成交额比13.45%。 资料显示，山东金岭矿业股份有限公司位于山东省淄博市张店区中埠镇，成立日期1996年9月28日，上 市日期1996年11月28日，公司主营业务涉及铁矿石开采,铁精粉、铜精粉、钴精粉、球团矿的生产、销 售及机械加工与销售 ...

·国家发改委于12月26日10:30召开新闻发布会，介绍国家创业投资引导基金有关工作。 ·市场监管总局（国家认监委）发布实施认证认可行业标准《强制性产品认证电商平台联网核查技术应 用规范》。该标准是我国首部规范电商平台实施网售产品资质核验工作的行业标准。 ·沪市年报预披露时间表出炉，科创板上市公司芯导科技将于2026年2月3日披露年报，拔得头筹。主板 方面，*ST花王将于2月13日率先披露年报，尚纬股份将于2月14日披露年报。 ·海南自由贸易港正式启动全岛封关首周，据海口海关统计，12月18日至24日，海口海关共监管"一 线"进口"零关税"享惠货物超4亿元。 ·数据显示，11月以来，全国中小型滑雪场预订量同比激增超200%。除了小雪场，小众冰雪体验项目也 成为流量密码。 ·近日，蓝箭航天空间科技股份有限公司IPO辅导工作正式完成，辅导机构为中国国际金融股份有限公 司。这也意味着，蓝箭航天将冲刺"商业航天第一股"。 ·北京市机器人产业协会于12月26日成立。协会由中国电子信息产业发展研究院（赛迪研究院）、北京 人形机器人创新中心有限公司等多家单位联合发起成立。 ·第12届全国大众冰雪季主会场活动于12月26日在 ...

证券日报网讯 12月23日，宝地矿业在互动平台回答投资者提问时表示，公司对葱岭能源进行收购是基 于深耕多年铁矿采选行业、对区域铁精粉市场的审慎判断做出的决策，收购标的发展潜力大、资源禀赋 好，若收购完成，将给公司带来业绩的提升，也将进一步增厚股东的回报。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report Supply - Static calculations show that from January to November 2025, China's iron ore imports first decreased and then increased, with a year-on-year increase of 8.76 million tons (1.5%) to 1.14 billion tons, and the annual total may exceed 1.249 billion tons. The new production capacities of mines in Australia and Brazil will be reflected in the fourth-quarter shipments, and imports are expected to continue a slight increase of 1.1% in 2026 [7][125]. - In 2025, China's cumulative iron ore output is expected to reach 295 million tons, a year-on-year decrease of 0.71%. The output rebounded in the fourth quarter as the pressure on safety and environmental protection eased. The output of domestic iron concentrate is expected to increase by 2% year-on-year in 2026 [7][125]. - The pricing benchmark of iron ore will decrease from 62% iron grade to 61%, and the pricing system may be adjusted [7][125]. - In 2026, the total supply will increase by 1.3% year-on-year to 1.544 billion tons [7][125]. Demand - Domestic: In 2025, the decline in the real estate sector slowed down, infrastructure investment showed positive year-on-year growth, and the manufacturing industry continued to improve. The annual iron ore demand was calculated to be 1.498 billion tons, a year-on-year increase of 59.97 million tons (+4.23%). The annual iron ore demand in 2026 is expected to remain stable with little change [7][125]. - Overseas: In 2026, the pig iron output in major overseas iron ore - importing countries is expected to decline slightly, while the steel demand in India and the United States will continue to be strong [7][125]. Inventory - As of early December 2025, the inventory at 45 ports was 154 million tons. The production capacity of mines increased slowly in the early stage of 2025 and started to expand in the fourth quarter. However, the demand showed strong resilience, and hot metal production was "not weak in the off - season". With the continued release of iron ore production capacity in 2026, static calculations suggest that the iron ore supply - demand situation will become looser, and there is a high possibility of continued inventory accumulation in 2026. However, short - term supply - demand tightness caused by meteorological and other factors may still occur [7][125]. 3. Summary According to the Relevant Catalogs Market Review - In January, affected by cyclones in Australia and rainfall in Brazil, shipments decreased sharply, and hot metal production stopped falling and rebounded earlier than expected. In early March, after the cyclone in Australia, shipments quickly recovered, but the upward momentum of hot metal was insufficient. With the seasonal recovery of shipments from Australia and Brazil, the resumption of domestic mines increasing supply, and the arrival of the downstream off - season, hot metal production reached its peak and gradually declined. Repeated adjustments of tariff policies caused disturbances that gradually weakened. The pre - festival restocking expectations of steel supported the rebound of iron ore prices. Hot metal production declined significantly, steel product profits continued to weaken, and port inventories increased. After a brief recovery, hot metal production stabilized, and the downstream winter restocking demand was released. After the quarterly shipment rush, the supply from international mines decreased rapidly, the output of domestic mines decreased significantly due to environmental protection, hot metal production continued to rise, and the output of the downstream five major steel products continued to increase. The shipments of international mines recovered, the output of domestic mines increased, but demand showed signs of decline, the off - season arrived, and hot metal production declined. Under the influence of major events, environmental protection restrictions were strict, downstream profits declined, demand weakened, and iron ore prices fluctuated. Vale's terminal maintenance unexpectedly affected shipments, and the US interest rate hikes boosted the macro - optimistic sentiment [5]. Supply - **Global Shipment Volume**: In 2025, the global mainstream iron ore shipment volume first decreased and then increased, with a slight year - on - year increase. As of December 12, 2025, the global average daily shipment volume was 4.47 million tons per day, a 2.76% increase compared to 4.35 million tons per day in the previous year. From January to September 2025, the global iron ore trade volume decreased by 2.38%, and China's iron ore imports from the world increased by 0.01% year - on - year. In the fourth quarter, the new iron ore production capacity was released, and from January to October 2025, China's