Core Viewpoint - The introduction of blockchain technology is fundamentally transforming the bulk commodity trade in the Yangtze River Delta, enhancing efficiency and transparency in operations [1][2]. Group 1: Industry Overview - A group of large oil tankers is efficiently transferring oil products at Ningbo, Zhejiang, utilizing dedicated pipelines and advanced blockchain technology for order verification and registration [1]. - The Yangtze River Delta accounts for over one-third of China's total import and export trade, with key commodities like crude oil, iron ore, and non-ferrous metals playing a crucial role in national resource security and supply chain stability [1]. Group 2: Technological Impact - Blockchain technology is shifting the commodity trade from reliance on corporate credit to "physical credit" based on the status and ownership of goods, enabling full traceability and multi-party collaboration [2]. - The "航贸链" (Shipping Trade Chain) is facilitating the digital transformation of bulk commodity trade in Shanghai, with various stakeholders including storage institutions, registration platforms, exchanges, banks, and tax authorities achieving trusted collaboration [2].

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, promoting high-quality economic and social development, and contributing to the modernization of China [1][2] - Central enterprises are encouraged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to implement the "14th Five-Year Plan" for central enterprises, aiming for a comprehensive optimization of the state-owned economy [2] Group 2 - Companies like China Southern Power Grid and China Huaneng Group are committed to fulfilling their economic, political, and social responsibilities while ensuring energy supply and supporting national energy security [2][3] - China Railway Engineering Corporation is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] - The aviation and energy sectors, represented by China Aviation Industry Corporation and China Dongfang Electric Corporation, are prioritizing technological innovation and deep integration of technology and industry [4] Group 3 - The need for further reform and improvement of the modern enterprise system with Chinese characteristics is highlighted, aiming to build world-class enterprises [6][7] - China Energy Construction Group is focusing on reform to stimulate corporate vitality and enhance operational efficiency [6] - China Changan Automobile Group is committed to transforming into a smart low-carbon travel technology company, aiming for global competitiveness [7]

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, contributing to high-quality economic and social development, and fulfilling social responsibilities for the modernization of China [1] - Central enterprises are urged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2] - China Southern Power Grid is committed to fulfilling economic, political, and social responsibilities while ensuring electricity supply for over 270 million people [2] - China Huaneng Group aims to maintain energy security and innovate in energy technology to better support the modernization process [2] - China Railway Engineering Group is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] Group 2 - Xi Jinping called for strengthening key core technology research and promoting deep integration of technological and industrial innovation [4] - China Aviation Industry Corporation is focusing on independent innovation and advanced manufacturing to enhance capabilities and stabilize growth [4] - China Baowu Steel Group has achieved significant milestones in low-carbon products and aims to strengthen its steel business while integrating technology and industry [4] Group 3 - Xi Jinping highlighted the need for further reform to establish a modern enterprise system and improve corporate governance structures to build world-class enterprises [5] - China Energy Construction Group is committed to deepening reforms to enhance corporate vitality and improve management efficiency [6] - China CRRC Corporation is accelerating the application of new high-speed train technologies to enhance its global competitiveness [6] - China Changan Automobile is focused on transforming into a smart low-carbon mobility technology company while adhering to the Party's directives [6] Group 4 - The China Enterprise Confederation is working to optimize evaluation indicators and expand the range of evaluated enterprises to support central enterprises in building world-class status [7]

来源：央视新闻客户端 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 中国宝武宝钢股份湛江炼钢项目组长王洪亮介绍，百万吨级近零碳钢铁产线每年可减碳超 3 1 4万吨，相当于再造2000平方公里的森林，为钢铁企业的低碳转型提供了示范，为钢铁 行业的高质量发展贡献力量。 责编 | 李慧颖 我国首条百万吨级近零碳钢铁产线全线贯通。 1 2月23日从中国宝武获悉，我国首条百万吨级近零碳钢铁产线在湛江全线贯通，这标志 着我国钢铁行业在绿色低碳发展领域取得重大突破。 这条产线采用先进的氢冶金电熔炼工艺技术路径，用氢气当"主角"，取代了传统的焦炭， 大大减少了碳排放，为我国钢铁行业摆脱传统化石能源的深度依赖提供了一条全新路径。 核心氢基竖炉产出的直接还原铁，金属化率达到预期目标；高效绿色的电炉等设施，进一 步提升了能源利用效率。与传统工艺相比，这条产线可降碳5 0%—8 0%。这种氢基炼钢的 技术，颠覆了传统钢铁高耗能高污染的冶炼工艺，让钢铁变得越来越绿色低碳。 ...

