螺纹钢、热卷、铁矿石：价格谨慎看多，策略各不同

Group 1 - The core viewpoint of the article indicates a weakening trend in the rebar and hot-rolled coil markets, driven by expectations of anti-involution policies and awaiting results from important meetings [1] - Rebar spot prices in Hangzhou and Guangzhou decreased by 20, with a significant drop in small sample construction steel transactions to 90,900 tons [1] - The market is currently influenced more by policy expectations than by fundamentals, maintaining a cautious bullish judgment and suggesting holding a sell position on out-of-the-money put options (RB2510P3000) [1] Group 2 - Hot-rolled coil prices also weakened, with declines of 20 in Shanghai and Lecong, driven by similar policy expectations and a decrease in new export orders for steel mills [1] - The market is characterized by a successful transfer of steel mill inventory to midstream, but terminal replenishment remains low, indicating a cautious bullish outlook with a strategy of observation [1] - In the iron ore sector, expectations of anti-involution policies provide support for industrial product prices, with healthy supply-demand structures for imported ore, although long-term trends may favor coal over iron ore [1]