钢铁/有色行业金属周期品高频数据周报：10月电解铝产能利用率创2012年以来新高水平

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals industry [1]. Core Insights - The utilization rate of electrolytic aluminum production reached a new high since 2012 in October 2024, at 97.45%, with a month-on-month increase of 0.58 percentage points [1]. - The financing environment index for small and medium enterprises (SMEs) reached a 15-month high in October 2024, with a value of 46.26, reflecting a month-on-month increase of 10.39% [1][6]. - The report highlights significant price changes in various commodities, including a 4.82% increase in electrolytic aluminum prices, reaching 21,740 CNY per ton [1][5]. Summary by Relevant Sections Liquidity - The BCI SME financing environment index for October 2024 is 46.26, up 10.39% month-on-month [1][6]. - The M1 and M2 growth rate difference was -14.20 percentage points in September 2024, down 0.6 percentage points month-on-month [1][10]. Infrastructure and Real Estate - The hourly utilization of Komatsu excavators reached a new high since 2022 in October 2024, at 105.3 hours, with a month-on-month increase of 10.73% and a year-on-year increase of 4.26% [1]. - The report notes that the cumulative year-on-year new construction area in real estate from January to September 2024 decreased by 22.20% [12]. Industrial Products - The report indicates that the operating rate of semi-steel tires remains at a five-year high, with a current rate of 79.19%, down 0.14 percentage points month-on-month [1]. - The price of electrolytic aluminum is reported at 21,740 CNY per ton, with a month-on-month increase of 4.82% and a profit margin of 998 CNY per ton, reflecting a significant increase of 53.60% [1][5]. Price Trends - The report details price changes for various commodities, including a 0.28% increase in rebar prices, which are currently at 3,530 CNY per ton [1][19]. - The price of titanium dioxide decreased by 1.36% to 14,500 CNY per ton, while flat glass prices increased by 5.32% to 1,347 CNY per ton [1][5]. Export Chain - The new export orders PMI for China in October 2024 was 47.30%, reflecting a month-on-month decrease of 0.2 percentage points [2].