钢铁/有色行业金属周期品高频数据周报：BCI中小企业融资环境指数9月底以来累计回升18%

Investment Rating - The report maintains a rating of "Overweight" for the steel and non-ferrous metals sectors [1]. Core Insights - The BCI Small and Medium Enterprises Financing Environment Index has rebounded by 18% since the end of September 2024, with the November value at 49.58, reflecting a month-on-month increase of 7.18% [1]. - The report highlights a strong positive correlation between the growth rate difference of M1 and M2 and the Shanghai Composite Index [1]. - The report suggests focusing on undervalued, stable profit-generating metal state-owned enterprises such as Baosteel, Hesteel, and Xinxing Ductile Iron Pipes, while also monitoring the impact of recent export tax adjustments on aluminum prices [1]. Summary by Sections Liquidity - The November BCI Small and Medium Enterprises Financing Environment Index stands at 49.58, with a month-on-month increase of 7.18% [1]. - The total liabilities of the Federal Reserve are reported at $6.86 trillion, reflecting a decrease of 0.27% [7]. - The London gold spot price is $2,650 per ounce, down 2.41% from the previous week [7]. Infrastructure and Real Estate - The transaction area of commercial housing in 30 major cities reached 3.27 million square meters this week, a week-on-week increase of 23.07% [1]. - The cumulative year-on-year change in new housing starts from January to October 2024 is -22.60% [15]. - The cumulative year-on-year change in commercial housing sales for the same period is -15.80%, with a slight improvement of 1.3 percentage points from the previous month [15]. Industrial Chain - The average daily production of crude steel in key enterprises for mid-November 2024 is 2.08 million tons, a decrease of 0.76% [26]. - The price of rebar is reported at 3,470 yuan per ton, with a month-on-month increase of 1.46% [26]. - The national average capacity utilization rate of blast furnaces is 87.80%, down 0.73 percentage points [26].