中信期货期货：2月11日黑色系早报

Group 1: Economic Growth Targets - 30 provinces in China have set GDP growth targets for 2026, with several major economic provinces aiming for over 5% growth. Shanghai's government report indicates a target growth of around 5% for 2026 [4][15]. Group 2: Excavator Sales - In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units, up 61.4%, while exports reached 9,985 units, increasing by 40.5% [4][15]. Group 3: Steel Market Conditions - The average cost for 76 independent electric arc furnace construction steel mills was 3,296 yuan per ton, a decrease of 62 yuan from the previous day, with an average loss of 52 yuan per ton [5][16]. - Last week, the supply of five major steel products was 8.199 million tons, a decrease of 32,700 tons week-on-week, while total inventory rose to 13.3775 million tons, an increase of 4.6% [5][16]. - The operating rate of 247 steel mills was 79.53%, up 0.53 percentage points week-on-week and 1.55 percentage points year-on-year, with a daily average pig iron output of 2.2858 million tons [4][15]. Group 4: Rebar and Hot Rolled Steel - Rebar production decreased by 81,500 tons week-on-week to 1.9168 million tons, with total inventory increasing by 440,400 tons to 5.1957 million tons. Demand has declined significantly due to seasonal factors [6][17]. - Hot rolled steel production slightly decreased by 500 tons to 3.0916 million tons, with total inventory increasing by 36,200 tons. Demand is expected to continue to weaken as the holiday approaches [7][18]. Group 5: Alloy Market Insights - The silicon-manganese market is under pressure, with new production in Inner Mongolia expected to increase daily output by 400 tons. Overall supply remains low, and prices are expected to stabilize [9][20].