Core Viewpoint - The first million-ton near-zero carbon steel production line in China has been fully connected at Baosteel's Zhanjiang Steel, utilizing innovative hydrogen metallurgy technology to achieve a complete low-carbon production process [1] Group 1: Project Overview - The near-zero carbon production line relies on the HyRESP technology path developed by China Baowu, enabling a short-process production of zero-carbon high-grade steel products [1] - The first slab from the near-zero carbon production line was successfully produced on the same day the line was fully connected [1] Group 2: Production Process - The production process will primarily use "hydrogen-based vertical furnace direct reduction iron + scrap steel" as raw materials to produce low-carbon emission slabs [1] - The complete low-carbon metallurgy process includes "hydrogen-based vertical furnace reduction—efficient electric furnace smelting—low-carbon rolling" [1] Group 3: Environmental Impact - Compared to traditional "blast furnace + converter" long-process methods, the project is expected to achieve a carbon reduction of 50% to 80% [1] - The project has the potential to reduce carbon dioxide emissions by over 3.14 million tons annually [1]

Core Viewpoint - The establishment of China's first million-ton near-zero carbon steel production line in Zhanjiang marks a significant breakthrough in the green and low-carbon development of the steel industry, utilizing advanced hydrogen metallurgy technology to replace traditional coke and significantly reduce carbon emissions [1][4]. Group 1: Production Technology and Environmental Impact - The new production line employs hydrogen as the main reducing agent, achieving a carbon reduction of 50% to 80% compared to traditional methods [1]. - The hydrogen-based vertical furnace produces direct reduced iron with a metalization rate that meets expected targets, while efficient electric furnaces enhance energy utilization [1]. - The facility can reduce carbon dioxide emissions by 2,500 tons per day, making it the most environmentally friendly and lowest carbon emission smelting process currently available [3]. Group 2: Annual Carbon Reduction and Industry Contribution - The million-ton near-zero carbon steel production line is expected to reduce carbon emissions by over 3.14 million tons annually, equivalent to creating 2,000 square kilometers of forest [4]. - This project serves as a model for low-carbon transformation in the steel industry and contributes to high-quality development [4]. Group 3: Industry Trends and Goals - During the "14th Five-Year Plan" period, the steel industry is focusing on green transformation, with a significant increase in the number of green factories, totaling 126 new green factories from 2021 to 2024 [11]. - Key pollutants such as sulfur dioxide, particulate matter, and nitrogen oxides have seen significant reductions, with respective decreases of 28%, 26.7%, and 36.5% by the end of Q3 2025 compared to the end of 2021 [11]. - Water resource efficiency in the steel industry has improved, with water consumption per ton of steel decreasing from 2.50 cubic meters in 2021 to 2.33 cubic meters in 2024, a reduction of 6.8% [14]. Group 4: Energy Efficiency and International Competitiveness - The steel industry has initiated an extreme energy efficiency project, aiming for a total energy saving of approximately 10.5 million tons of standard coal and a carbon reduction of about 27.5 million tons by 2024 [16]. - The launch of the environmental product declaration platform for the steel industry has registered over 9,000 users, enhancing the international competitiveness of Chinese steel products by breaking down foreign green trade barriers [19].

