钢铁/有色行业金属周期品高频数据周报：氧化铝现货周度价格自8月以来首次出现回落

Investment Rating - The report maintains an "Accumulate" rating for the steel and non-ferrous metals sector [12][18]. Core Insights - The report highlights a decrease in the utilization rate of crude steel production in the U.S. to 74.30%, down by 0.80 percentage points week-on-week [1]. - China's new export orders PMI for November 2024 stands at 48.10%, reflecting a month-on-month increase of 0.8 percentage points [1]. - The report suggests focusing on state-owned enterprises in the metal sector with low valuations and stable profits, such as Baosteel, Hualing Steel, and Xinxing Ductile Iron [1]. Summary by Sections Steel and Non-Ferrous Metals - The report notes that the average profit margin for the steel industry is currently at 217 RMB per ton, with a week-on-week increase of 1.1% [14]. - The national blast furnace capacity utilization rate is reported at 55.86%, down by 1.2% week-on-week [14]. - The report indicates that the price of rebar is 3350 RMB per ton, reflecting a week-on-week decrease of 1.76% [14]. Liquidity Indicators - The M1 and M2 growth rate differential is reported at -10.8 percentage points for November, with a month-on-month increase of 2.8 percentage points [12][46]. - The BCI small and medium enterprise financing environment index for November 2024 is at 49.58, showing a month-on-month increase of 7.18% [12][46]. Real Estate and Infrastructure - The cumulative year-on-year change in new construction area for real estate from January to November 2024 is reported at -23.00% [20][47]. - The cumulative year-on-year change in completed area for real estate from January to November 2024 is -26.20% [12][39]. Price Movements - The report details price changes for various commodities, including a decrease in aluminum prices by 2.17% and an increase in cement prices by 0.10% [12][14]. - The report also notes that the price of electrolytic aluminum is 19850 RMB per ton, with a month-on-month decrease of 2.17% [14].