钢铁与大宗商品行业周报：特朗普交易告一段落，商品交易重点转向

Investment Rating - The report does not provide a specific investment rating for the steel and commodities industry [4][5]. Core Insights - The report highlights the recent approval of a significant fiscal stimulus policy by the National People's Congress in China, which includes an increase in local government debt limits by 6 trillion yuan, aimed at economic development and livelihood protection [16]. - The report notes that the U.S. Federal Reserve has lowered interest rates by 25 basis points, which is expected to influence market dynamics positively [5][15]. - The steel market is transitioning into a seasonal downturn, with supply potentially decreasing while demand remains stable, leading to expectations of price fluctuations in the short term [17]. - The iron ore market is experiencing price fluctuations due to high port inventories and cautious purchasing by steel mills, with expectations of price stability in the near term [17]. - The coal market is showing weak performance, with both coking coal and thermal coal prices expected to remain stable due to high inventory levels and cautious purchasing behavior [18]. Summary by Sections Recent Performance - The steel sector has shown a 5.9% increase over the past year, while the Shanghai Composite Index has increased by 13.7% [2]. - The report indicates that the steel sector's performance has been relatively strong compared to other sectors, with a 5.0% increase in the past week [21]. Market Tracking - The report provides insights into various commodities, noting that rebar prices have decreased slightly, while iron ore prices have increased by 0.71% week-on-week [25]. - The copper market has shown a slight increase, while aluminum prices have risen significantly due to supply constraints [19][26]. Key News - The report discusses macroeconomic indicators from the U.S., including positive manufacturing data and the impact of the recent presidential election on market sentiment [5][15]. - It also highlights the significant retail growth in China for automobiles and home appliances, indicating a potential boost in demand for steel products [16]. Individual Stock Performance - The report lists the top-performing stocks in the steel sector, with notable increases for companies like Shagang and Baosteel, while Anshan Iron and Steel has seen a decline [29][30].