黄金:25 年核心变量是通胀，金价易涨难跌；金价上涨还有哪些催化因素；铜:2025 年铜价或前高后低，关注供给扰动情况；铝:供给增速或进一步下降，电解铝利润有望继续走扩；锂:景气改善需待海外矿山出清信号

在上篇报告《煤企深度剖析系列(一):从弹性和粘性对比煤企投资价值》中，我们从大框架入手，重点梳理了我国主要上市煤企的经营模式、产能规模和扩 张潜力、负债结构和流动性风险、股息分红等情况，通过各项指标对比分析各煤企投资价值;本篇报告，我们将从细节的经营数据入手，根据2024年中报以 及主要经营数据公告，重点结合各煤企差异化经营的煤种、煤矿分布区域、长协占比、一体化发展模式等，对比分析在煤价下行期中各大煤企的业绩韧性 。 • 煤炭市场复盘:2024年前8个月，我国煤价整体呈下行走势，9月以来企稳回升。焦煤方面，前8个月下游钢材需求疲软、建材成交低迷导致其价格持续走低; 自9月以来，建材进入传统旺季，加上系列地产利好政策出台后，10月钢材和焦炭价格回暖、利润增加、开工率提高，带动焦煤价格企稳回升，后 市主要看地 产政策落地实施效果;动力煤方面，今年夏季用电耗煤旺季因下游火电需求受水电贡献高增挤占而不及预期，导致6-8月旺季煤价仍小幅下跌，但因多地持续 高温使得电厂煤炭日耗维持高位的时间拉长，8月火电发电量同比增速回正，推动动力煤价自9月开始反弹，后市主要等待“迎峰度冬”供热耗煤旺季的来临。

Concrete admixtures boost the properties of concrete in construction applications that involve special requirements, such as achieving the desired workability in the case of a low water-cement ratio and enhancing the setting time of concrete for the long-distance transportation of concrete.

The industrial wax market has been witnessing consistent growth over the last few years, and this growth is expected to continue during the forecast period. The market is expected to grow at a CAGR of 5%. The Asia Pacific (APAC) holds the highest market share due to increased manufacturing capacity, which produces large quantities of pharmaceutical and cosmetic products sold worldwide.

全球化工行业增速放缓，中国企业逆流而上。化工行业是国民经济基础性、支柱型产业，是推动工业稳定增长、经济平稳运行的关键环节。

Carbon fibers are fibers composed mostly of carbon atoms and have a diameter of about 3-15 micrometers. The carbon atoms are bonded together in crystals, which are aligned parallel to the long axis of the fiber. This alignment gives the fiber a high strength-to-volume ratio.

粘胶短纤、莱赛尔和莫代尔均为再生纤维素纤维，它们的原料都是天然浆粕（木浆、棉浆或竹片浆），都是通过溶解植物纤维素后再纺织出来的再生纤维，具有与天然纤维相似的优点。工艺：粘胶短纤和莫代尔相似，莱赛尔另辟蹊径 粘胶短纤和莫代尔的生产原理相同，都是先用化学法处理浆粕制成粘胶原液，再通过凝固浴纺丝，但在各环节有细节上的不同；而莱赛尔另辟蹊径，用特殊的 NMMO 溶剂生产纤维，整个过程无化学反应，是纯物理过程，对环境几乎无污染。

基因是承载人类遗传物质的主要生物信息，生物信息测序技术是利用唾液或血液对基因片段或全基因组进行序列测定的一种前沿技术类型，多用于科学研发场景中的基因组学研究和临床诊疗场景中的复杂疾病诊断。长期以来，本土测序设备依靠海外技术引入实现测序服务提供，近年多项利好政策伴随本土企业自主研发提速，应用场景需求导向的国产服务平台应运而生，中国测序服务市场逐步摆脱对于进口品牌的依赖。应用层面，生育健康和癌症管理是中国居民当前在大健康诊疗领域的关注重点，本土企业从诊疗与科研需求入手进行测序产品和平台优化，实现全产业链的一体化协同合作。

Cellular glass is a lightweight and rigid insulating material made primarily from recycled glass. It is produced in the form of rigid boards, blocks, or granules, and it is widely used primarily for its excellent thermal insulating properties and resistance to moisture and fire.

Nearly 10 million individuals above the age of 50 suffer from hip, spine, or wrist fractures at some point in life. An additional 33.6 million individuals develop low bone mass and are at risk of osteoporosis. The growing number of complications related to bone-associated disorders such as fractures, traumas, bone infections, and bone tumors has led to the increasing demand for bone void fillers. The bone void fillers have become an indispensable tool for surgeons to manage and treat bone disorders. With the growing prevalence of bone-related diseases and accidents, many leading companies are introducing innovative solutions to provide patients with highquality bone void fillers to achieve the best outcomes.