钢铁/有色行业金属周期品高频数据周报：9月底以来，螺纹钢吨价格跑输热卷、冷卷吨价格90、708元

Investment Rating - The industry is rated as "Overweight" with a recommendation to focus on companies with low valuations and stable profits [23][57]. Core Insights - The report highlights the expected inclusion of the aluminum smelting industry in the carbon trading market, which may create investment opportunities due to supply reductions in high-energy-consuming products like silicon iron and electrolytic aluminum [11]. - The cancellation of export tax rebates for aluminum products may negatively impact domestic aluminum prices in the short term, but could lead to a recovery in long-term export volumes as companies shift towards high-value-added products [11]. - The report suggests monitoring the performance of state-owned enterprises in the metals sector, particularly Baosteel, Hualing Steel, and Xinxing Ductile Iron, as potential investment targets [11]. Summary by Sections Industry Overview - The report indicates that the operating rate of semi-steel tires is at a five-year high, reflecting strong demand in the automotive sector [116]. - The average price of aluminum and alumina in the Yangtze River market is provided, showing trends in pricing over the years [4]. Market Dynamics - The report notes that the rebar price has underperformed compared to hot-rolled and cold-rolled steel prices, indicating a shift in market dynamics [24]. - The overall capacity utilization rate of blast furnaces is reported at 85.55%, with a slight decrease from previous weeks [49]. Financial Performance - The comprehensive gross profit of the steel industry is reported at 234 yuan per ton, reflecting a week-on-week increase of 7.89% [95]. - The report highlights the profitability challenges faced by electrolytic aluminum producers, with a reported loss of 1,436 yuan per ton [123]. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and low valuations, particularly in the steel and non-ferrous metals sectors [11][145]. - It emphasizes the importance of monitoring macroeconomic indicators such as the PMI new orders index, which is currently at 50.80%, indicating stable demand conditions [88].