imports of iron ore from the world increased by 0.75% year - on - year [12]. - **China's Imports from Australia and Brazil**: From January to October 2025, China's imports of iron ore from Australia and Brazil increased by 1.54%, showing a pattern of first decline and then increase, especially a significant improvement since September. China's imports of iron ore from non - Australia and Brazil regions decreased by 2.66%, also showing a pattern of first decline and then increase, especially since September [16]. - **Australia**: From January to September 2025, Australia's iron ore exports showed a pattern of low at first and then high, with a year - on - year decrease of 0.01%. From January to October 2025, China's imports of iron ore from Australia increased by 1.55% year - on - year. According to the capacity expansion plan, the main production capacity increments in Australia in 2025 come from the Xipo (officially put into production on June 6, 2025) and Onslow projects. If the weather remains normal, the iron ore shipments in the fourth quarter may maintain a certain increment [21]. - **Brazil**: From January to September 2025, Brazil's iron ore exports showed a pattern of low at first and then high, with a year - on - year increase of 4.48%. From January to October 2025, China's imports of iron ore from Brazil increased by 1.15% year - on - year. According to the capacity expansion plan, the main production capacity increment in Brazil in 2025 comes from Vale's S11D mining area expansion project (20 million tons). According to the capacity release plan, Brazil's iron ore exports may continue to grow in 2026 [26]. - **Major Mining Companies' Production and Shipment Targets**: - Rio Tinto: In fiscal year 2026, the shipment target will be increased by 20 - 28 million tons. From January to September 2025, the equity ore output was 210.1 million tons, a year - on - year decrease of 0.68%. The SP10 shipments remained at a high level throughout the year, squeezing part of the PB share. The Xipo mining area was fully put into production on June 6, 2025, to maintain the production of PB powder, which is the main source of production increment for Rio Tinto in 2025 [27][32]. - BHP: In fiscal year 2026, the shipment target range will be increased by 2 million tons. From January to September 2025, BHP's output was 196 million tons, a year - on - year increase of 0.63%. In fiscal year 2025 (July 2024 - June 2025), BHP's 100% equity output was 29 million tons, a year - on - year increase of 1.01%, reaching a record high. The South Slope mine was the main source of increment, with its capacity fully reaching 80 million tons per year in fiscal year 2025, and together with the C mining area, it forms the world's largest iron ore hub (total capacity of 145 million tons per year). Its high - grade ore (average iron grade of 62%) enhances BHP's product portfolio premium ability [33][38]. - FMG: In fiscal year 2026, the shipment target range will be increased by 5 million tons. From January to September 2025, FMG's output was 179.9 million tons, a year - on - year increase of 10.57%. In 2025, the shipments of Super Special Powder were at a high level, while the shipments of Mixed Powder were relatively weak. FMG has announced that the iron ore shipment target for fiscal year 2026 is set at 195 - 205 million tons, with both the upper and lower limits of the range increased by 5 million tons compared to the previous fiscal year. Among them, the shipment target for the Iron Bridge project is 10 - 12 million tons [40][44]. - Vale: In 2026, the target output will be increased by 10 million tons. From January to September 2025, Vale's iron ore output was 246 million tons, a year - on - year increase of 1.49%. The S11D production area is part of the Serra Sul mining complex in Vale's northern system. Vale proposed the Serra Sul 120Mtpy capacity growth project in August 2020, aiming to increase the annual production capacity of S11D by 20 million tons to 120 million tons, which is expected to be completed in the second half of 2026. The Serra Norte comprehensive mining area also belongs to the northern system, with an annual production capacity of 140 million tons. Vale is investing in the N3 mine maintenance project in this area, with a planned total investment of 84 million US dollars, and it is expected to be put into production in the first half of 2026. The Capanema Maximization project is a capacity growth plan proposed by Vale for its southeastern system, aiming to increase the combined output of the Fábrica Nova and Capanema mines, providing greater operational flexibility for the Mariana mining complex, with a planned investment of about 910 million US dollars. The Vargem Grande (VGR) complex is located in the southern system. Vale is carrying out the VGR 1 project in this area to maintain the operation of existing projects and promote the recovery of the mining area's production capacity. The VGR 1 project consists of three simultaneous sub - projects, with a total investment of 67 million US dollars. The increments from the S11D, Serra Norte, Vargem Grande, and Capanema mining areas may bring about 60 million tons of iron ore output increment for Vale in the next three years. It is expected that Vale's iron ore output will recover to the range of 340 - 360 million tons in 2026 [45][48]. - **Global Iron Ore Production Capacity Increment**: In 2026, the global iron ore production capacity is expected to increase by nearly 47 million tons, with the commissioning progress