铁矿石：宏观预期提振，宽幅震荡

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report suggests that iron ore prices will experience wide - range fluctuations due to the boost of macro - expectations [1]. 3. Summary by Directory 3.1 Fundamentals Tracking - Futures Data: The closing price of iron ore futures was 737.0 yuan/ton, with a rise of 22.5 yuan/ton and a growth rate of 3.15%. The previous day's position was 744,359 hands, with an increase of 30,334 hands [1]. - Spot Price: Imported ore prices such as Carajas fines (65%), PB fines (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased, while domestic ore prices of Langna (66%) and Laiwu (65%) remained unchanged [1]. - Basis and Spread: The basis of 12505 against Super Special changed by 0.1 yuan/ton, and the basis of 12505 against Jinbuba decreased by 1.4 yuan/ton. Various spreads such as 12509 - 12601, 12505 - 12509, Carajas fines - PB fines, PB fines - Jinbuba, and PB fines - Super Special also had corresponding changes [1]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, with a year - on - year increase of 8% according to central bank data [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral stance. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].