金属周期品高频数据周报：伦敦金现价格创历史新高水平-20250414

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The London gold spot price has reached a historical high, indicating strong liquidity in the market [11] - The steel PMI new orders index for March 2025 is at 41.1%, reflecting a slight increase from the previous month [39] - The report emphasizes the importance of monitoring supply-side policies and their impacts on the industry [4] Summary by Relevant Sections Liquidity - The London gold spot price is at $3238 per ounce, up 6.61% from last week [11] - The BCI small and medium enterprise financing environment index for March 2025 is at 51.78, up 10.98% month-on-month [19] - The M1 and M2 growth rate difference was -6.9 percentage points in February 2025, with a month-on-month increase of 0.3 percentage points [19] Infrastructure and Real Estate Chain - The national steel PMI new orders index for March is 41.1%, up 0.9 percentage points from the previous month [39] - The weekly price changes include rebar down 1.55% and cement price index down 0.91% [22] - The national high furnace capacity utilization rate increased by 0.56 percentage points this week [39] Industrial Products Chain - The average operating rate for semi-steel tires is at 78.52%, down 3.23 percentage points [22] - The price of electrolytic aluminum is at 19,560 yuan per ton, down 4.68% [10] - The price of pre-baked anodes remains stable at 5,640 yuan per ton [10] Valuation Metrics - The Shanghai Composite Index decreased by 2.87%, while the cement manufacturing sector showed a positive performance with an increase of 0.48% [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.54, with a historical high of 0.82 [4] Real Estate Completion Chain - The cumulative year-on-year change in national commercial housing completion area for January-February is -15.60% [71] - The price of titanium dioxide is at 14,900 yuan per ton, with a gross profit of -645 yuan per ton [74] - The operating rate for flat glass is at 75.42%, with a price of 1,269 yuan per ton and a gross profit of -11 yuan per ton [74]