作为宝钢股份"绿色制造、制造绿色"战略的先行示范基地，宝钢股份湛江钢铁于2023年12月建成投运国 内首套百万吨级氢基竖炉，以"氢"代"碳"作为还原剂进行冶炼，为我国钢铁行业摆脱传统化石能源的深 度依赖提供了全新路径。目前已成功验证高氢冶炼条件，产出的直接还原铁(DRI)金属化率达到预期。 "这不仅标志着中国宝武以勇当新型低碳冶金现代（300830）产业链链长的战略主动，再次走在绿色低 碳冶金技术发展的前列，也彰显了中国钢铁积极践行世界钢铁行业绿色低碳发展的务实行动和创新示 范。"宝武集团相关负责人表示。 具体来看，宝钢股份湛江钢铁近零碳产线由已建成投运的国内首套百万吨级氢基竖炉及新建的电炉、连 铸生产线组成。新建项目于2024年4月11日开工，在中国宝武集团绿色低碳发展战略的顶层设计与全力 推动下，和宝钢股份的统一规划和资源保障下，创新采用数字化建造模式，不断攻克难点、瓶颈点，确 保了项目安全、质量和进度全面受控。 证券时报记者获悉，12月23日，国内首条百万吨级近零碳钢铁产线(以下简称"近零碳产线")在宝钢股份 （600019）湛江钢铁全线贯通。 据介绍，该项目是宝钢股份作为中国宝武低碳转型先锋，践行国家 ...

Core Viewpoint - The establishment of China's first million-ton near-zero carbon steel production line in Zhanjiang marks a significant breakthrough in the green and low-carbon development of the steel industry [1]. Group 1: Technological Advancements - The production line utilizes advanced hydrogen metallurgy and electric melting technology, replacing traditional coke with hydrogen, which significantly reduces carbon emissions [3]. - The core hydrogen-based vertical furnace achieves a metalization rate that meets expected targets, while efficient green electric furnace facilities enhance energy utilization [3]. - Compared to traditional processes, this production line can reduce carbon emissions by 50% to 80% [3]. Group 2: Environmental Impact - The million-ton near-zero carbon steel production line is expected to reduce carbon emissions by over 3.14 million tons annually, equivalent to creating 2,000 square kilometers of forest [5]. - This project serves as a model for low-carbon transformation in steel enterprises and contributes to the high-quality development of the steel industry [5].

Investment Rating - The report maintains a "Buy" rating for all key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others [2][3]. Core Insights - The report highlights a disturbance in raw material supply, leading to differentiated performance in rebar and wire rod prices. The recent policy changes regarding coal export tariffs and the implementation of export licenses for steel products are expected to impact supply dynamics and pricing [9][12]. - Steel prices have shown an upward trend, with specific increases noted in various steel products as of December 19, 2025. For instance, the price of 20mm HRB400 rebar rose to 3,320 CNY/ton, a 2.2% increase from the previous week [9][16]. - The report indicates a rise in steel profits, with margins for rebar, hot-rolled, and cold-rolled steel increasing by 32 CNY/ton, 23 CNY/ton, and 9 CNY/ton respectively [9][33]. - Inventory levels for major steel products have decreased, with total social inventory dropping by 351,800 tons to 9,054,600 tons as of December 19, 2025 [9][33]. Summary by Sections Domestic Steel Market - As of December 19, 2025, domestic steel prices have increased, with notable price changes across various products, including rebar and hot-rolled steel [9][16]. - The report details specific price movements, such as a 70 CNY/ton increase for rebar and a 50 CNY/ton increase for high-speed wire [9][17]. Profit Situation - The report estimates an increase in steel profits, with significant improvements in margins for both long and short process steel production [9][33]. Production and Inventory - Total production of major steel products decreased to 7.98 million tons, with a notable drop in inventory levels, indicating a tightening supply situation [9][33]. Key Companies and Valuation - The report provides a detailed valuation and earnings forecast for key companies, all of which are rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.29 CNY in 2024, with a PE ratio of 19 [2][3].

Group 1 - The company aims to enhance its core competitiveness in response to the industry's phase of reducing and restructuring development, focusing on "high-end, intelligent, green, efficient, and international" directions [2] - The company will implement a "1+6" development strategy to strengthen and optimize its operations, with the goal of becoming a world-class enterprise [2] - The company is committed to deeply understanding and implementing the "14th Five-Year Plan" [2]