of Simandou attracting the most attention. There are expectations of increments in Australia, Brazil, and non - mainstream regions in 2026 [50]. - **China's Domestic Supply**: In 2025, the iron concentrate output of 332 domestic mining enterprises is expected to reach 294.82 million tons, a year - on - year decrease of 0.71%, mainly affected by environmental protection and safety inspections. In 2026, with the commissioning of new domestic production capacities and policy support, the output of finished ore (iron concentrate) is expected to increase slightly, with the increment mainly coming from the development of strategic resources in western regions such as Inner Mongolia and Xinjiang. From January to October 2025, China's total iron ore supply was about 1.276 billion tons, a year - on - year increase of 4.95 million tons (+0.39%). In 2026, with the successive commissioning of new production capacities in Simandou and Brazilian iron ore projects, the total supply may increase by 1.3% [74]. Demand - **Overseas Demand**: In 2025, the overseas pig iron output generally declined, with India continuing to maintain rapid growth. From January to October 2025, the overseas pig iron output was 335 million tons, a year - on - year decrease of 1.97%. Among the major overseas regions, India's pig iron output continued to maintain a high growth rate of +6.38%, while the pig iron output of other major steel - producing countries mainly declined. Among net - importing countries, the EU's pig iron output was 60.42 million tons, a year - on - year decrease of 3.327 million tons (-5.5%); the pig iron outputs of Japan and South Korea were 48.799 million tons and 36.168 million tons respectively, with year - on - year declines of -4.01% and -1.88% respectively. Japan's pig iron output has shown a continuous downward trend in recent years. Under the interest - rate hike cycle, its domestic economy is weak, orders from the automobile and machinery industries have decreased, and steel demand has decreased by 10%. Due to inflation pressure, Japan may raise interest rates again at the end of 2025, which will have a negative impact on steel demand. South Korea's construction industry is in a slump, and the exports of traditional manufacturing industries such as automobiles and shipbuilding are blocked. The steel industry demand in 2026 may continue to be weak. Europe's pig iron output continues to decline. High - interest - rate policies have restricted investment and consumption, and the demand for construction, durable consumer goods such as automobiles and home appliances is weak. The euro - zone economy has maintained a low - growth state for a long time, suppressing steel demand [80][81][87]. - **Domestic Demand**: In 2025, the pig iron output is expected to be high at first and then stable, with a year - on - year increase of more than 4.2%. From January to October 2025, the estimated pig iron output was 768 million tons, a cumulative year - on - year increase of 4.4%. Since June, hot metal production reached its peak and slowly declined, and steel mill profits gradually decreased. However, since the downstream inventory has always been maintained at a low level, the inventory - accumulation effect has not yet appeared. The estimated pig iron output in 2025 is 923 million tons, with an expected year - on - year increase of 4.2%. In 2026, it is expected that the real estate demand will still be sluggish, the growth rate of infrastructure investment will slow down, and the manufacturing industry will have a fair growth rate [94][99][100]. Inventory - **Overall Inventory Trend**: In 2025, iron ore shipments first decreased and then increased, while demand first increased and then decreased. In 2026, inventory may continue to increase. From January to August 2025, under the situation of a decline in overseas shipments and higher - than - expected demand, the iron ore port inventory maintained a de - stocking trend. Since September, especially after October, imports increased rapidly while downstream demand weakened, and the inventory increased rapidly. As of the latest data in early December 2025, the iron ore inventory across the entire industrial chain increased by about 11.85 million tons compared to the end of 2024 to 292 million tons. Looking forward to 2026, with the release of new production capacity and the difficulty of demand growth, the iron ore inventory may continue to accumulate [111]. - **Inventory Variety Differentiation**: The inventory of different varieties shows obvious differentiation. The inventory of Australian ore has recently declined from a high level. Against the background of the slow decline of the total inventory in 15 major ports, the inventory of different varieties shows obvious differentiation. The inventory of Brazilian ore is relatively stable, and the inventory of Australian ore has recently started to rise. The inventory of low - grade ore declined significantly from September to October and has slightly rebounded recently. The overall level of medium - grade ore has increased, and the inventory of PB powder has declined significantly from the high level in September [112][114]. Cost and Price - The current global cash cost of 90% of iron ore is at the level of about $90 per ton. Without obvious incremental expectations for pig iron demand in major overseas countries and China, the iron ore supply - demand balance may be achieved through price cuts and reduced shipments, and the cost support around $85 is relatively strong [117][118].